XML 58 R35.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Secured Term Loan, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Line Items]  
Schedule of Debt [Table Text Block]
The following tables detail our secured credit facilities ($ in thousands):
                                         
 
December 31, 2019
 
 
Credit Facility Borrowings
 
 
 
 
 
 
 
 
 
Collateral
Assets
(2)
 
Lender
 
Potential
(1)
 
  
Outstanding
 
  
Available
(1)
 
  
Wells Fargo
  $
       2,056,769
    $
       2,018,057
    $
       38,712
   
  $
    2,621,806
 
Deutsche Bank
   
2,037,795
     
1,971,860
     
65,935
   
   
2,573,447
 
Barclays
   
1,629,551
     
1,442,083
     
187,468
   
   
2,044,654
 
Citibank
   
1,159,888
     
1,109,837
     
50,051
   
   
1,473,745
 
Bank of America
   
603,660
     
513,660
     
90,000
   
   
775,678
 
Morgan Stanley
 
 
 
 
524,162
 
 
 
 
468,048
 
 
 
 
56,114
 
 
 
 
 
706,080
 
Goldman Sachs
 
 
 
 
474,338
 
 
 
 
450,000
 
 
 
 
24,338
 
 
 
 
 
632,013
 
MetLife
   
417,677
     
417,677
     
—  
    
   
536,553
 
Société Générale
   
333,473
     
333,473
     
—  
    
   
437,130
 
US Bank - Multi. JV
(3)
    
279,838
     
279,552
     
286
   
   
350,034
 
JP Morgan
 
 
 
303,288
 
 
 
 
259,062
 
 
 
 
44,226
 
 
 
 
386,545
 
Santander
   
239,332
     
239,332
     
—  
    
   
299,597
 
Goldman Sachs - Multi. JV
(3)
 
 
 
 
203,846
 
 
 
 
203,846
 
 
 
 —
 
 
 
 
 
 
 
261,461
 
Bank of America - Multi. JV
(3)
    
46,572
     
46,572
     
—  
    
   
58,957
 
  $
    
10,310,189
    $
       
9,753,059
    $
     
557,130
   
  $
    
13,157,700
 
                                     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The weighted-average outstanding balance of our secured credit facilities was $8.8 billion for the year ended December 31, 2019. As of December 31, 2019, we had aggregate borrowings of $9.8 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.60% per annum, a weighted-average
all-in
cost of credit, including associated fees and expenses, of LIBOR plus 1.79% per annum, and a weighted-average advance rate of 79.4%. As of December 31, 2019, outstanding borrowings under these facilities had a weighted-average maturity, including extension options, of 3.6 years.
                                         
 
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.
 
 
 
 
 
 
 
 
 
 
 
Secured Debt [Member]  
Debt Disclosure [Line Items]  
Schedule of Debt [Table Text Block] As of December 31, 2019, the following Secured Term Loan was outstanding ($ in thousands):
                                 
Term Loan Issuance
 
Face Value
 
  
Interest
 Rate
 
  
All-in
 Cost
(1)
 
  
Maturity
 
Term Loan B
  $
 
 
 
 
746,878
     
L+2.25
 %    
L+2.52
 %    
April 23, 2026
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Secured Term Loan.