DEBT OBLIGATIONS, NET (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of repurchase agreement

The details of the Company’s debt obligations at March 31, 2018 and December 31, 2017 are as follows ($ in thousands):

March 31, 2018

Debt Obligations	Committed Financing		Debt Obligations Outstanding			Committed but Unfunded		Interest Rate at March 31, 2018(1)	Current Term Maturity	Remaining Extension Options	Eligible Collateral	Carrying Amount of Collateral		Fair Value of Collateral
Committed Loan Repurchase Facility	$	600,000	$	212,023		$	387,977	3.53% - 4.28%	10/1/2020	(2)	(3)	$	348,473	$	347,019
Committed Loan Repurchase Facility	450,000		154,077			295,923		3.93% - 4.78%	5/24/2018	(4)	(3)	280,892		282,231
Committed Loan Repurchase Facility	300,000		84,687			215,313		3.78% - 5.03%	4/7/2019	(5)	(6)	137,421		137,983
Committed Loan Repurchase Facility	200,000		80,536			119,464		4.31% - 4.81%	2/29/2020	(7)	(8)	122,123		122,099
Committed Loan Repurchase Facility	100,000		19,200			80,800		4.28%	6/28/2019	N/A	(3)	25,371		25,371
Total Committed Loan Repurchase Facilities	1,650,000		550,523			1,099,477						914,280		914,703
Committed Securities Repurchase Facility	400,000		98,762			301,238		2.36% - 2.56%	9/30/2019	N/A	(9)	119,600		119,600
Uncommitted Securities Repurchase Facility	N/A (10)		105,092			N/A (10)		2.39% - 3.69%	4/2018 - 6/2018	N/A	(9)	119,969		119,969		(11)(12)
Total Repurchase Facilities	2,050,000		754,377			1,400,715						1,153,849		1,154,272
Revolving Credit Facility	241,430		—			241,430		NA	2/11/2019	(13)	N/A (14)	N/A (14)		N/A (14)
Mortgage Loan Financing	683,487		683,487			—		4.25% - 6.75%	2020 - 2028	N/A	(15)	895,786		1,056,848		(16)
CLO Debt	683,095		683,095		(17)	—		2.67% - 5.39%	2021-2034	N/A	(18)	881,719		882,114
Participation Financing - Mortgage Loan Receivable	2,815		2,815			—		17.00%	6/6/2018	N/A	(3)	2,815		2,815
Borrowings from the FHLB	1,933,522		1,348,000			585,522		0.87% - 2.74%	2018 - 2024	N/A	(19)	1,827,338		1,830,545		(20)
Senior Unsecured Notes	1,166,201		1,152,834		(21)	—		5.250% - 5.875%	2021 - 2025	N/A	N/A (22)	N/A (22)		N/A (22)
Total Debt Obligations	$	6,760,550	$	4,624,608		$	2,227,667					$	4,761,507	$	4,926,594

(1) March 2018 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) One 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 $2.6 million of restricted securities.

(12) Includes $6.0 million of securities purchased in the secondary market of the Company’s October 2017 CLO issuance. These securities are not included in real estate securities, available-for-sale but were rather considered a retirement of CLO Debt.

(13) Two additional 12-month periods 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) Presented net of unamortized debt issuance costs of $5.4 million at March 31, 2018.

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

(19) 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.

(20) As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $9.9 million of restricted securities.

(21) Presented net of unamortized debt issuance costs of $13.4 million at March 31, 2018.

(22) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

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.

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)
2018 (last 9 months)	$	1,076,682
2019	474,749
2020	552,290
2021	612,634
2022	656,768
Thereafter	1,263,918
Subtotal	$	4,637,041
Debt issuance costs included in senior unsecured notes	(13,366		)
Debt issuance costs included in CLO debt	(5,373		)
Premiums included in mortgage loan financing(2)	6,306
Total	4,624,608

(1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2018 relate 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, 2018.

(2) Deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. Premium is amortized as a reduction to interest expense.