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Secured Debt Arrangements, Net (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Weighted Average Maturities and Interest Rates of Borrowings

At March 31, 2019 and December 31, 2018, our borrowings had the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):

		March 31, 2019 (2)										December 31, 2018 (2)
		Maximum Amount of Borrowings				Borrowings Outstanding				Maturity (1)		Maximum Amount of Borrowings				Borrowings Outstanding				Maturity (1)
	JPMorgan Facility (USD)	$	1,305,435			$	873,771			June 2021		$	1,333,503			$	680,141			June 2021
	JPMorgan Facility (GBP)	49,565				49,565				June 2021		48,497				48,497				June 2021
	DB Repurchase Facility (USD)	858,919				475,871				March 2021		904,181				419,823				March 2021
	DB Repurchase Facility (GBP)	141,081				141,081				March 2021		150,819				150,819				March 2021
	Goldman Facility	500,000				233,312				November 2021		300,000				210,072				November 2020
	CS Facility (USD)	188,037				188,037				September 2019		187,117				187,117				June 2019
	CS Facility (GBP)	148,219				148,219				September 2019		151,773				151,773				June 2019
	HSBC Facility (GBP)	49,911				49,911				December 2019		48,835				48,835				December 2019
	Sub-total	3,241,167				2,159,767						3,124,725				1,897,077
	less: deferred financing costs	N/A				(17,828		)				N/A				(17,555		)
	Total / Weighted-Average	$	3,241,167			$	2,141,939					$	3,124,725			$	1,879,522

———————

(1) Maturity date assumes extensions at our option are exercised.

(2) Weighted-average rates as of March 31, 2019 and December 31, 2018 were USD L + 2.19% / GBP L + 2.30% and USD L + 2.17% / GBP L + 2.28%, respectively.

Remaining Maturities of Borrowings

At March 31, 2019, 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	$	159,854			$	763,482			$	—			$	—			$	923,336
DB Repurchase Facility	109,142				507,810				—				—				616,952
Goldman Facility	—				233,312				—				—				233,312
CS Facility - USD	188,037				—				—				—				188,037
CS Facility - GBP	148,219				—				—				—				148,219
HSBC Facility	49,911				—				—				—				49,911
Total	$	655,163			$	1,504,604			$	—			$	—			$	2,159,767

———————

(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, 2019, as well as the maximum and average month-end balances for the three months ended March 31, 2019 for our borrowings under secured debt arrangements ($ in thousands).

	As of March 31, 2019								For the three months ended March 31, 2019
	Balance				Amortized Cost of Collateral				Maximum Month-End Balance				Average Month-End Balance
JPMorgan Facility	$	923,336			$	1,612,510			$	929,496			$	925,679
DB Repurchase Facility	616,952				1,013,662				672,477				636,283
Goldman Facility	233,312				517,122				259,167				250,286
CS Facility - USD	188,037				254,090				188,037				187,424
CS Facility - GBP	148,219				211,468				150,811				145,814
HSBC Facility	49,911				71,141				50,784				50,296
Total	$	2,159,767			$	3,679,993

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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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