The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), Bank of America Merrill Lynch (the “BAML MRA”), Morgan Stanley Bank, N.A. (the “MS MRA”), MUFG Securities EMEA PLC (the “MUFG MRA”), and Barclays Bank PLC (the “Barclays MRA”) to provide the Company with additional financing capacity secured by certain of the Company’s investments in real estate debt. The terms of the Citi MRA, RBC MRA, BAML MRA, MS MRA, and MUFG MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time and may require us to provide additional margin in the form of cash, securities or other forms of collateral should the market value of the pledged collateral decline. The Barclays MRA has a maximum facility size of $750.0 million and repurchase agreements under the Barclays MRA have longer dated maturity compared to the Company’s other master repurchase agreements. Additionally, the Barclays MRA contains specific spread and advance rate provisions based on the rating of the underlying investments in real estate debt. The Company is in compliance with all financial covenants of the Barclays MRA.

During April 2020, the Company entered into an asset-specific Total Return Swap (“TRS”) and sale of a financial asset, collectively accounted for as a secured financing with Deutsche Bank (the “DB Secured Financing”) in the amount of $246.9 million. The DB Secured Financing is secured by one of the Company’s term loans and bears interest equal to the three-month EURIBOR plus 1.8% per annum. Additionally, as part of the DB Secured Financing, the Company is responsible for providing in cash, the equivalent of any decline in value on the underlying collateral. The DB Secured Financing is denominated in euro, therefore any foreign exchange is recorded as a component of Income (Loss) from Investments in Real Estate Debt on the Company’s Consolidated Statements of Operations.

During July 2020, the Company entered into a TRS with Citibank, N.A. (the “Citi Term Loan TRS”) in order to finance certain of the Company’s term loans. The Citi Term Loan TRS bears interest equal to the three-month or one-month USD LIBOR plus a spread, dependent upon the collateral. Additionally, as part of the Citi Term Loan TRS, the Company is responsible for providing, in cash, the equivalent of any decline in value on the underlying collateral.

The following tables detail the Company’s secured financings on investments in real estate debt ($ in thousands):

December 31, 2020

Indebtedness

Weighted Average

Maturity Date⁽¹⁾

Security

Interests

Collateral

Assets⁽²⁾

Outstanding

Balance

Prepayment

Provisions

RBC MRA

3/31/2021

CMBS/Corporate bonds

1,295,270

892,700

None

Barclays MRA

9/29/2021

CMBS

1,223,580

750,000

None

DB Secured Financing

4/2/2022

Term Loan

424,647

275,319

None

Citi MRA

3/30/2021

CMBS/RMBS

208,283

125,638

None

MS MRA

5/20/2021

CMBS

113,442

80,249

None

Citi Term Loan TRS

7/9/2021

Term Loans

27,931

17,087

None

3,293,153

2,140,993

December 31, 2019

Indebtedness

Weighted Average

Maturity Date⁽¹⁾

Security

Interests

Collateral

Assets⁽²⁾

Outstanding

Balance

Prepayment

Provisions

RBC MRA

6/23/2020

CMBS/Corporate bonds

1,980,951

1,561,642

None

Barclays MRA

9/29/2021

CMBS

981,652

750,000

None

MS MRA

2/1/2020

CMBS

636,734

508,510

None

Citi MRA

1/14/2020

CMBS/Corporate bonds

266,406

205,762

None

MUFG MRA

4/30/2020

CMBS

86,332

62,561

None

BAML MRA

1/24/2020

CMBS/Corporate bonds

4,807

3,662

None

3,956,882

3,092,137

⁽¹⁾	Subsequent to year end, the Company rolled its repurchase agreement contracts expiring in January and February 2021 into new contracts.

⁽²⁾	Represents the fair value of the Company’s investments in real estate debt that serve as collateral.

The weighted average interest rate of the Company’s secured financings on investments in real estate debt was 1.6% (L+1.6%) and 3.0% (L+1.3%) for the year ended December 31, 2020 and 2019, respectively. The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR and EURIBOR, as applicable to each secured financing.