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DEBT OBLIGATIONS, NET (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of repurchase agreement The details of the Company’s debt obligations at March 31, 2017 and December 31, 2016 are as follows ($ in thousands):
 
March 31, 2017
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at March 31, 2017(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
311,312

 
$
288,688

 
 2.66% - 3.41%
 
10/30/2018
 
(2)
 
(3)
 
$
453,843

 
$
461,210

 
Committed Loan Repurchase Facility
 
450,000

 
137,324

 
312,676

 
 3.08% - 3.90%
 
5/24/2017
 
(4)
 
(3)
 
241,974

 
244,538


Committed Loan Repurchase Facility
 
300,000

 
151,257

 
148,743

 
 3.08% - 4.16%
 
4/9/2018
 
(5)
 
(6)
 
299,156

 
306,986


Committed Loan Repurchase Facility
 
100,000

 
34,369

 
65,631

 
 3.16% - 3.41%
 
6/28/2019
 
—
 
(3)
 
46,186

 
46,491


Committed Loan Repurchase Facility
 
200,000

 
50,732

 
149,268

 
 3.13% - 3.88%
 
2/29/2020
 
(7)
 
(3)
 
69,422

 
75,291

(8)
Total Committed Loan Repurchase Facilities
 
1,650,000

 
684,994

 
965,006

 
 
 
 
 
 
 
 
 
1,110,581

 
1,134,516

 
Committed Securities Repurchase Facility
 
400,000

 
115,000

 
285,000

 
 1.10% - 2.12%
 
7/1/2018
 
 N/A
 
(9)
 
213,238

 
213,238

 
Uncommitted Securities Repurchase Facility
 
 N/A (9)
 
239,361

 
 N/A (10)
 
  1.10% - 2.57%
 
4/2017 - 6/2017
 
 N/A
 
(9)
 
279,764

 
279,764

 
Total Repurchase Facilities
 
2,050,000

 
1,039,355

 
1,250,006

 
 
 
 
 
 
 
 
 
1,603,583

 
1,627,518

 
Revolving Credit Facility
 
168,520

 
168,000

 
520

 
6.5%
 
2/11/2018
 
(11)
 
 N/A (12)
 
 N/A (12)
 
 N/A (12)
 
Mortgage Loan Financing
 
589,217

 
589,217


—

 
 4.25% - 6.75%
 
2018 - 2026
 
 N/A
 
(13)
 
749,677

 
875,725

(14)
Mortgage Loan Receivable Financing
 
57,038

 
57,038

 
—

 
N/A
 
N/A
 
 N/A
 
 N/A
 
 N/A

 
 N/A

 
Borrowings from the FHLB
 
2,000,000

 
1,475,500

 
524,500

 
  0.57% - 2.74%
 
2017 - 2024
 
 N/A
 
(14)
 
1,921,263

 
1,930,137

 
Senior Unsecured Notes
 
1,057,732

 
1,048,576

(16)
—

 
 5.250% - 7.375%
 
2017 - 2022
 
 N/A
 
 N/A (17)
 
 N/A (17)

 
 N/A (17)

 
Total Debt Obligations
 
$
5,922,507

 
$
4,377,686

 
$
1,775,026

 
 
 
 
 
 
 
 
 
$
4,274,523

 
$
4,433,380

 
 
(1)
March 31, 2017 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
Three additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date, or if the lender consents, October 30, 2019, the initial extended maturity date.
(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)
Two additional 364-day periods at Company’s option and one additional 364-day period with Bank’s consent.
(6)
First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans.
(7)
One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(8)
Includes $5.1 million of loans made to consolidated subsidiaries.
(9)
Commercial real estate securities. It does not include the real estate collateralizing such securities.
(10)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(11)
Three additional 12-month extension periods at Company’s option.
(12)
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.
(13)
Real estate.
(14)
Using undepreciated carrying value of commercial real estate to approximate fair value.
(15)
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.
(16)
Presented net of unamortized debt issuance costs of $9.2 million at March 31, 2017. Pursuant to their terms, the Company had called for prepayment of the 2017 Notes at par (plus any accrued and unpaid interest to the redemption date) with an outstanding principal balance of $291.5 million. The Company remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017.
(17)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

December 31, 2016
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at December 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

 
$
183,604

 
$
416,396

 
 2.45% - 3.27%
 
10/30/2018
 
(2)
 
(3)
 
$
292,628

 
$
293,618

 
Committed Loan Repurchase Facility
 
450,000

 
184,158

 
265,842

 
  2.95% - 3.70%
 
5/24/2017
 
(4)
 
(3)
 
286,848

 
288,267

 
Committed Loan Repurchase Facility
 
400,000

 
100,979

 
299,021

 
  2.95% - 3.99%
 
4/9/2017
 
(5)
 
(6)
 
235,878

 
236,696


Committed Loan Repurchase Facility
 
100,000

 
27,132

 
72,868

 
  2.90% - 3.13%
 
6/28/2019
 
—
 
(3)
 
36,166

 
36,410


Committed Loan Repurchase Facility
 
100,000

 
71,290

 
28,710

 
 2.93% - 3.68%
 
8/2/2019
 
(7)
 
(3)
 
110,271

 
110,897


Total Committed Loan Repurchase Facilities
 
1,650,000

 
567,163

 
1,082,837

 
 
 
 
 
 
 
 
 
961,791

 
965,888

 
Committed Securities Repurchase Facility
 
400,000

 
228,317

 
171,683

 
 1.00% - 2.59%
 
7/1/2018
 
 N/A
 
(8)
 
272,402

 
272,402

 
Uncommitted Securities Repurchase Facility
 
 N/A (9)
 
311,705

 
 N/A (9)
 
  1.00% - 2.41%
 
1/2017 - 3/2017
 
 N/A
 
(8)
 
368,638

 
368,638

 
Total Repurchase Facilities
 
2,050,000

 
1,107,185

 
1,254,520

 
 
 
 
 
 
 
 
 
1,602,831

 
1,606,928

 
Revolving Credit Facility
 
143,000

 
25,000

 
118,000

 
3.16%
 
2/11/2017
 
(10)
 
 N/A (11)
 
 N/A (11)
 
 N/A (11)
 
Mortgage Loan Financing
 
590,106

 
590,106

 
—

 
 4.25% - 6.75%
 
2018 - 2026
 
 N/A
 
(12)
 
757,468

 
875,160

(13)
Borrowings from the FHLB
 
1,998,931

 
1,660,000

 
338,931

 
  0.43% - 2.74%
 
2017 - 2024
 
 N/A
 
(14)
 
2,162,779

 
2,167,017

 
Senior Unsecured Notes
 
563,872

 
559,847

(15)
—

 
 5.875% - 7.375%
 
2017 - 2021
 
 N/A
 
 N/A (16)
 
 N/A (16)

 
 N/A (16)

 
Total Debt Obligations
 
$
5,345,909

 
$
3,942,138

 
$
1,711,451

 
 
 
 
 
 
 
 
 
$
4,523,078

 
$
4,649,105

 
 
(1)
December 31, 2016 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
Three additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date, or if the lender consents, October 30, 2019, the initial extended maturity date.
(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)
Two additional 364-day periods at Company’s option.
(6)
First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans.
(7)
One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(8)
Commercial real estate securities. It does not include the real estate collateralizing such securities.
(9)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(10)
Two additional 12-month extension periods at Company’s option.
(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)
Real estate.
(13)
Using undepreciated carrying value of commercial real estate to approximate fair value.
(14)
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.
(15)
Presented net of unamortized debt issuance costs of $4.0 million at December 31, 2016.
(16)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
 
Period ending December 31,
 
Borrowings by
Maturity (1)
 
 
 

2017 (last 9 months)(2)
 
$
1,312,542

2018
 
806,468

2019
 
313,298

2020
 
113,801

2021
 
362,941

Thereafter
 
1,472,447

Subtotal
 
$
4,381,497

Debt issuance costs included in senior unsecured notes
 
(9,156
)
Premiums included in mortgage loan financing
 
5,345

Total
 
4,377,686

 
(1)
Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2017 include $1.0 billion relating to debt obligations that are subject to existing Company controlled extension options for one or more additional one-year periods or could be refinanced by other existing facilities as of March 31, 2017.
(2)
Amount includes $291.5 million of 2017 Notes. The Company had remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017.