DEBT OBLIGATIONS, NET (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of repurchase agreement

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

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	N/A	(18)	939,362		1,108,968		(19)
CLO Debt	601,543		601,543		(20)	—		3.34% - 6.06%	2021-2034	N/A	(21)	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	(22)	1,652,952		1,655,150		(23)
Senior Unsecured Notes	1,166,201		1,154,991		(24)	—		5.250% - 5.875%	2021 - 2025	N/A	N/A (25)	N/A (25)		N/A (25)
Total Debt Obligations, Net	$	6,864,051	$	4,452,574		$	2,566,421					$	4,237,382	$	4,410,214

(1) December 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 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) 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.

(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) Real estate.

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

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

(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 $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.

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

(25) 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) Includes $26.7 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.

(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) Includes $10.1 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.

(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)
2019	$	804,470
2020	855,977
2021	795,605
2022	760,582
2023	159,012
Thereafter	1,085,631
Subtotal	$	4,461,277
Debt issuance costs included in senior unsecured notes	(11,210		)
Debt issuance costs included in CLO debt	(2,569		)
Debt issuance costs included in mortgage loan financing	(732		)
Premiums included in mortgage loan financing(2)	5,808
Total	$	4,452,574

(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 December 31, 2018.

(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.