|
FAIR VALUE OPTION (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Summary of Financial Instruments for Which Fair Value Option Has Been Elected |
The following
table summarizes the financial instruments for which the fair value
option has been elected:
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| |
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
137,788 |
|
|
$ |
30,663 |
|
|
Equity and Preferred
Securities
|
|
|
88,568 |
|
|
|
16,147 |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
8,466,889 |
|
|
|
11,053,513 |
|
|
Corporate Bonds
|
|
|
161,382 |
|
|
|
162,456 |
|
|
Other
|
|
|
41,061 |
|
|
|
18,285 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,895,688 |
|
|
$ |
11,281,064 |
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|
|
|
|
|
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Liabilities
|
|
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|
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|
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Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
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Senior Secured
Notes
|
|
$ |
8,302,572 |
|
|
$ |
10,695,136 |
|
|
Subordinated
Notes
|
|
|
610,435 |
|
|
|
846,471 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,913,007 |
|
|
$ |
11,541,607 |
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|
|
|
|
|
| Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected |
The following
table presents the realized and net change in unrealized gains
(losses) on financial instruments on which the fair value option
was elected:
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| |
|
Year Ended
December 31, |
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| |
|
2013 |
|
|
2012 |
|
|
2011 |
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| |
|
Realized
Gains
(Losses) |
|
|
Net Change
in Unrealized
Gains
(Losses) |
|
|
Realized
Gains
(Losses) |
|
|
Net Change
in Unrealized
Gains
(Losses) |
|
|
Realized
Gains |
|
|
Net Change
in Unrealized
Gains
(Losses) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
43 |
|
|
$ |
(1,101 |
) |
|
$ |
(308 |
) |
|
$ |
(375 |
) |
|
$ |
— |
|
|
$ |
(228 |
) |
|
Equity and Preferred
Securities
|
|
|
(2,833 |
) |
|
|
7,273 |
|
|
|
(353 |
) |
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Corporate Loans
|
|
|
37,464 |
|
|
|
172,968 |
|
|
|
(35,428 |
) |
|
|
554,628 |
|
|
|
76,314 |
|
|
|
(396,946 |
) |
|
Corporate Bonds
|
|
|
4,510 |
|
|
|
(5,058 |
) |
|
|
393 |
|
|
|
13,264 |
|
|
|
1,099 |
|
|
|
(7,605 |
) |
|
Other
|
|
|
2,647 |
|
|
|
(476 |
) |
|
|
2,425 |
|
|
|
11,889 |
|
|
|
13,296 |
|
|
|
29,908 |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
41,831 |
|
|
$ |
173,606 |
|
|
$ |
(33,271 |
) |
|
$ |
579,906 |
|
|
$ |
90,709 |
|
|
$ |
(374,871 |
) |
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Liabilities
|
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Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Senior Secured
Notes
|
|
$ |
(6,078 |
) |
|
$ |
(485,655 |
) |
|
$ |
17 |
|
|
$ |
(603,250 |
) |
|
$ |
5,798 |
|
|
$ |
58,067 |
|
|
Subordinated
Notes
|
|
|
— |
|
|
|
96,991 |
|
|
|
— |
|
|
|
(69,141 |
) |
|
|
4,694 |
|
|
|
44,061 |
|
|
|
|
|
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|
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|
|
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|
$ |
(6,078 |
) |
|
$ |
(388,664 |
) |
|
$ |
17 |
|
|
$ |
(672,391 |
) |
|
$ |
10,492 |
|
|
$ |
102,128 |
|
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|
| Information for Financial Instruments on Which Fair Value Option was Elected |
The following
table presents information for those financial instruments for
which the fair value option was elected:
|
|
|
|
|
|
|
|
|
|
|
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| |
|
December 31,
2013 |
|
|
December 31,
2012 |
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| |
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|
|
|
For Financial Assets
Past
Due (a) |
|
|
|
|
|
For Financial Assets
Past
Due (a) |
|
| |
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Fair
Value |
|
|
Excess
(Deficiency)
of Fair Value
Over Principal |
|
|
Loans and
Receivables
|
|
$ |
(533 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(292 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(281,254 |
) |
|
|
57,837 |
|
|
|
(176,379 |
) |
|
|
(586,450 |
) |
|
|
35,322 |
|
|
|
(73,291 |
) |
|
Corporate Bonds
|
|
|
(1,789 |
) |
|
|
— |
|
|
|
— |
|
|
|
(984 |
) |
|
|
831 |
|
|
|
(44 |
) |
|
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|
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|
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|
|
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|
|
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|
|
|
|
|
|
$ |
(283,576 |
) |
|
$ |
57,837 |
|
|
$ |
(176,379 |
) |
|
$ |
(587,726 |
) |
|
$ |
36,153 |
|
|
$ |
(73,335 |
) |
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|
| (a) |
Corporate Loans and
Corporate Bonds within CLO assets are classified as past due if
contractual payments are more than one day past due. |
|