v2.4.0.8

FAIR VALUE OPTION | 9 Months Ended
--- | ---
Sep. 30, 2014
FAIR VALUE OPTION |
7. | FAIR VALUE OPTION
The following table summarizes the financial instruments for which the fair value option has been elected:
|  | September 30, 2014 |  |  | December 31, 2013 |
Assets |  |  |  |  |  |  |  |
Loans and Receivables |  | $ | 69,794 |  |  | $ | 137,788 |
Equity and Preferred Securities |  |  | 83,404 |  |  |  | 88,568 |
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |
Corporate Loans |  |  | 5,870,633 |  |  |  | 8,466,889 |
Corporate Bonds |  |  | 196,703 |  |  |  | 161,382 |
Other |  |  | 49,456 |  |  |  | 41,061 |
|  | $ | 6,269,990 |  |  | $ | 8,895,688 |
Liabilities |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles |  |  |  |  |  |  |  |
Senior Secured Notes |  | $ | 5,322,648 |  |  | $ | 8,302,572 |
Subordinated Notes |  |  | 360,272 |  |  |  | 610,435 |
|  | $ | 5,682,920 |  |  | $ | 8,913,007 |
The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected:
|  | Three Months Ended September 30, |
|  | 2014 |  |  | 2013 |
|  | Realized Gains (Losses) |  |  | Net Change in Unrealized Gains (Losses) |  |  | Realized Gains (Losses) |  |  | Net Change in Unrealized Gains (Losses) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and Receivables |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (897 | )
Equity and Preferred Securities |  |  | (468 | ) |  |  | (5,870 | ) |  |  | (622 | ) |  |  | 1,206 |
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Loans |  |  | 384 |  |  |  | (41,569 | ) |  |  | (14,533 | ) |  |  | 90,412 |
Corporate Bonds |  |  | 174 |  |  |  | (4,069 | ) |  |  | 156 |  |  |  | 1,262 |
Other |  |  | 7,620 |  |  |  | (1,032 | ) |  |  | 280 |  |  |  | (4,075 | )
|  | $ | 7,710 |  |  | $ | (52,540 | ) |  | $ | (14,719 | ) |  | $ | 87,908 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Notes |  | $ | (1,822 | ) |  | $ | (38,651 | ) |  | $ | (2,833 | ) |  | $ | (127,864 | )
Subordinated Notes |  |  | — |  |  |  | 22,731 |  |  |  | — |  |  |  | 19,158 |
|  | $ | (1,822 | ) |  | $ | (15,920 | ) |  | $ | (2,833 | ) |  | $ | (108,706 | )
|  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |
|  | Realized Gains (Losses) |  |  | Net Change in Unrealized Gains (Losses) |  |  | Realized Gains (Losses) |  |  | Net Change in Unrealized Gains (Losses) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and Receivables |  | $ | — |  |  | $ | — |  |  | $ | 43 |  |  | $ | (1,101 | )
Equity and Preferred Securities |  |  | (1,791 | ) |  |  | 44 |  |  |  | (2,020 | ) |  |  | 1,487 |
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Loans |  |  | (64,251 | ) |  |  | 7,388 |  |  |  | 28,541 |  |  |  | 125,284 |
Corporate Bonds |  |  | (2,012 | ) |  |  | (375 | ) |  |  | 3,809 |  |  |  | (4,596 | )
Other |  |  | 20,914 |  |  |  | 18,523 |  |  |  | 1,706 |  |  |  | (2,963 | )
|  | $ | (47,140 | ) |  | $ | 25,580 |  |  | $ | 32,079 |  |  | $ | 118,111 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Notes |  | $ | (5,914 | ) |  | $ | (134,289 | ) |  | $ | (2,833 | ) |  | $ | (419,817 | )
Subordinated Notes |  |  | — |  |  |  | 78,345 |  |  |  | — |  |  |  | 97,167 |
|  | $ | (5,914 | ) |  | $ | (55,944 | ) |  | $ | (2,833 | ) |  | $ | (322,650 | )
The following table presents information for those financial instruments for which the fair value option was elected:
|  | September 30, 2014 |
|  |  |  |  | For Financial Assets Past Due (a) |  |  | For Financial Assets with Non-Accrual Status |
|  | Excess (Deficiency) of Fair Value Over Principal |  |  | Fair Value |  |  | Excess (Deficiency) of Fair Value Over Principal |  |  | Fair Value |  |  | Excess (Deficiency) of Fair Value Over Principal |
Loans and Receivables |  | $ | (1,102 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,703 | )
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Loans |  |  | (166,803 | ) |  |  | 3,004 |  |  |  | (21,245 | ) |  |  | — |  |  |  | — |
Corporate Bonds |  |  | (596 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | (168,501 | ) |  | $ | 3,004 |  |  | $ | (21,245 | ) |  | $ | — |  |  | $ | (1,703 | )
|  | December 31, 2013 |
|  |  |  |  | For Financial Assets Past Due (a) |  |  | For Financial Assets with Non-Accrual Status |
|  | Excess (Deficiency) of Fair Value Over Principal |  |  | Fair Value |  |  | Excess (Deficiency) of Fair Value Over Principal |  |  | Fair Value |  |  | Excess (Deficiency) of Fair Value Over Principal |
Loans and Receivables |  | $ | (533 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Assets of Consolidated CLO Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Loans |  |  | (281,254 | ) |  |  | 57,837 |  |  |  | (176,379 | ) |  |  | — |  |  |  | — |
Corporate Bonds |  |  | (1,789 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | (283,576 | ) |  | $ | 57,837 |  |  | $ | (176,379 | ) |  | $ | — |  |  | $ | — |
(a) | Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.
As of December 31, 2013, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of September 30, 2014 and December 31, 2013, no Corporate Bonds included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected were past due or in non-accrual status.

X
- Definition The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14210-108612 + Details
Name: | us-gaap_FairValueOptionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration