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Schedule I - Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Schedule I - Parent Company Only Financial Statements | BGC PARTNERS, INC. (Parent Company Only) STATEMENTS OF FINANCIAL CONDITION (in thousands, except share and per share data)
|  | December 31, 2019 |  |  | December 31, 2018 |
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 44 |  |  | $ | 155 |
Investments in subsidiaries |  |  | 669,402 |  |  |  | 757,298 |
Receivables from related parties |  |  | 3,999 |  |  |  | 20,028 |
Note receivable from related party |  |  | 1,109,013 |  |  |  | 742,517 |
Other assets |  |  | 49,252 |  |  |  | 31,721 |
Total assets |  | $ | 1,831,710 |  |  | $ | 1,551,719 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  | $ | 36,871 |  |  | $ | 40,829 |
Notes payable |  |  | 1,109,013 |  |  |  | 742,517 |
Total liabilities |  |  | 1,145,884 |  |  |  | 783,346 |
Commitments and contingencies (Note 2) |  |  |  |  |  |  |  |
Total stockholders’ equity |  |  | 685,826 |  |  |  | 768,373 |
Total liabilities and stockholders’ equity |  | $ | 1,831,710 |  |  | $ | 1,551,719 |
See accompanying Notes to Financial Statements. BGC PARTNERS, INC. (Parent Company Only) STATEMENTS OF OPERATIONS (in thousands, except per share data)
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Other income |  | $ | — |  |  | $ | 36,944 |  |  | $ | — |
Interest income |  |  | 55,044 |  |  |  | 68,382 |  |  |  | 98,819 |
Total revenue |  |  | 55,044 |  |  |  | 105,326 |  |  |  | 98,819 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 55,044 |  |  |  | 68,382 |  |  |  | 98,819 |
Total expenses |  |  | 55,044 |  |  |  | 68,382 |  |  |  | 98,819 |
Income from operations before income taxes |  |  | — |  |  |  | 36,944 |  |  |  | — |
Equity income (loss) of subsidiaries |  |  | 58,819 |  |  |  | 49,472 |  |  |  | (76,350 | )
Equity income of discontinued operations, net |  |  | — |  |  |  | 123,816 |  |  |  | 176,278 |
Provision (benefit) for income taxes |  |  | 3,112 |  |  |  | 12,712 |  |  |  | 48,453 |
Net income available to common stockholders |  | $ | 55,707 |  |  | $ | 197,520 |  |  | $ | 51,475 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | 55,707 |  |  | $ | 73,704 |  |  | $ | (124,803 | )
Net income (loss) from discontinued operations (1) |  |  | — |  |  |  | 120,438 |  |  |  | 176,278 |
Net income (loss) available to common stockholders (1) |  | $ | 55,707 |  |  | $ | 194,142 |  |  | $ | 51,475 |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.16 |  |  | $ | 0.23 |  |  | $ | (0.43 | )
Discontinued operations |  | $ | — |  |  | $ | 0.37 |  |  | $ | 0.61 |
Basic earnings (loss) per share |  | $ | 0.16 |  |  | $ | 0.60 |  |  | $ | 0.18 |
Basic weighted-average shares of common stock outstanding |  |  | 344,332 |  |  |  | 322,141 |  |  |  | 287,378 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income for fully diluted shares from continuing operations |  | $ | 83,531 |  |  | $ | 73,704 |  |  | $ | (124,803 | )
Fully diluted earnings (loss) per share from continuing operations |  | $ | 0.16 |  |  | $ | 0.23 |  |  | $ | (0.43 | )
Fully diluted weighted-average shares of common stock outstanding |  |  | 524,550 |  |  |  | 323,844 |  |  |  | 287,378 |
Net income for fully diluted shares from discontinued operations |  | $ | — |  |  | $ | 120,438 |  |  | $ | 176,278 |
Fully diluted earnings (loss) per share from discontinued operations |  | $ | — |  |  | $ | 0.37 |  |  | $ | 0.61 |
Fully diluted weighted-average shares of common stock outstanding |  |  | — |  |  |  | 323,844 |  |  |  | 287,378 |
(1) | In Accordance with ASC 260, includes a reduction for dividends on preferred stock or units, when applicable.
See accompanying Notes to Financial Statements. BGC PARTNERS, INC. (Parent Company Only) STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Net income available to common stockholders |  | $ | 55,707 |  |  | $ | 197,520 |  |  | $ | 51,475 |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | 96 |  |  |  | (11,686 | ) |  |  | 13,536 |
Available for sale securities |  |  | — |  |  |  | — |  |  |  | (823 | )
Benefit plans |  |  | (8,733 | ) |  |  | — |  |  |  | — |
Total other comprehensive (loss) income, net of tax |  |  | (8,637 | ) |  |  | (11,686 | ) |  |  | 12,713 |
Comprehensive income attributable to common stockholders |  | $ | 47,070 |  |  | $ | 185,834 |  |  | $ | 64,188 |
See accompanying Notes to Financial Statements. BGC PARTNERS, INC. (Parent Company Only) STATEMENTS OF CASH FLOWS (in thousands)
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 55,707 |  |  | $ | 197,520 |  |  | $ | 51,475 |
Less: Equity income of discontinued operations |  |  | — |  |  |  | (123,816 | ) |  |  | (176,278 | )
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred financing costs |  |  | 3,206 |  |  |  | 4,012 |  |  |  | 5,287 |
Equity in net gains (losses) of unconsolidated investments |  |  | (58,819 | ) |  |  | (49,472 | ) |  |  | 76,350 |
Deferred tax (benefit) expense |  |  | (19,947 | ) |  |  | (12,449 | ) |  |  | 5,168 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments in subsidiaries |  |  | 12,399 |  |  |  | (365,405 | ) |  |  | 5,840 |
Receivables from related parties |  |  | 16,029 |  |  |  | 10,686 |  |  |  | — |
Note receivable from related party |  |  | (366,496 | ) |  |  | (450,000 | ) |  |  | (975,000 | )
Other assets |  |  | 861 |  |  |  | 39 |  |  |  | 57 |
(Decrease) increase in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (3,958 | ) |  |  | 3,753 |  |  |  | (7,044 | )
Net cash used in operating activities |  |  | (361,018 | ) |  |  | (785,132 | ) |  |  | (1,014,145 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in investing activities |  |  | — |  |  |  | — |  |  |  | — |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Dividends to stockholders |  |  | (192,442 | ) |  |  | (231,446 | ) |  |  | (200,116 | )
Repurchase of Class A common stock |  |  | (970 | ) |  |  | (8,185 | ) |  |  | (16,773 | )
Issuance of senior notes, net of deferred issuance costs |  |  | 294,845 |  |  |  | 444,196 |  |  |  | 968,910 |
Unsecured revolving credit agreement borrows |  |  | 390,000 |  |  |  | 195,000 |  |  |  | — |
Unsecured revolving credit agreement repayments |  |  | (320,000 | ) |  |  | (195,000 | ) |  |  | — |
Distributions from subsidiaries |  |  | 184,545 |  |  |  | 199,062 |  |  |  | 172,562 |
Proceeds from offering of Class A common stock, net |  |  | 4,929 |  |  |  | 345,974 |  |  |  | 87,836 |
Proceeds from exercises of stock options |  |  | — |  |  |  | — |  |  |  | 72 |
Net cash provided by financing activities |  |  | 360,907 |  |  |  | 749,601 |  |  |  | 1,012,491 |
Net cash provided by (used in) operating activities from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) investing activities from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities from discontinued operations |  |  | — |  |  |  | 35,487 |  |  |  | — |
Net increase (decrease) in cash and cash equivalents |  |  | (111 | ) |  |  | (44 | ) |  |  | (1,654 | )
Cash and cash equivalents at beginning of period |  |  | 155 |  |  |  | 199 |  |  |  | 1,853 |
Cash and cash equivalents at end of period |  | $ | 44 |  |  | $ | 155 |  |  | $ | 199 |
Supplemental cash information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for taxes |  | $ | 5,422 |  |  | $ | 20,598 |  |  | $ | 47,419 |
Cash paid during the period for interest |  | $ | 47,329 |  |  | $ | 15,375 |  |  | $ | 49,867 |
Supplemental non-cash information: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of Class A common stock upon exchange of limited partnership interests |  | $ | 26,146 |  |  | $ | 143,232 |  |  | $ | 106,698 |
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions |  |  | 3,040 |  |  | $ | 21,899 |  |  | $ | 14,232 |
See accompanying Notes to Financial Statements.
1. | Organization and Basis of Presentation
The accompanying Parent Company Only Financial Statements of BGC Partners should be read in conjunction with the consolidated financial statements of BGC Partners and subsidiaries and the notes thereto. In addition, certain reclassifications have been made to previously reported amounts to conform to the current presentation. For the year ended December 31, 2019, the Company declared and paid cash dividends of $0.56 per share to BGC Class A and Class B common stockholders. For the year ended December 31, 2018 and 2017, the comparable cash dividend amounts were $0.72 per share and $0.70 per share, respectively.
2. | Commitments, Contingencies and Guarantees
On March 13, 2015, subsidiaries of the Company entered into a secured loan arrangement of $28.2 million, under which it pledged certain fixed assets as security for a loan. This arrangement was guaranteed by the Parent Company, incurred interest at a fixed rate of 3.70% and matured on March 13, 2019, therefore there were no borrowings outstanding as of December 31, 2019. As of December 31, 2018, the Company had $1.8 million outstanding related to this secured loan arrangement. The book value of the fixed assets pledged as of December 31, 2018 was $0.1 million. On July 10, 2015, the Company and GFI entered into a guarantee pursuant to which the Parent Company has guaranteed the obligations of GFI under GFI’s 8.375% Senior notes due in the remaining aggregate principal amount of $240.0 million and the indenture for the notes, dated as of July 19, 2011, between GFI and The Bank of New York Mellon Trust Company, N.A., as Trustee. Pursuant to the terms of the indenture, the interest rate on the notes was reduced effective July 19, 2015 as a result of prior ratings increases following the acquisition of GFI by BGC Partners. In addition, on January 13, 2016 the interest rate was further reduced as a result of another ratings increase. The Company and GFI will share any cost savings, including interest and other costs, resulting from the credit enhancement provided by BGC Partners. On May 31, 2017, the Company entered into a secured loan arrangement of $29.9 million, under which it pledged certain fixed assets as security for a loan. This arrangement is guaranteed by the Parent Company, incurs interest at a fixed rate of 3.44% per year and matures on May 31, 2021. As of December 31, 2019 and December 31, 2018, the Company had $11.7 million and $19.2 million, respectively, outstanding related to this secured loan arrangement. The book value of the fixed assets pledged as of December 31, 2019 was $2.3 million. The book value of the fixed assets pledged as of December 31, 2018 was $6.5 million. On April 8, 2019, the Company entered into a secured loan arrangement of $15.0 million, under which it pledged certain fixed assets as security for a loan. This arrangement is guaranteed by the Parent Company, incurs interest at a fixed rate of 3.77% and matures on April 8, 2023. As of December 31, 2019, the Company had $13.2 million outstanding related to this secured loan arrangement. The book value of the fixed assets pledged as of December 31, 2019 was $8.1 million.
3. | Long-Term Debt
Unsecured Senior Revolving Credit and Converted Term Loan Agreement On September 8, 2017, the Company entered into a committed unsecured senior revolving credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders. The revolving credit agreement provided for revolving loans of up to $400.0 million. The maturity date of the facility was September 8, 2019. On November 22, 2017, the Company and Newmark entered into an amendment to the unsecured senior revolving credit agreement. Pursuant to the amendment, the then-outstanding borrowings of the Company under the revolving credit facility were converted into a term loan. There was no change in the maturity date or interest rate. Effective December 13, 2017, Newmark assumed the obligations of the Company as borrower under the converted term loan. The Company remained a borrower under, and retained access to, the revolving credit facility for any future draws, subject to availability which increased as Newmark repaid the converted term loan. As of December 31, 2017, Newmark had $397.3 million borrowings outstanding under the converted term loan. During the year ended December 31, 2018, Newmark repaid the outstanding balance of the converted term loan. During the year ended December 31, 2018, the Company borrowed $195.0 million under the committed unsecured senior revolving credit agreement and subsequently repaid the $195.0 million during the year. Therefore, there were no borrowings outstanding as of December 31, 2018. The Company recorded interest expense of $1.0 million and $4.3 million for the years ended December 31, 2018 and 2017, respectively. The Company did not record any interest expense related to the committed unsecured revolving credit agreement for the year ended December 31, 2019. On November 28, 2018, the Company entered into a new Revolving Credit Agreement which replaced the existing committed unsecured senior revolving credit agreement. The maturity date of the new Revolving Credit Agreement wa s November 28, 2020 and the maximum revolving loan balance has been reduced from $400.0 million to $350.0 million. Borrowings under this agreement bore interest at either LIBOR or a defined base rate plus additional margin. On December 11, 2019, the Company entered into an amendment to the new unsecured Revolving Credit Agreement. Pursuant to the amendment, the maturity date was extended to February 26, 2021. There was no change to the interest rate or the maximum revolving loan balance. As of December 31, 2019, there was $68.9 million of borrowings outstanding, net of deferred financing costs of $1.1 million, under the new unsecured Revolving Credit Agreement. The average interest rate on the outstanding borrowings was 3.88% for the year ended December 31, 2019. As of December 31, 2018, there were no borrowings outstanding under the new unsecured senior Revolving Credit Agreement. The Company recorded interest expense related to the unsecured senior Revolving Credit Agreement of $10.0 million and $0.3 million for the year s ended December 31, 2019 and 2018, respectively. The Company did no t record any interest expense related to the committed unsecured Revolving Credit Agreement for the year ended December 31, 2017. Unsecured Senior Term Loan Credit Agreement On September 8, 2017, the Company entered into a committed unsecured senior term loan credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders. The term loan credit agreement provided for loans of up to $575.0 million. The maturity date of the agreement was September 8, 2019. On November 22, 2017, the Company and Newmark entered into an amendment to the unsecured senior term loan credit agreement. Pursuant to the term loan amendment and effective as of December 13, 2017, Newmark assumed the obligations of the Company as borrower under the senior term loan. There was no change in the maturity date or interest rate. As of December 31, 2017, Newmark had $270.7 million borrowings outstanding under the senior term loan. During the year ended December 31, 2018, Newmark repaid the outstanding balance of $270.7 million at which point the facility was terminated. As of December 31, 2019 and 2018, there were no borrowings outstanding under the senior term loan. The Company recorded interest expense related to the senior term loan of $8.4 million for the year ended December 31, 2017. The Company did not record any interest expense related to the senior term loan for the years ended December 31, 2019 and 2018. 8.125% Senior Notes On June 26, 2012, the Company issued an aggregate of $112.5 million principal amount of 8.125% Senior Notes due 2042. The 8.125% Senior Notes are senior unsecured obligations of the Company. The 8.125% Senior Notes were redeemable for cash, in whole or in part, on or after June 26, 2017, at the Company’s option, at any time and from time to time, until maturity at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued but unpaid interest on the principal amount being redeemed to, but not including, the redemption date. The 8.125% Senior Notes were listed on the New York Stock Exchange under the symbol “BGCA.” The Company used the proceeds to repay short-term borrowings under its unsecured revolving credit facility and for general corporate purposes, including acquisitions. In connection with the issuance of the 8.125% Senior Notes, the Company lent the proceeds of the 8.125% Senior Notes to BGC U.S. OpCo, BGC U.S. OpCo issued the 2042 Promissory Note. The initial carrying value of the 8.125% Senior Notes was $108.7 million, net of debt issuance costs of $3.8 million. The issuance costs were amortized as interest expense, and the carrying value of the 8.125% Senior Notes accreted to the face amount over the term of the 8.125% Senior Notes. On December 13, 2017, Newmark OpCo assumed all of the BGC U.S. OpCo’s rights and obligations under the 2042 Promissory Note. During the year ended December 31, 2018, Newmark repaid the Company in full for the 2042 Promissory Note, and the Company subsequently repaid the 8.125% Senior Notes on September 5, 2018. The Company did not record any interest expense related to the 8.125% Senior Notes for the years ended December 31, 2019 and 2018, as Newmark assumed this obligation in 2017. 5.375% Senior Notes On December 9, 2014, the Company issued an aggregate of $300.0 million principal amount of 5.375% Senior Notes due 2019. The 5.375% Senior Notes are general senior unsecured obligations of the Company. These Senior Notes bear interest at a rate of 5.375% per year, payable in cash on June 9 and December 9 of each year, commencing June 9, 2015. The interest rate payable on the notes will be subject to adjustments from time to time based on the debt rating assigned by specified rating agencies to the notes, as set forth in the Indenture. The 5.375% Senior Notes were scheduled to mature on December 9, 2019. In connection with the issuance of the 5.375% Senior Notes, the Company lent the proceeds of the 5.375% Senior Notes to BGC U.S. OpCo, and BGC U.S. Opco issued the 2019 Promissory Note. On December 13, 2017, Newmark OpCo assumed all of BGC U.S. OpCo’s rights and obligations under the 2019 Promissory Note. The initial carrying value of the 5.375% Senior Notes was $295.1 million, net of the discount and debt issuance costs of $4.9 million. The issuance costs were amortized as interest expense, and the carrying value of the 5.375% Senior Notes accreted to the face amount over the term of the notes. During the year ended December 31, 2018, Newmark repaid the Company in full for the 2019 Promissory Note, and the Company subsequently redeemed the 5.375% Senior Notes on December 5, 2018. The Company did not record any interest expense related to the 5.375% Senior Notes for the years ended December 31, 2019 and 2018, as Newmark assumed this obligation in 2017. 5.125% Senior Notes On May 27, 2016, the Company issued an aggregate of $300.0 million principal amount of 5.125% Senior Notes due 2021. The 5.125% Senior Notes are general senior unsecured obligations of the Company. These 5.125% Senior Notes bear interest at a rate of 5.125% per year, payable in cash on May 27 and November 27 of each year, commencing November 27, 2016. The 5.125% Senior Notes will mature on May 27, 2021. The Company may redeem some or all of the notes at any time or from time to time for cash at certain “make-whole” redemption prices (as set forth in the Indenture). If a “Change of Control Triggering Event” (as defined in the Indenture) occurs, holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 101% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. The initial carrying value of the 5.125% Senior Notes was $295.8 million, net of the discount and debt issuance costs of $4.2 million. The issuance costs are amortized as interest expense and the carrying value of the 5.125% Senior Notes will accrete up to the face amount over the term of the notes. The carrying value of the 5.125% Senior Notes as of December 31, 2019 was $298.7 million. The Company recorded interest expense related to the 5.125% Senior Notes of $16.2 million, for each of the years ended December 31, 2019, 2018 and 2017. 5.375% Senior Notes due 2023 On July 24, 2018, the Company issued an aggregate of $450.0 million principal amount of 5.375% Senior Notes due 2023. The 5.375% Senior Notes due 2023 are general senior unsecured obligations of the Company. These 5.375% Senior Notes due 2023 bear interest at a rate of 5.375% per year, payable in cash on January 24 and July 24 of each year, commencing January 24, 2019. The 5.375% Senior Notes due 2023 will mature on July 24, 2023. The Company may redeem some or all of the 5.375% Senior Notes due 2023 at any time or from time to time for cash at certain “make-whole” redemption prices (as set forth in the indenture related to the 5.375% Senior Notes due 2023). If a “Change of Control Triggering Event” (as defined in the indenture related to the 5.375% Senior Notes due 2023) occurs, holders may require the Company to purchase all or a portion of their notes for cash at a price equal to 101% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. The initial carrying value of the 5.375% Senior Notes due 2023 was $444.2 million, net of the discount and debt issuance costs of $5.8 million. The issuance costs are amortized as interest expense and the carrying value of the 5.375% Senior Notes due 2023 will accrete up to the face amount over the term of the notes. The carrying value of the 5.375% Senior Notes as of December 31, 2019 was $445.2 million. The Company recorded interest expense related to the 5.375% Senior Notes due 2023 of $25.6 million $11.0 million for the years ended December 31, 2019 and December 31, 2018, respectively. The Company did not record any interest expense related to the 5.375 Senior Notes due 2023 during the year ended December 31, 2017. 3.750% Senior Notes On September 27, 2019, the Company issued an aggregate of $300.0 million principal amount of 3.750% Senior Notes due October 1, 2024. The 3.750% Senior Notes are general unsecured obligations of the Company. The 3.750% Senior Notes bear interest at a rate of 3.750% per annum, payable on each April 1 and October 1, commencing April 1, 2020. The initial carrying value of the 3.750% Senior Notes was $296.1 million, net of discount and debt issuance costs of $3.9 million. The issuance costs will be amortized as interest expense and the carrying value of the 3.750% Senior Notes will accrete up to the face amount over the term of the notes. The carrying value of the 3.750% Senior Notes was $296.1 million as of December 31, 2019. The Company recorded interest expense related to the 3.750% Senior Notes of $3.2 million for the year ended December 31, 2019. The Company did not record any interest expense related to the 3.750% Senior Notes for the years ended December 31, 2018 and 2017. Short-term Borrowings On February 25, 2016, the Company entered into a committed unsecured credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, in which, the $25.0 million unsecured credit agreement entered into on December 24, 2015 with Bank of America, N.A. was terminated. Several of the Company’s domestic non-regulated subsidiaries are parties to the credit agreement as guarantors. The credit agreement provided for revolving loans of $150.0 million, with the option to increase the aggregate loans to $200.0 million. Borrowings under this facility bore interest at either LIBOR or a defined base rate plus an additional margin which ranges from 50 basis points to 250 basis points depending on the Company’s debt rating as determined by S&P and Fitch and whether such loan is a LIBOR loan or a base rate loan. The committed unsecured credit agreement was terminated on September 8, 2017, at which point the outstanding balance of $150.0 million was repaid. As of December 31, 2019 and 2018, there were no borrowings outstanding under either the $150.0 million facility or the terminated $25.0 million facility. The Company recorded interest expense related to the credit facility of $2.4 million for the year ended December 31, 2017. 4.Subsequent Events Extension of Revolving Credit Agreement On February 26, 2020, the Company entered into a second amendment to the unsecured Revolving Credit Agreement, pursuant to which, the maturity date was extended by two years to February 26, 2023. The size of the Revolving Credit Agreement, along with the interest rate on the borrowings therefrom, remained unchanged.

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