Secured Debt Agreements, Net (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Secured Debt Agreements

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

	Secured Debt Agreements Borrowings Outstanding
	December 31, 2020			December 31, 2019
Secured credit facilities	$	7,896,863		$	9,753,059
Revolving credit agreement		—			—
Total secured debt agreements	$	7,896,863		$	9,753,059
Deferred financing costs(1)		(16,327	)		(21,633	)
Net book value of secured debt	$	7,880,536		$	9,731,426

(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 December 31, 2020 ($ in thousands):

	December 31, 2020
	Credit Facility Borrowings						Collateral Assets(2)
Lender	Potential(1)		Outstanding		Available(1)
Deutsche Bank	$	1,892,211	$	1,847,211	$	45,000	$	2,869,889
Barclays		1,443,251		1,249,415		193,836		1,862,987
Wells Fargo		1,241,357		956,780		284,577		1,663,661
Citibank		927,531		779,139		148,392		1,212,521
Goldman Sachs		615,411		615,411		—		828,965
Bank of America		473,678		473,678		—		667,830
JP Morgan		449,449		422,096		27,353		605,144
Morgan Stanley		528,846		401,846		127,000		849,426
MetLife		276,605		276,605		—		349,612
Santander		269,501		269,501		—		337,329
Société Générale		237,822		237,822		—		308,700
US Bank - Multi. JV(3)		184,802		181,795		3,007		231,003
Goldman Sachs - Multi. JV(3)		167,964		167,964		—		231,840
Bank of America - Multi. JV(3)		17,600		17,600		—		22,000
	$	8,726,028	$	7,896,863	$	829,165	$	12,040,907

(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 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.

Summary of Key Terms of Credit Facilities

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	$ / €		62	%(4)		Collateral marks only	Term matched(6)
Barclays	$ / £ / €		25	%		Collateral marks only	Term matched(6)
Wells Fargo	$ / C$		25	%(5)		Collateral marks only	Term matched(6)
Citibank	$ / £ / € / A$ / C$		25	%		Collateral marks only	Term matched(6)
Goldman Sachs	$ / £ / €		25	%		Collateral marks only	Term matched(6)
Bank of America	$		50	%		Collateral marks only	May 21, 2024(7)
JP Morgan	$ / £		43	%		Collateral marks only	January 7, 2024(8)
Morgan Stanley	$ / £ / €		25	%		Collateral marks only	September 29, 2025(9)
MetLife	$		71	%		Collateral marks only	September 23, 2025(10)
Santander	€		50	%		Collateral marks only	Term matched(6)
Société Générale	$ / £ / €		25	%		Collateral marks only	Term matched(6)
US Bank - Multi. JV(3)	$		25	%		Collateral marks only	Term matched(6)
Goldman Sachs - Multi. JV(3)	$		25	%		Collateral marks only	July 12, 2022(11)
Bank of America - Multi. JV(3)	$		43	%		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.

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.