Secured Debt Arrangements, Net

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



	September 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
JPMorgan Facility (USD)	$	1,332,450	$	950,635		June 2021	$	1,393,000	$	944,529		March 2020	USD L + 2.30%
JPMorgan Facility (GBP)	49,550		49,550			June 2021	N/A		N/A			N/A	N/A
DB Repurchase Facility (USD)	900,905		389,525			March 2021	472,090		225,367			March 2020	USD L + 2.56%
DB Repurchase Facility (GBP)	154,095		154,095			March 2021	93,919		93,919			March 2020	GBP L + 2.60%
Goldman Facility	300,000		205,982			November 2020	331,130		81,380			November 2020	USD L + 2.73%
CS Facility (USD)	69,941		69,941			March 2019	N/A		N/A			N/A	N/A
CS Facility (GBP)	143,993		143,993			March 2019	N/A		N/A			N/A	N/A
HSBC Facility (GBP)	49,896		49,896			September 2019	N/A		N/A			N/A	N/A
Sub-total	3,000,830		2,013,617				2,290,139		1,345,195
less: deferred financing costs	N/A		(16,746		)		N/A		(14,348		)		N/A
Total / Weighted Average	$	3,000,830	$	1,996,871			$2,290,139		$1,330,847				USD L + 2.37% /
Total / Weighted Average	$	3,000,830	$	1,996,871			$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 September 30, 2018 was USD L + 2.26% / GBP L + 2.27%.

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 (as amended, the "JPMorgan Facility"). 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, British pounds ("GBP"), or Euros ("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 September 30, 2018, we 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 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 (as amended, the "DB Repurchase Facility"), 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, British pounds, or Euros. Additionally, we have a $55.0 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 August 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 September 30, 2018, we had $543.6 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 (the "Goldman Facility"), 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 September 30, 2018, we had total borrowings of $206.0 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 (the "CS Facility - USD"), 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 September 30, 2018, we had total borrowings of $69.9 million of borrowings outstanding under the CS Facility - USD secured by one 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 (the "CS Facility - GBP"), 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 September 30, 2018, we had total borrowings of $144.0 million (£110.5 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 (the "HSBC Facility"), which provides for a single asset financing. The facility matures in September 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 September 30, 2018, we had total borrowings of $49.9 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 September 30, 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	$	334,884	$	665,301	$	—	$	—	$	1,000,185
DB Repurchase Facility	177,164		366,456		—		—		543,620
Goldman Facility	—		205,982		—		—		205,982
CS Facility - USD	69,941		—		—		—		69,941
CS Facility - GBP	143,993		—		—		—		143,993
HSBC Facility	49,896		—		—		—		49,896
Total	$	775,878	$	1,237,739	$	—	$	—	$	2,013,617

———————

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

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



					For the nine months ended September 30, 2018
	Balance at September 30, 2018		Amortized Cost of collateral at September 30, 2018		Maximum Month-End Balance		Average Month-End Balance
JPMorgan Facility	$	1,000,185	$	1,621,477	$	1,000,854	$	910,138
DB Repurchase Facility	543,620		955,460		707,405		511,259
Goldman Facility	205,982		278,490		236,764		159,010
CS Facility - USD	69,941		99,013		69,941		69,941
CS Facility - GBP	143,993		220,397		145,937		144,540
HSBC Facility	49,896		70,763		49,896		49,896
Total	$	2,013,617	$	3,245,600

We were in compliance with the covenants under each of our secured debt arrangements at September 30, 2018 and December 31, 2017.