| 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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September 30,
2014 |
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December 31,
2013 |
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Assets
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|
|
|
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|
|
Loans and
Receivables
|
|
$ |
69,794 |
|
|
$ |
137,788 |
|
|
Equity and Preferred
Securities
|
|
|
83,404 |
|
|
|
88,568 |
|
|
Assets of Consolidated
CLO Vehicles
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|
|
|
|
|
|
|
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Corporate
Loans
|
|
|
5,870,633 |
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|
|
8,466,889 |
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|
Corporate
Bonds
|
|
|
196,703 |
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|
|
161,382 |
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Other
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|
49,456 |
|
|
|
41,061 |
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|
|
|
|
|
|
|
|
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$ |
6,269,990 |
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$ |
8,895,688 |
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Liabilities
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Liabilities of
Consolidated CLO Vehicles
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Senior Secured
Notes
|
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$ |
5,322,648 |
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$ |
8,302,572 |
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Subordinated
Notes
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|
360,272 |
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|
610,435 |
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$ |
5,682,920 |
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$ |
8,913,007 |
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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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Three Months Ended
September 30, |
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2014 |
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|
2013 |
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| |
|
Realized
Gains (Losses) |
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|
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 |
|
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Assets of Consolidated
CLO Vehicles
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Corporate
Loans
|
|
|
384 |
|
|
|
(41,569 |
) |
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|
(14,533 |
) |
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|
90,412 |
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Corporate
Bonds
|
|
|
174 |
|
|
|
(4,069 |
) |
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|
156 |
|
|
|
1,262 |
|
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Other
|
|
|
7,620 |
|
|
|
(1,032 |
) |
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|
280 |
|
|
|
(4,075 |
) |
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
$ |
7,710 |
|
|
$ |
(52,540 |
) |
|
$ |
(14,719 |
) |
|
$ |
87,908 |
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Liabilities
|
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Liabilities of
Consolidated CLO Vehicles
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Senior Secured
Notes
|
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$ |
(1,822 |
) |
|
$ |
(38,651 |
) |
|
$ |
(2,833 |
) |
|
$ |
(127,864 |
) |
|
Subordinated
Notes
|
|
|
— |
|
|
|
22,731 |
|
|
|
— |
|
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|
19,158 |
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|
|
|
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|
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|
|
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$ |
(1,822 |
) |
|
$ |
(15,920 |
) |
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$ |
(2,833 |
) |
|
$ |
(108,706 |
) |
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Nine Months Ended
September 30, |
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|
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 |
|
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Assets of Consolidated
CLO Vehicles
|
|
|
|
|
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|
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Corporate
Loans
|
|
|
(64,251 |
) |
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|
7,388 |
|
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|
28,541 |
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|
|
125,284 |
|
|
Corporate
Bonds
|
|
|
(2,012 |
) |
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|
(375 |
) |
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|
3,809 |
|
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(4,596 |
) |
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Other
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20,914 |
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|
18,523 |
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1,706 |
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(2,963 |
) |
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$ |
(47,140 |
) |
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$ |
25,580 |
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$ |
32,079 |
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$ |
118,111 |
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Liabilities
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Liabilities of
Consolidated CLO Vehicles
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|
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|
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Senior Secured
Notes
|
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$ |
(5,914 |
) |
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$ |
(134,289 |
) |
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$ |
(2,833 |
) |
|
$ |
(419,817 |
) |
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Subordinated
Notes
|
|
|
— |
|
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|
78,345 |
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|
— |
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|
97,167 |
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$ |
(5,914 |
) |
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$ |
(55,944 |
) |
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$ |
(2,833 |
) |
|
$ |
(322,650 |
) |
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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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September 30,
2014 |
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For Financial
Assets
Past Due
(a) |
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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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Corporate
Loans
|
|
|
(166,803 |
) |
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|
3,004 |
|
|
|
(21,245 |
) |
|
|
— |
|
|
|
— |
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|
Corporate
Bonds
|
|
|
(596 |
) |
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|
— |
|
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|
— |
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|
— |
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— |
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$ |
(168,501 |
) |
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$ |
3,004 |
|
|
$ |
(21,245 |
) |
|
$ |
— |
|
|
$ |
(1,703 |
) |
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December 31,
2013 |
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| |
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|
|
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 |
) |
|
$ |
— |
|
|
$ |
— |
|
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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. |
|