Borrowings Under Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2017

Weighted Average Maturities and Interest Rates of Borrowings

At March 31, 2017 and December 31, 2016, the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates:



	March 31, 2017								December 31, 2016
Lender	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⁾	$	1,118,000	$	894,031		March 2020	L+2.27%		$	943,000	$	657,452		January 2019	L+2.25%
DB Repurchase Facility ⁽⁴⁾	355,200		308,730			September 2019	L+2.57%		300,000		137,355			September 2019	L+2.66%
Goldman Loan	N/A		39,001			April 2019	L+3.50%		N/A		40,657			April 2019	L+3.50%
Sub-total			1,241,762				L+2.38%				835,464				L+2.38%

UBS Facility	N/A		100,798			September 2018	2.77	%	N/A		133,899			September 2018	2.79	%
DB Facility ⁽⁵⁾	N/A		144,675			April 2018	3.59	%	N/A		177,203			April 2018	3.63	%
Sub-total			245,473				3.25	%			311,102				3.27	%

less: deferred financing costs			(9,954		)						(6,763		)
Total / Weighted Average			$	1,477,281			3.35	%			$	1,139,803			3.18	%

(1) Maturity date assumes all extensions are exercised.

(2) Assumes one-month LIBOR was 0.98% and 0.77% as of March 31, 2017 and December 31, 2016, respectively.

(3) As of March 31, 2017, the Company's master repurchase agreement with JPMorgan Chase Bank, National Association

(the "JPMorgan Facility") provided for maximum total borrowings comprised of the $975,000 repurchase facility and a $143,000 asset specific financing.

(4) As of March 31, 2017, the Company's master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of the $300,000 repurchase facility and a $55,200 asset specific financing.

(5) 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 March 31, 2017, 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	$	29,251	$	864,780	$	—	$	—	$	894,031
DB Repurchase Facility	—		308,730		—		—		308,730
Goldman Loan	5,290		33,711		—		—		39,001
UBS Facility	100,798		—		—		—		100,798
DB Facility	1,540		143,135		—		—		144,675
Total	$	136,879	$	1,350,356	$	—	$	—	$	1,487,235

Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at March 31, 2017, as well as the maximum and average month-end balances for the three months ended March 31, 2017 for the Company's borrowings under repurchase agreements.



			For the three months ended March 31, 2017
	Balance at March 31, 2017		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility borrowings	$	894,031	$	894,031	$	767,774
DB Repurchase Facility	308,730		308,730		223,012
Goldman Loan	39,001		40,657		39,976
UBS Facility borrowings	100,798		133,899		125,623
DB Facility borrowings	144,675		157,500		149,257
Total	$	1,487,235