The weighted average borrowings under the Wells Fargo Facility, the Citibank Facility, the BAML Facility, the CNB Facility, the MetLife Facility, the U.S. Bank Facility and the Morgan Stanley Facility (individually defined below and collectively, the "Secured Funding Agreements"), Notes Payable (as defined below and excluding the Note Payable on the hotel property that is recognized as real estate owned in our consolidated balance sheets), the Secured Term Loan, Secured Borrowings and securitization debt (as defined below) were $1.6 billion for the three months ended June 30, 2020 and $1.2 billion for the three months ended June 30, 2019. During the six months ended June 30, 2020, we funded approximately $458.2 million of outstanding principal, received repayments of $244.1 million of outstanding principal and transferred three loans to held for sale with outstanding principal of $100.8 million. References to LIBOR or "L" are to 30-day LIBOR (unless otherwise specifically stated). As of June 30, 2020, the sale had not yet closed and the loan was reclassified from held for investment to held for sale and is carried at fair value. Press Release. For the three months ended June 30, 2020 and 2019, net interest margin was approximately $16.8 million and $13.3 million, respectively. ACRE entered into a sale agreement with a third party to sell a senior mortgage loan with outstanding principal of $31.5 million, which is collateralized by a hotel property located in Minnesota. our ability to successfully identify, complete and integrate any acquisitions; Subsequent to the origination date, we bifurcated the senior mortgage loan between a $66.9 million senior participation and a $24.9 million subordinated participation. Focused on directly originating and managing a diversified portfolio of commercial real estate debt-related investments.ACRE benefits from the experienced professionals in the Ares Real Estate Group.Our mission is to create long-term value for our shareholders and favorable investment performance across economic cycles.ACRE is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES) ("Ares"), a leading global alternative investment manager with approximately $165 billion of assets under management ("AUM").ACRE pursues attractive risk-adjusted returns, leveraging its disciplined investment philosophy, broad origination, multi-asset class experience and creative structuring capability.ACRE is externally managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares.Ares Commercial Real Estate Corporation Reports Second Quarter 2020 ResultsAres Commercial Real Estate Corporation Schedules Earnings Release for the Second Quarter Ended June 30, 2020Ares Commercial Real Estate Corporation Declares Second Quarter 2020 DividendAres Commercial Real Estate Corporation Reports First Quarter 2020 Results This was partially offset due to the inclusion of a full six months of operations for the six months ended June 30, 2020, whereas the six months ended June 30, 2019 only included approximately four months of operations as the hotel property was acquired on March 8, 2019. The decrease in revenue from real estate owned for the six months ended June 30, 2020 compared to the six months ended June 30, 2019 is primarily due to the impact of the COVID-19 pandemic, which significantly reduced occupancy and overall revenue at the hotel property for the six months ended June 30, 2020. Press Release Aug 6, 2020 10:00 UTC. our expected investment capacity and available capital; For the three months ended June 30, 2019, related party expenses also included $0.8 million for our share of allocable general and administrative expenses for which we were required to reimburse our Manager pursuant to the Management Agreement. (2) Unleveraged Effective Yield is the compounded effective rate of return that would be earned over the life of the investment based on the contractual interest rate (adjusted for any deferred loan fees, costs, premiums or discounts) and assumes no dispositions, early prepayments or defaults.