Secured Debt Arrangements, Net

At December 31, 2018 and 2017, our borrowings had the following secured debt arrangements, maturities and weighted- average interest rates ($ in thousands):



	December 31, 2018 ⁽²⁾						December 31, 2017
	Maximum Amount of Borrowings		Borrowings Outstanding			Maturity ⁽¹⁾	Maximum Amount of Borrowings		Borrowings Outstanding			Maturity ⁽¹⁾	Weighted- Average Rate
JPMorgan Facility (USD)	$	1,333,503	$	680,141		June 2021	$	1,393,000	$	944,529		March 2020	USD L + 2.30%
JPMorgan Facility (GBP)	48,497		48,497			June 2021	N/A		N/A			N/A	N/A
DB Repurchase Facility (USD)	904,181		419,823			March 2021	472,090		225,367			March 2020	USD L + 2.56%
DB Repurchase Facility (GBP)	150,819		150,819			March 2021	93,919		93,919			March 2020	GBP L + 2.60%
Goldman Facility	300,000		210,072			November 2020	331,130		81,380			November 2020	USD L + 2.73%
CS Facility (USD)	187,117		187,117			June 2019	N/A		N/A			N/A	N/A
CS Facility (GBP)	151,773		151,773			June 2019	N/A		N/A			N/A	N/A
HSBC Facility (GBP)	48,835		48,835			December 2019	N/A		N/A			N/A	N/A
Sub-total	3,124,725		1,897,077				2,290,139		1,345,195
less: deferred financing costs	N/A		(17,555		)		N/A		(14,348		)		N/A
Total / Weighted-Average	$	3,124,725	$	1,879,522			$2,290,139		$1,330,847				USD L + 2.37% /
Total / Weighted-Average	$	3,124,725	$	1,879,522			$2,290,139		$1,330,847				GBP L + 2.60%

———————

(1) Maturity date assumes extensions at our option are exercised.

(2) Weighted-average rate as of December 31, 2018 was USD L + 2.17% / GBP L + 2.28%.

JPMorgan Facility

In May 2017, through two indirect wholly-owned subsidiaries, we entered into the Fifth Amended and Restated Master Repurchase Agreement with JPMorgan Chase Bank, National Association. 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 us to elect to receive advances in either U.S. dollars, GBP, or EUR. The repurchase facility matures in June 2020, plus a one-year extension available at our option, subject to certain conditions. The asset specific financing matures in February 2019. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a limited guarantee of the obligations of our indirect wholly-owned subsidiaries under the JPMorgan Facility.

As of December 31, 2018, we had $728.6 million (including £38.0 million assuming conversion into U.S. dollars) of borrowings outstanding under the JPMorgan Facility secured by certain of our commercial mortgage loans.

DB Repurchase Facility

In April 2018, through an indirect wholly-owned subsidiary, we entered into a Second Amended and Restated Master Repurchase Agreement with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch, which was upsized in September 2018, and provides for advances of up to $1.0 billion 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 us to elect to receive advances in either U.S. dollars, GBP, or EUR. Additionally, we have a $54.7 million of asset specific financing with Deutsche Bank in connection with financing a first mortgage loan secured by real estate. The repurchase facility matures in March 2020, plus a one-year extension available at our option, subject to certain conditions. The asset specific financing matures in April 2019. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a limited guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility.

As of December 31, 2018, we had $570.6 million (including £118.3 million assuming conversion into U.S. dollars) of borrowings outstanding under the DB Repurchase Facility secured by certain of our commercial mortgage loans.

Goldman Facility

In November 2017, through an indirect wholly-owned subsidiary, we entered into a master repurchase and securities contract agreement with Goldman Sachs Bank USA, which provides for advances of up to $300.0 million and matures in November 2019, plus a one-year extension available at our option, subject to certain conditions. Margin calls may occur any time at specified margin deficit thresholds. We have agreed to provide a limited guarantee of the obligations of the seller under the Goldman Facility.

As of December 31, 2018, we had total borrowings of $210.1 million of borrowings outstanding under the Goldman Facility.

CS Facility - USD

In July 2018, through an indirect wholly-owned subsidiary, we entered into a Master Repurchase Agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd, which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility - USD 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. We have agreed to provide a guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility.

As of December 31, 2018, we had total borrowings of $187.1 million of borrowings outstanding under the CS Facility - USD secured by certain of our commercial mortgage loans.

CS Facility - GBP

In June 2018, through an indirect wholly-owned subsidiary, we entered into a Master Repurchase Agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd, which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility - GBP 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. We have agreed to provide a guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility.

As of December 31, 2018, we had total borrowings of $151.8 million (£119.0 million assuming conversion into U.S. dollars) of borrowings outstanding under the CS Facility - GBP secured by one of our commercial mortgage loans.

HSBC Facility

In September 2018, through an indirect wholly-owned subsidiary, we entered into a secured debt arrangement with HSBC Bank plc, which provides for a single asset financing. The facility matures in December 2019 and unless terminated by either party, automatically extends for further periods prior to maturity. Margin calls may occur any time at specified aggregate margin deficit thresholds. We have agreed to provide a guarantee of the obligations of our indirect wholly-owned subsidiaries under this facility.

As of December 31, 2018, we had total borrowings of $48.8 million (£38.3 million assuming conversion into U.S. dollars) of borrowings outstanding under the HSBC Facility secured by one of our commercial mortgage loans.

At December 31, 2018, our 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	$	153,759	$	574,879	$	—	$	—	$	728,638
DB Repurchase Facility	174,293		396,349		—		—		570,642
Goldman Facility	—		210,072		—		—		210,072
CS Facility - USD	187,117		—		—		—		187,117
CS Facility - GBP	151,773		—		—		—		151,773
HSBC Facility	48,835		—		—		—		48,835
Total	$	715,777	$	1,181,300	$	—	$	—	$	1,897,077

———————

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

The table below summarizes the outstanding balances at December 31, 2018, as well as the maximum and average month-end balances for the year ended December 31, 2018 for our borrowings under secured debt arrangements ($ in thousands).



					For the year ended December 31, 2018
	Balance at December 31, 2018		Amortized Cost of collateral at December 31, 2018		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility	$	728,638	$	1,374,235	$	1,000,854	$	885,203
DB Repurchase Facility	570,642		921,424		707,405		524,727
Goldman Facility	210,072		362,577		261,691		176,145
CS Facility - USD	187,117		254,064		189,839		109,453
CS Facility - GBP	151,773		216,167		151,915		147,651
HSBC Facility	48,835		69,433		49,896		49,107
Total	$	1,897,077	$	3,197,900

We were in compliance with the covenants under each of our secured debt arrangements at December 31, 2018 and 2017.