Other Liabilities

6 Months Ended

Jun. 30, 2018

The following table presents the components of the Company’s Other liabilities at June 30, 2018 and December 31, 2017:



(In Thousands)	June 30, 2018		December 31, 2017
Securitized debt (1)	$	518,655	$	363,944
Obligation to return securities held as collateral, at fair value	253,721		504,062
Senior Notes	96,794		96,773
Dividends and dividend equivalents payable	79,948		79,771
Accrued interest payable	11,018		12,263
Accrued expenses and other liabilities	17,871		21,584
Total Other Liabilities	$	978,007	$	1,078,397


(1)	Securitized debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated in consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.)

Senior Notes

On April 11, 2012, the Company issued $100.0 million in aggregate principal amount of its Senior Notes in an underwritten public offering. The total net proceeds to the Company from the offering of the Senior Notes were approximately $96.6 million, after deducting offering expenses and the underwriting discount. The Senior Notes bear interest at a fixed rate of 8.00% per year, paid quarterly in arrears on January 15, April 15, July 15 and October 15 of each year and will mature on April 15, 2042. The Senior Notes have an effective interest rate, including the impact of amortization to interest expense of debt issuance costs, of 8.31%. The Company may redeem the Senior Notes, in whole or in part, at any time on or after April 15, 2017, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to, but not excluding, the redemption date.

The Senior Notes are the Company’s senior unsecured obligations and are subordinate to all of the Company’s secured indebtedness, which includes the Company’s repurchase agreements, obligation to return securities obtained as collateral and other financing arrangements, to the extent of the value of the collateral securing such indebtedness.