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DEBT OBLIGATIONS, NET (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of debt obligations | 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 $15.4 million at December 31, 2022. (25)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity | The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
Period ending December 31, |  | Borrowings by Maturity(1)
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.

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