FAIR VALUE OPTION (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Financial Instruments for Which Fair Value Option Has Been Elected

The following table summarizes the financial instruments for which the fair value option has been elected:

	March 31, 2016		December 31, 2015
Assets
Loans and Receivables	$	287,858	$	261,994
Equity and Preferred Securities		280,028		280,879
Debt Securities		14,487		15,176
Assets of Consolidated CLO Vehicles
Corporate Loans		3,363,794		3,087,563
Corporate Bonds		412,073		379,000
	$	4,358,240	$	4,024,612
Liabilities
Liabilities of Consolidated CLO Vehicles
Senior Secured Notes	$	3,467,956	$	3,225,064
Subordinated Notes		86,063		98,371
	$	3,554,019	$	3,323,435

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected

The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:

	Three Months Ended March 31,
	2016						2015
	Realized Gains (Losses)			Net Change in  Unrealized Gains (Losses)			Realized Gains (Losses)			Net Change in  Unrealized Gains (Losses)
Assets
Loans and Receivables	$	—		$	(3,778	)	$	—		$	(1,875	)
Equity and Preferred Securities		3			(3,832	)		(185	)		(2,828	)
Debt Securities		—			(689	)		—			—
Assets of Consolidated CLO Vehicles
Corporate Loans		(13,707	)		957			(7,208	)		22,557
Corporate Bonds		190			271			30			1,135
Other		178			—			1,955			(2,491	)
	$	(13,336	)	$	(7,071	)	$	(5,408	)	$	16,498
Liabilities
Liabilities of Consolidated CLO Vehicles
Senior Secured Notes	$	—		$	—		$	—		$	(3,794	)
Subordinated Notes		—			12,413			—			754
	$	—		$	12,413		$	—		$	(3,040	)

Information for Financial Instruments on Which Fair Value Option was Elected

The following table presents information for those financial instruments for which the fair value option was elected:

	March 31, 2016								December 31, 2015
				For Financial Assets Past Due (a)								For Financial Assets Past Due (a)
	(Deficiency) of Fair Value Over Principal			Fair Value		(Deficiency) of Fair Value Over Principal			(Deficiency) of Fair Value Over Principal			Fair Value		(Deficiency) of Fair Value Over Principal
Loans and Receivables	$	(13,806	)	$	—	$	—		$	(8,845	)	$	—	$	—
Debt Securities		(1,115	)		—		—			(426	)		—		—
Assets of Consolidated CLO Vehicles
Corporate Loans		(71,562	)		—		(1,784	)		(77,900	)		1,088		(5,620	)
Corporate Bonds		(6,588	)		—		—			(6,046	)		—		—
	$	(93,071	)	$	—	$	(1,784	)	$	(93,217	)	$	1,088	$	(5,620	)

(a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.