Secured Debt Arrangements, Net (Tables)

6 Months Ended

Jun. 30, 2018

Weighted Average Maturities and Interest Rates of Borrowings

At June 30, 2018 and December 31, 2017, the Company’s borrowings had the following secured debt arrangements, maturities and weighted average interest rates ($ in thousands):



	June 30, 2018 ⁽²⁾						December 31, 2017
	Maximum Amount of Borrowings		Borrowings Outstanding			Maturity ⁽¹⁾	Maximum Amount of Borrowings		Borrowings Outstanding			Maturity ⁽¹⁾	Weighted Average Rate ⁽²⁾
JPMorgan Facility (USD) ⁽³⁾	$	1,331,780	$	950,634		June 2021	$	1,393,000	$	944,529		March 2020	USD L + 2.30%
JPMorgan Facility (GBP) ⁽³⁾	50,220		50,220			June 2021	N/A		N/A			N/A	N/A
DB Repurchase Facility (USD) ⁽⁴⁾	698,824		469,200			March 2021	472,090		225,367			March 2020	USD L + 2.56%
DB Repurchase Facility (GBP) ⁽⁴⁾	156,176		156,176			March 2021	93,919		93,919			March 2020	GBP L + 2.60%
Goldman Facility	300,000		209,014			November 2020	331,130		81,380			November 2020	USD L + 2.73%
CS Facility	145,937		145,937			December 2018	N/A		N/A			N/A	N/A
Sub-total	2,682,937		1,981,181				2,290,139		1,345,195
less: deferred financing costs	N/A		(20,307		)		N/A		(14,348		)		N/A
Total / Weighted Average	$	2,682,937	$	1,960,874			$	2,290,139	$	1,330,847			USD L + 2.37% /
Total / Weighted Average	$	2,682,937	$	1,960,874			$	2,290,139	$	1,330,847			GBP L + 2.60%

———————

(1) Maturity date assumes extensions at the Company's option are exercised.

(2) Weighted average rate as of June 30, 2018 was USD L + 2.27% / GBP L + 2.30%.

(3) As of June 30, 2018, the Company's secured debt arrangements 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 June 30, 2018, the Company's secured debt arrangements 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 $800.0 million repurchase facility and a $55.0 million asset specific financing.

Remaining Maturities of Borrowings

At June 30, 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	$	115,615	$	885,239	$	—	$	—	$	1,000,854
DB Repurchase Facility	123,816		501,560		—		—		625,376
Goldman Facility	—		209,014		—		—		209,014
CS Facility	145,937		—		—		—		145,937
Total	$	385,368	$	1,595,813	$	—	$	—	$	1,981,181

———————

(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 June 30, 2018, as well as the maximum and average month-end balances for the six months ended June 30, 2018 for the Company's borrowings under secured debt arrangements ($ in thousands).



					For the six months ended June 30, 2018
	Balance at June 30, 2018		Amortized Cost of Collateral at June 30, 2018		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility	$	1,000,854	$	1,601,812	$	1,000,854	$	865,101
DB Repurchase Facility	625,376		1,010,503		632,990		446,571
Goldman Facility	209,014		280,699		236,764		135,123
CS Facility	145,937		222,902		145,937		24,323
Total	$	1,981,181	$	3,115,916