BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Company's borrowings

Certain information with respect to the Company’s borrowings as of June 30, 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 2005-1 secured notes(3)	$	142,354	$	144,804	2.28	%	666	$	47,752
CLO 2005-2 secured notes	195,433		198,911		1.19		880	276,947
CLO 2007-1 secured notes	1,998,284		2,051,331		1.70		2146	2,146,491
CLO 2007-1 subordinated notes(4)	134,468		111,080		15.19		2146	144,441
CLO 2007-A subordinated notes(4)	15,096		23,309		19.08		838	64,867
CLO 2011-1 senior debt	371,681		371,681		1.63		1873	355,962
CLO 2012-1 secured notes	367,500		368,211		2.38		3456	384,263
CLO 2012-1 subordinated notes(4)	18,000		13,208		17.18		3456	18,821
CLO 2013-1 secured notes	458,500		456,926		2.01		3668	506,827
CLO 2013-2 secured notes	339,250		339,536		2.26		3860	365,069
CLO 9 secured notes	463,750		456,318		2.28		4125	483,080
CLO 9 subordinated notes(4)	15,000		13,382		4.09		4125	15,625
CLO 10 secured notes	368,000		365,979		2.54		3821	389,217
CLO 11 secured notes	507,750		503,297		2.33		4307	472,008
CLO 11 subordinated notes(4)	28,250		24,863		—		4307	26,261
Total collateralized loan obligation secured debt	5,423,316		5,442,836					5,697,631
8.375% Senior notes	258,750		290,269		8.38		9635	—
7.500% Senior notes	115,043		123,506		7.50		9760	—
Junior subordinated notes	283,517		247,738		5.41		7768	—
Total borrowings	$	6,080,626	$	6,104,349				$	5,697,631

(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) Collateral also includes restricted cash of $111.3 million. The Company called CLO 2005-1 in July 2015.

(4) 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 cash distributions during the year, if any.

Certain information with respect to the Company’s borrowings as of December 31, 2014 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 2005-1 senior secured notes	$	192,384	$	192,260	1.84	%	847	$	224,716
CLO 2005-2 senior secured notes	242,928		242,365		0.68		1061	381,362
CLO 2006-1 senior secured notes	166,841		166,710		1.28		1333	400,165
CLO 2007-1 senior secured notes	1,906,409		1,891,228		0.80		2327	2,182,078
CLO 2007-1 mezzanine notes	489,723		486,575		3.84		2327	560,538
CLO 2007-1 subordinated notes(3)	134,468		119,112		13.75		2327	153,912
CLO 2007-A subordinated notes(3)	15,096		25,921		88.02		1019	66,044
CLO 2011-1 senior debt	402,515		402,515		1.58		1323	508,625
CLO 2012-1 senior secured notes	367,500		364,063		2.33		3637	365,662
CLO 2012-1 subordinated notes(3)	18,000		12,986		16.86		3637	17,910
CLO 2013-1 senior secured notes	458,500		441,153		1.96		3849	477,691
CLO 2013-2 senior secured notes	339,250		331,383		2.21		4041	357,722
CLO 9 senior secured notes	463,750		449,349		2.28		4306	474,072
CLO 9 subordinated notes(3)	15,000		13,531		—		4306	15,334
CLO 10 senior notes	368,000		361,948		2.50		4002	343,090
Total collateralized loan obligation secured debt	5,580,364		5,501,099					6,528,921
8.375% Senior notes	258,750		290,861		8.38		9816	—
7.500% Senior notes	115,043		123,663		7.50		9941	—
Junior subordinated notes	283,517		246,907		5.39		7949	—
Total borrowings	$	6,237,674	$	6,162,530				$	6,528,921

(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 are based on cash distributions during the year ended December 31, 2014, if any.