Repurchase Agreements

6 Months Ended

Jun. 30, 2017

Disclosure Of Repurchase Agreements [Abstract]

Repurchase Agreements

7. Repurchase Agreements

The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”) and Royal Bank of Canada (the “RBC MRA”), to provide the Company with additional financing capacity secured by its real estate-related securities. The terms of the Citi MRA and the RBC MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time.

The following table is a summary of our repurchase agreements as of June 30, 2017 ($ in thousands):

Facility	Security Interests	Interest Rate(1)	Maturity Dates(2)	Outstanding Balance		Prepayment Provisions
Citi MRA	CMBS	L+1.30% - L+1.60%	7/17/17 - 8/30/2017		153,567	None
RBC MRA	CMBS	L+1.25%	7/28/2017		16,016	None
				$	169,583

(1) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, three-month U.S. dollar-denominated LIBOR was equal to 1.3%

(2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in July 2017 into new three-month contracts with a maturity date of October 2017.