XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Secured Debt Arrangements, Net | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
Secured Debt Arrangements, Net | Secured Debt Arrangements, Net At June 30, 2018 and December 31, 2017, the Company’s borrowings had the following secured debt arrangements, maturities and weighted average interest rates ($ in thousands):
| June 30, 2018 (2) |  | December 31, 2017
| Maximum Amount of Borrowings |  | Borrowings Outstanding |  | Maturity (1) |  | Maximum Amount of Borrowings |  | Borrowings Outstanding |  | Maturity (1) |  | Weighted Average Rate (2)
JPMorgan Facility (USD) (3) | $ | 1,331,780 |  |  | $ | 950,634 |  |  | June 2021 |  | $ | 1,393,000 |  |  | $ | 944,529 |  |  | March 2020 |  | USD L + 2.30%
JPMorgan Facility (GBP) (3) | 50,220 |  |  | 50,220 |  |  | June 2021 |  | N/A |  |  | N/A |  |  | N/A |  | N/A
DB Repurchase Facility (USD) (4) | 698,824 |  |  | 469,200 |  |  | March 2021 |  | 472,090 |  |  | 225,367 |  |  | March 2020 |  | USD L + 2.56%
DB Repurchase Facility (GBP) (4) | 156,176 |  |  | 156,176 |  |  | March 2021 |  | 93,919 |  |  | 93,919 |  |  | March 2020 |  | GBP L + 2.60%
Goldman Facility | 300,000 |  |  | 209,014 |  |  | November 2020 |  | 331,130 |  |  | 81,380 |  |  | November 2020 |  | USD L + 2.73%
CS Facility | 145,937 |  |  | 145,937 |  |  | December 2018 |  | N/A |  |  | N/A |  |  | N/A |  | N/A
Sub-total | 2,682,937 |  |  | 1,981,181 |  |  |  |  | 2,290,139 |  |  | 1,345,195 |  |  |  |  |
less: deferred financing costs | N/A |  |  | (20,307 | ) |  |  |  | N/A |  |  | (14,348 | ) |  |  |  | N/A
Total / Weighted Average | $ | 2,682,937 |  |  | $ | 1,960,874 |  |  | $ | 2,290,139 |  |  | $ | 1,330,847 |  |  | USD L + 2.37% /
| GBP L + 2.60%
——————— (1) Maturity date assumes extensions at the Company's option are exercised. (2) Weighted average rate as of June 30, 2018 was USD L + 2.27% / GBP L + 2.30%. (3) As of June 30, 2018, the Company's secured debt arrangements with JPMorgan Chase Bank, National Association (the "JPMorgan Facility") provided for maximum total borrowings comprised of a $1.3 billion repurchase facility and $132.0 million of an asset specific financing. (4) As of June 30, 2018, the Company's secured debt arrangements with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of a $800.0 million repurchase facility and a $55.0 million asset specific financing. At June 30, 2018, the Company’s borrowings had the following remaining maturities ($ in thousands):
| Less than 1 year (1) |  | 1 to 3 years (1) |  | 3 to 5 years |  | More than 5 years |  | Total
JPMorgan Facility | $ | 115,615 |  |  | $ | 885,239 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000,854 |
DB Repurchase Facility | 123,816 |  |  | 501,560 |  |  | — |  |  | — |  |  | 625,376 |
Goldman Facility | — |  |  | 209,014 |  |  | — |  |  | — |  |  | 209,014 |
CS Facility | 145,937 |  |  | — |  |  | — |  |  | — |  |  | 145,937 |
Total | $ | 385,368 |  |  | $ | 1,595,813 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,981,181 |
——————— (1) Assumes underlying assets are financed through the fully extended maturity date of the facility. The table below summarizes the outstanding balances at June 30, 2018, as well as the maximum and average month-end balances for the six months ended June 30, 2018 for the Company's borrowings under secured debt arrangements ($ in thousands).
|  |  |  |  | For the six months ended June 30, 2018
| Balance at June 30, 2018 |  | Amortized Cost of Collateral at June 30, 2018 |  | Maximum Month-End Balance |  | Average Month-End Balance
JPMorgan Facility | $ | 1,000,854 |  |  | $ | 1,601,812 |  |  | $ | 1,000,854 |  |  | $ | 865,101 |
DB Repurchase Facility | 625,376 |  |  | 1,010,503 |  |  | 632,990 |  |  | 446,571 |
Goldman Facility | 209,014 |  |  | 280,699 |  |  | 236,764 |  |  | 135,123 |
CS Facility | 145,937 |  |  | 222,902 |  |  | 145,937 |  |  | 24,323 |
Total | $ | 1,981,181 |  |  | $ | 3,115,916 |  |  |  |  |
JPMorgan Facility In June 2018, the Company, through two indirect wholly owned subsidiaries, entered into an amendment to the Fifth Amended and Restated Master Repurchase Agreement for the JPMorgan Facility, which extended the term to June 2020, plus a one-year extension option available at the Company's option, subject to certain conditions. The JPMorgan Facility provides for maximum total borrowing capacity of $1.4 billion, comprised of a $1.25 billion repurchase facility and a $132.0 million asset specific financing and enables the Company to elect to receive advances in either U.S. dollars, British pounds ("GBP"), or Euros ("EUR"). The asset specific financing matures in February 2019. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the JPMorgan Facility. As of June 30, 2018, the Company had $1.0 billion (including £38.0 million assuming conversion into U.S. dollars) of borrowings outstanding under the JPMorgan Facility secured by certain of the Company's commercial mortgage loans. DB Repurchase Facility In April 2018, the Company, through an indirect wholly-owned subsidiary, entered into a Second Amended and Restated Master Repurchase Agreement (the "Second Amendment and Restatement") with Deutsche Bank AG, Cayman Islands Branch and Deutsche Bank AG, London Branch. The Second Amendment and Restatement provides for advances of up to $800.0 million for the sale and repurchase of eligible first mortgage loans secured by commercial or multifamily properties located in the United States, United Kingdom and the European Union, and enables the Company to elect to receive advances in either U.S. dollars, British pounds, or Euros. Additionally, the Company has $55.0 million of asset specific financings with Deutsche Bank in connection with financing first mortgage loans secured by real estate. The Second Amendment and Restatement has a maturity date of March 31, 2020 plus one one-year extension available at the Company's option, subject to certain conditions. The asset specific financings mature in September 2018. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under this facility. As of June 30, 2018, the Company had $625.4 million (including £118.3 million assuming conversion into U.S. dollars) of borrowings outstanding under the DB Repurchase Facility secured by certain of the Company's commercial mortgage loans. Goldman Facility In November 2017, the Company, through an indirect wholly-owned subsidiary, entered into a master repurchase and securities contract agreement with Goldman Sachs Bank USA (the "Goldman Facility), which provides for advances of up to $300.0 million and matures in November 2020. Margin calls may occur any time at specified margin deficit thresholds. The Company has agreed to provide a limited guarantee of the obligations of the seller under the Goldman Facility. As of June 30, 2018, the Company had total borrowings of $209.0 million of borrowings outstanding under the Goldman Facility. CS Facility In June 2018, the Company, through an indirect wholly-owned subsidiary, entered into a master repurchase agreement with Credit Suisse AG, acting through its Cayman Islands Branch and Alpine Securitization Ltd (the "CS Facility"), which provides for advances for the sale and repurchase of eligible commercial mortgage loans secured by real estate. The CS Facility matures six months after either party notifies the other party of intention to terminate. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a guarantee of the obligations of its indirect wholly-owned subsidiaries under this facility. As of June 30, 2018, the Company had total borrowings of $145.9 million (£110.5 million assuming conversion into U.S. dollars) of borrowings outstanding under the CS Facility secured by one of the Company's commercial mortgage loans. The Company was in compliance with the financial covenants under each of its secured debt arrangements at June 30, 2018 and December 31, 2017.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration