XML 92 R32.htm IDEA: XBRL DOCUMENT v3.20.1
DEBT OBLIGATIONS, NET (Tables)
 3 Months Ended
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.