XML 46 R33.htm IDEA: XBRL DOCUMENT v3.4.0.3
DEBT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Schedule of repurchase agreement
The details of the Company’s debt obligations at March 31, 2016 and December 31, 2015 are as follows ($ in thousands):
 
March 31, 2016
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at March 31, 2016(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
207,849

 
$
392,151

 
 2.19% - 2.94%
 
10/30/2016
 
(2)
 
(3)
 
$
339,106

 
$
340,373

 
Committed Loan Repurchase Facility
 
400,000

 
176,746

 
223,254

 
  2.68% - 4.44%
 
4/9/2017
 
(4)
 
(5)
 
334,212

 
369,623

(6)
Committed Loan Repurchase Facility
 
450,000

 
148,731

 
301,269

 
  2.69% - 4.36%
 
5/24/2016
 
(2)
 
(3)
 
272,933

 
297,116

(7)
Committed Loan Repurchase Facility
 
35,000

 
2,262

 
32,738

 
 3.03% - 3.04%
 
10/24/2016
 
(8)
 
(9)
 
—

 
3,193

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

 
535,588

 
949,412

 
 
 
 
 
 
 
 
 
946,251

 
1,010,305

 
Committed Securities Repurchase Facility
 
300,000

 
203,059

 
96,941

 
  0.88% - 2.43%
 
10/31/2016
 
 N/A
 
(11)
 
245,022

 
245,022

 
Uncommitted Securities Repurchase Facility
 
 N/A (12)
 
365,692

 
 N/A (12)
 
  0.75% - 2.14%
 
4/2016 - 6/2016
 
 N/A
 
(11)
 
435,941

 
435,941

 
Total Repurchase Facilities
 
1,785,000

 
1,104,339

 
1,046,353

 
 
 
 
 
 
 
 
 
1,627,214

 
1,691,268

 
Borrowings Under Credit Agreement
 
50,000

 
—

 
50,000

 

 
4/24/2016
 
 N/A
 
(13)
 
—

 
—

 
Revolving Credit Facility
 
143,000

 
—

 
143,000

 

 
2/11/2017
 
(2)
 
 N/A (14)
 
 N/A (14)
 
 N/A (14)
 
Mortgage Loan Financing
 
547,776

 
547,776

 
—

 
  4.25% - 6.75%
 
2018 - 2026
 
 N/A
 
(15)
 
712,468

 
799,169

 
Borrowings from the FHLB
 
2,221,955

 
1,881,200

 
340,755

 
  0.38% - 2.74%
 
2016 - 2024
 
 N/A
 
(13)
 
2,355,506

 
2,363,781

 
Senior Unsecured Notes
 
563,872

 
558,134

(16)
—

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

 
 N/A (17)

 
Total Debt Obligations
 
$
5,311,603

 
$
4,091,449

 
$
1,580,108

 
 
 
 
 
 
 
 
 
$
4,695,188

 
$
4,854,218

 
 
(1)
March 31, 2016 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
Two additional 12-month periods at Company’s option.
(3)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(4)
Two 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 $32.2 million of loans made to consolidated subsidiaries.
(7)
Includes $22.9 million of loans made to consolidated subsidiaries.
(8)
Two additional 6-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 $3.2 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 $5.7 million at March 31, 2016.
(17)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

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 (6)
 
  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 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
Two additional 12-month periods at Company’s option.
(3)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(4)
Two 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 6-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 $6.9 million at December 31, 2015.
(17)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity
The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
 
Period ending December 31,
 
Borrowings by
Maturity (1)
 
 
 

2016 (last 9 months)
 
$
1,780,462

2017
 
742,698

2018
 
229,016

2019
 
57,468

2020
 
113,802

Thereafter
 
1,167,723

Subtotal
 
$
4,091,169

Debt issuance costs included in senior unsecured notes
 
(5,738
)
Premiums included in mortgage loan financing
 
6,018

Total
 
4,091,449

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