| Fair Value Disclosures [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Carried at Fair Value | The following tables present the financial instruments carried at fair value as of December 31, 2016, by caption on the Company's Consolidated Statements of Financial Condition for each of the levels of hierarchy established by ASC 820: | | | | | | | | | | | | | | | | | | Assets | | Level 1 | | Level 2 | | Level 3 | | Total | Beneficial interests in CLOs | | — |
| | — |
| | $ | 23,155,062 |
| | $ | 23,155,062 |
| | | $ | — |
| | $ | — |
| | $ | 23,155,062 |
| | $ | 23,155,062 |
|
The following tables present the financial instruments carried at fair value as of December 31, 2015, by caption on the Company's Consolidated Statements of Financial Condition for each of the levels of hierarchy established by ASC 820: | | | | | | | | | | | | | | | | | | Assets | | Level 1 | | Level 2 | | Level 3 | | Total | Beneficial interests in CLOs | | — |
| | — |
| | $ | 23,537,629 |
| | $ | 23,537,629 |
| | | $ | — |
| | $ | — |
| | $ | 23,537,629 |
| | $ | 23,537,629 |
|
| | | | | | | | | | | | | | | | | | Liabilities | | Level 1 | | Level 2 | | Level 3 | | Total | MMKT Notes | | $ | — |
| | $ | — |
| | $ | 4,738,026 |
| | $ | 4,738,026 |
| | | $ | — |
| | $ | — |
| | $ | 4,738,026 |
| | $ | 4,738,026 |
|
|
Roll-forward in the Changes in Fair Value of All Financial Instruments With Unobservable Inputs, Assets | The following table provides a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the year ended December 31, 2016: | | | | | | | | | | | | Beneficial interests in CLOs | | MMKT Notes | Fair value at December 31, 2015 | | $ | 23,537,629 |
| | $ | 4,738,026 |
| Distributions | | (1,925,856 | ) | | — |
| Repayments | | — |
| | (2,311,096 | ) | Interest accreted | | 1,446,783 |
| | 92,119 |
| Unrealized gains | | 96,506 |
| | — |
| Realized gains | | — |
| | (2,519,049 | ) | Fair value at December 31, 2016 | | $ | 23,155,062 |
| | $ | — |
|
The following table provides a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the year ended December 31, 2015: | | | | | | | | | | | | Beneficial interests in CLOs | | MMKT Notes | Fair value at December 31, 2014 | | $ | — |
| | $ | — |
| Purchases of investments | | 25,397,222 |
| | — |
| Proceeds from issuance of notes payable | | — |
| | 4,600,000 |
| Proceeds from partial sale of beneficial interest in CLO | | (653,900 | ) | | — |
| Distributions | | (528,853 | ) | | — |
| Interest accreted | | 652,132 |
| | 138,026 |
| Unrealized losses | | (1,079,939 | ) | | — |
| Realized losses | | (249,033 | ) | | — |
| Fair value at December 31, 2015 | | $ | 23,537,629 |
| | $ | 4,738,026 |
|
|
Roll-forward in the Changes in Fair Value of All Financial Instruments With Unobservable Inputs, Liabilities | The following table provides a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the year ended December 31, 2016: | | | | | | | | | | | | Beneficial interests in CLOs | | MMKT Notes | Fair value at December 31, 2015 | | $ | 23,537,629 |
| | $ | 4,738,026 |
| Distributions | | (1,925,856 | ) | | — |
| Repayments | | — |
| | (2,311,096 | ) | Interest accreted | | 1,446,783 |
| | 92,119 |
| Unrealized gains | | 96,506 |
| | — |
| Realized gains | | — |
| | (2,519,049 | ) | Fair value at December 31, 2016 | | $ | 23,155,062 |
| | $ | — |
|
The following table provides a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the year ended December 31, 2015: | | | | | | | | | | | | Beneficial interests in CLOs | | MMKT Notes | Fair value at December 31, 2014 | | $ | — |
| | $ | — |
| Purchases of investments | | 25,397,222 |
| | — |
| Proceeds from issuance of notes payable | | — |
| | 4,600,000 |
| Proceeds from partial sale of beneficial interest in CLO | | (653,900 | ) | | — |
| Distributions | | (528,853 | ) | | — |
| Interest accreted | | 652,132 |
| | 138,026 |
| Unrealized losses | | (1,079,939 | ) | | — |
| Realized losses | | (249,033 | ) | | — |
| Fair value at December 31, 2015 | | $ | 23,537,629 |
| | $ | 4,738,026 |
|
|
Quantitative Information Related to Significant Unobservable Inputs for Level 3 Financial Instruments, Assets | The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of December 31, 2016: | | | | | | | | | | | | Assets | | Fair Value | | Valuation Technique | | Unobservable Input | | Input Value | Beneficial interests in CLOs | | $ | 23,155,062 |
| | Discounted cash flow | | Constant prepayment rate | | 15% | | | | | | | Constant default rate | | 2% | | | | | | | Loss severity rate | | 30% | Total | | $ | 23,155,062 |
| | | | | | |
The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of December 31, 2015: | | | | | | | | | | | | Assets | | Fair Value | | Valuation Technique | | Unobservable Input | | Input Value | Beneficial interests in CLOs | | $ | 23,537,629 |
| | Discounted cash flow | | Constant prepayment rate | | 15% | | | | | | | Constant default rate | | 2% | | | | | | | Loss severity rate | | 30% | Total | | $ | 23,537,629 |
| | | | | | | | | | | | | | | | Liabilities | | Fair Value | | Valuation Technique | | Unobservable Input | | Input Value | MMKT Notes | | $ | 4,738,026 |
| | Recent market transactions | | N/A | | N/A | Total | | $ | 4,738,026 |
| | | | | | |
|
Quantitative Information Related to Significant Unobservable Inputs for Level 3 Financial Instruments, Liabilities | The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of December 31, 2016: | | | | | | | | | | | | Assets | | Fair Value | | Valuation Technique | | Unobservable Input | | Input Value | Beneficial interests in CLOs | | $ | 23,155,062 |
| | Discounted cash flow | | Constant prepayment rate | | 15% | | | | | | | Constant default rate | | 2% | | | | | | | Loss severity rate | | 30% | Total | | $ | 23,155,062 |
| | | | | | |
The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of December 31, 2015: | | | | | | | | | | | | Assets | | Fair Value | | Valuation Technique | | Unobservable Input | | Input Value | Beneficial interests in CLOs | | $ | 23,537,629 |
| | Discounted cash flow | | Constant prepayment rate | | 15% | | | | | | | Constant default rate | | 2% | | | | | | | Loss severity rate | | 30% | Total | | $ | 23,537,629 |
| | | | | | | | | | | | | | | | Liabilities | | Fair Value | | Valuation Technique | | Unobservable Input | | Input Value | MMKT Notes | | $ | 4,738,026 |
| | Recent market transactions | | N/A | | N/A | Total | | $ | 4,738,026 |
| | | | | | |
|
Investments in Equity Method Investees | The following tables (shown in thousands) present summarized financial information of FSC and FSFR for the years ended December 31, 2016 and 2015, which is the latest publicly available financial information as of the date of this report. | | | | | | | | | | | | | | | | | | | | FSC | | FSFR | Statements of Operations | | 2016 | | 2015 | | 2016 | | 2015 | Investment income | | $ | 234,510 |
| | $ | 265,259 |
| | $ | 51,074 |
| | $ | 53,463 |
| Net expenses | | 131,071 |
| | 150,144 |
| | 26,899 |
| | 25,679 |
| Net investment income | | 103,439 |
| | 115,115 |
| | 24,175 |
| | 27,784 |
| Net unrealized loss on investments and secured borrowings | | (31,605 | ) | | (123,330 | ) | | (1,968 | ) | | (31,587 | ) | Net realized loss on investments and secured borrowings | | (149,746 | ) | | (10,806 | ) | | (12,633 | ) | | (76 | ) | Net increase (decrease) in net assets resulting from operations | | (77,912 | ) | | (19,021 | ) | | 9,574 |
| | (3,878 | ) |
The following table provides information about the Company's equity method investments as of December 31, 2016 and December 31, 2015: | | | | | | | | | | | | | | | | | | | Equity Held as of | Equity method investments | | December 31, 2016 | | % of Ownership | | December 31, 2015 | | % of Ownership | | FSC common stock (1) | | $ | 41,908,970 |
| | 6.0 | % | | $ | 24,665,471 |
| | 2.7 | % | | FSFR common stock (1) | | 23,718,716 |
| | 9.1 | % | | 1,296,200 |
| | 0.5 | % | | FSOF equity interest | | 549,198 |
| | 0.9 | % | | 6,427,272 |
| | 8.7 | % | | Total | | $ | 66,176,884 |
| | | | $ | 32,388,943 |
| | | |
(1) The total fair value of the Company’s investments in FSC and FSFR was $68,426,612 based on quoted market prices as of December 31, 2016. The following table provides information about the Company's investments in FSC and FSFR common stock as of December 31, 2016 at fair value. | | | | | | | | | | | | | | | | | | | | | Securities | | Shares | | Cost | | Fair Value | | Gross Cumulative Unrealized Gains | | Gross Cumulative Unrealized Losses | FSC common stock | | 8,399,520 |
| | $ | 41,908,970 |
| | $ | 45,105,422 |
| | $ | 3,196,452 |
| | $ | — |
| FSFR common stock | | 2,677,519 |
| | 23,718,716 |
| | 23,321,190 |
| | — |
| | (397,526 | ) | Total | | 11,077,039 |
| | $ | 65,627,686 |
| | $ | 68,426,612 |
| | $ | 3,196,452 |
| | $ | (397,526 | ) |
|
Financial Instruments Disclosed, But Not Carried at Fair Value | The following table presents the carrying value and fair value of the Company's financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2016 and the level of each financial asset and liability within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | Risk Retention Term Loan | | $ | 12,972,565 |
| | $ | 12,972,565 |
| | $ | — |
| | $ | — |
| | $ | 12,972,565 |
| Loan payable - DECD loan | | 2,000,000 |
| | 1,929,588 |
| | — |
| | — |
| | 1,929,588 |
| Credit facility payable | | 102,000,000 |
| | 102,000,000 |
| | — |
| | — |
| | 102,000,000 |
| Payables to related parties pursuant to tax receivable agreements | | 35,990,255 |
| | 30,058,706 |
| | — |
| | — |
| | 30,058,706 |
| Total | | $ | 152,962,820 |
| | $ | 146,960,859 |
| | $ | — |
| | $ | — |
| | $ | 146,960,859 |
|
The following table presents the carrying value and fair value of the Company's financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2015 and the level of each financial asset and liability within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | Risk Retention Term Loan | | $ | 12,972,614 |
| | $ | 12,972,614 |
| | $ | — |
| | $ | — |
| | $ | 12,972,614 |
| Loan payable - DECD loan | | 4,000,000 |
| | 4,040,214 |
| | — |
| | — |
| | 4,040,214 |
| Credit facility payable | | 65,000,000 |
| | 65,000,000 |
| | — |
| | — |
| | 65,000,000 |
| Payables to related parties pursuant to tax receivable agreements | | 45,486,114 |
| | 40,015,336 |
| | — |
| | — |
| | 40,015,336 |
| Total | | $ | 127,458,728 |
| | $ | 122,028,164 |
| | $ | — |
| | $ | — |
| | $ | 122,028,164 |
|
|