8.	Collateralized Transactions

Repurchase Agreements

Securities sold under agreements to repurchase (“Repurchase Agreements”) are accounted for as collateralized financing transactions and are recorded at the contractual amount for which the securities will be repurchased or resold, including accrued interest. As of September 30, 2018, Cantor facilitated Repurchase Agreements between the Company and Cantor in the amount of $0.2 million for the purpose of financing fails. U.S. Treasury or other fixed income securities were provided to Cantor as collateral for the fair value of the Repurchase Agreement. These Repurchase Agreements had a maturity date of August 31, 2023. As of December 31, 2017, the Company had no Repurchase Agreements.

Warehouse Notes Payable

The Company uses its warehouse lines and a repurchase agreement 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. As of September 30, 2018, the Company had the following lines available and borrowings outstanding (in thousands):

			September 30, 2018
	Committed Lines		Uncommitted Lines		Total Outstanding		Stated Spread to One Month LIBOR	Rate Type
Warehouse line due June 19, 2019	$	450,000	$	—	$	255,419	130 bps	Variable
Warehouse line due September 25, 2019		200,000		—		107,986	120 bps	Variable
Warehouse line due October 10, 2019 ¹		1,000,000		—		724,801	120 bps	Variable
Fannie Mae repurchase agreement, open maturity	—			325,000		43,586	120 bps	Variable
	$	1,650,000	$	325,000	$	1,131,792

The warehouse line was temporarily increased by $700.0 million to $1.0 billion for the period of August 16, 2018 to September 30, 2018. On October 1, 2018, this temporary increase was reduced by $200.0 million resulting in a line of $800.0 million for the period October 1, 2018 to November 30, 2018.

As of December 31, 2017, the Company had the following lines available and borrowings outstanding (in thousands):

			December 31, 2017
	Committed Lines		Uncommitted Lines		Total Outstanding		Stated Spread to One Month LIBOR	Rate Type
Warehouse line due June 20, 2018	$	450,000	$	—	$	60,715	130 bps	Variable
Warehouse line due September 25, 2018		200,000		—		107,383	130 bps	Variable
Warehouse line due October 11, 2018		300,000		—		174,102	130 bps	Variable
Fannie Mae repurchase agreement, open maturity		—		325,000		18,240	120 bps	Variable
	$	950,000	$	325,000	$	360,440

In connection with these warehouse notes payable, the Company is required to meet a number of financial covenants, including maintaining a minimum of $15.0 million of cash and cash equivalents. The Company was in compliance with all covenants as of September 30, 2018 and December 31, 2017.

Securities Loaned

As of September 30, 2018, the Company had Securities loaned transactions of $66.3 million with Cantor. The fair value of the securities loaned was $66.3 million. As of September 30, 2018, the cash collateral received from Cantor bore interest rates ranging from 2.7% to 3.0%. As of December 31, 2017, the Company had Securities loaned transactions of $202.3 million with Cantor. The fair value of the securities loaned was $204.1 million. As of December 31, 2017, the cash collateral received from Cantor bore interest rates ranging from 1.9% to 4.3%. These transactions have no stated maturity date.