DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of outstanding balances and total commitments under the Funding Agreements

As of December 31, 2019 and 2018, the outstanding balances and total commitments under the Financing Agreements consisted of the following ($ in thousands):



	As of December 31,
	2019					2018
	Outstanding Balance		Total Commitment			Outstanding Balance		Total Commitment
Wells Fargo Facility	$	360,354	$	500,000		$	274,071	$	500,000
Citibank Facility	126,603		325,000			184,003		325,000
BAML Facility	36,280		36,280		(1)	36,280		125,000
CNB Facility	30,500		50,000		(2)	—		50,000
MetLife Facility	131,807		180,000			135,145		180,000
U.S. Bank Facility	43,045		185,989			148,475		185,989
Notes Payable	56,155		84,155			—		—
Secured Term Loan	110,000		110,000			110,000		110,000
Total	$	894,744	$	1,471,424		$	887,974	$	1,475,989

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(1)

In May 2019, the Company’s borrowing period for new individual loans under the BAML Facility (as defined below) expired and its term was not extended. As such, the total commitment amount under the BAML Facility as of December 31, 2019 represents the outstanding balance under the facility at the time the borrowing period expired, which was permitted to remain outstanding until September 2019, per the original terms of the BAML Facility. In September 2019, the Company amended the BAML Facility to extend the maturity date for the outstanding balance to December 4, 2019. In addition, in December 2019, the Company amended the BAML Facility to extend the maturity date for the outstanding balance to March 3, 2020.


(2)	In June 2019, the Company amended the CNB Facility (as defined below) to add an accordion feature that provides for, subject to approval by City National Bank in its sole discretion, an increase in the commitment amount from $50.0 million to $75.0 million for up to a period of 120 days once per calendar year.

Schedule of principal maturities of the Company's secured funding agreements and the 2015 Convertible Notes

At December 31, 2019, approximate principal maturities of the Company’s Financing Agreements are as follows ($ in thousands):



	Wells Fargo Facility		Citibank Facility		BAML Facility		CNB Facility		MetLife Facility		U.S. Bank Facility		Notes Payable		Secured Term Loan		Total
2020	$	360,354	$	—	$	36,280	$	30,500	$	131,807	$	43,045	$	—	$	110,000	$	711,986
2021	—		126,603		—		—		—		—		—		—		126,603
2022	—		—		—		—		—		—		—		—		—
2023	—		—		—		—		—		—		—		—		—
2024	—		—		—		—		—		—		56,155		—		56,155
Thereafter	—		—		—		—		—		—		—		—		—
	$	360,354	$	126,603	$	36,280	$	30,500	$	131,807	$	43,045	$	56,155	$	110,000	$	894,744