(19)	Warehouse Notes Payable

Newmark uses its warehouse lines and repurchase agreements 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 March 31, 2018, Newmark had the following lines available and borrowings outstanding (in thousands):

	Committed Lines		Uncommitted Lines		Balance at March 31, 2018		Stated Spread to One Month LIBOR	Rate Type
Warehouse line due June 20, 2018	$	450,000	$	—	$	390,295	130 bps	Variable
Warehouse line due September 25, 2018		200,000		—		166,480	130 bps	Variable
Warehouse line due October 11, 2018⁽¹⁾		400,000		—		361,739	130 bps	Variable
Fannie Mae repurchase agreement, open maturity		—		325,000		31,965	120 bps	Variable
	$	1,050,000	$	325,000	$	950,479

(1)	The warehouse line was temporarily increased by $300.0 million to $400.0 million for the period of March 29, 2018 to May 12, 2018.

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

	Committed Lines		Uncommitted Lines		Balance at December 31, 2017		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

Newmark is required to meet a number of financial covenants, including maintaining a minimum of $15.0 million of cash and cash equivalents. Newmark was in compliance with all covenants on March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and the year ended December 31, 2017.

The borrowing rates on the warehouse lines are based on short term London Interbank Offered Rate (LIBOR) plus applicable margins. Due to the short term maturity of these instruments, the carrying amounts approximate fair value.