XML 51 R41.htm IDEA: XBRL DOCUMENT

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund

The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands):

	March 31, 2018		December 31, 2017

Assets:
Restricted cash	$	130,656	$	138,736
Loans and investments, net	1,838,860		1,836,744
Other assets	15,211		14,011

Total assets	$	1,984,727	$	1,989,491


Liabilities:
Collateralized loan obligations	$	1,419,838	$	1,418,422
Debt fund	68,176		68,084
Other liabilities	3,187		2,046

Total liabilities	$	1,491,201	$	1,488,552

Summary of the Company's variable interests in identified VIEs, of which the company is not the primary beneficiary

The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of March 31, 2018 (in thousands):

Type	Carrying Amount (1)
Loans	$	355,086
B Piece bonds	36,764
Agency interest only strips	3,862
Equity investments	2,168

Total	$	397,880

(1) Represents the carrying amount of loans and investments before reserves. At March 31, 2018, $162.2 million of loans to VIEs had corresponding loan loss reserves of $61.4 million. See Note 3 — Loans and Investments for details. In addition, the maximum loss exposure as of March 31, 2018 would not exceed the carrying amount of our investment.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details