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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Weighted Average Maturities and Interest Rates of Borrowings | At December 31, 2016 and 2015, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:
| December 31, 2016 |  | December 31, 2015
| Maximum Amount of Borrowings |  | Borrowings Outstanding |  | Maturity (1) |  | Weighted Average Rate (2) |  | Maximum Amount of Borrowings |  | Borrowings Outstanding |  | Maturity (1) |  | Weighted Average Rate (2)
JPMorgan Facility (3) | $943,000 |  | $657,452 |  | January 2019 |  | L + 2.25% |  |  | $600,000 |  | $445,942 |  | January 2019 |  | L + 2.25% |
DB Repurchase Facility | 300,000 |  | 137,355 |  | September 2019 |  | L + 2.66% |  |  | N/A |  | N/A |  | N/A |  | N/A |
Goldman Loan | N/A |  | 40,657 |  | April 2019 |  | L + 3.50% |  |  | N/A |  | 45,928 |  | April 2019 |  | L + 3.50% |
Sub-total |  |  | 835,464 |  |  |  | L + 2.38% |  |  |  |  | 491,870 |  |  |  | L + 2.37% |
UBS Facility | N/A |  | 133,899 |  | September 2018 |  | 2.79 | % |  | N/A |  | 133,899 |  | September 2018 |  | 2.79 | %
DB Facility (4) | N/A |  | 177,203 |  | April 2018 |  | 3.63 | % |  | N/A |  | 300,005 |  | April 2018 |  | 3.69 | %
Sub-total |  |  | 311,102 |  |  |  | 3.27 | % |  |  |  | 433,904 |  |  |  | 3.39 | %
less: deferred financing costs |  |  | (6,763) |  |  |  |  |  |  |  | (7,353) |  |  |  |
Total / Weighted Average |  |  | $1,139,803 |  |  |  | 3.18 | % |  |  |  | $918,421 |  |  |  | 2.92 | %
(1) Maturity date assumes extensions at the Company's option are exercised. (2) Assumes one-month LIBOR at December 31, 2016 and December 31, 2015 was 0.77% and 0.43% respectively. (3) As of December 31, 2016, the JP Morgan Facility provided for a maximum total borrowings comprised of the $800,000 repurchase facility and a $143,000 asset specific financing . (4) Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged.
Remaining Maturities of Borrowings | At December 31, 2016, the Company’s borrowings had the following remaining maturities:
| Less than 1 year |  | 1 to 3 years |  | 3 to 5 years |  | More than 5 years |  | Total
JPMorgan Facility | $ | 245,908 |  |  | $ | 411,544 |  |  | $ | — |  |  | $ | — |  |  | $ | 657,452 |
DB Repurchase Facility | — |  |  | 137,355 |  |  | — |  |  | — |  |  | 137,355 |
Goldman Loan | 5,290 |  |  | 35,367 |  |  | — |  |  | — |  |  | 40,657 |
UBS Facility * | 133,899 |  |  | — |  |  | — |  |  | — |  |  | 133,899 |
DB Facility | 1,450 |  |  | 175,753 |  |  | — |  |  | — |  |  | 177,203 |
Total | $ | 386,547 |  |  | $ | 760,019 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,146,566 |
* | Assumes extension options are exercised.
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2016 and 2015.
|  |  | 2016 |  |  |  | 2015
| Balance at December 31, 2016 |  | Maximum Month-End Balance |  | Average Month-End Balance |  | Balance at December 31, 2015 |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 657,452 |  |  | $ | 783,528 |  |  | $ | 660,741 |  |  | $ | 445,942 |  |  | $ | 445,942 |  |  | $ | 261,261 |
DB Repurchase Facility | 137,355 |  |  | 137,355 |  |  | 19,582 |  |  | — |  |  | — |  |  | — |
Goldman Loan | 40,657 |  |  | 45,928 |  |  | 43,505 |  |  | 45,928 |  |  | 52,524 |  |  | 45,665 |
UBS Facility | 133,899 |  |  | 133,899 |  |  | 133,899 |  |  | 133,899 |  |  | 133,899 |  |  | 133,899 |
DB Facility | 177,203 |  |  | 300,005 |  |  | 246,773 |  |  | 300,005 |  |  | 300,005 |  |  | 300,005 |
Total | $ | 1,146,566 |  |  |  |  |  |  | $ | 925,774 |  |  |  |  |

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