Secured Term Loan, Net (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Line Items]

Schedule of Debt [Table Text Block]

The following tables detail our secured credit facilities ($ in thousands):

	June 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,861,121	$	1,861,121	$	—	$	2,353,629
Wells Fargo		1,742,942		1,251,130		491,812		2,285,101
Citibank		1,006,592		922,804		83,788		1,278,710
Barclays		933,424		902,146		31,278		1,166,780
JP Morgan		959,907		861,744		98,163		1,221,674
Bank of America		768,871		768,871		—		962,378
Morgan Stanley		434,199		378,990		55,209		576,614
Société Générale		321,182		321,182		—		419,034
Goldman Sachs		292,753		247,753		45,000		401,422
MetLife		233,616		233,616		—		296,356
Goldman Sachs - Multi. JV(3)		219,316		219,316		—		293,877
Bank of America - Multi. JV(3)		97,002		97,002		—		123,856
	$	8,870,925	$	8,065,675	$	805,250	$	11,379,431
____________

(1)	Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

	December 31, 2018
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,839,698	$	1,839,698	$	—	$	2,325,047
Wells Fargo		1,908,509		1,822,154		86,355		2,514,513
JP Morgan		1,010,628		1,010,628		—		1,266,259
Barclays		890,620		890,620		—		1,113,275
Citibank		852,470		663,917		188,553		1,076,085
Bank of America		873,446		873,446		—		1,090,117
MetLife		675,329		675,329		—		852,733
Morgan Stanley		341,241		276,721		64,520		457,496
Société Générale		321,182		321,182		—		404,048
Goldman Sachs		230,140		230,140		—		295,368
Goldman Sachs - Multi. JV(3)		170,060		170,060		—		212,983
Bank of America - Multi. JV(3)		97,002		97,002		—		121,636
	$	9,210,325	$	8,870,897	$	339,428	$	11,729,560
____________

(1)	Potential borrowings represents the total amount we could draw under each facility based on collateral already approved and pledged. When undrawn, these amounts are immediately available to us at our sole discretion under the terms of each credit facility.
(2)	Represents the principal balance of the collateral assets.
(3)	These facilities finance the loan investments of our consolidated Multifamily Joint Venture. Refer to Note 2 for additional discussion of our Multifamily Joint Venture.

Secured Debt [Member]

Debt Disclosure [Line Items]

Schedule of Debt [Table Text Block]

In April 2019 we entered into a senior secured term loan facility, or the Secured Term Loan. As of June 30, 2019, the following Secured Term Loan was outstanding ($ in thousands):

Term Loan Issuance	Face Value		Coupon Rate			All-in Cost(1)			Maturity
Term Loan B	$	500,000		L+2.50	%		L+2.80	%	April 23, 2026
____________

(1)   Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan.