DEBT OBLIGATIONS, NET (Tables)

6 Months Ended

Jun. 30, 2019

The details of the Company’s debt obligations at June 30, 2019 and December 31, 2018 are as follows ($ in thousands):

June 30, 2019



Debt Obligations	Committed Financing		Debt Obligations Outstanding			Committed but Unfunded		Interest Rate at June 30, 2019(1)	Current Term Maturity	Remaining Extension Options	Eligible Collateral	Carrying Amount of Collateral		Fair Value of Collateral

Committed Loan Repurchase Facility	$	600,000	$	200,501		$	399,499	4.14% - 4.64%	2/24/2022	(2)	(3)	$	282,722	$	282,798
Committed Loan Repurchase Facility	350,000		63,996			286,004		4.62% - 4.97%	5/24/2020	(4)	(5)	98,515		100,652
Committed Loan Repurchase Facility	300,000		177,710			122,290		4.39% - 4.90%	4/10/2020	(6)	(7)	302,349		302,349
Committed Loan Repurchase Facility	300,000		102,499			197,501		4.44% - 4.94%	5/6/2021	(8)	(3)	155,332		155,332
Committed Loan Repurchase Facility	100,000		87,174			12,826		4.21% - 4.65%	7/20/2021	(9)	(3)	133,949		134,211
Committed Loan Repurchase Facility	100,000		53,380			46,620		4.39%	3/26/2020	(10)	(11)	71,800		71,800
Total Committed Loan Repurchase Facilities	1,750,000		685,260			1,064,740						1,044,667		1,047,142
Committed Securities Repurchase Facility	400,000		—			400,000		NA	3/4/2021	N/A	(12)	—		—
Uncommitted Securities Repurchase Facility	N/A (12)		582,111			N/A (13)		2.99% - 4.06%	7/2019 - 9/2019	N/A	(12)	637,238		637,238		(14)
Total Repurchase Facilities	2,150,000		1,267,371			1,464,740						1,681,905		1,684,380
Revolving Credit Facility	266,430		—			266,430		NA	2/11/2020	(15)	N/A (16)	N/A (16)		N/A (16)
Mortgage Loan Financing	734,652		734,652			—		4.25% - 7.00%	2020 - 2029(17)	N/A	(18)	912,888		1,097,090		(19)
CLO Debt	263,216		263,216		(20)	—		3.40% - 5.99%	2021-2034	N/A	(21)	425,439		425,810
Borrowings from the FHLB	1,945,795		1,191,449			754,346		1.47% - 3.00%	2019 - 2024	N/A	(22)	1,493,752		1,500,648		(23)
Senior Unsecured Notes	1,166,201		1,156,400		(24)	—		5.250% - 5.875%	2021 - 2025	N/A	N/A (25)	N/A (25)		N/A (25)
Total Debt Obligations, Net	$	6,526,294	$	4,613,088		$	2,485,516					$	4,513,984	$	4,707,928


(1)	June 2019 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)	One additional 12-month period at Company’s option.


(5)	First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.


(6)	One additional 364-day period with Bank’s consent.


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


(8)	One additional 12-month extension period and two additional 6-month extension periods at Company’s option.


(9)	One additional 12-month extension period at Company’s option. No new advances are permitted after the initial maturity date.


(10)	The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.


(11)	First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.


(12)	Commercial real estate securities. It does not include the real estate collateralizing such securities.


(13)	Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.


(14)	Includes $3.0 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.


(15)	Three additional 12-month periods at Company’s option.


(16)	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.


(17)	Anticipated repayment dates.


(18)	Certain of our real estate investments serve as collateral for our mortgage loan financing.


(19)	Using undepreciated carrying value of commercial real estate to approximate fair value.


(20)	Presented net of unamortized debt issuance costs of $1.0 million at June 30, 2019.


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


(22)	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.


(23)	Includes $10.0 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.


(24)	Presented net of unamortized debt issuance costs of $9.8 million at June 30, 2019.


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

December 31, 2018



Debt Obligations	Committed Financing		Debt Obligations Outstanding				Committed but Unfunded		Interest Rate at December 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	$	180,597			$	419,403	4.21% - 4.96%	10/1/2020	(2)	(3)	$	262,642	$	261,602
Committed Loan Repurchase Facility	350,000		63,679				286,321		4.68% - 4.98%	5/24/2019	(4)	(5)	87,385		88,762
Committed Loan Repurchase Facility	300,000		120,631				179,369		4.46% - 4.96%	4/7/2019	(6)	(7)	204,747		205,219
Committed Loan Repurchase Facility	300,000		79,886				220,114		4.44% - 4.94%	5/6/2021	(8)	(3)	117,382		117,366
Committed Loan Repurchase Facility	100,000		52,738				47,262		4.58% - 4.96%	7/20/2021	(9)	(3)	72,154		72,154
Committed Loan Repurchase Facility	100,000		—				100,000		NA	12/26/2019	(10)	(11)	—		—
Total Committed Loan Repurchase Facilities	1,750,000		497,531				1,252,469						744,310		745,103
Committed Securities Repurchase Facility	400,000		—				400,000		NA	9/30/2019	N/A	(12)	—		—
Uncommitted Securities Repurchase Facility	N/A (12)		166,154				N/A (13)		2.99% - 4.55%	1/2019 - 3/2019	N/A	(12)	187,803		187,803		(14)(15)
Total Repurchase Facilities	2,150,000		663,685				1,652,469						932,113		932,906
Revolving Credit Facility	266,430		—				266,430		NA	2/11/2019	(16)	N/A (17)	N/A (17)		N/A (17)
Mortgage Loan Financing	743,902		743,902				—		4.25% - 7.00%	2020 - 2028(18)	N/A	(19)	939,362		1,108,968		(20)
CLO Debt	601,543		601,543		(21	)	—		3.34% - 6.06%	2021-2034	N/A	(22)	710,502		710,737
Participation Financing - Mortgage Loan Receivable	2,453		2,453				—		17.00%	6/6/2019	N/A	(3)	2,453		2,453
Borrowings from the FHLB	1,933,522		1,286,000				647,522		1.18% - 3.01%	2019 - 2024	N/A	(23)	1,652,952		1,655,150		(24)
Senior Unsecured Notes	1,166,201		1,154,991		(25)		—		5.250% - 5.875%	2021 - 2025	N/A	N/A (26)	N/A (26)		N/A (26)
Total Debt Obligations	$	6,864,051	$	4,452,574			$	2,566,421					$	4,237,382	$	4,410,214


(1)	December 31, 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)	First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.


(6)	One additional 364-day periods at Company’s option and one additional 364-day period with Bank’s consent.


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


(8)	One additional 12-month extension period and two additional 6-month extension periods at Company’s option.


(9)	One additional 12-month extension period at Company’s option. No new advances are permitted after the initial maturity date.


(10)	The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination.


(11)	First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.


(12)	Commercial real estate securities. It does not include the real estate collateralizing such securities.


(13)	Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.


(14)	Includes $3.0 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.


(15)	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 but were rather considered a partial retirement of CLO debt.


(16)	Four additional 12-month periods at Company’s option.


(17)	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.


(18)	Anticipated repayment dates.


(19)	Certain of our real estate investments serve as collateral for our mortgage loan financing.


(20)	Using undepreciated carrying value of commercial real estate to approximate fair value.


(21)	Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2018.


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


(23)	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.


(24)	Includes $9.7 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.


(25)	Presented net of unamortized debt issuance costs of $11.2 million at December 31, 2018.


(26)	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)

2019 (last 6 months)	$	842,102
2020	1,040,826
2021	843,924
2022	655,796
2023	559,305
Thereafter	676,940
Subtotal	4,618,893
Debt issuance costs included in senior unsecured notes	(9,801		)
Debt issuance costs included in CLO debt	(971		)
Debt issuance costs included in mortgage loan financing	(543		)
Premiums included in mortgage loan financing(2)	5,510
Total	$	4,613,088


(1)	Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2019 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, 2019.


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