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DEBT OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of repurchase agreement
The details of the Company’s debt obligations at September 30, 2016 and December 31, 2015 are as follows ($ in thousands):
 
September 30, 2016
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at September 30, 2016(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
276,978

 
$
323,022

 
 2.27% - 3.03%
 
10/30/2017
 
(2)
 
(3)
 
$
442,221

 
$
447,038

 
Committed Loan Repurchase Facility
 
450,000

 
187,031

 
262,969

 
  2.77% - 3.52%
 
5/24/2017
 
(4)
 
(3)
 
271,091

 
290,496

(5)
Committed Loan Repurchase Facility
 
400,000

 
120,690

 
279,310

 
  2.77% - 3.77%
 
4/9/2017
 
(6)
 
(7)
 
281,269

 
303,158

(8)
Committed Loan Repurchase Facility
 
100,000

 
—

 
100,000

 
—
 
6/28/2019
 
—
 
(3)
 
—

 
—


Committed Loan Repurchase Facility
 
100,000

 
37,944

 
62,056

 
2.81% - 3.53%
 
8/2/2019
 
(9)
 
(3)
 
51,559

 
56,959

(10)
Total Committed Loan Repurchase Facilities
 
1,650,000

 
622,643

 
1,027,357

 
 
 
 
 
 
 
 
 
1,046,140

 
1,097,651

 
Committed Securities Repurchase Facility
 
400,000

 
380,319

 
19,681

 
  0.88% - 2.29%
 
7/1/2018
 
 N/A
 
(11)
 
442,288

 
442,288

 
Uncommitted Securities Repurchase Facility
 
 N/A (12)
 
455,365

 
 N/A (12)
 
  0.80% - 2.33%
 
10/2016 - 12/2016
 
 N/A
 
(11)
 
534,336

 
534,336

 
Total Repurchase Facilities
 
2,050,000

 
1,458,327

 
1,047,038

 
 
 
 
 
 
 
 
 
2,022,764

 
2,074,275

 
Revolving Credit Facility
 
143,000

 
100,000

 
43,000

 
3.02% - 3.69%
 
2/11/2017
 
(13)
 
 N/A (14)
 
 N/A (14)
 
 N/A (14)
 
Mortgage Loan Financing
 
575,533

 
575,533


—

 
 4.25% - 6.75%
 
2018 - 2026
 
 N/A
 
(15)
 
746,082

 
851,061

(16)
Mortgage Loan Receivable Financing
 
63,177

 
63,177

 
—

 
N/A
 
 N/A
 
 N/A
 
 N/A
 
 N/A

 
 N/A

 
Borrowings from the FHLB
 
2,251,046

 
1,844,700

 
406,346

 
  0.38% - 3.02%
 
2016 - 2024
 
 N/A
 
(17)
 
2,354,675

 
2,371,672

 
Senior Unsecured Notes
 
563,872

 
559,274

(18)
—

 
 5.875% - 7.375%
 
2017 -2021
 
 N/A
 
 N/A (19)
 
 N/A (19)

 
 N/A (19)

 
Total Debt Obligations
 
$
5,646,628

 
$
4,601,011

 
$
1,496,384

 
 
 
 
 
 
 
 
 
$
5,123,521

 
$
5,297,008

 
 
(1)
September 30, 2016 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
One additional 12-month period at Company’s option.
(3)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(4)
Three additional 12-month periods at Company’s option.
(5)
Includes $16.4 million of loans made to consolidated subsidiaries.
(6)
Two additional 364-day periods at Company’s option.
(7)
First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans.
(8)
Includes $16.1 million of loans made to consolidated subsidiaries.
(9)
One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(10)
Includes $5.2 million of loans made to consolidated subsidiaries.
(11)
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)
One additional 12-month period at Company’s option.
(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)
Real estate.
(16)
Using undepreciated carrying value of commercial real estate to approximate fair value.
(17)
First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities.
(18)
Presented net of unamortized debt issuance costs of $4.6 million at September 30, 2016.
(19)
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 3 months)
 
$
1,444,838

2017
 
1,266,239

2018
 
403,295

2019
 
71,046

2020
 
113,802

Thereafter
 
1,300,309

Subtotal
 
$
4,599,529

Debt issuance costs included in senior unsecured notes
 
(4,598
)
Premiums included in mortgage loan financing
 
6,080

Total
 
4,601,011

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