Repurchase Agreements

3 Months Ended

Mar. 31, 2019

Disclosure Of Repurchase Agreements [Abstract]

Repurchase Agreements

7. Repurchase Agreements

The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), Bank of America Merrill Lynch (the “BAML MRA”), Morgan Stanley Bank, N.A. (the “MS MRA”), MUFG Securities EMEA PLC (the “MUFG MRA”), HSBC Bank USA, National Association (the “HSBC MRA”), and Barclays Bank PLC (the “Barclays MRA”) to provide the Company with additional financing capacity secured by certain of the Company’s investments in real estate-related securities. The terms of the Citi MRA, RBC MRA, BAML MRA, MS MRA, MUFG MRA, and HSBC MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time. The Barclays MRA has a maximum facility size of $750.0 million and repurchase agreements under the Barclays MRA have longer dated maturity compared to the Company’s other master repurchase agreements. Additionally, the Barclays MRA contains specific spread and advance rate provisions based on the rating of the underlying CMBS. The Company is in compliance with all financial covenants of the Barclays MRA.

The following tables are a summary of the Company’s repurchase agreements ($ in thousands):

	March 31, 2019
Facility	Weighted Average Maturity Date(1)	Security Interests	Collateral Assets(2)		Outstanding Balance		Prepayment Provisions
Barclays MRA	9/29/2021	CMBS(3)	$	1,000,900	$	750,000	None
RBC MRA	8/12/2019	CMBS		914,020		734,083	None
MS MRA	4/15/2019	CMBS		174,220		146,558	None
MUFG MRA	4/30/2020	CMBS		104,868		81,173	None
Citi MRA	4/13/2019	CMBS		82,826		69,335	None
			$	2,276,834	$	1,781,149

	December 31, 2018
Facility	Weighted Average Maturity Date(1)	Security Interests	Collateral Assets(2)		Outstanding Balance		Prepayment Provisions
Barclays MRA	9/29/2021	CMBS(3)	$	989,059	$	750,000	None
RBC MRA	6/18/2019	CMBS		794,917		650,018	None
Citi MRA	1/13/2019	CMBS		193,372		154,736	None
MS MRA	1/15/2019	CMBS		173,050		146,569	None
MUFG MRA	4/30/2020	CMBS		15,266		12,400	None
			$	2,165,664	$	1,713,723

⁽¹⁾ Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in April 2019 into new contracts.

⁽²⁾ Represents the fair value of the Company’s investments in real estate-related securities that serve as collateral.

⁽³⁾ As of March 31, 2019 and December 31, 2018, the security interests pledged under the Barclays MRA include one corporate bond.

The weighted average interest rate of the Company’s repurchase agreements was 3.85% (L+1.35%) as of March 31, 2019. The term “L” refers to the one-month, three-month or 12-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”).