Secured Debt Agreements, Net (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Secured Debt Agreements

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

	Secured Debt Agreements
	Borrowings Outstanding
	June 30, 2020			December 31, 2019
Secured credit facilities	$	9,431,109		$	9,753,059
Asset-specific financings		285,343			330,879
Revolving credit agreement		—			—
Total secured debt agreements	$	9,716,452		$	10,083,938
Deferred financing costs(1)		(26,911	)		(29,008	)
Net book value of secured debt	$	9,689,541		$	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 June 30, 2020 ($ in thousands):    

	June 30, 2020
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
Deutsche Bank	$	2,011,496	$	2,011,496	$	—	$	2,673,795
Barclays		1,637,749		1,607,267		30,482		2,110,436
Wells Fargo		1,516,822		1,497,542		19,280		1,960,089
Citibank		916,680		899,627		17,053		1,189,282
Goldman Sachs		582,860		582,854		6		781,016
Bank of America		540,376		540,376		—		750,722
Morgan Stanley		492,293		492,293		—		786,931
MetLife		444,502		444,502		—		556,015
JP Morgan		415,535		388,182		27,353		558,291
Santander		244,607		244,607		—		306,082
Société Générale		236,698		236,698		—		301,932
Goldman Sachs - Multi. JV(3)		234,464		234,464		—		306,555
US Bank - Multi. JV(3)		220,139		217,281		2,858		275,174
Bank of America - Multi. JV(3)		33,920		33,920		—		42,400
	$	9,528,141	$	9,431,109	$	97,032	$	12,598,720

(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 following table details our secured credit facilities as of December 31, 2019 ($ in thousands):

	December 31, 2019
	Credit Facility Borrowings						Collateral
Lender	Potential(1)		Outstanding		Available(1)		Assets(2)
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.

Summary of Key Terms of Credit Facilities

The following tables outline the key terms of our credit facilities as of June 30, 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	$ / £	43%	Collateral marks only	January 7, 2024(8)
Bank of America	$	50%	Collateral marks only	May 21, 2024(9)
MetLife	$	62%	Collateral marks only	September 23, 2025(10)
Deutsche Bank	$ / €	60%(4)	Collateral marks only	Term matched(11)
Citibank	$ / £ / € / A$ / C$	25%	Collateral marks only	Term matched(11)
Société Générale	$ / £ / €	25%	Collateral marks only	Term matched(11)
Santander	€	50%	Collateral marks only	Term matched(11)
Wells Fargo	$ / C$	25%(5)	Collateral marks only	Term matched(11)
US Bank - Multi. JV(3)	$	25%	Collateral marks only	Term matched(11)
Barclays	$ / £ / €	25%	Collateral marks only	Term matched(11)
Goldman Sachs	$ / £ / €	25%	Collateral marks only	Term matched(11)

(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. These provisions have been temporarily suspended on certain of our facilities as described above.
(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 $934.7 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 $146.6 million related to $195.4 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 five one-year extension options which may be exercised at our sole discretion.
(11)	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)
$		$  5,783,708		$  5,693,741	USD LIBOR	L + 1.63%	75.3%
€		€  2,227,183		€  2,220,917	EURIBOR	E + 1.44%	79.6%
£		£     818,468		£     818,468	GBP LIBOR	L + 1.95%	71.5%
A$		A$     245,254		A$     245,254	BBSY	BBSY + 1.90%	72.5%
C$		C$       78,924		C$       78,886	CDOR	CDOR + 1.80%	78.3%
		$  9,528,141		$  9,431,109		INDEX + 1.62%	75.6%

(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):

	June 30, 2020
Asset-Specific Financings	Count	Principal   Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets	3	$	356,679	$	346,051		L+5.20	%		n/a		Feb. 2023
Financing provided	3	$	285,343	$	279,132		L+3.60	%	$	16,546		Feb. 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.