Secured Term Loan, Net (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Line Items]

Schedule of Debt [Table Text Block]

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

	September 30, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,722,050	$	1,722,050	$	—	$	2,185,465
Wells Fargo		1,661,789		1,564,215		97,574		2,135,379
JP Morgan		1,016,689		918,526		98,163		1,303,288
Citibank		1,090,739		888,053		202,686		1,386,175
Barclays		996,648		793,906		202,742		1,246,490
Bank of America		658,724		658,724		—		840,573
Morgan Stanley		490,213		434,165		56,048		658,055
MetLife		417,677		417,677		—		524,004
Société Générale		333,473		333,473		—		428,887
Goldman Sachs		313,895		268,895		45,000		426,383
Goldman Sachs - Multi. JV(3)		217,601		217,601		—		279,037
US Bank - Multi. JV(3)		184,031		183,937		94		230,039
Santander		143,852		143,852		—		179,815
Bank of America - Multi. JV(3)		22,320		22,320		—		28,642
	$	9,269,701	$	8,567,394	$	702,307	$	11,852,232

(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 September 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	$	498,750		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.