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DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Schedule of repurchase agreement
December 31, 2014
 
Committed
Amount
 
Outstanding
Amount
 
Committed but
Unfunded
 
Interest Rate(s)
at December 31, 2014
 
Current Term Maturity
 
Remaining
Extension
Options
 
Eligible
Collateral (1)
 
Carrying
Amount of
Collateral
 
Fair
Value of
Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
450,000,000

 
$
147,796,694

 
$
302,203,306

 
Between 2.42% and 2.66%
 
10/30/2016
 
Two additional twelve month periods at Company’s option
 
First mortgage commercial real estate loans
 
$
278,530,141

 
$
279,921,708

$
250,000,000

 
$
138,711,146

 
$
111,288,854

 
Between 2.41% and 3.04%
 
4/10/2016
 
One additional 364 day period at Company’s option
 
First mortgage and mezzanine commercial real estate loans
 
$
144,857,341

 
$
145,748,847

$
450,000,000

 
$
222,515,907

 
$
227,484,093

 
Between 2.42% and 3.16%
 
5/26/2015
 
Two additional twelve month periods at Company’s option
 
First mortgage commercial real estate loans
 
$
378,573,214

 
$
380,343,917

$
1,150,000,000

 
$
509,023,747

 
$
640,976,253

 
 
 
 
 
 
 
 
 
$
801,960,696

 
$
806,014,472

$
300,000,000

 
$
174,852,934

 
$
125,147,066

 
 
 
4/30/2015
 
N/A
 
Investment grade commercial real estate securities
 
$
214,616,911

 
$
214,616,911

N/A (2)

 
$
747,789,000

 
N/A (2)

 
Between 0.50% and 1.66%
 
Various
 
N/A
 
Investment grade commercial real estate securities
 
$
861,456,415

 
$
861,456,415

$
1,450,000,000

 
$
1,431,665,681

 
$
766,123,319

 
 
 
 
 
 
 
 
 
$
1,878,034,022

 
$
1,882,087,798

 
(1)
Collateral includes first mortgage and mezzanine real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities.
(2)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.

December 31, 2013
 
Committed
Amount
 
Outstanding
Amount
 
Committed but
Unfunded
 
Interest Rate(s)
at December 31, 2013
 
Current Term Maturity
 
Remaining
Extension
Options
 
Eligible
Collateral (1)
 
Carrying
Amount of
Collateral
 
Fair
Value of
Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
300,000,000

 
$
22,749,015

 
$
277,250,985

 
Between 2.42% and 2.67%
 
5/18/2015
 
Two additional twelve month periods at Company’s option
 
First mortgage commercial real estate loans
 
$
46,084,620

 
$
46,483,618

$
250,000,000

 
$
28,407,500

 
$
221,592,500

 
Between 2.42% and 3.04%
 
4/10/2014
 
Two additional 364 day periods at Company’s option
 
First mortgage commercial real estate loans
 
$
41,428,429

 
$
41,518,063

$
450,000,000

 
$
60,423,328

 
$
389,576,672

 
Between 2.41% and 3.18%
 
5/26/2015
 
Two additional twelve month periods at Company’s option
 
First mortgage commercial real estate loans
 
$
132,160,677

 
$
132,673,364

$
300,000,000

 
$
47,732,500

 
$
252,267,500

 
Between 2.66% and 2.67%
 
1/24/2014
 
N/A
 
First mortgage commercial real estate loans
 
$
65,350,000

 
$
65,813,055

$
1,300,000,000

 
$
159,312,343

 
$
1,140,687,657

 
 
 
 
 
 
 
 
 
$
285,023,726

 
$
286,488,100

$
600,000,000

 
$
88,921,450

 
$
511,078,550

 
Between 1.26% and 1.27%
 
4/30/2015
 
N/A
 
Investment grade commercial real estate securities
 
$
110,400,378

 
$
110,400,378

N/A (2)

 
$
361,601,000

 
N/A (2)

 
Between 0.42% and 1.67%
 
1/17/2014
 
N/A
 
Investment grade commercial real estate securities
 
$
440,721,692

 
$
440,721,692

$
1,900,000,000

 
$
609,834,793

 
$
1,651,766,207

 
 
 
 
 
 
 
 
 
$
836,145,796

 
$
837,610,170

 
(1)
Collateral includes first mortgage real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities.
(2)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
Schedule of contractual payments under all borrowings by maturity
The following schedule reflects the Company’s contractual payments under all borrowings by maturity:
 
Period ending December 31,
 
Borrowings by
Maturity (1)
 
 
 

2015
 
$
2,155,163,140

2016
 
484,321,730

2017
 
502,696,941

2018
 
54,558,934

2019
 
28,458,573

Thereafter
 
961,930,576

Total
 
$
4,187,129,894

 
(1) Contractual payments under current maturities, some of which are subject to extensions.

The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $900.3 million of the total equity is restricted from payment as a dividend by the Company at December 31, 2014.