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DEBT OBLIGATIONS, NET (Tables) | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Schedule of debt obligations | The details of the Company’s debt obligations at March 31, 2020 and December 31, 2019 are as follows ($ in thousands): March 31, 2020
Debt Obligations |  | Committed Financing |  | Debt Obligations Outstanding |  | Committed but Unfunded |  | Interest Rate at March 31, 2020(1) |  | Current Term Maturity |  | Remaining Extension Options |  | Eligible Collateral |  | Carrying Amount of Collateral |  | Fair Value of Collateral |
Committed Loan Repurchase Facility(2) |  | $ | 500,000 |  |  | $ | 191,031 |  |  | $ | 308,969 |  |  | 2.20% - 2.70% |  | 12/19/2022 |  | (3) |  | (4) |  | $ | 295,557 |  |  | $ | 295,839 |  |
Committed Loan Repurchase Facility |  | 250,000 |  |  | — |  |  | 250,000 |  |  | 0.00% - 0.00% |  | 2/26/2021 |  | (5) |  | (6) |  | — |  |  | — |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 149,044 |  |  | 150,956 |  |  | 2.46% - 3.83% |  | 12/19/2020 |  | (7) |  | (8) |  | 231,701 |  |  | 231,701 |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 139,394 |  |  | 160,606 |  |  | 2.51% - 2.81% |  | 11/6/2022 |  | (9) |  | (4) |  | 204,671 |  |  | 204,859 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 34,599 |  |  | 65,401 |  |  | 2.83% - 2.93% |  | 12/31/2022 |  | (10) |  | (4) |  | 56,952 |  |  | 57,088 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 22,950 |  |  | 77,050 |  |  | 2.92% - 4.48% |  | 12/24/2020 |  | (11) |  | (12) |  | 30,600 |  |  | 30,600 |  |
Total Committed Loan Repurchase Facilities |  | 1,550,000 |  |  | 537,018 |  |  | 1,012,982 |  |  |  |  |  |  |  |  |  |  | 819,481 |  |  | 820,087 |  |
Committed Securities Repurchase Facility(2) |  | 708,969 |  |  | 477,734 |  |  | 231,235 |  |  | 1.50% - 3.21% |  | 12/23/2021 |  | N/A |  | (13) |  | 622,653 |  |  | 622,653 |  |
Uncommitted Securities Repurchase Facility |  | N/A (13) |  |  | 712,048 |  |  | N/A (14) |  |  | 1.32% - 3.75% |  | 4/2020 - 6/2020 |  | N/A |  | (13) |  | 799,466 |  |  | 799,466 |  | (15)
Total Repurchase Facilities |  | 1,950,000 |  |  | 1,726,800 |  |  | 1,244,217 |  |  |  |  |  |  |  |  |  |  | 2,241,600 |  |  | 2,242,206 |  |
Revolving Credit Facility |  | 266,430 |  |  | 266,430 |  |  | — |  |  | 3.80% - 5.25% |  | 2/11/2021 |  | (16) |  | N/A (17) |  | N/A (17) |  |  | N/A (17) |  |
Mortgage Loan Financing |  | 806,153 |  |  | 806,153 |  |  | — |  |  | 3.75% - 6.75% |  | 2020 - 2030(18) |  | N/A |  | (19) |  | 967,842 |  |  | 1,171,170 |  | (20)
Borrowings from the FHLB |  | 1,945,795 |  |  | 1,007,581 |  |  | 938,214 |  |  | NA |  | 2020 - 2024 |  | N/A |  | (21) |  | 1,454,039 |  |  | 1,458,494 |  | (22)
Senior Unsecured Notes |  | 1,891,897 |  |  | 1,874,056 |  | (23) | — |  |  | 0.54% - 2.95% |  | 2021 - 2025 |  | N/A |  | N/A (24) |  | N/A (24) |  |  | N/A (24) |  |
Total Debt Obligations, Net |  | $ | 6,860,275 |  |  | $ | 5,681,020 |  |  | $ | 2,182,431 |  |  |  |  |  |  |  |  |  |  | $ | 4,663,481 |  |  | $ | 4,871,870 |  |
(1) | March 2020 LIBOR rates are used to calculate interest rates for floating rate debt.
(2) | The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility.
(3) | Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date.
(4) | First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans.
(5) | Three additional 12-month periods at Company’s option.
(6) | First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans.
(7) | Three additional 364-day periods.
(8) | 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.
(9) | One additional 12-month extension period and two additional 6-month extension periods at Company’s option.
(10) | Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date.
(11) | 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.
(12) | First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein.
(13) | Commercial real estate securities. It does not include the real estate collateralizing such securities.
(14) | Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.
(15) | Includes $2.2 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.
(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) | 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.
(22) | Includes $9.9 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.
(23) | Presented net of unamortized debt issuance costs of $17.8 million at March 31, 2020.
(24) | The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
December 31, 2019
Debt Obligations |  | Committed Financing |  | Debt Obligations Outstanding |  | Committed but Unfunded |  | Interest Rate at December 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 |  |  | $ | 183,828 |  |  | $ | 416,172 |  |  | 3.24% - 3.74% |  | 12/19/2022 |  | (2) |  | (3) |  | $ | 287,974 |  |  | $ | 288,210 |  |
Committed Loan Repurchase Facility |  | 350,000 |  |  | 70,697 |  |  | 279,303 |  |  | 3.71% - 3.81% |  | 5/24/2020 |  | (4) |  | (5) |  | 101,590 |  |  | 103,868 |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 248,182 |  |  | 51,818 |  |  | 3.49% - 3.74% |  | 12/19/2020 |  | (6) |  | (7) |  | 382,778 |  |  | 382,778 |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 98,678 |  |  | 201,322 |  |  | 3.50% - 3.75% |  | 11/6/2022 |  | (8) |  | (3) |  | 175,000 |  |  | 175,270 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 9,952 |  |  | 90,048 |  |  | 3.96% - 3.99% |  | 1/3/2023 |  | (9) |  | (3) |  | 75,628 |  |  | 75,813 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 90,927 |  |  | 9,073 |  |  | 3.74% - 3.80% |  | 12/24/2020 |  | (10) |  | (11) |  | 126,311 |  |  | 126,311 |  |
Total Committed Loan Repurchase Facilities |  | 1,750,000 |  |  | 702,264 |  |  | 1,047,736 |  |  |  |  |  |  |  |  |  |  | 1,149,281 |  |  | 1,152,250 |  |
Committed Securities Repurchase Facility |  | 400,000 |  |  | 42,751 |  |  | 357,249 |  |  | 2.50% - 2.56% |  | 12/23/2021 |  | N/A |  | (12) |  | 52,691 |  |  | 52,691 |  |
Uncommitted Securities Repurchase Facility |  | N/A (12) |  |  | 1,070,919 |  |  | N/A (13) |  |  | 2.17% - 3.54% |  | 1/2020 - 3/2020 |  | N/A |  | (12) |  | 1,188,440 |  |  | 1,188,440 |  | (14)
Total Repurchase Facilities |  | 2,150,000 |  |  | 1,815,934 |  |  | 1,404,985 |  |  |  |  |  |  |  |  |  |  | 2,390,412 |  |  | 2,393,381 |  |
Revolving Credit Facility |  | 266,430 |  |  | — |  |  | 266,430 |  |  | NA |  | 2/11/2020 |  | (15) |  | N/A (16) |  | N/A (16) |  |  | N/A (16) |  |
Mortgage Loan Financing |  | 812,606 |  |  | 812,606 |  |  | — |  |  | 3.75% - 6.75% |  | 2020 - 2029(17) |  | N/A |  | (18) |  | 988,857 |  |  | 1,192,106 |  | (19)
Borrowings from the FHLB |  | 1,945,795 |  |  | 1,073,500 |  |  | 872,295 |  |  | 1.47% - 2.95% |  | 2020 - 2024 |  | N/A |  | (20) |  | 1,107,188 |  |  | 1,113,811 |  | (21)
Senior Unsecured Notes |  | 1,166,201 |  |  | 1,157,833 |  | (22) | — |  |  | 5.250% - 5.875% |  | 2021 - 2025 |  | N/A |  | N/A (23) |  | N/A (23) |  |  | N/A (23) |  |
Total Debt Obligations |  | $ | 6,341,032 |  |  | $ | 4,859,873 |  |  | $ | 2,543,710 |  |  |  |  |  |  |  |  |  |  | $ | 4,486,457 |  |  | $ | 4,699,298 |  |
(1) | December 31, 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) | Three additional 364-day periods.
(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) | Two additional 12-month extension periods 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 $2.2 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) | Four 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) | First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans.
(21) | 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.
(22) | Includes $9.9 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.
(23) | Presented net of unamortized debt issuance costs of $8.4 million at December 31, 2019.
(24) | The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity | The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
Period ending December 31, |  | Borrowings by Maturity(1)
2020 (last 9 months) |  | $ | 1,900,025 |
2021 |  | 1,087,628 |
2022 |  | 665,357 |
2023 |  | 156,872 |
2024 |  | 408,282 |
Thereafter |  | 1,476,059 |
Subtotal |  | 5,694,223 |
Debt issuance costs included in senior unsecured notes |  | (17,841 | )
Debt issuance costs included in mortgage loan financing |  | (642 | )
Premiums included in mortgage loan financing(2) |  | 5,280 |
Total |  | $ | 5,681,020 |
(1) | Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2020 (last 9 months) 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, 2020.
(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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