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Secured Debt Arrangements, Net (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Weighted Average Maturities and Interest Rates of Borrowings

At December 31, 2018 and 2017, our borrowings had the following secured debt arrangements, maturities and weighted- average interest rates ($ in thousands):

	December 31, 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)	$	1,333,503			$	680,141			June 2021		$	1,393,000			$	944,529			March 2020		USD L + 2.30%
JPMorgan Facility (GBP)	48,497				48,497				June 2021		N/A				N/A				N/A		N/A
DB Repurchase Facility (USD)	904,181				419,823				March 2021		472,090				225,367				March 2020		USD L + 2.56%
DB Repurchase Facility (GBP)	150,819				150,819				March 2021		93,919				93,919				March 2020		GBP L + 2.60%
Goldman Facility	300,000				210,072				November 2020		331,130				81,380				November 2020		USD L + 2.73%
CS Facility (USD)	187,117				187,117				June 2019		N/A				N/A				N/A		N/A
CS Facility (GBP)	151,773				151,773				June 2019		N/A				N/A				N/A		N/A
HSBC Facility (GBP)	48,835				48,835				December 2019		N/A				N/A				N/A		N/A
Sub-total	3,124,725				1,897,077						2,290,139				1,345,195
less: deferred financing costs	N/A				(17,555		)				N/A				(14,348		)				N/A
Total / Weighted-Average	$	3,124,725			$	1,879,522					$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 December 31, 2018 was USD L + 2.17% / GBP L + 2.28%.

Remaining Maturities of Borrowings

At December 31, 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	$	153,759			$	574,879			$	—			$	—			$	728,638
DB Repurchase Facility	174,293				396,349				—				—				570,642
Goldman Facility	—				210,072				—				—				210,072
CS Facility - USD	187,117				—				—				—				187,117
CS Facility - GBP	151,773				—				—				—				151,773
HSBC Facility	48,835				—				—				—				48,835
Total	$	715,777			$	1,181,300			$	—			$	—			$	1,897,077

———————

(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 December 31, 2018, as well as the maximum and average month-end balances for the year ended December 31, 2018 for our borrowings under secured debt arrangements ($ in thousands).

									For the year ended December 31, 2018
	Balance at December 31, 2018				Amortized Cost of collateral at December 31, 2018				Maximum Month-End Balance				Average Month-End Balance
JPMorgan Facility	$	728,638			$	1,374,235			$	1,000,854			$	885,203
DB Repurchase Facility	570,642				921,424				707,405				524,727
Goldman Facility	210,072				362,577				261,691				176,145
CS Facility - USD	187,117				254,064				189,839				109,453
CS Facility - GBP	151,773				216,167				151,915				147,651
HSBC Facility	48,835				69,433				49,896				49,107
Total	$	1,897,077			$	3,197,900

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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