Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 16, 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 | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 6,009,720 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 63,754 | $ 87,206 | $ 101,494 | $ 5,395 |
Investments, at fair value | 10,884 | 9,901 | ||
Investments, at fair value | 778,971 | 734,870 | ||
Management fees receivable | 14,800 | 15,173 | ||
Performance fees receivable | 6,493 | 5,573 | ||
Other assets | 13,966 | 9,230 | ||
Total assets | 1,003,917 | 910,399 | ||
Liabilities and Equity | ||||
Loans payable | 102,697 | 103,057 | ||
Accounts payable, accrued expenses and other liabilities | 20,739 | 27,583 | ||
Secured borrowings | 134,047 | 141,135 | ||
Performance fee compensation payable | 5,759 | 11,807 | ||
Total liabilities | 265,441 | 289,349 | ||
Equity | ||||
Capital deficit | (8) | (2,384) | ||
Retained earnings | 108 | 272 | ||
Total stockholders' equity (deficit), Medley Management Inc. | 160 | (2,052) | ||
Total equity | 738,476 | 621,050 | ||
Total liabilities and equity | 1,003,917 | 910,399 | ||
Consolidated Funds [Member] | ||||
Assets | ||||
Cash and cash equivalents | 105,122 | 38,111 | ||
Investments, at fair value | 778,971 | 734,870 | ||
Interest and dividends receivable | 6,124 | 6,654 | ||
Other assets | 3,803 | 3,681 | ||
Liabilities and Equity | ||||
Accounts payable, accrued expenses and other liabilities | 2,199 | 5,767 | ||
Secured borrowings | 134,047 | 141,135 | ||
Equity | ||||
Non-controlling interests | 755,827 | 625,548 | ||
Consolidated Subsidiaries [Member] | ||||
Equity | ||||
Non-controlling interests | (708) | 1,526 | ||
Medley LLC [Member] | ||||
Assets | ||||
Other assets | 13,966 | 9,230 | ||
Equity | ||||
Non-controlling interests | (16,803) | (3,972) | ||
Common Class A [Member] | ||||
Equity | ||||
Common Stock, Value, Issued | $ 60 | $ 60 | ||
Common Class B [Member] | ||||
Equity | ||||
Common Stock, Value, Issued |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 6,009,720 | 6,000,000 |
Common Stock, Shares, Outstanding | 6,009,720 | 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Management fees | $ 15,870 | $ 17,013 | $ 52,280 | $ 43,466 |
Performance fees | (1,948) | 965 | 920 | 3,337 |
Other revenues and fees | 1,891 | 2,787 | 5,496 | 7,183 |
Total revenues | 15,813 | 20,765 | 58,696 | 53,986 |
Expenses | ||||
Compensation and benefits | 5,914 | 5,677 | 19,532 | 15,010 |
Performance fee compensation | (3,660) | (921) | (4,578) | 2,237 |
Consolidated Funds expenses | 542 | 296 | 1,969 | 1,129 |
General, administrative and other expenses | 1,626 | 3,458 | 10,756 | 12,821 |
Total expenses | 4,422 | 8,510 | 27,679 | 31,197 |
Other income (expense) | ||||
Dividend income | 222 | 222 | 665 | 665 |
Interest expense | (2,141) | (2,016) | (6,335) | (3,380) |
Other expenses, net | (865) | (268) | (1,317) | (1,586) |
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Interest expense of Consolidated Funds | (3,800) | (2,500) | (11,400) | (5,600) |
Net realized gain (loss) on investments of Consolidated Funds | (31,965) | (499) | (31,013) | 789 |
Net change in unrealized depreciation on investments of Consolidated Funds | 16,011 | (2,369) | 13,616 | (9,540) |
Total other income, net | 911 | 11,726 | 27,049 | 32,941 |
Income before income taxes | 12,302 | 23,981 | 58,066 | 55,730 |
Provision for (benefit from) income taxes | (77) | 923 | 2,864 | 2,174 |
Net income | 12,379 | 23,058 | 55,202 | 53,556 |
Net income attributable to Medley Management Inc. | $ 272 | $ 378 | $ 2,585 | $ 378 |
Dividends declared per Class A common stock | $ 0.20 | $ 0.40 | ||
Net income per share attributable to stockholders of Class A common stock of Medley Management Inc: | ||||
Earnings Per Share, Basic (in dollars per share) | 0.04 | $ 0.05 | 0.38 | $ 0.05 |
Earnings Per Share, Diluted (in dollars per share) | $ 0.04 | $ 0.05 | $ 0.38 | $ 0.05 |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) | 6,000,211 | 6,000,000 | 6,000,071 | 6,000,000 |
Consolidated Funds [Member] | ||||
Expenses | ||||
Consolidated Funds expenses | $ 542 | $ 296 | $ 1,969 | $ 1,129 |
Other income (expense) | ||||
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Interest expense of Consolidated Funds | (3,804) | (2,524) | (11,418) | (5,586) |
Net realized gain (loss) on investments of Consolidated Funds | (31,013) | 789 | ||
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds | 1,610 | 1,300 | 1,112 | 103 |
Net income (loss) attributable to noncontrolling interest | 13,472 | 9,933 | 38,175 | 22,902 |
Consolidated Subsidiaries [Member] | ||||
Other income (expense) | ||||
Net income (loss) attributable to noncontrolling interest | (2,150) | 612 | (1,134) | 2,172 |
Medley LLC [Member] | ||||
Other income (expense) | ||||
Net income (loss) attributable to noncontrolling interest | $ 785 | $ 12,135 | $ 15,576 | $ 28,104 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 9 months ended Sep. 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 | 2,585 | $ 38,175 | $ (1,134) | $ 15,576 | 55,202 | |||
Stock-based compensation | $ 2,376 | 2,376 | ||||||
Dividends declared on common stock | $ (2,749) | $ (2,749) | ||||||
Issuance of Class A common stock related to vesting of restricted stock units | ||||||||
Issuance of Class A common stock related to vesting of restricted stock units (shares) | 9,720 | |||||||
Contributions | $ 107,425 | $ 107,425 | ||||||
Distributions | $ (1,100) | $ (28,407) | (29,507) | |||||
Balance at Sep. 30, 2015 | $ 60 | $ (8) | $ 108 | $ 755,827 | $ (708) | $ (16,803) | $ 738,476 | |
Balance (in shares) at Sep. 30, 2015 | 6,009,720 | 100 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Equity (Parenthetical) | Sep. 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 | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 55,202 | $ 53,556 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Net change in unrealized depreciation (appreciation) on investments | 602 | (53) |
Non-cash stock-based compensation | 2,376 | 76 |
Depreciation and amortization | 341 | 289 |
Amortization of deferred financing costs | 409 | 609 |
Accretion of original issue discount | 577 | 412 |
Net realized (gain) loss on investments | 31,013 | (789) |
Changes in operating assets and liabilities: | ||
Management fees receivable | 373 | (4,678) |
Performance fees receivable | (920) | (3,521) |
Other assets | (5,181) | (546) |
Accounts payable, accrued expenses and other liabilities | (7,089) | 9,785 |
Performance fee compensation payable | (6,048) | 797 |
Net cash used in operating activities | (91,399) | (160,724) |
Cash flows from investing activities | ||
Purchases of property and equipment | (129) | (400) |
Distributions from equity method investments | 184 | |
Net cash used in investing activities | 55 | (400) |
Cash flows from financing activities | ||
Proceeds from issuance of debt obligations | 123,900 | |
Repayment of loans payable | (937) | (35,625) |
Proceeds from Initial Public Offering | 100,440 | |
Initial Public Offering costs | (3,204) | |
Distributions to members | (29,507) | (117,193) |
Dividends paid | (2,749) | |
Debt issuance costs | (2,586) | |
Net cash provided by financing activities | 67,892 | 257,223 |
Net increase (decrease) in cash and cash equivalents | (23,452) | 96,099 |
Cash and cash equivalents, beginning of period | 87,206 | 5,395 |
Cash and cash equivalents, end of period | 63,754 | 101,494 |
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 | 69 | 318 |
Consolidated Funds [Member] | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||
Net change in unrealized depreciation (appreciation) on investments | (13,616) | 9,540 |
Benefit from deferred taxes | 235 | (19) |
Accretion of original issue discount | 1,383 | (1,209) |
Interest income paid-in-kind | (3,405) | (4,397) |
Net realized (gain) loss on investments | 31,013 | (789) |
Net change in unrealized (depreciation) appreciation on secured borrowings of Consolidated Funds | (1,112) | (103) |
Changes in operating assets and liabilities: | ||
Other assets | (3,439) | (4,266) |
Accounts payable, accrued expenses and other liabilities | (579) | 3,247 |
Cash and cash equivalents | (70,346) | 18,749 |
Cost of investments purchased | (179,627) | (391,163) |
Proceeds from sales and repayments of investments | 107,383 | 152,642 |
Cash flows from financing activities | ||
Contribution from non-controlling interest in consolidated subsidiaries | 107,426 | 120,318 |
Distributions to non-controlling interest holders | (22,688) | |
Proceeds from secured borrowings of Consolidated Funds | 27,239 | 108,467 |
Repayments on secured borrowings of Consolidated Funds | (33,580) | $ (14,606) |
Cash and cash equivalents, beginning of period | 38,111 | |
Cash and cash equivalents, end of period | $ 105,122 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 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 (collectively, “Medley”) together with certain funds (individually “Consolidated Funds”, collectively, 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 | 9 Months Ended |
Sep. 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 September 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 September 30, 2015 and December 31, 2014, total assets, after eliminating entries, of this VIE reflected in the consolidated balance sheets were $25.3 million and $ 18.0 million, respectively. Total liabilities, after eliminating entries, of this VIE were $17.9 million and $ 19.6 million as of September 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. The Company 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 the three and nine months ended September 30, 2015 , the Company reversed $14.7 million and $18.7 million, respectively, of previously recognized performance fees on a standalone basis. For each of the three and nine months ended September 30, 2015, the Company reversed $2.0 million of previously recognized performance fees on a consolidated basis. For each of the three and nine months ended September 30, 2014 , the Company reversed $0.3 million of previously recognized performance fees on both a standalone and consolidated basis . Cumulative performance fees recognized through September 30 , 2015 were $9.7 million and $6.5 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 September 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 select 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 excha |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS The composition of investments is as follows: As of September 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 $9.5 million and $9.9 million as of September 30 , 2015 and December 31, 2014 , respectively . The remaining balance as of September 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 September 30, September 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 and Food % % 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 % % Services: Business % % Services: Consumer % % Total Senior Secured Loans and Notes, North America (cost of $729,558 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 September 30, September 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 $45,032 and $40,944 , respectively) $ $ % % Equity securities: Common Stock (cost of $1,131 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 % % Services: Business - % % Total Warrants (cost of $2,120 and $3,428 , respectively) % % Total Equity Securities (cost of $3,888 and $22,528 , respectively) $ $ % % Collectibles (cost of $0 and $1,385 , respectively) $ - $ % % Total Investments of Consolidated Funds (cost of $778,031 and $790,677 , respectively) $ $ % % |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 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 September 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 nine months ended September 30 , 2015, one of the Company’s 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 nine months ended September 30 , 2015, one of the Company’s 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 nine months ended September 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 - - - Distributions received from equity method investments - - - - - 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 September 30 , 2015 and December 31, 2014: Fair Value as of September 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 / 22.5% Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.25x 6.75x 6.50x Enterprise Valuation Analysis Expected Sales Proceeds $1.75M $1.75M $1.75M Market Approach (Guideline Comparable)/Option Model NTM Revenue Multiple, NTM EBITDA Multiple, Volatility 0.90x / 3.00x / 39.40% 0.90x / 4.00x / 84.20% 1.00x / 4.00x / 70.00% Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 0.00x / $44.9M 0.00x / $73.2M 0.00x / $59.7M Equity Interests in LLCs Market Approach (Guideline Comparable) Investment Portfolio Multiple 1.10x 1.20x 1.20x Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 6.25x / 6.00x 7.00x / 6.25x 6.83x / 6.06x Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.50x 7.50x 7.50x - Market Approach (Guideline Comparable) NTM Revenue Multiple, NTM EBITDA Multiple, Volatility 0.90x / 3.00x / 39.40% 1.00x / 4.00x / 84.20% 1.00x / 4.00x / 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 /23.10% 1.41x / 91.80% 1.41x / 40.00% - Enterprise Valuation Analysis Expected Sales Proceeds $1.75M $1.75M $1.75M Equity Securities Market Approach (Guideline Comparable) LTM and 2015 EBITDA Multiple 5.25x / 4.75x 7.50x / 5.50x 5.28x / 4.76x Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 4.25x / 3.75x 8.50x / 7.50x 5.39x / 4.83x - Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 0.00x / $44.9M 0.00x / $73.2M 0.00x / $59.7M Market Approach (Guideline Comparable)/Option Model Tangible Book Value of Invested Capital Multiple/Volatility 1.40x / 23.10% 1.41x / 91.80% 1.41x / 40.00% Market Approach (Guideline Comparable) LTM EBITDA Multiple 4.00x 5.00x 4.50x Equity Method Investments Net Asset Value of Underlying Fund N/A N/A N/A N/A $ Fair Value as of September 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 / 7.00x 9.00x / 8.00x 8.50x / 7.50x Recent Arms-Length Transaction Recent Arms-Length Transaction NA NA NA 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 | 9 Months Ended |
Sep. 30, 2015 | |
Other Asset [Abstract] | |
Other Assets | 5. OTHER ASSETS The components of other assets are as follows: As of September 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Other Assets of Medley LLC: Property and equipment, net of accumulated depreciation of $1,554 and $1,232 , respectively $ $ Security deposits Administrative fees receivable (Note 10) Deferred tax assets Deferred financing costs, net of accumulated amortization of $628 and $217 , respectively Due from affiliates (Note 10) Prepaid expenses and taxes 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 | 9 Months Ended |
Sep. 30, 2015 | |
Loans Payable [Abstract] | |
Loans Payable | 6. LOANS PAYABLE The Company’s loans payable consist of the following: As of September 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 $834 and $1,006 , respectively $ $ Non-recourse promissory notes, net of unamortized discount of $2,094 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 September 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 September 30, 2015 and December 31, 2014, outstanding borrowings under this facility w ere $94.2 million and $94.0 million , respectively, which is reflected net of unamortized discount of $0.8 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 $1.7 million and $1.0 million for the three months ended September 30, 2015 and 2014, respectively and $4.9 million and $1.0 million for the nine months ended September 30, 2015 and 2014, respectively . The fair value of the outstanding balance of Term Loan Facility approximated its par value as of September 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 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 September 30 , 201 5 . CNB Credit Agreement On August 19, 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 September 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 adjustment s made to calculate Core EBITDA . 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 September 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 for each of the three months ended September 30 , 201 5 and 2014 and $1.1 million and $1.0 million for the nine months ended September 30 , 201 5 and 2014, respectively . The fair value of the outstanding balance of the notes was $10.2 million as of September 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 September 30, 2015 and December 31, 2014, the balance under this note was $0.6 million and $1.6 million , respectively . Contractual Maturities of Loans Payable As of September 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 | 9 Months Ended |
Sep. 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 September 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 represent ed 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 September 30, 2015. |
SECURED BORROWINGS
SECURED BORROWINGS | 9 Months Ended |
Sep. 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 September 30, 2015, secured borrowings of Consolidated Funds at cost and fair value totaled $136.1 million and $ 13 4.0 million, respectively. The fair value of the investments that are associated with these secured borrowings was $134.0 million. T he Consolidated Funds received net repayments on secured borrowings of $6.3 million during the nine months ended September 30, 2015 and net proceeds from secured borrowings of $93.9 million during the nine months ended September 30, 2014 . 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 September 30, 2015 and 2014, the Company recorded interest expense related to the secured borrowings of the Consolidated Funds of $3.8 million and $2.5 million, respectively. For the nine months ended September 30, 2015 and 2014, the Company recorded interest expense related to the secured borrowings of the Consolidated Funds of $11.4 million and $5.6 million, respectively. Future minimum repayments under the secured borrowings of the Consolidated Funds are $0.7 million, $3.7 million, $8.3 million, $36.2 million and $78.4 million for the years ended December 31, 2015, 2016, 2017, 2018 and 2019, respectively, and $8.7 million thereafter. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 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 September 202 3 . In August 2015, the Company signed a new lease for its office space in New York City. Minimum rent payments are expected to commence in May 2016 and have been included in the future minimum rental payment schedule below. Rent expense was $ 0.6 million for each of the three months ended September 30, 2015 and 2014 and $1.9 million for each of the nine months ended September 30, 2015 and 2014. Future minimum rental payments under non-cancelable leases are as follows (in thousands): Remaining in 2015 $ 2016 2017 2018 2019 Thereafter Total future minimum lease payments $ Capital Commitments to Funds As of September 30 , 2015 and December 31, 2014, the Company had aggregate unfunded commitments of $ 0.3 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 September 30 , 2015 and December 31, 2014, the obligation amounted to $6.7 million 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 | 9 Months Ended |
Sep. 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 require d 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 December 31, 2014, there were no reimbur sements that were due to Medley as Medley had been reimbursed in full. During the nine months ended September 30 , 2014, Medley incurred O&O Expenses of $1.5 million which were recorded within general, administrative, and other expenses in the condensed consolidated statements of operations. The Company did not incur O&O expenses during the three months ended September 30, 2014. Reimbursements of O&O are recorded in other revenues and fees on the condensed consolidated statements of operations and were $1.5 million and $3.7 million, respectively , during the three and nine months ended September 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 September 30, 2015, Medley recorded a $1.1 million ESA reimbursement under this agreement. For the three months ended September 30, 2014, Medley recorded $0.8 million of ESA expenses under this agreement. For the nine months ended September 30, 2015 and 2014, Medley recorded $3.1 million and $4.3 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 $3.2 million and $5.2 million as of September 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. The Company recorded revenue related to the MCC Admin Agreement of $1.0 million for each of the three months ended September 30, 2015 and 2014. During the nine months ended September 30, 2015 and 2014, the Company recorded $3.1 million and $2.7 million, respectively, of revenue related to the MCC Admin Agreement. The administrative fees receivable under the MCC Admin Agreement was $1.0 million and $1.1 million, respectively, as of September 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 September 30 , 2015 and 2014, the Company recorded $0.5 million and $0.4 million, respectively, of revenue related to the SIC Admin Agreement. For the nine months ended September 30 , 2015 and 2014, the Company recorded $1.6 million and $0.9 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 September 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 September 30, 2015 and December 31, 2014, the balance under this note was $0.6 million and $1.6 million , respectively . |
EARNINGS PER CLASS A SHARE
EARNINGS PER CLASS A SHARE | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015: For the Three Months For the Nine Months Ended Ended September 30, 2015 September 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 paid to participating securities (2) Less: Allocated undistributed net loss to participating securities (2) Allocation of undistributed net loss 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 Distributed earnings $ $ Undistributed net loss 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 and August 10, 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 | 9 Months Ended |
Sep. 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 September 30 , 2015 and December 31, 2014, the Company had total deferred tax assets of $1.1 million and $1.2 million, respectively, which consists primarily of temporary differences relating to certain accrued expenses , net unrealized losses, and, as of September 30 , 2015, stock compensation and a tax benefit relating to tax goodwill. Total deferred tax liabilities were $0.5 million and $0.3 million as of September 30, 2015 and December 31, 2014, respectively, which consists primarily of temporar y 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 (0.6%) and 3.8% for the three months ended September 30, 2015 and 2014, respectively and 4.9% and 3.9% for the nine months ended September 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 nine months ended September 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. For the three and nine months ended September 30 , 2014 , t he Company was only subject to federal taxes for a two day period on pre-tax income attributable Medley Management Inc. 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 nine months ended September 30 , 2015 and 2014. As of September 30 , 2015 and December 31, 2014 and during the three and nine months ended September 30 , 2015 and 2014, there were no uncertain tax positions taken that were not more likely than not to be sustained . |
COMPENSATION EXPENSE
COMPENSATION EXPENSE | 9 Months Ended |
Sep. 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 are accounted for as employee compensation. Performance Fee Compensation In October 2010, the Company granted shares of vested profits interests in certain subsidiaries to select 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 select 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 select 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 September 30 , 2015 and 2014, performance compensation was $ (3.7 ) million and $(0.9) mi llion, respectively. For the nine months ended September 30, 2015 and 2014, performance compensation was $ (4.6 ) million and $ 2 .2 million , respectively. As of September 30 , 2015 and December 31, 2014, the total performance fee compensation payable for these awards was $5.8 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 September 30, 2015 and 2014 . For the nine months ended September 30 , 2015 and 2014, the Company’s accrued contributions to the plan were $0.3 million and $0.4 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 September 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 9% 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 nine months ended September 30 , 2015, stock-based compensation was $ 0.8 million and $2.4 million , respectively . For each of the three and nine months ended September 30, 2014, stock-based compensation was $0.1 million. The following summarizes RSU activity for the nine months ended September 30 , 2015: Weighted Average Grant Number of RSUs Date Fair Value Balance at December 31, 2014 $ Granted Forfeited Vested Balance at September 30, 2015 $ As of September 30 , 2015 there were approximately 960,000 RSUs outstanding net of estimated forfeitures, which are expected to vest. Unamortized compensation cost related to unvested RSUs at September 30 , 2015 was $13.0 million and is expected to be recognized over a weighted average period of 4.0 years . |
MARKET AND OTHER RISK FACTORS
MARKET AND OTHER RISK FACTORS | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014: For the Three Months Ended For the Nine Months Ended September 30, September 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 (benefit from) income taxes Net income (loss) Net income (loss) 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 September 30, 2015 and 2014: For the Three Months Ended September 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 (benefit from) income taxes (4) Net income (loss) 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 September 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 - - - IPO date award stock-based compensation - 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 September 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 September 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 September 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 September 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 nine months ended September 30, 2015 and 2014: For the Nine Months Ended September 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 (loss) 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 Nine Months Ended September 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 - IPO date award stock-based compensation - 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Basis of Presentation [Abstract] | |
Consolidating Schedules | 16. CONSOLIDATING SCHEDULES The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition as of September 30, 2015 and December 31, 2014, and the Company’s results from operations for the three and nine months ended September 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 September 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 (loss) before income taxes Provision for (benefit from) income taxes - Net income (loss) Net income attributable to non-controlling interests in Consolidated Funds - - Net income (loss) 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 Nine Months Ended September 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 (loss) 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 September 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 September 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 non-controlling interests in Medley LLC - - Net income attributable to Medley LLC $ $ $ $ For the Nine Months Ended September 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 non-controlling interests in Medley LLC - - 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 | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS On November 12, 2015, the Company’s Board of Directors declared a dividend of $0.20 per share of Class A common stock for the third quarter of 2015. The dividend is payable on December 4, 2015 to stockholders of record as of November 25, 2015. |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 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 September 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 September 30, 2015 and December 31, 2014, total assets, after eliminating entries, of this VIE reflected in the consolidated balance sheets were $25.3 million and $ 18.0 million, respectively. Total liabilities, after eliminating entries, of this VIE were $17.9 million and $ 19.6 million as of September 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. The Company 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 the three and nine months ended September 30, 2015 , the Company reversed $14.7 million and $18.7 million, respectively, of previously recognized performance fees on a standalone basis. For each of the three and nine months ended September 30, 2015, the Company reversed $2.0 million of previously recognized performance fees on a consolidated basis. For each of the three and nine months ended September 30, 2014 , the Company reversed $0.3 million of previously recognized performance fees on both a standalone and consolidated basis . Cumulative performance fees recognized through September 30 , 2015 were $9.7 million and $6.5 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 September 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 select 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 new standard will become effective for the Company on January 1, 2018. Early application is permitted to the effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. 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. Amortization of the costs will continue to be reported as interest expense. While t he new guidance is effective for the Company beginning January 1, 2016, early application is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company will implement the provisions of ASU 2015-03 as of January 1, 2016. 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. The Company does not believe any other recently issued, but not yet effective, revisions to authoritative guidance will have a material effect on its condensed consolidated balance sheets, results of operations or cash flows. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Composition of Investments | The composition of investments is as follows: As of September 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 September 30, September 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 and Food % % 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 % % Services: Business % % Services: Consumer % % Total Senior Secured Loans and Notes, North America (cost of $729,558 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 September 30, September 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 $45,032 and $40,944 , respectively) $ $ % % Equity securities: Common Stock (cost of $1,131 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 % % Services: Business - % % Total Warrants (cost of $2,120 and $3,428 , respectively) % % Total Equity Securities (cost of $3,888 and $22,528 , respectively) $ $ % % Collectibles (cost of $0 and $1,385 , respectively) $ - $ % % Total Investments of Consolidated Funds (cost of $778,031 and $790,677 , respectively) $ $ % % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 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 September 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 nine months ended September 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 - - - Distributions received from equity method investments - - - - - 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 September 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 / 22.5% Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.25x 6.75x 6.50x Enterprise Valuation Analysis Expected Sales Proceeds $1.75M $1.75M $1.75M Market Approach (Guideline Comparable)/Option Model NTM Revenue Multiple, NTM EBITDA Multiple, Volatility 0.90x / 3.00x / 39.40% 0.90x / 4.00x / 84.20% 1.00x / 4.00x / 70.00% Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 0.00x / $44.9M 0.00x / $73.2M 0.00x / $59.7M Equity Interests in LLCs Market Approach (Guideline Comparable) Investment Portfolio Multiple 1.10x 1.20x 1.20x Recent Arms-length transaction Recent Arms-length transaction N/A N/A N/A Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 6.25x / 6.00x 7.00x / 6.25x 6.83x / 6.06x Market Approach (Guideline Comparable) 2015 EBITDA Multiple 6.50x 7.50x 7.50x - Market Approach (Guideline Comparable) NTM Revenue Multiple, NTM EBITDA Multiple, Volatility 0.90x / 3.00x / 39.40% 1.00x / 4.00x / 84.20% 1.00x / 4.00x / 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 /23.10% 1.41x / 91.80% 1.41x / 40.00% - Enterprise Valuation Analysis Expected Sales Proceeds $1.75M $1.75M $1.75M Equity Securities Market Approach (Guideline Comparable) LTM and 2015 EBITDA Multiple 5.25x / 4.75x 7.50x / 5.50x 5.28x / 4.76x Market Approach (Guideline Comparable) LTM and NTM EBITDA Multiple 4.25x / 3.75x 8.50x / 7.50x 5.39x / 4.83x - Enterprise Valuation Analysis EBITDA Multiple/Estimated Liquidation Proceeds 0.00x / $44.9M 0.00x / $73.2M 0.00x / $59.7M Market Approach (Guideline Comparable)/Option Model Tangible Book Value of Invested Capital Multiple/Volatility 1.40x / 23.10% 1.41x / 91.80% 1.41x / 40.00% Market Approach (Guideline Comparable) LTM EBITDA Multiple 4.00x 5.00x 4.50x Equity Method Investments Net Asset Value of Underlying Fund N/A N/A N/A N/A $ Fair Value as of September 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 / 7.00x 9.00x / 8.00x 8.50x / 7.50x Recent Arms-Length Transaction Recent Arms-Length Transaction NA NA NA 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) | 9 Months Ended |
Sep. 30, 2015 | |
Other Asset [Abstract] | |
Components of Other Assets | The components of other assets are as follows: As of September 30, As of 2015 December 31, (unaudited) 2014 (Amounts in thousands) Other Assets of Medley LLC: Property and equipment, net of accumulated depreciation of $1,554 and $1,232 , respectively $ $ Security deposits Administrative fees receivable (Note 10) Deferred tax assets Deferred financing costs, net of accumulated amortization of $628 and $217 , respectively Due from affiliates (Note 10) Prepaid expenses and taxes 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) | 9 Months Ended |
Sep. 30, 2015 | |
Loans Payable [Abstract] | |
Schedule of Debt | The Company’s loans payable consist of the following: As of September 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 $834 and $1,006 , respectively $ $ Non-recourse promissory notes, net of unamortized discount of $2,094 and $2,500 , respectively Total loans payable $ $ |
Schedule of Maturities of Long-term Debt | As of September 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) | 9 Months Ended |
Sep. 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 September 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) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Rental Payments | Future minimum rental payments under non-cancelable leases are as follows (in thousands): Remaining in 2015 $ 2016 2017 2018 2019 Thereafter Total future minimum lease payments $ |
EARNINGS PER CLASS A SHARE (Tab
EARNINGS PER CLASS A SHARE (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015: For the Three Months For the Nine Months Ended Ended September 30, 2015 September 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 paid to participating securities (2) Less: Allocated undistributed net loss to participating securities (2) Allocation of undistributed net loss 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 Distributed earnings $ $ Undistributed net loss 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 and August 10, 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) | 9 Months Ended |
Sep. 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 September 30, 2015 $ |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014: For the Three Months Ended For the Nine Months Ended September 30, September 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 (benefit from) income taxes Net income (loss) Net income (loss) 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 . 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 September 30, 2015 and 2014: For the Three Months Ended September 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 (benefit from) income taxes (4) Net income (loss) 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 September 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 - - - IPO date award stock-based compensation - 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 September 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 September 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 September 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 September 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 nine months ended September 30, 2015 and 2014: For the Nine Months Ended September 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 (loss) 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 Nine Months Ended September 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 - IPO date award stock-based compensation - 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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) | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Basis of Presentation [Abstract] | |
Consolidated Income Statement | For the Three Months Ended September 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 (loss) before income taxes Provision for (benefit from) income taxes - Net income (loss) Net income attributable to non-controlling interests in Consolidated Funds - - Net income (loss) 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 Nine Months Ended September 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 (loss) 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 September 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 non-controlling interests in Medley LLC - - Net income attributable to Medley LLC $ $ $ $ For the Nine Months Ended September 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 non-controlling interests in Medley LLC - - Net income attributable to Medley LLC $ $ $ $ |
Consolidated Balance Sheet | As of September 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 Thousands | Sep. 29, 2014 | Jun. 13, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Organization And Basis Of Presentation [Line Items] | ||||
Proceeds from Initial Public Offering | $ 100,440 | |||
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 | $ 100,400 | |||
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 | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Percent of voting power in Medley LLC | 100.00% | ||||
Fair value of investments | $ 789,855 | $ 744,771 | $ 789,855 | ||
Reversal of performance fee | $ 300 | 2,000 | $ 300 | ||
Cumulative performance fees | 6,500 | $ 6,500 | |||
Remaining maturity period, max | 60 days | ||||
Interest and other income of Consolidated Funds | 21,843 | 17,880 | $ 61,739 | 51,476 | |
Net change in unrealized depreciation on investments of Consolidated Funds | 16,011 | (2,369) | 13,616 | (9,540) | |
Adjustments for Change in Accounting Principle [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Interest and other income of Consolidated Funds | 2,500 | 5,600 | |||
Net change in unrealized depreciation on investments of Consolidated Funds | 1,300 | 100 | |||
Net proceeds from secured borrowings | 93,900 | ||||
Standalone [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Reversal of performance fee | 14,700 | $ 300 | 18,700 | $ 300 | |
Sierra Income Corporation [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Total assets of consolidated variable interest entity | 25,300 | 18,000 | 25,300 | ||
Total liabilities of consolidated variable interest entity | 17,900 | $ 19,600 | 17,900 | ||
Medley LLC [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Parent ownership percentage of LLC | 20.50% | ||||
Cumulative performance fees | $ 9,700 | $ 9,700 | |||
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Equity method investment, at fair value | $ 10,884 | $ 9,901 |
Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 778,031 | 790,677 |
Sierra Income Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Equity method investment, at fair value | 9,500 | 9,900 |
Equity Interests in LLCs [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 45,032 | 40,944 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 3,888 | 22,528 |
Common Stock [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 1,131 | 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 | 2,120 | 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 | 729,558 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Equity method investment, at fair value | $ 10,884 | $ 9,901 |
Investments of Consolidated Funds, at fair value | 778,971 | 734,870 |
Total Investments | $ 789,855 | $ 744,771 |
INVESTMENTS (Investments in Con
INVESTMENTS (Investments in Consolidated Funds) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 778,971 | $ 734,870 |
Investment Owned, Percent of Net Assets | 100.00% | 100.00% |
Investment Owned, Cost | $ 778,031 | $ 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 | $ 45,032 | $ 40,944 |
Equity Interests in LLCs [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 57,518 | $ 48,784 |
Investment Owned, Percent of Net Assets | 7.40% | 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 | $ 54,108 | $ 42,338 |
Investment Owned, Percent of Net Assets | 7.00% | 5.80% |
Equity Interests in LLCs [Member] | Construction and Building [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 2,539 | $ 3,297 |
Investment Owned, Percent of Net Assets | 0.30% | 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 | $ 323 | $ 320 |
Investment Owned, Percent of Net Assets | 0.00% | 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 | $ 548 | $ 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 | $ 3,888 | $ 22,528 |
Equity Securities [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 27,714 | $ 19,913 |
Investment Owned, Percent of Net Assets | 3.50% | 2.70% |
Common Stock [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Cost | $ 1,131 | $ 8,913 |
Common Stock [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 1,071 | $ 964 |
Investment Owned, Percent of Net Assets | 0.10% | 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 | $ 2,120 | $ 3,428 |
Warrant [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 26,453 | $ 18,404 |
Investment Owned, Percent of Net Assets | 3.40% | 2.50% |
Warrant [Member] | Banking, Finance, Insurance and Real Estate [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 11,092 | $ 10,363 |
Investment Owned, Percent of Net Assets | 1.40% | 1.40% |
Warrant [Member] | Construction and Building [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 101 | $ 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 | $ 355 | $ 105 |
Investment Owned, Percent of Net Assets | 0.00% | 0.00% |
Warrant [Member] | Energy: Oil and Gas [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 4,354 | $ 1,793 |
Investment Owned, Percent of Net Assets | 0.60% | 0.30% |
Warrant [Member] | Healthcare and Pharmaceuticals [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 9,358 | $ 5,137 |
Investment Owned, Percent of Net Assets | 1.20% | 0.70% |
Warrant [Member] | Retail [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 614 | $ 893 |
Investment Owned, Percent of Net Assets | 0.10% | 0.10% |
Warrant [Member] | Services: Business [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 579 | |
Investment Owned, Percent of Net Assets | 0.10% | 0.00% |
North America [Member] | Senior Secured Loans And Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Cost | $ 729,558 | $ 711,398 |
North America [Member] | Senior Secured Loans And Notes [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 693,739 | $ 662,655 |
Investment Owned, Percent of Net Assets | 89.10% | 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 | $ 30,595 | $ 21,937 |
Investment Owned, Percent of Net Assets | 3.90% | 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 | $ 192,646 | $ 206,424 |
Investment Owned, Percent of Net Assets | 24.70% | 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 | $ 21,204 | $ 14,934 |
Investment Owned, Percent of Net Assets | 2.70% | 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 | $ 7,795 | |
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 | $ 21,083 | $ 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 | $ 57,829 | $ 53,547 |
Investment Owned, Percent of Net Assets | 7.40% | 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 | $ 24,052 | $ 34,687 |
Investment Owned, Percent of Net Assets | 3.10% | 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 | $ 26,880 | $ 26,823 |
Investment Owned, Percent of Net Assets | 3.50% | 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 | $ 22,815 | $ 32,736 |
Investment Owned, Percent of Net Assets | 2.90% | 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 | $ 96,251 | $ 81,921 |
Investment Owned, Percent of Net Assets | 12.40% | 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 | $ 34,602 | $ 25,329 |
Investment Owned, Percent of Net Assets | 4.50% | 3.40% |
North America [Member] | Senior Secured Loans And Notes [Member] | Retail [Member] | Consolidated Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | $ 37,539 | $ 24,886 |
Investment Owned, Percent of Net Assets | 4.80% | 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 | $ 10,164 | $ 11,494 |
Investment Owned, Percent of Net Assets | 1.40% | 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 | $ 24,032 | $ 26,042 |
Investment Owned, Percent of Net Assets | 3.10% | 3.50% |
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 | $ 47,861 | $ 34,808 |
Investment Owned, Percent of Net Assets | 6.10% | 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 | $ 38,391 | $ 45,545 |
Investment Owned, Percent of Net Assets | 4.90% | 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) - Consolidated Funds [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | $ 789,855 | $ 744,771 |
Secured borrowings of Consolidated Funds, at fair value | 134,047 | 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 | 2,006 | 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 | 787,849 | 744,680 |
Secured borrowings of Consolidated Funds, at fair value | 134,034 | 141,119 |
Equity Method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 10,884 | 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 | 10,884 | 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 | 693,739 | 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 | 693,739 | 664,108 |
Equity Interest [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 57,518 | 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 | 57,518 | 48,784 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 27,714 | 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 | 2,006 | 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 | $ 25,708 | 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 | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Balance, beginning of period | $ 744,680 |
Deconsolidation of MOF I | (11,336) |
Transfer out of level 3 | (105) |
Amortization | (1,600) |
Paid in-kind interest income | 3,988 |
Purchases | 179,239 |
Sales and settlements | (107,385) |
Distributions received from equity method investments | (183) |
Realized and unrealized appreciation (depreciation), net | (19,449) |
Balance, end of period | 787,849 |
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date | (11,136) |
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 | (1,109) |
Proceeds from secured borrowings, net | (5,976) |
Balance, end of period, Liabilities | 134,034 |
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date | 2,661 |
Equity Method Investments [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Balance, beginning of period | 9,901 |
Deconsolidation of MOF I | 1,768 |
Distributions received from equity method investments | (183) |
Realized and unrealized appreciation (depreciation), net | (602) |
Balance, end of period | 10,884 |
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date | (602) |
Senior Secured Loans And Notes [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Balance, beginning of period | 664,108 |
Deconsolidation of MOF I | (8,252) |
Amortization | (1,600) |
Paid in-kind interest income | 3,931 |
Purchases | 166,319 |
Sales and settlements | (106,686) |
Realized and unrealized appreciation (depreciation), net | (24,081) |
Balance, end of period | 693,739 |
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date | (15,505) |
Equity Interest [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Balance, beginning of period | 48,784 |
Deconsolidation of MOF I | (1,370) |
Paid in-kind interest income | 57 |
Purchases | 12,468 |
Realized and unrealized appreciation (depreciation), net | (2,421) |
Balance, end of period | 57,518 |
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date | (2,421) |
Equity Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Balance, beginning of period | 19,822 |
Deconsolidation of MOF I | (1,417) |
Transfer out of level 3 | (105) |
Purchases | 452 |
Sales and settlements | (699) |
Realized and unrealized appreciation (depreciation), net | 7,655 |
Balance, end of period | 25,708 |
Changes in unrealized (gains) losses included in earnings related to financial assets still held at the reporting date | 7,392 |
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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value Disclosure | $ 789,855,000 | $ 744,771,000 |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 134,047,000 | 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 | 134,047,000 | $ 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 | |
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 | $ 121,307,000 | $ 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 | 9.17% | 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 | 13.50% | 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 | 11.46% | 12.45% |
Recent Arms-length Transaction Input [Member] | Recent Arms-length Transaction [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] | 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 | $ 267,000 | |
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 | |
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 | 9 | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 8 | |
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 | 8.50 | |
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 | $ 693,739,000 | $ 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] | Minimum [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs Expected Proceeds | 1,750,000 | |
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] | Maximum [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs Expected Proceeds | 1,750,000 | |
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] | Expected Sales Proceeds [Member] | Weighted Average [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs Expected Proceeds | $ 1,750,000 | |
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 | 20.00% | 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 | 22.00% | 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 | 18.00% | 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 | 9.17% | 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 | 18.38% | 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 | 12.18% | 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/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 | 0 | |
Fair Value Inputs, Liquidation Proceeds | $ 44,900,000 | |
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 | 0 | |
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 | 0 | |
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 | 22.50 | |
Senior Secured Loans And Notes [Member] | NTM Revenue Multiple, NTM 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 Assumptions, Expected Volatility Rate | 39.40% | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 3 | |
Fair Value Inputs, Next Twelve Months Revenue Multiple | 0.90 | |
Senior Secured Loans And Notes [Member] | NTM Revenue Multiple, NTM 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 Assumptions, Expected Volatility Rate | 84.20% | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4 | |
Fair Value Inputs, Next Twelve Months Revenue Multiple | 0.90 | |
Senior Secured Loans And Notes [Member] | NTM Revenue Multiple, NTM 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 Assumptions, Expected Volatility Rate | 70.00% | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4 | |
Fair Value Inputs, Next Twelve Months Revenue Multiple | 1 | |
Equity Interests in LLCs [Member] | Expected Sales Proceeds [Member] | Minimum [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs Expected Proceeds | $ 1,750,000 | |
Equity Interests in LLCs [Member] | Expected Sales Proceeds [Member] | Maximum [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs Expected Proceeds | 1,750,000 | |
Equity Interests in LLCs [Member] | Expected Sales Proceeds [Member] | Weighted Average [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs Expected Proceeds | $ 1,750,000 | |
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 | 12.00% | 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 | 17.01% | 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 | 14.63% | 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 | 14.63% | 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 | 14.63% | 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 | 1.10 | 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 | 1.20 | 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 | 1.20 | 1.10 |
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 | 6.25 | |
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 | 6.25 | |
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 | 6.83 | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 6.06 | |
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 Interests in LLCs [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 | |
Fair Value Assumptions, Expected Volatility Rate | 23.10% | |
Equity Interests in LLCs [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 | 1.41 | |
Fair Value Assumptions, Expected Volatility Rate | 91.80% | |
Equity Interests in LLCs [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 | 1.41 | |
Fair Value Assumptions, Expected Volatility Rate | 40.00% | |
Equity Interests in LLCs [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, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 6.50 | |
Equity Interests in LLCs [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, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 7.50 | |
Equity Interests in LLCs [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, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 7.50 | |
Equity Interests in LLCs [Member] | NTM Revenue Multiple, NTM 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 Assumptions, Expected Volatility Rate | 39.40% | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 3 | |
Fair Value Inputs, Next Twelve Months Revenue Multiple | 0.90 | |
Equity Interests in LLCs [Member] | NTM Revenue Multiple, NTM 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 Assumptions, Expected Volatility Rate | 84.20% | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4 | |
Fair Value Inputs, Next Twelve Months Revenue Multiple | 1 | |
Equity Interests in LLCs [Member] | NTM Revenue Multiple, NTM 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 Assumptions, Expected Volatility Rate | 70.00% | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4 | |
Fair Value Inputs, Next Twelve Months Revenue Multiple | 1 | |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value Disclosure | $ 27,714,000 | $ 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 | 4 | 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 | 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 | 4.50 | 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/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 | 0 | |
Fair Value Inputs, Liquidation Proceeds | $ 44.90 | |
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 | 0 | |
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 | 0 | |
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 | 4.25 | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 3.75 | |
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 | 8.50 | |
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 | 5.39 | |
Fair Value Inputs, Next Twelve Months Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4.83 | |
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 | 5.25 | |
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4.75 | |
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 | 7.50 | |
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 5.50 | |
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 | 5.28 | |
Fair Value Inputs, 2015 Earnings before Interest, Taxes, Depreciation, Amortization Multiple | 4.76 | |
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 | 23.10% | |
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 | 1.41 | |
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 | 91.80% | |
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 | 1.41 | |
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 | |
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 | $ 787,849,000 | 744,680,000 |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 134,034,000 | 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 | 134,034,000 | |
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 | 693,739,000 | 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] | Expected Sales Proceeds [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value Disclosure | 1,750,000 | |
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 | 13,799,000 | 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 | 584,484,000 | 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 | 59,423,000 | 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/Estimated Liquidation Proceeds [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value Disclosure | 911,000 | 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 | 4,682,000 | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Loans And Notes [Member] | NTM Revenue Multiple, NTM 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 | $ 8,797,000 | |
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | Expected Sales Proceeds [Member] | Enterprise Valuation Analysis [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value Disclosure | ||
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 | $ 18,104,000 | 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 | 609,000 | 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 | 27,000,000 | 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 | 6,162,000 | 5,623,000 |
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 | 2,478,000 | |
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 Interests in LLCs [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 | 2,842,000 | |
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [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 | $ 323,000 | |
Fair Value, Inputs, Level 3 [Member] | Equity Interests in LLCs [Member] | NTM Revenue Multiple, NTM 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 | ||
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 | $ 25,708,000 | 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 | $ 191,000 | 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] | 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] | 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 | ||
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 | $ 6,349,000 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [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 | 8,076,000 | |
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 | 11,092,000 | |
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 | $ 10,884,000 | $ 9,901,000 |
OTHER ASSETS (Components of Oth
OTHER ASSETS (Components of Other Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Assets of Medley: | ||
Deferred tax assets | $ 1,100 | $ 1,200 |
Total other assets | 13,966 | 9,230 |
Property, plant, and equipment, accumulated depreciation | 1,554 | 1,232 |
Deferred finance costs, accumulated amortization | 628 | 217 |
Consolidated Funds [Member] | ||
Other Assets of Medley: | ||
Deferred tax assets | 12 | 340 |
Restricted cash | 3,000 | |
Other receivables | 3,791 | 341 |
Total other assets | 3,803 | 3,681 |
Medley And Consolidated Funds [Member] | ||
Other Assets of Medley: | ||
Total other assets | 17,769 | 12,911 |
Medley LLC [Member] | ||
Other Assets of Medley: | ||
Property and equipment, net of accumulated depreciation | 1,155 | 1,367 |
Security deposits | 3,034 | 1,218 |
Administrative fees receivable | 1,597 | 1,500 |
Deferred tax assets | 1,052 | 874 |
Deferred financing costs, net | 1,968 | 2,329 |
Due from affiliates | 507 | 382 |
Prepaid expenses | 3,821 | 627 |
Other assets | 832 | 933 |
Total other assets | $ 13,966 | $ 9,230 |
LOANS PAYABLE (Narrative) (Deta
LOANS PAYABLE (Narrative) (Details) - USD ($) | Aug. 14, 2014 | Oct. 31, 2014 | Apr. 30, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of long-term debt | $ 123,900,000 | |||||||
Repayments of long-term debt | $ 937,000 | 35,625,000 | ||||||
Partners capital account, distributions | $ 29,507,000 | |||||||
Ratio of indebtedness to net capital | 3.5 | 3.5 | ||||||
Long-term Debt | $ 102,697,000 | $ 102,697,000 | $ 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. 19, 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 | ||||||
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 | 834,000 | $ 834,000 | 1,006,000 | ||||
Repayments of long-term debt | $ 15,000,000 | |||||||
Debt instrument, fee amount | 2,600,000 | 2,600,000 | ||||||
Deferred finance costs, net | 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 | ||||||
Interest expense, debt | 1,700,000 | $ 4,900,000 | ||||||
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 | $ 94,166,000 | $ 94,166,000 | 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 | ||||||
Debt Instrument, Additional Borrowings Capacity | $ 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 | |||||
Debt instrument, unamortized discount (premium), net | 2,094,000 | 2,094,000 | 2,500,000 | |||||
Unamortized Debt Issuance Expense | $ 3,800,000 | |||||||
Interest expense, debt | $ 400,000 | 1,100,000 | 1,000,000 | |||||
Sale of stock, number of shares issued in transaction | 1,108,033 | |||||||
Notes payable, fair value disclosure | 10,200,000 | $ 10,200,000 | ||||||
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 | 8,531,000 | $ 8,531,000 | 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 | ||||||
Debt instrument, maturity date | Mar. 31, 2016 | |||||||
Debt instrument, interest rate, effective percentage | 0.00% | 0.00% | ||||||
Debt instrument, periodic payment, principal | $ 312,500 | |||||||
Long-term Debt | $ 600,000 | $ 600,000 | $ 600,000 | $ 600,000 | $ 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 | ||||||
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 | Sep. 30, 2015 | Dec. 31, 2014 | Aug. 14, 2014 |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 102,697 | $ 103,057 | |
Credit Suisse Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 94,166 | 93,994 | |
Debt instrument, unamortized discount (premium), net | 834 | 1,006 | $ 1,100 |
Non-recourse Promissory Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, unamortized discount (premium), net | 2,094 | 2,500 | |
Non-recourse Promissory Notes [Member] | CNB Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 8,531 | $ 9,063 |
LOANS PAYABLE (Schedule of Matu
LOANS PAYABLE (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Loans Payable [Abstract] | |
Remaining in 2015 | $ 313 |
2,016 | 312 |
2,017 | 2,875 |
2,018 | 5,500 |
2,019 | 96,625 |
Long-term debt, gross | $ 105,625 |
ACCOUNTS PAYABLE, ACCRUED EXP49
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 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 EXP50
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Components of Accounts Payable, Accrued Expenses, and Other Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts payable, accrued expenses and other liabilities of Medley: | ||
Accrued compensation and benefits | $ 6,388 | $ 8,575 |
Due to affiliates (Note 9) | 3,119 | 6,998 |
Revenue share payable (Note 8) | 6,703 | 6,669 |
Dividends payable | 1,423 | |
Income taxes payable | 373 | 741 |
Professional fees | 700 | 545 |
Deferred rent | 332 | 474 |
Deferred tax liabilities | 500 | 300 |
Accounts payable and accrued expenses | 2,635 | 1,913 |
Total accounts payable and accrued expenses | 20,739 | 27,583 |
Total accounts payable, accrued expenses and other liabilities | 265,441 | 289,349 |
Medley And Consolidated Funds [Member] | ||
Accounts payable, accrued expenses and other liabilities of Medley: | ||
Total accounts payable and accrued expenses | 22,938 | 33,350 |
Medley LLC [Member] | ||
Accounts payable, accrued expenses and other liabilities of Medley: | ||
Deferred tax liabilities | 489 | 245 |
Consolidated Funds [Member] | ||
Accounts payable, accrued expenses and other liabilities of Medley: | ||
Total accounts payable and accrued expenses | $ 2,199 | $ 5,767 |
SECURED BORROWINGS (Narratiave)
SECURED BORROWINGS (Narratiave) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Secured borrowings at fair value | $ 134,047 | $ 134,047 | $ 141,135 | ||
Interest expense from secured borrowings | 3,800 | $ 2,500 | 11,400 | $ 5,600 | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 313 | 313 | |||
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 | 700 | 700 | |||
2,016 | 3,700 | 3,700 | |||
2,017 | 8,300 | 8,300 | |||
2,018 | 36,200 | 36,200 | |||
2,019 | 78,400 | 78,400 | |||
Thereafter | 8,700 | 8,700 | |||
Consolidated Funds [Member] | |||||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||||
Secured borrowings at cost | 136,100 | 136,100 | 143,000 | ||
Secured borrowings at fair value | 134,047 | 134,047 | 141,135 | ||
Investment associated with secured borrowings | 134,000 | 134,000 | $ 141,100 | ||
Net proceeds from secured borrowings | (6,300) | 93,900 | |||
Interest expense from secured borrowings | $ 3,804 | $ 2,524 | $ 11,418 | $ 5,586 |
COMMITMENTS AND CONTINGENCIES52
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | May. 29, 2015 | Apr. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Commitments And Contingencies [Line Items] | ||||||
Lease expiration period | various times through September 2023 | |||||
Operating Leases, Rent expense, net | $ 600,000 | $ 1,900,000 | $ 1,900,000 | |||
Consolidated Funds [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Unfunded capital commitments | 300,000 | $ 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 | ||||
Proceeds from issuance of debt | 10,000,000 | |||||
Present value of future cash flows expected to be paid | $ 4,400,000 | |||||
Contractual obligation | $ 6,700,000 | $ 6,700,000 |
COMMITMENTS AND CONTINGENCIES53
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Remaining 2,015 | $ 604 |
2,016 | 2,254 |
2,017 | 2,683 |
2,018 | 2,704 |
2,019 | 2,710 |
Thereafter | 9,522 |
Total future minimum lease payments | $ 20,477 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Apr. 30, 2012 | |
Related Party Transaction [Line Items] | ||||||
Long-term Debt | $ 102,697,000 | $ 102,697,000 | $ 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 | $ 600,000 | $ 600,000 | $ 600,000 | $ 600,000 | 1,600,000 | |
MCC Admin Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative services revenue | 1,000,000 | 1,000,000 | 3,100,000 | 2,700,000 | ||
Accrued fees and other revenue receivable | 100,000,000 | 100,000,000 | 1,100,000 | |||
SIC Admin Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative services revenue | 500,000 | 400,000 | 1,600,000 | 900,000 | ||
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 | 0 | 1,500,000 | ||||
Reimbursement revenue | 1,500,000 | 3,700,000 | ||||
SIC [Member] | Expense Support and Reimbursement Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Operating expenses percentage | 100.00% | |||||
Expense support and reimbursement agreement expenses | 1,100,000 | $ 800,000 | $ 3,100,000 | $ 4,300,000 | ||
ESA Liability | $ 3,200,000 | $ 3,200,000 | $ 5,200,000 |
EARNINGS PER CLASS A SHARE (Nar
EARNINGS PER CLASS A SHARE (Narrative) (Details) - $ / shares | Nov. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2015 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Dividends declared per Class A common stock | $ 0.20 | $ 0.40 | |
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) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Numerator | |||||
Net income attributable to Medley Management Inc. | $ 272 | $ 378 | $ 2,585 | $ 378 | |
Denominator | |||||
Weighted average shares of Class A shares outstanding | 6,000,211 | 6,000,000 | 6,000,071 | 6,000,000 | |
Common Class A [Member] | |||||
Numerator | |||||
Net income attributable to Medley Management Inc. | $ 272 | $ 2,585 | |||
Less: Dividends | [1] | (1,200) | (2,400) | ||
Less: Undistributed net income available to participating securities | [2] | 175 | 26 | ||
Undistributed net income available to class A common stockholders | $ (936) | $ (138) | |||
Denominator | |||||
Weighted average shares of Class A shares outstanding | 7,122,463 | 7,122,993 | |||
Less: weighted average of participating securities | [2] | (1,122,252) | (1,122,922) | ||
Weighted Average Number of Shares Outstanding, Basic, Total | 6,000,211 | 6,000,071 | |||
Add: dilutive effects of conversion of LLC Units | [3] | ||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 6,000,211 | 6,000,071 | |||
Basic and diluted, Distributable earnings | $ 0.20 | $ 0.40 | |||
Basic and diluted, Undistributed income | (0.16) | (0.02) | |||
Net income per Class A share | $ 0.04 | $ 0.38 | |||
Participating Securities [Member] | |||||
Numerator | |||||
Less: Dividends | [2] | $ (183) | $ (349) | ||
[1] | The Company declared a $0.20 per share dividend on Class A common stock on March 29, 2015 and August 10, 2015. | ||||
[2] | Participating securities relate to the Company's grant of restricted stock units in connection with its IPO, adjusted for actual forfeitures and additional grants during the period. | ||||
[3] | Excludes the assumed conversion of 23,333,333 LLC units to shares of Class A common stock as the impact would be antidilutive. |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||
Deferred Tax Assets, Net of Valuation Allowance | $ 1,100 | $ 1,100 | $ 1,200 | ||
Deferred Tax Liabilities, Gross | $ 500 | $ 500 | 300 | ||
Effective Income Tax Rate Reconciliation, Percent | (0.60%) | 3.80% | 4.90% | 3.90% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 | $ 0 | $ 0 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
COMPENSATION EXPENSE (Narrative
COMPENSATION EXPENSE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance fee compensation | $ (3,660) | $ (921) | $ (4,578) | $ 2,237 | |
Performance fee compensation payable | 5,759 | $ 5,759 | $ 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 | $ 100 | 100 | $ 300 | 400 | |
Incentive Plan shares available for grant | 3,400,000 | 3,400,000 | |||
Anticipated forfeiture rate | 9.00% | ||||
Stock-based compensation | $ 2,376 | 76 | |||
Shares authorized for grant | 4,500,000 | 4,500,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 800 | $ 100 | $ 2,400 | $ 100 | |
RSUs forfeited | 209,000 | ||||
Units outstanding, net of forfeitures | 960,000 | 960,000 | |||
Unvested RSU compensation cost not yet recognized | $ 13,000 | $ 13,000 | |||
Recognition period for unvested RSU compensation cost | 4 years | ||||
RSU vesting period | 5 years | ||||
RSUs granted, units | 157,000 |
COMPENSATION EXPENSE (Schedule
COMPENSATION EXPENSE (Schedule of RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number of RSUs | |
Beginning Balance | 1,197,915 |
Granted | 157,000 |
Forfeited | (209,000) |
Vested | (9,720) |
Ending Balance | 1,136,195 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 17.91 |
Granted | $ / shares | 10.75 |
Forfeited | $ / shares | 17.99 |
Vested | $ / shares | 18 |
Ending Balance | $ / shares | $ 16.90 |
SEGMENT REPORTING (Schedule of
SEGMENT REPORTING (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues | |||||
Management fees | $ 15,870 | $ 17,013 | $ 52,280 | $ 43,466 | |
Performance Fees | (1,948) | 965 | 920 | 3,337 | |
Other revenues and fees | 1,891 | 2,787 | 5,496 | 7,183 | |
Total revenues | 15,813 | 20,765 | 58,696 | 53,986 | |
Expenses | |||||
Compensation and benefits | 5,914 | 5,677 | 19,532 | 15,010 | |
Performance fee compensation | (3,660) | (921) | (4,578) | 2,237 | |
General, administrative and other expenses | 1,626 | 3,458 | 10,756 | 12,821 | |
Expenses | 4,422 | 8,510 | 27,679 | 31,197 | |
Other income (expense) | |||||
Dividend income | 222 | 222 | 665 | 665 | |
Interest Expense | (2,141) | (2,016) | (6,335) | (3,380) | |
Other expenses, net | (865) | (268) | (1,317) | (1,586) | |
Total other expense, net | 911 | 11,726 | 27,049 | 32,941 | |
Income before income taxes | 12,302 | 23,981 | 58,066 | 55,730 | |
Provision for (benefit from) income taxes | (77) | 923 | 2,864 | 2,174 | |
Net income | 12,379 | 23,058 | 55,202 | 53,556 | |
Net income | 272 | 378 | 2,585 | 378 | |
Reimbursable fund startup expenses | (943) | 1,195 | 2,751 | 4,591 | |
Severance expense | 121 | (5) | |||
Share-based Compensation | 2,376 | 76 | |||
Adjustment For Pre-IPO Guaranteed Payments | (1,069) | (3,284) | |||
Core Net Income | 701 | 12,713 | 22,877 | 29,858 | |
Interest expense | 2,141 | 2,016 | 6,335 | 3,380 | |
Depreciation and amortization | 341 | 289 | |||
Standalone [Member] | |||||
Revenues | |||||
Management fees | 18,135 | 17,616 | 56,578 | 47,516 | |
Performance Fees | (14,595) | 3,395 | (10,627) | 11,471 | |
Other revenues and fees | 1,891 | 2,787 | 5,496 | 7,183 | |
Total revenues | 5,431 | 23,798 | 51,447 | 66,170 | |
Expenses | |||||
Compensation and benefits | 5,914 | 5,677 | 19,532 | 15,010 | |
Performance fee compensation | (3,660) | (921) | (4,578) | 2,237 | |
General, administrative and other expenses | 1,626 | 3,458 | 10,756 | 12,821 | |
Expenses | 3,880 | 8,214 | 25,710 | 30,068 | |
Other income (expense) | |||||
Dividend income | 222 | 222 | 665 | 665 | |
Interest Expense | (2,141) | (2,016) | (6,335) | (3,380) | |
Other expenses, net | (838) | (87) | (1,087) | (1,707) | |
Total other expense, net | (2,757) | (1,881) | (6,757) | (4,422) | |
Income before income taxes | (1,206) | 13,703 | 18,980 | 31,680 | |
Provision for (benefit from) income taxes | (113) | 578 | 1,953 | 1,026 | |
Net income | (1,093) | 13,125 | 17,027 | 30,654 | |
Net income | 272 | 378 | 2,585 | 378 | |
Reimbursable fund startup expenses | [1] | $ (943) | $ 1,195 | 2,751 | 4,591 |
Severance expense | [1] | 121 | (5) | ||
Adjustment For Pre-IPO Guaranteed Payments | [1],[2] | $ (1,069) | (3,284) | ||
Core Net Income | $ 701 | 12,713 | 22,877 | 29,858 | |
Interest expense | 2,141 | 2,016 | 6,335 | 3,380 | |
Income taxes | (161) | 584 | 2,557 | 1,067 | |
Depreciation and amortization | 109 | 103 | 341 | 289 | |
Core EBITDA | 2,790 | 15,416 | 32,110 | 34,594 | |
Consolidated Subsidiaries [Member] | |||||
Other income (expense) | |||||
Net income attributable to non-controlling interests in consolidated subsidiaries | (2,150) | 612 | (1,134) | 2,172 | |
Consolidated Subsidiaries [Member] | Standalone [Member] | |||||
Other income (expense) | |||||
Net income attributable to non-controlling interests in consolidated subsidiaries | (2,150) | 612 | (1,134) | 2,172 | |
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member] | |||||
Other income (expense) | |||||
Net income | 18,161 | 28,482 | |||
Net income | 1,057 | 12,513 | |||
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member] | Standalone [Member] | |||||
Other income (expense) | |||||
Net income | 18,161 | 28,482 | |||
Net income | 1,057 | 12,513 | 18,161 | 28,482 | |
Medley LLC [Member] | |||||
Other income (expense) | |||||
Net income attributable to non-controlling interests in consolidated subsidiaries | 785 | 12,135 | 15,576 | 28,104 | |
Medley LLC [Member] | Standalone [Member] | |||||
Other income (expense) | |||||
Net income attributable to non-controlling interests in consolidated subsidiaries | $ 785 | $ 12,135 | $ 15,576 | $ 28,104 | |
[1] | For the Three Months EndedFor the Nine Months EndedSeptember 30,September 30,(unaudited)(unaudited)2015201420152014(Amounts in thousands)RevenuesManagement fees$ 18,135$ 17,616$ 56,578$ 47,516Performance fees (14,595) 3,395 (10,627) 11,471Other revenues and fees 1,891 2,787 5,496 7,183Total revenues 5,431 23,798 51,447 66,170ExpensesCompensation and benefits 5,914 5,677 19,532 15,010Performance fee compensation (3,660) (921) (4,578) 2,237General, administrative and other expenses 1,626 3,458 10,756 12,821Total expenses 3,880 8,214 25,710 30,068Other income (expense)Dividend income 222 222 665 665Interest expense (2,141) (2,016) (6,335) (3,380)Other expenses, net (838) (87) (1,087) (1,707)Total other expense, net (2,757) (1,881) (6,757) (4,422)Income before income taxes$ (1,206)$ 13,703$ 18,980$ 31,680Provision for (benefit from) income taxes (113) 578 1,953 1,026Net income (loss) (1,093) 13,125 17,027 30,654Net income (loss) attributable to non-controlling interests in consolidated subsidiaries (2,150) 612 (1,134) 2,172Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC$ 1,057$ 12,513$ 18,161$ 28,482Reimbursable fund startup expenses (1) (943) 1,195 2,751 4,591Severance expense (1) - - 121 (5)IPO date award stock-based compensation (1) 587 74 1,844 74Adjustment for pre-IPO guaranteed payments to members (1)(2) - (1,069) - (3,284)Core Net Income$ 701$ 12,713$ 22,877$ 29,858Interest expense 2,141 2,016 6,335 3,380Income taxes (161) 584 2,557 1,067Depreciation and amortization 109 103 341 289Core EBITDA$ 2,790$ 15,416$ 32,110$ 34,594Presented 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 | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 15,813 | $ 20,765 | $ 58,696 | $ 53,986 | |
Expenses | 4,422 | 8,510 | 27,679 | 31,197 | |
Other income (expense), net | 911 | 11,726 | 27,049 | 32,941 | |
Income taxes | (77) | 923 | 2,864 | 2,174 | |
Net income attributable to Medley Management Inc. | 272 | 378 | 2,585 | 378 | |
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC | 12,379 | 23,058 | 55,202 | 53,556 | |
Reimbursable fund startup expenses | (943) | 1,195 | 2,751 | 4,591 | |
Severance expenses | 121 | (5) | |||
IPO date award stock-based compensation | 587 | 74 | 1,844 | 74 | |
Adjustment for pre-IPO guaranteed payments to members | (1,069) | (3,284) | |||
Core Net Income | 701 | 12,713 | 22,877 | 29,858 | |
Standalone [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5,431 | 23,798 | 51,447 | 66,170 | |
Expenses | 3,880 | 8,214 | 25,710 | 30,068 | |
Other income (expense), net | (2,757) | (1,881) | (6,757) | (4,422) | |
Income taxes | (113) | 578 | 1,953 | 1,026 | |
Net income attributable to Medley Management Inc. | 272 | 378 | 2,585 | 378 | |
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC | (1,093) | 13,125 | 17,027 | 30,654 | |
Reimbursable fund startup expenses | [1] | $ (943) | $ 1,195 | 2,751 | 4,591 |
Severance expenses | [1] | 121 | (5) | ||
IPO date award stock-based compensation | [1] | $ 587 | $ 74 | 1,844 | 74 |
Adjustment for pre-IPO guaranteed payments to members | [1],[2] | (1,069) | (3,284) | ||
Core Net Income | 701 | 12,713 | 22,877 | 29,858 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 10,382 | (3,033) | 7,249 | (12,184) | |
Expenses | 542 | 296 | 1,969 | 1,129 | |
Other income (expense), net | 3,668 | 13,607 | 33,806 | 37,363 | |
Income taxes | 36 | 345 | 911 | 1,148 | |
Consolidated Subsidiaries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to non-controlling interests | (2,150) | 612 | (1,134) | 2,172 | |
Consolidated Subsidiaries [Member] | Standalone [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to non-controlling interests | (2,150) | 612 | (1,134) | 2,172 | |
Consolidated Funds [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to non-controlling interests | 13,472 | 9,933 | 38,175 | 22,902 | |
Consolidated Funds [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Expenses | 542 | 296 | |||
Income taxes | 36 | 345 | 911 | 1,148 | |
Net income attributable to non-controlling interests | 13,472 | 9,933 | 38,175 | 22,902 | |
Medley LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to non-controlling interests | 785 | 12,135 | 15,576 | 28,104 | |
Medley LLC [Member] | Standalone [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to non-controlling interests | 785 | 12,135 | 15,576 | 28,104 | |
Medley Management Inc. And Non Controlling Interests In Medley LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income attributable to Medley Management Inc. | 1,057 | 12,513 | |||
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC | 18,161 | 28,482 | |||
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. | $ 1,057 | $ 12,513 | 18,161 | 28,482 | |
Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC | $ 18,161 | $ 28,482 | |||
[1] | For the Three Months EndedFor the Nine Months EndedSeptember 30,September 30,(unaudited)(unaudited)2015201420152014(Amounts in thousands)RevenuesManagement fees$ 18,135$ 17,616$ 56,578$ 47,516Performance fees (14,595) 3,395 (10,627) 11,471Other revenues and fees 1,891 2,787 5,496 7,183Total revenues 5,431 23,798 51,447 66,170ExpensesCompensation and benefits 5,914 5,677 19,532 15,010Performance fee compensation (3,660) (921) (4,578) 2,237General, administrative and other expenses 1,626 3,458 10,756 12,821Total expenses 3,880 8,214 25,710 30,068Other income (expense)Dividend income 222 222 665 665Interest expense (2,141) (2,016) (6,335) (3,380)Other expenses, net (838) (87) (1,087) (1,707)Total other expense, net (2,757) (1,881) (6,757) (4,422)Income before income taxes$ (1,206)$ 13,703$ 18,980$ 31,680Provision for (benefit from) income taxes (113) 578 1,953 1,026Net income (loss) (1,093) 13,125 17,027 30,654Net income (loss) attributable to non-controlling interests in consolidated subsidiaries (2,150) 612 (1,134) 2,172Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC$ 1,057$ 12,513$ 18,161$ 28,482Reimbursable fund startup expenses (1) (943) 1,195 2,751 4,591Severance expense (1) - - 121 (5)IPO date award stock-based compensation (1) 587 74 1,844 74Adjustment for pre-IPO guaranteed payments to members (1)(2) - (1,069) - (3,284)Core Net Income$ 701$ 12,713$ 22,877$ 29,858Interest expense 2,141 2,016 6,335 3,380Income taxes (161) 584 2,557 1,067Depreciation and amortization 109 103 341 289Core EBITDA$ 2,790$ 15,416$ 32,110$ 34,594Presented 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Management fees from Consolidated Funds eliminated in consolidation | $ 15,870 | $ 17,013 | $ 52,280 | $ 43,466 |
MOF II Performance fees eliminated in consolidation | (1,948) | 965 | 920 | 3,337 |
Total revenues | 15,813 | 20,765 | 58,696 | 53,986 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Management fees from Consolidated Funds eliminated in consolidation | (2,265) | (603) | (4,298) | (4,050) |
MOF II Performance fees eliminated in consolidation | 12,647 | (2,430) | 11,547 | (8,134) |
Total revenues | $ 10,382 | $ (3,033) | $ 7,249 | $ (12,184) |
SEGMENT REPORTING (Adjustment63
SEGMENT REPORTING (Adjustments and Reconciliations to Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Consolidated Funds Expenses | $ 542 | $ 296 | $ 1,969 | $ 1,129 |
Total segment expenses | 4,422 | 8,510 | 27,679 | 31,197 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated Funds Expenses | 1,969 | 1,129 | ||
Total segment expenses | 542 | 296 | 1,969 | 1,129 |
Consolidated Funds [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated Funds Expenses | 542 | 296 | $ 1,969 | $ 1,129 |
Consolidated Funds [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total segment expenses | $ 542 | $ 296 |
SEGMENT REPORTING (Adjustment t
SEGMENT REPORTING (Adjustment to Interest and Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Interest and other income of Consolidated Funds | $ 21,843 | $ 17,880 | $ 61,739 | $ 51,476 |
Interest expense of Consolidated Funds | 3,800 | 2,500 | 11,400 | 5,600 |
Net realized gain (loss) on investments of Consolidated Funds | (31,965) | (499) | (31,013) | 789 |
Net change in unrealized (depreciation) appreciation on investments of Consolidated Funds | 16,011 | (2,369) | 13,616 | (9,540) |
Total segment other income (expense), net | 911 | 11,726 | 27,049 | 32,941 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Interest expense of Consolidated Funds | (3,804) | (2,524) | (11,418) | (5,586) |
Net realized gain (loss) on investments of Consolidated Funds | (31,965) | (499) | (31,013) | 789 |
Net change in unrealized (depreciation) appreciation on investments of Consolidated Funds | 16,011 | (2,369) | 13,616 | (9,540) |
Net change in unrealized depreciation (appreciation) on secured borrowings | 1,610 | 1,300 | 1,112 | 103 |
Elimination of equity income from Consolidated Funds | (27) | (181) | (230) | 121 |
Total segment other income (expense), net | 3,668 | 13,607 | 33,806 | 37,363 |
Consolidated Funds [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Interest expense of Consolidated Funds | 3,804 | 2,524 | 11,418 | 5,586 |
Net realized gain (loss) on investments of Consolidated Funds | (31,013) | 789 | ||
Net change in unrealized depreciation (appreciation) on secured borrowings | $ 1,610 | $ 1,300 | $ 1,112 | $ 103 |
SEGMENT REPORTING (Provision Fo
SEGMENT REPORTING (Provision For Income Taxes Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total segment provision for taxes | $ (77) | $ 923 | $ 2,864 | $ 2,174 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total segment provision for taxes | 36 | 345 | 911 | 1,148 |
Consolidated Funds [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total segment provision for taxes | $ 36 | $ 345 | $ 911 | $ 1,148 |
CONSOLIDATING SCHEDULES (Consol
CONSOLIDATING SCHEDULES (Consolidated Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Management fees | $ 15,870 | $ 17,013 | $ 52,280 | $ 43,466 |
Performance fees | (1,948) | 965 | 920 | 3,337 |
Other revenues and fees | 1,891 | 2,787 | 5,496 | 7,183 |
Total revenues | 15,813 | 20,765 | 58,696 | 53,986 |
Expenses: | ||||
Compensation and benefits | 5,914 | 5,677 | 19,532 | 15,010 |
Performance fee compensation | (3,660) | (921) | (4,578) | 2,237 |
Consolidated Funds expenses | 542 | 296 | 1,969 | 1,129 |
General, administrative and other expenses | 1,626 | 3,458 | 10,756 | 12,821 |
Total operating expenses | 4,422 | 8,510 | 27,679 | 31,197 |
Other income (expense): | ||||
Dividend income | 222 | 222 | 665 | 665 |
Interest Expense | (2,141) | (2,016) | (6,335) | (3,380) |
Interest expense of Consolidated Funds | (3,800) | (2,500) | (11,400) | (5,600) |
Other expense, net | (865) | (268) | (1,317) | (1,586) |
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Net realized loss on investments of Consolidated Funds | (31,965) | (499) | (31,013) | 789 |
Net change in unrealized depreciation on investments of Consolidated Funds | 16,011 | (2,369) | 13,616 | (9,540) |
Total other expense, net | 911 | 11,726 | 27,049 | 32,941 |
Income before income taxes | 12,302 | 23,981 | 58,066 | 55,730 |
Provision for income taxes | (77) | 923 | 2,864 | 2,174 |
Net income | 12,379 | 23,058 | 55,202 | 53,556 |
Net income attributable to Medley Management Inc. | 272 | 378 | 2,585 | 378 |
Consolidated Funds [Member] | ||||
Expenses: | ||||
Consolidated Funds expenses | 542 | 296 | 1,969 | 1,129 |
Other income (expense): | ||||
Interest expense of Consolidated Funds | (3,804) | (2,524) | (11,418) | (5,586) |
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Net realized loss on investments of Consolidated Funds | (31,013) | 789 | ||
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds | 1,610 | 1,300 | 1,112 | 103 |
Net income attributable to non-controlling interests | 13,472 | 9,933 | 38,175 | 22,902 |
Consolidated Subsidiaries [Member] | ||||
Other income (expense): | ||||
Net income attributable to non-controlling interests | (2,150) | 612 | (1,134) | 2,172 |
Medley LLC [Member] | ||||
Other income (expense): | ||||
Net income attributable to non-controlling interests | 785 | 12,135 | 15,576 | 28,104 |
Standalone [Member] | ||||
Revenues: | ||||
Management fees | 18,135 | 17,616 | 56,578 | 47,516 |
Performance fees | (14,595) | 3,395 | (10,627) | 11,471 |
Other revenues and fees | 1,891 | 2,787 | 5,496 | 7,183 |
Total revenues | 5,431 | 23,798 | 51,447 | 66,170 |
Expenses: | ||||
Compensation and benefits | 5,914 | 5,677 | 19,532 | 15,010 |
Performance fee compensation | (3,660) | (921) | (4,578) | 2,237 |
General, administrative and other expenses | 1,626 | 3,458 | 10,756 | 12,821 |
Total operating expenses | 3,880 | 8,214 | 25,710 | 30,068 |
Other income (expense): | ||||
Dividend income | 222 | 222 | 665 | 665 |
Interest Expense | (2,141) | (2,016) | (6,335) | (3,380) |
Other expense, net | (838) | (87) | (1,087) | (1,707) |
Total other expense, net | (2,757) | (1,881) | (6,757) | (4,422) |
Income before income taxes | (1,206) | 13,703 | 18,980 | 31,680 |
Provision for income taxes | (113) | 578 | 1,953 | 1,026 |
Net income | (1,093) | 13,125 | 17,027 | 30,654 |
Net income attributable to Medley Management Inc. | 272 | 378 | 2,585 | 378 |
Standalone [Member] | Consolidated Subsidiaries [Member] | ||||
Other income (expense): | ||||
Net income attributable to non-controlling interests | (2,150) | 612 | (1,134) | 2,172 |
Standalone [Member] | Medley LLC [Member] | ||||
Other income (expense): | ||||
Net income attributable to non-controlling interests | 785 | 12,135 | 15,576 | 28,104 |
Consolidated Funds [Member] | ||||
Expenses: | ||||
Consolidated Funds expenses | 2,807 | 899 | 6,267 | 5,179 |
Total operating expenses | 2,807 | 899 | 6,267 | 5,179 |
Other income (expense): | ||||
Interest and other income of Consolidated Funds | 21,843 | 17,880 | 61,739 | 51,476 |
Net realized loss on investments of Consolidated Funds | (31,965) | (499) | (31,013) | 789 |
Net change in unrealized depreciation on investments of Consolidated Funds | 16,011 | (2,369) | 13,616 | (9,540) |
Total other expense, net | 3,695 | 13,788 | 34,036 | 37,242 |
Income before income taxes | 888 | 12,889 | 27,769 | 32,063 |
Provision for income taxes | 36 | 345 | 911 | 1,148 |
Net income | 852 | 12,544 | 26,858 | 30,915 |
Net income attributable to Medley Management Inc. | 852 | 12,544 | 26,858 | 30,915 |
Consolidated Funds [Member] | Consolidated Funds [Member] | ||||
Other income (expense): | ||||
Interest expense of Consolidated Funds | (3,804) | (2,524) | (11,418) | (5,586) |
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds | 1,610 | 1,300 | 1,112 | 103 |
Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Management fees | (2,265) | (603) | (4,298) | (4,050) |
Performance fees | 12,647 | (2,430) | 11,547 | (8,134) |
Total revenues | 10,382 | (3,033) | 7,249 | (12,184) |
Expenses: | ||||
Consolidated Funds expenses | (2,265) | (603) | (4,298) | (4,050) |
Total operating expenses | (2,265) | (603) | (4,298) | (4,050) |
Other income (expense): | ||||
Other expense, net | (27) | (181) | (230) | 121 |
Total other expense, net | (27) | (181) | (230) | 121 |
Income before income taxes | 12,620 | (2,611) | 11,317 | (8,013) |
Net income | 12,620 | (2,611) | 11,317 | (8,013) |
Net income attributable to Medley Management Inc. | (852) | (12,544) | (26,858) | (30,915) |
Consolidation, Eliminations [Member] | Consolidated Funds [Member] | ||||
Other income (expense): | ||||
Net income attributable to non-controlling interests | $ 13,472 | $ 9,933 | $ 38,175 | $ 22,902 |
CONSOLIDATING SCHEDULES (Cons67
CONSOLIDATING SCHEDULES (Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 63,754 | $ 87,206 | $ 101,494 | $ 5,395 |
Investments, at fair value | 778,971 | 734,870 | ||
Investments, at fair value | 10,884 | 9,901 | ||
Management fees receivable | 14,800 | 15,173 | ||
Performance fees receivable | 6,493 | 5,573 | ||
Other assets | 13,966 | 9,230 | ||
Total assets | 1,003,917 | 910,399 | ||
Liabilities and equity | ||||
Loans payable | 102,697 | 103,057 | ||
Accounts payable, accrued expenses and other liabilities | 20,739 | 27,583 | ||
Secured borrowings | 134,047 | 141,135 | ||
Performance fee compensation payable | 5,759 | 11,807 | ||
Total liabilities | 265,441 | 289,349 | ||
Stockholders' Equity | ||||
Additional paid-in-capital | (8) | (2,384) | ||
Retained earnings | 108 | 272 | ||
Total stockholders' equity, Medley Management Inc. | 160 | (2,052) | ||
Total (deficit) equity | 738,476 | 621,050 | ||
Total liabilities and equity | 1,003,917 | 910,399 | ||
Common Class A [Member] | ||||
Stockholders' Equity | ||||
Common stock value | $ 60 | $ 60 | ||
Common Class B [Member] | ||||
Stockholders' Equity | ||||
Common stock value | ||||
Consolidated Funds [Member] | ||||
Assets | ||||
Cash and cash equivalents | $ 105,122 | $ 38,111 | ||
Investments, at fair value | 778,971 | 734,870 | ||
Other assets | 3,803 | 3,681 | ||
Interest and dividends receivable | 6,124 | 6,654 | ||
Liabilities and equity | ||||
Accounts payable, accrued expenses and other liabilities | 2,199 | 5,767 | ||
Secured borrowings | 134,047 | 141,135 | ||
Stockholders' Equity | ||||
Non-controlling interests | 755,827 | 625,548 | ||
Consolidated Subsidiaries [Member] | ||||
Stockholders' Equity | ||||
Non-controlling interests | (708) | 1,526 | ||
Medley LLC [Member] | ||||
Assets | ||||
Other assets | 13,966 | 9,230 | ||
Stockholders' Equity | ||||
Non-controlling interests | (16,803) | (3,972) | ||
Standalone [Member] | ||||
Assets | ||||
Cash and cash equivalents | 63,754 | 87,206 | ||
Investments, at fair value | 11,114 | 22,143 | ||
Management fees receivable | 15,215 | 15,173 | ||
Performance fees receivable | 6,493 | 5,573 | ||
Other assets | 15,268 | 9,230 | ||
Total assets | 111,844 | 139,325 | ||
Liabilities and equity | ||||
Loans payable | 102,697 | 103,057 | ||
Accounts payable, accrued expenses and other liabilities | 20,739 | 28,959 | ||
Performance fee compensation payable | 5,759 | 11,807 | ||
Total liabilities | 129,195 | 143,823 | ||
Stockholders' Equity | ||||
Additional paid-in-capital | (8) | (2,384) | ||
Retained earnings | 108 | 272 | ||
Total stockholders' equity, Medley Management Inc. | 160 | (2,052) | ||
Total (deficit) equity | (17,351) | (4,498) | ||
Total liabilities and equity | 111,844 | 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 | (708) | 1,526 | ||
Standalone [Member] | Medley LLC [Member] | ||||
Stockholders' Equity | ||||
Non-controlling interests | (16,803) | (3,972) | ||
Consolidated Funds [Member] | ||||
Assets | ||||
Total assets | 894,020 | 784,692 | ||
Liabilities and equity | ||||
Secured borrowings | 134,047 | 141,135 | ||
Total liabilities | 137,963 | 146,902 | ||
Stockholders' Equity | ||||
Members' equity of consolidated funds | 756,057 | 637,790 | ||
Total (deficit) equity | 756,057 | 637,790 | ||
Total liabilities and equity | 894,020 | 784,692 | ||
Consolidated Funds [Member] | Consolidated Funds [Member] | ||||
Assets | ||||
Cash and cash equivalents | 105,122 | 38,111 | ||
Investments, at fair value | 778,971 | 734,870 | ||
Other assets | 3,803 | 5,057 | ||
Interest and dividends receivable | 6,124 | 6,654 | ||
Liabilities and equity | ||||
Accounts payable, accrued expenses and other liabilities | 3,916 | 5,767 | ||
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Investments, at fair value | (230) | (12,242) | ||
Management fees receivable | (415) | |||
Other assets | (1,302) | |||
Total assets | (1,947) | (13,618) | ||
Liabilities and equity | ||||
Accounts payable, accrued expenses and other liabilities | (1,376) | |||
Total liabilities | (1,717) | (1,376) | ||
Stockholders' Equity | ||||
Members' equity of consolidated funds | (756,057) | (637,790) | ||
Total (deficit) equity | (230) | (12,242) | ||
Total liabilities and equity | (1,947) | (13,618) | ||
Consolidation, Eliminations [Member] | Consolidated Funds [Member] | ||||
Assets | ||||
Other assets | (1,376) | |||
Liabilities and equity | ||||
Accounts payable, accrued expenses and other liabilities | (1,717) | |||
Stockholders' Equity | ||||
Non-controlling interests | $ 755,827 | $ 625,548 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Investments, at fair value | $ 778,971 | $ 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 |