Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2021

The following table is a summary of our secured financing agreements in place as of March 31, 2021 and December 31, 2020 (dollars in thousands):


												Outstanding Balance at
	Current		Extended		Weighted Average	Pledged Asset			Maximum			March 31,			December 31,
	Maturity		Maturity (a)		Pricing	Carrying Value			Facility Size			2021			2020
Repurchase Agreements:
Commercial Loans	May 2021 to Aug 2025	(b)	May 2023 to Mar 2029	(b)	(c)	$	8,088,081		$	9,164,525	(d)	$	5,592,652		$	4,878,939
Residential Loans	Jan 2022 to Oct 2023		N/A		LIBOR + 2.09%		428,877			1,750,000			328,620			22,590
Infrastructure Loans	Feb 2022		N/A		LIBOR + 2.00%		295,516			500,000			246,136			232,961
Conduit Loans	Feb 2022 to Jun 2023		Feb 2023 to Jun 2024		LIBOR + 2.15%		147,523			350,000			111,087			53,554
CMBS/RMBS	Dec 2021 to Oct 2030	(e)	Mar 2022 to Apr 2031	(e)	(f)		1,112,819			823,365			668,993	(g)		620,763
Total Repurchase Agreements							10,072,816			12,587,890			6,947,488			5,808,807
Other Secured Financing:
Borrowing Base Facility	Apr 2022		Apr 2024		LIBOR + 2.25%		304,076			650,000	(h)		223,302			43,014
Commercial Financing Facility	Mar 2022		Mar 2029		GBP LIBOR + 1.75%		101,559			81,847			81,847			81,218
Residential Financing Facility	Sep 2022		Sep 2025		3.50%		163,545			250,000			1,515			215,024
Infrastructure Acquisition Facility	Sep 2021		Sep 2022		(i)		525,611			517,498			414,503			467,450
Infrastructure Financing Facilities	Jul 2022 to Oct 2022		Oct 2024 to Jul 2027		LIBOR + 2.04%		699,684			1,250,000			548,956			538,645
Property Mortgages - Fixed rate	Nov 2024 to Aug 2052	(j)	N/A		4.03%		1,271,385			1,155,306			1,155,306			1,077,528
Property Mortgages - Variable rate	Nov 2021 to Jul 2030		N/A		(k)		929,800			985,453			960,901			960,903
Term Loan and Revolver	(l)		N/A		(l)		N/A	(l)		763,375			643,375			645,000
Federal Home Loan Bank	N/A		N/A		N/A		—			—			—			396,000
Total Other Secured Financing							3,995,660			5,653,479			4,029,705			4,424,782
						$	14,068,476		$	18,241,369			10,977,193			10,233,589
Unamortized net discount													(13,149)			(13,569)
Unamortized deferred financing costs													(68,112)			(73,830)
												$	10,895,932		$	10,146,190

(a)

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

(b)

For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions.

(c)

Certain facilities with an outstanding balance of $1.9 billion as of March 31, 2021 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.01%.

(d)

The aggregate initial maximum facility size may be increased at our option, subject to certain conditions. The $9.2 billion amount includes such upsizes.

(e)

Certain facilities with an outstanding balance of $280.3 million as of March 31, 2021 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size.

(f)

A facility with an outstanding balance of $212.0 million as of March 31, 2021 has a weighted average fixed annual interest rate of 3.29%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.92%.

(g)

Includes: (i) $212.0 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.3 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 14).

(h)

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

(i)

Consists of an annual interest rate of the applicable currency benchmark index + 2.00%.

(j)

The weighted average maturity is 6.5 years as of March 31, 2021.

(k)

Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of LIBOR + 2.59%.

(l)

Consists of: (i) a 643.4 million term loan facility that matures in July 2026, of which $394.0 million has an annual interest rate of LIBOR + 2.50% and $249.4 million has an annual interest rate of LIBOR + 3.50%, subject to a 75 bps LIBOR floor, and (ii) a $120.0 million revolving credit facility that matures in July 2024 with an annual interest rate of LIBOR + 3.00%. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $4.2 billion as of March 31, 2021.

Schedule of collateralized loan obligations

The following table is a summary of our CLO as of March 31, 2021 and December 31, 2020 (amounts in thousands):

Face

Carrying

Weighted

March 31, 2021

Count

Amount

Value

Average Spread

Maturity

Collateral assets

1,099,693

1,099,639

LIBOR + 4.21%

(a)

May 2024

(b)

Financing

936,375

931,178

LIBOR + 1.63%

(c)

July 2038

(d)

December 31, 2020

Collateral assets

1,002,445

1,099,439

LIBOR + 3.93%

(a)

Apr 2024

(b)

Financing

936,375

930,554

LIBOR + 1.64%

(c)

July 2038

(d)

(a)	Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period. There were no fixed-rate loans financed by the CLO as of March 31, 2021 and December 31, 2020.

(b)	Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets.

(c)	Represents the weighted-average cost of financing incurred during the respective year-to-date period, inclusive of deferred issuance costs.

(d)	Repayments of the CLO are tied to timing of the related collateral asset repayments. The term of the CLO financing obligation represents the legal final maturity date.

Schedule of five-year principal repayments for secured financings


	Repurchase		Other Secured
	Agreements		Financing		CLO			Total
2021 (remainder of)	$	302,200	$	58,768	$	—		$	360,968
2022		1,548,791		419,128		—			1,967,919
2023		1,450,262		803,315		—			2,253,577
2024		1,480,044		475,383		—			1,955,427
2025		1,510,607		248,376		—			1,758,983
Thereafter		655,584		2,024,735		936,375	(a)		3,616,694
Total	$	6,947,488	$	4,029,705	$	936,375		$	11,913,568

(a)	Assumes utilization of the reinvestment feature.