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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On January 22, 2019, we exercised our option to acquire the remaining 80% interest in 5 Arches for a combination of cash and common stock totaling $40 million. A portion of this remaining consideration is contingent upon 5 Arches achieving certain origination volumes over the next two years. This acquisition is expected to close in the first quarter of 2019, subject to customary closing conditions. We have owned a 20% interest in 5 Arches since May 2018, as described in Note 10.
On January 29, 2019, we invested in a limited partnership created to acquire $1 billion of floating rate, light-renovation multifamily loans from Freddie Mac. We committed to fund an aggregate of $78 million to the partnership and have funded approximately $20 million as of February 28, 2019. Freddie Mac is providing a debt facility to finance loans purchased by the partnership. After the partnership's acquisitions have reached a specific threshold, the partnership and Freddie Mac may agree to include the related loans in a Freddie Mac-sponsored securitization. The limited partners may acquire subordinate securities issued in such securitization.
On January 29, 2019, we sold 11,500,000 shares of common stock in an underwritten public offering, resulting in net proceeds of approximately $177 million.