Borrowings Under Repurchase Agreements (Tables)

6 Months Ended

Jun. 30, 2017

Weighted Average Maturities and Interest Rates of Borrowings

At June 30, 2017 and December 31, 2016, the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates:



	June 30, 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	$	794,404		March 2020	L+2.26%		$	943,000	$	657,452		January 2019	L+2.25%
DB Repurchase Facility ⁽⁴⁾	563,813		263,980			March 2020	L+2.56%		300,000		137,355			September 2019	L+2.66%
Goldman Loan	37,700		37,700			April 2019	L+3.50%		N/A		40,657			April 2019	L+3.50%
Sub-total	1,719,513		1,096,084				L+2.37%				835,464				L+2.38%

UBS Facility	133,899		100,798			September 2018	2.77	%	N/A		133,899			September 2018	2.79	%
DB Facility ⁽⁵⁾	300,000		143,372			April 2018	3.59	%	N/A		177,203			April 2018	3.63	%
Sub-total	433,899		244,170				3.25	%			311,102				3.27	%

Less: deferred financing costs	N/A		(9,345		)		N/A		N/A		(6,763		)		N/A
Total / Weighted Average	$	2,153,412	$	1,330,909			3.53	%			$	1,139,803			3.18	%

(1) Maturity date assumes all extensions are exercised.

(2) Assumes one-month LIBOR was 1.22% and 0.77% as of June 30, 2017 and December 31, 2016, respectively.

(3) As of June 30, 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 June 30, 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 $450,000 and £45,000 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 June 30, 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	$	436,546	$	357,858	$	—	$	—	$	794,404
DB Repurchase Facility	58,613		205,367		—		—		263,980
Goldman Loan	—		37,700		—		—		37,700
UBS Facility	—		100,798		—		—		100,798
DB Facility	143,372		—		—		—		143,372
Total	$	638,531	$	701,723	$	—	$	—	$	1,340,254

Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at June 30, 2017, as well as the maximum and average month-end balances for the six months ended June 30, 2017 for the Company's borrowings under repurchase agreements.



			For the six months ended June 30, 2017
	Balance at June 30, 2017		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility borrowings	$	794,404	$	894,031	$	832,685
DB Repurchase Facility borrowings	263,980		367,010		297,148
Goldman Loan borrowings	37,700		39,590		38,707
UBS Facility borrowings	100,798		133,899		111,832
DB Facility borrowings	143,372		177,203		149,453
Total	$	1,340,254