Borrowings (Tables)

9 Months Ended

Sep. 30, 2012

Weighted Average Maturities and Interest Rates of Borrowings

At September 30, 2012 and December 31, 2011, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:

	September 30, 2012								December 31, 2011
	Debt Balance		Weighted Average Remaining Maturity			Weighted Average Rate			Debt Balance		Weighted Average Remaining Maturity			Weighted Average Rate
Wells Facility borrowings	$	242,967		1.3 years	*		1.6	%	$	221,980		1.6 years	*		1.8	%	*
JPMorgan Facility borrowings		3		0.3 years			2.7	%		68,720		0.9 years			3.3	%	**
TALF borrowings		—		—			—	%		251,327		1.3 years			2.8	%	Fixed
Total/Weighted Average	$	242,970		1.3 years			1.9	%	$	542,027		1.3 years			2.5	%

* Assumes extension options on the Wells Facility with respect to the Hilton CMBS are exercised. See below for a description of the Wells Facility. Borrowings outstanding under the Wells Facility bear interest at a LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged.

** During April 2012, the Company amended the JPMorgan Facility to reduce the interest rate spread by 50 basis points to LIBOR + 250 basis points.

Remaining Maturities of Borrowings

At September 30, 2012, the Company’s borrowings had the following remaining maturities:

	Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years		Total
Wells Facility borrowings*	$	196,275	$	4,914	$	41,778	$	—	$	242,967
JPMorgan Facility borrowings		3		—		—		—		3
Total	$	196,278	$	4,914	$	41,778	$	—	$	242,970

Summary of Outstanding Balances, Maximum and Average Balances of Borrowings

borrowings outstanding under JPMorgan Facility and the Wells Facility. The table below summarizes the outstanding balances at September 30, 2012 as well as the maximum and average balances for the nine months ended September 30, 2012.

			For the nine months ended September 30, 2012
	Balance at September  30, 2012		Maximum Month-End Balance		Average Month-End Balance
Wells Facility borrowings	$	242,967	$	469,147	$	299,061
JPMorgan Facility borrowings		3		68,720		48,699
TALF borrowings		—		251,327		25,133
Total	$	242,970