BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Company's borrowings

Certain information with respect to the Company’s borrowings as of March 31, 2016 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 2007-1 secured notes	$	1,431,783	$	1,537,984	2.47	%	1871	$	1,530,018
CLO 2007-1 subordinated notes(3)	134,468		74,058		4.53		1871	143,694
CLO 2007-A subordinated notes(3)	15,096		15,640		6.59		563	43,222
CLO 2012-1 secured notes	367,500		372,968		2.70		3181	365,848
CLO 2012-1 subordinated notes(3)	18,000		8,960		14.06		3181	17,919
CLO 2013-1 secured notes	458,500		461,576		2.34		3393	481,092
CLO 2013-2 secured notes	339,250		340,151		2.80		3585	349,842
CLO 9 secured notes	463,750		460,374		2.63		3850	459,889
CLO 9 subordinated notes(3)	15,000		8,879		14.62		3850	14,875
CLO 10 secured notes	368,000		370,038		2.87		3546	381,593
CLO 11 secured notes	507,750		500,174		2.68		4032	500,785
CLO 11 subordinated notes(3)	28,250		20,623		16.84		4032	27,862
CLO 13 secured notes	370,000		374,429		2.84		4308	379,157
CLO 13 subordinated notes(3)	4,000		2,834		—		4308	4,099
Total collateralized loan obligation secured debt	4,521,347		4,548,688					4,699,895
8.375% Senior notes	258,750		289,350		8.38		9360	—
7.500% Senior notes	115,043		123,267		7.50		9485	—
Junior subordinated notes	283,517		248,903		5.57		7493	—
Total borrowings	$	5,178,657	$	5,210,208				$	4,699,895

(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 secured 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 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, 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 2007-1 secured notes	$	1,544,032	$	1,630,293	2.10	%	1962	$	1,732,855
CLO 2007-1 subordinated notes(3)	134,468		74,954		11.66		1962	150,912
CLO 2007-A subordinated notes(3)	15,096		17,060		14.49		654	48,856
CLO 2011-1 senior debt	249,301		249,301		1.67		1689	310,498
CLO 2012-1 secured notes	367,500		365,383		2.59		3272	361,684
CLO 2012-1 subordinated notes(3)	18,000		10,845		15.82		3272	17,715
CLO 2013-1 secured notes	458,500		450,280		2.05		3484	479,391
CLO 2013-2 secured notes	339,250		334,187		2.52		3676	347,989
CLO 9 secured notes	463,750		454,103		2.33		3941	463,574
CLO 9 subordinated notes(3)	15,000		9,972		15.92		3941	14,994
CLO 10 secured notes	368,000		363,977		2.75		3637	384,991
CLO 11 secured notes	507,750		491,699		2.38		4123	501,286
CLO 11 subordinated notes(3)	28,250		23,306		5.28		4123	27,890
CLO 13 secured notes	370,000		364,986		2.84		4399	323,781
CLO 13 subordinated notes(3)	4,000		3,400		—		4399	3,500
Total collateralized loan obligation secured debt	4,882,897		4,843,746					5,169,916
8.375% Senior notes	258,750		289,660		8.38		9451	—
7.500% Senior notes	115,043		123,346		7.50		9576	—
Junior subordinated notes	283,517		248,498		5.43		7584	—
Total borrowings	$	5,540,207	$	5,505,250				$	5,169,916

(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 secured 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 were calculated based on annualized cash distributions during the year, if any.