DEBT OBLIGATIONS, NET (Tables)

3 Months Ended

Mar. 31, 2023

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.