BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Company's borrowings

Certain information with respect to the Company’s borrowings as of March 31, 2017 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 2012-1 secured notes	$	287,123	$	295,410	3.34	%	2816	$	262,828
CLO 2012-1 subordinated notes(3)	18,000		9,245		12.99		2816	16,477
CLO 2012-1 subordinated notes to affiliates(3)	19,663		10,099		12.99		2816	17,999
CLO 2013-1 secured notes	458,500		472,370		2.73		3028	399,223
CLO 2013-1 subordinated notes to affiliates(3)	23,063		15,103		13.85		3028	20,081
CLO 2013-2 secured notes	339,250		341,193		3.03		3220	324,987
CLO 2013-2 subordinated notes to affiliates(3)	30,959		19,621		13.06		3220	29,657
CLO 9 secured notes	463,750		470,705		3.03		3485	454,314
CLO 9 subordinated notes(3)	15,000		10,003		14.42		3485	14,695
CLO 9 subordinated notes to affiliates(3)	33,400		22,274		14.42		3485	32,720
CLO 10 secured notes	368,000		372,462		3.33		3181	355,284
CLO 10 subordinated notes to affiliates(3)	39,146		25,123		10.24		3181	37,794
CLO 15 secured notes	370,500		370,466		3.08		4219	383,509
CLO 15 subordinated notes(3)	12,100		11,029		—		4219	12,525
CLO 16 secured notes	644,300		635,858		3.16		4313	696,213
CLO 16 subordinated notes(3)	4,500		4,152		—		4313	4,863
Total collateralized loan obligation secured debt	3,127,254		3,085,113					3,063,169
7.500% Senior notes(4)	115,000		122,908		7.50		9120	—
5.50% Senior notes	375,000		367,845		5.50		5478	—
Junior subordinated notes	264,767		234,979		3.50		7126	—
Total borrowings	$	3,882,021	$	3,810,845				$	3,063,169

(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 to unaffiliated and affiliated parties 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.

(4) On April 24, 2017, the Company redeemed all of its outstanding 7.500% Senior Notes due 2042 (the "Notes due 2042"). Refer to Note 12 to these condensed consolidated financial statements for further discussion.

Certain information with respect to the Company’s borrowings as of December 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 2012-1 secured notes	$	367,500	$	378,978	3.01	%	2906	$	333,931
CLO 2012-1 subordinated notes(3)	18,000		9,613		15.40		2906	16,356
CLO 2012-1 subordinated notes to affiliates(3)	19,663		10,501		—		2906	17,867
CLO 2013-1 secured notes	458,500		470,354		2.59		3118	450,836
CLO 2013-1 subordinated notes to affiliates(3)	23,063		14,970		—		3118	22,678
CLO 2013-2 secured notes	339,250		343,208		2.88		3310	323,644
CLO 2013-2 subordinated notes to affiliates(3)	30,959		19,074		—		3310	29,535
CLO 9 secured notes	463,750		471,824		2.89		3575	437,048
CLO 9 subordinated notes(3)	15,000		10,170		15.58		3575	14,136
CLO 9 subordinated notes to affiliates(3)	33,400		22,646		6.11		3575	31,477
CLO 10 secured notes	368,000		377,369		3.18		3271	356,393
CLO 10 subordinated notes to affiliates(3)	39,146		22,416		7.53		3271	37,912
CLO 15 secured notes	370,500		370,632		3.06		4309	376,971
CLO 15 subordinated notes(3)	12,100		11,430		—		4309	12,311
CLO 16 secured notes	644,300		640,386		3.16		4403	596,916
CLO 16 subordinated notes(3)	4,500		3,977		—		4403	4,169
Total collateralized loan obligation secured debt	3,207,631		3,177,548					3,062,180
CLO warehouse facility(4)	20,000		20,000		2.25		305	101,976
7.500% Senior notes	115,043		123,008		7.50		9210	—
Junior subordinated notes	283,517		250,154		3.34		7218	—
Total borrowings	$	3,626,191	$	3,570,710				$	3,164,156

(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 to unaffiliated and affiliated parties 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 cash distributions during the year, if any.

(4) Represents a $200.0 million CLO warehouse facility.