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Secured Debt Arrangements, Net (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Weighted Average Maturities and Interest Rates of Borrowings

At June 30, 2019 and December 31, 2018, our borrowings had the following secured debt arrangements, maturities and weighted-average interest rates ($ in thousands):

		June 30, 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)	$	951,723			$	712,335			June 2024		$	1,333,503			$	680,141			June 2021
	JPMorgan Facility (GBP)	48,277				48,277				June 2024		48,497				48,497				June 2021
	DB Repurchase Facility (USD)	862,588				434,090				March 2021		904,181				419,823				March 2021
	DB Repurchase Facility (GBP)	137,412				137,412				March 2021		150,819				150,819				March 2021
	Goldman Facility	500,000				112,713				November 2021		300,000				210,072				November 2020
	CS Facility (USD)	174,278				174,278				December 2019		187,117				187,117				June 2019
	CS Facility (GBP)	144,364				144,364				December 2019		151,773				151,773				June 2019
	HSBC Facility (GBP)	37,834				37,834				December 2019		48,835				48,835				December 2019
	Sub-total	2,856,476				1,801,303						3,124,725				1,897,077
	less: deferred financing costs	N/A				(18,246		)				N/A				(17,555		)
	Total / Weighted-Average	$	2,856,476			$	1,783,057					$	3,124,725			$	1,879,522

———————

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

(2) Weighted-average rates as of June 30, 2019 and December 31, 2018 were USD L + 2.10% / GBP L + 2.30% and USD L + 2.17% / GBP L + 2.28%, respectively.

Remaining Maturities of Borrowings

At June 30, 2019, our borrowings had the following remaining maturities ($ in thousands):

	Less than 1 year (1)				1 to 3 years (1)				3 to 5 years (1)				More than 5 years				Total
JPMorgan Facility	$	144,554			$	294,839			$	321,219			$	—			$	760,612
DB Repurchase Facility	106,304				465,198				—				—				571,502
Goldman Facility	—				112,713				—				—				112,713
CS Facility - USD	174,278				—				—				—				174,278
CS Facility - GBP	144,364				—				—				—				144,364
HSBC Facility	37,834				—				—				—				37,834
Total	$	607,334			$	872,750			$	321,219			$	—			$	1,801,303

———————

(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, 2019, as well as the maximum and average month-end balances for the six months ended June 30, 2019 for our borrowings under secured debt arrangements ($ in thousands).

	As of June 30, 2019								For the six months ended June 30, 2019
	Balance				Amortized Cost of Collateral				Maximum Month-End Balance				Average Month-End Balance
JPMorgan Facility	$	760,612			$	1,612,150			$	929,496			$	836,744
DB Repurchase Facility	571,502				1,012,396				672,477				583,879
Goldman Facility	112,713				515,064				312,507				207,934
CS Facility - USD	174,278				238,441				188,037				184,049
CS Facility - GBP	144,364				206,422				150,811				145,599
HSBC Facility	37,834				53,946				50,784				47,830
Total	$	1,801,303			$	3,638,419

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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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