Medley Management (MDLM) 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 13, 2015
Document Information [Line Items]
Entity Registrant Name	MEDLEY MANAGEMENT INC.
Entity Central Index Key	1,611,110
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	mdly
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,000,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 66,376	$ 87,206	$ 3,278	$ 5,395
Investments, at fair value	11,519	9,901
Investments, at fair value	790,529	734,870
Management fees receivable	16,451	15,173
Performance fees receivable	8,442	5,573
Other assets	9,680	9,230
Total assets	988,137	910,399
Liabilities and Equity
Loans payable	102,813	103,057
Accounts payable, accrued expenses and other liabilities	21,344	27,583
Secured borrowings	137,366	141,135
Performance fee compensation payable	9,878	11,807
Total liabilities	273,291	289,349
Equity
Capital deficit	(765)	(2,384)
Retained earnings	1,219	272
Total stockholders' equity (deficit), Medley Management Inc.	514	(2,052)
Total equity	714,846	621,050
Total liabilities and equity	988,137	910,399
Consolidated Funds [Member]
Assets
Cash and cash equivalents	74,401	38,111
Investments, at fair value	790,529	734,870
Interest and dividends receivable	7,561	6,654
Other assets	3,178	3,681
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities	1,890	5,767
Secured borrowings	137,366	141,135
Equity
Non-controlling interests	722,553	625,548
Consolidated Subsidiaries [Member]
Equity
Non-controlling interests	2,217	1,526
Medley LLC [Member]
Assets
Other assets	9,680	9,230
Equity
Non-controlling interests	(10,438)	(3,972)
Common Class A [Member]
Equity
Common Stock, Value, Issued	$ 60	$ 60

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,000,000,000	3,000,000,000
Common Stock, Shares, Issued	6,000,000	6,000,000
Common Stock, Shares, Outstanding	6,000,000	6,000,000
Common Class B [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Shares, Issued	100	100
Common Stock, Shares, Outstanding	100	100

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Revenues
Management fees	$ 20,216	$ 36,410
Performance fees	1,656	2,868
Other revenues and fees	1,981	3,605
Total revenues	23,853	42,883
Expenses
Compensation and benefits	6,397	13,618
Performance fee compensation	(1,030)	(918)
Consolidated Funds expenses	634	1,427
General, administrative and other expenses	4,623	9,130
Total expenses	10,624	23,257
Other income (expense)
Dividend income	221	443
Interest expense	(2,109)	(4,194)
Other expenses, net	(69)	(452)
Interest and other income of Consolidated Funds	21,169	39,896
Interest expense of Consolidated Funds	3,800	7,600
Net realized gain (loss) on investments of Consolidated Funds		952
Net change in unrealized depreciation on investments of Consolidated Funds	(6,417)	(2,395)
Total other income, net	8,903	26,138
Income before income taxes	22,132	45,764
Provision for income taxes	1,251	2,941
Net income	20,881	42,823
Net income attributable to Medley Management Inc.	$ 1,039	$ 2,313
Dividends declared per Class A common stock		$ 0.20
Net income per share attributable to stockholders of Class A common stock of Medley Management Inc:
Earnings Per Share, Basic (in dollars per share)	$ 0.14	0.33
Earnings Per Share, Diluted (in dollars per share)	$ 0.14	$ 0.33
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares)	6,000,000	6,000,000
Consolidated Funds [Member]
Expenses
Consolidated Funds expenses	$ 634	$ 1,427
Other income (expense)
Interest and other income of Consolidated Funds	21,169	39,896
Interest expense of Consolidated Funds	3,810	7,614
Net realized gain (loss) on investments of Consolidated Funds		973
Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds	(82)	(498)
Net income (loss) attributable to noncontrolling interest	13,128	24,703
Consolidated Subsidiaries [Member]
Other income (expense)
Net income (loss) attributable to noncontrolling interest	(274)	1,016
Medley LLC [Member]
Other income (expense)
Net income (loss) attributable to noncontrolling interest	$ 6,988	$ 14,791

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]Consolidated Funds [Member]	Noncontrolling Interest [Member]Consolidated Subsidiaries [Member]	Noncontrolling Interest [Member]Medley LLC [Member]	Total
Balance at Dec. 31, 2014	$ 60		$ (2,384)	$ 272	$ 625,548	$ 1,526	$ (3,972)	$ 621,050
Balance (in shares) at Dec. 31, 2014	6,000,000	100
Deconsolidation of MOF I LP					(15,321)			(15,321)
Net income				2,313	24,703	1,016	14,791	42,823
Stock-based compensation			1,619					1,619
Dividends declared on common stock				(1,366)				(1,366)
Contributions					87,623			87,623
Distributions						(325)	(21,257)	(21,582)
Balance at Jun. 30, 2015	$ 60		$ (765)	$ 1,219	$ 722,553	$ 2,217	$ (10,438)	$ 714,846
Balance (in shares) at Jun. 30, 2015	6,000,000	100

Consolidated Statements of Cha6

Consolidated Statements of Changes in Equity (Parenthetical)	Jun. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared, amount per share	$ 0.20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 42,823	$ 30,498
Adjustments to reconcile net income to net cash used in operating activities:
Net change in unrealized depreciation (appreciation) on investments	151	(83)
Non-cash stock-based compensation	1,619
Depreciation and amortization	111	186
Amortization of deferred financing costs	265	87
Accretion of original issue discount	381	248
Net realized (gain) loss on investments	(952)	(1,288)
Changes in operating assets and liabilities:
Management fees receivable	(1,278)	(2,613)
Performance fees receivable	(2,869)	(2,556)
Other assets	(560)	(1,340)
Accounts payable, accrued expenses and other liabilities	(6,641)	4,732
Performance fee compensation payable	(1,929)	2,266
Net cash used in operating activities	(80,508)	(112,590)
Cash flows from investing activities
Purchases of property and equipment	(107)	(207)
Net cash used in investing activities	(107)	(207)
Cash flows from financing activities
Proceeds from issuance of debt obligations		15,000
Repayment of loans payable	(625)	(1,037)
Distributions to members	(21,582)	(27,438)
Dividends paid	(1,366)
Debt issuance costs		(230)
Net cash provided by financing activities	59,785	110,680
Net increase (decrease) in cash and cash equivalents	(20,830)	(2,117)
Cash and cash equivalents, beginning of period	87,206	5,395
Cash and cash equivalents, end of period	66,376	3,278
Supplemental disclosure of non-cash financing activities
Non-cash debt		2,500
Transfer of membership interests to non-controlling interests in consolidated subsidiaries		928
Investment in MOF I attributed to deconsolidation	1,768
Standalone [Member]
Adjustments to reconcile net income to net cash used in operating activities:
Benefit from deferred taxes	243	60
Consolidated Funds [Member]
Adjustments to reconcile net income to net cash used in operating activities:
Net change in unrealized depreciation (appreciation) on investments	2,416	7,203
Benefit from deferred taxes	(83)	(19)
Accretion of original issue discount	1,592	(697)
Interest income paid-in-kind	(1,856)	(3,515)
Net realized (gain) loss on investments	(973)	(1,288)
Net change in unrealized (depreciation) appreciation on secured borrowings of Consolidated Funds	498	1,197
Changes in operating assets and liabilities:
Other assets	(3,840)	(17,160)
Accounts payable, accrued expenses and other liabilities	(981)	5,136
Cash and cash equivalents	(39,625)	(34,678)
Cost of investments purchased	(135,587)	(226,296)
Proceeds from sales and repayments of investments	65,615	126,042
Cash flows from financing activities
Contribution from non-controlling interest in consolidated subsidiaries	87,624	88,602
Proceeds from secured borrowings of Consolidated Funds	18,010	41,712
Repayments on secured borrowings of Consolidated Funds	(22,276)	$ (5,929)
Cash and cash equivalents, beginning of period	38,111
Cash and cash equivalents, end of period	$ 74,401

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
Organization and Basis of Presentation [Abstract]
Organization and Basis of Presentation	1. ORG ANIZ ATION AND BASIS OF PRESENTATION Medley Management Inc. (the “Corporation”) is an asset management firm offering yield solutions to retail and institutional investors. The Corporation’s national direct origination franchise provides capital to the middle market in the U.S. The Corporation, through its consolidated subsidiary , Medley LLC, provides investment management services to p ermanent capital vehicles, long- dated private funds and separately managed accounts and serves as the general partner to the private funds, which are generally organized as pass-through entities. Medley LLC is headquartered in New York City and has an office in San Francisco. Initial Public Offering of Medley Management Inc. Medley Management Inc. was incorporated on June 13, 2014 and commenced operations on September 29, 2014 upon the completion of its initial public offering (“IPO”) of its Class A common stock. Medley Management Inc. raised $ 100.4 million, net of underwriting discount, through the issuance of 6,000,000 shares of Class A common stock at an offering price to the public of $ 18.00 per share. Medley Management Inc. used the offering proceeds to purchase 6,000,000 newly issued LLC Units (defined below) from Medley LLC. Prior to the IPO, Medley Management Inc. had not engaged in any business or other activities except in connection with its formation and IPO. In connection with the IPO, Medley Management Inc. issued 100 shares of Class B common stock to Medley Group LLC (“Medley Group”), an entity wholly owned by the pre-IPO members of Medley LLC. For as long as the pre-IPO members and then-current Medley personnel hold at least 10 % of the aggregate number of shares of Class A common stock and LLC Units (defined below) (excluding those LLC Units held by Medley Management Inc.) then outstanding, the Class B common stock entitles Medley Group to a number of votes that is equal to 10 times the aggregate number of LLC Units held by all non-managing members of Medley LLC that do not themselves hold shares of Class B common stock and entitle each other holder of Class B common stock, without regard to the number of shares of Class B common stock held by such other holder, to a number of votes that is equal to 10 times the number of membership units held by such holder. The Class B common stock do es not participate in dividends and do es not have any liquidation rights. Medley LLC Reorganization In connection with the IPO, Medley LLC amended and restated its limited liability agreement to modify its capital structure by reclassifying the 23,333,333 interests held by the pre-IPO members into a single new class of units (“LLC Units”). The pre-IPO members also entered into an exchange agreement under which they (or certain permitted transferees thereof) have the right, from and after the first twelve month anniversary of the date of the closing of the IPO, subject to the terms of an exchange agreement, to exchange their LLC Units for shares of Medley Management Inc.’s Class A common stock on a one-for-one basis , subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. In addition, pursuant to the amended and restated limited liability agreement, Medley Management Inc. became the sole managing member of Medley LLC. The pre-IPO owners, are, subject to limited exceptions, prohibited from transferring any LLC Units held by them or any shares of Class A common stock received upon exchange of such LLC Units, until the third anniversary of the date of the closing of the IPO without the Company’s consent. Thereafter and prior to the fourth and fifth anniversaries of the closing of the IPO, such holders may not transfer more than 33 1/3% and 66 2/3%, respective ly, of the number of LLC Units held by them, together with the number of any shares of Class A common stock received by them upon exchange therefor, without the Company’s consent. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of Medley Management Inc., Medley LLC and its consolidated subsidiaries together with certain funds (individually “Consolidated Funds”, collectively, “Medley” or the “Company”). Additionally, the accompanying condensed consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP may be omitted. In the opinion of management, the unaudited condensed consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim period included herein. Therefore, this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the “Annual Report on Form 10-K”). The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the full year ending December 31, 2015. The Consolidated Funds have been consolidated in the accompanying financial statements for the periods presented in accordance with U.S. GAAP. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows of the Company; however, the Consolidated Funds’ results included herein have no direct effect on the net income attributable to members or on total equity. The economic ownership interests of the investors in the Consol idated Funds are reflected as “ Non-controlling i nterests in Consolidated Funds” and as “ Net income attributable to non-controlling interests in Consolidated Funds” in the accompanying condensed consolidated financial statements. Prior to the Reorganization and IPO on September 29, 2014, all compensation for services rendered by senior Medley LLC professionals were reflected as distributions from members’ capital rather than as compensation expense. Subsequent to the Reorganization and IPO, all guaranteed payments made to these senior professionals are recognized as compensation expense.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation In accordance with Accounting Standar ds Codification (“ ASC ” ) 810, Consolidation , the Company consolidates those entities where it has a direct and indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates entities that the Company concludes ar e variable interest entities (“VIEs” ), for which the Company is deemed to be the primary beneficiary and entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity. An entity in which the Company holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both, and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Entities that do not qualify as VIEs are generally assessed for consolidation under the voting interest model. For those entities that qualify as a VIE, the Company performs an analysis to determine if it is the primary beneficiary. With respect to certain VIEs that qualify for accounting treatment under Accounting Standard s Update (“ASU”) 2010-10, Consolidation (Topic 810): Amendments for Certain Investment Funds , the Company determines that it is the primary beneficiary only if its involvement, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest and management fees), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In order to qualify for this accounting treatment, certain conditions have to be met, including if the entities have all the attributes of an investment company and are not securitization or asset-backed financing entities. For all other entities, the Company determines that it is the primary beneficiary if it holds a controlling financial interest defined as possessing both (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. In making its assessment the Company takes into consideration all fee and substantive arrangements, terms and transactions that may exist. The assessment of whether an entity is a VIE and the determination of whether the Company should consolidate such VIE requires judgments and is dependent on the particular facts and circumstances. Each entity is asses sed for consolidation on a case-by- case basis. For those entities evaluated under the voting interest model, the Company consolidates those entities it controls through a majority voting interest or through other means whereby the Company is the general partner and is presumed to have control. The Company would not consolidate an entity in which the presumption of control by the general partner has been overcome through either the granting of substantive rights to the unaffiliated investors to either dissolve the entity o r remove the general partner (“ kick-out-rights ” ) or the granting of substantive participating rights. Consolidated Variable Interest Entities Medley Management Inc. is the sole managing member of Medley LLC and, as such, it operates and controls all of the business and affairs of Medley LLC and, through Medley LLC, conducts its business. Under ASC 810, Medley LLC meets the definition of a variable interest entity because the equity of Medley LLC is not sufficient to permit activities without additional subordinated financial support. Since Medley Management Inc. has the obligation to absorb expected losses that could be significant to Medley LLC and holds 100 % of the voting power, Medley Management Inc. is considered to be the primary beneficiary of Medley LLC. As a result, Medley Management Inc. consolidates the financial results of Medley LLC and its subsidiaries and records a non-controlling interest for the economic interest in Medley LLC held by the non-managing members. Medley Management Inc.’s and the non-managing members’ economic interest s in Medley LLC is 20.5 % and 79.5 %, respectively, as of June 30, 2015 and December 31, 2014. Net income attributable to the non-controlling interest in Medley LLC on the consolidated statements of operations represents the portion of earnings attributable to the economic interest in Medley LLC held by its non-managing members. Non-controlling interests in Medley LLC on the consolidated balance sheets represents the portion of net assets of Medley LLC attributable to the non-managing members based on total LLC Units of Medley LLC owned by such non-managing members. Medley LLC has one majority owned subsidiary, SIC Advisors LLC, that is a consolidated VIE. This entity was organized as a limited liability company and was legally formed to manage a designated fund and to isolate business risk. As of June 30, 2015 and December 31, 2014, total assets, after eliminating entries, of this VIE reflected in the consolidated balance sheets were $23.8 million and $ 18.0 million, respectively. Total liabilities, after eliminating entries, of this VIE were $ 20.5 million and $ 19.6 million as of June 30, 2015 and December 31, 2014, respectively. Except to the extent of the assets of this VIE that are consolidated, the holders of the consolidated VIE’s liabilities generally do not have recourse to the Company. Consolidated Funds With respect to the Consolidated Funds, which represent limited partnerships, Medley LLC earns a fixed management f ee based on either (i ) limited partners’ capital commitments to the funds, ( ii ) invested capital, (iii) net asset value (“ NAV ”), or (iv ) lower of cost or market value of a fund’s portfolio investments. In addition, Medley earns a performance fee based upon the investment returns in excess of a stated hurdle rate. The Company considered the accounting treatment under ASU 2010-10 as all the respective conditions have been met and determined that the funds were not VIEs. However, as the general partner, and due to the lack of substantive kick out or participating rights of the limited partners, these funds have been consolidated under the voting interest model in accordance with ASC 810-20, Control of Partnerships and Similar Entities . In December 2014, the Company formed the Medley Opportunity Fund III LP ( “ MOF III ” ) , which is structured as a limited partnership. One of the Company’s wholly owned subsidiaries is the general partner and investment manager of MOF III. The Company considered the accounting treatment under ASU 2010-10 as all the respective conditions have been met and determined that MOF III was not a VIE. However, as the general partner, and due to the lack of substantive kick out or participating rights of the limited partners, this fund has been consolidated under the voting interest model in accordance with ASC 810-20. Deconsolidation of a Fund The Company had consolidated the Medley Opportunity Fund LP (“MOF I LP”) in its consolidated financial statements under the voting interest model in accordance with ASC 810-20, as the Company was the general partner and the limited partners lacked substantive kick out or participating rights. Effective January 1, 2015, the Company completed its role as investment manager of MOF I LP and transitioned the management of the residual assets of this fund to another asset manager. As a result of this transition, the Company deconsolidated the financial statements of this fund, on January 1, 2015. There was no gain or loss recognized upon deconsolidation. Basis of Accounting Management has determined that the Company’s Consolidated Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP requires that investments held by an investment company be recorded at fair value and any unrealized appreciation (depreciation) in an investment’s fair value be recognized on a current basis in the consolidated statements of operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the specialized accounting guidance for the Consolidated Funds under U.S. GAAP. As such, all of the investments held by the Consolidated Funds are presented at their estimated fair values in the Company’s condensed consolidated balance sheets. Interest income of the Consolidated Funds is included in interest and other income of Consolidated Funds in the Company’s condensed consolidated statements of operations. Concentrations of Credit and Market Risk In the normal course of business, the Company encounters significant credit and market risk. Credit risk is the risk of default on investments in debt securities, loans and derivatives that result from a borrower’s or derivative counterparty’s inability or unwillingness to make required or expected payments. Credit risk is increased in situations where the Company is investing in distressed assets or unsecured or subordinate loans or in securities that are a material part of its respective business. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. The Company may make investments outside of the United States. These non-U.S. investments are subject to the same risks associated with U.S. investments , as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing the investments, potentially adverse tax consequences, and the burden of complying with a wide variety of foreign laws. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management’s estimates are based on historical experience and other factors, including expectations of future events that management believes to be reasonable under the circumstances. These assumptions and estimates also require management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results could differ from these estimates and such differences could be material. Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has not experienced any prior claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote. Non-Controlling Interests in Consolidated Entities Non-controlling interests in Consolidated Funds and consolidated subsidiaries represent the component of equity in such cons olidated entities held by third- party investors. These interests are adjusted for general partner allocations and, for funds, by subscriptions and redemptions that occur during the reporting period. Class A Earnings per Share The Company computes and presents earnings per sha re using the two-class method. Under the two-class method, the Company allocates earnings between common stock and participating securities. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period. For purposes of calculating earnings per share, the Company reduces its reported net earnings by the amount allocated to participating securities to arrive at the earnings allocated to Class A common stockholders. Earnings are then divided by the weighted average number of Class A common stock outstanding to arrive at basic earnings per share. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in our earnings. Participating securities consist of the Company’s unvested restricted stock units that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in its basic and diluted calculations. Investments Investments include equity method investment s that are not consolidated but in which the Company exerts significant influence, and investments held by the Consolidated Funds. Medle y measures the fair value of the equity method investment s that do not have a readily determinable fair value at net asset value or market value. Unrealized appreciation (depreciation) resulting from changes in fair value of the equity method investee s is reflected as a component of other income (expense) in the condensed consolidated statements of operations. The Consolidated Funds reflect their investments at fair value with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net change in unrealized depreciation on investments of Consolidated Funds in the condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Fair Value Measurements The Consolidated Funds apply fair value accounting to all of their financial instruments in accordance with ASC 820, Fair Value Measurements and Disclosures . ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Consolidated Funds have categorized their financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Consolidated Funds’ own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. The Company weights the use of third-party broker quotes, if any, in determining fair value based on the Company’s understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by the Company based upon inputs by third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time. The Consolidated Funds use third-party valuation firms to assist in the valuation of its portfolio investments. The valuation reports generated by the third-party valuation firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. Based on market data obtained from the third-party valuation firms, the Consolidated Funds use a market yield analysis under the income approach or an enterprise model of valuation under the market approach, or a combination thereof. In applying the market yield analysis, the value of the Consolidated Funds’ loans is determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Consolidated Funds use a waterfall analysis that takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure. To estimate the enterprise value of the portfolio company, some or all of the traditional market valuation methods and factors are weighed based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies and information that the Company utilizes when applying the Market Approach for performing investments includes, among other things: · valuations of comparable public companies (Guideline Comparable approach) ; · recent sales of private and public comparable companies (Guideline Comparable approach) ; · recent acquisition prices of the company, debt securities or equity securities (Acquisition Price a pproach) ; · external valuations of the portfolio company, offers from third parties to buy the company (Estimated Sales Proceeds approach) ; · subsequent sales made by the company of its investments (Expected Sales Proceeds approach); and · estimating the value to potential buyers. The methodologies and information that the Company utilizes when applying the Income a pproach for performing investments includes: · discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow “DCF” approach); and · Black-Scholes model or simulation models or a combination thereof (Income Approach – Option Model) with respect to the valuation of warrants. For non-performing investments, the Company may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities using an expected recovery model (Income Approach – Expected Recovery Analysis or Estimated Liquidation Proceeds). A multi-step valuation process is undertaken each quarter when valuing portfolio investments for which market quotations are not readily available, as described below: · The quarterly valuation process begins with each portfolio investment being initially valued by the Company’s internal valuation team; · An independent valuation firm engaged by the Consolidated Funds prepares an independent valuati on report for approximately one- third of the portfolio investments each quarter on a rotating quarterly basis on non-fiscal year-end quarters, such that each of these investments will be valued by independent valuation firms at least twice per annum when combined with the fiscal year-end review of all the investments by independent valuation firms; and · Preliminary valuation conclusions are then documented and di scussed with senior management. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Consolidated Funds’ investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Revenues Management Fees Medley provides investment management services to both public and private investment vehicles. Management fees include both base management fees, other management fees, and Part I incentive fees, as described below. Base management fees a re calculated based on either (i ) the average or ending gross assets balance for the relevant period, ( ii ) limited partners’ capi tal commitments to the funds, (iii) invested capital, (iv) the net asset value or (v ) lower of cost or market value of a fund’s portfolio investments. For the private funds, Medley receives base management fees during a specified period of time, which is generally ten years from the initial closing date. However, such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of the investment management agreement, management fees are paid either quarterly in advance or quarterly in arrears, and are recognized as earned over the period the services are provided. Certain management agreements provide for Medley to receive other management fee revenue derived from up front origination fees paid by the portfolio companies of the Consolidated Funds, as well as separately managed accounts. These fees are recognized when Medley becomes entitled to such fees. Certain management agreements also provide for Medley to receive Part I incentive fee revenue derived from net interest income (excluding gains and losses) above a hurdle rate. These fees are not subject to repayment, clawbacks or netting against realized losses. Part I incentive fees are paid quarterly and are recognized as earned over the period the services are provided. Performance Fees Performance fees consist principally of the allocation of profits from certain funds, including separately managed accounts, to which Medley provides management services. Medley is generally entitled to an allocation of income as a performance fee after returning the invested capital plus a specified preferred return as set forth in each respective agreement. Medley recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the respective agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized reflects Medley’s share of the gains and losses of the associated funds’ underlying investments measured at their current fair values. Performance fee revenue may include reversals of previously recognized performance fees due to a decrease in the net income of a particular fund that results in a decrease of cumulative performance fees earned to date. Since fund return hurdles are cumulative, previously recognized performance fees also may be reversed in a period of appreciation that is lower than the particular fund’s hurdle rate. For each of the three and six months ended June 30, 2015 , the Company reversed $4.0 million of previously recognized performance fees on a standalone basis. For the three and six months ended June 30, 2015, there were no reversals of previously recognized performance fees on a consolidated basis. The Company did not reverse any previously recognized performance fees for the three and six months ended June 30, 2014 . Cumulative performance fees recognized through June 30 , 201 5 were $ 24.3 million and $8.4 million on a standalone and consolidated basis, respectively. Performance fees received in prior periods may be required to be returned by Medley in future periods if the funds’ investment performance declines below certain levels. Each fund is considered separately in this regard and, for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values previously recognized and distributed performance fees would be required to be returned, a liability is established for the potential clawback obligation. As of June 30 , 201 5 , the Company had not received any performance fee distributions, except for tax distributions related to the Company’s allocation of net income, which included an allocation of performance fees. Pursuant to the organizational documents of each respective fund, tax distributions are not subject to clawback. As such, no amounts have been accrued for clawback obligations in the accompanying condensed consolidated financial statements. Other Revenues and Fees Medley provides administrative services to certain affiliated funds and is reimbursed for direct and allocated expenses incurred in providing such administrative services, as set forth in the respective agreement. These fees are recognized as revenue in the period administrative services are rendered. Included in other revenues and fees are reimbursements received by Medley from SIC under its investment advisory agreement. Expenses incurred by Medley under this agreement are recorded within general, administrative, and other expenses in the consolidated statements of operations. For additional information on these reimbursements, refer to Note 10. Performance Fee Compensation Medley has issued profit interests in certain subsidiaries to selected employees. These profit-sharing arrangements are accounted for under ASC 710, Compensation — General, which requires compensation expense to be measured at fair value at the grant date and expensed over the vesting period, which is usually the period over which the service is provided. The fair value of the profit interests are re-measured at each balance sheet date and adjusted for changes in estimates of cash flows and vesting percentages. The impact of such changes is recorded in the condensed consolidated statements of operations as an increase or decrease to performance fee compensation. Stock-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . Under the fair value recognition provision of this guidance, s tock -based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period. Stock-based compensation expense recognized for the periods presented is based on awards ultimately expected to vest and have been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The effect of such change in estimated forfeitures is recognized through a cumulative catch-up adjustment that is included in the period of the change in estimate. The value of the portion of the award that is ultimately expected to vest on a straight-line basis over the requisite service period is included within compensation and benefits on the Company’s condensed consolidated statements of operations. Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires the recognition of tax benefits or expenses for temporary differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company’s policy is to recognize interest and penalties on uncertain tax positions and other tax matters as a component of income tax expense. For interim periods, the Company accounts for income taxes based on its estimate of the effective tax rate for the year. Discrete items and changes in its estimate of the annual effective tax rate are recorded in the period they occur. Prior to the Company’s R eorganization and IPO, no provision was made for U.S. federal income taxes in the accompanying condensed consolidated financial statements since the Company was a group of pass-through entities for U.S. and state income tax purposes and its profits and losses were allocated to the partners who are individually responsible for reporting such amounts. A provision for income taxes was made for certain entities that were subject to New York City ’s unincorporated business tax. Following the IPO, Medley LLC and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes. Accordingly, these entities in some cases continue to be subject to New York City ’s unincorporated business tax . Medley Management Inc. is subject to U.S. federal, state and local corporate income taxes , which are reflected in the Company’s condensed consolidated financial statements. Secured Borrowings of Consolidated Funds The Consolidated Funds follow the guidance in ASC 860, Transfers and Servicing , when accounting for loan participations and other partial loan sales. Such guidance provides accounting and reporting standards for transfers and servicing of financial assets and requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance. Under ASC 860, the Company applies a control-oriented approach to participating interests whereby control is considered to have been surrendered only if (i) the transferred financial assets have been isolated from the transferor, (ii) the transferee has the right to pledge or exchange the transferred financial assets it received, and (iii) the transferor, its consolidated affiliates in the financial statements being presented, or its agents do not maintain effective control over the transferred financial assets. Participations or other partial loan sales which do not meet all of these conditions remain on the Company’s condensed consolidated b alance s heets and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, w hich are carried at fair value. For these participations or partial loan sales accounted for as secured borrowings, the interest income earned on the entire loan balance is recorded within interest and other income of Consolidated Funds and the interest income earned by the buyer in the partial loan sale is recorded as interest expense of Consolidated Funds in the accompanying consolidated statements of operations. Changes in the fair value of secured borrowings of Consolidated Funds are included in net change in unrealized depreciation (appreciation) on secured borrowings in the condensed consolidated statement s of operations. Revisions to Previously Issued Financial Statements The Company accounts for certain loan participations as secured borrowings that in previously issued financial statements had been accounted for as true sales, as defined in ASC 860. These loan participation agreements did not contain any prohibited constraints on exchange or transfer and the assets were legally isolated from the transferor. Upon further analysis, the Company determined that a provision in the

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	3. INVESTMENTS The composition of investments is as follows: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Equity method investments, at fair value $ $ Investments of Consolidated Funds, at fair value Total Investments $ $ Equity Method Investments, at Fair Value Medley measures its equity method investments at net asset value or at market value. Total unrealized appreciation (depreciation) recorded for the Company’s equity method investments is included in other income (expense). Equity method investments, at fair value includes Medley’s investment in Sierra Income Corporation (“SIC”) which amounted to $9.9 million as of June 30 , 2015 and December 31, 2014. The remaining balance as of June 30, 2015 relates to the Company’s investment in MOF I LP. Investments of Consolidated Funds The following table presents a summary of the investments held by the Consolidated Funds and as a percentage of total investments of Consolidated Funds. Investments of Consolidated Funds Fair Value Percentage June 30, June 30, 2015 December 31, 2015 December 31, (unaudited) 2014 (unaudited) 2014 (Amounts in thousands) Geographic Region/Investment Type/Industry Description: North America: Senior secured loans and notes: Automotive $ $ % % Banking, Finance, Insurance and Real Estate % % Beverage, Food and Tobacco % % Capital Equipment - % % Chemicals, Plastics and Rubber % % Construction and Building % % Consumer Goods: Non-durable % % Containers, Packaging and Glass % % Energy: Oil and Gas % % Healthcare and Pharmaceuticals % % High Tech Industries % % Hotel, Gaming and Leisure % % Media: Advertising, Printing and Publishing - % % Metals and Mining % % Retail and Commercial Kitchen Appliances % % Services: Business % % Services: Consumer % % Total Senior Secured Loans and Notes, North America (cost of $756,812 and $711,398 , respectively) $ $ % % South America: Senior secured loans and notes: Banking, Finance, Insurance and Real Estate $ - $ % % Energy: Oil and Gas - % % Total Senior Secured Loans and Notes, South America (cost of $0 and $13,049 , respectively) $ - $ % % Asia: Banking, Finance, Insurance and Real Estate (cost of $0 and $1,373 , respectively) $ - $ % % Investments of Consolidated Funds Fair Value Percentage June 30, June 30, 2015 December 31, 2015 December 31, (unaudited) 2014 (unaudited) 2014 (Amounts in thousands) Geographic Region/Investment Type/Industry Description: North America: Equity interests in limited liability companies: Banking, Finance, Insurance and Real Estate $ $ % % Construction and Building % % Containers, Packaging and Glass % % Energy: Oil and Gas - % % Healthcare and Pharmaceuticals % % Telecommunications - % % Total Equity Interest in Limited Liability Companies (cost of $45,012 and $40,944 , respectively) $ $ % % Equity securities: Common Stock (cost of $158 and $8,913 , respectively) $ $ % % Partnership Interest (cost of $190 and $0 , respectively) $ $ - % % Preferred Stock (cost of $0 and $10,187 , respectively) $ - $ % % Warrants: Banking, Finance, Insurance and Real Estate $ $ % % Construction and Building % % Containers, Packaging and Glass % % Energy: Oil and Gas % % Healthcare and Pharmaceuticals % % Retail % % Total Warrants (cost of $3,428 and $3,428 , respectively) % % Total Equity Securities (cost of $3,776 and $22,528 , respectively) $ $ % % Collectibles (cost of $0 and $1,385 , respectively) $ - $ % % Total Investments of Consolidated Funds (cost of $805,600 and $790,677 , respectively) $ $ % %

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	4. FAIR VALUE MEASUREMENTS The Company follows ASC 820 for measuring the fair value of portfolio investments. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Financial in stru ments recorded at fair value in the condensed consolidated financial statements are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the investment as of the measurement date. The three levels are defined as follows: · Level I - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date. · Level II - Valuations based on inputs other than quoted prices in active markets included in Level I, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities. · Level III - Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and EBITDA multiples. The information may also include pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level III information, assuming no additional corroborating evidence. Fair Value Measurement on a Recurring Basis In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. In addition to using the above inputs in investment valuations, the Company continues to employ a valuation policy that is consistent with ASC 820 (Note 2). Consistent with the Company’s valuation policy, management evaluates the source of inputs, including any markets in which the investments are trading, in determining fair value. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. The Company’s equity method investments are valued based on their proportionate share of the net assets of the underlying fund. The terms of the investments generally preclude the ability to redeem the investments. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined. The following tables present the fair value measurements of investments and secured borrowings, by major class according to the fair value hierarchy: As of June 30, 2015 (unaudited) Level I Level II Level III Total (Amounts in thousands) Assets Senior secured loans and notes $ - $ - $ $ Equity interests in LLCs - - Equity securities - Equity method investments - - Total assets $ - $ $ $ Secured borrowings of Consolidated Funds $ - $ $ $ As of December 31, 2014 Level I Level II Level III Total (Amounts in thousands) Assets Senior secured loans and notes $ - $ - $ $ Equity interests in LLCs - - Equity securities Investments in tangible assets - - Equity method investment - - Total assets $ $ $ $ Secured borrowings of Consolidated Funds $ $ - $ $ A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting all levels of the fair value hierarchy are reported as transfers in or out of Level I, II or III category as of the beginning of the quarter in which the reclassifications occur. During the six months ended June 30 , 2015, one of our warrants with a fair value of $0.1 million transferred from Level III to Level II because of the increase in availability of the transaction data or the inputs to the valuation became observable. During the six months ended June 30 , 2015, one of our warrants with a fair value of $0.1 million transfe rred from Level I to Level II based on changes in valuation methodology. The following tables provide a reconciliation of the beginning and ending balances for the Consolidated Funds’ Level III investments, secured borrowings and the Company’s investments in its equity method investees: For the six months ended June 30, 2015 (unaudited) Financial Assets Liabilities Investments of Consolidated Funds Secured Senior Investment borrowings Secured Equity in Equity of Loans and Interests in Equity Tangible Method Consolidated Notes LLCs Securities Assets Investments Total Funds (Amounts in thousands) Balance, beginning of period $ $ $ $ $ $ $ Deconsolidation of MOF I - Transfer out of level III - - - - - Amortization - - - - - Paid in-kind interest income - - - - Purchases - - - Sales and settlements - - - - - Realized and unrealized appreciation (depreciation), net - - Unrealized appreciation (depreciation) on secured borrowings of Consolidated Funds, net - - - - - - Proceeds (repayments) from secured borrowings, net - - - - - - Balance, end of period $ $ $ $ - $ $ $ Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date $ $ $ $ - $ $ $ Total realized and unrealized appreciation (depreciation) recorded for the Consolidated Funds’ Level III investments is included in net realized gain (loss) on investments of Consolidated Funds and net change in unrealized depreciation on investments of Consolidated Funds in the condensed consolidated statements of operations, respectively. The following tables summarize the quantitative inputs and assumptions used for the Consolidated Funds’ Level III inputs and the Company’s investments in its equity method investees as of June 30 , 2015 and December 31, 2014: Fair Value as of June 30, 2015 Range Weighted Assets (unaudited) Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Senior Secured Loans and Notes $ Income Approach (DCF) Market Yield Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable)/Income Approach (DCF) 2015 EBITDA Multiple, Discount Rate 6.00x / 20.00% 8.00x / 25.00% 7.50x / 23.75% Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.25x 6.75x 6.50x Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 2.50x / $45.9M 4.50x / $73.2M 2.00x / $59.7M Market Approach (Guideline Comparable)/Option Model EBITDA Multiple, Volatility 3.50x / 0.00% 4.50x / 92.50% 4.00x / 45.00% Equity Interests in LLCs Market Approach (Guideline Comparable) Investment Portfolio Multiple 1.05x 1.15x 1.13x Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 6.50x / 6.00x 7.00x / 7.00x 6.57x / 6.13x Market Approach (Guideline Comparable) NTM EBITDA Multiple 7.00x 8.00x 7.50x - Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple/Volatility 3.50x / 3.50x / 40.40% 4.00x / 4.00x / 72.40% 3.75x / 3.75x / 70.00% Income Approach (DCF) Market Yield Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable)/Option Model Tangible Book Value of Invested Capital Multiple/Volatility 1.40x /22.90% 1.50x / 71.40% 1.45x / 40.00% Equity Securities Market Approach (Guideline Comparable) LTM and 2015 EBITDA Multiple 4.50x / 4.00x 6.50x / 6.00x 4.58x / 4.08x - Market Approach (Guideline Comparable) EBITDA Multiple, Volatility 3.50x / 0.00% 4.50x / 92.50% 4.00x / 45.00% - Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.25x 6.75x 6.50x Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 4.00x / 3.50x 8.00x / 7.50x 5.37x / 4.93x - Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 2.50x / $45.9M 4.50x / $73.2M 2.00x / $59.7M Market Approach (Guideline Comparable)/Option Model Tangible Book Value of Invested Capital Multiple/Volatility 1.40x / 22.90% 1.50x / 71.40% 1.45x / 40.00% Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Equity Method Investments Net Asset Value of Underlying Fund N/A N/A N/A N/A $ Fair Value as of June 30, 2015 Range Weighted Liability (unaudited) Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Secured Borrowings of Consolidated Funds $ Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 8.00x / 7.50x 8.00x / 7.50x 8.00x / 7.50x Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.50x 6.50x 6.50x Income Approach (DCF) Market Yield $ Fair Value as of Range Weighted Assets December 31, 2014 Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Senior Secured Loans and Notes $ Negotiated Sales Proceeds Expected Sales Proceeds $ - $ $ Sales Comparison Approach Price per Acre $ $ $ Price per Room $ $ $ Price per Unit $ $ $ Market Approach (Guideline Comparable) LTM Revenue Multiple 0.60x 0.60x 0.45x Market Approach (Guideline Comparable) LTM EBITDA Multiple 3.10x 3.62x 3.60x Market Approach (Guideline Comparable) LTM EBITDA Multiple 3.10x 5.50x 4.30x LTM Revenue Multiple 0.50x 0.65x 0.58x Income Approach (DCF) Discount Rate Liquidation Approach Asset Coverage $ $ $ Income approach Market Yield Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Income approach Discount Rate Market Approach (Guideline Comparable) EBITDA Multiple 5.50x 6.00x 5.75x Enterprise Valuation Analysis EBITDA Multiple 6.00x 7.00x 7.00x Market Approach (Guideline Comparable) Rev Multiple / EBITDA Multiple 0.43x / 4.09x 0.43x / 4.09x 0.43x / 4.09x Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 2.00x / $205.8M 2.00x / $205.8M 2.00x / $205.8M Equity Interests in LLCs Market Approach Unsolicited Offer Price $ $ $ Market Approach (Guideline Comparable) Investment Portfolio Multiple 1.10x 1.10x 1.10x Market Approach (Guideline Comparable) EBITDA Multiple 6.25x 8.50x 6.70x Market Approach (Guideline Comparable) EBITDA Multiple / Volatility 3.75x / 50% 3.75x / 50% 3.75x / 50% Income Approach (DCF) Market Yield Income Approach (DCF) Discount Rate Income Approach (DCF) Capitalization Rate Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Equity Securities Market Approach (Guideline Comparable) EBITDA Multiple 4.00x 8.31x 5.20x Option Model Tangible Book Value Multiple / Volatility 1.30x / 41.5% 1.30x / 41.5% 1.30x / 41.5% Option Model Volatility Market Approach (Guideline Comparable) LTM EBITDARD Multiple 10.40x 11.10x 10.75x NTM EBITDARD Multiple 9.50x 10.80x 10.15x Market Approach (Guideline Comparable) Revenue Multiple 0.30x 0.60x 0.45x Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable) LTM EBITDA Multiple 5.00x 5.50x 5.25x LTM Revenue Multiple 0.50x 0.65x 0.58x Tangible Assets Market Approach Appraisal of assets $ $ $ Sales Comparison Approach Price per SQM Equity Method Investment Net Asset Value of Underlying Fund N/A N/A N/A N/A $ Fair Value as of Range Weighted Liability December 31, 2014 Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Secured Borrowings of Consolidated Funds $ Income approach Market Yield Market Approach (Guideline Comparable) EBITDA Multiple 5.50x 6.00x 5.75x Income Approach (DCF) Capitalization Rate Market Approach (Guideline Comparable) EBITDA Multiple 4.00x 8.31x 5.20x $ The significant unobservable inputs used in the fair value measurement of the Consolidated Funds’ investments in senior secured loans include discount rate, market yield, earnings before interest, tax, depreciation and amortization (“EBITDA”) and revenue multiples, expected liquidation proceeds, and asset coverage. Significant increases or decreases in discount rates, market yields, EBITDA multiples in isolation would result in a significantly higher or lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Consolidated Funds’ investments in equity interests in LLCs include discount rates, market yields, volatility, long term growth rates, EBITDA, book value and portfolio multiples. Significant increases or decreases in discount rates, growth rates and portfolio multiples would result in lower or higher fair value measurements. The significant unobservable inputs used in the fair value measurement of the Consolidated Funds’ investments in equity securities include revenue , EBITDA and revenue multiples , expected liquidation proceeds, discount rates and volatility . Significant increases or decreases in these factors would result in a significantly higher or lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Consolidated Funds’ investments in tangible assets include price per ton, price per acre, price per room, price per unit appraisals and price per square foot. Significant increases or decreases in these factors would result in a significantly higher or lower fair value measurement.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2015
Other Asset [Abstract]
Other Assets	5. OTHER ASSETS The components of other assets are as follows: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Other Assets of Medley LLC: Property and equipment, net of accumulated depreciation of $1,445 and $1,232 , respectively $ $ Security deposits Administrative fees receivable (Note 10) Deferred tax assets Deferred financing costs, net of accumulated amortization of $482 and $217 , respectively Due from affiliates (Note 10) Prepaid expenses Other receivables Total other assets of Medley LLC Other Assets of Consolidated Funds: Restricted cash - Deferred tax assets Other receivables Total other assets of Consolidated Funds Total other assets $ $

LOANS PAYABLE

LOANS PAYABLE	6 Months Ended
	Jun. 30, 2015
Loans Payable [Abstract]
Loans Payable	6. LOANS PAYABLE The Company’s loans payable consist of the following: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Term loans under the Credit Suisse Term Loan Facility, net of unamortized discount of $891 and $1,006 , respectively $ $ Non-recourse promissory notes, net of unamortized discount of $2,233 and $2,500 , respectively Total loans payable $ $ Credit Suisse Term Loan Facility On August 14, 2014 , the Company entered into a $110.0 million senior secured term loan credit facility (“Term Loan Facility”) with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent thereunder, Credit Suisse Securities (USA) LLC, as bookrunner and lead arranger, and the lenders from time -to- time party thereto, which will mature on June 15, 2019 . The proceeds from the term loans amounting to $108.9 million after a $1.1 million issuer discount, together with cash on h and, were used to: (i) pay off an existing loan with a different financial institution in the amount of $33.2 million, (ii ) pay fees and expenses incurred in connection with this financing in the amount of $2.6 million, of which $2.4 mi llion have been deferred, and (iii ) pay a distribution to Medley LLC’s members in the amount of $74.5 million. In connection with this financing, the Company terminated its pre-existing credit agreement with City National Bank. Borrowings under the Term Loan Facility bear interest, at the borrower’s option, at a rate equal to either a Eurodollar margin over an adjusted LIBOR (with a “floor” of 1.0%) or a base rate margin over an adjusted base rate determined by reference to the highest of (i) the term loan administrative agent’s prime rate; (ii) the federal funds effective rate in effect on such day plus 0.5%; and (iii) an adjusted LIBOR plus 1.0% . The applicable margins for the Term Loan Facility are 5.5% , in the case of Eurodollar loans and 4.5% , in the case of adjusted base rate loans . Outstanding borrowings under the Term Loan Facility bore interest at a rate of 6.5% as of June 30, 2015 and December 31, 2014. In addition, the Term Loan Facility also provides the borrower with the option to raise incremental credit facilities (including an uncommitted incremental facility that provides the borrower the option to increase the amount available under the Term Loan Credit Facility by an aggregate of up to $15.0 million, subject to additional increases, provided that the net leverage ratio as of the last day of any four-fiscal quarter period, commencing with the four-fiscal quarter period ending December 31, 2014, shall not exceed 2.0 to 1.0 ). Borrowings are collateralized by substantially all of the equity interests in Medley LLC and its wholly owned subsidiaries. The Term Loan Facility requires principal repayments in quarterly installments equal to $1.4 million (which amount may be adjusted as a result of prepayment or incremental term loans drawn) commencing on March 31, 2015, with the remaining amount payable at maturity. The Company can also make voluntary repayments, without penalty, at any time prior to August 14, 2016, not to exceed $33.0 million in the aggregate. As of June 30, 2015 and December 31, 2014, outstanding borrowings under this facility was $94.1 million and $94.0 million , respectively, which is reflected net of unamortized discount of $0.9 million and $1.0 million, respectively . The discount under the term loans is being accreted, using the effective interest method, over the term of the notes. Total interest expense under this Term Loan Facility, including accretion of the note discount, was $1.6 million and $3.2 million for the three and six months ended June 30, 2015, respectively . The fair value of the outstanding balance of Term Loan Facility approximated its par value as of June 30 , 201 5. In October 2014, the Company voluntarily prepaid $15.0 million of the outstanding term loans under this facility using a portion of the proceeds received from its initial public offering. The $15.0 million prepayment was applied against the first installment, which was due on March 31, 2015 , and the remaining balance will be applied against the upcoming quarterly installments through June 30, 2017 . The Term Loan Facility also contains a financial covenant that requires the Company to maintain a Maximum Net Leverage Ratio commencing with the quarter ending on December 31, 2014 of not greater than 3.5 to 1.0 , with which the Company is compliant. This ratio is calculated on a trailing twelve months basis and is the ratio of Total Net Debt, as defined, to Core EBITDA, as defined, and is calculated using the Company’s standalone financial results and includes the adjustments made to calculate Core EBITDA (Note 14). Non-compliance with any of the financial or non-financial covenants without cure or waiver would constitute an event of default under the Term Loan Facility. The Term Loan Facility also contains other customary events of default, including defaults based on events of bankruptcy and insolvency, dissolution, nonpayment of principal, interest or fees when due, breach of specified covenants, change in control and material inaccuracy of representations and warranties. There were no events of default under the Term Loan Facility as of June 30 , 201 5 . CNB Credit Agreement On August 14, 2014 , the Company entered into a $15.0 million senior secured revolving credit facility with City National Bank (the “ Revolving Credit Facility ” ). The Compan y intends to use any proceeds from borrowings under the Revolving Credit Facility for general corporate purposes, including funding of its working capital needs. Borrowings under the Revolving Credit Facility bear interest at the option of the Company, either (i) at an Alternate Base Rate, as defined, plus an applicable margin not to exceed 3.25% or (ii) at an Adjusted LIBOR plus an applicable margin not to exceed 4.0% . As of and during the period ended June 30, 2015 , there were no amounts drawn under the Revolving Credit Facility. The Revolving Credit Facility also contains a financial covenant that requires the Company to maintain a Maximum Net Leverage Ratio commencing with the quarter ending on December 31, 2014 of not greater than 3.5 to 1.0, with which the Company is compliant. This ratio is calculated on a trailing twelve months basis and is the ratio of Total Net Debt, as defined, to Core EBITDA, as defined, and is calculated using the Company’s standalone financial results and includes the adjustments made to calculate Core EBITDA (Note 14). Non-compliance with any of the financial or non-financial covenants without cure or waiver would constitute an event of default under the Revolving Credit Facility. The Revolving Credit Facility also contains other customary events of default, including defaults based on events of bankruptcy and insolvency, dissolution, nonpayment of principal, interest or fees when due, breach of specified covenants, change in control and material inaccuracy of representations and warranties. There were no events of default under the Revolving Credit Facility as of June 30 , 2015. Non-Recourse Promissory Notes In April 2012, the Company borrowed $10.0 million under two non-recourse promissory notes. Proceeds from the borrowings were used to purchase 1,108,033 shares of common stock of SIC, which were pledged as collateral for the obligations. Interest on the notes is paid quarterly and is equal to the dividends received by the Company related to the pledged shares. The Company may prepay the notes in whole or in part at any time without penalty and the lenders may call the notes if certain conditions are met. The notes are scheduled to mature in March 2019 . The proceeds from the notes were recorded net of issuance costs of $3.8 million and are being accreted, using the effective interest method, over the term of the non-recourse promissory notes. Total interest expense under these non-recourse promissory notes, including accretion of the note discount, was $0.4 million and $0.3 million for the three months ended June 30 , 201 5 and 2014, respectively, and $0.7 million for each of the six months ended June 30 , 201 5 and 2014 . The fair value of the outstanding balance of the notes was $10.3 million as of June 30, 2015 and December 31, 2014 . In March 2014 , the Company issued a promissory note in the amount of $2.5 million to a former Medley member in connection with the purchase of his membership interests. The promissory note carries no interest, has quarterly amortization payments of $312,500 , and matures in March 2016 . As of June 30, 2015 and December 31, 2014, the balance under this note was $0.9 million and $1.6 million , respectively . Contractual Maturities of Loans Payable As of June 30, 2015, future principal payments due under the loans payable are as follows (in thousands): Remaining 2015 $ 2016 2017 2018 2019 $

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2015
Accounts Payable, Accrued Expenses and Other Liabilities [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	7. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES The components of accounts payable, accrued expenses and other liabilities are as follows: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Accounts payable, accrued expenses and other liabilities of Medley LLC: Accrued compensation and benefits $ $ Due to affiliates (Note 10) Revenue share payable (Note 9) Dividends payable - Income taxes payable - Professional fees Deferred rent Deferred tax liabilities Accounts payable and accrued expenses Total accounts payable, accrued expenses and other liabilities of Medley LLC Accounts payable, accrued expenses and other liabilities of Consolidated Funds Total accounts payable, accrued expenses and other liabilities $ $ As of December 31, 2014, dividends payable was comprised of $1.2 million due to the Company’s Class A common stockholders and $0.2 million payable to the Company’s restricted stock unit holders. Dividends payable to Class A common holders represents a $0.20 per share of Class A common stock dividend that was declared on November 10, 2014, to shareholders of record as of the close of business on December 17, 2014 , but not paid until January 5, 2015 . As the restricted stock units are participating securities, the Company calculated the amount due to the holders of the restricted stock units based on the $0.20 per share of Class A common stock dividend declaration amount and the number of restricted stock units expected to vest. There were no dividends payable as of June 30, 2015.

SECURED BORROWINGS

SECURED BORROWINGS	6 Months Ended
	Jun. 30, 2015
Secured Borrowings [Abstract]
Secured Borrowings	8. SECURED BORROWINGS OF CONSOLIDATED FUNDS The Consolidated Funds have loan participations which do not meet the definition of a “participating interest”, as defined in ASC 860, Transfers and Servicing . As such, these loan participations remain on the Company’s condensed consolidated balance sheets and are recorded at fair value, as secured borrowings of Consolidated Funds. As of June 30 , 2015, secured borrowings of Consolidated Funds at cost and fair value totaled $137.8 million and $ 137.4 m illion, respectively. The fair value of the investments that are associated with these secured borrowings was $137.4 million. During the six months ended June 30 , 2015 and 2014 , the Consolidated Funds received net repayments on secured borrowings of $4.3 million and net proceeds from secured borrowings of $35.8 million , respectively . As of December 31, 2014, secured borrowings of Consolidated Funds at cost and fair value totaled $143.0 million and $141.1 million, respectively. The fair value of the investments that are associated with these secured borrowings was $141.1 million. For the three months ended June 30 , 2015 and 2014, the Company recorded interest expense related to the secured borrowings of the Consolidated Funds of $3.8 million and $1.8 million, respectively. For the three and six months ended June 30, 2015 and 2014, the Company recorded interest expense related to the secured borrowings of the Consolidated Funds of $7.6 million and $3.1 million, respectively. Future minimum repayments under the secured borrowings of the Consolidated Funds ar e $1.5 million, $4.0 million, $8.7 million, $36.9 million and $81.9 million for the years ended December 31, 2015, 2016, 2017, 2018 and 2019, respectively, and $5.7 million thereafter.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	9. COMMITMENTS AND CONTINGENCIES Operating Leases Medley leases office space in New York City and San Francisco under non-cancelable lease agreements that expire at various times through December 2020 . Rent expense was $ 0.6 million and $ 0.7 million for the three months ended June 30, 2015 and 2014, respectively, and $1.3 million for each of the six months ended June 30, 2015 and 2014. Future minimum rental payments under non-cancelable leases are as follows (in thousands): Remaining 2015 $ 2016 2017 2018 2019 Thereafter Total future minimum lease payments $ Capital Commitments to Funds As of June 30 , 2015 and December 31, 2014, the Company had aggregate unfunded commitments of $ 0.5 million and $ 1.1 million, respectively, to certain long-dated private funds. Other Commitments In April 2012, the Company entered into an obligation to pay a fixed percentage of management and incentive fees received by the Company from SIC. The agreement was entered into contemporaneously with the $ 10 million non-recourse promissory notes that were issued to the same parties (Note 6). The two transactions were deemed to be related freestanding contracts and the $ 10 million of loan proceeds were allocated to the contracts using their relative fair values. At inception, the Company recognized an obligation of $ 4.4 million representing the present value of the future cash flows expected to be paid under this agreement. As of June 30 , 2015 and December 31, 2014, the obligation amounted to $ 6.6 million and $6.7 million, respectively, and is recorded as revenue share payable, a component of accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. The change in the estimated cash flows for this obligation is recorded in other income (expense) on the condensed consolidated statements of operations. Legal Proceedings One of the Company’s subsidiaries, MCC Advisors LLC, was named as a defendant in a lawsuit filed on May 29, 2015, by Moshe Barkat and Modern VideoFilm Holdings, LLC (“MVF Holdings”) against Medley Capital Corporation, Medley Opportunity Fund II, MCC Advisors LLC, Deloitte Transactions and Business Analytics LLP A/K/A Deloitte ERG, Scott Avila, Charles Sweet, and Modern VideoFilm, Inc. (“MFV”). The lawsuit is pending in the California Superior Court, Los Angeles County, Central District, and was filed after Medley Capital Corporation, as agent for the lender group, exercised remedies following a series of defaults by MVF and MVF Holdings on a $70 million secured loan. The lawsuit seeks damages in excess of $100 million. The defendants dispute the allegations and intend to vigorously defend the lawsuit and pursue affirmative counterclaims against Mr. Barkat and MVF Holdings. Although the Company cannot predict the ultimate outcome of this lawsuit, it believes that such action is without merit, and any resulting loss, not probable. From time to time, the Company is involved in litigation and legal proceedings arising out of the ordinary course of its business. The Company believes that it is not presently a party to any such matters that would have a material adverse effect on its financial condition, results of operations, or cash flows.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	10. RELATED PARTY TRANSACTIONS Substantially all of Medley’s revenue is earned through agreements with its consolidated and non-consolidated funds for which it collects management and performance fees for providing investment and management services. In April 2012, Medley entered into an investment advisory agreement (“IAA”) with SIC. Pursuant to the terms of the IAA, Medley agreed to bear all organization and offering expenses (“O&O Expenses”) related to SIC until the earlier of the end of the SIC offering period or such time that SIC has raised $300 million in gross proceeds in connection with the sale of shares of its common stock. The SIC IAA also requires SIC to reimburse Medley for O&O Expenses incurred by Medley in an amount equal to 1.25% of the aggregate gross proceeds in connection with the sale of shares of its common stock until the earlier of the end of the SIC offering period , or Medley has been repaid in full. Effective June 2, 2014, Medley was no longer liable for these expenses as SIC had reached the $300 million in gross proceeds threshold. As of June 30 , 2015 and December 31, 2014, there were no reimbur sements that were due to Medley as Medley had been paid in full. During the three and six months ended June 30 , 2014, Medley incurred O&O Expenses of $0.8 million and $1.5 million, respectively, which were recorded within general, administrative, and other expenses in the condensed consolidated statements of operations. Reimbursements of O&O are recorded in other revenues and fees on the condensed consolidated statements of operations and were $1.3 million and $2.2 million , respectively, during the three and six months ended June 30 , 2014. In June 2012, Medley entered into an Expense Support and Reimbursement Agreement (“ESA”) with SIC. Under the ESA, until December 31 , 2015, unless extended, Medley will pay up to 100% of SIC’s operating expenses in order for SIC to achieve a reasonable level of expenses relative to its investment income. Pursuant to the ESA, SIC has a conditional obligation to reimburse Medley for any amounts they funded under the ESA if, within three years of the date on which Medley funded such amounts, SIC meets certain financial levels. For the three months ended June 30 , 2015 and 2014, Medley recorded $ 2.0 million and $2.2 million, respectively, for ESA expenses under this agreement. For the six months ended June 30 , 2015 and 2014, Medley recorded $4.2 million and $3.5 million , respectively, for ESA expenses under this agreement. The ESA expenses are recorded within general, administrative, and other expense in the condensed consolidated statements of operations. Medley recorded a liability of $6.4 million and $5.2 million as of June 30 , 2015 and December 31, 2014, respectively, for ESA expenses related to this agreement. These amounts are included in accounts payable, accrued expenses and other liabilities as due to affiliates on the condensed consolidated balance sheets. In January 2011, Medley entered into an administration agreement with MCC (the “MCC Admin Agreement”), whereby Medley agreed to provide administrative services necessary for the operations of MCC. MCC agreed to pay Medley for the costs and expenses incurred in providing such administrative services, including an allocable portion of Medley’s overhead expenses and an allocable portion of the cost of MCC’s officers and their respective staffs. Medley records these administrative fees as revenue in the period when the services are provided and are included in other revenues and fees on the condensed consolidated statement of operations. During the three months ended June 30, 2015 and 2014, the Company recorded $1.0 million and $0.9 million, respectively, of revenue related to the MCC Admin Agreement. During the six months ended June 30, 2015 and 2014, the Company recorded $2.1 million and $1.7 million, respectively, of revenue related to the MCC Admin Agreement. The administrative fees receivable under the MCC Admin Agreement was $1.1 million as of June 30, 2015 and December 31, 2014, and is included as a component of other assets on the condensed consolidated balance sheets. In April 2012, Medley entered into an administration agreement with SIC (the “SIC Admin Agreement”), whereby Medley agreed to provide administrative services necessary for the operations of SIC. SIC agreed to pay Medley for the costs and expenses incurred in providing such administrative services including an allocable portion of Medley’s overhead expenses and an allocable portion of the cost of SIC’s officers and their respective staffs. Medley records these administrative fees as revenue in the period when the services are provided and are included in other revenues and fees on the condensed consolidated statement of operations. For the three months ended June 30 , 2015 and 2014, the Company recorded $0.5 million and $0.3 million, respectively, of revenue related to the SIC Admin Agreement. For the six months ended June 30 , 2015 and 2014, the Company recorded $1.1 million and $0.5 million , respectively, of revenue related to the SIC Admin Agreement. The administrative fees receivable under the SIC Admin Agreement was $0.5 million and $0.4 million, respectively, as of June 30, 2015 and December 31, 2014, and is included as a component of ot her assets on the condensed consolidated balance sheets. Promissory Note In March 2014 , the Company issued a promissory note in the amount of $2.5 million to a former Medley member in connection with the purchase of his membership interests. The promissory note carries no interest, has quarterly amortization payments of $312,500 , and matures in March 2016 . As of June 30, 2015 and December 31, 2014, the balance under this note was $0.9 million and $1.6 million , respectively .

EARNINGS PER CLASS A SHARE

EARNINGS PER CLASS A SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Class A Share [Abstract]
Earnings Per Class A Share	11. EARNINGS PER CLASS A SHARE The table below presents basic and diluted net income per Class A share using the two-class method for the three and six months ended June 30, 2015: For the Three Months For the Six Months Ended Ended June 30, 2015 June 30, 2015 (unaudited) (unaudited) (Amounts in thousands, except per share amounts) Basic and diluted net income per share: Numerator Net income attributable to Medley Management Inc. $ $ Less: Dividends declared on Class A common stock (1) - Less: Dividends payable to participating securities (2) - Less: Net income available to participating securities (2) Undistributed net income available to Class A common stockholders $ $ Denominator Weighted average shares of Class A shares outstanding, including participating securities Less: weighted average of participating securities (2) Weighted average Class A common stock outstanding: Basic Weighted average shares of Class A shares outstanding: Diluted Add: dilutive effects of conversion of LLC Units (3) - - Weighted average dilutive shares outstanding Net income per Class A share: Basic and Diluted Distributable earnings $ - $ Undistributed income Net income per Class A share $ $ (1) The Company declared a $0.20 per share dividend on Class A common stock on March 29, 2015. (2) Participating securities relate to the Company’s grant of restricted stock units in connection with its IPO, adjusted for actual forfeitures and additional grants during the period. (3) Excludes the assumed conversion of 23,333,333 LLC units to shares of Class A common stock as the impact would be antidilutive

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	12. INCOME TAXES Deferred income taxes reflect the net effect of temporary differences between the tax basis of an asset or liability and its reported amount in the Company’s condensed consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. As of June 30 , 2015 and December 31, 2014, the Company had total deferred tax assets of $1.5 million and $1.2 million, respectively, which consists primarily of temporary differences relating to certain accrued expenses , net unrealized losses, and, as of June 30 , 2015, stock compensation and a tax benefit relating to tax goodwill. Total deferred tax liabilities were $ 0. 6 million and $0. 3 million as of June 30 , 2015 and December 31, 2014, respectively, which consists primarily of temporary differences relating to accrued fee income and other timing differences . The tax provision for deferred income taxes results from temporary differences arising principally from certain accrued expenses, deferred rent, fee income accruals, and depreciation. The Company’s effective tax rate was 5.7% and 3.5% for the three months ended June 30, 2015 and 2014, respectively and 6.4% and 3.9% for the six months ended June 30, 2015 and 2014, respectively. The quarterly provision for income taxes is determined based on the Company’s estimated full year effective tax rate adjusted by the amount of tax attributable to infrequent or unusual items that are separately recognized on a discrete basis in the income tax provision in the quarter in which they occur. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as limited liability companies, which are not subject to federal or state income tax. Accordingly, a portion of the Company’s earnings attributable to the non-controlling interest are not subject to corporate level taxes. For the three and six months ended June 30 , 2015, the Company was only subject to federal , state and city corporate income taxes on its pre-tax income attributable to Medley Management Inc. The Company was not subject to any federal , state and city corporate income taxes during the three and six months ended June 30 , 2014. Interest expense and penalties related to income tax matters are recognized as a component of the provision for income taxes. There were no such amounts incurred during the three and six months ended June 30 , 2015 and 2014. As of June 30 , 2015 and December 31, 2014 and during the three and six months ended June 30 , 2015 and 2014, there were no uncertain tax positions taken that were not more likely than not to be sustained. Certain subsidiaries of the Company are no longer subject to tax examinations by taxing authorities for tax years prior to 2010 and, presently, have no open examinations for tax years before 2014 .

COMPENSATION EXPENSE

COMPENSATION EXPENSE	6 Months Ended
	Jun. 30, 2015
Compensation Expense [Abstract]
Compensation Expense	13. COMPENSATION EXPENSE Compensation generally includes salaries, bonuses, and profit sharing awards. Bonuses and profit sharing awards are accrued over the service period to which they relate. Prior to the Company’s Reorganization and IPO, all payments made to the Medley LLC’s members were accounted for as distributions on the equity held by such members rather than as employee compensation. Subsequent to the Company’s Reorganization and IPO, guaranteed payments paid to Medley LLC’s members who are senior professionals will be accounted for as employee compensation. Performance Fee Compensation In October 2010, the Company granted shares of vested profits interests in certain subsidiaries to selected employees. These awards are viewed as a profit-sharing arrangement and are accounted for under ASC 710, which requires compensation expense to be recognized over the vesting period, which is usually the period over which service is provided. The shares were vested at grant date, subject to a divestiture percentage based on percentage of service completed from the award grant date to the employee’s termination date. The Company adjusts the related liability quarterly based on changes in estimated cash flows for the profit interests. In January 2014, the Company granted additional shares of profit interests in certain subsidiaries to selected employees. The shares were fully vested at grant date and were not subject to a divestiture percentage. In February 2015, the Company granted incentive cash bonus awards to selected employees. These awards entitle employees to receive cash compensation based on distributed performance fees received by the Company from certain institutional funds. Eligibility to receive payments pursuant to these incentive awards is based on continued employment and ceases automatically upon termination of employment. Performance compensation expense is recorded based on the fair value of the incentive awards at the date of grant and is recognized on a straight-line basis over the expected requisite service period. The performance compensation liability is subject to re-measurement at the end of each reporting period and any changes in the liability are recognized in the then current reporting period. For the three months ended June 30 , 2015 and 2014, performance compensation was $(1.0) million and $1.6 million, respectively. For the six months ended June 30, 2015 and 2014, performance compensation was $(0.9) million and $3.2 million , respectively. As of June 30 , 2015 and December 31, 2014, the total performance fee compensation payable for these awards was $9.9 million and $11.8 million, respectively. Retirement Plan The Company sponsors a defined-contribution 401(k) retirement plan that covers all employees. Employees are eligible to participate in the plan immediately, and participants are 100% vested from the date of eligibility. The Company makes contributions to the Plan of 3% of an employee’s eligible wages, up to a maximum limit as determined by the Internal Revenue Service. The Company also pays all administrative fees related to the plan. The Company’s accrue d contributions to the plan was $0.1 million for each of the three months ended June 30, 2015 and 2014 . For the six months ended June 30 , 2015 and 2014, the Company’s accrued contributions to the plan were $0.2 million and $0.3 million, respectively . Stock-Based Compensation In connection with the IPO, the Company adopted the Medley Management Inc. 2014 Omnibus Incentive Plan (the “Plan”). The purpose of the Plan is to provide a means through which the Company may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors (and prospective directors, officers, employees, consultants and advisors) of the Company can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Medley Management Inc.’s class A common stock or Medley LLC’s unit interests, thereby strengthening their commitment to the welfare of the Company and aligning their interests with those of the Company’s stockholders. The Plan provides for the issuance of incentive stock options (“ISOs”), nonqualified stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), stock bonuses, other stock-based awards and cash awards. The maximum aggregate number of awards available to be granted under the plan, as amended, is 4,500,000, of which all or any portion may be issued as shares of Medley Management Inc.’s Class A common stock or Medley LLC’s unit interests. Shares of Class A common stock issued by the Company in settlement of awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the market or by private purchase or a combination of the foregoing. As of June 30 , 2015, there were 3.4 million awards available to be granted under the Plan. The fair value of the RSUs granted is determined to be the fair value of the underlying shares on the date of grant . The aggregate fair value, which i s then adjusted for anticipated forfeitures of up to 8 % per annum, is charged to compensation expense on a straight-line basis over the vesting period, which is generally up to five years. For the three and six months ended June 30 , 2015, stock-based compensation was $ 0.8 million and $1.6 million , respectively . The following summarizes RSU activity for the six months ended June 30 , 2015: Weighted Average Grant Number of RSUs Date Fair Value Balance at December 31, 2014 $ Granted Forfeited Vested - - Balance at June 30, 2015 $ As of June 30 , 2015 there were approximately 920,000 RSUs outstanding net of estimated forfeitures, which are expected to vest. Unamortized compensation cost related to unvested RSUs at June 30 , 2015 was $13.6 million and is expected to be recognized over a weighted average period of 4.2 years .

MARKET AND OTHER RISK FACTORS

MARKET AND OTHER RISK FACTORS	6 Months Ended
	Jun. 30, 2015
Market and Other Risk Factors [Abstract]
Market and Other Risk Factors	1 4 . MARKET AND OTHER RISK FACTORS Due to the nature of the Consolidated Funds’ investment strategy, their portfolio of investments has significant market and credit risk. As a result, the Company is subject to market and other risk factors, including, but not limited to the following: Market Risk The market price of investments may significantly fluctuate during the period of investment. Investments may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to such investment, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Credit Risk There are no restrictions on the credit quality of the investments the Company intends to make. Investments may be deemed by nationally recognized rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Some investments may have low-quality ratings or be unrated. Lower rated and unrated investments have major risk exposure to adverse conditions and are considered to be predominantly speculative. Generally, such investments offer a higher return potential than higher rated investments, but involve greater volatility of price and greater risk of loss of income and principal. In general, the ratings of nationally recognized rating organizations represent the opinions of agencies as to the quality of the securities they rate. Such ratings, however, are relative and subjective; they are not absolute standards of quality and do not evaluate the market value risk of the relevant securities. It is also possible that a rating agency might not change its rating of a particular issue on a timely basis to reflect subsequent events. The Company may use these ratings as initial criteria for the selection of portfolio assets for the Company but is not required to utilize them. Limited Liquidity of Investments The Company intends to invest in investments that may not be readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments and, at times there may be no market at all for such investments. Subordinate investments may be less marketable, or in some instances illiquid, because of the absence of registration under federal securities laws, contractual restrictions on transfer, the small size of the market or the small size of the issue (relative to issues of comparable interests). As a result, the Company may encounter difficulty in selling its investments or may, if required to liquidate investments to satisfy redemption requests of its investors or debt service obligations, be compelled to sell such investments at less than fair value. Counterparty Risk Some of the ma rkets in which the Company may a ffect its transactions are “over-the-counter” or “interdealer” markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight, unlike members of exchange-based markets. This exposes the Company to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the applicable contract (whether or not such dispute is bona fide) or because of a credit or liquidity problem, causing the Company to suffer loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Company has concentrated its transactions with a single or small group of counterparties. Currency Risk The Company may invest in financial instruments and enter into transactions denominated in currencies other than its functional currency. Although the Company may seek to hedge currency exposure through financial instruments, the Company may still be exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company’s assets or liabilities denominated in currencies other than the functional currency. The Company may enter into derivative contracts to manage the risk associated with foreign currency exchange fluctuations on its non-U.S. dollar denominated holdings.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	1 5 . SEGMENT REPORTING The Company’s business is currently comprised of only one reportable segment, the investment management segment, and substantially all Company operations are conducted through this segment. The investment management segment provides investment management services to permanent capital vehicles, long-dated private funds and separately managed accounts. The Company conducts its investment management business in the United States, where substantially all of its revenues are generated. In addition to analyzing the Company’s results on a GAAP basis, management also mak es operating decisions and asse sses business performance based on the financial and operating metrics and data that are presented without the consolidation of any funds. Core Net Income and Core EBITDA are income measures that are used by management to assess the performance of its business. Core Net Income. Core Net Income is an income measure that is used by management to assess the performance of the business through the removal of non-core items, as well as other non-recurring expenses. It is calculated by adjusting standalone net income attributable to members of Medley to exclude reimbursable expenses associated with the launch of funds, certain one-time severance costs and stock-based compensation associated with RSUs that were granted to employees in connection with the Company’s IPO. Core Earnings before interest, income taxes, depreciation and amortization (Core EBITDA) . Core EBITDA is calculated as Core Net Income before interest expense, income taxes and depreciation. The following presents the standalone financial results of the Company’s operating results for the three and six months ended June 30, 2015 and 2014: For the Three Months Ended For the Six Months Ended June 30, June 30, (unaudited) (unaudited) 2015 2014 2015 2014 (Amounts in thousands) Revenues Management fees $ $ $ $ Performance fees Other revenues and fees Total revenues Expenses Compensation and benefits Performance fee compensation General, administrative and other expenses Total expenses Other income (expense) Dividend income Interest expense Other expenses, net Total other expense, net Income before income taxes $ $ $ Provision for income taxes Net income Net income attributable to non-controlling interests in consolidated subsidiaries Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC $ $ $ $ Reimbursable fund startup expenses (1) Severance expense (1) - IPO date award stock-based compensation (1) - - Adjustment for pre-IPO guaranteed payments to members (1)(2) - - Core Net Income $ $ $ $ Interest expense Income taxes Depreciation and amortization Core EBITDA $ $ $ $ (1) Presented net of income taxes. (2) Represents a pro-forma adjustment to reflect guaranteed payments to Medley LLC members as compensation expense. Prior to the Company’s Reorganization and IPO, these payments were recorded as distributions from members’ capital. The following tables reconcile the Company’s segment results to its consolidated results of operations for the three months ended June 30, 2015 and 2014: For the Three Months Ended June 30, 2015 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense), net (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries - Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - - - IPO date award stock-based compensation - Core Net Income $ $ - $ For the Three Months Ended June 30, 2014 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense) (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributed to Medley Management Inc. - - - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - Adjustment for pre-IPO guaranteed payments to members - Core Net Income $ $ - $ (1) Adjustments and reconciling items to revenues represent management and performance fees earned from Consolidated Funds which were eliminated in consolidation. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Management fees from Consolidated Funds eliminated in consolidation $ $ Performance fees eliminated in consolidation Total consolidated adjustments and reconciling items $ $ (2) Adjustments and reconciling items to expenses represent expenses from Consolidated Funds which were eliminated in consolidation. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds Expenses $ $ Total consolidated adjustments and reconciling items $ $ (3) Adjustments and reconciling items to other income primarily represent net interest income and net investment income from Consolidated Funds. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Interest and other income of Consolidated Funds $ $ Interest expense of Consolidated Funds Net realized gain (loss) on investments of Consolidated Funds - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds Elimination of equity income (loss) from Consolidated Funds Total consolidated adjustments and reconciling items $ $ (4) Adjustments and reconciling items to the provision for income taxes represent income taxes from Consolidated Funds. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds provision for income taxes $ $ Total consolidated adjustments and reconciling items $ $ The following tables reconcile the Company’s segment results to its consolidated results of operations for the six months ended June 30, 2015 and 2014 : For the Six Months Ended June 30, 2015 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense), net (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries - Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - IPO date award stock-based compensation - Core Net Income $ $ - $ For the Six Months Ended June 30, 2014 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense) (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries - Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributed to Medley Management Inc. - - - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - Adjustment for pre-IPO guaranteed payments to members - Core Net Income $ $ - $ (1) Adjustments and reconciling items to revenues represent management and performance fees earned from Consolidated Funds which were eliminated in consolidation. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Management fees from Consolidated Funds eliminated in consolidation $ $ Performance fees eliminated in consolidation Total consolidated adjustments and reconciling items $ $ (2) Adjustments and reconciling items to expenses represent expenses from Consolidated Funds which were eliminated in consolidation. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds Expenses $ $ Total consolidated adjustments and reconciling items $ $ (3) Adjustments and reconciling items to other income primarily represent net interest income and net investment income from Consolidated Funds. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Interest and other income of Consolidated Funds $ $ Interest expense of Consolidated Funds Net realized gain (loss) on investments of Consolidated Funds Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds Elimination of equity income (loss) from Consolidated Funds Total consolidated adjustments and reconciling items $ $ (4) Adjustments and reconciling items to t he provision for income taxes represent income taxes from Consolidated Funds. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds provision for income taxes $ $ Total consolidated adjustments and reconciling items $ $

CONSOLIDATING SCHEDULES

CONSOLIDATING SCHEDULES	6 Months Ended
	Jun. 30, 2015
Organization and Basis of Presentation [Abstract]
Consolidating Schedules	1 6 . CONSOLIDATING SCHEDULES The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition as of June 30, 2015 and December 31, 2014, and the Company’s results from operations for the three and six months ended June 30, 2015 and 2014 . The financial condition and results of operations for Medley are presented in the tables below under the “Standalone” column. For the Three Months Ended June 30, 2015 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to non-controlling interests in Medley LLC - - Net income attributable to Medley Management Inc. $ $ $ $ For the Six Months Ended June 30, 2015 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to non-controlling interests in Medley LLC - - Net income attributable to Medley Management Inc. $ $ $ $ As of June 30, 2015 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Assets Cash and cash equivalents $ $ - $ - $ Investments, at fair value - Management fees receivable - - Performance fees receivable - - Other assets - Assets of Consolidated Funds: Cash and cash equivalents - - Investments, at fair value - - Interest and dividends receivable - - Other assets - - Total assets $ $ $ $ Liabilities and equity Loans payable $ $ - $ - $ Accounts payable, accrued expenses and other liabilities - - Performance fee compensation payable - - Liabilities of Consolidated Funds: Accounts payable, accrued expenses and other liabilities - Secured borrowings - - Total liabilities Equity Class A Common Stock - - Class B Common Stock - - - - Capital deficit - - Retained earnings - - Total stockholders' equity (deficit), Medley Management Inc. - - Non-controlling interests in Consolidated Funds - - Non-controlling interests in consolidated subsidiaries - - Non-controlling interests in Medley LLC - - Members' equity of consolidated funds - - Total (deficit) equity Total liabilities and equity $ $ $ $ For the Three Months Ended June 30, 2014 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to Medley LLC $ $ $ $ For the Six Months Ended June 30, 2014 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to Medley LLC $ $ $ $ As of December 31, 2014 Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Assets Cash and cash equivalents $ $ - $ - $ Investments, at fair value - Management fees receivable - - Performance fees receivable - - Other assets - - Assets of Consolidated Funds: Cash and cash equivalents - - Investments, at fair value - - Interest and dividends receivable - - Other assets - Total assets $ $ $ $ Liabilities and equity Loans payable $ $ - $ - $ Accounts payable, accrued expenses and other liabilities - Performance fee compensation payable - - Liabilities of Consolidated Funds: Accounts payable, accrued expenses and other liabilities - - Secured borrowings - - Total liabilities Equity Class A Common Stock - - Class B Common Stock - - - - Capital deficit - - Retained earnings - - Total stockholders' equity (deficit), Medley Management Inc. - - Non-controlling interests in Consolidated Funds - - Non-controlling interests in consolidated subsidiaries - - Non-controlling interests in Medley LLC - - Members' equity of consolidated funds - - Total (deficit) equity Total liabilities and equity $ $ $ $

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	1 7 . SUBSEQUENT EVENTS On August 10, 2015, the Company’s Board of Directors declared a dividend of $0.20 per share of Class A common stock for the second quarter of 2015. The dividend is payable on September 4, 2015 to stockholders of record as of August 26, 2015. On August 12, 2015, the Company’s Board of D irectors has authorized the repurchase of up to $5 million of the Company’s Class A common stock. Medley LLC will repurchase membership units, on a one for one basis for each share of Class A common stock repurchased by the Company. Under this share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This program may be suspended or discontinued at any time and will expire in one year .

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation In accordance with Accounting Standar ds Codification (“ ASC ” ) 810, Consolidation , the Company consolidates those entities where it has a direct and indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates entities that the Company concludes ar e variable interest entities (“VIEs” ), for which the Company is deemed to be the primary beneficiary and entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity. An entity in which the Company holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both, and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Entities that do not qualify as VIEs are generally assessed for consolidation under the voting interest model. For those entities that qualify as a VIE, the Company performs an analysis to determine if it is the primary beneficiary. With respect to certain VIEs that qualify for accounting treatment under Accounting Standard s Update (“ASU”) 2010-10, Consolidation (Topic 810): Amendments for Certain Investment Funds , the Company determines that it is the primary beneficiary only if its involvement, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest and management fees), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In order to qualify for this accounting treatment, certain conditions have to be met, including if the entities have all the attributes of an investment company and are not securitization or asset-backed financing entities. For all other entities, the Company determines that it is the primary beneficiary if it holds a controlling financial interest defined as possessing both (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. In making its assessment the Company takes into consideration all fee and substantive arrangements, terms and transactions that may exist. The assessment of whether an entity is a VIE and the determination of whether the Company should consolidate such VIE requires judgments and is dependent on the particular facts and circumstances. Each entity is asses sed for consolidation on a case-by- case basis. For those entities evaluated under the voting interest model, the Company consolidates those entities it controls through a majority voting interest or through other means whereby the Company is the general partner and is presumed to have control. The Company would not consolidate an entity in which the presumption of control by the general partner has been overcome through either the granting of substantive rights to the unaffiliated investors to either dissolve the entity o r remove the general partner (“ kick-out-rights ” ) or the granting of substantive participating rights.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities Medley Management Inc. is the sole managing member of Medley LLC and, as such, it operates and controls all of the business and affairs of Medley LLC and, through Medley LLC, conducts its business. Under ASC 810, Medley LLC meets the definition of a variable interest entity because the equity of Medley LLC is not sufficient to permit activities without additional subordinated financial support. Since Medley Management Inc. has the obligation to absorb expected losses that could be significant to Medley LLC and holds 100 % of the voting power, Medley Management Inc. is considered to be the primary beneficiary of Medley LLC. As a result, Medley Management Inc. consolidates the financial results of Medley LLC and its subsidiaries and records a non-controlling interest for the economic interest in Medley LLC held by the non-managing members. Medley Management Inc.’s and the non-managing members’ economic interest s in Medley LLC is 20.5 % and 79.5 %, respectively, as of June 30, 2015 and December 31, 2014. Net income attributable to the non-controlling interest in Medley LLC on the consolidated statements of operations represents the portion of earnings attributable to the economic interest in Medley LLC held by its non-managing members. Non-controlling interests in Medley LLC on the consolidated balance sheets represents the portion of net assets of Medley LLC attributable to the non-managing members based on total LLC Units of Medley LLC owned by such non-managing members. Medley LLC has one majority owned subsidiary, SIC Advisors LLC, that is a consolidated VIE. This entity was organized as a limited liability company and was legally formed to manage a designated fund and to isolate business risk. As of June 30, 2015 and December 31, 2014, total assets, after eliminating entries, of this VIE reflected in the consolidated balance sheets were $23.8 million and $ 18.0 million, respectively. Total liabilities, after eliminating entries, of this VIE were $ 20.5 million and $ 19.6 million as of June 30, 2015 and December 31, 2014, respectively. Except to the extent of the assets of this VIE that are consolidated, the holders of the consolidated VIE’s liabilities generally do not have recourse to the Company.
Consolidated Funds	Consolidated Funds With respect to the Consolidated Funds, which represent limited partnerships, Medley LLC earns a fixed management f ee based on either (i ) limited partners’ capital commitments to the funds, ( ii ) invested capital, (iii) net asset value (“ NAV ”), or (iv ) lower of cost or market value of a fund’s portfolio investments. In addition, Medley earns a performance fee based upon the investment returns in excess of a stated hurdle rate. The Company considered the accounting treatment under ASU 2010-10 as all the respective conditions have been met and determined that the funds were not VIEs. However, as the general partner, and due to the lack of substantive kick out or participating rights of the limited partners, these funds have been consolidated under the voting interest model in accordance with ASC 810-20, Control of Partnerships and Similar Entities . In December 2014, the Company formed the Medley Opportunity Fund III LP ( “ MOF III ” ) , which is structured as a limited partnership. One of the Company’s wholly owned subsidiaries is the general partner and investment manager of MOF III. The Company considered the accounting treatment under ASU 2010-10 as all the respective conditions have been met and determined that MOF III was not a VIE. However, as the general partner, and due to the lack of substantive kick out or participating rights of the limited partners, this fund has been consolidated under the voting interest model in accordance with ASC 810-20.
Deconsolidation of a Fund	Deconsolidation of a Fund The Company had consolidated the Medley Opportunity Fund LP (“MOF I LP”) in its consolidated financial statements under the voting interest model in accordance with ASC 810-20, as the Company was the general partner and the limited partners lacked substantive kick out or participating rights. Effective January 1, 2015, the Company completed its role as investment manager of MOF I LP and transitioned the management of the residual assets of this fund to another asset manager. As a result of this transition, the Company deconsolidated the financial statements of this fund, on January 1, 2015. There was no gain or loss recognized upon deconsolidation.
Basis of Accounting	Basis of Accounting Management has determined that the Company’s Consolidated Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP requires that investments held by an investment company be recorded at fair value and any unrealized appreciation (depreciation) in an investment’s fair value be recognized on a current basis in the consolidated statements of operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the specialized accounting guidance for the Consolidated Funds under U.S. GAAP. As such, all of the investments held by the Consolidated Funds are presented at their estimated fair values in the Company’s condensed consolidated balance sheets. Interest income of the Consolidated Funds is included in interest and other income of Consolidated Funds in the Company’s condensed consolidated statements of operations.
Concentrations of Credit and Market Risk	Concentrations of Credit and Market Risk In the normal course of business, the Company encounters significant credit and market risk. Credit risk is the risk of default on investments in debt securities, loans and derivatives that result from a borrower’s or derivative counterparty’s inability or unwillingness to make required or expected payments. Credit risk is increased in situations where the Company is investing in distressed assets or unsecured or subordinate loans or in securities that are a material part of its respective business. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. The Company may make investments outside of the United States. These non-U.S. investments are subject to the same risks associated with U.S. investments , as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing the investments, potentially adverse tax consequences, and the burden of complying with a wide variety of foreign laws.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management’s estimates are based on historical experience and other factors, including expectations of future events that management believes to be reasonable under the circumstances. These assumptions and estimates also require management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results could differ from these estimates and such differences could be material.
Indemnification	Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has not experienced any prior claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote.
Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Consolidated Entities Non-controlling interests in Consolidated Funds and consolidated subsidiaries represent the component of equity in such cons olidated entities held by third- party investors. These interests are adjusted for general partner allocations and, for funds, by subscriptions and redemptions that occur during the reporting period.
Class A Earnings per Share	Class A Earnings per Share The Company computes and presents earnings per sha re using the two-class method. Under the two-class method, the Company allocates earnings between common stock and participating securities. The two-class method includes an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and undistributed earnings for the period. For purposes of calculating earnings per share, the Company reduces its reported net earnings by the amount allocated to participating securities to arrive at the earnings allocated to Class A common stockholders. Earnings are then divided by the weighted average number of Class A common stock outstanding to arrive at basic earnings per share. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in our earnings. Participating securities consist of the Company’s unvested restricted stock units that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in its basic and diluted calculations.
Investments	Investments Investments include equity method investment s that are not consolidated but in which the Company exerts significant influence, and investments held by the Consolidated Funds. Medle y measures the fair value of the equity method investment s that do not have a readily determinable fair value at net asset value or market value. Unrealized appreciation (depreciation) resulting from changes in fair value of the equity method investee s is reflected as a component of other income (expense) in the condensed consolidated statements of operations. The Consolidated Funds reflect their investments at fair value with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net change in unrealized depreciation on investments of Consolidated Funds in the condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price).
Fair Value Measurements	Fair Value Measurements The Consolidated Funds apply fair value accounting to all of their financial instruments in accordance with ASC 820, Fair Value Measurements and Disclosures . ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Consolidated Funds have categorized their financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Consolidated Funds’ own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. The Company weights the use of third-party broker quotes, if any, in determining fair value based on the Company’s understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by the Company based upon inputs by third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time. The Consolidated Funds use third-party valuation firms to assist in the valuation of its portfolio investments. The valuation reports generated by the third-party valuation firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. Based on market data obtained from the third-party valuation firms, the Consolidated Funds use a market yield analysis under the income approach or an enterprise model of valuation under the market approach, or a combination thereof. In applying the market yield analysis, the value of the Consolidated Funds’ loans is determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Consolidated Funds use a waterfall analysis that takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure. To estimate the enterprise value of the portfolio company, some or all of the traditional market valuation methods and factors are weighed based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies and information that the Company utilizes when applying the Market Approach for performing investments includes, among other things: · valuations of comparable public companies (Guideline Comparable approach) ; · recent sales of private and public comparable companies (Guideline Comparable approach) ; · recent acquisition prices of the company, debt securities or equity securities (Acquisition Price a pproach) ; · external valuations of the portfolio company, offers from third parties to buy the company (Estimated Sales Proceeds approach) ; · subsequent sales made by the company of its investments (Expected Sales Proceeds approach); and · estimating the value to potential buyers. The methodologies and information that the Company utilizes when applying the Income a pproach for performing investments includes: · discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow “DCF” approach); and · Black-Scholes model or simulation models or a combination thereof (Income Approach – Option Model) with respect to the valuation of warrants. For non-performing investments, the Company may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities using an expected recovery model (Income Approach – Expected Recovery Analysis or Estimated Liquidation Proceeds). A multi-step valuation process is undertaken each quarter when valuing portfolio investments for which market quotations are not readily available, as described below: · The quarterly valuation process begins with each portfolio investment being initially valued by the Company’s internal valuation team; · An independent valuation firm engaged by the Consolidated Funds prepares an independent valuati on report for approximately one- third of the portfolio investments each quarter on a rotating quarterly basis on non-fiscal year-end quarters, such that each of these investments will be valued by independent valuation firms at least twice per annum when combined with the fiscal year-end review of all the investments by independent valuation firms; and · Preliminary valuation conclusions are then documented and di scussed with senior management. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Consolidated Funds’ investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
Revenues	Revenues Management Fees Medley provides investment management services to both public and private investment vehicles. Management fees include both base management fees, other management fees, and Part I incentive fees, as described below. Base management fees a re calculated based on either (i ) the average or ending gross assets balance for the relevant period, ( ii ) limited partners’ capi tal commitments to the funds, (iii) invested capital, (iv) the net asset value or (v ) lower of cost or market value of a fund’s portfolio investments. For the private funds, Medley receives base management fees during a specified period of time, which is generally ten years from the initial closing date. However, such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of the investment management agreement, management fees are paid either quarterly in advance or quarterly in arrears, and are recognized as earned over the period the services are provided. Certain management agreements provide for Medley to receive other management fee revenue derived from up front origination fees paid by the portfolio companies of the Consolidated Funds, as well as separately managed accounts. These fees are recognized when Medley becomes entitled to such fees. Certain management agreements also provide for Medley to receive Part I incentive fee revenue derived from net interest income (excluding gains and losses) above a hurdle rate. These fees are not subject to repayment, clawbacks or netting against realized losses. Part I incentive fees are paid quarterly and are recognized as earned over the period the services are provided. Performance Fees Performance fees consist principally of the allocation of profits from certain funds, including separately managed accounts, to which Medley provides management services. Medley is generally entitled to an allocation of income as a performance fee after returning the invested capital plus a specified preferred return as set forth in each respective agreement. Medley recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the respective agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized reflects Medley’s share of the gains and losses of the associated funds’ underlying investments measured at their current fair values. Performance fee revenue may include reversals of previously recognized performance fees due to a decrease in the net income of a particular fund that results in a decrease of cumulative performance fees earned to date. Since fund return hurdles are cumulative, previously recognized performance fees also may be reversed in a period of appreciation that is lower than the particular fund’s hurdle rate. For each of the three and six months ended June 30, 2015 , the Company reversed $4.0 million of previously recognized performance fees on a standalone basis. For the three and six months ended June 30, 2015, there were no reversals of previously recognized performance fees on a consolidated basis. The Company did not reverse any previously recognized performance fees for the three and six months ended June 30, 2014 . Cumulative performance fees recognized through June 30 , 201 5 were $ 24.3 million and $8.4 million on a standalone and consolidated basis, respectively. Performance fees received in prior periods may be required to be returned by Medley in future periods if the funds’ investment performance declines below certain levels. Each fund is considered separately in this regard and, for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values previously recognized and distributed performance fees would be required to be returned, a liability is established for the potential clawback obligation. As of June 30 , 201 5 , the Company had not received any performance fee distributions, except for tax distributions related to the Company’s allocation of net income, which included an allocation of performance fees. Pursuant to the organizational documents of each respective fund, tax distributions are not subject to clawback. As such, no amounts have been accrued for clawback obligations in the accompanying condensed consolidated financial statements. Other Revenues and Fees Medley provides administrative services to certain affiliated funds and is reimbursed for direct and allocated expenses incurred in providing such administrative services, as set forth in the respective agreement. These fees are recognized as revenue in the period administrative services are rendered. Included in other revenues and fees are reimbursements received by Medley from SIC under its investment advisory agreement. Expenses incurred by Medley under this agreement are recorded within general, administrative, and other expenses in the consolidated statements of operations. For additional information on these reimbursements, refer to Note 10.
Performance Fee Compensation	Performance Fee Compensation Medley has issued profit interests in certain subsidiaries to selected employees. These profit-sharing arrangements are accounted for under ASC 710, Compensation — General, which requires compensation expense to be measured at fair value at the grant date and expensed over the vesting period, which is usually the period over which the service is provided. The fair value of the profit interests are re-measured at each balance sheet date and adjusted for changes in estimates of cash flows and vesting percentages. The impact of such changes is recorded in the condensed consolidated statements of operations as an increase or decrease to performance fee compensation.
Stock-based Compensation	Stock-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . Under the fair value recognition provision of this guidance, s tock -based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period. Stock-based compensation expense recognized for the periods presented is based on awards ultimately expected to vest and have been reduced for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The effect of such change in estimated forfeitures is recognized through a cumulative catch-up adjustment that is included in the period of the change in estimate. The value of the portion of the award that is ultimately expected to vest on a straight-line basis over the requisite service period is included within compensation and benefits on the Company’s condensed consolidated statements of operations.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires the recognition of tax benefits or expenses for temporary differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company’s policy is to recognize interest and penalties on uncertain tax positions and other tax matters as a component of income tax expense. For interim periods, the Company accounts for income taxes based on its estimate of the effective tax rate for the year. Discrete items and changes in its estimate of the annual effective tax rate are recorded in the period they occur. Prior to the Company’s R eorganization and IPO, no provision was made for U.S. federal income taxes in the accompanying condensed consolidated financial statements since the Company was a group of pass-through entities for U.S. and state income tax purposes and its profits and losses were allocated to the partners who are individually responsible for reporting such amounts. A provision for income taxes was made for certain entities that were subject to New York City ’s unincorporated business tax. Following the IPO, Medley LLC and its subsidiaries continue to operate as pass-through entities for U.S. income tax purposes. Accordingly, these entities in some cases continue to be subject to New York City ’s unincorporated business tax . Medley Management Inc. is subject to U.S. federal, state and local corporate income taxes , which are reflected in the Company’s condensed consolidated financial statements.
Secured Borrowings of Consolidated Funds	Secured Borrowings of Consolidated Funds The Consolidated Funds follow the guidance in ASC 860, Transfers and Servicing , when accounting for loan participations and other partial loan sales. Such guidance provides accounting and reporting standards for transfers and servicing of financial assets and requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance. Under ASC 860, the Company applies a control-oriented approach to participating interests whereby control is considered to have been surrendered only if (i) the transferred financial assets have been isolated from the transferor, (ii) the transferee has the right to pledge or exchange the transferred financial assets it received, and (iii) the transferor, its consolidated affiliates in the financial statements being presented, or its agents do not maintain effective control over the transferred financial assets. Participations or other partial loan sales which do not meet all of these conditions remain on the Company’s condensed consolidated b alance s heets and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, w hich are carried at fair value. For these participations or partial loan sales accounted for as secured borrowings, the interest income earned on the entire loan balance is recorded within interest and other income of Consolidated Funds and the interest income earned by the buyer in the partial loan sale is recorded as interest expense of Consolidated Funds in the accompanying consolidated statements of operations. Changes in the fair value of secured borrowings of Consolidated Funds are included in net change in unrealized depreciation (appreciation) on secured borrowings in the condensed consolidated statement s of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The amendments were originally effective for interim and annual reporting periods beginning after December 15, 2016. In July 2015, the FASB announced its approval to defer the effective date to annual reporting periods beginning after December 15, 2017, and early application would be permitted after December 15, 2016. However, the FASB has not yet issued an ASU to finalize the new effective date. The Company is currently evaluating the impact, if any, that this ASU will have on its condensed consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation – Principal V ersus Agent Analysis . This guidance requires an entity to evaluate whether it should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (i ) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii ) eliminate the presumption that a general partner should conso lidate a limited partnership; (iii ) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (iv ) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for interim and annual periods beginning after December 15, 2015 and early application is permitted. The Company is currently evaluating the impact, if any, that this ASU will have on its condensed consolidated financial statements . In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Under current accounting standards, such costs are reflected as an asset on the Company's condensed consolidated balance sheets. While t he new guidance is effective for the Company beginning January 1, 2016, early application is permitted. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated balance sheets. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . Under the amendments in this update, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only eliminates the diversity in practice resulting from the way in which investments measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures that all investments categorized in the fair value hierarchy are classified using a consistent approach. Investments that calculate net asset value per share (or its equivalent), but for which the practical expedient is not applied will continue to be included in the fair value hierarchy. The amendments in this update are effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Composition of Investments	The composition of investments is as follows: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Equity method investments, at fair value $ $ Investments of Consolidated Funds, at fair value Total Investments $ $
Investments in Consolidated Funds	The following table presents a summary of the investments held by the Consolidated Funds and as a percentage of total investments of Consolidated Funds. Investments of Consolidated Funds Fair Value Percentage June 30, June 30, 2015 December 31, 2015 December 31, (unaudited) 2014 (unaudited) 2014 (Amounts in thousands) Geographic Region/Investment Type/Industry Description: North America: Senior secured loans and notes: Automotive $ $ % % Banking, Finance, Insurance and Real Estate % % Beverage, Food and Tobacco % % Capital Equipment - % % Chemicals, Plastics and Rubber % % Construction and Building % % Consumer Goods: Non-durable % % Containers, Packaging and Glass % % Energy: Oil and Gas % % Healthcare and Pharmaceuticals % % High Tech Industries % % Hotel, Gaming and Leisure % % Media: Advertising, Printing and Publishing - % % Metals and Mining % % Retail and Commercial Kitchen Appliances % % Services: Business % % Services: Consumer % % Total Senior Secured Loans and Notes, North America (cost of $756,812 and $711,398 , respectively) $ $ % % South America: Senior secured loans and notes: Banking, Finance, Insurance and Real Estate $ - $ % % Energy: Oil and Gas - % % Total Senior Secured Loans and Notes, South America (cost of $0 and $13,049 , respectively) $ - $ % % Asia: Banking, Finance, Insurance and Real Estate (cost of $0 and $1,373 , respectively) $ - $ % % Investments of Consolidated Funds Fair Value Percentage June 30, June 30, 2015 December 31, 2015 December 31, (unaudited) 2014 (unaudited) 2014 (Amounts in thousands) Geographic Region/Investment Type/Industry Description: North America: Equity interests in limited liability companies: Banking, Finance, Insurance and Real Estate $ $ % % Construction and Building % % Containers, Packaging and Glass % % Energy: Oil and Gas - % % Healthcare and Pharmaceuticals % % Telecommunications - % % Total Equity Interest in Limited Liability Companies (cost of $45,012 and $40,944 , respectively) $ $ % % Equity securities: Common Stock (cost of $158 and $8,913 , respectively) $ $ % % Partnership Interest (cost of $190 and $0 , respectively) $ $ - % % Preferred Stock (cost of $0 and $10,187 , respectively) $ - $ % % Warrants: Banking, Finance, Insurance and Real Estate $ $ % % Construction and Building % % Containers, Packaging and Glass % % Energy: Oil and Gas % % Healthcare and Pharmaceuticals % % Retail % % Total Warrants (cost of $3,428 and $3,428 , respectively) % % Total Equity Securities (cost of $3,776 and $22,528 , respectively) $ $ % % Collectibles (cost of $0 and $1,385 , respectively) $ - $ % % Total Investments of Consolidated Funds (cost of $805,600 and $790,677 , respectively) $ $ % %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value of Investments by Class	The following tables present the fair value measurements of investments and secured borrowings, by major class according to the fair value hierarchy: As of June 30, 2015 (unaudited) Level I Level II Level III Total (Amounts in thousands) Assets Senior secured loans and notes $ - $ - $ $ Equity interests in LLCs - - Equity securities - Equity method investments - - Total assets $ - $ $ $ Secured borrowings of Consolidated Funds $ - $ $ $ As of December 31, 2014 Level I Level II Level III Total (Amounts in thousands) Assets Senior secured loans and notes $ - $ - $ $ Equity interests in LLCs - - Equity securities Investments in tangible assets - - Equity method investment - - Total assets $ $ $ $ Secured borrowings of Consolidated Funds $ $ - $ $
Reconciliation of Level III Investments	The following tables provide a reconciliation of the beginning and ending balances for the Consolidated Funds’ Level III investments, secured borrowings and the Company’s investments in its equity method investees: For the six months ended June 30, 2015 (unaudited) Financial Assets Liabilities Investments of Consolidated Funds Secured Senior Investment borrowings Secured Equity in Equity of Loans and Interests in Equity Tangible Method Consolidated Notes LLCs Securities Assets Investments Total Funds (Amounts in thousands) Balance, beginning of period $ $ $ $ $ $ $ Deconsolidation of MOF I - Transfer out of level III - - - - - Amortization - - - - - Paid in-kind interest income - - - - Purchases - - - Sales and settlements - - - - - Realized and unrealized appreciation (depreciation), net - - Unrealized appreciation (depreciation) on secured borrowings of Consolidated Funds, net - - - - - - Proceeds (repayments) from secured borrowings, net - - - - - - Balance, end of period $ $ $ $ - $ $ $ Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date $ $ $ $ - $ $ $
Summary of Quantitative Inputs and Assumptions	Fair Value as of June 30, 2015 Range Weighted Assets (unaudited) Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Senior Secured Loans and Notes $ Income Approach (DCF) Market Yield Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable)/Income Approach (DCF) 2015 EBITDA Multiple, Discount Rate 6.00x / 20.00% 8.00x / 25.00% 7.50x / 23.75% Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.25x 6.75x 6.50x Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 2.50x / $45.9M 4.50x / $73.2M 2.00x / $59.7M Market Approach (Guideline Comparable)/Option Model EBITDA Multiple, Volatility 3.50x / 0.00% 4.50x / 92.50% 4.00x / 45.00% Equity Interests in LLCs Market Approach (Guideline Comparable) Investment Portfolio Multiple 1.05x 1.15x 1.13x Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 6.50x / 6.00x 7.00x / 7.00x 6.57x / 6.13x Market Approach (Guideline Comparable) NTM EBITDA Multiple 7.00x 8.00x 7.50x - Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple/Volatility 3.50x / 3.50x / 40.40% 4.00x / 4.00x / 72.40% 3.75x / 3.75x / 70.00% Income Approach (DCF) Market Yield Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable)/Option Model Tangible Book Value of Invested Capital Multiple/Volatility 1.40x /22.90% 1.50x / 71.40% 1.45x / 40.00% Equity Securities Market Approach (Guideline Comparable) LTM and 2015 EBITDA Multiple 4.50x / 4.00x 6.50x / 6.00x 4.58x / 4.08x - Market Approach (Guideline Comparable) EBITDA Multiple, Volatility 3.50x / 0.00% 4.50x / 92.50% 4.00x / 45.00% - Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.25x 6.75x 6.50x Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 4.00x / 3.50x 8.00x / 7.50x 5.37x / 4.93x - Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 2.50x / $45.9M 4.50x / $73.2M 2.00x / $59.7M Market Approach (Guideline Comparable)/Option Model Tangible Book Value of Invested Capital Multiple/Volatility 1.40x / 22.90% 1.50x / 71.40% 1.45x / 40.00% Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Equity Method Investments Net Asset Value of Underlying Fund N/A N/A N/A N/A $ Fair Value as of June 30, 2015 Range Weighted Liability (unaudited) Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Secured Borrowings of Consolidated Funds $ Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 8.00x / 7.50x 8.00x / 7.50x 8.00x / 7.50x Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.50x 6.50x 6.50x Income Approach (DCF) Market Yield $ Fair Value as of Range Weighted Assets December 31, 2014 Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Senior Secured Loans and Notes $ Negotiated Sales Proceeds Expected Sales Proceeds $ - $ $ Sales Comparison Approach Price per Acre $ $ $ Price per Room $ $ $ Price per Unit $ $ $ Market Approach (Guideline Comparable) LTM Revenue Multiple 0.60x 0.60x 0.45x Market Approach (Guideline Comparable) LTM EBITDA Multiple 3.10x 3.62x 3.60x Market Approach (Guideline Comparable) LTM EBITDA Multiple 3.10x 5.50x 4.30x LTM Revenue Multiple 0.50x 0.65x 0.58x Income Approach (DCF) Discount Rate Liquidation Approach Asset Coverage $ $ $ Income approach Market Yield Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Income approach Discount Rate Market Approach (Guideline Comparable) EBITDA Multiple 5.50x 6.00x 5.75x Enterprise Valuation Analysis EBITDA Multiple 6.00x 7.00x 7.00x Market Approach (Guideline Comparable) Rev Multiple / EBITDA Multiple 0.43x / 4.09x 0.43x / 4.09x 0.43x / 4.09x Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 2.00x / $205.8M 2.00x / $205.8M 2.00x / $205.8M Equity Interests in LLCs Market Approach Unsolicited Offer Price $ $ $ Market Approach (Guideline Comparable) Investment Portfolio Multiple 1.10x 1.10x 1.10x Market Approach (Guideline Comparable) EBITDA Multiple 6.25x 8.50x 6.70x Market Approach (Guideline Comparable) EBITDA Multiple / Volatility 3.75x / 50% 3.75x / 50% 3.75x / 50% Income Approach (DCF) Market Yield Income Approach (DCF) Discount Rate Income Approach (DCF) Capitalization Rate Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Equity Securities Market Approach (Guideline Comparable) EBITDA Multiple 4.00x 8.31x 5.20x Option Model Tangible Book Value Multiple / Volatility 1.30x / 41.5% 1.30x / 41.5% 1.30x / 41.5% Option Model Volatility Market Approach (Guideline Comparable) LTM EBITDARD Multiple 10.40x 11.10x 10.75x NTM EBITDARD Multiple 9.50x 10.80x 10.15x Market Approach (Guideline Comparable) Revenue Multiple 0.30x 0.60x 0.45x Income Approach (DCF) Discount Rate Market Approach (Guideline Comparable) LTM EBITDA Multiple 5.00x 5.50x 5.25x LTM Revenue Multiple 0.50x 0.65x 0.58x Tangible Assets Market Approach Appraisal of assets $ $ $ Sales Comparison Approach Price per SQM Equity Method Investment Net Asset Value of Underlying Fund N/A N/A N/A N/A $ Fair Value as of Range Weighted Liability December 31, 2014 Valuation Technique(s) Unobservable input Minimum Maximum Average (Amounts in thousands) Secured Borrowings of Consolidated Funds $ Income approach Market Yield Market Approach (Guideline Comparable) EBITDA Multiple 5.50x 6.00x 5.75x Income Approach (DCF) Capitalization Rate Market Approach (Guideline Comparable) EBITDA Multiple 4.00x 8.31x 5.20x $

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Other Asset [Abstract]
Components of Other Assets	The components of other assets are as follows: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Other Assets of Medley LLC: Property and equipment, net of accumulated depreciation of $1,445 and $1,232 , respectively $ $ Security deposits Administrative fees receivable (Note 10) Deferred tax assets Deferred financing costs, net of accumulated amortization of $482 and $217 , respectively Due from affiliates (Note 10) Prepaid expenses Other receivables Total other assets of Medley LLC Other Assets of Consolidated Funds: Restricted cash - Deferred tax assets Other receivables Total other assets of Consolidated Funds Total other assets $ $

LOANS PAYABLE (Tables)

LOANS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2015
Loans Payable [Abstract]
Schedule of Debt	The Company’s loans payable consist of the following: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Term loans under the Credit Suisse Term Loan Facility, net of unamortized discount of $891 and $1,006 , respectively $ $ Non-recourse promissory notes, net of unamortized discount of $2,233 and $2,500 , respectively Total loans payable $ $
Schedule of Maturities of Long-term Debt	As of June 30, 2015, future principal payments due under the loans payable are as follows (in thousands): Remaining 2015 $ 2016 2017 2018 2019 $

ACCOUNTS PAYABLE, ACCRUED EXP30

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Accounts Payable, Accrued Expenses and Other Liabilities [Abstract]
Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The components of accounts payable, accrued expenses and other liabilities are as follows: As of June 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Accounts payable, accrued expenses and other liabilities of Medley LLC: Accrued compensation and benefits $ $ Due to affiliates (Note 10) Revenue share payable (Note 9) Dividends payable - Income taxes payable - Professional fees Deferred rent Deferred tax liabilities Accounts payable and accrued expenses Total accounts payable, accrued expenses and other liabilities of Medley LLC Accounts payable, accrued expenses and other liabilities of Consolidated Funds Total accounts payable, accrued expenses and other liabilities $ $

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Future Minimum Rental Payments	Future minimum rental payments under non-cancelable leases are as follows (in thousands): Remaining 2015 $ 2016 2017 2018 2019 Thereafter Total future minimum lease payments $

EARNINGS PER CLASS A SHARE (Tab

EARNINGS PER CLASS A SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Class A Share [Abstract]
Basic and Diluted Income per Class A Share	The table below presents basic and diluted net income per Class A share using the two-class method for the three and six months ended June 30, 2015: For the Three Months For the Six Months Ended Ended June 30, 2015 June 30, 2015 (unaudited) (unaudited) (Amounts in thousands, except per share amounts) Basic and diluted net income per share: Numerator Net income attributable to Medley Management Inc. $ $ Less: Dividends declared on Class A common stock (1) - Less: Dividends payable to participating securities (2) - Less: Net income available to participating securities (2) Undistributed net income available to Class A common stockholders $ $ Denominator Weighted average shares of Class A shares outstanding, including participating securities Less: weighted average of participating securities (2) Weighted average Class A common stock outstanding: Basic Weighted average shares of Class A shares outstanding: Diluted Add: dilutive effects of conversion of LLC Units (3) - - Weighted average dilutive shares outstanding Net income per Class A share: Basic and Diluted Distributable earnings $ - $ Undistributed income Net income per Class A share $ $ (1) The Company declared a $0.20 per share dividend on Class A common stock on March 29, 2015. (2) Participating securities relate to the Company’s grant of restricted stock units in connection with its IPO, adjusted for actual forfeitures and additional grants during the period. (3) Excludes the assumed conversion of 23,333,333 LLC units to shares of Class A common stock as the impact would be antidilutive

COMPENSATION EXPENSE (Tables)

COMPENSATION EXPENSE (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation Expense [Abstract]
Schedule of Nonvested RSU Activity	Weighted Average Grant Number of RSUs Date Fair Value Balance at December 31, 2014 $ Granted Forfeited Vested - - Balance at June 30, 2015 $

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following presents the standalone financial results of the Company’s operating results for the three and six months ended June 30, 2015 and 2014: For the Three Months Ended For the Six Months Ended June 30, June 30, (unaudited) (unaudited) 2015 2014 2015 2014 (Amounts in thousands) Revenues Management fees $ $ $ $ Performance fees Other revenues and fees Total revenues Expenses Compensation and benefits Performance fee compensation General, administrative and other expenses Total expenses Other income (expense) Dividend income Interest expense Other expenses, net Total other expense, net Income before income taxes $ $ $ Provision for income taxes Net income Net income attributable to non-controlling interests in consolidated subsidiaries Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC $ $ $ $ Reimbursable fund startup expenses (1) Severance expense (1) - IPO date award stock-based compensation (1) - - Adjustment for pre-IPO guaranteed payments to members (1)(2) - - Core Net Income $ $ $ $ Interest expense Income taxes Depreciation and amortization Core EBITDA $ $ $ $ (1) Presented net of income taxes. (2) Represents a pro-forma adjustment to reflect guaranteed payments to Medley LLC members as compensation expense. Prior to the Company’s Reorganization and IPO, these payments were recorded as distributions from members’ capital.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following tables reconcile the Company’s segment results to its consolidated results of operations for the three months ended June 30, 2015 and 2014: For the Three Months Ended June 30, 2015 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense), net (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries - Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - - - IPO date award stock-based compensation - Core Net Income $ $ - $ For the Three Months Ended June 30, 2014 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense) (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributed to Medley Management Inc. - - - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - Adjustment for pre-IPO guaranteed payments to members - Core Net Income $ $ - $ (1) Adjustments and reconciling items to revenues represent management and performance fees earned from Consolidated Funds which were eliminated in consolidation. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Management fees from Consolidated Funds eliminated in consolidation $ $ Performance fees eliminated in consolidation Total consolidated adjustments and reconciling items $ $ (2) Adjustments and reconciling items to expenses represent expenses from Consolidated Funds which were eliminated in consolidation. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds Expenses $ $ Total consolidated adjustments and reconciling items $ $ (3) Adjustments and reconciling items to other income primarily represent net interest income and net investment income from Consolidated Funds. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Interest and other income of Consolidated Funds $ $ Interest expense of Consolidated Funds Net realized gain (loss) on investments of Consolidated Funds - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds Elimination of equity income (loss) from Consolidated Funds Total consolidated adjustments and reconciling items $ $ (4) Adjustments and reconciling items to the provision for income taxes represent income taxes from Consolidated Funds. For the three months ended June 30, 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds provision for income taxes $ $ Total consolidated adjustments and reconciling items $ $ The following tables reconcile the Company’s segment results to its consolidated results of operations for the six months ended June 30, 2015 and 2014 : For the Six Months Ended June 30, 2015 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense), net (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries - Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - IPO date award stock-based compensation - Core Net Income $ $ - $ For the Six Months Ended June 30, 2014 (unaudited) Consolidation Adjustments and Reconciling Consolidated Standalone Items Results (Amounts in thousands) Revenues $ $ (1) $ Expenses (2) Other income (expense) (3) Provision for income taxes (4) Net income attributable to non-controlling interests in consolidated subsidiaries - Net income attributable to non-controlling interests in Consolidated Funds - Net income attributable to non-controlling interests in Medley LLC - Net income attributed to Medley Management Inc. - - - Add: Net income attributable to non-controlling interests in Medley LLC - Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC - Reimbursable fund startup expenses - Severance expense - Adjustment for pre-IPO guaranteed payments to members - Core Net Income $ $ - $ (1) Adjustments and reconciling items to revenues represent management and performance fees earned from Consolidated Funds which were eliminated in consolidation. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Management fees from Consolidated Funds eliminated in consolidation $ $ Performance fees eliminated in consolidation Total consolidated adjustments and reconciling items $ $ (2) Adjustments and reconciling items to expenses represent expenses from Consolidated Funds which were eliminated in consolidation. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds Expenses $ $ Total consolidated adjustments and reconciling items $ $ (3) Adjustments and reconciling items to other income primarily represent net interest income and net investment income from Consolidated Funds. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Interest and other income of Consolidated Funds $ $ Interest expense of Consolidated Funds Net realized gain (loss) on investments of Consolidated Funds Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds Elimination of equity income (loss) from Consolidated Funds Total consolidated adjustments and reconciling items $ $ (4) Adjustments and reconciling items to t he provision for income taxes represent income taxes from Consolidated Funds. For the six months ended June 30 , 2015 and 2014, such adjustments and reconciling items were as follows: 2015 2014 (Amounts in thousands) Consolidated Funds provision for income taxes $ $ Total consolidated adjustments and reconciling items $ $

CONSOLIDATING SCHEDULES (Tables

CONSOLIDATING SCHEDULES (Tables)	6 Months Ended
	Jun. 30, 2015
Organization and Basis of Presentation [Abstract]
Consolidated Income Statement	For the Three Months Ended June 30, 2015 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to non-controlling interests in Medley LLC - - Net income attributable to Medley Management Inc. $ $ $ $ For the Six Months Ended June 30, 2015 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to non-controlling interests in Medley LLC - - Net income attributable to Medley Management Inc. $ $ $ $ For the Three Months Ended June 30, 2014 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to Medley LLC $ $ $ $ For the Six Months Ended June 30, 2014 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Revenues: Management fees $ $ - $ $ Performance fees - Other revenues and fees - - Total revenues - Expenses: Compensation and benefits - - Performance fee compensation - - Consolidated Funds expenses - General, administrative and other expenses - - Total expenses Other income (expense): Dividend income - - Interest expense - - Other income (expenses), net - Interest and other income of Consolidated Funds - - Interest expense of Consolidated Funds - - Net realized gain (loss) on investments of Consolidated Funds - - Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds - - Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds - - Total other income (expense), net Income before income taxes Provision for income taxes - Net income Net income attributable to non-controlling interests in Consolidated Funds - - Net income attributable to non-controlling interests in consolidated subsidiaries - - Net income attributable to Medley LLC $ $ $ $
Consolidated Balance Sheet	As of June 30, 2015 (unaudited) Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Assets Cash and cash equivalents $ $ - $ - $ Investments, at fair value - Management fees receivable - - Performance fees receivable - - Other assets - Assets of Consolidated Funds: Cash and cash equivalents - - Investments, at fair value - - Interest and dividends receivable - - Other assets - - Total assets $ $ $ $ Liabilities and equity Loans payable $ $ - $ - $ Accounts payable, accrued expenses and other liabilities - - Performance fee compensation payable - - Liabilities of Consolidated Funds: Accounts payable, accrued expenses and other liabilities - Secured borrowings - - Total liabilities Equity Class A Common Stock - - Class B Common Stock - - - - Capital deficit - - Retained earnings - - Total stockholders' equity (deficit), Medley Management Inc. - - Non-controlling interests in Consolidated Funds - - Non-controlling interests in consolidated subsidiaries - - Non-controlling interests in Medley LLC - - Members' equity of consolidated funds - - Total (deficit) equity Total liabilities and equity $ $ $ $ As of December 31, 2014 Consolidated Standalone Funds Eliminations Consolidated (Amounts in thousands) Assets Cash and cash equivalents $ $ - $ - $ Investments, at fair value - Management fees receivable - - Performance fees receivable - - Other assets - - Assets of Consolidated Funds: Cash and cash equivalents - - Investments, at fair value - - Interest and dividends receivable - - Other assets - Total assets $ $ $ $ Liabilities and equity Loans payable $ $ - $ - $ Accounts payable, accrued expenses and other liabilities - Performance fee compensation payable - - Liabilities of Consolidated Funds: Accounts payable, accrued expenses and other liabilities - - Secured borrowings - - Total liabilities Equity Class A Common Stock - - Class B Common Stock - - - - Capital deficit - - Retained earnings - - Total stockholders' equity (deficit), Medley Management Inc. - - Non-controlling interests in Consolidated Funds - - Non-controlling interests in consolidated subsidiaries - - Non-controlling interests in Medley LLC - - Members' equity of consolidated funds - - Total (deficit) equity Total liabilities and equity $ $ $ $

ORGANIZATION AND BASIS OF PRE36

ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 29, 2014	Jun. 13, 2014	Jun. 30, 2015
Organization And Basis Of Presentation [Line Items]
Date of incorporation		Jun. 13, 2014
Commencement of operations date		Sep. 29, 2014
Transfer of Units to Common Stock, Threshold before Fourth Anniversary			33.33%
Transfer of Units to Common Stock, Threshold before Fifth Anniversary			66.66%
Medley LLC [Member]
Organization And Basis Of Presentation [Line Items]
Conversion of pre-IPO interests to LLC Units, shares			23,333,333
Basis of exchange of LLC Units for Class A shares			exchange their LLC Units for shares of Medley Management Inc.'s Class A common stock on a one-for-one basis
Common Class A [Member]
Organization And Basis Of Presentation [Line Items]
Proceeds from Initial Public Offering, net of underwriting discount	$ 100.4
Issuance of shares in Initial Public Offering (in shares)	6,000,000
Percentage of common stock owned by LLC personnel for voting rights entitlement, minimum			10.00%
Issuance of Class A shares, offering price per share	$ 18
Common Class B [Member]
Organization And Basis Of Presentation [Line Items]
Issuance of shares in Initial Public Offering (in shares)	100
Voting rights multiplier upon LLC ownership threshold			10x

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary Of Significant Accounting Policies [Line Items]
Percent of voting power in Medley LLC		100.00%
Fair value of investments	$ 802,048	$ 744,771		$ 802,048
Reversal of performance fee			$ 0	4,000	$ 0
Cumulative performance fees	8,400			$ 8,400
Remaining maturity period, max				60 days
Interest and other income of Consolidated Funds	21,169		20,175	$ 39,896	33,596
Net change in unrealized depreciation on investments of Consolidated Funds	(6,417)		642	(2,395)	(7,171)
Adjustments for Change in Accounting Principle [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest and other income of Consolidated Funds			1,800		3,100
Net change in unrealized depreciation on investments of Consolidated Funds			$ 900		1,200
Net proceeds from secured borrowings					$ 35,800
Standalone [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative performance fees	24,300			24,300
Sierra Income Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Total assets of consolidated variable interest entity	23,800	18,000		23,800
Total liabilities of consolidated variable interest entity	$ 20,500	$ 19,600		$ 20,500
Medley LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Parent ownership percentage of LLC		20.50%
Medley LLC [Member] | Non Management [Member]
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling interest ownership percentage of LLC		79.50%

INVESTMENTS (Narrative) (Detail

INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Equity method investment, at fair value	$ 11,519	$ 9,901
Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	805,600	790,677
Sierra Income Corporation [Member]
Schedule of Investments [Line Items]
Equity method investment, at fair value	9,900
Equity Interests in LLCs [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	45,012	40,944
Equity Securities [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	3,776	22,528
Common Stock [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	158	8,913
Preferred Stock [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	0	10,187
Warrant [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	3,428	3,428
Collectibles [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	0	1,385
North America [Member] | Senior Secured Loans And Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	756,812	711,398
Asia [Member] | Senior Secured Loans And Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	0	1,373
South America [Member] | Senior Secured Loans And Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at cost	$ 0	$ 13,049

INVESTMENTS (Composition of Inv

INVESTMENTS (Composition of Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments [Abstract]
Equity method investment, at fair value	$ 11,519	$ 9,901
Investments of Consolidated Funds, at fair value	790,529	734,870
Total Investments	$ 802,048	$ 744,771

INVESTMENTS (Investments in Con

INVESTMENTS (Investments in Consolidated Funds) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 790,529	$ 734,870
Investment Owned, Percent of Net Assets	100.00%	100.00%
Investment Owned, Cost	$ 805,600	$ 790,677
Collectibles [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 0	1,385
Collectibles [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 688
Investment Owned, Percent of Net Assets	0.00%	0.10%
Equity Interests in LLCs [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 45,012	$ 40,944
Equity Interests in LLCs [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 59,422	$ 48,784
Investment Owned, Percent of Net Assets	7.50%	6.60%
Equity Interests in LLCs [Member] | Banking, Finance, Insurance and Real Estate [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 54,999	$ 42,338
Investment Owned, Percent of Net Assets	6.90%	5.80%
Equity Interests in LLCs [Member] | Construction and Building [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 3,559	$ 3,297
Investment Owned, Percent of Net Assets	0.40%	0.40%
Equity Interests in LLCs [Member] | Containers, Packaging and Glass [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 417	$ 320
Investment Owned, Percent of Net Assets	0.10%	0.00%
Equity Interests in LLCs [Member] | Energy: Oil and Gas [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 2,596
Investment Owned, Percent of Net Assets	0.00%	0.40%
Equity Interests in LLCs [Member] | Healthcare and Pharmaceuticals [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 447	$ 63
Investment Owned, Percent of Net Assets	0.10%	0.00%
Equity Interests in LLCs [Member] | Telecommunications [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 170
Investment Owned, Percent of Net Assets	0.00%	0.00%
Partnership Interests [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 190	$ 0
Partnership Interests [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 190
Investment Owned, Percent of Net Assets	0.00%	0.00%
Equity Securities [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 3,776	$ 22,528
Equity Securities [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 23,443	$ 19,913
Investment Owned, Percent of Net Assets	3.00%	2.70%
Common Stock [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 158	$ 8,913
Common Stock [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 53	$ 964
Investment Owned, Percent of Net Assets	0.00%	0.10%
Preferred Stock [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 0	$ 10,187
Preferred Stock [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 545
Investment Owned, Percent of Net Assets	0.00%	0.10%
Warrant [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 3,428	$ 3,428
Warrant [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 23,200	$ 18,404
Investment Owned, Percent of Net Assets	3.00%	2.50%
Warrant [Member] | Banking, Finance, Insurance and Real Estate [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 11,721	$ 10,363
Investment Owned, Percent of Net Assets	1.50%	1.40%
Warrant [Member] | Construction and Building [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 206	$ 113
Investment Owned, Percent of Net Assets	0.00%	0.00%
Warrant [Member] | Containers, Packaging and Glass [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 415	$ 105
Investment Owned, Percent of Net Assets	0.10%	0.00%
Warrant [Member] | Energy: Oil and Gas [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 3,874	$ 1,793
Investment Owned, Percent of Net Assets	0.50%	0.30%
Warrant [Member] | Healthcare and Pharmaceuticals [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 6,306	$ 5,137
Investment Owned, Percent of Net Assets	0.80%	0.70%
Warrant [Member] | Retail [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 678	$ 893
Investment Owned, Percent of Net Assets	0.10%	0.10%
North America [Member] | Senior Secured Loans And Notes [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 756,812	$ 711,398
North America [Member] | Senior Secured Loans And Notes [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 707,664	$ 662,655
Investment Owned, Percent of Net Assets	89.50%	90.20%
North America [Member] | Senior Secured Loans And Notes [Member] | Automotive [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 31,527	$ 21,937
Investment Owned, Percent of Net Assets	4.00%	3.00%
North America [Member] | Senior Secured Loans And Notes [Member] | Banking, Finance, Insurance and Real Estate [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 191,683	$ 206,424
Investment Owned, Percent of Net Assets	24.30%	28.10%
North America [Member] | Senior Secured Loans And Notes [Member] | Beverage, Food and Tobacco [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 23,123	$ 14,934
Investment Owned, Percent of Net Assets	2.90%	2.00%
North America [Member] | Senior Secured Loans And Notes [Member] | Capital Equipment [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 8,030
Investment Owned, Percent of Net Assets	1.00%	0.00%
North America [Member] | Senior Secured Loans And Notes [Member] | Chemicals, Plastics and Rubber [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 21,212	$ 21,196
Investment Owned, Percent of Net Assets	2.70%	2.90%
North America [Member] | Senior Secured Loans And Notes [Member] | Construction and Building [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 54,231	$ 53,547
Investment Owned, Percent of Net Assets	6.90%	7.30%
North America [Member] | Senior Secured Loans And Notes [Member] | Consumer goods: Non-durable [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 34,921	$ 34,687
Investment Owned, Percent of Net Assets	4.40%	4.70%
North America [Member] | Senior Secured Loans And Notes [Member] | Containers, Packaging and Glass [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 26,907	$ 26,823
Investment Owned, Percent of Net Assets	3.40%	3.70%
North America [Member] | Senior Secured Loans And Notes [Member] | Energy: Oil and Gas [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 28,226	$ 32,736
Investment Owned, Percent of Net Assets	3.60%	4.60%
North America [Member] | Senior Secured Loans And Notes [Member] | Healthcare and Pharmaceuticals [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 97,065	$ 81,921
Investment Owned, Percent of Net Assets	12.30%	11.10%
North America [Member] | Senior Secured Loans And Notes [Member] | High Tech Industries [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 32,750	$ 25,329
Investment Owned, Percent of Net Assets	4.10%	3.40%
North America [Member] | Senior Secured Loans And Notes [Member] | Hotel, Gaming and Leisure [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 10,446	$ 11,494
Investment Owned, Percent of Net Assets	1.30%	1.60%
North America [Member] | Senior Secured Loans And Notes [Member] | Media: Advertising, Printing and Publishing [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 346
Investment Owned, Percent of Net Assets	0.00%	0.00%
North America [Member] | Senior Secured Loans And Notes [Member] | Metals and Mining [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 24,785	$ 26,042
Investment Owned, Percent of Net Assets	3.10%	3.50%
North America [Member] | Senior Secured Loans And Notes [Member] | Retail and Commercial Kitchen Appliances [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 37,509	$ 24,886
Investment Owned, Percent of Net Assets	4.70%	3.40%
North America [Member] | Senior Secured Loans And Notes [Member] | Services: Business [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 44,226	$ 34,808
Investment Owned, Percent of Net Assets	5.60%	4.70%
North America [Member] | Senior Secured Loans And Notes [Member] | Services: Consumer [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value	$ 41,023	$ 45,545
Investment Owned, Percent of Net Assets	5.20%	6.20%
South America [Member] | Senior Secured Loans And Notes [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 0	$ 13,049
South America [Member] | Senior Secured Loans And Notes [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 1,453
Investment Owned, Percent of Net Assets	0.00%	0.20%
South America [Member] | Senior Secured Loans And Notes [Member] | Banking, Finance, Insurance and Real Estate [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 1,029
Investment Owned, Percent of Net Assets	0.00%	0.10%
South America [Member] | Senior Secured Loans And Notes [Member] | Energy: Oil and Gas [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 424
Investment Owned, Percent of Net Assets	0.00%	0.10%
Asia [Member] | Senior Secured Loans And Notes [Member]
Schedule of Investments [Line Items]
Investment Owned, Cost	$ 0	$ 1,373
Asia [Member] | Senior Secured Loans And Notes [Member] | Banking, Finance, Insurance and Real Estate [Member] | Consolidated Funds [Member]
Schedule of Investments [Line Items]
Investment Owned, at Fair Value		$ 1,377
Investment Owned, Percent of Net Assets	0.00%	0.20%

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - Jun. 30, 2015 - Consolidated Funds [Member] - USD ($) $ in Thousands	Total
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 100
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	105
Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	$ 105

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value of Investments by Class) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	$ 802,048	$ 744,771
Secured borrowings of Consolidated Funds, at fair value	137,366	141,135
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		62
Secured borrowings of Consolidated Funds, at fair value		16
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	468	29
Secured borrowings of Consolidated Funds, at fair value	13
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	801,580	744,680
Secured borrowings of Consolidated Funds, at fair value	137,353	141,119
Equity Method Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	11,519	9,901
Equity Method Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	11,519	9,901
Senior Secured Loans And Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	707,664	664,108
Senior Secured Loans And Notes [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	707,664	664,108
Equity Interest [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	59,422	48,784
Equity Interest [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	59,422	48,784
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	23,443	19,913
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		62
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	468	29
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	$ 22,975	19,822
Investments In Tangible Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		2,065
Investments In Tangible Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		$ 2,065

FAIR VALUE MEASUREMENTS (Reconc

FAIR VALUE MEASUREMENTS (Reconciliation of Level III Investments) (Details) - Consolidated Funds [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of period	$ 744,680
Amortization	(1,820)
Paid in-kind interest income	2,084
Purchases	135,586
Sales and settlements	(65,615)
Realized and unrealized appreciation (depreciation), net	(1,894)
Deconsolidation of MOF I	(11,336)
Transfer out of level 3	(105)
Balance, end of period	801,580
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date	(2,326)
Secured Borrowings of Consolidated Funds [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of perioid, Liabilities	141,119
Unrealized depreciation on secured borrowings of Consolidated Funds, net	501
Proceeds from secured borrowings, net	(4,267)
Balance, end of period, Liabilities	137,353
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date	502
Equity Method Investments [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of period	9,901
Realized and unrealized appreciation (depreciation), net	(150)
Deconsolidation of MOF I	1,768
Balance, end of period	11,519
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date	(150)
Senior Secured Loans And Notes [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of period	664,108
Amortization	(1,820)
Paid in-kind interest income	2,047
Purchases	123,364
Sales and settlements	(65,615)
Realized and unrealized appreciation (depreciation), net	(6,168)
Deconsolidation of MOF I	(8,252)
Balance, end of period	707,664
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date	(6,600)
Equity Interest [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of period	48,784
Paid in-kind interest income	37
Purchases	12,032
Realized and unrealized appreciation (depreciation), net	(61)
Deconsolidation of MOF I	(1,370)
Balance, end of period	59,422
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date	(61)
Equity Securities [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of period	19,822
Purchases	190
Realized and unrealized appreciation (depreciation), net	4,485
Deconsolidation of MOF I	(1,417)
Transfer out of level 3	(105)
Balance, end of period	22,975
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date	4,485
Investments In Tangible Assets [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Balance, beginning of period	2,065
Deconsolidation of MOF I	$ (2,065)

FAIR VALUE MEASUREMENTS (Summar

FAIR VALUE MEASUREMENTS (Summary of Quantitative Inputs and Assumptions) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	$ 802,048,000	$ 744,771,000
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	137,366,000	141,135,000
Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount		141,119,000
Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	137,366,000	$ 141,135,000
LTM EBITDA And Revenue Multiples [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.50
LTM EBITDA And Revenue Multiples [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.65
LTM EBITDA And Revenue Multiples [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.58
Discount Rate [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	$ 5,000,000
Discount Rate [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	8.22%
Discount Rate [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	8.22%
Discount Rate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	8.22%
Market Yield [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	$ 124,582,000	$ 130,157,000
Market Yield [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	9.32%	10.00%
Market Yield [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	13.63%	15.21%
Market Yield [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	11.21%	12.45%
Capitalization Rate [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount		$ 5,000,000
Capitalization Rate [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Capitalization Rate		8.70%
Capitalization Rate [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Capitalization Rate		8.70%
Capitalization Rate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Capitalization Rate		8.70%
EBITDA Multiple [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount		$ 5,947,000
EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		5.50
EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		6
EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		5.75
EBITDA, other Multiple [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount		$ 15,000
EBITDA, other Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		4
EBITDA, other Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		8.31
EBITDA, other Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		5.20
LTM and NTM EBITDA Multiple [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	$ 311,000
LTM and NTM EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	8
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7.50
LTM and NTM EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	8
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7.50
LTM and NTM EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	8
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7.50
2015 EBITDA Multiple [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	$ 7,460,000
2015 EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.50
2015 EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.50
2015 EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.50
Senior Secured Loans And Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	$ 707,664,000	$ 664,108,000
Senior Secured Loans And Notes [Member] | Price per acre [Member] | Minimum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Acre		8,000
Senior Secured Loans And Notes [Member] | Price per acre [Member] | Maximum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Acre		41,000
Senior Secured Loans And Notes [Member] | Price per acre [Member] | Weighted Average [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Acre		24,500
Senior Secured Loans And Notes [Member] | Price per room [Member] | Minimum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Room		43,200
Senior Secured Loans And Notes [Member] | Price per room [Member] | Maximum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Room		71,429
Senior Secured Loans And Notes [Member] | Price per room [Member] | Weighted Average [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Room		57,315
Senior Secured Loans And Notes [Member] | Price per unit [Member] | Minimum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Unit		155,734
Senior Secured Loans And Notes [Member] | Price per unit [Member] | Maximum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Unit		228,009
Senior Secured Loans And Notes [Member] | Price per unit [Member] | Weighted Average [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Unit		191,872
Senior Secured Loans And Notes [Member] | Expected Sales Proceeds [Member] | Maximum [Member] | Negotiated Sales Proceeds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Expected Proceeds		$ 4,000,000
Senior Secured Loans And Notes [Member] | Expected Sales Proceeds [Member] | Weighted Average [Member] | Negotiated Sales Proceeds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Expected Proceeds		$ 1,932,000
Senior Secured Loans And Notes [Member] | LTM Revenue Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.60
Senior Secured Loans And Notes [Member] | LTM Revenue Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.60
Senior Secured Loans And Notes [Member] | LTM Revenue Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.45
Senior Secured Loans And Notes [Member] | LTM EBITDA multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		3.10
Senior Secured Loans And Notes [Member] | LTM EBITDA multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		3.62
Senior Secured Loans And Notes [Member] | LTM EBITDA multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		3.60
Senior Secured Loans And Notes [Member] | LTM EBITDA And Revenue Multiples [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		3.10
Senior Secured Loans And Notes [Member] | LTM EBITDA And Revenue Multiples [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		5.50
Senior Secured Loans And Notes [Member] | LTM EBITDA And Revenue Multiples [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		4.30
Senior Secured Loans And Notes [Member] | Discount Rate [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	12.50%	12.00%
Senior Secured Loans And Notes [Member] | Discount Rate [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	18.00%	35.00%
Senior Secured Loans And Notes [Member] | Discount Rate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	17.23%	20.50%
Senior Secured Loans And Notes [Member] | Discount Rate, Other [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate		14.00%
Senior Secured Loans And Notes [Member] | Discount Rate, Other [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate		18.00%
Senior Secured Loans And Notes [Member] | Discount Rate, Other [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate		16.45%
Senior Secured Loans And Notes [Member] | Asset Coverage [Member] | Minimum [Member] | Liquidation Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Asset coverage		$ 144,531
Senior Secured Loans And Notes [Member] | Asset Coverage [Member] | Maximum [Member] | Liquidation Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Asset coverage		144,531
Senior Secured Loans And Notes [Member] | Asset Coverage [Member] | Weighted Average [Member] | Liquidation Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Asset coverage		$ 144,531
Senior Secured Loans And Notes [Member] | Market Yield [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	9.32%	10.00%
Senior Secured Loans And Notes [Member] | Market Yield [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	15.05%	15.21%
Senior Secured Loans And Notes [Member] | Market Yield [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	11.76%	12.45%
Senior Secured Loans And Notes [Member] | EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		5.50
Senior Secured Loans And Notes [Member] | EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		6
Senior Secured Loans And Notes [Member] | EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		5.75
Senior Secured Loans And Notes [Member] | EBITDA, other Multiple [Member] | Minimum [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		6
Senior Secured Loans And Notes [Member] | EBITDA, other Multiple [Member] | Maximum [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		7
Senior Secured Loans And Notes [Member] | EBITDA, other Multiple [Member] | Weighted Average [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		7
Senior Secured Loans And Notes [Member] | EBITDA Multiple / Volatility [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	3.50
Fair Value Assumptions, Expected Volatility Rate	0.00%
Senior Secured Loans And Notes [Member] | EBITDA Multiple / Volatility [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	4.50
Fair Value Assumptions, Expected Volatility Rate	92.50%
Senior Secured Loans And Notes [Member] | EBITDA Multiple / Volatility [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	4
Fair Value Assumptions, Expected Volatility Rate	45.00%
Senior Secured Loans And Notes [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		2
Fair Value Inputs, Liquidation Proceeds		$ 205,800,000
Senior Secured Loans And Notes [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Minimum [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	2.50
Fair Value Inputs, Liquidation Proceeds	$ 45,900,000
Senior Secured Loans And Notes [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Maximum [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	4.50
Fair Value Inputs, Liquidation Proceeds	$ 73,200,000
Senior Secured Loans And Notes [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Weighted Average [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	2
Fair Value Inputs, Liquidation Proceeds	$ 59,700,000
Senior Secured Loans And Notes [Member] | Rev Multiple/ EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		4.09
Fair Value Inputs, Revenue Multiple		0.43
Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.25
Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.75
Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.50
Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple and Discount Rate [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	20.00%
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple	6
Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple and Discount Rate [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	8.00%
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple	25
Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple and Discount Rate [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	7.50%
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple	23.75
Equity Interests in LLCs [Member] | Discount Rate [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	8.22%	14.00%
Equity Interests in LLCs [Member] | Discount Rate [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	18.00%	18.00%
Equity Interests in LLCs [Member] | Discount Rate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate	13.12%	18.00%
Equity Interests in LLCs [Member] | Market Yield [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	12.29%	13.14%
Equity Interests in LLCs [Member] | Market Yield [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	12.29%	13.14%
Equity Interests in LLCs [Member] | Market Yield [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Market yield Rate	12.29%	13.14%
Equity Interests in LLCs [Member] | Capitalization Rate [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Capitalization Rate		8.70%
Equity Interests in LLCs [Member] | Capitalization Rate [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Capitalization Rate		8.70%
Equity Interests in LLCs [Member] | Capitalization Rate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Capitalization Rate		8.70%
Equity Interests in LLCs [Member] | EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		6.25
Equity Interests in LLCs [Member] | EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		8.50
Equity Interests in LLCs [Member] | EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		6.70
Equity Interests in LLCs [Member] | EBITDA Multiple / Volatility [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		3.75
Fair Value Assumptions, Expected Volatility Rate		50.00%
Equity Interests in LLCs [Member] | Investment Portfolio Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Investment Portfolio Multiple	1.05	1.10
Equity Interests in LLCs [Member] | Investment Portfolio Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Investment Portfolio Multiple	1.15	1.10
Equity Interests in LLCs [Member] | Investment Portfolio Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Investment Portfolio Multiple	1.13	1.10
Equity Interests in LLCs [Member] | NTM EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7
Equity Interests in LLCs [Member] | NTM EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	8
Equity Interests in LLCs [Member] | NTM EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7.50
Equity Interests in LLCs [Member] | LTM and NTM EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	6.50
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	6
Equity Interests in LLCs [Member] | LTM and NTM EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	7
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7
Equity Interests in LLCs [Member] | LTM and NTM EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	6.57
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	6.13
Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple	1.40
Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Minimum [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value, Discount Rate	22.90%
Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple	1.50
Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Maximum [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value, Discount Rate	71.40%
Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple	1.45
Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Weighted Average [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value, Discount Rate	40.00%
Equity Interests in LLCs [Member] | LTM, NTM EBITDA, and Volatility Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	3.50
Fair Value Assumptions, Expected Volatility Rate	40.40%
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	3.50
Equity Interests in LLCs [Member] | LTM, NTM EBITDA, and Volatility Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	4
Fair Value Assumptions, Expected Volatility Rate	72.40%
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	4
Equity Interests in LLCs [Member] | LTM, NTM EBITDA, and Volatility Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	3.75
Fair Value Assumptions, Expected Volatility Rate	70.00%
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	3.75
Equity Interests in LLCs [Member] | Unsolicited Offer Price [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Unsolicited Offer Price		$ 12,000,000
Equity Interests in LLCs [Member] | Unsolicited Offer Price [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Unsolicited Offer Price		12,000,000
Equity Interests in LLCs [Member] | Unsolicited Offer Price [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Unsolicited Offer Price		12,000,000
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	$ 23,443,000	$ 19,913,000
Equity Securities [Member] | LTM Revenue Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.50
Equity Securities [Member] | LTM Revenue Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.65
Equity Securities [Member] | LTM Revenue Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Revenue Multiple		0.58
Equity Securities [Member] | LTM EBITDA multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		5
Equity Securities [Member] | LTM EBITDA multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		5.50
Equity Securities [Member] | LTM EBITDA multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple		5.25
Equity Securities [Member] | Discount Rate [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate		13.00%
Equity Securities [Member] | Discount Rate [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate		18.00%
Equity Securities [Member] | Discount Rate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount Rate		16.40%
Equity Securities [Member] | EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		4
Equity Securities [Member] | EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		8.31
Equity Securities [Member] | EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		5.20
Equity Securities [Member] | EBITDA Multiple / Volatility [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	3.50
Fair Value Assumptions, Expected Volatility Rate	0.00%
Equity Securities [Member] | EBITDA Multiple / Volatility [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	4.50
Fair Value Assumptions, Expected Volatility Rate	92.50%
Equity Securities [Member] | EBITDA Multiple / Volatility [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	4
Fair Value Assumptions, Expected Volatility Rate	45.00%
Equity Securities [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Minimum [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	2.50
Fair Value Inputs, Liquidation Proceeds	$ 45.90
Equity Securities [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Maximum [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	4.50
Fair Value Inputs, Liquidation Proceeds	$ 73,200,000
Equity Securities [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Weighted Average [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	2
Fair Value Inputs, Liquidation Proceeds	$ 59,700,000
Equity Securities [Member] | LTM EBITDARD multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization, Rent And Donation Multiple		10.40
Equity Securities [Member] | LTM EBITDARD multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization, Rent And Donation Multiple		11.10
Equity Securities [Member] | LTM EBITDARD multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization, Rent And Donation Multiple		10.75
Equity Securities [Member] | NTM EBITDARD Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization, Rent And Donation Multiple		9.50
Equity Securities [Member] | NTM EBITDARD Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization, Rent And Donation Multiple		10.80
Equity Securities [Member] | NTM EBITDARD Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization, Rent And Donation Multiple		10.15
Equity Securities [Member] | LTM and NTM EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	4
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	3.50
Equity Securities [Member] | LTM and NTM EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	8
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	7.50
Equity Securities [Member] | LTM and NTM EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	5.37
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple	4.93
Equity Securities [Member] | LTM and 2015 EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	4.50
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple	4
Equity Securities [Member] | LTM and 2015 EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	6.50
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple	6
Equity Securities [Member] | LTM and 2015 EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Last Twelve Months Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	4.58
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple	4.08
Equity Securities [Member] | Volatility [Member] | Minimum [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Assumptions, Expected Volatility Rate		90.80%
Equity Securities [Member] | Volatility [Member] | Maximum [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Assumptions, Expected Volatility Rate		90.80%
Equity Securities [Member] | Volatility [Member] | Weighted Average [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Assumptions, Expected Volatility Rate		90.80%
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple		1.30
Fair Value Assumptions, Expected Volatility Rate		41.50%
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple	1.40
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Minimum [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value, Discount Rate	22.90%
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple	1.50
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Maximum [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value, Discount Rate	71.40%
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value Multiple	1.45
Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Weighted Average [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Tangible Book Value, Discount Rate	40.00%
Equity Securities [Member] | Revenue Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Revenue Multiple		0.30
Equity Securities [Member] | Revenue Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Revenue Multiple		0.60
Equity Securities [Member] | Revenue Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Revenue Multiple		0.45
Equity Securities [Member] | 2015 EBITDA Multiple [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.25
Equity Securities [Member] | 2015 EBITDA Multiple [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.75
Equity Securities [Member] | 2015 EBITDA Multiple [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	6.50
Investments In Tangible Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		$ 2,065,000
Investments In Tangible Assets [Member] | Price per square meter [Member] | Minimum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Square Meter		1,146
Investments In Tangible Assets [Member] | Price per square meter [Member] | Maximum [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Square Meter		1,274
Investments In Tangible Assets [Member] | Price per square meter [Member] | Weighted Average [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Price Per Square Meter		1,210
Investments In Tangible Assets [Member] | Appraisal of Assets [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Appraisal of assets		$ 500,000
Investments In Tangible Assets [Member] | Appraisal of Assets [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Appraisal of assets		2,200,000
Investments In Tangible Assets [Member] | Appraisal of Assets [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Appraisal of assets		1,350,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	$ 801,580,000	744,680,000
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	137,353,000	141,119,000
Fair Value, Inputs, Level 3 [Member] | Secured Borrowings of Consolidated Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount	137,353,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	707,664,000	664,108,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Price per acre [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		4,009,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Expected Sales Proceeds [Member] | Negotiated Sales Proceeds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		193,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | LTM Revenue Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		403,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | LTM EBITDA multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		346,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | LTM EBITDA And Revenue Multiples [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		1,167,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Discount Rate [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	15,665,000	1,989,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Discount Rate, Other [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		21,005,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Asset Coverage [Member] | Liquidation Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		144,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Market Yield [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	613,025,000	566,010,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Recent Arms-length Transaction Input [Member] | Recent Arms-length Transaction [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	49,570,000	37,600,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		15,859,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | EBITDA, other Multiple [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		5,095,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | EBITDA Multiple / Volatility [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	2,203,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | EBITDA Multiple/Estimated Liquidation Proceeds [Member] | Enterprise Valuation Analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	1,378,000	1,378,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | Rev Multiple/ EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		8,910,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	19,893,000
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | 2015 EBITDA Multiple and Discount Rate [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	5,930,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Discount Rate [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	33,260,000	14,516,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Market Yield [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	640,000	581,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Recent Arms-length Transaction Input [Member] | Recent Arms-length Transaction [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	12,000,000	6,000,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Capitalization Rate [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		15,000,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		3,099,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | EBITDA Multiple / Volatility [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		2,595,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Investment Portfolio Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	6,707,000	5,623,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | NTM EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	417,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | LTM and NTM EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	3,366,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | LTM and 2015 EBITDA Multiple, Other [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	3,032,000
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Unsolicited Offer Price [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		1,370,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	22,975,000	19,822,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | LTM EBITDA multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	4,906,000	545,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Discount Rate [Member] | Income Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		417,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Recent Arms-length Transaction Input [Member] | Recent Arms-length Transaction [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	190,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		7,936,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | LTM EBITDARD multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		194,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | LTM and NTM EBITDA Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	6,158,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Volatility [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		105,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	11,721,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Tangible Book Value Multiple / Volatility [Member] | Option Model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		10,364,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Revenue Multiple [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		261,000
Fair Value, Inputs, Level 3 [Member] | Investments In Tangible Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		2,065,000
Fair Value, Inputs, Level 3 [Member] | Investments In Tangible Assets [Member] | Price per square meter [Member] | Sales Comparison Approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		1,377,000
Fair Value, Inputs, Level 3 [Member] | Investments In Tangible Assets [Member] | Appraisal of Assets [Member] | Market Approach Valuation Technique [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure		688,000
Fair Value, Inputs, Level 3 [Member] | Equity Method Investments [Member] | Net Asset Value of Underlying Fund [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	$ 11,519,000	$ 9,901,000

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Asset [Abstract]
Property, plant, and equipment, accumulated depreciation	$ 1,445	$ 1,232
Deferred finance costs, accumulated amortization	$ 482	$ 217

OTHER ASSETS (Components of Oth

OTHER ASSETS (Components of Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Assets of Medley:
Deferred tax assets	$ 1,500	$ 1,200
Total other assets	9,680	9,230
Consolidated Funds [Member]
Other Assets of Medley:
Deferred tax assets	423	340
Restricted cash		3,000
Other receivables	2,755	341
Total other assets	3,178	3,681
Medley And Consolidated Funds [Member]
Other Assets of Medley:
Total other assets	12,858	12,911
Medley LLC [Member]
Other Assets of Medley:
Property and equipment, net of accumulated depreciation	1,260	1,367
Security deposits	1,218	1,218
Administrative fees receivable	1,605	1,500
Deferred tax assets	1,035	874
Deferred financing costs, net	2,064	2,329
Due from affiliates	212	382
Prepaid expenses	1,427	627
Other assets	859	933
Total other assets	$ 9,680	$ 9,230

LOANS PAYABLE (Narrative) (Deta

LOANS PAYABLE (Narrative) (Details) - USD ($)	Aug. 14, 2014	Oct. 31, 2014	Apr. 30, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt							$ 15,000,000
Repayments of long-term debt						$ 625,000	1,037,000
Partners capital account, distributions						$ 21,582,000
Ratio of indebtedness to net capital				3.5		3.5		3.5
Long-term Debt				$ 102,813,000		$ 102,813,000		$ 102,813,000	$ 103,057,000
London Interbank Offered Rate L I B O R [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						1.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 15,000,000
Line of credit facility, initiation date						Aug. 14, 2014
Debt Instrument, Interest Rate Terms						Borrowings under the Revolving Credit Facility bear interest at the option of the Company, either (i) at an Alternate Base Rate, as defined, plus an applicable margin not to exceed 3.25% or (ii) at an Adjusted LIBOR plus an applicable margin not to exceed 4.0%
CNB Credit Agreement [Member]
Debt Instrument [Line Items]
Repayments of long-term debt						$ 33,200,000
Credit Suisse Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt instrument, issuance date						Aug. 14, 2014
Debt instrument, face amount				110,000,000		$ 110,000,000		110,000,000
Debt instrument, maturity date						Jun. 15, 2019
Proceeds from issuance of long-term debt	108,900,000
Debt instrument, unamortized discount (premium), net	$ 1,100,000			891,000		$ 891,000		891,000	1,006,000
Repayments of long-term debt		$ 15,000,000
Debt instrument, fee amount				2,600,000		2,600,000		2,600,000
Deferred finance costs, net				2,400,000		2,400,000		2,400,000
Partners capital account, distributions						$ 74,500,000
Debt instrument, interest rate during period						6.50%
Debt instrument, frequency of periodic payment						quarterly installments
Debt instrument, periodic payment, principal						$ 1,400,000
Debt instrument benchmark, aggregate, maximum				33,000,000		33,000,000		33,000,000
Interest expense, debt				1,600,000		$ 3,200,000
Debt Instrument, Interest Rate Terms						Borrowings under the Term Loan Facility bear interest, at the borrower's option, at a rate equal to either a Eurodollar margin over an adjusted LIBOR (with a "floor" of 1.0%) or a base rate margin over an adjusted base rate determined by reference to the highest of (i) the term loan administrative agent's prime rate; (ii) the federal funds effective rate in effect on such day plus 0.5%; and (iii) an adjusted LIBOR plus 1.0%. The applicable margins for the Term Loan Facility are 5.5%, in the case of Eurodollar loans and 4.5%, in the case of adjusted base rate loans
Debt Instrument, Covenant Description						The Term Loan Facility also contains a financial covenant that requires the Company to maintain a Maximum Net Leverage Ratio commencing with the quarter ending on December 31, 2014 of not greater than 3.5 to 1.0
Debt Instrument Additional Borrowing Covenant Description						subject to additional increases, provided that the net leverage ratio as of the last day of any four-fiscal quarter period, commencing with the four-fiscal quarter period ending December 31, 2014, shall not exceed 2.0 to 1.0
Long-term Debt				$ 94,109,000		$ 94,109,000		$ 94,109,000	93,994,000
Credit Suisse Term Loan Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						0.50%
Credit Suisse Term Loan Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						5.50%
Credit Suisse Term Loan Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						4.50%
Credit Suisse Term Loan Facility [Member] | Term Loan Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital				2		2		2
Debt Instrument, Additional Borrowings Capacity				$ 15,000,000		$ 15,000,000		$ 15,000,000
Non-recourse Promissory Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 10,000,000	2,500,000		2,500,000		2,500,000
Debt instrument, unamortized discount (premium), net				2,233,000		2,233,000		2,233,000	2,500,000
Unamortized Debt Issuance Expense			$ 3,800,000
Interest expense, debt				400,000	$ 300,000			700,000
Sale of stock, number of shares issued in transaction			1,108,033
Notes payable, fair value disclosure				10,300,000		$ 10,300,000		10,300,000
Debt Instrument, Collateral						Proceeds from the borrowings were used to purchase 1,108,033 shares of common stock of SIC, which were pledged as collateral for the obligations.
Non-recourse Promissory Notes [Member] | CNB Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt				8,704,000		$ 8,704,000		8,704,000	9,063,000
Nonrecourse Promissory Note Zero Interest [Member]
Debt Instrument [Line Items]
Debt instrument, issuance date						Mar. 31, 2014
Debt instrument, face amount				$ 2,500,000		$ 2,500,000		$ 2,500,000
Debt instrument, maturity date						Mar. 31, 2016
Debt instrument, interest rate, effective percentage				0.00%		0.00%		0.00%
Debt instrument, periodic payment, principal						$ 312,500
Long-term Debt				$ 900,000	$ 900,000	$ 900,000	$ 900,000	$ 900,000	$ 1,600,000
Non Recourse Promissory Notes Due March 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date						Mar. 31, 2019
Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate L I B O R [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						4.00%
Maximum [Member] | Revolving Credit Facility [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						3.25%
Maximum [Member] | Credit Suisse Term Loan Facility [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital				3.5		3.5		3.5
Minimum [Member] | Credit Suisse Term Loan Facility [Member] | London Interbank Offered Rate L I B O R [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						1.00%

LOANS PAYABLE (Schedule of Debt

LOANS PAYABLE (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Aug. 14, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 102,813	$ 103,057
Credit Suisse Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	94,109	93,994
Debt instrument, unamortized discount (premium), net	891	1,006	$ 1,100
Non-recourse Promissory Notes [Member]
Debt Instrument [Line Items]
Debt instrument, unamortized discount (premium), net	2,233	2,500
Non-recourse Promissory Notes [Member] | CNB Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 8,704	$ 9,063

LOANS PAYABLE (Schedule of Matu

LOANS PAYABLE (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Loans Payable [Abstract]
Remaining in 2015	$ 626
2,016	312
2,017	2,875
2,018	5,500
2,019	96,625
Long-term debt, gross	$ 105,938

ACCOUNTS PAYABLE, ACCRUED EXP50

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts payable, accrued expenses and other liabilities of Medley:
Dividends payable		$ 1,423
Dividends payable, amount per share	$ 0.20
Common Class A [Member]
Accounts payable, accrued expenses and other liabilities of Medley:
Dividends payable		1,200
Dividends payable, amount per share	$ 0.20
Restricted Stock Units (RSUs) [Member]
Accounts payable, accrued expenses and other liabilities of Medley:
Dividends payable		$ 200

ACCOUNTS PAYABLE, ACCRUED EXP51

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Components of Accounts Payable, Accrued Expenses, and Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts payable, accrued expenses and other liabilities of Medley:
Accrued compensation and benefits	$ 4,853	$ 8,575
Due to affiliates (Note 9)	6,076	6,998
Revenue share payable (Note 8)	6,614	6,669
Dividends payable		1,423
Income taxes payable		741
Professional fees	584	545
Deferred rent	380	474
Deferred tax liabilities	647	245
Secured borrowings of Consolidated Funds, at fair value	137,366	141,135
Accounts payable and accrued expenses	2,190	1,913
Total accounts payable and accrued expenses	21,344	27,583
Total accounts payable, accrued expenses and other liabilities	273,291	289,349
Medley And Consolidated Funds [Member]
Accounts payable, accrued expenses and other liabilities of Medley:
Total accounts payable and accrued expenses	23,234	33,350
Consolidated Funds [Member]
Accounts payable, accrued expenses and other liabilities of Medley:
Secured borrowings of Consolidated Funds, at fair value	137,366	141,135
Total accounts payable and accrued expenses	$ 1,890	$ 5,767

SECURED BORROWINGS (Narratiave)

SECURED BORROWINGS (Narratiave) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Secured borrowings at fair value	$ 137,366		$ 137,366		$ 141,135
Interest expense from secured borrowings	3,800	$ 1,800	7,600	$ 3,100
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	626		626
2,016	312		312
2,017	2,875		2,875
2,018	5,500		5,500
2,019	96,625		96,625
Secured Debt [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	1,500		1,500
2,016	4,000		4,000
2,017	8,700		8,700
2,018	36,900		36,900
2,019	81,900		81,900
Thereafter	5,700		5,700
Consolidated Funds [Member]
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Secured borrowings at cost	137,800		137,800		143,000
Secured borrowings at fair value	137,366		137,366		141,135
Investment associated with secured borrowings	137,400		137,400		$ 141,100
Net proceeds from secured borrowings			(4,300)	35,800
Interest expense from secured borrowings	$ 3,810	$ 1,750	$ 7,614	$ 3,062

COMMITMENTS AND CONTINGENCIES53

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	May. 29, 2015	Apr. 30, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Lease expiration period					various times through December 2020
Operating Leases, Rent expense, net			$ 600,000	$ 700,000	$ 1,300,000	$ 1,300,000
Consolidated Funds [Member]
Commitments And Contingencies [Line Items]
Unfunded capital commitments			500,000		500,000		$ 1,100,000
MCC Advisors LLC [Member]
Commitments And Contingencies [Line Items]
Debt instrument, debt default, amount	$ 70,000,000
Loss contingency, damages sought, value	$ 100,000,000
Non-recourse Promissory Notes [Member]
Commitments And Contingencies [Line Items]
Debt instrument, face amount		$ 10,000,000	2,500,000		2,500,000
Proceeds from issuance of debt		10,000,000
Present value of future cash flows expected to be paid		$ 4,400,000
Contractual obligation			$ 6,600,000		$ 6,600,000		$ 6,700,000

COMMITMENTS AND CONTINGENCIES54

COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies [Abstract]
Remaining 2,015	$ 1,208
2,016	784
2,017	452
2,018	457
2,019	463
Thereafter	469
Total future minimum lease payments	$ 3,833

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Apr. 30, 2012
Related Party Transaction [Line Items]
Long-term Debt	$ 102,813,000		$ 102,813,000		$ 103,057,000
Non-recourse Promissory Notes [Member]
Related Party Transaction [Line Items]
Debt instrument, face amount	2,500,000		2,500,000			$ 10,000,000
Nonrecourse Promissory Note Zero Interest [Member]
Related Party Transaction [Line Items]
Debt instrument, face amount	$ 2,500,000		$ 2,500,000
Debt instrument, interest rate, effective percentage	0.00%		0.00%
Debt instrument, periodic payment, principal			$ 312,500
Debt instrument, maturity date			Mar. 31, 2016
Debt instrument, issuance date			Mar. 31, 2014
Long-term Debt	$ 900,000	$ 900,000	$ 900,000	$ 900,000	1,600,000
MCC Admin Agreement [Member]
Related Party Transaction [Line Items]
Administrative services revenue	1,000,000	900,000	2,100,000	1,700,000
Accrued fees and other revenue receivable	1,100,000		1,100,000		1,100,000
SIC Admin Agreement [Member]
Related Party Transaction [Line Items]
Administrative services revenue	500,000	300,000	1,100,000	500,000
Accrued fees and other revenue receivable	500,000		500,000		400,000
SIC [Member] | Investment Advisory Agreement [Member]
Related Party Transaction [Line Items]
Gross proceeds benchmark			$ 300,000,000
Fee percentage for orgainization and offereing costs			1.25%
Organization and Offering Expenses		800,000		1,500,000
Reimbursement revenue		1,300,000		2,200,000
SIC [Member] | Expense Support and Reimbursement Agreement [Member]
Related Party Transaction [Line Items]
Operating expenses percentage			100.00%
Expense support and reimbursement agreement expenses	2,000,000	$ 2,200,000	$ 4,200,000	$ 3,500,000
ESA Liability	$ 6,400,000		$ 6,400,000		$ 5,200,000

EARNINGS PER CLASS A SHARE (Nar

EARNINGS PER CLASS A SHARE (Narrative) (Details) - $ / shares	Nov. 10, 2014	Jun. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends declared per Class A common stock		$ 0.20
Antidilutive securities excluded from computation of earnings per share (shares)		23,333,333
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends declared per Class A common stock	$ 0.20

EARNINGS PER CLASS A SHARE (Bas

EARNINGS PER CLASS A SHARE (Basic and Diluted Income per Class A Share) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands		Total	Total
Numerator
Net income attributable to Medley Management Inc.		$ 1,039	$ 2,313
Denominator
Weighted average shares of Class A shares outstanding		6,000,000	6,000,000
Common Class A [Member]
Numerator
Net income attributable to Medley Management Inc.		$ 1,039	$ 2,313
Less: Dividends	[1]		(1,200)
Less: Undistributed net income available to participating securities	[2]	(164)	(149)
Undistributed net income available to class A common stockholders		$ 875	$ 798
Denominator
Weighted average shares of Class A shares outstanding		7,104,134	7,123,263
Less: weighted average of participating securities	[2]	(1,104,134)	(1,123,263)
Weighted Average Number of Shares Outstanding, Basic, Total		6,000,000	6,000,000
Add: dilutive effects of conversion of LLC Units	[3]
Weighted Average Number of Shares Outstanding, Diluted, Total		6,000,000	6,000,000
Basic and diluted, Distributable earnings			$ 0.20
Basic and diluted, Undistributed income		$ 0.14	0.13
Net income per Class A share		$ 0.14	$ 0.33
Participating Securities [Member]
Numerator
Less: Dividends	[2]		$ (166)
[1]	The Company declared a $0.20 per share dividend on Class A common stock on March 29, 2015.
[2]	Participating securities relate to the Company's grant of restricted stock units in connection with its IPO, adjusted for actual forfeitures and additional grants during the period.
[3]	Excludes the assumed conversion of 23,333,333 LLC units to shares of Class A common stock as the impact would be antidilutive.

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes [Abstract]
Deferred Tax Assets, Net of Valuation Allowance	$ 1,500		$ 1,500		$ 1,200
Deferred Tax Liabilities, Gross	$ 647		$ 647		245
Effective Income Tax Rate Reconciliation, Percent	5.70%	3.50%	6.40%	3.90%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 0	$ 0	$ 0	$ 0
Unrecognized Tax Benefits	$ 0		$ 0		$ 0
Income Tax Examination, Description			Certain subsidiaries of the Company are no longer subject to tax examinations by taxing authorities for tax years prior to 2010 and, presently, have no open examinations for tax years before 2014

COMPENSATION EXPENSE (Narrative

COMPENSATION EXPENSE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		15 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance fee compensation	$ (1,030)	$ 1,640	$ (918)	$ 3,158
Performance fee compensation payable	$ 9,878		$ 9,878		$ 9,878	$ 11,807
Defined contribution plan, employer matching contribution, percent of employees' gross pay			3.00%
Percentage vested from participants eligibility date			100.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount			$ 200	$ 300	$ 100
Incentive Plan shares available for grant	3,400,000		3,400,000		3,400,000
Stock-based compensation			$ 1,619
Shares authorized for grant	4,500,000		4,500,000		4,500,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anticipated forfeiture rate			8.00%
Stock-based compensation	$ 800		$ 1,600
RSUs forfeited			178,800
Units outstanding, net of forfeitures	920,000		920,000		920,000
Unvested RSU compensation cost not yet recognized	$ 13,600		$ 13,600		$ 13,600
Recognition period for unvested RSU compensation cost			4 years 2 months 12 days
RSU vesting period			5 years
RSUs granted, units			82,000

COMPENSATION EXPENSE (Schedule

COMPENSATION EXPENSE (Schedule of RSU Activity) (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Units (RSUs) [Member] - $ / shares	Total
Number of RSUs
Beginning Balance	1,197,915
Granted	82,000
Forfeited	(178,800)
Vested
Ending Balance	1,101,115
Weighted Average Grant Date Fair Value
Beginning Balance	$ 17.91
Granted	12.68
Forfeited	$ 17.99
Vested
Ending Balance	$ 17.50

SEGMENT REPORTING (Schedule of

SEGMENT REPORTING (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Management fees		$ 20,216	$ 13,225	$ 36,410	$ 26,453
Performance Fees		1,656	1,617	2,868	2,372
Other revenues and fees		1,981	2,383	3,605	4,396
Total revenues		23,853	17,225	42,883	33,221
Expenses
Compensation and benefits		6,397	5,574	13,618	9,333
Performance fee compensation		(1,030)	1,640	(918)	3,158
General, administrative and other expenses		4,623	5,134	9,130	9,363
Expenses		10,624	12,861	23,257	22,687
Other income (expense)
Dividend income		221	221	443	443
Interest Expense		(2,109)	(731)	(4,194)	(1,364)
Other expenses, net		(69)	(387)	(452)	(1,318)
Total other expense, net		8,903	17,228	26,138	21,215
Income before income taxes		22,132	21,592	45,764	31,749
Provision for income taxes		1,251	747	2,941	1,251
Net income		20,881	20,845	42,823	30,498
Net income		1,039		2,313
Reimbursable fund startup expenses		1,771	2,121	3,694	3,396
Severance expense			(11)	121	(5)
Share-based Compensation				1,619
Adjustment For Pre-IPO Guaranteed Payments			(989)		(2,215)
Core Net Income		10,409	11,302	22,176	17,145
Interest expense		2,109	731	4,194	1,364
Depreciation and amortization				111	186
Standalone [Member]
Revenues
Management fees		20,923	14,909	38,443	29,900
Performance Fees		(2,368)	8,000	3,968	8,076
Other revenues and fees		1,981	2,383	3,605	4,396
Total revenues		20,536	25,292	46,016	42,372
Expenses
Compensation and benefits		6,397	5,574	13,618	9,333
Performance fee compensation		(1,030)	1,640	(918)	3,158
General, administrative and other expenses		4,623	5,134	9,130	9,363
Expenses		9,990	12,348	21,830	21,854
Other income (expense)
Dividend income		221	221	443	443
Interest Expense		(2,109)	(731)	(4,194)	(1,364)
Other expenses, net		13	(428)	(249)	(1,620)
Total other expense, net		(1,875)	(938)	(4,000)	(2,541)
Income before income taxes		8,671	12,006	20,186	17,977
Provision for income taxes		918	218	2,066	448
Net income		7,753	11,788	18,120	17,529
Net income		1,039		2,313
Reimbursable fund startup expenses	[1]	$ 1,771	2,121	3,694	3,396
Severance expense	[1]		(11)	121	(5)
Adjustment For Pre-IPO Guaranteed Payments	[1],[2]		(989)		(2,215)
Core Net Income		$ 10,409	11,302	22,176	17,145
Interest expense		2,109	731	4,194	1,364
Income taxes		1,219	253	2,718	483
Depreciation and amortization		121	94	232	186
Core EBITDA		13,858	12,380	29,320	19,178
Consolidated Subsidiaries [Member]
Other income (expense)
Net income attributable to non-controlling interests in consolidated subsidiaries		(274)	1,607	1,016	1,560
Consolidated Subsidiaries [Member] | Standalone [Member]
Other income (expense)
Net income attributable to non-controlling interests in consolidated subsidiaries		(274)	1,607	1,016	1,560
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member]
Other income (expense)
Net income				17,104	15,969
Net income		8,027	10,181
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member] | Standalone [Member]
Other income (expense)
Net income				17,104	15,969
Net income		8,027	10,181	17,104	15,969
Medley LLC [Member]
Other income (expense)
Net income attributable to non-controlling interests in consolidated subsidiaries		6,988	10,181	14,791	15,969
Net income					15,969
Medley LLC [Member] | Standalone [Member]
Other income (expense)
Net income attributable to non-controlling interests in consolidated subsidiaries		$ 6,988	$ 10,181	$ 14,791	15,969
Net income					$ 15,969
[1]	Presented net of income taxes.
[2]	Represents a pro-forma adjustment to reflect guaranteed payments to Medley LLC members as compensation expense. Prior to the Company's Reorganization and IPO, these payments were recorded as distributions from members' capital.

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenues		$ 23,853	$ 17,225	$ 42,883	$ 33,221
Expenses		10,624	12,861	23,257	22,687
Other income (expense), net		8,903	17,228	26,138	21,215
Income taxes		1,251	747	2,941	1,251
Net income attributable to Medley Management Inc.		1,039		2,313
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC		20,881	20,845	42,823	30,498
Reimbursable fund startup expenses		1,771	2,121	3,694	3,396
Severance expenses			(11)	121	(5)
IPO date award stock-based compensation		611		1,257
Adjustment for pre-IPO guaranteed payments to members			(989)		(2,215)
Core Net Income		10,409	11,302	22,176	17,145
Standalone [Member]
Segment Reporting Information [Line Items]
Revenues		20,536	25,292	46,016	42,372
Expenses		9,990	12,348	21,830	21,854
Other income (expense), net		(1,875)	(938)	(4,000)	(2,541)
Income taxes		918	218	2,066	448
Net income attributable to Medley Management Inc.		1,039		2,313
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC		7,753	11,788	18,120	17,529
Reimbursable fund startup expenses	[1]	$ 1,771	2,121	3,694	3,396
Severance expenses	[1]		$ (11)	121	$ (5)
IPO date award stock-based compensation	[1]	$ 611		1,257
Adjustment for pre-IPO guaranteed payments to members	[1],[2]		$ (989)		$ (2,215)
Core Net Income		10,409	11,302	22,176	17,145
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Revenues		3,317	(8,067)	(3,133)	(9,151)
Expenses		634	513	1,427	833
Other income (expense), net		10,778	18,166	30,138	23,756
Income taxes		333	529	875	803
Consolidated Subsidiaries [Member]
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests		(274)	1,607	1,016	1,560
Consolidated Subsidiaries [Member] | Standalone [Member]
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests		(274)	1,607	1,016	1,560
Consolidated Funds [Member]
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests		13,128	9,057	24,703	12,969
Consolidated Funds [Member] | Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Expenses		634	513
Income taxes		333	529	875	803
Net income attributable to non-controlling interests		13,128	9,057	24,703	12,969
Medley LLC [Member]
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests		6,988	10,181	14,791	15,969
Net income attributable to Medley Management Inc.					15,969
Medley LLC [Member] | Standalone [Member]
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests		6,988	10,181	14,791	15,969
Net income attributable to Medley Management Inc.					15,969
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member]
Segment Reporting Information [Line Items]
Net income attributable to Medley Management Inc.		8,027	10,181
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC				17,104	15,969
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member] | Standalone [Member]
Segment Reporting Information [Line Items]
Net income attributable to Medley Management Inc.		$ 8,027	$ 10,181	17,104	15,969
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC				$ 17,104	$ 15,969
[1]	Presented net of income taxes.
[2]	Represents a pro-forma adjustment to reflect guaranteed payments to Medley LLC members as compensation expense. Prior to the Company's Reorganization and IPO, these payments were recorded as distributions from members' capital.

SEGMENT REPORTING (Adjustments

SEGMENT REPORTING (Adjustments and Reconciliations to Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Management fees from Consolidated Funds eliminated in consolidation	$ 20,216	$ 13,225	$ 36,410	$ 26,453
MOF II Performance fees eliminated in consolidation	1,656	1,617	2,868	2,372
Total revenues	23,853	17,225	42,883	33,221
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Management fees from Consolidated Funds eliminated in consolidation	(707)	(1,684)	(2,033)	(3,447)
MOF II Performance fees eliminated in consolidation	4,024	(6,383)	(1,100)	(5,704)
Total revenues	$ 3,317	$ (8,067)	$ (3,133)	$ (9,151)

SEGMENT REPORTING (Adjustment64

SEGMENT REPORTING (Adjustments and Reconciliations to Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Consolidated Funds Expenses	$ 634	$ 513	$ 1,427	$ 833
Total segment expenses	10,624	12,861	23,257	22,687
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Consolidated Funds Expenses			1,427	833
Total segment expenses	634	513	1,427	833
Consolidated Funds [Member]
Segment Reporting Information [Line Items]
Consolidated Funds Expenses	634	513	$ 1,427	$ 833
Consolidated Funds [Member] | Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Total segment expenses	$ 634	$ 513

SEGMENT REPORTING (Adjustment t

SEGMENT REPORTING (Adjustment to Interest and Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Interest and other income of Consolidated Funds	$ 21,169	$ 20,175	$ 39,896	$ 33,596
Interest expense of Consolidated Funds	3,800	1,800	7,600	3,100
Net realized gain (loss) on investments of Consolidated Funds		(69)	952	1,288
Net change in unrealized (depreciation) appreciation on investments of Consolidated Funds	(6,417)	642	(2,395)	(7,171)
Total segment other income (expense), net	8,903	17,228	26,138	21,215
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest and other income of Consolidated Funds	21,169	20,175	39,896	33,596
Interest expense of Consolidated Funds	(3,810)	(1,750)	(7,614)	(3,062)
Net realized gain (loss) on investments of Consolidated Funds		(69)	952	1,288
Net change in unrealized (depreciation) appreciation on investments of Consolidated Funds	(6,417)	642	(2,395)	(7,171)
Net change in unrealized depreciation (appreciation) on secured borrowings	(82)	(873)	(498)	(1,197)
Elimination of equity income from Consolidated Funds	(82)	41	(203)	302
Total segment other income (expense), net	10,778	18,166	30,138	23,756
Consolidated Funds [Member]
Segment Reporting Information [Line Items]
Interest and other income of Consolidated Funds	21,169	20,175	39,896	33,596
Interest expense of Consolidated Funds	3,810	1,750	7,614	3,062
Net realized gain (loss) on investments of Consolidated Funds			973	1,288
Net change in unrealized depreciation (appreciation) on secured borrowings	$ (82)	$ (873)	$ (498)	$ (1,197)

SEGMENT REPORTING (Provision Fo

SEGMENT REPORTING (Provision For Income Taxes Adjustment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Total segment provision for taxes	$ 1,251	$ 747	$ 2,941	$ 1,251
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Total segment provision for taxes	333	529	875	803
Consolidated Funds [Member] | Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Total segment provision for taxes	$ 333	$ 529	$ 875	$ 803

CONSOLIDATING SCHEDULES (Consol

CONSOLIDATING SCHEDULES (Consolidated Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Management fees	$ 20,216	$ 13,225	$ 36,410	$ 26,453
Performance fees	1,656	1,617	2,868	2,372
Other revenues and fees	1,981	2,383	3,605	4,396
Total revenues	23,853	17,225	42,883	33,221
Expenses:
Compensation and benefits	6,397	5,574	13,618	9,333
Performance fee compensation	(1,030)	1,640	(918)	3,158
Consolidated Funds expenses	634	513	1,427	833
General, administrative and other expenses	4,623	5,134	9,130	9,363
Total operating expenses	10,624	12,861	23,257	22,687
Other income (expense):
Dividend income	221	221	443	443
Interest Expense	(2,109)	(731)	(4,194)	(1,364)
Interest expense of Consolidated Funds	(3,800)	(1,800)	(7,600)	(3,100)
Other expense, net	(69)	(387)	(452)	(1,318)
Interest and other income of Consolidated Funds	21,169	20,175	39,896	33,596
Net realized loss on investments of Consolidated Funds		(69)	952	1,288
Net change in unrealized depreciation on investments of Consolidated Funds	(6,417)	642	(2,395)	(7,171)
Total other expense, net	8,903	17,228	26,138	21,215
Income before income taxes	22,132	21,592	45,764	31,749
Provision for income taxes	1,251	747	2,941	1,251
Net income	20,881	20,845	42,823	30,498
Net income attributable to Medley Management Inc.	1,039		2,313
Consolidated Funds [Member]
Expenses:
Consolidated Funds expenses	634	513	1,427	833
Other income (expense):
Interest expense of Consolidated Funds	(3,810)	(1,750)	(7,614)	(3,062)
Interest and other income of Consolidated Funds	21,169	20,175	39,896	33,596
Net realized loss on investments of Consolidated Funds			973	1,288
Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds	(82)	(873)	(498)	(1,197)
Net income attributable to non-controlling interests	13,128	9,057	24,703	12,969
Consolidated Subsidiaries [Member]
Other income (expense):
Net income attributable to non-controlling interests	(274)	1,607	1,016	1,560
Medley LLC [Member]
Other income (expense):
Net income attributable to non-controlling interests	6,988	10,181	14,791	15,969
Net income attributable to Medley Management Inc.				15,969
Standalone [Member]
Revenues:
Management fees	20,923	14,909	38,443	29,900
Performance fees	(2,368)	8,000	3,968	8,076
Other revenues and fees	1,981	2,383	3,605	4,396
Total revenues	20,536	25,292	46,016	42,372
Expenses:
Compensation and benefits	6,397	5,574	13,618	9,333
Performance fee compensation	(1,030)	1,640	(918)	3,158
General, administrative and other expenses	4,623	5,134	9,130	9,363
Total operating expenses	9,990	12,348	21,830	21,854
Other income (expense):
Dividend income	221	221	443	443
Interest Expense	(2,109)	(731)	(4,194)	(1,364)
Other expense, net	13	(428)	(249)	(1,620)
Total other expense, net	(1,875)	(938)	(4,000)	(2,541)
Income before income taxes	8,671	12,006	20,186	17,977
Provision for income taxes	918	218	2,066	448
Net income	7,753	11,788	18,120	17,529
Net income attributable to Medley Management Inc.	1,039		2,313
Standalone [Member] | Consolidated Subsidiaries [Member]
Other income (expense):
Net income attributable to non-controlling interests	(274)	1,607	1,016	1,560
Standalone [Member] | Medley LLC [Member]
Other income (expense):
Net income attributable to non-controlling interests	6,988	10,181	14,791	15,969
Net income attributable to Medley Management Inc.				15,969
Consolidated Funds [Member]
Expenses:
Consolidated Funds expenses	1,341	2,197	3,460	4,280
Total operating expenses	1,341	2,197	3,460	4,280
Other income (expense):
Interest and other income of Consolidated Funds	21,169	20,175	39,896	33,596
Net realized loss on investments of Consolidated Funds		(69)	952	1,288
Net change in unrealized depreciation on investments of Consolidated Funds	(6,417)	642	(2,395)	(7,171)
Total other expense, net	10,860	18,125	30,341	23,454
Income before income taxes	9,519	15,928	26,881	19,174
Provision for income taxes	333	529	875	803
Net income	9,186	15,399	26,006	18,371
Net income attributable to Medley Management Inc.	9,186		26,006
Consolidated Funds [Member] | Consolidated Funds [Member]
Other income (expense):
Interest expense of Consolidated Funds	(3,810)	(1,750)	(7,614)	(3,062)
Net change in unrealized depreciation (appreciation) on secured borrowings of Consolidated Funds	(82)	(873)	(498)	(1,197)
Consolidated Funds [Member] | Medley LLC [Member]
Other income (expense):
Net income attributable to non-controlling interests		15,399
Net income attributable to Medley Management Inc.				18,371
Consolidation, Eliminations [Member]
Revenues:
Management fees	(707)	(1,684)	(2,033)	(3,447)
Performance fees	4,024	(6,383)	(1,100)	(5,704)
Total revenues	3,317	(8,067)	(3,133)	(9,151)
Expenses:
Consolidated Funds expenses	(707)	(1,684)	(2,033)	(3,447)
Total operating expenses	(707)	(1,684)	(2,033)	(3,447)
Other income (expense):
Other expense, net	(82)	41	(203)	302
Total other expense, net	(82)	41	(203)	302
Income before income taxes	3,942	(6,342)	(1,303)	(5,402)
Net income	3,942	(6,342)	(1,303)	(5,402)
Net income attributable to Medley Management Inc.	(9,186)		(26,006)
Consolidation, Eliminations [Member] | Consolidated Funds [Member]
Other income (expense):
Net income attributable to non-controlling interests	$ 13,128	9,057	$ 24,703	12,969
Consolidation, Eliminations [Member] | Medley LLC [Member]
Other income (expense):
Net income attributable to non-controlling interests		$ (15,399)
Net income attributable to Medley Management Inc.				$ (18,371)

CONSOLIDATING SCHEDULES (Cons68

CONSOLIDATING SCHEDULES (Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 66,376	$ 87,206	$ 3,278	$ 5,395
Investments, at fair value	790,529	734,870
Investments, at fair value	11,519	9,901
Management fees receivable	16,451	15,173
Performance fees receivable	8,442	5,573
Other assets	9,680	9,230
Total assets	988,137	910,399
Liabilities and equity
Loans payable	102,813	103,057
Accounts payable, accrued expenses and other liabilities	21,344	27,583
Secured borrowings	137,366	141,135
Performance fee compensation payable	9,878	11,807
Total liabilities	273,291	289,349
Stockholders' Equity
Additional paid-in-capital	(765)	(2,384)
Retained earnings	1,219	272
Total stockholders' equity, Medley Management Inc.	514	(2,052)
Total (deficit) equity	714,846	621,050
Total liabilities and equity	988,137	910,399
Common Class A [Member]
Stockholders' Equity
Common stock value	60	60
Consolidated Funds [Member]
Assets
Cash and cash equivalents	74,401	38,111
Investments, at fair value	790,529	734,870
Other assets	3,178	3,681
Interest and dividends receivable	7,561	6,654
Liabilities and equity
Accounts payable, accrued expenses and other liabilities	1,890	5,767
Secured borrowings	137,366	141,135
Stockholders' Equity
Non-controlling interests	722,553	625,548
Consolidated Subsidiaries [Member]
Stockholders' Equity
Non-controlling interests	2,217	1,526
Medley LLC [Member]
Assets
Other assets	9,680	9,230
Stockholders' Equity
Non-controlling interests	(10,438)	(3,972)
Standalone [Member]
Assets
Cash and cash equivalents	66,376	87,206
Investments, at fair value	24,170	22,143
Management fees receivable	16,451	15,173
Performance fees receivable	8,442	5,573
Other assets	10,889	9,230
Total assets	126,328	139,325
Liabilities and equity
Loans payable	102,813	103,057
Accounts payable, accrued expenses and other liabilities	21,344	28,959
Performance fee compensation payable	9,878	11,807
Total liabilities	134,035	143,823
Stockholders' Equity
Additional paid-in-capital	(765)	(2,384)
Retained earnings	1,219	272
Total stockholders' equity, Medley Management Inc.	514	(2,052)
Total (deficit) equity	(7,707)	(4,498)
Total liabilities and equity	126,328	139,325
Standalone [Member] | Common Class A [Member]
Stockholders' Equity
Common stock value	60	60
Standalone [Member] | Consolidated Subsidiaries [Member]
Stockholders' Equity
Non-controlling interests	2,217	1,526
Standalone [Member] | Medley LLC [Member]
Stockholders' Equity
Non-controlling interests	(10,438)	(3,972)
Consolidated Funds [Member]
Assets
Total assets	875,669	784,692
Liabilities and equity
Secured borrowings	137,366	141,135
Total liabilities	140,465	146,902
Stockholders' Equity
Members' equity of consolidated funds	735,204	637,790
Total (deficit) equity	735,204	637,790
Total liabilities and equity	875,669	784,692
Consolidated Funds [Member] | Consolidated Funds [Member]
Assets
Cash and cash equivalents	74,401	38,111
Investments, at fair value	790,529	734,870
Other assets	3,178	5,057
Interest and dividends receivable	7,561	6,654
Liabilities and equity
Accounts payable, accrued expenses and other liabilities	3,099	5,767
Consolidation, Eliminations [Member]
Assets
Investments, at fair value	(12,651)	(12,242)
Other assets	(1,209)
Total assets	(13,860)	(13,618)
Liabilities and equity
Accounts payable, accrued expenses and other liabilities		(1,376)
Total liabilities	(1,209)	(1,376)
Stockholders' Equity
Members' equity of consolidated funds	(735,204)	(637,790)
Total (deficit) equity	(12,651)	(12,242)
Total liabilities and equity	(13,860)	(13,618)
Consolidation, Eliminations [Member] | Consolidated Funds [Member]
Assets
Other assets		(1,376)
Liabilities and equity
Accounts payable, accrued expenses and other liabilities	(1,209)
Stockholders' Equity
Non-controlling interests	$ 722,553	$ 625,548

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Aug. 12, 2015	Aug. 10, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Investments, at fair value	$ 790,529			$ 734,870
Dividends payable, amount per share	$ 0.20
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends payable, amount per share			$ 0.20
Common Class A [Member]
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.20
Stock repurchase program expiration date	Aug. 10, 2016
Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 5,000