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DEBT OBLIGATIONS, NET (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of repurchase agreement The details of the Company’s debt obligations at December 31, 2016 and December 31, 2015 are as follows ($ in thousands):
 
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.

December 31, 2015
Debt Obligations
 
Committed Financing
 
Debt Obligations Outstanding
 
Committed but Unfunded
 
Interest Rate at December 31, 2015(1)
 
Current Term Maturity
 
Remaining Extension Options
 
Eligible Collateral
 
Carrying Amount of Collateral
 
Fair Value of Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Loan Repurchase Facility
 
$
600,000

 
$
229,533

 
$
370,467

 
 2.08% - 2.93%
 
10/30/2016
 
(2)
 
(3)
 
$
364,978

 
$
366,676

 
Committed Loan Repurchase Facility
 
400,000

 
204,262

 
195,738

 
  2.44% - 4.33%
 
4/10/2016
 
(4)
 
(5)
 
299,714

 
342,307

(6)
Committed Loan Repurchase Facility
 
450,000

 
269,779

 
180,221

 
  2.58% - 4.33%
 
5/24/2016
 
(2)
 
(3)
 
436,901

 
466,640

(7)
Committed Loan Repurchase Facility
 
35,000

 
575

 
34,425

 
3.02%
 
10/24/2016
 
(8)
 
(9)
 
—

 
794

(10)
Total Committed Loan Repurchase Facilities
 
1,485,000

 
704,149

 
780,851

 
 
 
 
 
 
 
 
 
1,101,593

 
1,176,417

 
Committed Securities Repurchase Facility
 
300,000

 
161,887

 
138,113

 
  0.88% - 1.34%
 
10/31/2016
 
 N/A
 
(11)
 
193,530

 
193,530

 
Uncommitted Securities Repurchase Facility
 
 N/A (12)
 
394,719

 
 N/A (6)
 
  0.73% - 2.02%
 
1/2016
 
 N/A
 
(11)
 
458,615

 
458,615

 
Total Repurchase Facilities
 
1,785,000

 
1,260,755

 
918,964

 
 
 
 
 
 
 
 
 
1,753,738

 
1,828,562

 
Borrowings Under Credit Agreement
 
50,000

 
—

 
50,000

 

 
1/24/2016
 
 N/A
 
(13)
 
—

 
—

 
Revolving Credit Facility
 
75,000

 
—

 
75,000

 

 
2/11/2017
 
(2)
 
 N/A (14)
 
 N/A (14)
 
 N/A (14)
 
Mortgage Loan Financing
 
544,663

 
544,663

 
—

 
  4.25% - 6.75%
 
2018 - 2025
 
 N/A
 
(15)
 
711,090

 
788,369

 
Borrowings from the FHLB
 
2,237,113

 
1,856,700

 
380,413

 
  0.28% - 2.74%
 
2016 - 2024
 
 N/A
 
(13)
 
2,317,534

 
2,323,765

 
Senior Unsecured Notes
 
619,555

 
612,605

(16)
—

 
 5.875% - 7.375%
 
2017 -2021
 
 N/A
 
 N/A (17)
 
 N/A (17)

 
 N/A (17)

 
Total Debt Obligations
 
$
5,311,331

 
$
4,274,723

 
$
1,424,377

 
 
 
 
 
 
 
 
 
$
4,782,362

 
$
4,940,696

 
 
(1)
December 31, 2015 LIBOR rates are used to calculate interest rates for floating rate debt.
(2)
Two additional 12-month periods at Company’s option.
(3)
First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(4)
Two additional 364-day periods at Company’s option.
(5)
First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans.
(6)
Includes $36.5 million of loans made to consolidated subsidiaries.
(7)
Includes $28.2 million of loans made to consolidated subsidiaries.
(8)
Two 6-month extension periods.
(9)
First mortgage commercial real estate loans held for sale. It does not include the real estate collateralizing such loans.
(10)
Includes $0.8 million of loans made to consolidated subsidiaries.
(11)
Investment grade commercial real estate securities. It does not include the real estate collateralizing such securities.
(12)
Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(13)
First mortgage and mezzanine commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities.
(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)
Using undepreciated carrying value of commercial real estate to approximate fair value.
(16)
Presented net of unamortized debt issuance costs of $6.9 million at December 31, 2015.
(17)
The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
 
Period ending December 31,
 
Borrowings by
Maturity (1)
 
 
 

2017
 
$
1,759,701

2018
 
734,469

2019
 
79,770

2020
 
113,802

2021
 
337,441

Thereafter
 
915,409

Subtotal
 
$
3,940,592

Debt issuance costs included in senior unsecured notes
 
(4,025
)
Premiums included in mortgage loan financing
 
5,571

Total
 
3,942,138

 
(1)
Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2017 include $1.5 billion relating 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 December 31, 2016.