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Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises | 3 Months Ended
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Mar. 31, 2021
Brokers and Dealers [Abstract] |
Warehouse Facilities Collateralized by U.S. Government Sponsored Enterprises | 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. Newmark had the following lines available and borrowings outstanding (in thousands):
| Committed Lines |  | Uncommitted Lines |  | Balance at March 31, 2021 |  | Balance at December 31, 2020 |  | Stated Spread to One-Month LIBOR(3) |  | Rate Type
Warehouse facility due October 8, 2021(1) | $ | 600,000 |  |  | $ | — |  |  | $ | 428,237 |  |  | $ | 358,247 |  |  | 140 bps |  | Variable
Warehouse facility due June 16, 2021(2) | 450,000 |  |  | — |  |  | 14,244 |  |  | 292,040 |  |  | 140 bps |  | Variable
Warehouse facility due September 25, 2021 | 400,000 |  |  | — |  |  | 319,253 |  |  | 146,380 |  |  | 140 bps |  | Variable
Fannie Mae repurchase agreement, open maturity | — |  |  | 400,000 |  |  | 55,299 |  |  | 264,535 |  |  | 115 bps |  | Variable
Total | $ | 1,450,000 |  |  | $ | 400,000 |  |  | $ | 817,033 |  |  | $ | 1,061,202 |  |  |  |  |
(1)The warehouse line was temporarily increased by $300 million to $900 million for the period December 1, 2020 to February 1, 2021. (2)The warehouse line established a $125 million sublimit line of credit to find potential principal and interest servicing advances on the Company's Fannie Mae portfolio during the forbearance period related to the CARES Act. Advances will have an interest rate of 1-month LIBOR plus 200 bps. There were no outstanding draws outstanding under this sublimit at March 31, 2021. (3)The spread for the Fannie Mae repurchase line is to SOFR. The warehouse lines are to LIBOR. Pursuant to the terms of the warehouse facilities, Newmark is required to meet several financial covenants. Newmark was in compliance with all covenants as of March 31, 2021 and December 31, 2020, respectively. The borrowing rates on the warehouse facilities are based on short-term LIBOR plus applicable margins. Due to the short-term maturity of these instruments, the carrying amounts approximate fair value.

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