Secured Debt Agreements, Net (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Secured Debt Agreements

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

	Secured Debt Agreements
	Borrowings Outstanding
	March 31, 2020			December 31, 2019
Secured credit facilities	$	9,019,652		$	9,753,059
Asset-specific financings		347,618			330,879
Revolving credit agreement		—			—
Total secured debt agreements	$	9,367,270		$	10,083,938
Deferred financing costs(1)		(31,561	)		(29,008	)
Net book value of secured debt	$	9,335,709		$	10,054,930

(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 table details our secured credit facilities as of March 31, 2020 ($ in thousands):

	March 31, 2020
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	1,958,510	$	1,870,556	$	87,954	$	2,494,270
Barclays		1,618,795		1,529,553		89,242		2,023,495
Wells Fargo		1,492,906		1,464,938		27,968		1,928,798
Citibank		919,790		875,416		44,374		1,178,568
Goldman Sachs		555,612		555,612		—		727,728
Bank of America		538,473		443,473		95,000		749,127
Morgan Stanley		493,208		438,202		55,006		670,544
MetLife		434,131		434,131		—		545,573
JP Morgan		401,865		357,639		44,226		509,766
US Bank - Multi. JV(3)		281,872		279,552		2,320		352,340
Goldman Sachs - Multi. JV(3)		240,263		240,263		—		306,367
Société Générale		236,698		236,698		—		300,386
Santander		235,447		235,447		—		298,865
Bank of America - Multi. JV(3)		58,172		58,172		—		72,715
	$	9,465,742	$	9,019,652	$	446,090	$	12,158,542

(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

The following tables outline the key terms of our credit facilities as of March 31, 2020:

Lender	Currency		Guarantee(1)		Margin Call(2)		Term/Maturity
Morgan Stanley		$ / £ / €		25%		Collateral marks only		March 1, 2022
Goldman Sachs - Multi. JV(3)		$		25%		Collateral marks only		July 12, 2022(6)
Bank of America - Multi. JV(3)		$		43%		Collateral marks only		July 19, 2023(7)
JP Morgan		$ / £		42%		Collateral marks only		January 7, 2024(8)
Bank of America		$		50%		Collateral marks only		May 21, 2024(9)
Barclays		$ / £ / €		25%		Collateral marks only		June 18, 2024(10)
Goldman Sachs		$ / £ / €		25%		Collateral marks only		October 22, 2024(11)
MetLife		$		61%		Collateral marks only		September 23, 2025(12)
Deutsche Bank		$ / €		62%(4)		Collateral marks only		Term matched(13)
Citibank		$ / £ / € / A$ / C$		25%		Collateral marks only		Term matched(13)
Société Générale		$ / £ / €		25%		Collateral marks only		Term matched(13)
Santander		€		50%		Collateral marks only		Term matched(13)
Wells Fargo		$ / C$		25%(5)		Collateral marks only		Term matched(13)
US Bank - Multi. JV(3)		$		25%		Collateral marks only		Term matched(13)

(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)	Specific borrowings outstanding of $914.2 million are 100% guaranteed. The remainder of the credit facility borrowings are 25% guaranteed.
(5)	In addition to the 25% guarantee across all borrowings, there is an incremental guarantee of $146.2 million related to $194.9 million of specific borrowings outstanding.
(6)	Includes a one-year extension option which may be exercised at our sole discretion.
(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.
(9)	Includes two 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 three one-year extension options which may be exercised at our sole discretion.
(12)	Includes five 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.

Currency	Potential Borrowings(1)		Outstanding Borrowings		Floating Rate Index(2)	Spread	Advance Rate(3)
$	$	5,736,519	$	5,322,859	USD LIBOR	L + 1.60%		78.8%
€	€	2,204,821	€	2,175,406	EURIBOR	E + 1.41%		80.0%
£	£	874,118	£	874,118	GBP LIBOR	L + 1.98%		77.9%
A$	A$	255,270	A$	255,270	BBSY	BBSY + 1.90%		78.0%
C$	C$	77,264	C$	77,259	CDOR	CDOR + 1.80%		78.3%
	$	9,465,742	$	9,019,652		INDEX + 1.60%		79.0%

(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 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, 2020
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	4	$	445,917	$	434,409		L+4.90	%		n/a		Mar. 2023
Financing provided	4	$	347,618	$	340,407		L+3.42	%	$	95,721		Mar. 2023

	December 31, 2019
Asset-Specific Financings	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	4	$	429,983	$	417,820		L+4.90	%		n/a		Mar. 2023
Financing provided	4	$	330,879	$	323,504		L+3.42	%	$	97,930		Mar. 2023
____________

(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)	Other than amounts guaranteed on an asset by asset basis, 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 is term-matched to the corresponding collateral loans.