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Secured Debt Arrangements, Net | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Secured Debt Arrangements, Net | Secured Debt Arrangements, Net At September 30, 2018 and December 31, 2017, our borrowings had the following secured debt arrangements, maturities and weighted average interest rates ($ in thousands):
| September 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
JPMorgan Facility (USD) | $ | 1,332,450 |  |  | $ | 950,635 |  |  | June 2021 |  | $ | 1,393,000 |  |  | $ | 944,529 |  |  | March 2020 |  | USD L + 2.30%
JPMorgan Facility (GBP) | 49,550 |  |  | 49,550 |  |  | June 2021 |  | N/A |  |  | N/A |  |  | N/A |  | N/A
DB Repurchase Facility (USD) | 900,905 |  |  | 389,525 |  |  | March 2021 |  | 472,090 |  |  | 225,367 |  |  | March 2020 |  | USD L + 2.56%
DB Repurchase Facility (GBP) | 154,095 |  |  | 154,095 |  |  | March 2021 |  | 93,919 |  |  | 93,919 |  |  | March 2020 |  | GBP L + 2.60%
Goldman Facility | 300,000 |  |  | 205,982 |  |  | November 2020 |  | 331,130 |  |  | 81,380 |  |  | November 2020 |  | USD L + 2.73%
CS Facility (USD) | 69,941 |  |  | 69,941 |  |  | March 2019 |  | N/A |  |  | N/A |  |  | N/A |  | N/A
CS Facility (GBP) | 143,993 |  |  | 143,993 |  |  | March 2019 |  | N/A |  |  | N/A |  |  | N/A |  | N/A
HSBC Facility (GBP) | 49,896 |  |  | 49,896 |  |  | September 2019 |  | N/A |  |  | N/A |  |  | N/A |  | N/A
Sub-total | 3,000,830 |  |  | 2,013,617 |  |  |  |  | 2,290,139 |  |  | 1,345,195 |  |  |  |  |
less: deferred financing costs | N/A |  |  | (16,746 | ) |  |  |  | N/A |  |  | (14,348 | ) |  |  |  | N/A
Total / Weighted Average | $ | 3,000,830 |  |  | $ | 1,996,871 |  |  | $2,290,139 |  | $1,330,847 |  | USD L + 2.37% /
| GBP L + 2.60%
——————— (1) Maturity date assumes extensions at our option are exercised. (2) Weighted average rate as of September 30, 2018 was USD L + 2.26% / GBP L + 2.27%. JPMorgan Facility In May 2017, through two indirect wholly-owned subsidiaries, we entered into the Fifth Amended and Restated Master Repurchase Agreement with JPMorgan Chase Bank, National Association (as amended, the "JPMorgan Facility"). The JPMorgan Facility 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 and enables us to elect to receive advances in either U.S. dollars, British pounds ("GBP"), or Euros ("EUR"). The repurchase facility matures in June 2020, plus a one-year extension available at our option, subject to certain conditions. The asset specific financing matures in February 2019. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a limited guarantee of the obligations of our indirect wholly-owned subsidiaries under the JPMorgan Facility. As of September 30, 2018, we had $1.0 billion (including £38.0 million assuming conversion into U.S. dollars) of borrowings outstanding under the JPMorgan Facility secured by certain of our commercial mortgage loans. DB Repurchase Facility In April 2018, through an indirect wholly-owned subsidiary, we entered into a Second Amended and Restated Master Repurchase Agreement with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch (as amended, the "DB Repurchase Facility"), which was upsized in September 2018, and provides for advances of up to $1.0 billion for the sale and repurchase of eligible first mortgage loans secured by commercial or multifamily properties located in the United States, United Kingdom and the European Union, and enables us to elect to receive advances in either U.S. dollars, British pounds, or Euros. Additionally, we have a $55.0 million of asset specific financing with Deutsche Bank in connection with financing a first mortgage loan secured by real estate. The repurchase facility matures in March 2020, plus a one-year extension available at our option, subject to certain conditions. The asset specific financing matures in August 2019. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a limited guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility. As of September 30, 2018, we had $543.6 million (including £118.3 million assuming conversion into U.S. dollars) of borrowings outstanding under the DB Repurchase Facility secured by certain of our commercial mortgage loans. Goldman Facility In November 2017, through an indirect wholly-owned subsidiary, we entered into a master repurchase and securities contract agreement with Goldman Sachs Bank USA (the "Goldman Facility"), which provides for advances of up to $300.0 million and matures in November 2019, plus a one-year extension available at our option, subject to certain conditions. Margin calls may occur any time at specified margin deficit thresholds. We have agreed to provide a limited guarantee of the obligations of the seller under the Goldman Facility. As of September 30, 2018, we had total borrowings of $206.0 million of borrowings outstanding under the Goldman Facility. CS Facility - USD In July 2018, through an indirect wholly-owned subsidiary, we entered into a Master Repurchase Agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd (the "CS Facility - USD"), which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility - USD matures six months after either party notifies the other party of intention to terminate. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility. As of September 30, 2018, we had total borrowings of $69.9 million of borrowings outstanding under the CS Facility - USD secured by one of our commercial mortgage loans. CS Facility - GBP In June 2018, through an indirect wholly-owned subsidiary, we entered into a Master Repurchase Agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd (the "CS Facility - GBP"), which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility - GBP matures six months after either party notifies the other party of intention to terminate. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility. As of September 30, 2018, we had total borrowings of $144.0 million (£110.5 million assuming conversion into U.S. dollars) of borrowings outstanding under the CS Facility - GBP secured by one of our commercial mortgage loans. HSBC Facility In September 2018, through an indirect wholly-owned subsidiary, we entered into a secured debt arrangement with HSBC Bank plc (the "HSBC Facility"), which provides for a single asset financing. The facility matures in September 2019 and unless terminated by either party, automatically extends for further periods prior to maturity. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility. As of September 30, 2018, we had total borrowings of $49.9 million (£38.3 million assuming conversion into U.S. dollars) of borrowings outstanding under the HSBC Facility secured by one of our commercial mortgage loans. At September 30, 2018, our borrowings had the following remaining maturities ($ in thousands):
| Less than 1 year (1) |  | 1 to 3 years (1) |  | 3 to 5 years |  | More than 5 years |  | Total
JPMorgan Facility | $ | 334,884 |  |  | $ | 665,301 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000,185 |
DB Repurchase Facility | 177,164 |  |  | 366,456 |  |  | — |  |  | — |  |  | 543,620 |
Goldman Facility | — |  |  | 205,982 |  |  | — |  |  | — |  |  | 205,982 |
CS Facility - USD | 69,941 |  |  | — |  |  | — |  |  | — |  |  | 69,941 |
CS Facility - GBP | 143,993 |  |  | — |  |  | — |  |  | — |  |  | 143,993 |
HSBC Facility | 49,896 |  |  | — |  |  | — |  |  | — |  |  | 49,896 |
Total | $ | 775,878 |  |  | $ | 1,237,739 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,013,617 |
——————— (1) Assumes underlying assets are financed through the fully extended maturity date of the facility. The table below summarizes the outstanding balances at September 30, 2018, as well as the maximum and average month-end balances for the nine months ended September 30, 2018 for our borrowings under secured debt arrangements ($ in thousands).
|  |  |  |  | For the nine months ended September 30, 2018
| Balance at September 30, 2018 |  | Amortized Cost of collateral at September 30, 2018 |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,000,185 |  |  | $ | 1,621,477 |  |  | $ | 1,000,854 |  |  | $ | 910,138 |
DB Repurchase Facility | 543,620 |  |  | 955,460 |  |  | 707,405 |  |  | 511,259 |
Goldman Facility | 205,982 |  |  | 278,490 |  |  | 236,764 |  |  | 159,010 |
CS Facility - USD | 69,941 |  |  | 99,013 |  |  | 69,941 |  |  | 69,941 |
CS Facility - GBP | 143,993 |  |  | 220,397 |  |  | 145,937 |  |  | 144,540 |
HSBC Facility | 49,896 |  |  | 70,763 |  |  | 49,896 |  |  | 49,896 |
Total | $ | 2,013,617 |  |  | $ | 3,245,600 |  |  |  |  |
We were in compliance with the covenants under each of our secured debt arrangements at September 30, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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