SEC Filings
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| 10-Q | |
| HRG GROUP, INC. filed this Form 10-Q on 02/07/2017 | |
| Entire Document | |
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Unfunded Lending Commitments Salus and FGL had unfunded investment commitments as of December 31, 2016 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. Through Salus, the Company enters into commitments to extend credit to meet the financing needs of its asset based lending customers upon satisfaction of certain conditions. At December 31, 2016, the notional amount of unfunded, legally binding lending commitments was approximately $2.3, which all expires in 1 year or less. FGL had unfunded investment commitments of $143.8 as of December 31, 2016. (14) Related Party Transactions FGL has invested in CLO securities issued by Fortress Credit Opportunities III CLO LP (“FCO III”) and also invested in securities issued by Fortress Credit BSL Limited (“Fortress BSL”). The parent of both FCO III and Fortress BSL is Fortress Investment Group LLC (“Fortress”), which has acquired interests greater than 10% ownership in HRG as of December 31, 2016. Such CLOs had an aggregate total carrying value of $228.6 and $203.2 as of December 31, 2016 and September 30, 2016, respectively, of which $18.1 and $18.0, respectively, was included in the funds withheld receivables portfolio of Front Street. The Company’s net investment income from such securities was $3.0 and $2.2 for the three months ended December 31, 2016 and 2015, respectively, of which $0.3 and $0.3, respectively, was included in investment income, and the remaining $2.7 and $2.0, respectively, was included in income from discontinued operations. 31 | |
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