Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

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