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DEBT OBLIGATIONS, NET (Tables) | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Schedule of repurchase agreement | The details of the Company’s debt obligations at March 31, 2019 and December 31, 2018 are as follows ($ in thousands): March 31, 2019
Debt Obligations |  | Committed Financing |  | Debt Obligations Outstanding |  | Committed but Unfunded |  | Interest Rate at March 31, 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 |  |  | 4.23% - 4.73% |  | 2/24/2022 |  | (2) |  | (3) |  | $ | 278,295 |  |  | $ | 277,743 |  |
Committed Loan Repurchase Facility |  | 350,000 |  |  | 63,996 |  |  | 286,004 |  |  | 4.70% - 5.05% |  | 5/24/2019 |  | (4) |  | (5) |  | 93,537 |  |  | 95,234 |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 109,811 |  |  | 190,189 |  |  | 4.48% - 4.98% |  | 4/10/2020 |  | (6) |  | (7) |  | 191,439 |  |  | 191,699 |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 117,275 |  |  | 182,725 |  |  | 4.50% - 5.00% |  | 5/6/2021 |  | (8) |  | (3) |  | 173,142 |  |  | 173,142 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 54,893 |  |  | 45,107 |  |  | 4.61% - 4.98% |  | 7/20/2021 |  | (9) |  | (3) |  | 79,822 |  |  | 79,822 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 64,930 |  |  | 35,070 |  |  | 4.48% - 4.73% |  | 12/26/2019 |  | (10) |  | (11) |  | 86,490 |  |  | 89,144 |  |
Total Committed Loan Repurchase Facilities |  | 1,750,000 |  |  | 611,406 |  |  | 1,138,594 |  |  |  |  |  |  |  |  |  |  | 902,725 |  |  | 906,784 |  |
Committed Securities Repurchase Facility |  | 400,000 |  |  | 93,849 |  |  | 306,151 |  |  | 2.38% - 3.39% |  | 3/4/2021 |  | N/A |  | (12) |  | 113,224 |  |  | 113,224 |  |
Uncommitted Securities Repurchase Facility |  | N/A (12) |  |  | 324,827 |  |  | N/A (13) |  |  | 3.08% - 4.23% |  | 4/2019 - 6/2019 |  | N/A |  | (12) |  | 368,046 |  |  | 368,046 |  | (14)(15)
Total Repurchase Facilities |  | 2,150,000 |  |  | 1,030,082 |  |  | 1,444,745 |  |  |  |  |  |  |  |  |  |  | 1,383,995 |  |  | 1,388,054 |  |
Revolving Credit Facility |  | 266,430 |  |  | — |  |  | 266,430 |  |  | NA |  | 2/11/2020 |  | (16) |  | N/A (17) |  | N/A (17) |  |  | N/A (17) |  |
Mortgage Loan Financing |  | 739,500 |  |  | 739,500 |  |  | — |  |  | 4.25% - 7.00% |  | 2020 - 2029(18) |  | N/A |  | (19) |  | 931,275 |  |  | 1,110,970 |  | (20)
CLO Debt |  | 497,334 |  |  | 497,334 |  | (21) | — |  |  | 3.36% - 6.08% |  | 2021-2034 |  | N/A |  | (22) |  | 680,031 |  |  | 680,452 |  |
Participation Financing - Mortgage Loan Receivable |  | 2,393 |  |  | 2,393 |  |  | — |  |  | 17.00% |  | 6/6/2019 |  | N/A |  | (3) |  | 2,393 |  |  | 2,393 |  |
Borrowings from the FHLB |  | 1,945,795 |  |  | 1,291,449 |  |  | 654,346 |  |  | 1.47% - 3.08% |  | 2019 - 2024 |  | N/A |  | (23) |  | 1,608,381 |  |  | 1,618,235 |  | (24)
Senior Unsecured Notes |  | 1,166,201 |  |  | 1,155,692 |  | (25) | — |  |  | 5.250% - 5.875% |  | 2021 - 2025 |  | N/A |  | N/A (26) |  | N/A (26) |  |  | N/A (26) |  |
Total Secured and Unsecured Debt Obligations |  | 6,767,653 |  |  | 4,716,450 |  |  | 2,365,521 |  |  |  |  |  |  |  |  |  |  | 4,606,075 |  |  | 4,800,104 |  |
Liability for transfers not considered sales |  | 15,840 |  |  | 15,840 |  |  | — |  |  | 5.29% |  | 1/6/2029 |  | N/A |  | (3) |  | 15,504 |  |  | 15,504 |  |
Total Debt Obligations, Net |  | $ | 6,783,493 |  |  | $ | 4,732,290 |  |  | $ | 2,365,521 |  |  |  |  |  |  |  |  |  |  | $ | 4,621,579 |  |  | $ | 4,815,608 |  |
(1) | March 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) | 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 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 $3.1 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.
(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) | Three 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) | Real estate.
(20) | Using undepreciated carrying value of commercial real estate to approximate fair value.
(21) | Presented net of unamortized debt issuance costs of $1.9 million at March 31, 2019.
(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 $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.
(25) | Presented net of unamortized debt issuance costs of $10.5 million at March 31, 2019.
(26) | 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) | Real estate.
(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 9 months) |  | $ | 1,202,701 |
2020 |  | 849,508 |
2021 |  | 775,322 |
2022 |  | 655,918 |
2023 |  | 559,219 |
Thereafter |  | 696,832 |
Subtotal |  | $ | 4,739,500 |
Debt issuance costs included in senior unsecured notes |  | (10,509 | )
Debt issuance costs included in CLO debt |  | (1,882 | )
Debt issuance costs included in mortgage loan financing |  | (637 | )
Premiums included in mortgage loan financing(2) |  | 5,818 |
Total |  | $ | 4,732,290 |
(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 March 31, 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.

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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