SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 20 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the filing of this form and determined that there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements, except the following:

On October 27, 2014, RSO called and liquidated Apidos CDO I.  Proceeds from the liquidation were used to pay the notes down in full.

On October 31, 2014, RSO agreed to a modification of the terms of its Wells CRE repurchase facility agreement.  The modification increases the facility maximum by $150.0 million from $250.0 million to $400.0 million and extends the facility's maturity date to August 27, 2016.  The modification has also increased the facility's maximum single asset concentration limit and reduced the minimum portfolio debt yield tests requirement.  The modification also reduced pricing spreads on select portfolio assets.  RSO paid a structuring fee of $1.6 million upon the closing of the modification.