LEASE COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2016

17. LEASE COMMITMENTS AND CONTINGENCIES

Commitments

The Company had a non-cancelable lease for office space which commenced in May 2002 and expired in December 2014. In September 2014, the Company entered into a non-cancelable lease for office space which commenced in July 2014 and expires in September 2025. FIDAC has a lease for office space which commenced in October 2010 and expired in February 2016. The lease expense for each of the quarters ended June 30, 2016 and 2015 was $0.8 million. The Company’s aggregate future minimum lease payments totaled $34.5 million. The following table details the future lease payments.

Years Ending December 31,	Lease Commitments
	(dollars in thousands)
2016 (remaining)	$	1,782
2017		3,565
2018		3,565
2019		3,565
2020		3,652
Later years		18,343
	$	34,472

The Company had no material unfunded loan commitments as of June 30, 2016 and December 31, 2015.

Contingencies

From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. There were no material contingencies as of June 30, 2016 and December 31, 2015.