9. Secured Financing Agreements

The following table is a summary of our secured financing agreements in place as of March 31, 2017 and December 31, 2016 (dollars in thousands):


										Carrying Value at
	Current	Extended			Pledged Asset		Maximum			March 31,		December 31,
	Maturity	Maturity (a)	Pricing		Carrying Value		Facility Size			2017		2016
Lender 1 Repo 1	(b)	(b)	LIBOR + 1.75% to 5.75%		$	1,775,380	$	2,000,000	(c)	$	1,213,260	$	944,712
Lender 2 Repo 1	Oct 2017	Oct 2020	LIBOR + 1.75% to 2.75%			366,942		500,000			94,349		132,941
Lender 3 Repo 1	May 2018	May 2019	LIBOR + 2.50% to 2.85%			110,076		78,017			78,017		78,288
Lender 4 Repo 2	Dec 2018	Dec 2020	LIBOR + 2.00% to 2.50%			514,725		1,000,000	(d)		135,161		166,394
Lender 6 Repo 1	Aug 2019	N/A	LIBOR + 2.50% to 2.75%			339,964		500,000			218,728		182,586
Lender 6 Repo 2	Nov 2019	Nov 2020	GBP LIBOR + 2.75%			176,686		123,568			123,568		121,509
Lender 9 Repo 1	Dec 2017	Dec 2018	LIBOR + 1.65%			378,607		283,575			283,575		283,575
Lender 10 Repo 1	Mar 2020	Mar 2022	LIBOR + 2.00% to 2.75%			—		125,000			—		—
Lender 7 Secured Financing	Jul 2018	Jul 2019	LIBOR + 2.75%	(e)		85,127		650,000	(f)		—		—
Lender 8 Secured Financing	Aug 2019	N/A	LIBOR + 4.00%			66,578		75,000			43,647		43,555
Conduit Repo 2	Nov 2017	N/A	LIBOR + 2.25%			43,368		150,000			33,050		14,944
Conduit Repo 3	Feb 2018	N/A	LIBOR + 2.10%			8,683		150,000			6,525		—
Conduit Repo 4	Oct 2017	Oct 2020	LIBOR + 2.25%			—		100,000			—		—
MBS Repo 1	(g)	(g)	LIBOR + 1.90%			31,250		20,838			20,838		21,052
MBS Repo 2	Jun 2020	N/A	LIBOR/EURIBOR + 2.00% to 2.95%			331,800		240,892			240,892		239,434
MBS Repo 3	(h)	(h)	LIBOR + 1.32% to 2.00%			389,540		260,933			260,933		285,209
MBS Repo 4	(i)	N/A	LIBOR + 1.20% to 1.90%			185,435		225,000			8,146		5,633
Investing and Servicing Segment Property Mortgages	Feb 2018 to Jun 2026	N/A	Various			238,193		192,703			172,981		164,611
Ireland Portfolio Mortgage	May 2020	N/A	EURIBOR + 1.69%			452,360		313,266			313,266		309,246
Woodstar Portfolio Mortgages	Nov 2025 to Oct 2026	N/A	3.72% to 3.97%			373,957		276,748			276,748		276,748
Woodstar Portfolio Government Financing	Mar 2026 to Jun 2049	N/A	1.00% to 5.00%			312,316		135,050			135,050		135,584
Medical Office Portfolio Mortgages	Dec 2021 to Feb 2022	Dec 2023 to Feb 2024	LIBOR + 2.50%	(j)		758,684		531,815			497,613		491,197
Term Loan A	Dec 2020	Dec 2021	LIBOR + 2.25%	(e)		884,780		300,000			300,000		300,000
Revolving Secured Financing	Dec 2020	Dec 2021	LIBOR + 2.25%	(e)		—		100,000			—		—
					$	7,824,451	$	8,332,405			4,456,347		4,197,218
Unamortized net premium											2,619		2,640
Unamortized deferred financing costs											(44,049)		(45,732)
										$	4,414,917	$	4,154,126

(a)

Subject to certain conditions as defined in the respective facility agreement.

(b)

Maturity date for borrowings collateralized by loans is September 2018 before extension options and September 2021 assuming exercise of extension options. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed September 2025.

(c)

The initial maximum facility size of $1.8 billion may be increased to $2.0 billion at our option, subject to certain conditions.

(d)

The initial maximum facility size of $600.0 million may be increased to $1.0 billion at our option, subject to certain conditions.

(e)

Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement.

(f)

The initial maximum facility size of $450.0 million may be increased to $650.0 million at our option, subject to certain conditions.

(g)

Facility carries a rolling 11 month term which may reset monthly with the lender’s consent not to exceed December 2018. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of March 31, 2017.

(h)

Facility carries a rolling 12 month term which may reset monthly with the lender’s consent. Current maturity is March 2018. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of March 31, 2017.

(i)

The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2018.

(j)

Subject to a 25 basis point floor.

In the normal course of business, the Company is in discussions with its lenders to extend or amend any financing facilities which contain near term expirations.

In February 2017, we entered into a mortgage loan with maximum borrowings of $24.0 million to finance commercial real estate previously acquired by our Investing and Servicing Segment. This facility carries a term of 5.0 years with an annual interest rate of LIBOR + 2.00%.

In February 2017, we entered into a mortgage loan with maximum borrowings of $7.3 million as part of the Medical Office Portfolio Mortgages. This loan carries a five year initial term with two 12 month extension options and an annual interest rate of LIBOR + 2.50%.

In March 2017, we entered into a $125.0 million repurchase facility (“Lender 10 Repo 1”) that carries a three year initial term with two one-year extension options and an annual interest rate of LIBOR + 2.00% to 2.75%.

In March 2017, we amended the Lender 3 Repo 1 facility to extend the maturity from May 2017 to May 2018.

Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2017, we were in compliance with all such covenants.

The following table sets forth our five‑year principal repayments schedule for secured financings assuming no defaults and excluding loans transferred as secured borrowings. Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The amount reflected in each period includes principal repayments on our credit facilities that would be required if (i) we received the repayments that we expect to receive on the investments that have been pledged as collateral under the credit facilities, as applicable, and (ii) the credit facilities that are expected to have amounts outstanding at their current maturity dates are extended where extension options are available to us (amounts in thousands):


	Repurchase		Other Secured
	Agreements		Financing		Total
2017 (remainder of)	$	518,557	$	20,452	$	539,009
2018		1,136,466		51,484		1,187,950
2019		490,476		47,438		537,914
2020		290,722		326,719		617,441
2021		126,586		315,687		442,273
Thereafter		154,235		977,525		1,131,760
Total	$	2,717,042	$	1,739,305	$	4,456,347

For the three months ended March 31, 2017 and 2016, approximately $4.7 million and $3.9 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations.

The following table sets forth our outstanding balance of repurchase agreements related to the following asset collateral classes as of March 31, 2017 and December 31, 2016 (amounts in thousands):


Class of Collateral	March 31, 2017		December 31, 2016
Loans held-for-investment	$	2,114,914	$	1,890,925
Loans held-for-sale		71,319		34,024
Investment securities		530,809		551,328
	$	2,717,042	$	2,476,277

We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 58% of these agreements, do not permit valuation adjustments based on capital markets activity. Instead, margin calls on these facilities are limited to collateral-specific credit marks. To monitor credit risk associated with the performance and value of our loans and investments, our asset management team regularly reviews our investment portfolios and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. For repurchase agreements containing margin call provisions for general capital markets activity, approximately 18% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreements.