reinvested $ 514.7 million in trtx 2018-fl2 involving fourteen loans or participation interests therein . closed a $ 750 million secured revolving repurchase agreement with barclays bank plc . raised net proceeds of $ 136.5 million , after underwriting discounts and reimbursement by the manager of $ 0.3 million of offering costs , through the issuance of 6.9 million shares in an underwritten offering at a net price to us of $ 19.80 per share . raised $ 37.5 million of net proceeds through the company 's at-the-market program at an average price per share of $ 20.42 before commissions . liquidity : available liquidity at december 31 , 2019 of $ 465.4 million was comprised of : cash-on-hand of $ 79.2 million , of which $ 22.3 million was available for investment . $ 0.1 million of cash in trtx 2018-fl2 available for investment dependent upon our ability to contribute eligible collateral . $ 1.3 million of cash in trtx 2019-fl3 available for investment dependent upon our ability to contribute eligible collateral . undrawn capacity ( liquidity available to us without the need to pledge additional collateral to our lenders ) of $ 279.1 million under secured revolving repurchase agreements and senior secured and secured credit agreements with nine lenders . cre debt securities with a face value of $ 786.3 million that , if sold at par , could generate $ 105.7 million of cash available for reinvestment in loans , net of financing of $ 680.6 million . financing capacity at december 31 , 2019 was comprised of : $ 4.0 billion of loan financing capacity under secured revolving repurchase agreements and senior secured and secured credit agreements provided by nine lenders . our ability to draw on this capacity is dependent upon our lenders ' willingness to accept as collateral loan investments we pledge to them to secure additional borrowings . these financing arrangements have credit spreads based upon the ltv and other risk characteristics of collateral pledged , and provide stable financing with mark-to-market provisions generally limited to collateral-specific events and , in only one instance , to market-specific events . as of december 31 , 2019 , these financing arrangements had a weighted average credit spread of 1.72 % and a weighted average term to extended maturity ( assuming we have exercised all extension options and term-out provisions ) of 2.9 years . these financing arrangements are generally 25 % recourse to holdco . capacity available for cre debt securities investments under four secured revolving repurchase agreements is based upon the haircut and other risk characteristics at the time the collateral is pledged . as of december 31 , 2019 , the total available financing capacity under these repurchase agreements was $ 692.8 million . the weighted average term to extended maturity ( assuming we have exercised all extension options and term-out provisions and have obtained the consent of our lenders ) of our outstanding borrowings is less than one month . these agreements are 100 % recourse to holdco . 60 key financial measures and indicators as a commercial real estate finance company , we believe the key financial measures and indicators for our business are earnings per share , dividends declared per share , core earnings , and book value per share . for the three months ended december 31 , 2019 , we recorded earnings per share of $ 0.44 , declared a dividend of $ 0.43 per share , and reported $ 0.45 per share of core earnings . for the year ended december 31 , 2019 , we recorded earnings per share of $ 1.73 , declared dividends of $ 1.72 per share , and reported core earnings per share of $ 1.76. in addition , our book value per common share as of december 31 , 2019 was $ 19.78. as further described below , core earnings is a measure that is not prepared in accordance with gaap . we use core earnings to evaluate our performance excluding the effects of certain transactions and gaap adjustments that we believe are not necessarily indicative of our current loan activity and operations . earnings per common share and dividends declared per common share the following table sets forth the calculation of basic and diluted net income per share and dividends declared per share ( in thousands , except share and per share data ) : replace_table_token_7_th ( 1 ) represents net income attributable to holders of our common stock and class a common stock after deducting preferred stock dividends . ( 2 ) weighted average number of common shares outstanding , earnings per common share and dividends declared per common share includes common stock and class a common stock . core earnings we use core earnings to evaluate our performance excluding the effects of certain transactions and gaap adjustments we believe are not necessarily indicative of our current loan activity and operations . core earnings is a non-gaap measure , which we define as gaap net income ( loss ) attributable to our stockholders , including realized gains and losses not otherwise included in gaap net income ( loss ) , and excluding ( i ) non-cash equity compensation expense , ( ii ) depreciation and amortization , ( iii ) unrealized gains ( losses ) , and ( iv ) certain non-cash items . core earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in gaap and certain other non-cash charges as determined by our manager , subject to approval by a majority of our independent directors . the exclusion of depreciation and amortization from the calculation of core earnings only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments . we believe that core earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with gaap . story_separator_special_tag the maximum and average month end balances for our secured revolving repurchase agreements during the year ended december 31 , 2019 are as follows ( dollars in thousands ) : replace_table_token_17_th ( 1 ) the maximum month end balance subtotal and total represents the maximum outstanding borrowings on all secured revolving repurchase agreement at a month end during the year ended december 31 , 2019. we use secured revolving repurchase agreements to finance certain of our originations or acquisitions of our target assets , which may be accepted by a respective secured revolving repurchase agreement lender as collateral . once we identify an asset and the asset is approved by the secured revolving repurchase agreement lender to serve as collateral ( which lender 's approval is in its sole discretion ) , we and the lender may enter into a transaction whereby the lender advances to us a percentage of the value of the asset , which is referred to as the “ advance rate , ” as the purchase price for such transaction with an obligation of ours to repurchase the asset from the lender for an amount equal to the purchase price for the transaction plus a price differential , which is calculated based on an interest rate . for each transaction , we and the lender agree to a trade confirmation which sets forth , among other things , the purchase price , the maximum advance rate , the interest rate , the market value of the loan asset and any future funding obligations which are contemplated with respect to the specific transaction and or the underlying loan asset . for loan assets which involve future funding obligations of ours , the repurchase transaction may provide for the repurchase lender to fund portions ( for example , pro rata per the maximum advance rate of the related repurchase transaction ) of such future funding obligations . generally , our secured revolving repurchase agreements allow for revolving balances , which allow us to voluntarily repay balances and draw again on existing available credit . the primary obligor on each secured revolving repurchase agreement is a separate special purpose subsidiary of ours which is restricted from conducting activity other than activity related to the utilization of its secured revolving repurchase agreement . as additional credit support , our holding company subsidiary , holdco , provides certain guarantees of the obligations of its subsidiaries . the liability of holdco under the guarantees related to our secured revolving repurchase agreements secured by cre debt securities is in an amount equal to 100 % of the outstanding obligations of the special purpose subsidiary which is the primary obligor under the related agreement . the liability of holdco under the guarantees related to our secured revolving repurchase agreements secured by loans is generally capped at 25 % of the outstanding obligations of the special purpose subsidiary which is the primary obligor under the related agreement . however , such liability cap under the guarantees related to our secured revolving repurchase agreements secured by loans does not apply in the event of certain “ bad boy ” defaults which can trigger recourse to holdco for losses or the entire outstanding obligations of the borrower depending on the nature of the “ bad boy ” default in question . examples of such “ bad boy ” defaults include , without limitation , fraud , intentional misrepresentation , willful misconduct , incurrence of additional debt in violation of financing documents , and the filing of a voluntary or collusive involuntary bankruptcy or insolvency proceeding of the special purpose entity subsidiary or the guarantor entity . 67 each of the secured revolving repurchase agreements have “ margin maintenance ” provisions , which are designed to allow the repurchase lender to maintain a certain margin of credit enhancement against the loan assets which serve as collateral . the lender 's margin amount is typically based on a percentage of the market value of the loan asset and or mortgaged property collateral ; however , certain secured revolving repurchase agreements may also involve margin maintenance based on maintenance of a minimum debt yield with respect to the cash flow from the underlying real estate collateral . market value determinations and redeterminations may be made by the repurchase lender in its sole discretion subject to any specified parameters regarding the repurchase lender 's determination , which may involve the limitation or enumeration of factors which the repurchase lender may consider when determining market value . at december 31 , 2019 , the weighted average haircut ( which is equal to one minus the advance rate percentage against collateral for our secured revolving repurchase agreements taken as a whole ) was 19.4 % , as compared to 23.0 % at december 31 , 2018. the haircut for our secured revolving purchase agreements is dependent on the collateral used ( loans or cre debt securities ) for the secured revolving repurchase agreements . at december 31 , 2019 and december 31 , 2018 , the following table presents the weighted average haircut on our secured revolving purchase agreements by collateral type : replace_table_token_18_th generally , when the repurchase lender 's margin amount has fallen below the outstanding purchase price for a transaction , a margin deficit exists and the repurchase lender may require that we prepay outstanding amounts on the secured revolving repurchase agreement to eliminate such margin deficit . in certain secured revolving repurchase agreement , the repurchase lender 's ability to make a margin call is further limited by certain prerequisites , such as the existence of enumerated “ credit events ” or that the margin deficit exceed a specified minimum threshold . the secured revolving repurchase agreements also include cash management features which generally require that income from collateral loan assets be deposited in a lender-controlled account and be disbursed in accordance with a specified waterfall of payments designed to keep facility-related obligations current before such income is disbursed

sources of liquidity our primary sources of liquidity include cash and cash equivalents , available borrowings under secured revolving repurchase agreements and senior secured and secured credit agreements and clo liquidity available for reinvestment , which are set forth in the following table ( dollars in thousands ) : replace_table_token_29_th ( 1 ) subject to collateral eligibility requirements . our existing loan portfolio provides us with liquidity as loans are repaid or sold , in whole or in part , of which some proceeds may be included in accounts receivable from our servicers until released , and the proceeds from such repayments become available for us to reinvest . additional liquidity can be generated by the future sale of non-consolidated interests and the sale of some or all of our cre debt securities investments . liquidity needs in addition to our ongoing mortgage loan origination activity , our primary liquidity needs include interest and principal payments under our $ 4.4 billion of outstanding borrowings under secured revolving repurchase agreements , collateralized loan obligations , senior secured and secured credit agreements , and asset-specific financings , $ 630.6 million of unfunded loan commitments , dividend distributions to our stockholders , and operating expenses . contractual obligations and commitments our contractual obligations and commitments as of december 31 , 2019 were as follows ( dollars in thousands ) : replace_table_token_30_th ( 1 ) the allocation of our loan commitments is based on the earlier of the commitment expiration date and the loan maturity date . ( 2 ) the allocation of our secured debt agreements is based on the current maturity date of each individual borrowing under the respective agreement . amounts include the related future interest payment obligations , which are estimated by assuming the amounts outstanding under our secured debt agreements and the interest rates in effect as of december 31 , 2019 will remain constant into the future . this is only an estimate , as actual amounts borrowed and rates will vary over time . our floating rate loans and related liabilities are indexed to libor .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```sources of liquidity our primary sources of liquidity include cash and cash equivalents , available borrowings under secured revolving repurchase agreements and senior secured and secured credit agreements and clo liquidity available for reinvestment , which are set forth in the following table ( dollars in thousands ) : replace_table_token_29_th ( 1 ) subject to collateral eligibility requirements . our existing loan portfolio provides us with liquidity as loans are repaid or sold , in whole or in part , of which some proceeds may be included in accounts receivable from our servicers until released , and the proceeds from such repayments become available for us to reinvest . additional liquidity can be generated by the future sale of non-consolidated interests and the sale of some or all of our cre debt securities investments . liquidity needs in addition to our ongoing mortgage loan origination activity , our primary liquidity needs include interest and principal payments under our $ 4.4 billion of outstanding borrowings under secured revolving repurchase agreements , collateralized loan obligations , senior secured and secured credit agreements , and asset-specific financings , $ 630.6 million of unfunded loan commitments , dividend distributions to our stockholders , and operating expenses . contractual obligations and commitments our contractual obligations and commitments as of december 31 , 2019 were as follows ( dollars in thousands ) : replace_table_token_30_th ( 1 ) the allocation of our loan commitments is based on the earlier of the commitment expiration date and the loan maturity date . ( 2 ) the allocation of our secured debt agreements is based on the current maturity date of each individual borrowing under the respective agreement . amounts include the related future interest payment obligations , which are estimated by assuming the amounts outstanding under our secured debt agreements and the interest rates in effect as of december 31 , 2019 will remain constant into the future . this is only an estimate , as actual amounts borrowed and rates will vary over time . our floating rate loans and related liabilities are indexed to libor .
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 Suspicious Activity Report : reinvested $ 514.7 million in trtx 2018-fl2 involving fourteen loans or participation interests therein . closed a $ 750 million secured revolving repurchase agreement with barclays bank plc . raised net proceeds of $ 136.5 million , after underwriting discounts and reimbursement by the manager of $ 0.3 million of offering costs , through the issuance of 6.9 million shares in an underwritten offering at a net price to us of $ 19.80 per share . raised $ 37.5 million of net proceeds through the company 's at-the-market program at an average price per share of $ 20.42 before commissions . liquidity : available liquidity at december 31 , 2019 of $ 465.4 million was comprised of : cash-on-hand of $ 79.2 million , of which $ 22.3 million was available for investment . $ 0.1 million of cash in trtx 2018-fl2 available for investment dependent upon our ability to contribute eligible collateral . $ 1.3 million of cash in trtx 2019-fl3 available for investment dependent upon our ability to contribute eligible collateral . undrawn capacity ( liquidity available to us without the need to pledge additional collateral to our lenders ) of $ 279.1 million under secured revolving repurchase agreements and senior secured and secured credit agreements with nine lenders . cre debt securities with a face value of $ 786.3 million that , if sold at par , could generate $ 105.7 million of cash available for reinvestment in loans , net of financing of $ 680.6 million . financing capacity at december 31 , 2019 was comprised of : $ 4.0 billion of loan financing capacity under secured revolving repurchase agreements and senior secured and secured credit agreements provided by nine lenders . our ability to draw on this capacity is dependent upon our lenders ' willingness to accept as collateral loan investments we pledge to them to secure additional borrowings . these financing arrangements have credit spreads based upon the ltv and other risk characteristics of collateral pledged , and provide stable financing with mark-to-market provisions generally limited to collateral-specific events and , in only one instance , to market-specific events . as of december 31 , 2019 , these financing arrangements had a weighted average credit spread of 1.72 % and a weighted average term to extended maturity ( assuming we have exercised all extension options and term-out provisions ) of 2.9 years . these financing arrangements are generally 25 % recourse to holdco . capacity available for cre debt securities investments under four secured revolving repurchase agreements is based upon the haircut and other risk characteristics at the time the collateral is pledged . as of december 31 , 2019 , the total available financing capacity under these repurchase agreements was $ 692.8 million . the weighted average term to extended maturity ( assuming we have exercised all extension options and term-out provisions and have obtained the consent of our lenders ) of our outstanding borrowings is less than one month . these agreements are 100 % recourse to holdco . 60 key financial measures and indicators as a commercial real estate finance company , we believe the key financial measures and indicators for our business are earnings per share , dividends declared per share , core earnings , and book value per share . for the three months ended december 31 , 2019 , we recorded earnings per share of $ 0.44 , declared a dividend of $ 0.43 per share , and reported $ 0.45 per share of core earnings . for the year ended december 31 , 2019 , we recorded earnings per share of $ 1.73 , declared dividends of $ 1.72 per share , and reported core earnings per share of $ 1.76. in addition , our book value per common share as of december 31 , 2019 was $ 19.78. as further described below , core earnings is a measure that is not prepared in accordance with gaap . we use core earnings to evaluate our performance excluding the effects of certain transactions and gaap adjustments that we believe are not necessarily indicative of our current loan activity and operations . earnings per common share and dividends declared per common share the following table sets forth the calculation of basic and diluted net income per share and dividends declared per share ( in thousands , except share and per share data ) : replace_table_token_7_th ( 1 ) represents net income attributable to holders of our common stock and class a common stock after deducting preferred stock dividends . ( 2 ) weighted average number of common shares outstanding , earnings per common share and dividends declared per common share includes common stock and class a common stock . core earnings we use core earnings to evaluate our performance excluding the effects of certain transactions and gaap adjustments we believe are not necessarily indicative of our current loan activity and operations . core earnings is a non-gaap measure , which we define as gaap net income ( loss ) attributable to our stockholders , including realized gains and losses not otherwise included in gaap net income ( loss ) , and excluding ( i ) non-cash equity compensation expense , ( ii ) depreciation and amortization , ( iii ) unrealized gains ( losses ) , and ( iv ) certain non-cash items . core earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in gaap and certain other non-cash charges as determined by our manager , subject to approval by a majority of our independent directors . the exclusion of depreciation and amortization from the calculation of core earnings only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments . we believe that core earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with gaap . story_separator_special_tag the maximum and average month end balances for our secured revolving repurchase agreements during the year ended december 31 , 2019 are as follows ( dollars in thousands ) : replace_table_token_17_th ( 1 ) the maximum month end balance subtotal and total represents the maximum outstanding borrowings on all secured revolving repurchase agreement at a month end during the year ended december 31 , 2019. we use secured revolving repurchase agreements to finance certain of our originations or acquisitions of our target assets , which may be accepted by a respective secured revolving repurchase agreement lender as collateral . once we identify an asset and the asset is approved by the secured revolving repurchase agreement lender to serve as collateral ( which lender 's approval is in its sole discretion ) , we and the lender may enter into a transaction whereby the lender advances to us a percentage of the value of the asset , which is referred to as the “ advance rate , ” as the purchase price for such transaction with an obligation of ours to repurchase the asset from the lender for an amount equal to the purchase price for the transaction plus a price differential , which is calculated based on an interest rate . for each transaction , we and the lender agree to a trade confirmation which sets forth , among other things , the purchase price , the maximum advance rate , the interest rate , the market value of the loan asset and any future funding obligations which are contemplated with respect to the specific transaction and or the underlying loan asset . for loan assets which involve future funding obligations of ours , the repurchase transaction may provide for the repurchase lender to fund portions ( for example , pro rata per the maximum advance rate of the related repurchase transaction ) of such future funding obligations . generally , our secured revolving repurchase agreements allow for revolving balances , which allow us to voluntarily repay balances and draw again on existing available credit . the primary obligor on each secured revolving repurchase agreement is a separate special purpose subsidiary of ours which is restricted from conducting activity other than activity related to the utilization of its secured revolving repurchase agreement . as additional credit support , our holding company subsidiary , holdco , provides certain guarantees of the obligations of its subsidiaries . the liability of holdco under the guarantees related to our secured revolving repurchase agreements secured by cre debt securities is in an amount equal to 100 % of the outstanding obligations of the special purpose subsidiary which is the primary obligor under the related agreement . the liability of holdco under the guarantees related to our secured revolving repurchase agreements secured by loans is generally capped at 25 % of the outstanding obligations of the special purpose subsidiary which is the primary obligor under the related agreement . however , such liability cap under the guarantees related to our secured revolving repurchase agreements secured by loans does not apply in the event of certain “ bad boy ” defaults which can trigger recourse to holdco for losses or the entire outstanding obligations of the borrower depending on the nature of the “ bad boy ” default in question . examples of such “ bad boy ” defaults include , without limitation , fraud , intentional misrepresentation , willful misconduct , incurrence of additional debt in violation of financing documents , and the filing of a voluntary or collusive involuntary bankruptcy or insolvency proceeding of the special purpose entity subsidiary or the guarantor entity . 67 each of the secured revolving repurchase agreements have “ margin maintenance ” provisions , which are designed to allow the repurchase lender to maintain a certain margin of credit enhancement against the loan assets which serve as collateral . the lender 's margin amount is typically based on a percentage of the market value of the loan asset and or mortgaged property collateral ; however , certain secured revolving repurchase agreements may also involve margin maintenance based on maintenance of a minimum debt yield with respect to the cash flow from the underlying real estate collateral . market value determinations and redeterminations may be made by the repurchase lender in its sole discretion subject to any specified parameters regarding the repurchase lender 's determination , which may involve the limitation or enumeration of factors which the repurchase lender may consider when determining market value . at december 31 , 2019 , the weighted average haircut ( which is equal to one minus the advance rate percentage against collateral for our secured revolving repurchase agreements taken as a whole ) was 19.4 % , as compared to 23.0 % at december 31 , 2018. the haircut for our secured revolving purchase agreements is dependent on the collateral used ( loans or cre debt securities ) for the secured revolving repurchase agreements . at december 31 , 2019 and december 31 , 2018 , the following table presents the weighted average haircut on our secured revolving purchase agreements by collateral type : replace_table_token_18_th generally , when the repurchase lender 's margin amount has fallen below the outstanding purchase price for a transaction , a margin deficit exists and the repurchase lender may require that we prepay outstanding amounts on the secured revolving repurchase agreement to eliminate such margin deficit . in certain secured revolving repurchase agreement , the repurchase lender 's ability to make a margin call is further limited by certain prerequisites , such as the existence of enumerated “ credit events ” or that the margin deficit exceed a specified minimum threshold . the secured revolving repurchase agreements also include cash management features which generally require that income from collateral loan assets be deposited in a lender-controlled account and be disbursed in accordance with a specified waterfall of payments designed to keep facility-related obligations current before such income is disbursed

