|
FAIR VALUE OPTION (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| 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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|
|
|
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| |
|
March 31,
2015 |
|
|
December 31,
2014 |
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|
Assets
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
40,691 |
|
|
$ |
40,397 |
|
|
Equity and Preferred
Securities
|
|
|
103,971 |
|
|
|
102,907 |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
5,902,169 |
|
|
|
6,279,592 |
|
|
Corporate Bonds
|
|
|
322,696 |
|
|
|
292,690 |
|
|
Other
|
|
|
75,387 |
|
|
|
44,513 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,444,914 |
|
|
$ |
6,760,099 |
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|
|
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|
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Liabilities
|
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Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
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Senior Secured
Notes
|
|
$ |
6,587,954 |
|
|
$ |
6,448,352 |
|
|
Subordinated
Notes
|
|
|
345,793 |
|
|
|
348,752 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,933,747 |
|
|
$ |
6,797,104 |
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|
|
|
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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
March 31, |
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| |
|
2015 |
|
|
2014 |
|
| |
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
(1,875 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Equity and Preferred
Securities
|
|
|
(185 |
) |
|
|
(2,828 |
) |
|
|
(584 |
) |
|
|
5,118 |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
6,656 |
|
|
|
67,619 |
|
|
|
(38,242 |
) |
|
|
15,059 |
|
|
Corporate Bonds
|
|
|
(1,105 |
) |
|
|
3,916 |
|
|
|
1,098 |
|
|
|
252 |
|
|
Other
|
|
|
1,955 |
|
|
|
(376 |
) |
|
|
14,997 |
|
|
|
(3,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,321 |
|
|
$ |
66,456 |
|
|
$ |
(22,731 |
) |
|
$ |
17,311 |
|
|
|
|
|
|
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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
|
|
$ |
— |
|
|
$ |
(28,071 |
) |
|
$ |
(2,538 |
) |
|
$ |
(55,874 |
) |
|
Subordinated
Notes
|
|
|
— |
|
|
|
20,565 |
|
|
|
— |
|
|
|
36,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(7,506 |
) |
|
$ |
(2,538 |
) |
|
$ |
(18,919 |
) |
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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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March 31,
2015 |
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|
December 31,
2014 |
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| |
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|
|
|
For Financial
Assets
Past Due
(a) |
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|
|
|
|
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
|
|
$ |
(7,273 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(5,323 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Corporate Loans
|
|
|
(83,924 |
) |
|
|
2,875 |
|
|
|
(25,514 |
) |
|
|
(197,580 |
) |
|
|
4,369 |
|
|
|
(21,876 |
) |
|
Corporate Bonds
|
|
|
(2,324 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,814 |
) |
|
|
— |
|
|
|
— |
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|
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|
|
|
|
|
|
$ |
(93,521 |
) |
|
$ |
2,875 |
|
|
$ |
(25,514 |
) |
|
$ |
(210,717 |
) |
|
$ |
4,369 |
|
|
$ |
(21,876 |
) |
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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. |
|