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DEBT OBLIGATIONS, NET | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
DEBT OBLIGATIONS, NET | 6. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at March 31, 2023 and December 31, 2022 are as follows ($ in thousands): March 31, 2023
Debt Obligations |  | Committed / Principal Amount |  | Carrying Value of Debt Obligations |  | Committed but Unfunded |  | Interest Rate at March 31, 2023(1) |  | Current Term Maturity |  | Remaining Extension Options |  | Eligible Collateral |  | Carrying Amount of Collateral |  | Fair Value of Collateral |
Committed Loan Repurchase Facility |  | $ | 500,000 |  |  | $ | 318,983 |  |  | $ | 181,017 |  |  | 6.54% | — | 7.04% |  | 9/27/2025 |  | (2) |  | (3) |  | $ | 431,809 |  |  | $ | 431,395 |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 206,867 |  |  | 93,133 |  |  | 6.54% | — | 7.85% |  | 12/19/2023 |  | (4) |  | (5) |  | 306,449 |  |  | 303,632 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 47,415 |  |  | 52,585 |  |  | 6.55% | — | 6.55% |  | 4/30/2024 |  | (6) |  | (3) |  | 64,263 |  |  | 64,263 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 77,959 |  |  | 22,041 |  |  | 6.06% | — | 6.56% |  | 1/2/2024 |  | (7) |  | (3) |  | 103,560 |  |  | 103,560 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | — |  |  | 100,000 |  |  | —% |  | —% |  | 1/22/2024 |  | (8) |  | (5) |  | — |  |  | — |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | — |  |  | 100,000 |  |  | —% | — | —% |  | 7/14/2023 |  | (9) |  | (10) |  | — |  |  | — |  |
Total Committed Loan Repurchase Facilities |  | 1,200,000 |  |  | 651,224 |  |  | 548,776 |  |  |  |  |  |  |  |  |  |  |  |  | 906,081 |  |  | 902,850 |  |
Committed Securities Repurchase Facility |  | 100,000 |  |  | 8,032 |  |  | 91,968 |  |  | 5.46% | — | 5.71% |  | 5/27/2024 |  | N/A |  | (11) |  | 9,150 |  |  | 9,150 |  |
Uncommitted Securities Repurchase Facility |  | N/A (12) |  | 110,011 |  |  | N/A (12) |  | 5.32% | — | 6.68% |  | 4/27/2023 |  | N/A |  | (11) |  | 121,387 |  |  | 121,387 |  | (13)
Total Repurchase Facilities |  | 1,300,000 |  |  | 769,267 |  |  | 640,744 |  |  |  |  |  |  |  |  |  |  |  |  | 1,036,618 |  |  | 1,033,387 |  |
Revolving Credit Facility |  | 323,850 |  |  | — |  |  | 323,850 |  |  | —% | — | —% |  | 7/27/2023 |  | (14) |  | N/A (15) |  | N/A (15) |  | N/A (15) |
Mortgage Loan Financing |  | 469,385 |  |  | 469,690 |  |  | — |  |  | 4.25% | — | 8.53% |  | 2024-2031 (16) |  | N/A |  | (17) |  | 523,041 |  |  | 667,818 |  | (18)
CLO Debt |  | 1,064,365 |  |  | 1,059,593 |  | (19) | — |  |  | 5.88% | — | 8.33% |  | 2024-2026 (20) |  | N/A |  | (3) |  | 1,331,079 |  |  | 1,331,079 |  |
Borrowings from the FHLB |  | 213,000 |  |  | 213,000 |  |  | — |  |  | 2.74% | — | 5.18% |  | 2023-2024 |  | N/A |  | (21) |  | 250,747 |  |  | 250,747 |  | (22)
Senior Unsecured Notes |  | 1,585,063 |  |  | 1,570,878 |  | (23) | — |  |  | 4.25% | — | 5.25% |  | 2025-2029 |  | N/A |  | N/A (24) |  | N/A (24) |  | N/A (24) |
Total Debt Obligations, Net |  | $ | 4,955,663 |  |  | $ | 4,082,428 |  |  | $ | 964,594 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,141,485 |  |  | $ | 3,283,031 |  |
(1)LIBOR and Term SOFR rates in effect as of March 31, 2023 are used to calculate interest rates for floating rate debt, as applicable. (2)Two 12-month extension 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 364-day periods at Company’s option. (5)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. (6)Three additional 12-month extension periods at Company’s option. (7)One additional 12-month extension periods at Company’s option. No new advances are permitted. (8)Two additional 12-month extension periods at Company's option. No new advances permitted during the final 12-month period. (9)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. (10)First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (11)Commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (12)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (13)Includes $1.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (14)Four additional 12-month periods at Company’s option. (15)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. (16)Anticipated repayment dates. (17)Certain of our real estate investments serve as collateral for our mortgage loan financing. (18)Using undepreciated carrying value of commercial real estate to approximate fair value. (19)Presented net of unamortized debt issuance costs of $4.8 million at March 31, 2023. (20)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (21)Investment grade commercial real estate securities and U.S. Treasury securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (22)Includes $6.6 million of restricted securities under the risk retention rules of the 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 $14.2 million at March 31, 2023. (24)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2022
Debt Obligations |  | Committed / Principal Amount |  | Carrying Value of Debt Obligations |  | Committed but Unfunded |  | Interest Rate at December 31, 2021(1) |  | Current Term Maturity |  | Remaining Extension Options |  | Eligible Collateral |  | Carrying Amount of Collateral |  | Fair Value of Collateral |
Committed Loan Repurchase Facility(2) |  | $ | 500,000 |  |  | $ | 318,983 |  |  | $ | 181,017 |  |  | 6.07% | — | 6.57% |  | 9/27/2025 |  | (2) |  | (3) |  | $ | 428,477 |  |  | $ | 429,276 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | — |  |  | 100,000 |  |  | —% | — | —% |  | 2/26/2023 |  | (4) |  | (5) |  | — |  |  | — |  |
Committed Loan Repurchase Facility |  | 300,000 |  |  | 157,558 |  |  | 142,442 |  |  | 6.19% | — | 7.07% |  | 12/19/2023 |  | (6) |  | (7) |  | 244,102 |  |  | 244,102 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 47,415 |  |  | 52,585 |  |  | 6% | — | 6% |  | 4/30/2024 |  | (8) |  | (3) |  | 63,307 |  |  | 63,307 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 77,959 |  |  | 22,041 |  |  | 5.74% | — | 6.24% |  | 1/3/2023 |  | (2) |  | (3) |  | 103,393 |  |  | 103,393 |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | — |  |  | 100,000 |  |  | —% |  | —% |  | 1/22/2024 |  | (9) |  | (7) |  | — |  |  | — |  |
Committed Loan Repurchase Facility |  | 100,000 |  |  | 14,979 |  |  | 85,021 |  |  | 7.07% | — | 7.07% |  | 7/14/2023 |  | (10) |  | (11) |  | 21,206 |  |  | 21,206 |  |
Total Committed Loan Repurchase Facilities |  | 1,300,000 |  |  | 616,894 |  |  | 683,106 |  |  |  |  |  |  |  |  |  |  |  |  | 860,485 |  |  | 861,284 |  |
Committed Securities Repurchase Facility(2) |  | 100,000 |  |  | 8,640 |  |  | 91,360 |  |  | 5.04% | — | 5.29% |  | 5/27/2023 |  | N/A |  | (12) |  | 10,023 |  |  | 10,023 |  |
Uncommitted Securities Repurchase Facility |  | N/A (13) |  | 222,328 |  |  | N/A (13) |  | 4.73% | — | 6% |  | 3/2/2023 |  | N/A |  | (12) |  | 247,351 |  |  | 247,351 |  | (14)
Total Repurchase Facilities |  | 1,400,000 |  |  | 847,862 |  |  | 774,466 |  |  |  |  |  |  |  |  |  |  |  |  | 1,117,859 |  |  | 1,118,658 |  |
Revolving Credit Facility |  | 323,850 |  |  | — |  |  | 323,850 |  |  | —% | — | —% |  | 7/27/2023 |  | (15) |  | N/A (16) |  | N/A (16) |  | N/A (16) |
Mortgage Loan Financing |  | 497,454 |  |  | 497,991 |  |  | — |  |  | 4.25% | — | 8.03% |  | 2023 - 2031(17) |  | N/A |  | (18) |  | 559,885 |  |  | 710,977 |  | (19)
CLO Debt |  | 1,064,365 |  |  | 1,058,462 |  | (20) | — |  |  | 5.52% | — | 7.97% |  | 2024 - 2026(21) |  | N/A |  | (3) |  | 1,308,654 |  |  | 1,308,654 |  |
Borrowings from the FHLB |  | 213,000 |  |  | 213,000 |  |  | — |  |  | 2.74% | — | 4.70% |  | 2023 - 2024 |  | N/A |  | (22) |  | 248,806 |  |  | 248,806 |  | (23)
Senior Unsecured Notes |  | 1,643,794 |  |  | 1,628,382 |  | (24) | — |  |  | 4.25% | — | 5.25% |  | 2025 - 2029 |  | N/A |  | N/A (25) |  | N/A (25) |  | N/A (25) |
Total Debt Obligations, Net |  | $ | 5,142,463 |  |  | $ | 4,245,697 |  |  | $ | 1,098,316 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,235,204 |  |  | $ | 3,387,095 |  |
(1)LIBOR and Term SOFR rates in effect as of December 31, 2022 are used to calculate interest rates for floating rate debt, as applicable. (2)Two 12-month extension 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)Two additional 364-day periods at Company’s option. (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)Three additional 12-month extension periods at Company’s option. (9)Two additional 12-month extension periods at Company's option. No new advances are permitted during the final 12-month period. (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 first mortgage commercial real estate loans collateralizing such securities. (13)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14)Includes $2.0 million of restricted securities under the risk retention rules of the 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)Presented net of unamortized debt issuance costs of $5.9 million at December 31, 2022. (21)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities. (22)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities. (23)Includes $6.6 million of restricted securities under the risk retention rules of the 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 $15.4 million at December 31, 2022. (25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. Committed Loan and Securities Repurchase Facilities The Company has entered into six committed master repurchase agreements, as outlined in the March 31, 2023 table above, totaling $1.2 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $100 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of March 31, 2023 and December 31, 2022. The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, the absence of an event of default, and the absence of a margin deficit, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities and the determination of the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right in certain cases to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines. As of March 31, 2023, the Company had total debt obligations of $769.3 million outstanding pursuant to repurchase agreements with six counterparties. As of March 31, 2023 no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $152.9 million, or 10% of our total equity. As of March 31, 2023, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 26%. There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. Revolving Credit Facility The Company’s Revolving Credit Facility provides for an aggregate maximum borrowing amount of $323.9 million, including a $25.0 million sublimit for the issuance of letters of credit. The Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. On July 27, 2022, the Company amended its Revolving Credit Facility to increase the maximum borrowing amount to $323.9 million, extend the maturity date to July 27, 2023 with four additional one-year extension options, and reduce the interest rate to the sum of one-month Term SOFR plus a fixed margin of 2.50%. The amendment also provides for reductions in the fixed margin upon the achievement of investment grade credit ratings. As of March 31, 2023, the Company had no outstanding borrowings on the Revolving Credit Facility, but still maintains the ability to draw $323.9 million. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. The Company is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, the Company is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow is dependent on, among other things, compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As of March 31, 2023 and December 31, 2022, the amounts of unamortized costs relating to our master repurchase facilities and Revolving Credit Facility were $4.9 million and $5.0 million, respectively, and are included in other assets in the consolidated balance sheets. Uncommitted Securities Repurchase Facilities The Company has also entered into multiple uncommitted master repurchase agreements collateralized by real estate securities with several counterparties. The borrowings under these agreements have typical advance rates between 75% and 95% of the fair value of collateral, which is primarily AAA-rated securities. Mortgage Loan Financing These non-recourse debt agreements provide for secured financing at rates ranging from 4.25% to 8.53%, and, as of March 31, 2023, have anticipated maturity dates between 2024-2031, with an average term of 3.9 years. These mortgage loans have carrying amounts of $469.7 million and $498.0 million, net of unamortized premiums of $2.3 million and $2.4 million as of March 31, 2023 and December 31, 2022, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million and $0.3 million of premium amortization, which decreased interest expense for the three months ended March 31, 2023 and 2022, respectively. The mortgage loans are collateralized by real estate and related lease intangibles, net, of $523.0 million and $559.9 million as of March 31, 2023 and December 31, 2022, respectively. During each of the three months ended March 31, 2023 and March 31, 2022, the Company did not execute any new term debt agreements to finance properties in its real estate portfolio. Collateralized Loan Obligations (“CLO”) Debt On July 13, 2021, a consolidated subsidiary of the Company completed a privately-marketed CLO transaction, which generated $498.2 million of gross proceeds to Ladder, financing $607.5 million of loans (“Contributed July 2021 CLO Loans”) at an 82% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 18% subordinate and controlling interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed July 2021 CLO Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 9, Consolidated Variable Interest Entities. On December 2, 2021, a consolidated subsidiary of the Company completed a privately marketed CLO transaction, which generated $566.2 million of gross proceeds to Ladder, financing $729.4 million of loans (“Contributed December 2021 CLO Loans”) at a maximum 77.6% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained an 15.6% subordinate and controlling interest in the CLO. The Company also held two additional tranches as investments totaling 6.8% interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed December 2021 CLO Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE - Refer to Note 9, Consolidated Variable Interest Entities. As of March 31, 2023, the Company had $1.1 billion of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets, which includes unamortized debt issuance costs of $4.8 million. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor, a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. As of February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the “FHFA”) regarding the eligibility of captive insurance companies, Tuebor’s membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. As of March 31, 2023, Tuebor had $213.0 million of borrowings outstanding, with terms of 0.4 years to 1.5 years (with a weighted average of 1.0 year), and interest rates of 2.74% to 5.18% (with a weighted average of 4.98%). As of March 31, 2023, collateral for the borrowings was comprised of $250.7 million of CMBS, U.S. Agency and U.S. Treasury securities (with advance rates of 71.7% to 97.1%). Tuebor is subject to state regulations which require that dividends (including dividends to the Company as its parent) may only be made with regulatory approval. However, there can be no assurance that we would obtain such approval if sought. Largely as a result of this restriction, approximately $836.8 million of Tuebor’s member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at March 31, 2023. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements. Senior Unsecured Notes As of March 31, 2023, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $327.8 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $614.4 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”) and $642.9 million in aggregate principal of 4.75% senior notes due 2029 (the “2029 Notes,” collectively with the 2025 Notes and the 2027 Notes, the “Notes”). During the three months ended March 31, 2023, the Company repurchased $16.2 million of the 2025 Notes and recognized a net gain of $1.3 million on extinguishment of debt, $36.4 million of the 2027 Notes and recognized a net gain of $6.4 million on extinguishment of debt, and $6.1 million of the 2029 Notes and recognized a net gain of $1.4 million on extinguishment of debt. LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of March 31, 2023 and 2022. The Notes require interest payments semi-annually in cash in arrears, are unsecured, and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the Notes prior to their stated maturity, in whole or in part, at any time or from time to time, with required notice and at a redemption price as specified in each respective indenture governing the Notes, plus accrued and unpaid interest, if any, to the redemption date. The board of the directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval. Secured Financing Facility On April 30, 2020, the Company entered into a strategic financing arrangement with a U.S. multinational corporation (the “Lender”), under which the Lender provided the Company with $206.4 million in senior secured financing (the “Secured Financing Facility”) to fund transitional and land loans. The Secured Financing Facility was secured on a first lien basis on a portfolio of certain of the Company’s loans and scheduled to mature on May 6, 2023, and borrowings thereunder bore interest at LIBOR (or a minimum of 0.75% if greater) plus 10.0%, with a minimum interest premium clause. The Senior Financing Facility, which was fully paid as of June 30, 2022, was non-recourse, subject to limited exceptions, and did not contain mark-to-market provisions. Additionally, the Senior Financing Facility provided the Company optionality to modify or restructure loans or forbear in exercising remedies, which maximized the Company’s financial flexibility. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
Period ending December 31, |  | Borrowings by Maturity(1)
2023 |  | $ | 170,361 |
2024 |  | 603,270 |
2025 |  | 651,924 |
2026 |  | 89,161 |
2027 |  | 808,995 |
Thereafter |  | 712,740 |
Subtotal |  | 3,036,451 |
Debt issuance costs included in senior unsecured notes |  | (14,185) |
Debt issuance costs included in mortgage loan financings |  | (1,701) |
Premiums included in mortgage loan financings(2) |  | 2,270 |
Total (3) |  | $ | 3,022,835 |
(1)The allocation of repayments under our committed loan repurchase facilities is based on the earlier of: (i) the maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. (2)Represents deferred gains on intercompany mortgage loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense. (3)Total does not include $1.1 billion of consolidated CLO debt obligations and the related debt issuance costs of $4.8 million, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us. Financial Covenants The Company’s debt facilities are subject to covenants that require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $871.4 million of the total equity is restricted from payment as a dividend by the Company at March 31, 2023. The Company was in compliance with all covenants as of March 31, 2023. LIBOR Transition The Company has implemented fallback language for our LIBOR-based bi-lateral committed repurchase facilities and Revolving Credit Facility, including adjustments as applicable to maintain the anticipated economic terms of the existing contracts. As of March 31, 2023, 59.8% and 40.2% of our floating rate debt obligations bear interest indexed to LIBOR and Term SOFR, respectively. The Company continues to monitor the transition guidance provided by the Alternative Reference Rates Committee, the International Swaps and Derivatives Association, Inc., the Financial Accounting Standards Board and other relevant regulators, agencies and industry working groups, and we continue to engage with clients, lenders, market participants and other industry leaders as the transition from LIBOR progresses.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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