XML 79 R66.htm IDEA: XBRL DOCUMENT v3.19.2
DEBT OBLIGATIONS, NET - Additional Information (Details)
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Feb. 26, 2019
Extension
Feb. 06, 2019
USD ($)
Jul. 20, 2018
Apr. 03, 2018
USD ($)
Jan. 04, 2018
Dec. 06, 2017
USD ($)
Sep. 25, 2017
USD ($)
Mar. 16, 2017
USD ($)
Aug. 01, 2014
USD ($)
Jun. 30, 2019
USD ($)
counterparty
Jun. 30, 2018
USD ($)
Mar. 31, 2017
USD ($)
Jun. 30, 2019
USD ($)
counterparty
agreement
Jun. 30, 2018
USD ($)
Sep. 30, 2018
agreement
Dec. 31, 2018
USD ($)
Dec. 31, 2016
USD ($)
Jan. 01, 2021
USD ($)
Apr. 01, 2020
USD ($)
Dec. 27, 2018
USD ($)
May 07, 2018
USD ($)
Dec. 21, 2017
USD ($)
Oct. 17, 2017
USD ($)
Feb. 24, 2016
USD ($)
Feb. 19, 2016
Committed Loan and Securities Repurchase Facilities                                                  
Gross amounts of recognized liabilities                   $ 1,267,371,000     $ 1,267,371,000     $ 663,685,000                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Amortization of premiums                         774,000 $ 499,000                      
Mortgage loan and financing related to property sales   $ 6,600,000                                              
Gain (loss) on extinguishment/defeasance of debt   $ (1,100,000)               0 $ 0   (1,070,000) (69,000)                      
Collateralized Debt Obligations [Abstract]                                                  
Gross amounts offset in the balance sheet                   $ 0     0     0                  
Proceeds from borrowings under debt obligations                         $ 6,377,515,000 2,919,776,000                      
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Percent of FHLB advances to total debt obligations outstanding                   25.80%     25.80%                        
Retained earnings, appropriated                   $ 829,300,000     $ 829,300,000                        
Tuebor                                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Amount restricted from transfer                   1,900,000,000     1,900,000,000                        
Credit Agreement and Revolving Credit Facility                                                  
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]                                                  
Unamortized debt issuance costs                   $ 8,300,000     $ 8,300,000     6,300,000                  
LCFH                                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Ownership interest in LCFH                   89.80%     89.80%                        
LCFC | LCFH                                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Ownership interest in LCFH                   100.00%     100.00%                        
Mortgage loan financing                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Number of agreements | agreement                         6   8                    
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Mortgage loan financing                   $ 734,700,000 743,900,000   $ 734,700,000 743,900,000                      
Net unamortized premiums                   5,500,000     5,500,000     5,800,000                  
Amortization of premiums                   400,000 200,000   800,000 500,000                      
Pledged assets, real estate and lease intangibles, net                   912,900,000     $ 912,900,000     $ 939,400,000                  
Borrowings from the Federal Home Loan Bank | Tuebor                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Debt borrowings term                         5 years 3 months 18 days     5 years 9 months                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Maximum advance limit           $ 2,000,000,000.0                                      
Advance rates of total assets           40.00%                                      
Advance rates of total equity           150.00%                                      
FHLB borrowings outstanding                   1,200,000,000     $ 1,200,000,000     $ 1,300,000,000                  
Additional committed term financing available from FHLB                   $ 754,300,000     $ 754,300,000     $ 647,500,000                  
Weighted average term                         2 years 3 months 18 days     2 years 6 months                  
Weighted average interest rate                   2.58%     2.58%     2.55%                  
Maximum percent of FHLB advances to total assets                                                 40.00%
Borrowings from the Federal Home Loan Bank | Tuebor | CMBS and U.S. Agency Securities                                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Collateral for debt instrument                   $ 825,900,000     $ 825,900,000     $ 1,000,000,000.0                  
Borrowings from the Federal Home Loan Bank | Tuebor | First mortgage commercial real estate loans                                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Collateral for debt instrument                   669,700,000     669,700,000     $ 637,200,000                  
Borrowings from the Federal Home Loan Bank | Scenario, Forecast | Tuebor                                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Maximum advance limit                                   $ 750,000,000.0 $ 1,500,000,000            
Senior Unsecured Notes | Senior Notes Due 2021                                                  
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]                                                  
Unamortized debt issuance costs                                 $ 400,000                
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument                 5.875%                                
Gain (loss) on extinguishment/defeasance of debt                                 5,100,000                
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Loan refinance                 $ 300,000,000.0 $ 266,200,000     $ 266,200,000                        
Debt instrument, minimum number of days to give notice for redemption without penalty                 30 days                                
Debt instrument, maximum number of days to give notice for redemption without penalty                 60 days                                
Debt instrument, authorized repurchase amount                                               $ 100,000,000.0  
Debt instrument, repurchase price amount                                 28,200,000                
Debt instrument, repurchased face amount                                 $ 33,800,000                
Senior Unsecured Notes | Senior Notes Due 2022                                                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument               5.25%                                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Loan refinance               $ 500,000,000.0                                  
Debt instrument, minimum number of days to give notice for redemption without penalty               15 days                                  
Debt instrument, maximum number of days to give notice for redemption without penalty               60 days                                  
Senior Unsecured Notes | Senior Notes Due 2025                                                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument             5.25%                                    
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Loan refinance             $ 400,000,000.0                                    
Debt instrument, minimum number of days to give notice for redemption without penalty             15 days                                    
Debt instrument, maximum number of days to give notice for redemption without penalty             60 days                                    
Maximum | Mortgage loan financing                                                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument                   7.00%     7.00%                        
Maximum | Borrowings from the Federal Home Loan Bank | Tuebor                                                  
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]                                                  
Advance rates                         100.00%     95.20%                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument                   3.00%     3.00%     3.01%                  
Minimum | Mortgage loan financing                                                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument                   4.25%     4.25%                        
Minimum | Borrowings from the Federal Home Loan Bank | Tuebor                                                  
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]                                                  
Advance rates                         55.20%     56.40%                  
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument                   1.47%     1.47%     1.18%                  
Revolving credit facility                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed amount on credit agreement                                         $ 300,000,000.0        
Debt borrowings term       1 year                                          
Revolving credit facility | One-Month LIBOR                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed amount on credit agreement                   $ 266,400,000     $ 266,400,000                        
Basis spread on variable rate     25.00%                                            
Number of extension maturity periods | Extension 2                                                
Length of extension options 12 months                                                
Mortgage loan receivables held for investment, net, at amortized cost:                                                  
Stated interest rate on debt instrument                   3.25%     3.25%                        
Revolving credit facility | Maximum                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed amount on credit agreement       $ 450,000,000                                          
Revolving credit facility | Minimum                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed amount on credit agreement       $ 350,000,000                                          
Letters of credit                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed amount on credit agreement                   $ 25,000,000.0     $ 25,000,000.0                        
Committed Loan Repurchase Facility                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Number of agreements | agreement                         6                        
Committed amount on credit agreement                   1,800,000,000     $ 1,800,000,000                        
Committed financing                   1,750,000,000     1,750,000,000     $ 1,750,000,000       $ 100,000,000.0          
Length of additional extension maturity periods         1 year                                        
Gross amounts of recognized liabilities                   685,260,000     685,260,000     497,531,000                  
Collateralized Debt Obligations [Abstract]                                                  
Gross amounts offset in the balance sheet                   1,044,667,000     1,044,667,000     744,310,000                  
Term master repurchase agreement                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed financing                   400,000,000.0     400,000,000.0                        
Total Repurchase Facilities                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed financing                   $ 2,150,000,000     $ 2,150,000,000     2,150,000,000                  
Repurchase agreements, number of counterparties | counterparty                   9     9                        
Gross amounts of recognized liabilities                   $ 1,267,371,000     $ 1,267,371,000     663,685,000                  
Collateralized Debt Obligations [Abstract]                                                  
Gross amounts offset in the balance sheet                   $ 1,681,905,000     $ 1,681,905,000     932,113,000                  
Total Repurchase Facilities | Deutshe Bank, J.P. Morgan and Wells Fargo                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Repurchase agreements, number of counterparties | counterparty                   2     2                        
Excess collateral over amounts borrowed under repurchase agreements                   $ 82,400,000     $ 82,400,000                        
Ratio indebtedness over total equity                         5.00%                        
Haircut on repurchase agreements                   24.80%     24.80%                        
Uncommitted securities Repurchase Facilities | Various Date                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Gross amounts of recognized liabilities                   $ 582,111,000     $ 582,111,000     166,154,000                  
Collateralized Debt Obligations [Abstract]                                                  
Gross amounts offset in the balance sheet                   $ 637,238,000     $ 637,238,000     $ 187,803,000                  
Uncommitted securities Repurchase Facilities | Maximum                                                  
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]                                                  
Advance rates                         95.00%                        
Uncommitted securities Repurchase Facilities | Maximum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   4.06%     4.06%     4.55%                  
Uncommitted securities Repurchase Facilities | Minimum                                                  
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]                                                  
Advance rates                         75.00%                        
Uncommitted securities Repurchase Facilities | Minimum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   2.99%     2.99%     2.99%                  
Mortgage loan financing | Various Date                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed financing                   $ 734,652,000     $ 734,652,000     $ 743,902,000                  
Gross amounts of recognized liabilities                   734,652,000     734,652,000     743,902,000                  
Collateralized Debt Obligations [Abstract]                                                  
Gross amounts offset in the balance sheet                   $ 912,888,000     $ 912,888,000     $ 939,362,000                  
Mortgage loan financing | Maximum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   7.00%     7.00%     7.00%                  
Mortgage loan financing | Minimum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   4.25%     4.25%     4.25%                  
CLO Debt | Various Date                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Committed financing                   $ 263,216,000     $ 263,216,000     $ 601,543,000                  
Gross amounts of recognized liabilities                   263,216,000     263,216,000     601,543,000                  
Collateralized Debt Obligations [Abstract]                                                  
Unamortized debt issuance costs                   1,000,000.0     1,000,000.0     2,600,000                  
Gross amounts offset in the balance sheet                   $ 425,439,000     $ 425,439,000     $ 710,502,000           $ 431,500,000 $ 456,900,000    
CLO Debt | Affiliated Entity | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Ownership percentage                                           25.00% 18.50%    
CLO Debt | Maximum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   5.99%     5.99%     6.06%                  
CLO Debt | Minimum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   3.40%     3.40%     3.34%                  
CLO Debt | Weighted Average | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   5.10%     5.10%                        
Participation Financing - Mortgage Loan Receivable                                                  
Committed Loan and Securities Repurchase Facilities                                                  
Gross amounts of recognized liabilities                   $ 0     $ 0     $ 2,500,000                  
Collateralized Debt Obligations [Abstract]                                                  
Proceeds from borrowings under debt obligations                       $ 4,000,000.0                          
Participation Financing - Mortgage Loan Receivable | Related Reserve IV LLC | Affiliated Entity | B Participation Interest                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest expense, debt                   100,000 $ 100,000   200,000 $ 200,000                      
Senior Unsecured Notes                                                  
Collateralized Debt Obligations [Abstract]                                                  
Unamortized debt issuance costs                   9,801,000     9,801,000                        
Senior Unsecured Notes | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Unamortized debt issuance costs                   9,800,000     9,800,000     11,200,000                  
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]                                                  
Loan refinance                   $ 1,166,201,000     $ 1,166,201,000     $ 1,166,201,000                  
Senior Unsecured Notes | Maximum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   5.875%     5.875%     5.875%                  
Senior Unsecured Notes | Minimum | Various Date                                                  
Collateralized Debt Obligations [Abstract]                                                  
Interest rate                   5.25%     5.25%     5.25%