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Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises | 6 Months Ended
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Jun. 30, 2019
Brokers And Dealers [Abstract] |
Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises |
(2 1) | Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises
Newmark uses its warehouse facilities and repurchase agreements to fund mortgage loans originated under its various lending programs. Outstanding borrowings against these lines are collateralized by an assignment of the underlying mortgages and third-party purchase commitments and are recourse only to Berkeley Point Capital, LLC. As of June 30, 2019, Newmark had the following lines available and borrowings outstanding (in thousands):
|  | Committed Lines |  |  | Uncommitted Lines |  |  | Balance at June 30, 2019 |  |  | Stated Spread to One Month LIBOR |  | Rate Type
Warehouse facility due June 17, 2020 |  | $ | 450,000 |  |  | $ | — |  |  | $ | 120,945 |  |  | 115 bps |  | Variable
Warehouse facility due June 17, 2020 |  |  | - |  |  |  | 200,000 |  |  |  | - |  |  | 110 bps |  | Variable
Warehouse facility due September 25, 2019 |  |  | 200,000 |  |  |  | — |  |  |  | 189,749 |  |  | 115 bps |  | Variable
Warehouse facility due October 10, 2019(1) |  |  | 700,000 |  |  |  | — |  |  |  | 433,854 |  |  | 115 bps |  | Variable
Fannie Mae repurchase agreement, open maturity |  |  | — |  |  |  | 325,000 |  |  |  | 48,646 |  |  | 105 bps |  | Variable
|  | $ | 1,350,000 |  |  | $ | 525,000 |  |  | $ | 793,194 |  |  |  |  |
| (1) | The warehouse facility was temporarily increased by $400.0 million to $700.0 million for the period of May 16, 2019 to July 15, 2019. The warehouse facility was temporarily increased by $200.0 million to $500.0 million for the period of July 15, 2019 to August 28, 2019. The warehouse facility was temporarily increased by an additional $1.3 billion to $1.8 billion for the period no longer than July 16, 2019 to September 13, 2019.
As of December 31, 2018, Newmark had the following lines available and borrowings outstanding (in thousands):
|  | Committed Lines |  |  | Uncommitted Lines |  |  | Balance at December 31, 2018 |  |  | Stated Spread to One Month LIBOR |  | Rate Type
Warehouse facility due June 19, 2019 |  | $ | 450,000 |  |  | $ | — |  |  | $ | 413,063 |  |  | 120 bps |  | Variable
Warehouse facility due September 25, 2019 |  |  | 200,000 |  |  |  | — |  |  |  | 113,452 |  |  | 120 bps |  | Variable
Warehouse facility due October 10, 2019(2) |  |  | 1,000,000 |  |  |  | — |  |  |  | 416,373 |  |  | 120 bps |  | Variable
Fannie Mae repurchase agreement, open maturity |  |  | — |  |  |  | 325,000 |  |  |  | 29,499 |  |  | 115 bps |  | Variable
|  | $ | 1,650,000 |  |  | $ | 325,000 |  |  | $ | 972,387 |  |  |  |  |
| (2) | The warehouse facility was temporarily increased by $700.0 million to $1.0 billion for the period of November 30, 2018 to January 29, 2019. On January 29, 2019, the temporary increase was decreased by $400 million to $300 million for the period January 29, 2019 to April 1, 2019.
Newmark is required to meet several financial covenants. Newmark was in compliance with all covenants as of June 30, 2019 and December 31, 2018 and for the three and six months ended March 31, 2019 and 2018 and the year ended December 31, 2018. The borrowing rates on the warehouse facilities are based on short-term London Interbank Offered Rate (LIBOR) plus applicable margins. Due to the short-term maturity of these instruments, the carrying amounts approximate fair value.

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