(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, 2020. As of December 31, 2020, we had aggregate borrowings of $7.9 billion outstanding under our secured credit facilities, with a weighted-average cash coupon of LIBOR plus 1.63% per annum, a weighted-average

all-in

cost of credit, including associated fees and expenses, of LIBOR plus 1.83% per annum, and a weighted-average advance rate of 72.8%. As of December 31, 2020, outstanding borrowings under these facilities had a weighted-average maturity, including extension options, of 3.0 years.

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


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

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.

Borrowings under each facility are subject to the initial approval of eligible collateral loans by the lender and the maximum advance rate and pricing rate of individual advances are determined with reference to the attributes of the respective collateral loan.

The following table outlines the key terms of our secured credit facilities as of December 31, 2020:

Lender

Currency

Guarantee

(1)

Margin Call

(2)

Term/Maturity

Deutsche Bank

$ / €

(4)

Collateral marks only

Term matched

(6)

Barclays

$ / £ / €

Collateral marks only

Term matched

(6)

Wells Fargo

$ / C$

(5)

Collateral marks only

Term matched

(6)

Citibank

$ / £ / € / A$ / C$

Collateral marks only

Term matched

(6)

Goldman Sachs

$ / £ / €

Collateral marks only

Term matched

(6)

Bank of America

Collateral marks only

May 21, 2024

(7)

JP Morgan

$ / £

Collateral marks only

January 7, 2024

(8)

Morgan Stanley

$ / £ / €

Collateral marks only

September 29, 2025

(9)

MetLife

Collateral marks only

September 23, 2025

(10)

Santander

€

Collateral marks only

Term matched

(6)

Société Générale

$ / £ / €

Collateral marks only

Term matched

(6)

US Bank

Multi. JV

(3)

Collateral marks only

Term matched

(6)

Goldman Sachs

Multi. JV

(3)

Collateral marks only

July 12, 2022

(11)

Bank of America

Multi. JV

(3)

Collateral marks only

July 19, 2023

(12)

(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 $907.9 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 $147.2 million related to $196.3 million of specific borrowings outstanding.

(6)	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.

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

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

The following table details the floating benchmark rates for our secured credit facilities as of December 31, 2020 ($/€/£/A$/C$ in thousands):


Currency	Potential Borrowings (1)		Outstanding Borrowings		Floating Rate Index (2)	Spread	Advance Rate (3)
$	$	4,844,927	$	4,023,408	USD LIBOR	L + 1.64%	72.9%
€	€	2,051,170	€	2,044,904	EURIBOR	E + 1.44%	73.3%
£	£	822,401	£	822,401	GBP LIBOR	L + 1.95%	71.6%
A$	A$	244,891	A$	244,891	BBSY	BBSY + 1.90%	72.5%
C$	C$	79,852	C$	79,862	CDOR	CDOR + 1.80%	76.7%

	$	8,726,028	$	7,896,863		INDEX + 1.63%	72.8%

(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.

Revolving Credit Agreement

We have a $250.0 million full recourse secured revolving credit agreement with Barclays that is designed to finance first mortgage originations for up to nine months as a bridge to term financing or syndication. Advances under the agreement are subject to availability under a specified borrowing base and accrue interest at a per annum pricing rate equal to the sum of (i) an applicable base rate or Eurodollar rate and (ii) an applicable margin, in each case, dependent on the applicable type of loan collateral. The maturity date of the facility is April 4, 2023.

During the year ended December 31, 2020, we had no borrowings under the revolving credit agreement and we recorded interest expense of $1.6 million, including $685,000 of amortization of deferred fees and expenses.

During the year ended December 31, 2019, the weighted-average outstanding borrowings under the revolving credit agreement was $14.3 million and we recorded interest expense of $2.6 million, including $1.0 million of amortization of deferred fees and expenses. As of December 31, 2019, we had no outstanding borrowings under the agreement.

Debt Covenants

The guarantees related to our secured debt agreements contain the following financial covenants: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements, shall be not less than 1.4 to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than $3.0 billion as of each measurement date plus 75% of the net cash proceeds of future equity issuances subsequent to December 31, 2020; (iii) cash liquidity shall not be less than the greater of (x) $10.0 million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2020 and December 31, 2019, we were in compliance with these covenants. These financial covenants also apply to our asset-specific debt agreements. Refer to Note 7 for information regarding our asset-specific financings. Refer to Note 8 for information regarding financial covenants contained in the agreements governing our senior secured term loan facility.