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Outstanding debt

The Company's portfolio was almost completely match-funded at December 31, 2006, but as of September 30, 2007, repurchase agreements accounted for over 20% of the Company's liabilities.

At 9/30, JRT had $171.8 million outstanding under a repo agreement with Goldman Sachs (GS)...scheduled to terminate at the earlier of (a) the closing by the Company of its third collateralized debt obligation transaction or (b) January 1, 2008. The Goldman agreement did provide for a series of extension options that could extend the term through October 1, 2009, and JRT did avail itself of the option to extend until April 1, 2008.

The Company also had $87.9 million outstanding on a repo facility with Liquid Funding, an affiliate of Bear Stearns Companies (BSC), which was scheduled to terminate at the earlier of (a) the closing by the Company of its third collateralized debt obligation or (b) March 12, 2008.

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