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.