Secured Debt Agreements, Net (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Secured Debt Agreements

The following table details our secured debt agreements ($ in thousands):

	Secured Debt Agreements
	Borrowings Outstanding
	March 31, 2019			December 31, 2018
Secured credit facilities	$	9,093,821		$	8,870,897
Asset-specific financings		97,699			81,739
Revolving credit agreement		43,845			43,845
Total secured debt agreements	$	9,235,365		$	8,996,481
Deferred financing costs (1)		(27,355	)		(21,725	)
Net book value of secured debt	$	9,208,010		$	8,974,756

(1) Costs incurred in connection with our secured debt agreements are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related agreement.

Credit Facilities

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

	March 31, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential (1)		Outstanding		Available (1)		Assets (2)
Deutsche Bank	$	1,865,813	$	1,865,813	$	—	$	2,357,198
Wells Fargo		1,992,903		1,748,737		244,166		2,556,230
JP Morgan		1,078,749		1,078,749		—		1,357,997
Barclays		890,620		890,620		—		1,113,275
Citibank		878,104		801,474		76,630		1,114,229
Bank of America		793,804		793,804		—		992,805
MetLife		675,329		675,329		—		857,689
Morgan Stanley		444,653		414,456		30,197		589,931
Société Générale		321,182		321,182		—		410,165
Goldman Sachs		237,149		237,149		—		314,526
Goldman Sachs — Multi. JV (3)		169,506		169,506		—		221,202
Bank of America — Multi. JV (3)		97,002		97,002		—		122,167
	$	9,444,814	$	9,093,821	$	350,993	$	12,007,414

(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 Assets (2)
Lender	Potential (1)		Outstanding		Available (1)
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.

Summary of Key Terms of Credit Facilities

Lender	Currency		Guarantee (1)			Margin Call (2)		Term/Maturity
Goldman Sachs — Multi. JV (3)		$		25%			Collateral marks only		July 12, 2020 (5)
JP Morgan		$ / £		50%			Collateral marks only		January 7, 2021 (6)
Bank of America — Multi. JV (3)		$		43%			Collateral marks only		July 19, 2021 (7)
Deutsche Bank		$ / €		60%	(8)		Collateral marks only		August 9, 2021 (8)
Morgan Stanley		$ / £ / €		25%			Collateral marks only		March 1, 2022
Barclays		$		25%			Collateral marks only		March 29, 2023 (9)
MetLife		$		50%			Collateral marks only		April 22, 2023 (10)
Bank of America		$		50%			Collateral marks only		May 21, 2023 (11)
Goldman Sachs		$		25%			Collateral marks only		October 22, 2023 (12)
Citibank		$ / £ / € / A$ / C$		25%			Collateral marks only		Term matched(13)
Société Générale		$ / £ / €		25%			Collateral marks only		Term matched (13)
Wells Fargo		$ / C$		25%	(4)		Collateral marks only		Term matched (13)(14)

(1) Other than amounts guaranteed based on specific collateral asset types, borrowings under our credit facilities are non-recourse to us.

(2) Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and are limited to collateral-specific credit marks.

(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.

(4) In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $131.4 million related to $474.4 million of specific borrowings outstanding.

(5) Includes a one-year extension option which may be exercised at our sole discretion.

(6) Maturity dates for $520.6 million of specific borrowings outstanding are term-matched to the respective collateral assets.

(7) Includes two one-year extension options which may be exercised at our sole discretion.

(8) Includes two one-year extension options which may be exercised at our sole discretion. Specific borrowings outstanding of $860.5 million are 100% guaranteed and the related maturity dates are term-matched to the respective collateral assets. The remainder of the credit facility borrowings are 25% guaranteed.

(9) Includes three one-year extension options which may be exercised at our sole discretion.

(10) Includes four one-year extension options which may be exercised at our sole discretion.

(11) Includes two one-year extension options which may be exercised at our sole discretion.

(12) Includes three one-year extension options which may be exercised at our sole discretion.

(13)	These secured credit facilities have various availability periods during which new advances can be made and which are generally subject to each lender’s discretion. Maturity dates for advances outstanding are tied to the term of each respective collateral asset.
(14)	This secured credit facility is term-matched other than $128.2 million of specific borrowings that have a maturity date of May 8, 2019.

Currency	Potential Borrowings		Outstanding ‎Borrowings (1)		Floating Rate Index (2)		Spread (3)			Advance Rate (4)
$	$	7,356,109	$	7,047,922		USD LIBOR		1.70	%		79.6	%
€	€	816,557	€	779,119		EURIBOR		1.51	%		80.0	%
£	£	546,781	£	546,781		GBP LIBOR		2.06	%		77.8	%
C$	C$	371,131	C$	371,122		CDOR		1.80	%		82.1	%
A$	A$	255,270	A$	255,270		BBSY		1.90	%		78.0	%
	$	9,444,814	$	9,093,821				1.72	%		79.5	%

(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)	Floating rate indices are generally matched to the payment timing under the terms of each secured credit facility and its respective collateral assets.
(3)	Represents weighted-average spread over the applicable floating rate index, based on borrowings outstanding.
(4)	Represents weighted-average advance rate based on the approved outstanding principal balance of the collateral assets pledged.

Summary of Asset-Specific Financings

The following tables detail our asset-specific financings ($ in thousands):

March 31, 2019

Principal

Book

Wtd. Avg.

Wtd. Avg.

Asset-Specific Financings

Count

Balance

Value

Yield/Cost (1)

Guarantee (2)

Term (3)

Collateral assets

2

$

122,699

$

112,093

L+6.05%

n/a

Aug. 2022

Financing provided

2

$

97,699

$

91,624

L+4.06%

n/a

Aug. 2022

December 31, 2018

Principal

Book

Wtd. Avg.

Wtd. Avg.

Asset-Specific Financings

Count

Balance

Value

Yield/Cost (1)

Guarantee (2)

Term (3)

Collateral assets

1

$

106,739

$

104,807

L+6.08%

n/a

Aug. 2022

Financing provided

1

$

81,739

$

80,938

L+4.07%

n/a

Aug. 2022

(1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs.

(2) Borrowings under our asset-specific financings are non-recourse to us.

(3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific financings are term-matched to the corresponding collateral loans.