Secured Debt Arrangements, Net (Tables)

3 Months Ended

Mar. 31, 2018

Weighted Average Maturities and Interest Rates of Borrowings

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% /
Total / Weighted Average	$	2,277,906	$	1,212,749			GBP L + 2.60%	$	2,290,139	$	1,330,847			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.

Remaining Maturities of Borrowings

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.

Schedule of Outstanding, Maximum and Average Balances of Debt

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