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LEASE COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2014
LEASE COMMITMENTS AND CONTINGENCIES
17.    LEASE COMMITMENTS AND CONTINGENCIES

Commitments

The Company has a non-cancelable lease for office space which commenced in May 2002 and expires in December 2014. In June 2014, the Company entered into a non-cancelable lease for office space which commenced in July 2014 and expires in September 2025. FIDAC has a lease for office space which commenced in October 2010 and expires in February 2016.  The lease expense for the quarter ended September 30, 2014 and 2013 was $0.9 million and $0.5 million, respectively. The Company’s aggregate future minimum lease payments total $38.1 million.  The following table details the lease payments.
 
Year Ending December 31,
  
Lease Commitments
  
   
(dollars in thousands)
  
2014 (remaining)
   $ 574  
2015
     1,199  
2016
     3,591  
2017
     3,565  
2018
     3,565  
Later years
     25,557  
 
   $ 38,051  
 
The Company had no material unfunded loan commitments as of September 30, 2014 and December 31, 2013.

Contingencies

From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business.  In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements. No accrual for contingencies was recognized as of September 30, 2014 and December 31, 2013.