LEASE COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2015

17. LEASE COMMITMENTS AND CONTINGENCIES

Commitments

The Company had a non-cancelable lease for office space which commenced in May 2002 and expired in December 2014. In September 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 years ended December 31, 2015, 2014, and 2013 were $2.9 million, $3.0 million and $2.3 million, respectively. The Company’s aggregate future minimum lease payments total $36.3 million. The following table details the lease payments.

Years Ending December 31,	Lease Commitments
	(dollars in thousands)
2016	$	3,575
2017		3,565
2018		3,565
2019		3,565
2020		3,652
Later years		18,343
	$	36,265

The Company had no material unfunded loan commitments as of December 31, 2015 and 2014.

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. There were no material contingencies as of December 31, 2015 and 2014, respectively.