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Secured Debt Arrangements, Net | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Secured Debt Arrangements, Net | Secured Debt Arrangements, Net At March 31, 2018 and December 31, 2017, the Company’s borrowings had the following secured debt arrangements, maturities and weighted average interest rates ($ in thousands):
| March 31, 2018 |  | December 31, 2017
| 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) | $ | 1,382,000 |  |  | $ | 800,535 |  |  | March 2020 |  | USD L + 2.30% |  | $ | 1,393,000 |  |  | $ | 944,529 |  |  | March 2020 |  | USD L + 2.30%
DB Repurchase Facility (USD) (4) | 402,390 |  |  | 157,460 |  |  | March 2020 |  | USD L + 2.48% |  | 472,090 |  |  | 225,367 |  |  | March 2020 |  | USD L + 2.56%
DB Repurchase Facility (GBP) (4) | 165,766 |  |  | 165,766 |  |  | March 2020 |  | GBP L + 2.60% |  | 93,919 |  |  | 93,919 |  |  | March 2020 |  | GBP L + 2.60%
Goldman Facility (5) | 327,750 |  |  | 103,025 |  |  | November 2020 |  | USD L + 2.57% |  | 331,130 |  |  | 81,380 |  |  | November 2020 |  | USD L + 2.73%
Sub-total | 2,277,906 |  |  | 1,226,786 |  |  |  |  |  |  | 2,290,139 |  |  | 1,345,195 |  |  |  |  |
less: deferred financing costs | N/A |  |  | (14,037 | ) |  |  |  | N/A |  | N/A |  |  | (14,348 | ) |  |  |  | N/A
Total / Weighted Average | $ | 2,277,906 |  |  | $ | 1,212,749 |  |  |  |  | USD L + 2.35% / |  | $ | 2,290,139 |  |  | $ | 1,330,847 |  |  |  |  | USD L + 2.37% /
|  | GBP L + 2.60% |  |  |  |  | GBP L + 2.60%
——————— (1) Maturity date assumes extensions at the Company's option are exercised. (2) Based on applicable benchmark rates as of the specified dates on floating rate debt. (3) As of March 31, 2018, the Company's secured debt arrangement with JPMorgan Chase Bank, National Association (the "JPMorgan Facility") provided for maximum total borrowings comprised of a $1.3 billion repurchase facility and $132.0 million of an asset specific financing. (4) As of March 31, 2018, the Company's secured debt arrangement with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of a $450.0 million repurchase facility and $55.1 million and £45.0 million of asset specific financings. (5) As of March 31, 2018, the Company's secured debt arrangement with Goldman Sachs Bank USA (the "Goldman Facility") provided for maximum total borrowings comprised of a $300.0 million repurchase facility and $27.8 million of an asset specific financing. At March 31, 2018, the Company’s borrowings had the following remaining maturities ($ in thousands):
| Less than 1 year (1) |  | 1 to 3 years (1) |  | 3 to 5 years |  | More than 5 years |  | Total
JPMorgan Facility | $ | 132,715 |  |  | $ | 667,820 |  |  | $ | — |  |  | $ | — |  |  | $ | 800,535 |
DB Repurchase Facility | 131,419 |  |  | 191,807 |  |  | — |  |  | — |  |  | 323,226 |
Goldman Facility | — |  |  | 103,025 |  |  | — |  |  | — |  |  | 103,025 |
Total | $ | 264,134 |  |  | $ | 962,652 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,226,786 |
——————— (1) Assumes underlying assets are financed through the fully extended maturity date of the facility. The table below summarizes the outstanding balances at March 31, 2018, as well as the maximum and average month-end balances for the three months ended March 31, 2018 for the Company's borrowings under secured debt arrangements ($ in thousands).
|  |  |  |  | For the three months ended March 31, 2018
| Balance at March 31, 2018 |  | Amortized Cost of Collateral at March 31, 2018 |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 800,535 |  |  | $ | 1,372,877 |  |  | $ | 914,040 |  |  | $ | 786,087 |
DB Repurchase Facility | 323,226 |  |  | 623,006 |  |  | 329,689 |  |  | 326,536 |
Goldman Facility | 103,025 |  |  | 180,243 |  |  | 103,025 |  |  | 87,312 |
Total | $ | 1,226,786 |  |  | $ | 2,176,126 |  |  |  |  |
JPMorgan Facility 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 of $1.4 billion, comprised of a $1.25 billion repurchase facility and a $132.0 million asset specific financing. The facility has 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 at specified aggregate margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the JPMorgan Facility. As of March 31, 2018, the Company had $800.5 million of borrowings outstanding under the JPMorgan Facility secured by certain of the Company's commercial mortgage loans. DB Repurchase Facility The Company, through indirect wholly-owned subsidiaries, entered into the amended and restated DB Repurchase Facility which provides for maximum total borrowings of $568.2 million comprised of: (i) a repurchase facility of $450.0 million, of which we have borrowed $102.4 million and £73.3 million and (ii) $55.1 million and £45.0 million of asset specific financings in connection with financing first mortgage loans secured by real estate. The repurchase facility matures in March 201 9 with one one-year extension option available at the Company's option, subject to certain conditions, while the asset specific financings mature in October 2018. Amounts borrowed under the DB Repurchase Facility bear interest at spreads ranging from 2.10% to 3.00% over one-month USD LIBOR and 2.60% over three-month GBP 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 March 31, 2018, the Company had $323.2 million (including £118.3 million) of borrowings outstanding under the DB Repurchase Facility secured by certain of the Company's commercial mortgage loans. Goldman Facility The Company, through an indirect wholly-owned subsidiary, entered into the Goldman Facility, which provides for advances of up to $327.8 million (as of March 31, 2018) comprised of a $300.0 million repurchase facility (entered into in November 2017) and $27.8 million of an asset specific financing (entered into in January 2015). The repurchase facility matures in November 2020, while the asset specific financing matures in April 2019. Amounts borrowed under the Goldman Facility bear interest at spreads ranging from 2.20% to 3.50% over one-month LIBOR. 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 March 31, 2018, the Company had total borrowings of $103.0 million, including $75.2 million of borrowings outstanding under the repurchase facility and $27.8 million of borrowings secured by one commercial mortgage loan held by the Company. The Company was in compliance with the financial covenants under each of its secured debt arrangements at March 31, 2018 and December 31, 2017.

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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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