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Secured Debt Arrangements, Net | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Secured Debt Arrangements, Net | At December 31, 2017 and 2016, the Company’s borrowings had the following secured debt arrangements, maturities and weighted average interest rates:
| December 31, 2017 |  | December 31, 2016
| 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) | $ | 1,393,000 |  |  | $ | 944,529 |  |  | March 2020 |  | L + 2.30% |  | $ | 943,000 |  |  | $ | 657,452 |  |  | January 2019 |  | L + 2.25% |
DB Repurchase Facility (4) | 566,009 |  |  | 319,286 |  |  | March 2020 |  | L + 2.27% |  | 300,000 |  |  | 137,355 |  |  | September 2019 |  | L + 2.66% |
Goldman Facility (5) | 331,130 |  |  | 81,380 |  |  | November 2020 |  | L + 2.73% |  | N/A |  |  | 40,657 |  |  | April 2019 |  | L + 3.50% |
Sub-total | 2,290,139 |  |  | 1,345,195 |  |  |  |  | L + 2.32% |  |  |  | 835,464 |  |  |  |  | L + 2.38% |
UBS Facility | N/A |  |  | N/A |  |  | N/A |  | N/A |  | N/A |  |  | 133,899 |  |  | September 2018 |  | 2.79 | %
DB Facility | N/A |  |  | N/A |  |  | N/A |  | N/A |  | N/A |  |  | 177,203 |  |  | April 2018 |  | 3.63 | %
Sub-total | N/A |  |  | N/A |  |  |  |  | N/A |  |  |  | 311,102 |  |  |  |  | 3.27 | %
less: deferred financing costs | N/A |  |  | (14,348 | ) |  |  |  | N/A |  | N/A |  |  | (6,763 | ) |  |  |  | N/A |
Total / Weighted Average | $ | 2,290,139 |  |  | $ | 1,330,847 |  |  |  |  | L + 2.32% |  |  |  |  | $ | 1,139,803 |  |  |  |  | 3.18 | %
——————— (1) Maturity date assumes extensions at the Company's option are exercised. (2) Assumes one-month LIBOR at December 31, 2017 and December 31, 2016 was 1.56% and 0.77% respectively. (3) As of December 31, 2017, the Company's secured debt arrangement with JPMorgan Chase Bank, National Association (the "JPMorgan Facility") provided for maximum total borrowings comprised of a $1,250,000 repurchase facility and $143,000 of an asset specific financing. (4) As of December 31, 2017, the Company's secured debt arrangement with Deutsche Bank AG, Cayman Islands Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of a $450,000 and £45,000 repurchase facility and $55,200 of a asset specific financing. (5) As of December 31, 2017, the Company's secured debt arrangement with Goldman Sachs Bank USA (the "Goldman Facility") provided for maximum total borrowings comprised of a $300,000 repurchase facility and $31,130 of an asset specific financing. At December 31, 2017, the Company’s borrowings had the following remaining maturities:
| Less than 1 year (1) |  | 1 to 3 years (1) |  | 3 to 5 years |  | More than 5 years |  | Total
JPMorgan Facility | $ | 193,567 |  |  | $ | 750,962 |  |  | $ | — |  |  | $ | — |  |  | $ | 944,529 |
DB Repurchase Facility | 60,808 |  |  | 258,478 |  |  |  |  |  |  |  |  | 319,286 |
Goldman Facility | — |  |  | 81,380 |  |  | — |  |  | — |  |  | 81,380 |
Total | $ | 254,375 |  |  | $ | 1,090,820 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,345,195 |
——————— (1) Assumes underlying assets are financed through the fully extended maturity date of the facility. The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2017 and 2016.
|  |  | 2017 |  |  |  | 2016
| Balance at December 31, 2017 |  | Maximum Month-End Balance |  | Average Month-End Balance |  | Balance at December 31, 2016 |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 944,529 |  |  | $ | 986,611 |  |  | $ | 863,717 |  |  | $ | 657,452 |  |  | $ | 783,528 |  |  | $ | 660,741 |
DB Repurchase Facility | 319,286 |  |  | 367,010 |  |  | 288,966 |  |  | 137,355 |  |  | 137,355 |  |  | 19,582 |
Goldman Facility | 81,380 |  |  | 81,380 |  |  | 40,514 |  |  | 40,657 |  |  | 45,928 |  |  | 43,505 |
UBS Facility | — |  |  | 133,899 |  |  | 72,716 |  |  | 133,899 |  |  | 133,899 |  |  | 133,899 |
DB Facility | — |  |  | 177,203 |  |  | 117,768 |  |  | 177,203 |  |  | 300,005 |  |  | 246,773 |
Total | $ | 1,345,195 |  |  |  |  |  |  | $ | 1,146,566 |  |  |  |  |
JPMorgan Facility On March 31, 2017, the Company, through two indirect wholly owned subsidiaries, entered into the amended and restated JPMorgan Facility, which was upsized in October 2017, and provides for maximum total borrowing capacity to $1,393,000, comprised of the $1,250,000 repurchase facility and a $143,000 asset specific financing, and a term expiring in March 2019 plus a one-year extension option available at the Company's option, subject to certain conditions. Amounts borrowed under the JPMorgan Facility bear interest at spreads ranging from 2.25% to 2.75% over one-month LIBOR. Margin calls may occur any time the aggregate repurchase price exceeds the agreed upon advance rate multiplied by the market value of the assets by more than $250. The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the JPMorgan Facility. As of December 31, 2017, the Company had $944,529 of borrowings outstanding under the JPMorgan Facility secured by certain of the Company's commercial mortgage and subordinate loans. DB Repurchase Facility On March 31, 2017, the Company, through indirect wholly-owned subsidiaries, entered into the amended and restated DB Repurchase Facility which provides for maximum total borrowings of $566,009 comprised of: (i) a repurchase facility of $450,000 and £45,000, of which we have borrowed $170,168 and £24,503, respectively and (ii) $55,200 of asset specific financing in connection with financing first mortgage loans secured by real estate. The DB Repurchase Facility matures in March 2018 with two one-year extension options available at the Company's option, subject to certain conditions. Amounts borrowed under the DB Repurchase Facility bear interest at spreads ranging from 2.10% to 3.00% over one-month LIBOR. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a guarantee of the obligations of its indirect wholly-owned subsidiaries under this facility. As of December 31, 2017, the Company had $319,286 (including £69,503) of borrowings outstanding under the DB Repurchase Facility secured by certain of the Company's commercial mortgage loans. Goldman Facility On November 29, 2017, the Company, through an indirect wholly-owned subsidiary, entered into the Goldman Facility, which provides for advances of up to $331,130 (as of December 31, 2017) comprised of a $300,000 repurchase facility and $31,130 of an asset specific financing (entered into in January 2015). The Goldman Facility matures in November 2020. Advances under the Goldman Facility accrue interest at one-month LIBOR plus a spread, determined on a case-by-case basis for each purchased asset. Margin calls may occur any time at specified margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of the seller under the Goldman Facility. As of December 31, 2017, the Company had total borrowings of $81,380 including $50,250 of borrowings outstanding under the repurchase facility and $31,130 secured by one commercial mortgage loan held by the Company. DB Facility In April 2014, the Company, through an indirect wholly-owned subsidiary, entered into the DB Facility, which provided that the Company may borrow up to $300,000 in order to finance the acquisition of CMBS. The outstanding borrowings under the DB Facility were repaid in full in December 2017. In connection with the sale of CMBS as discussed in "Note 4 - Securities," the Company recognized a loss on early extinguishment of debt of $1,947. UBS Facility In September 2013, the Company, through an indirect wholly-owned subsidiary, entered into the UBS Facility, which provided that the Company may borrow up to $133,899 in order to finance the acquisition of CMBS. The UBS Facility matured in September 2017 and the Company repaid the outstanding borrowings in full. The Company was in compliance with the financial covenants under each of its secured debt arrangements at December 31, 2017 and December 31, 2016.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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