Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

The following table sets forth data with respect to our repurchase and loan agreements as of September 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
September 30, 2020
CS Repurchase Agreement	6/29/2021		1-month LIBOR + 3.50%	(1)	$	118,549	$	200,000	$	81,451	$	125,834

HOME II Loan Agreement	11/9/2020	(2)	1-month LIBOR + 2.10%	(3)	83,270		83,270		—		96,207
HOME III Loan Agreement	11/9/2020	(2)	1-month LIBOR + 2.10%	(3)	89,149		89,149		—		106,619
HOME IV Loan Agreement (A)	12/9/2022		4.00%		114,201		114,201		—		139,095
HOME IV Loan Agreement (B)	12/9/2022		4.00%		114,590		114,590		—		139,983
Term Loan Agreement	4/6/2022		5.00%		99,782		99,782		—		108,820
FYR SFR Loan Agreement	9/1/2028		4.65%		508,700		508,700		—		566,466
MS Loan Agreement	12/7/2023		1-month LIBOR + 1.80%	(4)	504,545		504,545		—		584,202
Amherst Promissory Note	5/4/2022		1-month LIBOR + 5.00%		—		20,000		20,000		—
					1,632,786		$	1,734,237	$	101,451	$	1,867,226
Less: unamortized loan discounts					(2,684)
Less: deferred debt issuance costs					(9,134)
					$	1,620,968

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. We intend to exercise our option to extend the maturity date until November 9, 2021.

(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.