Secured Debt Arrangements, Net

At June 30, 2018 and December 31, 2017, the Company’s borrowings had the following secured debt arrangements, maturities and weighted average interest rates ($ in thousands):



	June 30, 2018 ⁽²⁾						December 31, 2017
	Maximum Amount of Borrowings		Borrowings Outstanding			Maturity ⁽¹⁾	Maximum Amount of Borrowings		Borrowings Outstanding			Maturity ⁽¹⁾	Weighted Average Rate ⁽²⁾
JPMorgan Facility (USD) ⁽³⁾	$	1,331,780	$	950,634		June 2021	$	1,393,000	$	944,529		March 2020	USD L + 2.30%
JPMorgan Facility (GBP) ⁽³⁾	50,220		50,220			June 2021	N/A		N/A			N/A	N/A
DB Repurchase Facility (USD) ⁽⁴⁾	698,824		469,200			March 2021	472,090		225,367			March 2020	USD L + 2.56%
DB Repurchase Facility (GBP) ⁽⁴⁾	156,176		156,176			March 2021	93,919		93,919			March 2020	GBP L + 2.60%
Goldman Facility	300,000		209,014			November 2020	331,130		81,380			November 2020	USD L + 2.73%
CS Facility	145,937		145,937			December 2018	N/A		N/A			N/A	N/A
Sub-total	2,682,937		1,981,181				2,290,139		1,345,195
less: deferred financing costs	N/A		(20,307		)		N/A		(14,348		)		N/A
Total / Weighted Average	$	2,682,937	$	1,960,874			$	2,290,139	$	1,330,847			USD L + 2.37% /
Total / Weighted Average	$	2,682,937	$	1,960,874			$	2,290,139	$	1,330,847			GBP L + 2.60%

———————

(1) Maturity date assumes extensions at the Company's option are exercised.

(2) Weighted average rate as of June 30, 2018 was USD L + 2.27% / GBP L + 2.30%.

(3) As of June 30, 2018, the Company's secured debt arrangements with JPMorgan Chase Bank, National Association (the "JPMorgan Facility") provided

for maximum total borrowings comprised of a $1.3 billion repurchase facility and $132.0 million of an asset specific financing.

(4) As of June 30, 2018, the Company's secured debt arrangements with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of a $800.0 million repurchase facility and a $55.0 million asset specific financing.

At June 30, 2018, the Company’s borrowings had the following remaining maturities ($ in thousands):



	Less than 1 year⁽¹⁾		1 to 3 years⁽¹⁾		3 to 5 years		More than 5 years		Total
JPMorgan Facility	$	115,615	$	885,239	$	—	$	—	$	1,000,854
DB Repurchase Facility	123,816		501,560		—		—		625,376
Goldman Facility	—		209,014		—		—		209,014
CS Facility	145,937		—		—		—		145,937
Total	$	385,368	$	1,595,813	$	—	$	—	$	1,981,181

———————

(1) Assumes underlying assets are financed through the fully extended maturity date of the facility.

The table below summarizes the outstanding balances at June 30, 2018, as well as the maximum and average month-end balances for the six months ended June 30, 2018 for the Company's borrowings under secured debt arrangements ($ in thousands).



					For the six months ended June 30, 2018
	Balance at June 30, 2018		Amortized Cost of Collateral at June 30, 2018		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility	$	1,000,854	$	1,601,812	$	1,000,854	$	865,101
DB Repurchase Facility	625,376		1,010,503		632,990		446,571
Goldman Facility	209,014		280,699		236,764		135,123
CS Facility	145,937		222,902		145,937		24,323
Total	$	1,981,181	$	3,115,916

JPMorgan Facility

In June 2018, the Company, through two indirect wholly owned subsidiaries, entered into an amendment to the Fifth Amended and Restated Master Repurchase Agreement for the JPMorgan Facility, which extended the term to June 2020, plus a one-year extension option available at the Company's option, subject to certain conditions. The JPMorgan Facility provides for maximum total borrowing capacity of $1.4 billion, comprised of a $1.25 billion repurchase facility and a $132.0 million asset specific financing and enables the Company to elect to receive advances in either U.S. dollars, British pounds ("GBP"), or Euros ("EUR"). The asset specific financing matures in February 2019. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the JPMorgan Facility.

As of June 30, 2018, the Company had $1.0 billion (including £38.0 million assuming conversion into U.S. dollars) of borrowings outstanding under the JPMorgan Facility secured by certain of the Company's commercial mortgage loans.

DB Repurchase Facility

In April 2018, the Company, through an indirect wholly-owned subsidiary, entered into a Second Amended and Restated Master Repurchase Agreement (the "Second Amendment and Restatement") with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch. The Second Amendment and Restatement provides for advances of up to $800.0 million for the sale and repurchase of eligible first mortgage loans secured by commercial or multifamily properties located in the United States, United Kingdom and the European Union, and enables the Company to elect to receive advances in either U.S. dollars, British pounds, or Euros. Additionally, the Company has $55.0 million of asset specific financings with Deutsche Bank in connection with financing first mortgage loans secured by real estate. The Second Amendment and Restatement has a maturity date of March 31, 2020 plus one one-year extension available at the Company's option, subject to certain conditions. The asset specific financings mature in September 2018. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under this facility.

As of June 30, 2018, the Company had $625.4 million (including £118.3 million assuming conversion into U.S. dollars) of borrowings outstanding under the DB Repurchase Facility secured by certain of the Company's commercial mortgage loans.

Goldman Facility

In November 2017, the Company, through an indirect wholly-owned subsidiary, entered into a master repurchase and securities contract agreement with Goldman Sachs Bank USA (the "Goldman Facility), which provides for advances of up to $300.0 million and matures in November 2020. Margin calls may occur any time at specified margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of the seller under the Goldman Facility.

As of June 30, 2018, the Company had total borrowings of $209.0 million of borrowings outstanding under the Goldman Facility.

CS Facility

In June 2018, the Company, through an indirect wholly-owned subsidiary, entered into a master repurchase agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd (the "CS Facility"), which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility matures six months after either party notifies the other party of intention to terminate. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a guarantee of the obligations of its indirect wholly-owned subsidiaries under this facility.

As of June 30, 2018, the Company had total borrowings of $145.9 million (£110.5 million assuming conversion into U.S. dollars) of borrowings outstanding under the CS Facility secured by one of the Company's commercial mortgage loans.

The Company was in compliance with the financial covenants under each of its secured debt arrangements at June 30, 2018 and December 31, 2017.