FAIR VALUE OPTION (Tables)
|
9 Months Ended |
Sep. 30, 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:
|
|
|
|
|
|
|
|
|
| |
|
September 30,
2015 |
|
|
December 31,
2014 |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
179,255 |
|
|
$ |
40,397 |
|
|
Equity and Preferred
Securities
|
|
|
271,905 |
|
|
|
102,907 |
|
|
Debt Securities
|
|
|
15,260 |
|
|
|
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
3,194,584 |
|
|
|
6,279,592 |
|
|
Corporate Bonds
|
|
|
351,674 |
|
|
|
292,690 |
|
|
Other
|
|
|
— |
|
|
|
44,513 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,012,678 |
|
|
$ |
6,760,099 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
|
Senior Secured
Notes
|
|
$ |
3,244,579 |
|
|
$ |
6,448,352 |
|
|
Subordinated
Notes
|
|
|
111,029 |
|
|
|
348,752 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,355,608 |
|
|
$ |
6,797,104 |
|
|
|
|
|
|
|
|
|
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
(1,235 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Equity and Preferred
Securities
|
|
|
(36 |
) |
|
|
(3,749 |
) |
|
|
(468 |
) |
|
|
(5,870 |
) |
|
Debt Securities
|
|
|
— |
|
|
|
(342 |
) |
|
|
— |
|
|
|
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
2,578 |
|
|
|
(38,888 |
) |
|
|
384 |
|
|
|
(41,569 |
) |
|
Corporate Bonds
|
|
|
(988 |
) |
|
|
(4,578 |
) |
|
|
174 |
|
|
|
(4,069 |
) |
|
Other
|
|
|
1,003 |
|
|
|
(305 |
) |
|
|
7,620 |
|
|
|
(1,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,557 |
|
|
$ |
(49,097 |
) |
|
$ |
7,710 |
|
|
$ |
(52,540 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured
Notes
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,822 |
) |
|
$ |
(38,651 |
) |
|
Subordinated
Notes
|
|
|
— |
|
|
|
34,235 |
|
|
|
— |
|
|
|
22,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
34,235 |
|
|
$ |
(1,822 |
) |
|
$ |
(15,920 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
September 30, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Realized
Gains (Losses) |
|
|
Net Change
in Unrealized
Gains (Losses) |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Receivables
|
|
$ |
— |
|
|
$ |
(1,832 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Equity and Preferred
Securities
|
|
|
(273 |
) |
|
|
(11,240 |
) |
|
|
(1,791 |
) |
|
|
44 |
|
|
Debt Securities
|
|
|
— |
|
|
|
(342 |
) |
|
|
— |
|
|
|
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(2,269 |
) |
|
|
1,993 |
|
|
|
(64,251 |
) |
|
|
7,388 |
|
|
Corporate Bonds
|
|
|
(867 |
) |
|
|
(62 |
) |
|
|
(2,012 |
) |
|
|
(375 |
) |
|
Other
|
|
|
4,276 |
|
|
|
(3,636 |
) |
|
|
20,914 |
|
|
|
18,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
867 |
|
|
$ |
(15,119 |
) |
|
$ |
(47,140 |
) |
|
$ |
25,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities of Consolidated
CLO Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured
Notes
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(5,914 |
) |
|
$ |
(134,289 |
) |
|
Subordinated
Notes
|
|
|
— |
|
|
|
23,997 |
|
|
|
— |
|
|
|
78,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
23,997 |
|
|
$ |
(5,914 |
) |
|
$ |
(55,944 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30,
2015 |
|
|
December 31,
2014 |
|
| |
|
|
|
|
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
|
|
$ |
(7,303 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(5,323 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Debt Securities
|
|
|
(342 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Assets of Consolidated CLO
Vehicles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Loans
|
|
|
(36,356 |
) |
|
|
318 |
|
|
|
(5,897 |
) |
|
|
(197,580 |
) |
|
|
4,369 |
|
|
|
(21,876 |
) |
|
Corporate Bonds
|
|
|
(7,449 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,814 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(51,450 |
) |
|
$ |
318 |
|
|
$ |
(5,897 |
) |
|
$ |
(210,717 |
) |
|
$ |
4,369 |
|
|
$ |
(21,876 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Corporate Loans and
Corporate Bonds within CLO assets are classified as past due if
contractual payments are more than one day past due. |
|