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DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of repurchase agreement
The details of the Company’s debt obligations at December 31, 2015 and 2014 are as follows ($ in thousands):
 
December 31, 2015
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at December 31, 2015(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
229,533

 
$
370,467

 
 2.08% - 2.93%
 
10/30/2016
 
(2)
 
(3)
 
$
364,978

 
$
366,676

 
Committed Loan Repurchase Facility
 
400,000

 
204,262

 
195,738

 
  2.44% - 4.33%
 
4/10/2016
 
(4)
 
(5)
 
299,714

 
342,307

(6)
Committed Loan Repurchase Facility
 
450,000

 
269,779

 
180,221

 
  2.58% - 4.33%
 
5/24/2016
 
(2)
 
(3)
 
436,901

 
466,640

(7)
Committed Loan Repurchase Facility
 
35,000

 
575

 
34,425

 
3.02%
 
10/24/2016
 
(8)
 
(9)
 
—

 
794

(10)
Total Committed Loan Repurchase Facilities
 
1,485,000

 
704,149

 
780,851

 
 
 
 
 
 
 
 
 
1,101,593

 
1,176,417

 
Committed Securities Repurchase Facility
 
300,000

 
161,887

 
138,113

 
  0.88% - 1.34%
 
10/31/2016
 
 N/A
 
(11)
 
193,530

 
193,530

 
Uncommitted Securities Repurchase Facility
 
 N/A (12)
 
394,719

 
 N/A (12)
 
  0.73% - 2.02%
 
1/2016
 
 N/A
 
(11)
 
458,615

 
458,615

 
Total Repurchase Facilities
 
1,785,000

 
1,260,755

 
918,964

 
 
 
 
 
 
 
 
 
1,753,738

 
1,828,562

 
Borrowings Under Credit Agreement
 
50,000

 
—

 
50,000

 

 
1/24/2016
 
 N/A
 
(13)
 
—

 
—

 
Revolving Credit Facility
 
75,000

 
—

 
75,000

 

 
2/11/2017
 
(2)
 
 N/A (14)
 
 N/A (14)
 
 N/A (14)
 
Mortgage Loan Financing
 
544,663

 
544,663

 
—

 
  4.25% - 6.75%
 
2018 - 2025
 
 N/A
 
(15)
 
711,090

 
788,369

 
Borrowings from the FHLB
 
2,237,113

 
1,856,700

 
380,413

 
  0.28% - 2.74%
 
2016 - 2024
 
 N/A
 
(13)
 
2,317,534

 
2,323,765

 
Senior Unsecured Notes
 
619,555

 
612,605

(16)
—

 
 5.875% - 7.375%
 
2017 -2021
 
 N/A
 
 N/A (17)
 
 N/A (17)

 
 N/A (17)

 
Total Debt Obligations
 
$
5,311,331

 
$
4,274,723

 
$
1,424,377

 
 
 
 
 
 
 
 
 
$
4,782,362

 
$
4,940,696

 
 
(1)
December 31, 2015 London Interbank Offered Rate (“LIBOR”) rates are used to calculate interest rates for floating rate debt.
(2)
Two additional twelve-month periods at Company’s option.
(3)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(4)
Three additional 364-day periods at Company’s option.
(5)
First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans.
(6)
Includes $36.5 million of loans made to consolidated subsidiaries.
(7)
Includes $28.2 million of loans made to consolidated subsidiaries.
(8)
Two six-month extension periods.
(9)
First mortgage commercial real estate loans held for sale. It does not include the real estate collateralizing such loans.
(10)
Includes $0.8 million of loans made to consolidated subsidiaries.
(11)
Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities.
(12)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(13)
First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities.
(14)
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.
(15)
Using undepreciated carrying value of commercial real estate to approximate fair value.
(16)
Presented net of unamortized debt issuance costs of $6.9 million at December 31, 2015.
(17)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

December 31, 2014

Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at December 31, 2014(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
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
 
(2)
 
(3)
 
$
278,530

 
$
279,921

Committed Loan Repurchase Facility
 
250,000

 
138,711

 
111,289

 
 2.41% - 3.04%
 
4/10/2016
 
(4)
 
(5)
 
144,858

 
145,749

Committed Loan Repurchase Facility
 
450,000

 
222,516

 
227,484

 
 2.42% - 3.16%
 
5/26/2015
 
(2)
 
(3)
 
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
 
(6)
 
214,617

 
214,617

Uncommitted Securities Repurchase Facility
 
 N/A (7)
 
747,789

 
 N/A (6)
 
 0.50% - 1.66%
 
Various
 
 N/A
 
(6)
 
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
 
(8)
 
—

 
—

Borrowings Under Credit and Security Agreement
 
46,750

 
46,750

 
—

 
2.01%
 
10/6/2015
 
(9)
 
(10)
 
54,775

 
55,000

Revolving Credit Facility
 
75,000

 
25,000

 
50,000

 
 3.66% - 5.75%
 
2/11/2017
 
(2)
 
 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

Borrowings from the FHLB
 
1,900,000

 
1,611,000

 
289,000

 
 0.30% - 2.74%
 
2015 - 2024
 
 N/A
 
(8)
 
2,068,988

 
2,073,955

Senior Unsecured Notes
 
619,555

 
610,129

(13)
—

 
 5.875% - 7.375%
 
2017 -2021
 
 N/A
 
 N/A (14)
 
 N/A (14)

 
 N/A (14)

Total Debt Obligations
 
$
4,588,715

 
$
4,182,954

 
$
1,144,124

 
 
 
 
 
 
 
 
 
$
4,593,410

 
$
4,648,313

 
(1)
December 31, 2014 London Interbank Offered Rate (“LIBOR”) rates are used to calculate interest rates for floating rate debt.
(2)
Two additional twelve-month periods at Company’s option.
(3)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(4)
One additional 364-day period at Company’s option.
(5)
First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans.
(6)
Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities.
(7)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(8)
First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities.
(9)
One additional twelve-month period.
(10)
First mortgage commercial real estate loan. It does not include the real estate collateralizing such 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 carrying value of commercial real estate to approximate fair value.
(13)
Presented net of unamortized debt issuance costs of $9.4 million at December 31, 2014.
(14)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity
The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
 
Period ending December 31,
 
Borrowings by
Maturity (1)
 
 
 

2016
 
$
2,534,105

2017
 
562,969

2018
 
89,016

2019
 
27,968

2020
 
113,802

Thereafter
 
947,761

Total
 
$
4,275,621

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