Debt Obligations, net
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Debt Obligations, net Debt Obligations, net

The Company's outstanding debt obligations consist of the following ($ in thousands):
 
As of
 
Interest
Rate(1)
 
Scheduled
Maturity Date(2)
 
December 31, 2019
 
December 31, 2018
 
 
Secured credit financing:
 
 
 
 
 
 
 
Mortgages
$
1,230,143

 
$
377,193

 
4.06%
 
April 2027 to November 2069
2017 Revolver
166,000

 
169,500

 
One-Month LIBOR plus 1.30%
 
November 2024
Total secured credit financing(3)
1,396,143

 
546,693

 
 
 
 
Total debt obligations
1,396,143

 
546,693

 
 
 
 
Debt premium, discount and deferred financing costs, net
(23,221
)
 
(2,728
)
 
 
 
 
Total debt obligations, net
$
1,372,922

 
$
543,965

 
 
 
 
_______________________________________________________________________________
(1)
Represents the weighted average interest rate of consolidated mortgage debt in effect over the life of the mortgage debt and excludes the effect of debt premium, discount and deferred financing costs. As of December 31, 2019, the weighted average cash interest rate for the Company's consolidated mortgage debt, based on interest rates in effect at that date, was 3.26%. The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within "Accounts payable, accrued expenses, and other liabilities" on the Company's consolidated balance sheets. As of December 31, 2019, the Company's combined weighted average interest rate and combined weighted average cash interest rate of the Company's consolidated mortgage debt and the mortgage debt of the Company's unconsolidated venture (applying the Company's percentage interest in the venture - refer to Note 6) were 4.00% and 3.13%, respectively.
(2)
Represents the extended maturity date for all debt obligations.
(3)
As of December 31, 2019, $1.97 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company's debt obligations.

Mortgages—Mortgages consist of asset specific non-recourse borrowings that are secured by the Company's Ground Leases. As of December 31, 2019, the Company's mortgages are full term interest only, bear interest at a weighted average interest rate of 4.06% and have maturities between April 2027 and November 2069. In July 2019, the Company refinanced two mortgages on existing Ground Leases and incurred $2.0 million in losses on early extinguishment of debt.
2017 Revolver—In June 2017, the Company entered into a recourse senior secured revolving credit facility with an initial maximum aggregate principal amount of up to $300.0 million (the "2017 Revolver") that has since been increased to $525.0 million. The 2017 Revolver provides an accordion feature to increase, subject to certain conditions, the maximum availability up to $1.0 billion. The 2017 Revolver has an initial maturity of November 2022 with two 12-month extension options exercisable by the Company, subject to certain conditions, and bears interest at an annual rate of applicable LIBOR plus 1.30%. An undrawn credit facility commitment fee ranges from 0.15% to 0.25%, based on utilization each quarter. The 2017 Revolver allows the Company to leverage Ground Leases up to a maximum of 67.0%. As of December 31, 2019, there was $359.0 million of undrawn capacity on the 2017 Revolver and the Company had the ability to draw an additional $118.2 million without pledging any additional assets to the facility.
Debt Covenants—The Company is subject to financial covenants under the 2017 Revolver, including maintaining: (i) a limitation on total consolidated leverage of not more than 70%, or 75% for no more than 180 days, of the Company's total consolidated assets; (ii) a consolidated fixed charge coverage ratio of at least 1.40x; (iii) a consolidated tangible net worth of at least $632.8 million plus 75% of future issuances of net equity after September 30, 2019; (iv) a consolidated secured leverage ratio of not more than 70%, or 75% for no more than 180 days, of the Company's total consolidated assets; and (v) a secured recourse debt ratio of not more than 5.0% of the Company's total consolidated assets (exclusive of amounts drawn on this facility). Additionally, the 2017 Revolver previously restricted the Company's ability to pay distributions to its shareholders. Prior to November 2019, the Company was permitted to make annual distributions up to an amount equal to 110% of the Company's adjusted funds from operations, as calculated in accordance with the 2017 Revolver. In November 2019, the 2017 Revolver was amended to eliminate the restrictions on the Company's ability to pay distributions to its shareholders so long as there is no event of default. In addition, the Company may make distributions without restriction as to amount so long as after giving effect to the dividend the Company remains in compliance with the financial covenants and no event of default has occurred and is continuing. The Company's mortgages contain no significant maintenance or ongoing financial covenants. As of December 31, 2019, the Company was in compliance with all of its financial covenants.
Future Scheduled Maturities—As of December 31, 2019, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company's option, are as follows ($ in thousands):
 
 
Total
2020
 
$
—

2021
 
—

2022
 
—

2023
 
—

2024
 
166,000

Thereafter(1)
 
1,230,143

Total principal maturities
 
1,396,143

Debt premium, discount and deferred financing costs, net
 
(23,221
)
Total debt obligations, net
 
$
1,372,922


______________________________________________________________________________
(1)
As of December 31, 2019, the Company's weighted average maturity for its consolidated mortgage debt was 30.7 years.