SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary:

Collateralized Loan Obligation

On October 17, 2017, a subsidiary of the Company consummated a securitization of short-term floating-rate loans through a static collateralized loan obligation (“CLO”) structure. Over $456.9 million worth of balance sheet loans (the “Contributed Loans”) were contributed into the CLO. Certain of the Contributed Loans have future funding components that were not contributed to the CLO and that are retained by a subsidiary of the Company in the form of a participation interest or separate note. However, for a limited period of time, to the extent loans in the CLO are repaid, the CLO may acquire portions of the future fundings from the Company’s affiliate. An affiliate of the Company retained an approximately 18.5% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO, retains control over decisions made with respect to the administration of the Contributed Loans and appoints and controls the special servicer under the CLO. 

Revolving Credit Facility

On October 27, 2017, the Company amended its revolving credit facility to increase the maximum borrowing amount under the facility to $241.4 million.