Borrowings Under Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2014

Weighted Average Maturities and Interest Rates of Borrowings

At September 30, 2014 and December 31, 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:



	September 30, 2014						December 31, 2013
	Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate		Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate
Wells Facility borrowings	$	20,990	0.4 years		1.0	%	$	47,751	0.2 years	*	1.2	%	**
UBS Facility borrowings	133,899		4.0 years	*	2.8	%	133,899		4.7 years		2.8	%	Fixed
DB Facility borrowings	260,155		3.5 years		3.8	%	—		0.0 years		—	%	***
JPMorgan Facility borrowings	122,722		0.3 years		2.7	%	20,383		1.1 years		2.7	%	L+250
Total borrowings	$	537,766	2.8 years		3.2	%	$	202,033	3.3 years		2.4	%

*Assumes extension options are exercised.

**At December 31, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points. At September 30, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points.

*** Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged.

Remaining Maturities of Borrowings

At September 30, 2014, 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	$	20,990	$	—	$	—	$	—	$	20,990
UBS Facility borrowings *	—		133,899		—		—		133,899
DB Facility borrowings	5,530		153,463		101,162		—		260,155
JPMorgan Facility borrowings	122,722		—		—		—		122,722
Total	$	149,242	$	287,362	$	101,162	$	—	$	537,766

*Assumes extension option is exercised.

Schedule of Outstanding, Maximum and Average Balances of Debt

The table below summarizes the outstanding balances at September 30, 2014, as well as the maximum and average balances for the nine months ended September 30, 2014.



			For the nine months ended September 30, 2014
	Balance at September 30, 2014		Maximum Month-End Balance		Average Month-End Balance
Wells Facility borrowings	$	20,990	$	47,751	$	31,436
UBS Facility borrowings	133,899		133,899		133,899
DB Facility borrowings	260,155		260,155		99,611
JPMorgan Facility borrowings	122,722		169,066		92,026
Total	$	537,766