XML 70 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securitization Transactions Narrative (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Securitization Transactions [Line Items]    
Face amount of notes distributed from Risk Retention Vehicle $ 5,600  
Investments Fair Value $ 2,670,069 $ 2,071,707
Minimum economic interest required to be retained 5.00%  
Proceeds received from equity investment in risk retention vehicle (liquidation) $ 5,700  
Participation in Multi-Seller Consumer Loan Securitization [Member]    
Securitization Transactions [Line Items]    
Aggregate unpaid principal balance of loans sold $ 124,000  
Company's share of loans sold 51.00%  
Co-participants share of loans sold 49.00%  
Gain (Loss) on Securitization of Financial Assets $ (100)  
Senior notes issued in securitization transaction 87,000  
Subordinated notes issued in securitization transaction $ 18,700  
Company's initial percentage ownership of jointly owned entity 51.00%  
Affiliated co-participants initial percentage ownership of jointly owned entity 49.00%  
Company's current percentage ownership of jointly owned entity 75.00% 75.00%
CLO I Securitization [Member]    
Securitization Transactions [Line Items]    
Gain (Loss) on Securitization of Financial Assets $ 200  
Percentage non-controlling ownership of related party 25.00%  
The Company [Member] | CLO I Securitization [Member]    
Securitization Transactions [Line Items]    
Corporate loans transferred into CLO securitization $ 62,000  
Affiliated Entity [Member] | CLO I Securitization [Member]    
Securitization Transactions [Line Items]    
Corporate loans transferred into CLO securitization 141,700  
Collateralized Loan Obligations [Member]    
Securitization Transactions [Line Items]    
Investments Fair Value 156,087 [1],[2] $ 210,816 [3],[4]
Collateralized Loan Obligations [Member] | CLO I Securitization [Member]    
Securitization Transactions [Line Items]    
Investments Fair Value [5],[6],[7] 0 24,299 [8]
Collateralized Loan Obligations [Member] | CLO II Securitization [Member]    
Securitization Transactions [Line Items]    
Investments Fair Value [7],[8] 16,537 13,395
Collateralized Loan Obligations [Member] | Distributed from Risk Retention Vehicle [Member]    
Securitization Transactions [Line Items]    
Investments Fair Value 4,900  
Corporate Equity Investments [Member]    
Securitization Transactions [Line Items]    
Investments Fair Value 39,824 [1],[2] 37,465 [3],[4]
Corporate Equity Investments [Member] | CLO I Securitization [Member]    
Securitization Transactions [Line Items]    
Investments Fair Value [3],[4],[9]   $ 5,000
Non-QM loan securitization [Member]    
Securitization Transactions [Line Items]    
Notes issued by non-QM securitization trust $ 141,200  
Economic interest retained 5.10%  
Cost of notes purchased from securitization trust $ 700  
Threshold for exercising Optional Redemption 30.00%  
Percentage used to calculate servicing administrator fee 0.03%  
Non-QM loan securitization [Member] | The Company [Member]    
Securitization Transactions [Line Items]    
Non-QM loans transferred into securitization trust $ 141,200  
[1] See Note 2 and Note 3 in Notes to Consolidated Financial Statements.
[2] The table below shows the Company's long investment ratings from Moody's, Standard and Poor's, or Fitch, as well as the Company's long investments that were unrated but guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association. Ratings tend to be a lagging credit indicator; as a result, the credit quality of the Company's long investment holdings may be lower than the credit quality implied based on the ratings listed below. In situations where an investment has a split rating, the lowest provided rating is used. The ratings descriptions include ratings qualified with a "+," "-," "1," "2," or "3."Rating Description Percent of EquityUnrated but Agency-Guaranteed 202.37%Aaa/AAA/AAA 0.69%Aa/AA/AA 0.90%A/A/A 5.98%Baa/BBB/BBB 6.06%Ba/BB/BB or below 61.53%Unrated 155.45%
[3] See Note 2 and Note 3 in Notes to Consolidated Financial Statements.
[4] The table below shows the ratings on the Company's long investments from Moody's, Standard and Poor's, or Fitch, as well as the Company's long investments that were unrated but guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association. Ratings tend to be a lagging credit indicator; as a result, the credit quality of the Company's long investment holdings may be lower than the credit quality implied based on the ratings listed below. In situations where an investment has a split rating, the lowest provided rating is used. The ratings descriptions include ratings qualified with a "+," "-," "1," "2," or "3."Rating Description Percent of EquityUnrated but Agency-Guaranteed 160.32%A/A/A 0.81%Baa/BBB/BBB 2.62%Ba/BB/BB or below 68.03%Unrated 101.85%
[5] Excludes the Company's equity investment in the CLO I Risk Retention Vehicle, as discussed above.
[6] In August 2018, the notes originally issued by the CLO I Issuer in 2017 were fully redeemed, and the CLO I Issuer simultaneously issued new notes in conjunction with this full redemption.
[7] Included on the Company's Consolidated Condensed Schedule of Investments in Collateralized Loan Obligations.
[8] Includes secured and unsecured subordinated notes.
[9] Represents the Company's investment in a related party. See Note 9 to the Notes to Consolidated Financial Statements.