UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~Securities~~Date ~~Exchange~~of ~~Act~~Report (Date of earliest ~~1934~~event reported): January 25, 2010 (January 21, 2010)

Date of Report (Date of earliest event reported): January 14, 2010 (January 8, 2010)

JER Investors Trust Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland

001-32564

75-3152779

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)


1650 Tysons Boulevard, Suite 1600, McLean, VA		22102
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (703) 714-8000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 21.0401 ~~Triggering~~Entry ~~Events~~into ~~That Accelerate or Increase~~ a ~~Direct~~Material ~~Financial~~Definitive ~~Obligation or an Obligation under an Off-Balance Sheet Arrangement~~Agreement.

On January 821, 2010, anJERIT ~~event~~Finance ofCo ~~default~~JPM, ~~occurred~~LLC ~~under~~(“JERIT ~~the~~Finance”), ~~ISDA~~a ~~Master~~wholly ~~Agreement~~owned ~~between~~subsidiary of JER Investors Trust Inc. (the “Company”), ~~and~~amended ~~National~~its ~~Australia~~Master ~~Bank~~Repurchase ~~Limited~~Agreement with J.P. Morgan Securities Inc. (“~~NAB~~J.P. Morgan”), dated as of ~~December~~September 112, ~~2004~~2008, as amended on ~~March~~December 317, ~~2009, July 9,~~2008 ~~2009, October 7, 2009~~ and December 721, 2009 (the “~~Swap~~ Repurchase Agreement”). ~~The Company failed~~ to ~~make~~extend athe ~~payment~~term of ~~$75,000~~the ~~due~~Repurchase onAgreement through ~~January~~February 422, 2010, of(the ~~which~~prior itmaturity ~~received~~date ~~notice~~was ~~from NAB on~~ January 522, 2010). ~~The~~JERIT ~~Swap~~Finance’s ~~Agreement~~borrowings ~~provides~~under ~~for remaining monthly payments from~~ the ~~Company~~Repurchase toAgreement ~~NAB~~were of $~~654,933~~6.3 ~~commencing~~million inas ~~February 2010 through and including September 2010, and monthly payments~~ of ~~$384~~January 25,~~134~~ ~~commencing in October~~ 2010 ~~through and including March 2016~~.

~~Upon~~The ~~the~~Company ~~occurrence~~believes ofthat ~~the~~it ~~event~~is ofunlikely ~~default, NAB has~~ the ~~right~~Repurchase toAgreement ~~designate~~will anbe ~~Early~~extended ~~Termination~~or ~~Date~~renewed ~~(as~~by ~~defined~~J.P. inMorgan ~~the~~upon ~~Swap~~its ~~Agreement)~~amended ~~following~~maturity ~~notice to the Company within 20 days~~date. ~~The Company has not~~ ~~received~~Upon ~~notice~~maturity ~~from NAB~~ of ~~its~~the ~~designation~~Repurchase ofAgreement, anthe ~~Early~~collateral ~~Termination~~that ~~Date.~~serves ~~Upon~~as ansecurity ~~Early~~for ~~Termination Date,~~ the ~~Company~~Repurchase ~~would~~Agreement ~~become~~may ~~obligated~~be toliquidated ~~pay~~or toseized ~~NAB~~by ~~(i) the~~J.P. ~~$75,000~~Morgan ~~originally~~in ~~due~~order onto ~~January 4,~~satisfy ~~2010~~outstanding ~~plus~~borrowings ~~interest~~under ~~on such amount to~~ the ~~Early~~Repurchase ~~Termination~~Agreement. ~~Date,~~To ~~and~~the ~~(ii) either~~extent that the ~~market~~proceeds ~~value~~ of athe ~~swap~~liquidation ~~agreement~~or ~~providing~~credit ~~NAB~~for ~~with~~ the ~~economic~~seizure ~~equivalent~~ of ~~the~~such ~~remaining~~collateral ~~payments~~are ~~due~~insufficient byto ~~the~~satisfy ~~Company~~outstanding ~~under the Swap Agreement or~~borrowings, ifand ~~such~~JERIT ~~value~~Finance is not ~~determinable,~~able ~~the~~to ~~value of~~finance ~~NAB’s~~or ~~loss~~refinance assuch ~~determined~~deficiency, ~~by NAB~~J.P. ~~The~~Morgan ~~aggregate~~could ~~amount~~make ofa ~~remaining~~further ~~undiscounted~~claim ~~payments owed by~~ against the Company tofor ~~NAB under~~ the ~~Swap~~difference ~~Agreement~~as ~~(excluding~~ the ~~amount~~Repurchase ~~due~~Agreement onis ~~January 4,~~fully ~~2010)~~recourse isto ~~$30.6~~the ~~million~~Company.

~~JERIT~~The ~~Finance Co JPM, LLC (“JERIT Finance”), a wholly owned subsidiary of the Company, maintains a Master~~ Repurchase Agreement was ~~with~~filed ~~J.P.~~as ~~Morgan~~Exhibit ~~Securities Inc~~10.3 ~~(“J.P.~~to ~~Morgan”),~~the ~~dated~~Company’s asCurrent ofReport ~~September 12,~~on ~~2008,~~Form as8-K ~~amended~~filed on December 1723, 2008. ~~and~~The ~~December 21,~~Second ~~2009~~Amendment ~~(the~~to “Repurchase Agreement~~”).~~ ~~The~~was ~~Company~~filed ~~provided~~as aExhibit ~~Guaranty,~~10.1 ~~dated~~to asthe ~~of September 12,~~Company’s ~~2008,~~Current asReport ~~amended~~ on ~~September 26,~~Form ~~2008, December 17,~~8-K ~~2008~~filed ~~and~~ on December 2122, 2009 ~~(the “Guaranty”), to J~~.P. ~~Morgan~~The inThird ~~respect~~Amendment ofis ~~JERIT~~filed ~~Finance’s~~as ~~obligations~~Exhibit ~~under the Repurchase Agreement~~10.1 ~~JERIT Finance’s~~hereto ~~borrowings~~and ~~under~~is ~~the~~incorporated ~~Repurchase~~by ~~Agreement~~reference ~~were approximately $7 million as of January 8, 2010~~herein.

~~The Repurchase~~Item ~~Agreement provides that a default which permits the acceleration of the Company’s indebtedness (including the Swap Agreement) of at least $1~~9.001 ~~million~~Financial ~~would~~Statements also constitute an event of default under the Repurchase Agreement, thereby permitting an acceleration of JERIT Finance’s obligations under the Repurchase Agreement. Upon any such acceleration, if elected by J.P. Morgan, the collateral that serves as security for the Repurchase Agreement may be liquidated or seized by J.P. Morgan in order to satisfy JERIT Finance’s outstanding borrowings. To the extent that the proceeds of the liquidation or credit for the seizure of such collateral are insufficient to satisfy outstanding borrowings, and ~~JERIT Finance is not able to finance or refinance such deficiency, J~~Exhibits.~~P. Morgan could make a further claim against the Company for the difference as the Repurchase Agreement is fully recourse to the Company.~~

~~The~~(d) ~~Guaranty, the Second Amendment thereto, and the Repurchase Agreement were filed as~~ Exhibits 10.1, 10.2 and 10.3, respectively, to the Company’s Current Report on Form 8-K filed on December 23, 2008. The Second Amendment to the Repurchase Agreement and the Third Amendment to the Guaranty were filed as Exhibits 10.1 and 10.2, respectively, to the Company’s Current Report on Form 8-K filed on December 22, 2009.

~~The Company does not expect that it would have sufficient liquid assets available to pay its obligations under the Swap Agreement or the Guaranty if they were to be accelerated~~10.1 ~~Unless~~Third ~~the~~Amendment, ~~Company~~dated ~~were~~January ~~to obtain additional capital resources or waivers from NAB or J.P. Morgan~~21, ~~respectively~~2010, ~~regarding their rights~~ to ~~accelerate~~ ~~such~~Master ~~obligations~~Repurchase Agreement, ~~the~~dated ~~Company~~September ~~would be unable to fund its operations or continue its business~~12, in which case the Company could be subject to reorganization or liquidation. Management’s assessment of the Company’s liabilities and the current market value of the Company’s assets suggests that2008, inbetween ~~the~~JERIT ~~event~~Finance ofCo ~~such a reorganization or liquidation of the Company~~JPM, ~~the~~LLC ~~Company’s stockholders would not receive any value~~ and ~~the~~J.P. ~~Company’s~~Morgan ~~unsecured~~Securities ~~creditors would receive little if any value~~Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	~~JER Investors Trust Inc.~~	JER Investors Trust Inc.
	~~(Registrant)~~	(Registrant)
Date: January 14, 2010	By:	/S/ J. MICHAEL MCGILLIS
Date: January 25, 2010		By:	/s/ J. MICHAEL MCGILLIS
	~~Name:~~	~~J. Michael McGillis~~Name:	J. Michael McGillis
	~~Title:~~	~~Chief Financial Officer~~Title:	Chief Financial Officer

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