Borrowings (Tables)

6 Months Ended

Jun. 30, 2020

The following table sets forth data with respect to our repurchase and loan agreements as of June 30, 2020 and December 31, 2019 ($ in thousands):


	Maturity Date		Interest Rate		Amount Outstanding			Maximum Borrowing Capacity		Amount of Available Funding		Book Value of Collateral
June 30, 2020
CS Repurchase Agreement	6/29/2021		1-month LIBOR + 3.50%	(1)	$	128,153		$	200,000	$	71,847	$	138,499

HOME II Loan Agreement	11/9/2020	(2)	1-month LIBOR + 2.10%	(3)	83,270			83,270		—		96,872
HOME III Loan Agreement	11/9/2020	(2)	1-month LIBOR + 2.10%	(3)	89,149			89,149		—		107,387
HOME IV Loan Agreement (A)	12/9/2022		4.00%		114,201			114,201		—		140,036
HOME IV Loan Agreement (B)	12/9/2022		4.00%		114,590			114,590		—		140,830
Term Loan Agreement	4/6/2022		5.00%		99,782			99,782		—		109,484
FYR SFR Loan Agreement	9/1/2028		4.65%		508,700			508,700		—		567,408
MS Loan Agreement	12/7/2023		1-month LIBOR + 1.80%	(4)	504,545			504,545		—		587,866
Amherst Promissory Note	5/4/2022		1-month LIBOR + 5.00%		—			20,000		20,000		—
					1,642,390			$	1,734,237	$	91,847	$	1,888,382
Less: unamortized loan discounts							(3,000)
Less: deferred debt issuance costs							(10,107)
					$	1,629,283

December 31, 2019
CS Repurchase Agreement	2/15/2020		1-month LIBOR + 2.30%		$	109,002		$	250,000	$	140,998	$	111,593
Nomura Loan Agreement	4/3/2020		1-month LIBOR + 2.30%		33,671			250,000		216,329		38,423
HOME II Loan Agreement	11/9/2020		1-month LIBOR + 2.10%		83,270			83,270		—		98,150
HOME III Loan Agreement	11/9/2020		1-month LIBOR + 2.10%		89,150			89,150		—		108,860
HOME IV Loan Agreement (A)	12/9/2022		4.00%		114,201			114,201		—		141,787
HOME IV Loan Agreement (B)	12/9/2022		4.00%		114,590			114,590		—		142,620
Term Loan Agreement	4/6/2022		5.00%		99,782			99,782		—		111,061
FYR SFR Loan Agreement	9/1/2028		4.65%		508,700			508,700		—		573,961
MS Loan Agreement	12/7/2023		1-month LIBOR + 1.80%		504,986			504,986		—		595,650
					1,657,352			$	2,014,679	$	357,327	$	1,922,105
Less: unamortized loan discounts							(3,632)
Less: deferred debt issuance costs							(9,490)
					$	1,644,230

_____________

(1)Subject to a 1-month LIBOR floor of 0.50%.

(2)Represents the current maturity date. We have the option to extend the maturity date for up to three successive one-year extensions, the first of which we exercised on October 17, 2019.

(3)The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 10.

(4)The interest rate is capped at 4.30% under an interest rate cap derivative. See Note 10.