Question-and-Answer Session
Operator
(Operator Instructions) And your first question comes from the line of Don Fandetti of CITI. One moment, please proceed.
Don Fandetti - Citigroup
Hi, Jonathan, what is the --
Jonathan Cohen
Hi, Don.
Don Fandetti - Citigroup
How are you doing? I wanted to get your thoughts on credit I guess in the commercial real estate portfolio over the next few quarters. Do you sort of think in your mind there's risk of one or two more sort of non-performing events?
Jonathan Cohen
No, I'm sorry, Don. As far as -- we feel pretty good about the commercial real estate portfolio. A lot of those are longer-term projects with pretty substantial managers and sponsors with decent or great reserves, debt service reserves and CapEx reserves and projects that are going on. And we don't foresee any.
Don Fandetti - Citigroup
Okay. And just to clarify, in your -- it looks like the cash position overall appears to be kind of tight. And I just wonder if some of these -- if you have more non-performing loans, does that -- how do you deal with those that might be on repo? Does that create a need --
Jonathan Cohen
We only have $6.7 million on our recourse repo, which is secured by $25 million.
Don Fandetti - Citigroup
But I thought you had $64 million of the three-year repo.
Jonathan Cohen
That's on our term facility.
Don Fandetti - Citigroup
Okay. And so, is there no risk there of any type -- if a loan in that facility becomes non-performing or defaults, what happens?
Jonathan Cohen
It's a non-recourse facility to us.
Don Fandetti - Citigroup
Okay. So there's no sort of funding demand risk on that.
Jonathan Cohen
No.
Don Fandetti - Citigroup
Okay. And I think that's all I had. Thank you.
Jonathan Cohen
Thanks, Don.
Operator
And your next question comes from the line of Jason Deleeuw of Piper Jaffray. Please proceed.
Jason Deleeuw - Piper Jaffray
Good morning.
Jonathan Cohen
Good morning.
Jason Deleeuw - Piper Jaffray
Just on the net interest income, I know you had LIBOR floors on some of the loans. And should we be expecting an improvement in net interest income if all -- holding everything else equal, just given with how funding costs have trended downward and floors in the loans?
Jonathan Cohen
Yes, I think generally we're satisfied that that's improving things. But obviously, LIBOR on the entire portfolio going down was not a good thing because everything is LIBOR funded.
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