Repurchase Agreements

9 Months Ended

Sep. 30, 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):

	September 30, 2019
Facility	Weighted Average Maturity Date(1)	Security Interests	Collateral Assets(2)		Outstanding Balance		Prepayment Provisions
RBC MRA	12/2/2019	CMBS(3)	$	1,417,654	$	1,132,662	None
Barclays MRA	9/29/2021	CMBS		988,935		750,000	None
MS MRA	10/15/2019	CMBS/RMBS		531,410		442,241	None
Citi MRA	10/19/2019	CMBS		343,158		254,324	None
MUFG MRA	4/30/2020	CMBS		83,975		63,532	None
BAML MRA	10/23/2019	CMBS(3)		4,755		3,575	None
			$	3,369,887	$	2,646,334

	December 31, 2018
Facility	Weighted Average Maturity Date	Security Interests	Collateral Assets(2)		Outstanding Balance		Prepayment Provisions
Barclays MRA	9/29/2021	CMBS(4)	$	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 October 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 September 30, 2019, the security interests pledged under the RBC MRA and BAML MRA include 10 corporate bonds and one corporate bond, respectively.

⁽⁴⁾ As of 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 3.20% (L+1.20%) as of September 30, 2019. The term “L” refers to the one-month U.S. dollar-denominated LIBOR.