Secured Financing Agreements (Tables)

6 Months Ended

Jun. 30, 2019

Secured Financing Agreements

Summary of secured financing agreements

The following table is a summary of our secured financing agreements in place as of June 30, 2019 and December 31, 2018 (dollars in thousands):

										Carrying Value at
	Current	Extended			Pledged Asset		Maximum			June 30,		December 31,
	Maturity	Maturity (a)	Pricing		Carrying Value		Facility Size			2019		2018
Lender 1 Repo 1	(b)	(b)	LIBOR + 1.60% to 2.35%		$	1,529,783	$	2,000,000		$	1,198,746	$	1,279,979
Lender 2 Repo 1	May 2021	May 2024	LIBOR + 1.50% to 2.50%			646,549		1,100,000	(c)		509,229		384,791
Lender 4 Repo 2	May 2021	May 2023	LIBOR + 1.70% to 3.50%			1,268,735		1,000,000			766,620		552,345
Lender 6 Repo 1	Aug 2021	N/A	LIBOR + 1.50% to 2.50%			548,167		600,000			392,790		507,545
Lender 6 Repo 2	Jan 2024	N/A	GBP LIBOR + 2.45% to 2.75%, EURIBOR + 2.25%			702,382		544,973			534,598		312,437
Lender 7 Repo 1	Sep 2021	Sep 2023	LIBOR + 1.50% to 2.25%			152,326		250,000			121,758		71,720
Lender 10 Repo 1	May 2021	May 2023	LIBOR + 1.50% to 2.75%			200,417		164,840			160,480		160,480
Lender 11 Repo 1	Feb 2021	N/A	LIBOR + 2.10%			199,105		400,000			161,046		—
Lender 11 Repo 2	Sep 2019	Sep 2023	LIBOR + 2.00% to 2.50%			355,069		500,000			220,690		270,690
Lender 12 Repo 1	Jun 2021	Jun 2024	LIBOR + 1.50% to 2.45%			237,609		250,000			179,940		43,500
Lender 13 Repo 1	(d)	(d)	LIBOR + 1.45% to 1.50%			137,599		200,000			106,124		14,824
Lender 14 Repo 1	Jun 2022	Jun 2023	LIBOR + 1.75% to 2.50%			—		750,000	(e)		—		—
Lender 7 Secured Financing	Apr 2022	Apr 2024	LIBOR + 2.25%	(f)		—		650,000	(g)		—		—
Conduit Repo 2	Jun 2022	Jun 2023	LIBOR + 2.10%			91,807		200,000			70,760		35,034
Conduit Repo 3	Feb 2020	Feb 2021	LIBOR + 2.10%			110,625		150,000			82,988		—
MBS Repo 1	(h)	(h)	N/A			—		—			—		—
MBS Repo 2	Dec 2020	N/A	LIBOR + 1.55% to 1.75%			192,439		137,651			137,651		159,202
MBS Repo 3	(i)	(i)	LIBOR + 1.30% to 1.85%			650,064		385,056			385,056		427,942
MBS Repo 4	(j)	N/A	LIBOR + 1.25%			148,819		100,000			60,000		13,824
MBS Repo 5	Dec 2028	Oct 2029	4.09%			85,080		150,000			78,677		55,437
Investing and Servicing Segment Property Mortgages	May 2020 to Jun 2026	N/A	Various			258,437		242,499			224,601		219,237
Ireland Mortgage	Oct 2025	N/A	1.93%			450,129		359,677			359,677		362,854
Woodstar I Mortgages	Nov 2025 to Oct 2026	N/A	3.72% to 3.97%			341,271		276,748			276,748		276,748
Woodstar I Government Financing	Mar 2026 to Jun 2049	N/A	1.00% to 5.00%			196,030		130,031			130,031		131,179
Woodstar II Mortgages	Jan 2028 to Apr 2028	N/A	3.81% to 3.85%			523,013		417,669			417,669		417,669
Woodstar II Government Financing	Jun 2030 to Aug 2052	N/A	1.00% to 3.19%			38,421		25,147			25,147		25,311
Medical Office Mortgages	Dec 2021	Dec 2023	LIBOR + 2.50%			664,205		524,499			494,309		492,828
Master Lease Mortgages	Oct 2027	N/A	4.38%			328,890		194,900			194,900		194,900
Infrastructure Acquisition Facility	Sep 2021	Sep 2022	Various	(k)		1,276,574		1,265,209			980,149		1,551,148
Infrastructure Repo	Feb 2020	Feb 2021	LIBOR + 1.75%			328,888		500,000			275,472		—
Term Loan A	Dec 2020	Dec 2021	LIBOR + 2.25%	(f)		945,026		300,000			300,000		300,000
Revolving Secured Financing	Dec 2020	Dec 2021	LIBOR + 2.25%	(f)		—		100,000			—		—
FHLB	Feb 2021	N/A	Various			957,674		2,000,000			513,754		500,000
					$	13,565,133	$	15,868,899			9,359,610		8,761,624
Unamortized net discount											(2,030)		(963)
Unamortized deferred financing costs											(72,693)		(77,096)
										$	9,284,887	$	8,683,565

(a) Subject to certain conditions as defined in the respective facility agreement.

(b) Maturity date for borrowings collateralized by loans is April 2021 with three one-year extension options to April 2024. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed April 2028.

(c) The initial maximum facility size of $800.0 million may be increased to $1.1 billion at our option, subject to certain conditions.

(d) Maturity date for borrowings collateralized by loans is May 2020 with an additional extension option to August 2021. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions.

(e) The initial maximum facility size of $500.0 million may be increased to $750.0 million, subject to certain conditions.

(f) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement.

(g) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions.

(h) Facility carries a rolling 11-month term which may reset monthly with the lender’s consent. This facility carries no maximum facility size.

(i) Facility carries a rolling 12-month term which may reset monthly with the lender’s consent. Current maturity is June 2020. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of June 30, 2019.

(j) The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2020.

(k) Consists of an annual interest rate of the applicable currency benchmark index + 1.50%. The spread increases 25 bps in each of the second and third years of the facility which was entered into in September 2018.

Schedule of five-year principal repayments for secured financings

	Repurchase		Other Secured
	Agreements		Financing		Total
2019 (remainder of)	$	97,607	$	179,871	$	277,478
2020		824,360		178,971		1,003,331
2021		1,379,216		823,202		2,202,418
2022		760,605		693,744		1,454,349
2023		1,753,224		566,892		2,320,116
Thereafter		627,613		1,474,305		2,101,918
Total	$	5,442,625	$	3,916,985	$	9,359,610

Schedule of outstanding balance of repurchase agreements related to the following asset collateral classes

The following table sets forth our outstanding balance of repurchase agreements related to the following asset collateral classes as of June 30, 2019 and December 31, 2018 (amounts in thousands):

Class of Collateral	June 30, 2019		December 31, 2018
Loans held-for-investment	$	4,466,447	$	3,567,786
Loans held-for-sale		314,794		65,559
Investment securities		661,384		656,405
	$	5,442,625	$	4,289,750