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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2013
BORROWINGS  
Schedule of Company's borrowings

Certain information with respect to the Company's borrowings as of December 31, 2013 is summarized in the following table (dollar amounts in thousands):

 
   Outstanding
Borrowings		   Weighted
Average
Borrowing
Rate		   Weighted
Average
Remaining
Maturity
(in days)		   Collateral(1)  

CLO 2005-1 senior secured notes

   $ 193,909     0.73 %   1,212   $ 303,104  

CLO 2005-2 senior secured notes

     335,570     0.63     1,426     496,917  

CLO 2006-1 senior secured notes

     384,925     0.69     1,698     649,894  

CLO 2007-1 senior secured notes

     2,075,040     0.79     2,692     2,354,938  

CLO 2007-1 mezzanine notes

     406,428     3.65     2,692     461,250  

CLO 2007-1 subordinated notes(2)

     136,097     18.15     2,692     154,456  

CLO 2007-A senior secured notes

     428,152     1.57     1,384     540,677  

CLO 2007-A mezzanine notes

     55,327     7.44     1,384     69,867  

CLO 2007-A subordinated notes(2)

     15,096     42.22     1,384     19,063  

CLO 2011-1 senior debt

     388,703     1.25     1,688     517,597  

CLO 2012-1 senior secured notes

     362,727     2.34     4,002     376,603  

CLO 2012-1 subordinated notes(2)

     18,000     11.67     4,002     18,689  

CLO 2013-1 senior secured notes

     449,409     1.98     4,214     468,915  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total collateralized loan obligation secured debt

     5,249,383                 6,431,970  

Senior secured credit facility(3)

     75,000     1.39     699     —  

2015 Asset-based borrowing facility

     50,289     2.42     674     213,935  

2018 Asset-based borrowing facility(4)

     —     —     1,519     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total credit facilities

     125,289                 213,935  

8.375% Senior notes

     250,800     8.38     10,181     —  

7.500% Senior notes

     111,476     7.50     10,306     —  

Junior subordinated notes

     283,517     5.39     8,347     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total borrowings

   $ 6,020,465               $ 6,645,905  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
Collateral for borrowings consists of the estimated fair value of certain corporate loans, securities available-for-sale and equity investments at estimated fair value. Also includes the carrying value of oil and gas assets. For purposes of this table, collateral for CLO senior, mezzanine and subordinated notes are calculated pro rata based on the outstanding borrowings for each respective CLO.

(2)
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 year-to-date estimated distributions, if any.

(3)
Capital stock of material domestic and foreign subsidiaries, as defined by the senior secured credit facility agreement, are eligible to be pledged as collateral. As of December 31, 2013, the total investments held within these eligible subsidiaries exceeded the amount of the outstanding debt.

(4)
Borrowing rates range from 1.75% to 3.25% plus London interbank offered rate ("LIBOR") per annum based on the amount outstanding.

        Certain information with respect to the Company's borrowings as of December 31, 2012 is summarized in the following table (dollar amounts in thousands):

 
   Outstanding
Borrowings		   Weighted
Average
Borrowing
Rate		   Weighted
Average
Remaining
Maturity
(in days)		   Collateral(1)  

CLO 2005-1 senior secured notes

   $ 427,317     0.69 %   1,577   $ 510,187  

CLO 2005-2 senior secured notes

     470,516     0.66     1,791     618,000  

CLO 2006-1 senior secured notes

     601,091     0.69     2,063     846,365  

CLO 2007-1 senior secured notes

     2,075,040     0.86     3,057     2,298,373  

CLO 2007-1 mezzanine notes

     203,727     2.81     3,057     225,654  

CLO 2007-1 subordinated notes(2)

     5,828     26.22     3,057     6,455  

CLO 2007-A senior secured notes

     601,375     1.50     1,749     698,569  

CLO 2007-A mezzanine notes

     5,580     7.02     1,749     6,482  

CLO 2007-A subordinated notes(2)

     4,599     60.24     1,749     5,342  

CLO 2011-1 senior debt

     343,485     1.67     2,053     421,584  

CLO 2012-1 senior secured notes(3)

     362,280     2.58     4,367     40,180  

CLO 2012-1 subordinated notes(2)(3)

     21,500     —     4,367     2,351  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total collateralized loan obligation secured debt

     5,122,338                 5,679,542  

CLO 2007-1 mezzanine notes to affiliates

     118,845     6.29     3,057     131,636  

CLO 2007-1 subordinated notes to affiliates(2)

     130,270     25.89     3,057     144,291  

CLO 2007-A mezzanine notes to affiliates

     36,945     7.53     1,749     42,916  

CLO 2007-A subordinated notes to affiliates(2)

     10,497     60.24     1,749     12,194  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total collateralized loan obligation junior secured notes to affiliates

     296,557                 331,037  

Senior secured credit facility

     —     2.56     1,064     —  

2015 Asset-based borrowing facility

     107,789     2.71     1,039     227,415  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total credit facilities

     107,789                 227,415  

7.5% Convertible senior notes

     166,028     7.50     1,476     —  

8.375% Senior notes

     250,735     8.38     10,546     —  

7.500% Senior notes

     111,443     7.50     10,671     —  

Junior subordinated notes

     283,517     5.43     8,712     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total borrowings

   $ 6,338,407               $ 6,237,994  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
Collateral for borrowings consists of the estimated fair value of certain corporate loans, securities available-for-sale and equity investments at estimated fair value. Also includes the carrying value of oil and gas assets. For purposes of this table, collateral for CLO senior, mezzanine and subordinated notes are calculated pro rata based on the outstanding borrowing for each respective CLO.

(2)
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 year-to-date estimated distributions, if any.

(3)
In addition to the fair value of collateral, CLO 2012-1 held $357.7 million of principal cash as of December 31, 2012 as it was closed on December 21, 2012.
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, 2013 (amounts in thousands):

 
   Payments Due by Period  
 
   Total   Less than
1 year		   1 - 3
years		   3 - 5
years		   More than
5 years		  

CLO 2005-1 notes

   $ 195,897   $ —   $ —   $ 195,897   $ —  

CLO 2005-2 notes

     338,773     —     —     338,773     —  

CLO 2006-1 notes

     384,925     —     —     384,925     —  

CLO 2007-1 notes

     2,641,442     —     —     —     2,641,442  

CLO 2007-A notes

     498,843     —     —     498,843     —  

CLO 2011-1 debt

     388,703     —     —     388,703     —  

CLO 2012-1 notes

     385,500     —     —     —     385,500  

CLO 2013-1 notes

     458,500     —     —     —     458,500  

Credit facilities

     125,289     —     125,289     —     —  

Senior notes

     373,750     —     —     —     373,750  

Junior subordinated notes

     283,517     —     —     —     283,517  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 6,075,139   $ —   $ 125,289   $ 1,807,141   $ 4,142,709  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​