XML 45 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEBT OBLIGATIONS, NET (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of repurchase agreement The details of the Company’s debt obligations at September 30, 2017 and December 31, 2016 are as follows ($ in thousands):
 
September 30, 2017
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at September 30, 2017(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
283,389

 
$
316,611

 
 2.98% - 3.73%
 
10/1/2020
 
(2)
 
(3)
 
$
400,242

 
$
407,091

 
Committed Loan Repurchase Facility
 
450,000

 
179,645

 
270,355

 
 3.41% - 4.41%
 
5/24/2018
 
(4)
 
(3)
 
320,363

 
322,386


Committed Loan Repurchase Facility
 
300,000

 
132,441

 
167,559

 
 3.49% - 4.49%
 
4/10/2018
 
(5)
 
(6)
 
254,663

 
254,663


Committed Loan Repurchase Facility
 
200,000

 
69,549

 
130,451

 
 3.50% - 4.25%
 
2/29/2020
 
(7)
 
(8)
 
109,096

 
109,096


Committed Loan Repurchase Facility
 
100,000

 
31,370

 
68,630

 
3.73%
 
6/28/2019
 
N/A
 
(3)
 
43,334

 
43,334

 
Total Committed Loan Repurchase Facilities
 
1,650,000

 
696,394

 
953,606

 
 
 
 
 
 
 
 
 
1,127,698

 
1,136,570

 
Committed Securities Repurchase Facility
 
400,000

 
116,626

 
283,374

 
 1.23% - 2.34%
 
9/30/2019
 
 N/A
 
(9)
 
137,503

 
137,503

 
Uncommitted Securities Repurchase Facility
 
 N/A (10)

 
100,117

 
 N/A (10)

 
  1.40% - 3.09%
 
10/2017 - 12/2017
 
 N/A
 
(9)
 
115,145

 
115,145

(11)
Total Repurchase Facilities
 
2,050,000

 
913,137

 
1,236,980

 
 
 
 
 
 
 
 
 
1,380,346

 
1,389,218

 
Revolving Credit Facility
 
215,508

 
76,000

 
139,508

 
  4.73% - 6.50%
 
2/11/2018
 
(4)
 
 N/A (12)
 
 N/A (12)

 
 N/A (12)

 
Mortgage Loan Financing
 
587,490

 
587,490


—

 
  4.25% - 6.75%
 
2018 - 2026
 
 N/A
 
(13)
 
736,056

 
879,598

(14)
Participation Financing - Mortgage Loan Receivable
 
3,368

 
3,368

 
—

 
17.00%
 
12/6/2017
 
  N/A
 
(3)
 
3,368

 
3,368

 
Borrowings from the FHLB
 
2,000,000

 
1,464,000

 
536,000

 
  0.87% - 2.74%
 
2017 - 2024
 
 N/A
 
(15)
 
1,995,211

 
2,005,617

 
Senior Unsecured Notes
 
1,166,201

 
1,152,552

(16)
—

 
 5.250% - 5.875%
 
2021 - 2025
 
 N/A
 
 N/A (17)
 
 N/A (17)

 
 N/A (17)

 
Total Secured and Unsecured Debt Obligations
 
6,022,567

 
4,196,547

 
1,912,488

 
 
 
 
 
 
 
 
 
4,114,981

 
4,277,801

 
Liability for transfers not considered sales
 
631,480

 
631,480

 
—

 
 4.10% - 5.88%
 
2017 -2027
 
 N/A
 
(3) (13)
 
705,076

 
717,352

 
Total Debt Obligations
 
$
6,654,047

 
$
4,828,027

 
$
1,912,488

 
 
 
 
 
 
 
 
 
$
4,820,057

 
$
4,995,153

 
 
(1)
September 30, 2017 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date.
(3)
First mortgage commercial real estate loans and senior and parri passu interests therein. 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)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(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)
As more fully described in Note 3, securities which were purchased from the LCCM LC-26 securitization trust are not reflected in these consolidated financial statements. Includes $30.1 million of such securities.
(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 $13.6 million at September 30, 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 Secured and Unsecured Debt Obligations
 
5,345,909

 
3,942,138

 
1,711,451

 
 
 
 
 
 
 
 
 
4,523,078

 
4,649,105

 
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 3 months)
 
$
290,049

2018
 
1,083,389

2019
 
240,390

2020
 
401,766

2021
 
451,415

Thereafter
 
2,374,553

Subtotal
 
$
4,841,562

Debt issuance costs included in senior unsecured notes
 
(13,649
)
Debt issuance costs included in liability for transfers not considered sales
 
(4,776
)
Premiums included in mortgage loan financing
 
4,890

Total
 
4,828,027

 
(1)
Includes principal payments for the liability for transfers not considered sales (see Note 3 and Note 7), i.e., payments required to be made on the underlying loans receivable based on their contractual maturities.