The details of the Company’s debt obligations at December 31, 2017 and 2016 are as follows ($ in thousands):

December 31, 2017



Debt Obligations	Committed Financing		Debt Obligations Outstanding			Committed but Unfunded		Interest Rate at December 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	$	120,493		$	479,507	3.23% - 3.98%	10/1/2020	(2)	(3)	$	160,031	$	159,568
Committed Loan Repurchase Facility	450,000		183,111			266,889		3.63% - 4.48%	5/24/2018	(4)	(3)	333,647		335,076
Committed Loan Repurchase Facility	300,000		63,007			236,993		3.73% - 4.73%	4/10/2018	(5)	(6)	125,379		125,975
Committed Loan Repurchase Facility	200,000		32,042			167,958		4.25% - 4.50%	2/29/2020	(7)	(8)	48,045		48,045
Committed Loan Repurchase Facility	100,000		—			100,000		NA	6/28/2019	N/A	(3)	—		—
Total Committed Loan Repurchase Facilities	1,650,000		398,653			1,251,347						667,102		668,664
Committed Securities Repurchase Facility	400,000		—			400,000		NA	9/30/2019	N/A	(9)	—		—
Uncommitted Securities Repurchase Facility	N/A (10)		74,757			N/A (10)		1.65% - 3.31%	1/2018 - 3/2018	N/A	(9)	86,322		86,322		(11)
Total Repurchase Facilities	2,050,000		473,410			1,651,347						753,424		754,986
Revolving Credit Facility	241,430		—			241,430		NA	2/11/2018	(4)	N/A (12)	N/A (14)		N/A (14)
Mortgage Loan Financing	692,696		692,696			—		4.25% - 6.75%	2018 - 2027	N/A	(13)	911,034		1,066,708		(14)
CLO Debt	688,479		688,479		(15)	—		2.36% - 5.08%	2021-2034	N/A	(16)	880,385		881,576
Participation Financing - Mortgage Loan Receivable	3,107		3,107			—		17.00%	6/6/2018	N/A	(3)	3,107		3,107
Borrowings from the FHLB	2,000,000		1,370,000			630,000		0.87% - 2.74%	2018 - 2024	N/A	(17)	1,777,597		1,783,210		(18)
Senior Unsecured Notes	1,166,201		1,152,134		(19)	—		5.250% - 5.875%	2021 - 2025	N/A	N/A (20)	N/A (20)		N/A (20)
Total Debt Obligations	$	6,841,913	$	4,379,826		$	2,522,777					$	4,325,547	$	4,489,587


(1)	December 31, 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 pari 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 4, certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $26.7 million of restricted 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)	Presented net of unamortized debt issuance costs of $6.0 million at December 31, 2017.


(16)	First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans.


(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)	As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $10.1 million of restricted securities.


(19)	Presented net of unamortized debt issuance costs of $14.1 million at December 31, 2017.


(20)	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.