The following table is a summary of our secured financing agreements in place as of June 30, 2019 and December 31, 2018 (dollars in thousands):

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

(b)

Maturity date for borrowings collateralized by loans is April 2021 with three one-year extension options to April 2024. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed April 2028.

(c)	The initial maximum facility size of $800.0 million may be increased to $1.1 billion at our option, subject to certain conditions.

(d)	Maturity date for borrowings collateralized by loans is May 2020 with an additional extension option to August 2021. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions.

(e)	The initial maximum facility size of $500.0 million may be increased to $750.0 million, subject to certain conditions.

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

(g)	The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions.

(h)	Facility carries a rolling 11-month term which may reset monthly with the lender’s consent. This facility carries no maximum facility size.

(i)	Facility carries a rolling 12-month term which may reset monthly with the lender’s consent. Current maturity is June 2020. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of June 30, 2019.

(j)	The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2020.

(k)	Consists of an annual interest rate of the applicable currency benchmark index + 1.50%. The spread increases 25 bps in each of the second and third years of the facility which was entered into in September 2018.

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 January 2019, we amended the Lender 6 Repo 2 facility to increase available borrowings from £330.9 million to £429.2 million to finance a loan held-for-investment. In connection therewith, the current maturity was extended from October 2022 to January 2024.

In February 2019, we amended the Lender 11 Repo 1 facility to increase available borrowings from $200.0 million to $400.0 million to finance residential loans held-for-sale. In connection therewith, the current maturity was extended from June 2019 to February 2021.

In February 2019, we amended the MBS Repo 4 facility to decrease available borrowings from $110.0 million to $100.0 million and decrease pricing from LIBOR + 1.70% to LIBOR + 1.25%.

In February 2019, we entered into a $500.0 million repurchase facility (“Infrastructure Repo”) to finance loans within the Infrastructure Lending Segment. The facility carries a one-year initial term with a one-year extension option and an annual interest rate of LIBOR + 1.75%.

In March 2019, we amended the FHLB facility to increase available borrowings from $500.0 million to $2.0 billion, subject to scheduled reductions to available capacity from September 2020 through maturity in February 2021.

In April 2019, we amended the Lender 1 Repo 1 facility to extend the current maturity from September 2019 to April 2021 with three one-year extension options.

In April 2019, we amended the Lender 7 Secured Financing facility to extend the current maturity from February 2021 to April 2022 with two one-year extension options. We also now have the ability to pledge loans from the Infrastructure Lending Segment to this facility.

In May 2019, we amended the Lender 2 Repo 1 facility to increase the initial maximum facility size from $600.0 million to $800.0 million and extended the current maturity from April 2020 to May 2021 with three one-year extension options.

In June 2019, we modified the Conduit Repo 2 facility with a $950.0 million repurchase facility, of which $750.0 million is specifically designated to finance commercial loans within the Commercial and Residential Lending Segment (“Lender 14 Repo 1”) and $200.0 million is specifically designated to finance conduit loans. The facility carries a three-year initial term and an annual interest rate of LIBOR + 1.75% to 2.50%.

Our secured financing agreements contain certain financial tests and covenants. As of June 30, 2019, we were in compliance with all such covenants.

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 following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands):


	Repurchase		Other Secured
	Agreements		Financing		Total
2019 (remainder of)	$	97,607	$	179,871	$	277,478
2020		824,360		178,971		1,003,331
2021		1,379,216		823,202		2,202,418
2022		760,605		693,744		1,454,349
2023		1,753,224		566,892		2,320,116
Thereafter		627,613		1,474,305		2,101,918
Total	$	5,442,625	$	3,916,985	$	9,359,610

For the three and six months ended June 30, 2019, approximately $8.1 million and $16.8 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2018, approximately $5.8 million and $10.9 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 June 30, 2019 and December 31, 2018 (amounts in thousands):


Class of Collateral	June 30, 2019		December 31, 2018
Loans held-for-investment	$	4,466,447	$	3,567,786
Loans held-for-sale		314,794		65,559
Investment securities		661,384		656,405
	$	5,442,625	$	4,289,750

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 78% 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 22% 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.