Secured Debt Arrangements, Net (Tables)

12 Months Ended

Dec. 31, 2017

Weighted Average Maturities and Interest Rates of Borrowings

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.

Remaining Maturities of Borrowings

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.

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, 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