DEBT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of repurchase agreement

The details of the Company’s debt obligations at September 30, 2015 and December 31, 2014 are as follows ($ in thousands):

September 30, 2015

Debt Obligations	Committed Financing		Debt Obligations Outstanding		Committed but Unfunded		Interest Rate at September 30, 2015	Current Term Maturity	Remaining Extension Options	Eligible Collateral (1)	Carrying Amount of Collateral		Fair Value of Collateral
Committed Loan Repurchase Facility	$	600,000	$	218,516	$	381,484	1.96% - 2.71%	10/30/2016	(3)	(6)	$	323,137	$	325,108
Committed Loan Repurchase Facility	400,000		128,955		271,045		2.45% - 4.21%	4/10/2016	(4)	(7)	253,930		255,235
Committed Loan Repurchase Facility	450,000		276,540		173,460		2.45% - 4.21%	5/24/2016	(3)	(6)	498,487		502,738
Total Committed Loan Repurchase Facilities	1,450,000		624,011		825,989						1,075,554		1,083,081
Committed Securities Repurchase Facility	300,000		161,529		138,471		0.88% - 1.30%	10/31/2016	N/A	(8)	193,271		193,271
Uncommitted Securities Repurchase Facility	N/A (2)		405,786		N/A (2)		0.50% - 1.82%	10/2015	N/A	(8)	479,670		479,670
Total Repurchase Facilities	1,750,000		1,191,326		964,460						1,748,495		1,756,022
Borrowings Under Credit Agreement	50,000		20,400		29,600		2.94% - 2.96%	1/24/2016	N/A	(9)	21,765		22,920
Revolving Credit Facility	75,000		50,000		25,000		3.69% - 5.75%	2/11/2017	(3)	N/A (11)	N/A (11)		N/A (11)
Mortgage Loan Financing	555,786		555,786		—		4.25% - 6.75%	2018 - 2025	N/A	(12)	723,407		796,740
FHLB Financing	2,248,712		1,786,000		462,712		0.27% - 2.74%	2015 - 2024	N/A	(9)	2,250,547		2,258,794
Total Debt Obligations	$	4,679,498	$	3,603,512	$	1,481,772					$	4,744,214	$	4,834,476

(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

(3) Two additional twelve month periods at Company's option

(4) Three additional 364 day periods at Company's option

(5) One additional twelve month period

(6) First mortgage commercial real estate loans

(7) First mortgage and mezzanine commercial real estate loans

(8) Investment grade commercial real estate securities

(9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities

(10) First mortgage commercial real estate loan

(11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.

(12) Using undepreciated value of commercial real estate to approximate fair value

December 31, 2014

Debt Obligations	Committed Financing		Debt Obligations Outstanding		Committed but Unfunded		Interest Rate at December 31, 2014	Current Term Maturity	Remaining Extension Options	Eligible Collateral (1)	Carrying Amount of Collateral		Fair Value of Collateral
Committed Loan Repurchase Facility	$	450,000	$	147,796	$	302,204	2.42% - 2.66%	10/30/2016	(3)	(6)	$	278,530	$	279,921
Committed Loan Repurchase Facility	250,000		138,711		111,289		2.41% - 3.04%	4/10/2016	(4)	(7)	144,858		145,749
Committed Loan Repurchase Facility	450,000		222,516		227,484		2.42% - 3.16%	5/26/2015	(3)	(6)	378,573		380,344
Total Committed Loan Repurchase Facilities	1,150,000		509,023		640,977						801,961		806,014
Committed Securities Repurchase Facility	300,000		174,853		125,147		0.87% - 1.27%	4/30/2015	N/A	(8)	214,617		214,617
Uncommitted Securities Repurchase Facility	N/A (2)		747,789		N/A (2)		0.50% - 1.66%	Various	N/A	(8)	861,456		861,456
Total Repurchase Facilities	1,450,000		1,431,665		766,124						1,878,034		1,882,087
Borrowings Under Credit Agreement	50,000		11,000		39,000		2.91%	1/24/2016	N/A	(9)	—		—
Borrowings Under Credit and Security Agreement	46,750		46,750		—		2.01%	10/6/2015	(5)	(10)	54,775		55,000
Revolving Credit Facility	75,000		25,000		50,000		3.66% - 5.75%	2/11/2017	(3)	N/A (11)	N/A (11)		N/A (11)
Mortgage Loan Financing	447,410		447,410		—		4.25% - 6.75%	2018 - 2024	N/A	(12)	591,613		637,271
FHLB Financing	1,900,000		1,611,000		289,000		0.30% - 2.74%	2015 - 2024	N/A	(9)	2,068,988		2,073,955
Total Debt Obligations	$	3,969,160	$	3,572,825	$	1,144,124					$	4,593,410	$	4,648,313

(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

(3) Two additional twelve month periods at Company's option

(4) One additional 364 day period at Company's option

(5) One additional twelve month period

(6) First mortgage commercial real estate loans

(7) First mortgage and mezzanine commercial real estate loans

(8) Investment grade commercial real estate securities

(9) First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities

(10) First mortgage commercial real estate loan

(11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.

(12) Using undepreciated value of commercial real estate to approximate fair value

Schedule of contractual payments under all borrowings by maturity

The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):

Period ending December 31,	Borrowings by Maturity (1)(2)
2015 (last 3 months)	$	685,221
2016	1,746,509
2017	610,534
2018	78,502
2019	28,731
Thereafter	1,066,535
Total	$	4,216,032

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

(2) Includes $612.0 million of the Company’s senior unsecured notes. Refer to Note 8.