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DEBT OBLIGATIONS, NET (Tables)
 6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of repurchase agreement
The details of the Company’s debt obligations at June 30, 2018 and December 31, 2017 are as follows ($ in thousands):
 
June 30, 2018
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at June 30, 2018(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
156,960

 
$
443,040

 
 3.82% - 4.57%
 
10/1/2020
 
(2)
 
(3)
 
$
249,792

 
$
248,215

 
Committed Loan Repurchase Facility
 
350,000

 
151,930

 
198,070

 
 4.29% - 5.04%
 
5/24/2019
 
(4)
 
(3)
 
277,588

 
278,773


Committed Loan Repurchase Facility
 
300,000

 
127,751

 
172,249

 
 4.07% - 4.57%
 
4/7/2019
 
(5)
 
(6)
 
196,877

 
197,412


Committed Loan Repurchase Facility
 
300,000

 
106,564

 
193,436

 
 4.06% - 5.06%
 
5/6/2021
 
(7)
 
(3)
 
161,130

 
161,081


Committed Loan Repurchase Facility
 
100,000

 
56,448

 
43,552

 
4.17% - 4.57%
 
6/28/2019
 
N/A
 
(3)
 
76,190

 
76,190

 
Total Committed Loan Repurchase Facilities
 
1,650,000

 
599,653

 
1,050,347

 
 
 
 
 
 
 
 
 
961,577

 
961,671

 
Committed Securities Repurchase Facility
 
400,000

 
99,889

 
300,111

 
 2.38% - 2.99%
 
9/30/2019
 
 N/A
 
(8)
 
120,724

 
120,724

 
Uncommitted Securities Repurchase Facility
 
 N/A (9)

 
120,421

 
 N/A (9)

 
 2.65% - 4.07%
 
7/2018 - 9/2018
 
 N/A
 
(8)
 
137,374

 
137,374

(10)(11)
Total Repurchase Facilities
 
2,050,000

 
819,963

 
1,350,458

 
 
 
 
 
 
 
 
 
1,219,675

 
1,219,769

 
Revolving Credit Facility
 
241,430

 
—

 
241,430

 
 NA
 
2/11/2019
 
(12)
 
 N/A (13)
 
 N/A (13)

 
 N/A (13)

 
Mortgage Loan Financing
 
770,880

 
770,880


—

 
  4.25% - 6.75%
 
2020 - 2028
 
 N/A
 
(14)
 
999,313

 
1,170,938

(15)
CLO Debt
 
685,416

 
685,416

(16)
—

 
2.95% - 5.67%
 
2021-2034
 
N/A
 
(17)
 
861,209

 
861,356

 
Participation Financing - Mortgage Loan Receivable
 
2,647

 
2,647

 
—

 
17.00%
 
12/6/2018
 
  N/A
 
(3)
 
2,647

 
2,647

 
Borrowings from the FHLB
 
1,933,522

 
1,270,000

 
663,522

 
 1.02% - 2.74%
 
2018 - 2024
 
 N/A
 
(18)
 
1,732,392

 
1,733,058

(19)
Senior Unsecured Notes
 
1,166,201

 
1,153,543

(20)
—

 
 5.250% - 5.875%
 
2021 - 2025
 
 N/A
 
 N/A (21)
 
 N/A (21)

 
 N/A (21)

 
Total Debt Obligations
 
$
6,850,096

 
$
4,702,449

 
$
2,255,410

 
 
 
 
 
 
 
 
 
$
4,815,236

 
$
4,987,768

 
 
(1)
June 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)
Two 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)
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)
As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $2.5 million of restricted securities.
(11)
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 partial retirement of CLO Debt.
(12)
Two additional 12-month periods at Company’s option.
(13)
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.
(14)
Real estate.
(15)
Using undepreciated carrying value of commercial real estate to approximate fair value.
(16)
Presented net of unamortized debt issuance costs of $4.5 million at June 30, 2018.
(17)
First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans.
(18)
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.
(19)
As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $9.7 million of restricted securities.
(20)
Presented net of unamortized debt issuance costs of $12.7 million at June 30, 2018.
(21)
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

 
N/A
 
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

 
N/A
 
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

 
N/A
 
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 6 months)
 
$
680,637

2019
 
1,056,619

2020
 
506,998

2021
 
546,801

2022
 
656,759

Thereafter
 
1,266,758

Subtotal
 
$
4,714,572

Debt issuance costs included in senior unsecured notes
 
(12,658
)
Debt issuance costs included in CLO debt
 
(4,526
)
Debt issuance costs included in mortgage loan financing
 
(999
)
Premiums included in mortgage loan financing(2)
 
6,060

Total
 
4,702,449

 
(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 June 30, 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.