Schedule of Company's borrowings | Certain information with respect to the Company’s borrowings as of December 31, 2016 is summarized in the following table (dollar amounts in thousands):
| | | | | | | | | | | | | | | | | | | Par | | Carrying Value(1) | | Weighted Average Borrowing Rate | | Weighted Average Remaining Maturity (in days) | | Collateral(2) | CLO 2012-1 secured notes | $ | 367,500 |
| | $ | 378,978 |
| | 3.01 | % | | 2906 | | $ | 333,931 |
| CLO 2012-1 subordinated notes(3) | 18,000 |
| | 9,613 |
| | 15.40 |
| | 2906 | | 16,356 |
| CLO 2012-1 subordinated notes to affiliates(3) | 19,663 |
| | 10,501 |
| | — |
| | 2906 | | 17,867 |
| CLO 2013-1 secured notes | 458,500 |
| | 470,354 |
| | 2.59 |
| | 3118 | | 450,836 |
| CLO 2013-1 subordinated notes to affiliates(3) | 23,063 |
| | 14,970 |
| | — |
| | 3118 | | 22,678 |
| CLO 2013-2 secured notes | 339,250 |
| | 343,208 |
| | 2.88 |
| | 3310 | | 323,644 |
| CLO 2013-2 subordinated notes to affiliates(3) | 30,959 |
| | 19,074 |
| | — |
| | 3310 | | 29,535 |
| CLO 9 secured notes | 463,750 |
| | 471,824 |
| | 2.89 |
| | 3575 | | 437,048 |
| CLO 9 subordinated notes(3) | 15,000 |
| | 10,170 |
| | 15.58 |
| | 3575 | | 14,136 |
| CLO 9 subordinated notes to affiliates(3) | 33,400 |
| | 22,646 |
| | 6.11 |
| | 3575 | | 31,477 |
| CLO 10 secured notes | 368,000 |
| | 377,369 |
| | 3.18 |
| | 3271 | | 356,393 |
| CLO 10 subordinated notes to affiliates(3) | 39,146 |
| | 22,416 |
| | 7.53 |
| | 3271 | | 37,912 |
| CLO 15 secured notes | 370,500 |
| | 370,632 |
| | 3.06 |
| | 4309 | | 376,971 |
| CLO 15 subordinated notes(3) | 12,100 |
| | 11,430 |
| | — |
| | 4309 | | 12,311 |
| CLO 16 secured notes | 644,300 |
| | 640,386 |
| | 3.16 |
| | 4403 | | 596,916 |
| CLO 16 subordinated notes(3) | 4,500 |
| | 3,977 |
| | — |
| | 4403 | | 4,169 |
| Total collateralized loan obligation secured debt | 3,207,631 |
| | 3,177,548 |
| |
|
| | | | 3,062,180 |
| CLO warehouse facility(4) | 20,000 |
| | 20,000 |
| | 2.25 |
| | 305 | | 101,976 |
| 7.500% Senior notes | 115,043 |
| | 123,008 |
| | 7.50 |
| | 9210 | | — |
| Junior subordinated notes | 283,517 |
| | 250,154 |
| | 3.34 |
| | 7218 | | — |
| Total borrowings | $ | 3,626,191 |
| | $ | 3,570,710 |
| | |
| | | | $ | 3,164,156 |
|
| | (1) | Carrying value represents estimated fair value for the collateralized loan obligation secured debt and amortized cost for all other borrowings. |
| | (2) | Collateral for borrowings consists of the estimated fair value of certain corporate loans, securities and equity investments at estimated fair value. For purposes of this table, collateral for CLO secured and subordinated notes are calculated pro rata based on the par amount for each respective CLO. |
| | (3) | Subordinated notes to unaffiliated and affiliated parties do not have a contractual coupon rate, but instead receive a pro rata amount of the net distributions from each respective CLO. Accordingly, weighted average borrowing rates for the subordinated notes were calculated based on cash distributions during the year, if any. |
| | (4) | Represents a $200.0 million CLO warehouse facility. |
Certain information with respect to the Company’s borrowings as of December 31, 2015 is summarized in the following table (dollar amounts in thousands):
| | | | | | | | | | | | | | | | | | | Par | | Carrying Value(1) | | Weighted Average Borrowing Rate | | Weighted Average Remaining Maturity (in days) | | Collateral(2) | CLO 2007-1 secured notes | $ | 1,544,032 |
| | $ | 1,630,293 |
| | 2.10 | % | | 1962 | | $ | 1,732,855 |
| CLO 2007-1 subordinated notes(3) | 134,468 |
| | 74,954 |
| | 11.66 |
| | 1962 | | 150,912 |
| CLO 2007-A subordinated notes(3) | 15,096 |
| | 17,060 |
| | 14.49 |
| | 654 | | 48,856 |
| CLO 2011-1 senior debt | 249,301 |
| | 249,301 |
| | 1.67 |
| | 1689 | | 310,498 |
| CLO 2012-1 secured notes | 367,500 |
| | 365,383 |
| | 2.59 |
| | 3272 | | 361,684 |
| CLO 2012-1 subordinated notes(3) | 18,000 |
| | 10,845 |
| | 15.82 |
| | 3272 | | 17,715 |
| CLO 2013-1 secured notes | 458,500 |
| | 450,280 |
| | 2.05 |
| | 3484 | | 479,391 |
| CLO 2013-2 secured notes | 339,250 |
| | 334,187 |
| | 2.52 |
| | 3676 | | 347,989 |
| CLO 9 secured notes | 463,750 |
| | 454,103 |
| | 2.33 |
| | 3941 | | 463,574 |
| CLO 9 subordinated notes(3) | 15,000 |
| | 9,972 |
| | 15.92 |
| | 3941 | | 14,994 |
| CLO 10 secured notes | 368,000 |
| | 363,977 |
| | 2.75 |
| | 3637 | | 384,991 |
| CLO 11 secured notes | 507,750 |
| | 491,699 |
| | 2.38 |
| | 4123 | | 501,286 |
| CLO 11 subordinated notes(3) | 28,250 |
| | 23,306 |
| | 5.28 |
| | 4123 | | 27,890 |
| CLO 13 secured notes | 370,000 |
| | 364,986 |
| | 2.84 |
| | 4399 | | 323,781 |
| CLO 13 subordinated notes(3) | 4,000 |
| | 3,400 |
| | — |
| | 4399 | | 3,500 |
| Total collateralized loan obligation secured debt | 4,882,897 |
| | 4,843,746 |
| | | | | | 5,169,916 |
| 8.375% Senior notes | 258,750 |
| | 289,660 |
| | 8.38 |
| | 9451 | | — |
| 7.500% Senior notes | 115,043 |
| | 123,346 |
| | 7.50 |
| | 9576 | | — |
| Junior subordinated notes | 283,517 |
| | 248,498 |
| | 5.43 |
| | 7584 | | — |
| Total borrowings | $ | 5,540,207 |
| | $ | 5,505,250 |
| | |
| | | | $ | 5,169,916 |
|
| | (1) | Carrying value represents estimated fair value for the collateralized loan obligation secured debt and amortized cost for all other borrowings. |
| | (2) | Collateral for borrowings consists of the estimated fair value of certain corporate loans, securities and equity investments at estimated fair value. For purposes of this table, collateral for CLO senior, mezzanine and subordinated notes are calculated pro rata based on the par amount for each respective CLO. |
| | (3) | Subordinated notes do not have a contractual coupon rate, but instead receive a pro rata amount of the net distributions from each respective CLO. Accordingly, weighted average borrowing rates for the subordinated notes were calculated based on annualized distributions during the year, if any. |
|
Schedule of Company's contractual obligations (excluding interest) under borrowing agreements | The table below summarizes the Company’s contractual obligations (excluding interest) under borrowing agreements as of December 31, 2016 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | Payments Due by Period | | Total | | Less than 1 year | | 1 - 3 years | | 3 - 5 years | | More than 5 years | CLO 2012-1 notes | $ | 405,163 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 405,163 |
| CLO 2013-1 notes | 481,563 |
| | — |
| | — |
| | — |
| | 481,563 |
| CLO 2013-2 notes | 370,209 |
| | — |
| | — |
| | — |
| | 370,209 |
| CLO 9 notes | 512,149 |
| | — |
| | — |
| | — |
| | 512,149 |
| CLO 10 notes | 407,147 |
| | — |
| | — |
| | — |
| | 407,147 |
| CLO 15 notes | 382,600 |
| | — |
| | — |
| | — |
| | 382,600 |
| CLO 16 notes | 648,800 |
| | — |
| | — |
| | — |
| | 648,800 |
| CLO warehouse facility | 20,000 |
| | 20,000 |
| | — |
| | — |
| | — |
| Senior notes | 115,043 |
| | — |
| | — |
| | — |
| | 115,043 |
| Junior subordinated notes | 283,517 |
| | — |
| | — |
| | — |
| | 283,517 |
| Total | $ | 3,626,191 |
| | $ | 20,000 |
| | $ | — |
| | $ | — |
| | $ | 3,606,191 |
|
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