Fifth Street Asset Management (FSAM) 10-Q 24 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 20, 2015
Document Information [Line Items]
Entity Registrant Name	Fifth Street Asset Management Inc.
Entity Central Index Key	1,611,988
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,782,392
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,856,854

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 80,557,019	$ 3,238,008
Prepaid expenses (includes $436,468 related to income taxes)	1,052,684	1,335,593
Investments in equity method investees	6,415,175	4,115,429
Due from affiliates	2,129,104	3,799,542
Fixed assets, net	10,106,099	10,274,263
Deferred tax assets	53,048,823	57,972,039
Deferred financing costs	2,055,266	2,432,764
Other assets	4,066,579	4,197,358
Total assets	515,209,551	110,835,532
Liabilities
Accounts payable and accrued expenses	1,983,793	3,045,651
Accrued compensation and benefits	10,446,425	11,095,548
Income taxes payable	0	361,052
Loans payable (including $4,644,895 of MMKT Notes at fair value)	25,620,819	4,000,000
Credit facility payable	35,000,000	12,000,000
Dividend payable	1,608,759	0
Deferred rent liability	3,187,864	3,261,434
Total liabilities	$ 507,848,540	$ 90,263,503
Commitments and contingencies
Equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized; none issued and outstanding as of September 30, 2015 and December 31, 2014	$ 0	$ 0
Additional paid-in capital	7,319,605	4,975,073
Accumulated other comprehensive loss	(2,075)	0
Retained earnings	1,052,519	1,273,485
Total stockholders' equity, Fifth Street Asset Management Inc.	8,856,442	6,737,127
Non-controlling interests	(1,495,431)	13,834,902
Total equity	7,361,011	20,572,029
Total liabilities and equity	515,209,551	110,835,532
Principal [Member]
Liabilities
Due to related party	0	9,063,792
Affiliates [Member]
Liabilities
Due to related party	19,059	62,781
Recipients of Tax Receivable Agreements [Member]
Liabilities
Due to related party	45,821,556	47,373,245
Common Class A [Member]
Equity
Common stock	57,824	60,000
Common Class B [Member]
Equity
Common stock	428,569	428,569
Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities	1,350,775	0
Beneficial Interest in CLO [Member]
Assets
Available for sale securities	3,906,078	0
Consolidated Fund [Member]
Assets
Cash and cash equivalents	74,519,096	0
Investments at fair value	323,434,153	0
Interest and dividends receivable	3,277,652	0
Unsettled trades receivable	1,094,500	0
Deferred financing costs	2,744,979	0
Liabilities
Unsettled trades payable	20,093,490	0
Consolidated Fund [Member] | Fair Value [Member]
Liabilities
Notes payable at fair value (proceeds: $364,066,775)	364,066,775	0
Management Fees Receivable [Member]
Assets
Accounts receivable, related parties	19,891,214	23,363,901
Performance Fees Receivable [Member]
Assets
Accounts receivable, related parties	79,451	106,635
Fifth Street Asset Management Inc. [Member]
Assets
Cash and cash equivalents	$ 6,037,923	$ 3,238,008

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Prepaid expenses relating to income taxes	$ 436,468	$ 185,580
Proceeds from issuance of loans payable	$ 21,620,819
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock par value (dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	5,782,392	6,000,033
Common shares outstanding (shares)	5,782,392	6,000,033
Common Class B [Member]
Common stock par value (dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	50,000,000	50,000,000
Common stock issued (in shares)	42,856,854	42,856,854
Common shares outstanding (shares)	42,856,854	42,856,854
MMKT [Member]
Convertible notes	$ 4,644,895
Fair Value [Member] | MMKT [Member]
Convertible notes	4,644,895
Beneficial Interest in CLO [Member]
Beneficial interest in CLO: available-for-sale, cost	4,496,624
Management Fees Receivable [Member]
Part I fees	5,838,844	$ 7,809,174
Consolidated Fund [Member]
Investments at cost	323,434,153
Proceeds from issuance of loans payable	$ 364,066,775

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Management fees (includes Part I Fees of $9,166,813 and $9,868,682 and $26,766,547 and $26,172,673 for the three and nine months ended September 30, 2015 and 2014, respectively)	$ 23,609,474	$ 22,987,898	$ 70,417,077	$ 66,707,202
Performance fees	2,596	139,049	79,451	139,049
Other fees	1,347,133	2,187,933	3,668,878	4,205,987
Total revenues	24,959,203	25,314,880	74,165,406	71,052,238
Expenses
Compensation and benefits	10,258,766	6,529,830	28,791,731	25,711,012
Fund offering and start-up expenses	0	909,681	0	1,200,434
General, administrative and other expenses	3,349,712	3,432,949	8,548,115	7,491,543
Depreciation and amortization	434,146	408,541	1,254,544	641,449
Total expenses	14,042,624	11,281,001	38,594,390	35,044,438
Other income (expense)
Interest income	110,525	1,891	293,665	11,530
Interest expense	(507,647)	(25,206)	(1,337,827)	(74,795)
Income (loss) from equity method investments	12,492	102,838	2,540	216,750
Other income (expense), net	0	66,000	122,000	132,000
Total other income (expense), net	(407,778)	145,523	(1,510,168)	285,485
Income before provision for income taxes	10,508,801	14,179,402	34,060,848	36,293,285
Provision for income taxes	995,506	0	3,551,329	0
Net income	9,513,295	14,179,402	30,509,519	36,293,285
Net income attributable to non-controlling interests	(8,341,728)	0	(26,859,217)	0
Net income attributable to Fifth Street Asset Management Inc.	$ 1,171,567	0	$ 3,650,302	0
Common Class A [Member]
Other income (expense)
Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock - Basic and Diluted (in dollars per share)	$ 0.20		$ 0.61
Weighted average shares of Class A common stock outstanding - Basic	5,901,718		5,956,389
Weighted average shares of Class A common stock outstanding - Diluted	5,908,463		5,963,318
Predecessor [Member]
Other income (expense)
Net income	$ 0	14,179,402	$ 0	36,293,285
Beneficial Interest in CLO [Member]
Other income (expense)
Interest income	95,396		231,231
Unrealized loss on beneficial interests in CLOs	$ (23,148)	$ 0	$ (590,546)	$ 0

Consolidated Statements of Inc5

Consolidated Statements of Income (unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Part I fees	$ 9,166,813	$ 9,868,682	$ 26,766,547	$ 26,172,673

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 9,513,295	$ 14,179,402	$ 30,509,519	$ 36,293,285
Other comprehensive income (loss):
Adjustment for change in fair value on available-for-sale securities	538,494	0	(28,904)	0
Tax effect on adjustment for change in fair value on available-for-sale securities	(25,410)	0	1,370	0
Total comprehensive income	10,026,379	14,179,402	30,481,985	36,293,285
Less: Comprehensive income attributable to non-controlling interests	(8,549,626)	0	(26,709,534)	0
Comprehensive income attributable to Fifth Street Asset Management Inc.	1,476,753	0	3,772,451	0
Predecessor [Member]
Net income	0	14,179,402	0	36,293,285
Other comprehensive income (loss):
Total comprehensive income	$ 0	$ 14,179,402	$ 0	$ 36,293,285

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total	Common Class A [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Non-controlling Interests [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 14,179,402
Beginning balance at Dec. 31, 2014	20,572,029		$ 60,000	$ 428,569	$ 4,975,073	$ 0	$ 1,273,485	$ 13,834,902
Beginning balance, shares at Dec. 31, 2014			6,000,033	42,856,854
Beginning balance at Dec. 31, 2014	20,572,029		$ 60,000	$ 428,569	4,975,073	0	1,273,485	13,834,902
Beginning balance, shares at Dec. 31, 2014			6,000,033	42,856,854
Beginning balance at Dec. 31, 2014	20,572,029		$ 60,000	$ 428,569	4,975,073	0	1,273,485	13,834,902
Beginning balance, shares at Dec. 31, 2014			6,000,033	42,856,854
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contributions	20,000							20,000
Distributions to Holdings limited partners	(41,639,038)							(41,639,038)
Accrued and paid dividends - $0.64 per Class A common share	(3,815,114)						(3,815,114)
Accrual of dividends on restricted stock units	(601,207)						(71,664)	(529,543)
Adjustment of tax benefit in connection with tax receivable agreements	(273,828)				(273,828)
Repurchase of Class A common shares	(1,849,140)	$ (1,849,140)	$ (2,176)		(1,846,964)
Repurchase of Class A common stock, shares		(217,641)	(217,641)
Amortization of equity-based compensation	4,465,324				4,465,324
Change in fair value on available-for-sale securities, net of tax	(27,534)					(2,075)		(25,459)
Net income	30,509,519						3,650,302	26,859,217
Special allocation of adjustments relating to the Revision	0						15,510	(15,510)
Ending balance at Sep. 30, 2015	7,361,011		$ 57,824	$ 428,569	7,319,605	(2,075)	1,052,519	(1,495,431)
Ending balance, shares at Sep. 30, 2015			5,782,392	42,856,854
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,513,295
Ending balance at Sep. 30, 2015	$ 7,361,011		$ 57,824	$ 428,569	$ 7,319,605	$ (2,075)	$ 1,052,519	$ (1,495,431)
Ending balance, shares at Sep. 30, 2015			5,782,392	42,856,854

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.64

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 30,509,519	$ 36,293,285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,042,224	641,449
Amortization of fractional interests in aircrafts	212,320	0
Amortization of deferred financing costs	377,498	0
Amortization of equity-based compensation	4,480,918	3,815,194
Interest income accreted on beneficial interest in CLO	(231,231)	0
Reclassification of distributions to former member	0	800,381
Income (loss) from equity method investments	(2,540)	(216,750)
Deferred taxes	3,224,078	0
Fair value adjustment – due to former member	0	180,863
Deferred rent	(73,570)	1,239,886
Changes in operating assets and liabilities:
Prepaid expenses	282,909	(258,937)
Due from affiliates	1,670,438	1,861,107
Other assets	(81,541)	(182,749)
Accounts payable and accrued expenses	(1,061,858)	724,613
Accrued compensation and benefits	(649,123)	6,884,548
Income taxes payable	(361,052)	0
Net cash provided by (used in) operating activities	(264,359,588)	48,261,657
Cash flows from investing activities
Purchases of fixed assets	(874,060)	(9,460,980)
Purchases of equity method investments	(7,500,000)	(3,881,796)
Redemptions of equity method investments	(1,200,000)	0
Distributions received from equity method investments	225,282	0
Net cash used in investing activities	(8,941,346)	(13,342,776)
Cash flows from financing activities
Borrowings under credit facility	48,000,000	0
Repayments under credit facility	(25,000,000)	0
Repayments of notes payable	(9,046,929)	0
Proceeds from issuance of loans payable	21,620,819	0
Repurchases of Class A common shares	(1,849,140)	0
Net cash provided by (used in) financing activities	350,619,945	(38,590,110)
Net increase (decrease) in cash and cash equivalents	77,319,011	(3,671,229)
Cash and cash equivalents, beginning of period	3,238,008	4,015,728
Cash and cash equivalents	80,557,019	344,499
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	887,425	74,795
Cash paid during the period for income taxes	1,064,200	0
Non-cash investing activities:
Fixed asset purchases included in accounts payable	11,519	51,121
Non-cash financing activities:
Accrued dividend	1,608,759	0
Management Fees Receivable [Member]
Changes in operating assets and liabilities:
Receivables	3,472,687	(43,117)
Performance Fees Receivable [Member]
Changes in operating assets and liabilities:
Receivables	27,184	(54,826)
Principal [Member]
Changes in operating assets and liabilities:
Due to related parties	(16,863)	0
Affiliates [Member]
Changes in operating assets and liabilities:
Due to related parties	(59,316)	(2,528,204)
Former Member [Member]
Changes in operating assets and liabilities:
Due to related parties	0	(895,086)
Non-controlling Interests [Member]
Cash flows from financing activities
Capital contributions	20,000	0
Members [Member]
Cash flows from financing activities
Distributions	(41,639,038)	(38,590,110)
Non-cash financing activities:
Non-cash contribution	0	2,967,749
Non-cash distribution	0	(2,967,749)
Shareholders [Member]
Cash flows from financing activities
Dividends to Class A shareholders	(2,807,562)	0
Securities Excluding Beneficial Interest in CLOs [Member]
Cash flows from investing activities
Purchases of available-for-sale securities	(1,379,679)	0
Beneficial Interest in CLO [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized loss on beneficial interests in CLOs	590,546	0
Cash flows from investing activities
Purchases of available-for-sale securities	(612,889)	0
Consolidated Fund [Member]
Changes in operating assets and liabilities:
Purchases of investments of Consolidated Fund	(304,435,163)	0
Change in other assets of Consolidated Fund	(3,277,652)	0
Cash flows from financing activities
Proceeds from issuance of loans payable	364,066,775	0
Deferred financing costs	(2,744,980)	0
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents	74,519,096	0
Fifth Street Asset Management Inc. [Member]
Cash flows from financing activities
Cash and cash equivalents, beginning of period	3,238,008
Cash and cash equivalents	$ 6,037,923	$ 344,499

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Fifth Street Asset Management Inc. ("FSAM"), together with its consolidated subsidiaries (collectively, the "Company"), is a leading alternative asset management firm headquartered in Greenwich, CT that provides asset management services to its investment funds, which, to date, consist primarily of Fifth Street Finance Corp. (formed on January 2, 2008, "FSC") and Fifth Street Senior Floating Rate Corp. (formed on May 22, 2013, "FSFR"), both publicly-traded business development companies regulated under the Investment Company Act of 1940 (together, the "BDCs"). The Company conducts substantially all of its operations through its consolidated subsidiaries, Fifth Street Management LLC ("FSM") and CLO Management. The accompanying consolidated financial statements include (1) the results of the Company subsequent to the Reorganization as described below and (2) prior to the Reorganization, the financial results of Fifth Street Management Group (the "Predecessor") which includes affiliated entities either wholly or substantially owned and/or under the voting control of Leonard M. Tannenbaum. Historical financial results relating to the Predecessor are presented as net income attributable to Predecessor. The Company's primary sources of revenues are management fees, primarily from the BDCs, which are driven by the amount of the assets under management and quarterly investment performance of the funds it manages. The Company conducts substantially all of its operations through one reportable segment that provides asset management services to its alternative investment vehicles. The Company generates all of its revenues in the United States. Reorganization In anticipation of its initial public offering (the "IPO") that closed November 4, 2014, FSAM was incorporated in Delaware on May 8, 2014 as a holding company with its primary asset expected to be a limited partnership interest in Fifth Street Holdings L.P. ("Fifth Street Holdings"). Fifth Street Holdings was formed on June 27, 2014 by Leonard M. Tannenbaum and another member of FSM (the "Principals") as a Delaware limited partnership. Prior to the transactions described below, the Principals were the general partners and limited partners of Fifth Street Holdings. Fifth Street Holdings has a single class of limited partnership interests (the "Holdings LP Interests"). Immediately prior to the IPO: • The Principals contributed their general partnership interests in Fifth Street Holdings to FSAM in exchange for 100% of the FSAM's Class B common stock; • The members of FSM contributed 100% of their membership interests in FSM to Fifth Street Holdings in exchange for Holdings LP Interests; and • The members of FSCO GP LLC ("FSCO GP"), a Delaware limited liability company, formed on January 6, 2014 to serve as the general partner of Fifth Street Opportunities Fund, L.P. (''FSOF,'' formerly Fifth Street Credit Opportunities Fund, L.P.) contributed 100% of their membership interests in FSCO GP to Fifth Street Holdings in exchange for Holdings LP Interests. As a result of the above transactions, FSAM became the general partner of Fifth Street Holdings, which was also organized to be a holding company for FSM and FSCO GP. As a holding company, FSAM conducts all of its operations through FSM, CLO Management and FSCO GP, wholly-owned subsidiaries of Fifth Street Holdings, including the provision of management services to FSC, FSFR and other affiliated private funds. Fifth Street Management Group is the Company's predecessor prior to the IPO. In connection with the Reorganization, FSAM entered into the Exchange Agreement with the Fifth Street Holdings Limited Partners that granted each Fifth Street Holdings Limited Partner and certain permitted transferees the right, beginning two years after the closing of the IPO and subject to vesting and minimum retained ownership requirements, on a quarterly basis, to exchange such person's Holdings LP Interests for shares of Class A common stock of FSAM, on a one -for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. As a result, each Fifth Street Holdings Limited Partner, over time, has the ability to convert his or her illiquid ownership interests in Fifth Street Holdings into Class A common stock that can more readily be sold in the public markets. These collective actions are referred to herein as the "Reorganization." Initial Public Offering On November 4, 2014, FSAM issued 6,000,000 shares of Class A common stock in the IPO at a price of $17.00 per common share. The net proceeds totaled $95.9 million after deducting underwriting commissions of $6.1 million and before offering costs of approximately $3.9 million that were borne by FSAM. The net proceeds were used to purchase a 12.0% limited partnership interest in Fifth Street Holdings from its limited partners. Immediately following the Reorganization transactions described above and the closing of the IPO on November 4, 2014: • the Principals held 42,856,854 shares of Class B common stock and 42,856,854 Holdings LP Interests, the Holdings Limited Partners, including the Principals, held 44,000,000 Holdings LP Interests and FSAM held 6,000,000 Holdings LP Interests; and • through their holdings of Class B common stock, the Principals, in the aggregate, had approximately 97.3% of the voting power of FSAM's common stock. FSAM's purchase of Holdings LP Interests concurrent with its IPO, and the subsequent and future exchanges by holders of Holdings LP Interests for shares of FSAM's Class A common stock pursuant to the Exchange Agreement are expected to result in increases in its share of the tax basis of the tangible and intangible assets of Fifth Street Holdings, which will increase the tax depreciation and amortization deductions that otherwise would not have been available to FSAM. These increases in tax basis and tax depreciation and amortization deductions are expected to reduce the amount of cash taxes that FSAM would otherwise be required to pay in the future. FSAM entered into a tax receivable agreement ("TRA") with certain limited partners of Fifth Street Holdings (the "TRA Recipients") that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax that FSAM actually realizes (or, under certain circumstances, is deemed to realize) as a result of the increases in tax basis in connection with exchanges by the TRA Recipients described above and certain other tax benefits attributable to payments under the tax receivable agreement. In connection with the above transactions, the previous members of FSM agreed to allocate to the limited partners of Fifth Street Holdings and FSAM the Company's earnings (excluding the compensation charges related to the Reorganization) from October 1, 2014 through the date of the IPO. Basis of Presentation The unaudited interim consolidated financial statements presented in this quarterly report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented, have been reflected as required by Regulation S-X, Rule 10-01. Such adjustments are of a normal and recurring nature. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period. All significant intercompany transactions and balances have been eliminated in consolidation. Prior to the completion of the IPO, the historical consolidated financial statements consisted of the combined results of Fifth Street Management Group which includes affiliated entities either wholly or substantially owned and/or under the voting control of Leonard M. Tannenbaum at the time of the Reorganization and IPO. As such, FSAM's acquisition of a 12.0% partnership interest in Fifth Street Holdings and related Reorganization have been accounted for as transactions among entities under common control, pursuant to ASC 805-50, and recorded on a historical cost basis. After the completion of the IPO, FSAM became the general partner of Fifth Street Holdings and acquired a 12.0% limited partnership interest in Fifth Street Holdings. Accordingly, Fifth Street Holdings and its wholly-owned subsidiaries (including FSM) are consolidated in FSAM's financial statements. The Company has presented the Consolidated Statements of Income after giving effect to the Reorganization, as discussed above. All amounts attributable to the Company's Predecessor are recorded as "Net income attributable to Predecessor" within the consolidated financial statements. Subsequent to November 4, 2014, the portion of the net income attributable to Fifth Street Holdings limited partnership interests is recorded as "net income attributable to non-controlling interests." On October 13, 2014, FSAM effectuated a 1-for-3 reverse stock split. All share information has been retroactively adjusted to reflect the reverse stock split. On December 22, 2014, FSM entered into a limited liability company agreement, as majority member, with Leonard Tannenbaum’s brother, as minority member, for the purpose of forming MMKT Exchange LLC (previously IMME LLC), a Delaware limited liability company (“MMKT”). MMKT is a secure digital exchange that introduces efficiency, liquidity and transparency to the outdated middle market loan syndication process while increasing accessibility to a broader base of purchasers. The purpose of MMKT is to develop technology related to the financial services industry. FSM made a capital contribution of $80,000 for an 80% membership interest in MMKT. On September 29, 2015, CLO Management closed a securitization of senior secured loans warehoused in Fifth Street Senior Loan Fund II, LLC ("SLF II") as a Collateralized Loan Obligation ("CLO"). In connection with the securitization, SLF II merged into Fifth Street SLF II Ltd. ("CLO II"). CLO II issued a total of approximately $416.6 million of notes, including a subordinated note tranche of $52.1 million . The Company has concluded that CLO II should be consolidated by FSM (see Note 3). The Company invested $20,910,115 in senior and subordinated notes in CLO II, which was partially financed by the Risk Retention Credit Facility in the amount of $16,975,924 (see Note 9). Deconsolidation of Combined Funds During the year ended December 31, 2014, the Company formed the following entities (collectively referred to as the “Combined Funds”) whose financial results were included in the Company’s combined financial statements in previous filings with the SEC: • FSCO GP, a Delaware limited liability company, formed on January 6, 2014 to serve as the general partner of FSOF, which primarily invests in yield-oriented corporate credit assets and equities; • Fifth Street EIV, LLC ("Fifth Street EIV"), a Delaware limited liability company formed on February 7, 2014 to hold FSM's equity interest in Fifth Street Senior Loan Fund I, LLC ("SLF I"), which primarily invests in senior secured loans to middle-market companies; and • Fifth Street EIV II, LLC ("Fifth Street EIV II"), a Delaware limited liability company formed on July 10, 2014 to hold certain of the Company's employees' equity interests in SLF II, which primarily invests in senior secured loans to middle market companies. Such Combined Funds were included in the financial statements previously filed with the SEC through periods ended September 30, 2014 based on the then existing consolidation guidance. In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis ("ASU 2015-02"), as discussed in Note 3. As of December 31, 2014, the Company elected to early adopt such guidance, which resulted in deconsolidation of the Combined Funds. The Company determined that these entities were variable interest entities and that the Company was not the primary beneficiary because under ASU 2015-02, the Company's fee arrangements, which are commensurate with the level of effort performed and include only customary terms, do not represent variable interests. Also see Note 3 for the related disclosures for certain unconsolidated variable interest entities. There was no gain or loss recognized as a result of the deconsolidation of the Combined Funds and the Company will continue to earn management and/or performance fees from these funds. Although total assets and equity significantly decreased as a result of the Combined Funds' deconsolidation, it did not change net income or equity attributable to controlling interests in FSAM. Impact of Reorganization and Deconsolidation of Combined Funds The following tables show the impact on the Consolidated Statements of Income for the three and nine months ended September 30, 2014 for the deconsolidation of previously combined funds and the Reorganization: Three months ended September 30, 2014 As revised (see Note 2) Deconsolidation of Combined Funds and Effects of Reorganization As adjusted Revenues $ 25,042,949 $ 271,931 $ 25,314,880 Net income $ 17,161,160 $ (2,981,758 ) $ 14,179,402 Net income attributable to redeemable non-controlling interests in Combined Fund $ (1,072,218 ) $ 1,072,218 $ — Net income attributable to non-controlling interests in Combined Funds $ (1,909,540 ) $ 1,909,540 $ — Net income attributable to Predecessor $ — $ (14,179,402 ) $ (14,179,402 ) Net income attributable to non-controlling interests in Fifth Street Holdings L.P. $ — $ — $ — Net income attributable to controlling interests in Fifth Street Management Group $ 14,179,402 $ (14,179,402 ) $ — Net income attributable to Fifth Street Asset Management Inc. $ — $ — $ — Nine months ended September 30, 2014 As revised (see Note 2) Deconsolidation of Combined Funds and Effects of Reorganization As adjusted Revenues $ 70,678,754 $ 373,484 $ 71,052,238 Net income $ 41,554,502 $ (5,261,217 ) $ 36,293,285 Net income attributable to redeemable non-controlling interests in Combined Fund $ (2,336,539 ) $ 2,336,539 $ — Net income attributable to non-controlling interests in Combined Funds $ (2,924,678 ) $ 2,924,678 $ — Net income attributable to Predecessor $ — $ (36,293,285 ) $ (36,293,285 ) Net income attributable to non-controlling interests in Fifth Street Holdings L.P. $ — $ — $ — Net income attributable to controlling interests in Fifth Street Management Group $ 36,293,285 $ (36,293,285 ) $ — Net income attributable to Fifth Street Asset Management Inc. $ — $ — $ —

Revision of Previously Issued F

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Revision of Previously Issued Financial Statements for Correction of Immaterial Errors	Revision of Previously Issued Financial Statements for Correction of Immaterial Errors During the three months ended September 30, 2015, the Company identified errors in the calculation of Part I Fees previously paid to the Company by the BDCs. The amounts paid were originally recognized as revenue in the first quarter of 2012 through the second quarter of 2015. The cumulative adjustment of $811,025 related to the years ended 2012 and 2013, was not considered material and is reflected as an out-of-period adjustment to the three months ended March 31, 2014. The identified errors related to incorrect information used by FSC CT LLC, the Company's administrator, a wholly-owned subsidiary of the Company. The errors related primarily to the timing of when Part I fees should have been recorded and paid. The aggregate adjustment was a net reduction of Part I Fees in the amount of $3,327,969 as of June 30, 2015. The Company assessed the materiality of the errors on its prior quarterly and annual financial statements, assessing materiality both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the errors were not material to any of its previously issued financial statements. However, the Company concluded the cumulative corrections of these errors would be material to the Company's financial statements for the three and nine months ended September 30, 2015 and, therefore, it is not appropriate to recognize the cumulative corrections in this period. Accordingly, the prior period financial statements provided herein have been revised to correct these errors (the "Revision") as well as other unrelated, immaterial out-of-period adjustments that had been previously recorded. These prior period adjustments will be reflected in future quarterly and annual filings for the respective period. The revision had no net impact on the Company’s net cash provided by operating activities for any period presented. The Holdings Limited Partners have agreed to refund all of the overpaid fees to the Company and therefore none of the expense will be borne by the Class A stockholders of FSAM. Set forth below is a summary of the financial statement line items impacted by these revisions for the periods presented in this Form 10-Q and previous filings. June 30, 2015 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 23,065,693 $ (3,327,969 ) $ 19,737,724 Prepaid expenses 795,591 166,888 962,479 Subordinated debt interest in CLO 1,043,144 (1,043,144 ) — Beneficial interest in CLO 3,022,329 1,043,144 4,065,473 Total assets $ 111,289,257 $ (3,161,081 ) $ 108,128,176 Accumulated other comprehensive income (loss) (40,575 ) 40,575 — Retained earnings 945,531 (40,575 ) 904,956 Non-controlling interests 4,879,615 (3,161,081 ) 1,718,534 Total equity 13,517,127 (3,161,081 ) 10,356,046 Total liabilities and equity $ 111,289,257 $ (3,161,081 ) $ 108,128,176 Three Months Ended June 30, 2015 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 23,058,289 $ 514,753 $ 23,573,042 Total revenues 24,166,163 514,753 24,680,916 General, administrative and other expenses 2,633,265 (139,071 ) 2,494,194 Total expenses 12,276,236 (139,071 ) 12,137,165 Other income (expense), net (226,967 ) (567,398 ) (794,365 ) Income before provision for income taxes 11,662,960 86,426 11,749,386 Provision for income taxes (1,315,041 ) (45,628 ) (1,360,669 ) Net income 10,347,919 40,798 10,388,717 Net income attributable to non-controlling interests (9,141,173 ) (75,322 ) (9,216,495 ) Net income attributable to Fifth Street Asset Management Inc. $ 1,206,746 $ (34,524 ) $ 1,172,222 Six Months Ended June 30, 2015 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 46,637,687 $ 169,916 $ 46,807,603 Total revenues 49,036,287 169,916 49,206,203 General, administrative and other expenses 5,434,574 (236,171 ) 5,198,403 Total expenses 24,787,937 (236,171 ) 24,551,766 Other income (expense), net (534,992 ) (567,398 ) (1,102,390 ) Income before provision for income taxes 23,713,358 (161,311 ) 23,552,047 Provision for income taxes (2,537,107 ) (18,716 ) (2,555,823 ) Net income 21,176,251 (180,027 ) 20,996,224 Net income attributable to non-controlling interests (18,660,175 ) 142,686 (18,517,489 ) Net income attributable to Fifth Street Asset Management Inc. $ 2,516,076 $ (37,341 ) $ 2,478,735 Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock: Basic and Diluted $ 0.42 $ (0.01 ) $ 0.41 Three Months Ended June 30, 2015 Consolidated Statements of Comprehensive Income: As previously reported Adjustment As revised Net income $ 10,347,919 $ 40,798 $ 10,388,717 Total comprehensive income 9,807,301 40,798 9,848,099 Less: Comprehensive income attributable to non-controlling interests (8,641,130 ) 40,798 (8,600,332 ) Comprehensive income attributable to Fifth Street Asset Management Inc. $ 1,166,171 $ 40,798 $ 1,206,969 Six Months Ended June 30, 2015 Consolidated Statements of Comprehensive Income: As previously reported Adjustment As revised Net income $ 21,176,251 $ (180,027 ) $ 20,996,224 Total comprehensive income 20,635,633 (180,027 ) 20,455,606 Less: Comprehensive income attributable to non-controlling interests (18,160,132 ) (180,027 ) (18,340,159 ) Comprehensive income attributable to Fifth Street Asset Management Inc. $ 2,475,501 $ (180,027 ) $ 2,295,474 March 31, 2015 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 23,344,726 $ (3,842,722 ) $ 19,502,004 Prepaid expenses 856,405 223,511 1,079,916 Subordinated debt interest in CLO 1,043,144 (1,043,144 ) — Beneficial interest in CLO 3,443,940 1,043,144 4,487,084 Fixed assets, net 9,977,576 631 9,978,207 Total assets $ 106,953,005 $ (3,618,580 ) $ 103,334,425 Retained earnings 523,066 631 523,697 Total stockholders' equity, Fifth Street Asset Management Inc. 7,466,620 631 7,467,251 Non-controlling interests 12,062,033 (3,619,211 ) 8,442,822 Total equity 19,528,653 (3,618,580 ) 15,910,073 Total liabilities and equity $ 106,953,005 $ (3,618,580 ) $ 103,334,425 Three Months Ended March 31, 2015 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 23,579,398 $ (344,837 ) $ 23,234,561 Total revenues 24,870,124 (344,837 ) 24,525,287 General administrative and other expenses 2,801,309 (97,100 ) 2,704,209 Total expenses 12,511,701 (97,100 ) 12,414,601 Income before provision for income taxes 12,050,398 (247,737 ) 11,802,661 Provision for income taxes (1,222,066 ) 26,911 (1,195,155 ) Net income 10,828,332 (220,826 ) 10,607,506 Net income attributable to non-controlling interests (9,519,002 ) 218,009 (9,300,993 ) Net income attributable to Fifth Street Asset Management Inc. $ 1,309,330 $ (2,817 ) $ 1,306,513 December 31, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 26,861,787 $ (3,497,886 ) $ 23,363,901 Prepaid expenses 1,150,013 185,580 1,335,593 Total assets $ 114,147,838 $ (3,312,306 ) $ 110,835,532 Retained earnings 1,288,995 (15,510 ) 1,273,485 Total stockholders' equity, Fifth Street Asset Management Inc. 6,752,637 (15,510 ) 6,737,127 Non-controlling interests 17,131,698 (3,296,796 ) 13,834,902 Total equity 23,884,335 (3,312,306 ) 20,572,029 Total liabilities and equity $ 114,147,838 $ (3,312,306 ) $ 110,835,532 Year Ended December 31, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 95,425,407 $ (3,497,886 ) $ 91,927,521 Total revenues 103,206,061 (3,497,886 ) 99,708,175 Compensation and benefits 53,697,430 129,252 53,826,682 Total expenses 66,297,065 129,252 66,426,317 Income before provision for income taxes 36,935,074 (3,627,138 ) 33,307,936 Provision for income taxes 1,877,758 185,580 2,063,338 Net income 38,812,832 (3,441,558 ) 35,371,274 Net income attributable to non-controlling interests (38,284,255 ) 3,409,177 (34,875,078 ) Net income attributable to Fifth Street Asset Management Inc. $ 528,577 $ (32,381 ) $ 496,196 Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock: Basic and Diluted $ 0.09 $ (0.01 ) $ 0.08 September 30, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 23,263,679 $ (1,810,799 ) $ 21,452,880 Total assets $ 46,642,231 $ (1,810,799 ) $ 44,831,432 Members' equity 25,154,063 (1,810,799 ) 23,343,264 Total equity 25,154,063 (1,810,799 ) 23,343,264 Total liabilities and equity $ 46,642,231 $ (1,810,799 ) $ 44,831,432 Three Months Ended September 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised (see Note 1) Management fees $ 23,091,676 $ (375,709 ) $ 22,715,967 Total revenues 25,418,658 (375,709 ) 25,042,949 Income before provision for income taxes 17,536,869 (375,709 ) 17,161,160 Net income 17,536,869 (375,709 ) 17,161,160 Net income attributable to controlling interests in Fifth Street Management Group (14,555,111 ) 375,709 (14,179,402 ) Nine Months Ended September 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised (see Note 1) Management fees $ 68,144,517 $ (1,810,799 ) $ 66,333,718 Total revenues 72,489,553 (1,810,799 ) 70,678,754 Income before provision for income taxes 43,365,301 (1,810,799 ) 41,554,502 Net income 43,365,301 (1,810,799 ) 41,554,502 Net income attributable to controlling interests in Fifth Street Management Group (38,104,084 ) 1,810,799 (36,293,285 ) June 30, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 22,653,659 $ (1,435,090 ) $ 21,218,569 Total assets $ 39,301,825 $ (1,435,090 ) $ 37,866,735 Members' equity 19,157,235 (1,435,090 ) 17,722,145 Total equity 19,157,235 (1,435,090 ) 17,722,145 Total liabilities and equity $ 39,301,825 $ (1,435,090 ) $ 37,866,735 Three Months Ended June 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 22,451,668 $ (386,998 ) $ 22,064,670 Total revenues 23,405,083 (386,998 ) 23,018,085 Income before provision for income taxes 9,060,459 (386,998 ) 8,673,461 Net income 9,060,459 (386,998 ) 8,673,461 Net income attributable to Predecessor (9,060,459 ) 386,998 (8,673,461 ) Six Months Ended June 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 45,154,394 $ (1,435,090 ) $ 43,719,304 Total revenues 47,172,448 (1,435,090 ) 45,737,358 Income before provision for income taxes 23,548,973 (1,435,090 ) 22,113,883 Net income 23,548,973 (1,435,090 ) 22,113,883 Net income attributable to Predecessor (23,548,973 ) 1,435,090 (22,113,883 ) March 31, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 22,702,726 $ (656,462 ) $ 22,046,264 Total assets $ 45,405,391 $ (656,462 ) $ 44,748,929 Members' equity 28,701,287 (656,462 ) 28,044,825 Total equity 28,701,287 (656,462 ) 28,044,825 Total liabilities and equity $ 45,405,391 $ (656,462 ) $ 44,748,929 Three Months Ended March 31, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 22,702,726 $ (1,048,094 ) $ 21,654,632 Total revenues 23,767,365 (1,048,094 ) 22,719,271 Income before provision for income taxes 14,488,514 (1,048,094 ) 13,440,420 Net income 14,488,514 (1,048,094 ) 13,440,420 Net income attributable to Predecessor (14,488,514 ) 1,048,094 (13,440,420 )

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and entities in which it, directly or indirectly, is determined to have a controlling financial interest under ASC 810, as amended by ASU No. 2015-02. Under the variable interest model, the Company determines whether, if by design, an entity has equity investors who lack substantive participating or kick-out rights. If equity investors do not have such rights, the entity is considered a variable interest entity ("VIE") and must be consolidated by its primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Under the consolidation guidance, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and reconsiders that conclusion continually. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective investment funds could affect an entity's status as a VIE or the determination of the primary beneficiary. At each reporting date, the Company assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. For equity investments where the Company does not control the investee, and where it is not the primary beneficiary of a VIE, but can exert significant influence over the financial and operating policies of the investee, the Company follows the equity method of accounting. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees requires significant judgment based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include the type of investment, the legal structure of the investee, the terms and structure of the investment agreement, including investor voting or other rights, the terms of the Company's investment advisory agreement or other agreements with the investee, any influence the Company may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the fund’s operating documents and the relationship between the Company and other investors in the entity. Consolidated Variable Interest Entities Fifth Street Holdings FSAM is the sole general partner of Fifth Street Holdings and, as such, it operates and controls all of the business and affairs of Fifth Street Holdings and its wholly-owned subsidiaries, FSM, CLO Management and FSCO GP. Under ASC 810, Fifth Street Holdings meets the definition of a VIE because the limited partners do not hold substantive kick-out or participating rights. Since FSAM has the obligation to absorb expected losses that could be significant to Fifth Street Holdings and is the sole general partner, FSAM is considered to be the primary beneficiary of Fifth Street Holdings. As a result, the Company consolidates the financial results of Fifth Street Holdings and its wholly-owned subsidiaries and records a non-controlling interest for the economic interest in Fifth Street Holdings held by the limited partners as a separate component of stockholders' equity in its Consolidated Statements of Financial Condition for the remaining economic interests in Fifth Street Holdings. The non-controlling interest in the income of Fifth Street Holdings is included in the Consolidated Statements of Income as a reduction of net income. As of September 30, 2015 and December 31, 2014, the Company has recorded the following amounts in its Consolidated Statements of Financial Condition relating to Fifth Street Holdings: September 30, 2015 December 31, 2014 (as revised) Assets Cash and cash equivalents $ 6,021,384 $ 3,236,830 Management fees receivable 19,891,214 23,363,901 Performance fees receivable 79,451 106,635 Prepaid expenses (includes $266,402 related to income taxes) 882,618 1,335,593 Investments in equity method investees 6,415,175 4,115,429 Investments in available-for-sale securities 1,350,775 — Beneficial interest in CLOs at fair value: (cost: $4,496,624) 3,906,078 — Due from affiliates (1) 6,750,454 8,369,501 Fixed assets, net 10,106,099 10,274,263 Deferred tax assets — 2,705,934 Deferred financing costs 2,055,266 2,432,764 Other assets 4,066,579 4,197,358 Assets of Consolidated Fund: Cash and cash equivalents 74,519,096 — Investments at fair value (cost: $323,434,153) 323,434,153 — Interest and dividends receivable 3,277,652 — Unsettled trades receivable 1,094,500 — Deferred financing costs 2,744,979 — Total assets $ 466,595,473 $ 60,138,208 Liabilities Accounts payable and accrued expenses $ 1,983,793 $ 2,830,052 Accrued compensation and benefits 10,446,425 11,095,548 Income taxes payable 438,794 — Loans payable 25,620,819 4,000,000 Credit facility payable 35,000,000 12,000,000 Dividend payable 601,207 — Due to Principal — 9,063,792 Due to affiliates (2) 710,203 747,505 Deferred rent liability 3,187,864 3,261,434 Deferred tax liability 424,316 — Liabilities of Consolidated Fund: Unsettled trades payable 20,093,490 — Notes payable at fair value (proceeds: $364,066,775) 364,066,775 — Total liabilities 462,573,686 42,998,331 Equity 4,021,787 17,139,877 Total liabilities and equity $ 466,595,473 $ 60,138,208 _____________ (1) The amounts due from affiliates include $4,621,350 that is eliminated in consolidation. (2) The amounts due to affiliates include $691,144 that is eliminated in consolidation. The liabilities recognized as a result of consolidating Fifth Street Holdings do not represent additional claims on FSAM’s general assets; rather, they represent claims against the specific assets of Fifth Street Holdings and its subsidiaries. Conversely, assets recognized as a result of consolidating Fifth Street Holdings do not represent additional assets that could be used to satisfy claims against FSAM's general assets. CLO II Fifth Street CLO Management LLC ("CLO Management"), a wholly owned-consolidated subsidiary of Fifth Street Holdings, is the collateral manager of CLO II, and as such, it operates and controls all of the business and affairs of CLO II. As part of the CLO II securitization, CLO Management retained approximately 5% of each tranche of notes issued and Leonard M. Tannenbaum directly invested in Class D and subordinated notes. Under ASC 810, CLO II meets the definition of a VIE because the limited partners do not hold substantive kick-out or participating rights. Since CLO Management has the obligation to absorb expected losses that could be significant to CLO II and is its collateral manager, FSM is considered to be the primary beneficiary of CLO II. As a result, the Company consolidates the financial results of CLO II (the "Consolidated Fund") and eliminates its investment in senior and subordinated notes in the entity. The Consolidated Statements of Financial Condition separately presents these amounts as assets and liabilities of the Consolidated Fund. Including the results of the Consolidated Fund significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows of the Company; however, the Consolidated Fund's results included herein have no direct effect on the net income attributable to controlling interests or on total controlling equity. Voting Interest Entities For entities that are not VIEs, the Company consolidates those entities in which it has an equity investment of greater than 50% and has control over significant operating, financial and investing decisions of the entity. Additionally, the Company consolidates entities in which the Company is a substantive, controlling general partner and the limited partners have no substantive rights to participate in the ongoing governance and operating activities. Unconsolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated because the Company is not deemed the primary beneficiary as of September 30, 2015 . The Company's interest in such entities generally is in the form of direct equity interests and fixed fee arrangements. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. The Company's interests in these non-consolidated VIEs and their respective maximum exposure to loss relating to non-consolidated VIEs as of September 30, 2015 is $10,321,253 , which represents the fair value at such date. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. The most significant of these estimates are related to: (i) the valuation of equity-based compensation, (ii) the estimate of future taxable income, which impacts the carrying amount of the Company’s deferred income tax assets, (iii) the determination of net tax benefits in connection with the Company's tax receivable agreements and (iv) the valuation of the Consolidated Fund's investments and the fair value measurements of the Company's investments in unconsolidated VIEs. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions and conditions. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. For the nine months ended September 30, 2015 and 2014 , substantially all revenues and receivables were earned or derived from advisory or administrative services provided to the BDCs and other affiliated entities. The Company is dependent on its chief executive officer, Leonard M. Tannenbaum, who holds over 90% of the combined voting power of the Company through his ownership of shares of common stock. If for any reason the services of the Company's chief executive officer were to become unavailable, there could be a material adverse effect on the Company's operations, liquidity and profitability. Fair Value Measurements The carrying amounts of cash and cash equivalents, management and performance fees receivable from affiliates, prepaid expenses, due from/to affiliates, accounts payable and accrued expenses, accrued compensation and benefits and income taxes payable approximate fair value due to the immediate or short-term maturity of these financial instruments. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less. The Company places its cash and cash equivalents with U.S. financial institutions and, at times, amounts may exceed federally insured limits. The Company monitors the credit standing of these financial institutions. Investments in Equity Method Investees Investments in equity method investees consists of the Company's interests in unconsolidated VIEs. Entities and investments over which the Company exercises significant influence but which do not meet the requirements for consolidation are accounted for using the equity method of accounting, whereby the Company records its share of the underlying income or losses of these entities. Intercompany profit arising from transactions with affiliates is eliminated to the extent of its beneficial interest. Equity in losses of equity method investments is not recognized after the carrying value of an investment, including advances and loans, has been reduced to zero, unless guarantees or other funding obligations exist. The Company evaluates its equity method investments for impairment, whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment when the loss in value is deemed other than temporary. No impairment charges related to equity method investments were recorded during the nine months ended September 30, 2015 and 2014 . The Company's only equity method investment is its general partnership interest in FSOF, a credit-oriented hedge fund which was previously consolidated. FSOF follows GAAP specialized industry accounting which requires it to carry its investments at fair value. Accordingly, the Company's income allocated from the equity method investees includes net unrealized gain/loss allocations from FSOF. Investments in Available-for-Sale Securities Available-for-sale securities consist of investments in FSFR common stock. All unrealized gains and losses are recorded in Accumulated Other Comprehensive Income. The cost of investments in available-for-sale securities is determined on a specific identification basis. Realized gains or losses and declines in value judged to be other than temporary, if any, are reported in other income, net. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. Beneficial Interest in CLOs The beneficial interest in the CLOs meets the definition of a debt security under ASC 325-40. Accordingly, the Company recognizes the accretable yield as interest income over the life of the beneficial interest using the effective yield method, which was $95,396 and $231,231 for the three and nine months ended September 30, 2015 , respectively. In order to determine the interest recorded in each period, the Company estimates the timing and amount of future cash flows attributable to the beneficial interests over the estimated life of the CLOs. The Company reevaluates the estimated future cash flows periodically to determine whether an adjustment to the accretable yield is required. The Company has elected the fair value option to account for beneficial interests in CLOs as discussed below. There were no sales or transfers of the Company's beneficial interest in CLOs during the nine months ended September 30, 2015 . Fair Value Option Upon the closing of the securitization of CLO I on February 19, 2015, the Company elected the fair value option to value its beneficial interests in CLO I, which had a cost of $4,487,084 . There was $23,148 and $590,546 of unrealized losses recorded on beneficial interests in CLO I, respectively, for the three and nine months ended September 30, 2015. The Company believes that by electing the fair value option for these financial instruments, it provides consistent measurement with its peers in the asset management industry. Upon the closing of the securitization of CLO II on September 29, 2015, the Company adopted the fair value option to value the Consolidated Fund's investments and notes payable in accordance with ASC 825-10-25-1, which had a cost of $344,344,268 , and $364,066,775 ( $20,910,115 of which represents the Company's beneficial interests in the CLOs which are eliminated in consolidation), respectively. As a result of the fair value option election, the change in fair value of these assets and liabilities are recorded within other income (expense) in the Consolidated Statements of Income. There was no fair value adjustment on the Consolidated Fund's investments and notes payable for the three months ended September 30, 2015 since the transaction closed one day prior to quarter end. Refer to Note 4 for a description of valuation methodologies for each of the financial instruments mentioned above. In September 2015, the Company also elected the fair value option on the MMKT Notes (see Note 9), which had a cost of $4,644,895 . There was no gain (loss) recognized on MMKT Notes during the nine months ended September 30, 2015. Fixed Assets Fixed assets consist of furniture, fixtures and equipment (including automobiles, computer hardware and purchased software), software developed for internal use and leasehold improvements, and are recorded at cost, less accumulated depreciation and amortization. Depreciation of furniture, fixtures and equipment is computed using the straight-line method over the estimated useful lives of the respective assets ( three to eight years). Software developed for internal use, which is amortized over three years, consists of costs incurred during the application development stage of software developed for the Company's proprietary use and includes costs of company personnel who are directly associated with the development. Amortization of improvements to leased properties is computed using the straight-line method based upon the initial term of the applicable lease or the estimated useful life of the improvements, whichever is shorter, and ranges from five to 10 years. Routine expenditures for repairs and maintenance are charged to expense when incurred. Major betterments and improvements are capitalized. Upon retirement or disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the Consolidated Statements of Income. The Company evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset's carrying value may not be fully recovered. During the nine months ended September 30, 2015 and 2014 , there were no impairments recognized. Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing of Fifth Street Holdings' credit facility and are capitalized at the time of payment. Deferred financing costs are amortized using the straight line method over the term of the credit facility and are included in interest expense Company's Consolidated Statements of Income. Deferred Rent The Company recognizes rent expense on a straight-line basis over the expected lease term. Within the provisions of certain leases, there are free rent periods and escalations in payments over the base lease term. The effects of these items have been reflected in rent expense on a straight-line basis over the expected lease term. Landlord contributions and tenant allowances are included in the straight-line calculations and are being deferred over the lease term and are reflected as a reduction in rent expense. Revenue Recognition The Company has three principal sources of revenues: management fees, performance fees and other fees. These revenues are derived from the Company's agreements with the funds it manages, primarily the BDCs. The investment advisory agreements on which revenues are based are generally renewable on an annual basis by the general partner or the board of directors of the respective funds. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by the Company. All management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy and range from 0.40% to 2.00% for base management fees, which are asset or capital-based. Management fees from affiliates also include quarterly incentive fees on the net investment income from the BDCs ("Part I Fees"). Part I Fees are generally equal to 20.0% of the BDCs' net investment income (before Part I Fees and performance fees payable based on capital gains), subject to fixed "hurdle rates" as defined in the respective investment advisory agreement. No fees are recognized until the BDCs' net investment income exceeds the respective hurdle rate, with a "catch-up" provision that serves to ensure the Company receives 20.0% of the BDCs' net investment income from the first dollar earned. Such fees are classified as management fees as they are paid quarterly, predictable and recurring in nature, not subject to repayment (or clawback) and cash settled each quarter. Management fees from affiliates are recognized as revenue in the period investment advisory services are rendered, subject to the Company's assessment of collectability. Performance Fees Performance fees are earned from the funds managed by the Company based on the performance of the respective funds. The contractual terms of performance fees vary by fund structure and investment strategy and are generally 15.0% to 20.0% . The Company has elected to adopt Method 2 of ASC 605-20, Revenue Recognition for Revenue Based on a Formula. Under this method, the Company records revenue when it is entitled to performance-based fees, subject to certain hurdles or benchmarks. The performance fees for any period are based upon an assumed liquidation of the fund's net assets on the reporting date, and distribution of the net proceeds in accordance with the fund's income allocation provisions. The performance fees may be subject to reversal to the extent that the performance fees recorded exceed the amount due to the general partner or investment manager based on a fund's cumulative investment returns. Performance fees related to the BDCs ("Part II Fees") are calculated and payable in arrears as of the end of each fiscal year of the BDCs and equal 20.0% of the BDCs' realized capital gains, if any, on a cumulative basis since inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. Other Fees The Company also provides administrative services to the BDCs and private funds and the fees earned are reported within Revenues — Other fees. These fees generally represent the portion of compensation, overhead and other expenses incurred by the Company directly attributable to the funds, but may also be based on a fund's net asset value. The Company selects the vendors, incurs the expenses, and is the primary obligor under the related arrangements. Such reimbursement is at cost with no profit to, or markup by, the Company. The Company is considered the principal under these arrangements and is required to record the expense and related reimbursement revenue on a gross basis. Other fees are recognized in the periods during which the related expenses are incurred and the reimbursements are contractually earned. Compensation and Benefits Compensation generally includes salaries, bonuses and equity-based compensation charges. Bonuses are accrued over the service period to which they relate. All payments made to the Predecessor's managing member since inception and all payments made to the Predecessor's equity members since December 1, 2012 (see Note 12) related to their granted or purchased interests are accounted for as distributions on the equity held by such members. Equity-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, share-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. The Company recognizes expense related to equity-based compensation transactions in which it receives employee services in exchange for: (a) equity instruments of the Company or (b) liabilities that are based on the fair value of the Company's equity instruments. Equity-based compensation expense represents expenses associated with the: (i) granting of Part I Fee-sharing arrangements prior to the Reorganization; (ii) conversion of and acceleration in vesting of interests in the Predecessor in connection with the Reorganization; and (iii) the granting of restricted stock units, options to purchase shares of Class A common stock and stock appreciation rights granted in connection with the IPO. Stock-based compensation expense is based on awards ultimately expected to vest and has 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 (except for grants to non-employees which are included in general, administrative and other expenses) in the Company’s Consolidated Statements of Income. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of stock-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax returns are recorded as adjustments to additional paid-in capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense. Reimbursable Expenses In the normal course of business, the Company pays certain expenses on behalf of the BDCs, primarily for professional travel and other costs associated with particular portfolio company holdings of the BDCs, for which it is reimbursed. Such expenses are not an obligation of the Company and are recorded as Due from Affiliates at the time of disbursement (see Note 11). Fund Offering and Start-up Expenses In certain instances, the Company may bear offering costs related to capital raising activities of the Fifth Street Funds, including underwriting commissions, which are expensed as incurred. In addition, the Company expenses all costs associated with starting new investment funds. Included in the Consolidated Statement of Income for the three and nine months ended September 30, 2014 is approximately $910,000 and $1,200,000 , respectively, of expenses associated with the formation of FSOF and SLF I. Income Taxes Prior to the completion of the IPO, substantially all of the Company's earnings flowed through to the former members of FSM without being subject to entity level income taxes. Accordingly, no provision for income taxes has been recorded in the consolidated financial statements prior to the IPO. Fifth Street Holdings complies with the requirements of the Internal Revenue Code that are applicable to limited partnerships, which allow for the complete pass-through of taxable income or losses to Fifth Street Holdings limited partners, including FSAM, who are individually responsible for any federal tax consequences. Subsequent to the IPO, the tax provision includes the income tax obligation related to FSAM's allocated portion of Fifth Street Holdings' income, which is net of any tax incurred at Fifth Street Holdings' subsidiaries that are subject to income tax. Also, as a result of the Reorganization, certain subsidiaries were converted from pass-through entities to taxable entities. Accordingly, the portion of the Company's subsidiaries' earnings attributable to non-controlling interests are subject to tax when reported as a component of the non-controlling interests' taxable income on their individual tax returns. The Company accounts for income taxes under the asset and liability method prescribed by ASC 740, "Income Taxes." As a result of the Company's acquisition of limited partnership interests in Fifth Street Holdings, the Company expects to benefit from amortization and other tax deductions reflecting the step-up in tax basis in the acquired assets. Those deductions will be used by the Company and will be taken into account in determining the Company's taxable income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Management periodically assesses the recoverability of its deferred tax assets based upon expected future earnings, future deductibility of the asset and changes in applicable tax laws and other factors. If management determines that it is not probable that the deferred tax asset will be fully recoverable in the future, a valuation allowance may be established for the difference between the asset balance and the amount expected to be recoverable in the future. The allowance will result in a charge to the Company’s Consolidated Statements of Income. Further, the Company records its income taxes receivable and payable based upon its estimated income tax liability. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties associated with tax matters such as franchise tax liabilities, if applicable, as general and administrative and other expenses. Class A Earnings per Share The Company computes basic earnings per share attributable to FSAM’s Class A common stockholders by dividing income attributable to FSAM by the weighted-average Class A common shares outstanding for the period. 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 the Company's earnings. Potentially dilutive securities include outstanding options to acquire Class A common shares, unvested restricted stock units and Fifth Street Holdings limited partnership interests which are exchangeable for shares of Class A common stock. The dilutive effect of stock options and restricted stock units is reflected in diluted earnings per share of Class A common stock by application of the treasury stock method. Under the treasury stock method, if the average market price of a share of Class A common stock increases above the option's exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of Class A common stock. The dilutive effect of awards is directly correlated with the fair value of the shares of Class A common stock. However, the awards may be anti-dilutive when the market price of the underlying shares exceeds the option's exercise price. This result is possible because the compensation expense attributed to future service

Investments and Fair Value Meas

Investments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	Investments and Fair Value Measurements Investments of the Consolidated Fund The following table presents a summary of the investments held by the Consolidated Fund and as a percentage of total investments of the Consolidated Fund as of September 30, 2015 : Fair Value Percentage of Investments of Consolidated Fund Geographic Region/Investment/Industry North America Senior secured debt investments: Aerospace and Defense $ 7,892,268 2.44 % Broadcast radio and television 16,174,214 5.00 % Brokerage/securities dealers/investment houses 13,174,593 4.07 % Building and Development 7,481,968 2.31 % Business equipment and services 51,100,153 15.80 % Containers and glass products 5,890,104 1.82 % Cosmetics/Toiletries 7,547,822 2.33 % Drugs 17,111,110 5.29 % Electronics/electric 20,099,797 6.22 % Farming/agriculture 5,949,600 1.84 % Financial Intermediaries 2,967,363 0.92 % Food products 4,502,456 1.39 % Food/drug retailers 6,022,041 1.86 % Health care 35,334,676 10.92 % Home furnishings 6,511,837 2.01 % Industrial equipment 7,872,464 2.44 % Oil and gas 6,807,830 2.11 % Publishing 45,180,369 13.97 % Retailers (other than food/drug) 33,912,844 10.49 % Telecommunications 14,198,405 4.39 % Utilities 7,702,239 2.38 % Total investments of Consolidated Fund (cost of $323,434,153) $ 323,434,153 100.00 % ASC 820 – Fair Value Measurements and Disclosures ("ASC 820") – defines fair value as 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. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. 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 or reliable, valuation techniques are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. The Company engages an independent third party valuation firm to assist in the fair value measurement for its beneficial interest in CLO. Assets and liabilities recorded at fair value in the Company's consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The Company's capital markets group obtains and analyzes readily available market quotations provided by independent pricing services for all of the Consolidated Fund's senior secured debt investments. In determining the fair value of a particular investment, pricing services use observable market information, including both binding and non-binding indicative quotations. In order to validate market quotations, the capital markets group looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. If the quotation provided by the pricing service is based on only one market source, the Company corroborates such information by comparing the value to a third party broker quotation that makes a market in the asset. The value obtained from the pricing service is used to measure fair value unless the difference in price between the two sources is in excess of the Company's established tolerance level, in which case the third party broker quotation is used. If neither the pricing services nor the third party brokers are able to obtain any quoted prices, the Company may utilize independent third party valuation specialists. As of September 30, 2015, the fair values of senior secured debt investments were measured using unadjusted quotations from pricing services. When determining the fair value of publicly traded equity securities, the Company uses the unadjusted closing price as of the valuation date on the primary market or exchange on which they trade. The following table presents the financial instruments carried at fair value as of September 30, 2015, by caption on the Company's Consolidated Statement of Financial Condition for each of the levels of hierarchy established by ASC 820: Assets Level 1 Level 2 Level 3 Total Investments in available-for-sale securities $ 1,350,775 $ — $ — $ 1,350,775 Beneficial interests in CLOs — — 3,906,078 3,906,078 Senior secured debt investments held by Consolidated Fund — — 323,434,153 323,434,153 $ 1,350,775 $ — $ 327,340,231 $ 328,691,006 Liabilities Level 1 Level 2 Level 3 Total MMKT Notes $ — $ — $ 4,644,895 $ 4,644,895 Notes payable issued by Consolidated Fund — — 364,066,775 364,066,775 $ — $ — $ 368,711,670 $ 368,711,670 The following tables provide a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the three and nine months ended September 30, 2015 : Assets Liabilities Beneficial interests in CLOs at fair value Senior secured debt investments of Consolidated Fund Total MMKT Convertible Notes Notes payable issued by Consolidated Fund Total Fair value at June 30, 2015 $ 3,022,329 $ — $ 3,022,329 $ 150,000 $ — $ 150,000 Purchases of investments — 323,434,153 323,434,153 — — — Proceeds from issuance of notes payable — — — 4,450,000 364,066,775 368,516,775 Reclassifications (a) 1,043,144 — 1,043,144 — — — Distributions (231,643 ) — (231,643 ) — — — Interest income accreted 95,396 — 95,396 44,895 — 44,895 Unrealized losses (23,148 ) — (23,148 ) — — — Fair value at September 30, 2015 $ 3,906,078 $ 323,434,153 $ 327,340,231 $ 4,644,895 $ 364,066,775 $ 368,711,670 (a) This adjustment is a part of the financial statement revision shown in Note 2. Assets Liabilities Beneficial interests in CLOs at fair value Senior secured debt investments of Consolidated Fund Total MMKT Convertible Notes Notes payable issued by Consolidated Fund Total Fair value at December 31, 2014 $ — $ — $ — $ — $ — $ — Purchases of investments 4,497,036 323,434,153 327,931,189 — — — Proceeds from issuance of notes payable — — — 4,600,000 364,066,775 368,666,775 Distributions (231,643 ) — (231,643 ) — — — Interest income accreted 231,231 — 231,231 44,895 — 44,895 Unrealized losses (590,546 ) — (590,546 ) — — — Fair value at September 30, 2015 $ 3,906,078 $ 323,434,153 $ 327,340,231 $ 4,644,895 $ 364,066,775 $ 368,711,670 Significant Unobservable Inputs for Level 3 Financial Instruments The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of September 30, 2015 : Assets Fair Value Valuation Technique Unobservable Input Input Value Beneficial interest in CLOs at fair value $ 3,906,078 Discounted Cash Flow Constant prepayment rate 15% Constant default rate 1.5% Loss severity rate 30% Senior secured debt investments held by Consolidated Fund 323,434,153 Independent pricing services and/or broker quotations (a) N/A N/A Total $ 327,340,231 Liabilities Fair Value Valuation Technique Unobservable Input Input Value MMKT Notes $ 4,644,895 Recent market transactions N/A N/A Notes payable issued by Consolidated Fund 364,066,775 Recent market transactions N/A N/A Total $ 368,711,670 (a) The Company does not have transparency into the valuation methodology used by independent pricing services. Under the discounted cash flow approach, the significant unobservable inputs used in the fair value measurement of the Company's beneficial interest in the CLOs are the constant prepayment rate, constant default rate and loss severity. Significant increases or decreases in the constant prepayment rate, constant default rate and loss severity rate in isolation may result in a significantly lower or higher fair value measurement, respectively. The cost of the MMKT Notes and Notes payable issued by Consolidated Fund approximated fair value as there were recent market transactions near quarter end. The Company did not have any financial instruments carried at fair value as of December 31, 2014. Financial Instruments Disclosed, But Not Carried At Fair Value The following table presents the carrying value and fair value of the Company's financial assets and liabilities disclosed, but not carried, at fair value as of September 30, 2015 and the level of each financial asset and liability within the fair value hierarchy: Carrying Value Fair Value Level 1 Level 2 Level 3 Loan payable - Risk Retention Credit Facility $ 16,975,924 $ 16,975,924 $ — $ — $ 16,975,924 Loan payable - DECD loan 4,000,000 4,042,684 4,042,684 Credit facility payable 35,000,000 35,000,000 — — 35,000,000 Payables to related parties pursuant to tax receivable agreements 45,821,556 41,084,215 — — 41,084,215 Total $ 101,797,480 $ 97,102,823 $ — $ — $ 97,102,823 The following table presents the carrying value and fair value of the Company's financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2014 and the level of each financial asset and liability within the fair value hierarchy: Carrying Value Fair Value Level 1 Level 2 Level 3 Loan payable - DECD loan $ 4,000,000 $ 4,049,110 $ — $ — $ 4,049,110 Credit facility payable 12,000,000 12,000,000 — — 12,000,000 Note payable included in Due to Principal 5,564,451 5,564,451 — — 5,564,451 Payables to related parties pursuant to tax receivable agreements 47,373,245 42,352,014 — — 42,352,014 Total $ 68,937,696 $ 63,965,575 $ — $ — $ 63,965,575 The Company utilizes a bond yield approach to estimate the fair value of its DECD loan, which is included in Level 3 of the hierarchy. Under the bond yield approach, the Company uses its incremental borrowing rate to determine the present value of the future cash flow streams related to the liability. The carrying values of the Risk Retention Credit Facility, credit facility payable and the notes payable included in Due to Principal approximate their fair value and are included in Level 3 of the hierarchy. The Company utilizes a discounted cash flow approach to estimate the fair value of its payables to related parties pursuant to TRAs, which is included in Level 3 of the hierarchy. Under the discounted cash flow approach, the Company estimates the present value of estimated future tax benefits pursuant to the TRA discounted using a market interest rate.

Due from Affiliates

Due from Affiliates	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Due from Affiliates	Due from Affiliates In connection with administration agreements that are in place (see Note 11), the Company provides certain administrative services for the BDCs and private funds, including office facilities and equipment, and clerical, bookkeeping and recordkeeping services at such facilities. For providing these services, facilities and personnel, the BDCs and private funds reimburse the Company for direct fund expenses and the BDCs reimburse the Company for the allocable portion of overhead and other expenses incurred by the Company in performing its obligations under the administration agreements. Also, in the normal course of business, the Company pays certain expenses on behalf of the BDCs, primarily for travel and other costs associated with particular portfolio company holdings of the BDCs, for which it is reimbursed. Such expenses are not obligations of the Company and are recorded as Due from affiliates at the time of disbursement (see Note 11).

Fixed Assets

Fixed Assets	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets Fixed assets consist of the following: September 30, 2015 December 31, 2014 Furniture, fixtures and equipment $ 1,578,660 $ 3,563,172 Capitalized software costs 319,429 — Leasehold improvements 10,403,949 7,864,805 Fixed assets, cost 12,302,038 11,427,977 Less: accumulated depreciation and amortization (2,195,939 ) (1,153,714 ) Fixed assets, net book value $ 10,106,099 $ 10,274,263 Depreciation and amortization expense related to fixed assets for the three and nine months ended September 30, 2015 was $363,373 and $1,042,224 , respectively. Depreciation and amortization expense related to fixed assets for the three and nine months ended September 30, 2014 was $350,342 and $468,749 , respectively.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: September 30, 2015 December 31, 2014 Security deposits $ 515,105 $ 453,375 Fractional interests in aircrafts (a) 3,372,963 3,585,283 Other 178,511 158,700 $ 4,066,579 $ 4,197,358 __________________ (a) In November 2013, the Company entered into an agreement that entitled it to the use of a corporate aircraft for five years. The amount paid, less the estimated trade-in value, is being amortized on a straight-line basis over the expected five-year term of the agreement. In December 2014, the Company sold half of this interest and entered into an agreement for a second corporate aircraft for five years. Amortization expense for the three and nine months ended September 30, 2015 was $70,773 and $212,320 , respectively. Amortization expense for the three and nine months ended September 30, 2014 was $58,199 and $172,700 , respectively.

Due to Former Member

Due to Former Member	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Due to Former Member	Due to Former Member On November 5, 2010, the Company entered into a separation agreement with a member that provided for (i) the repurchase of the member's pro rata share of Part I Fees based on a formula, as defined in the separation agreement, over a five year period ending on September 30, 2015, and (ii) upon the closing of a sale transaction of the Company, the allocation by the managing member to the former member of any proceeds from the sale up to a maximum of $6,000,000 . Accordingly, the Company recorded a liability for the present value of the expected future payments of the member's pro rata share of Part I Fees as of the date of the separation agreement and adjusted this liability to fair value at each reporting date. All amounts due to this former member were paid in November 2014. Included in compensation expense for the three and nine months ended September 30, 2014 were fair value adjustments related to this liability that increased compensation expense in the amount of $44,291 and $180,863 , respectively. On May 17, 2014, the Company entered into a separation agreement with a member that provided for (i) the repurchase of the member's pro rata share of Part I Fees for $1,713,802 , and (ii) upon the closing of a sale transaction of the Company, the allocation by the managing member to the former member of a portion of net proceeds from the sale. In connection with the agreement to repurchase the former member's interest, the Company recognized compensation expense in the amount of $2,599,803 , representing the amount paid and the reclassification of amounts previously recorded as distributions since December 1, 2012, as the award was forfeited prior to vesting. In addition, the Company recognized compensation expense in the amount of approximately $2,327,548 in connection with the reallocation to the managing member of the former member's forfeited interest. Such amount represents the fair value of the interest in the amount of $4,035,926 , as determined by an independent third party appraisal, net of the cash paid on July 3, 2014 in the amount of $1,713,802 . Related Party Transactions Due to Principal On October 29, 2014, the Company issued notes payable to a Principal in the amount of $5,564,451 representing an initial estimate of the undistributed earnings of the Predecessor as of the IPO. Such notes bore interest at 1.0% per annum and were due no later than June 30, 2015. In addition to the notes, the Company accrued an additional $3,482,478 representing the finalization of the amount of undistributed earnings of the Predecessor to the Principal as of the IPO. The entire amount was paid in April 2015 in full satisfaction of all obligations under the notes payable. Payments Pursuant to Tax Receivable Agreements FSAM's purchase of Holdings LP Interests concurrent with its IPO, and the subsequent and future exchanges by holders of Holdings LP Interests for shares of FSAM's Class A common stock pursuant to the Exchange Agreement resulted in increases in its share of the tax basis of the tangible and intangible assets of Fifth Street Holdings, which increased the tax depreciation and amortization deductions that otherwise would not have been available to FSAM. These increases in tax basis and tax depreciation and amortization deductions reduce the amount of cash taxes that FSAM would otherwise be required to pay. FSAM entered into a TRA with certain limited partners of Fifth Street Holdings TRA Recipients that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax that FSAM actually realizes (or, under certain circumstances, is deemed to realize) as a result of the increases in tax basis in connection with exchanges by the TRA Recipients described above and certain other tax benefits attributable to payments under the TRA. As of September 30, 2015 , payments due to the TRA Recipients under the TRA totaled $45,821,556 . In connection with the finalization of the 2014 tax returns, FSAM will pay $340,255 , representing the initial payment associated with the TRA liability and the Company has reduced the tax benefit associated with the TRA by $273,828 . Within the next 12 month period, the Company expects to pay $2,051,328 of the total amount of estimated TRA liability. Such amount was determined by estimating the amount of taxable income and specified deductions subject to the TRA which are expected to be realized by FSAM for the related tax year. These calculations are performed pursuant to the terms of the TRAs. Payments are anticipated to be made under the TRAs indefinitely, and are due within 45 calendar days after the date FSAM files its federal income tax return. The payments are to be made in accordance with the terms of the TRAs. The timing of the payments is subject to certain contingencies including the Company having sufficient taxable income to utilize all of the tax benefits defined in the TRAs. Obligations pursuant to the TRAs are obligations of FSAM. They do not impact the non-controlling interests in Fifth Street Holdings. These obligations are not income tax obligations and have no impact on the tax provision or the allocation of taxes. In general, items of income, gain, loss and deduction are allocated on the basis of the limited partners' ownership interests pursuant to the Fifth Street Holdings limited partnership agreement after taking into consideration all relevant sections of the Internal Revenue Code. Other Related Party Transactions Revenues All of the Company's revenue is earned from its affiliates, including management fees, performance fees and other fees. For the three months ended September 30, 2015 and 2014 , the Company earned $22,927,964 and $22,715,966 , respectively, in management fees relating to services provided to the BDCs. For the nine months ended September 30, 2015 and 2014 , the Company earned $68,561,315 and $66,529,533 , respectively, in management fees relating to services provided to the BDCs. As of September 30, 2015 and December 31, 2014 , management fees receivable in the amounts of $19,600,003 and $23,195,707 , were due from the BDCs. For the three months ended September 30, 2015 and 2014 , the Company voluntarily waived $145,399 and $378,890 of management fees from the BDCs, respectively. For the nine months ended September 30, 2015 and 2014 , the Company voluntarily waived $435,232 and $841,715 of management fees from the BDCs, respectively. In connection with the misstatements discussed in Note 2, the Company has recorded a reduction of its management fees receivable from FSC and FSFR in the amounts of $1,863,242 and $1,464,728 , respectively. On July 14, 2015, FSC announced that FSM, its investment adviser, voluntarily agreed to a revised base management fee arrangement ("Revised Management Fee") for the period commencing on July 1, 2015 and remaining in effect until January 1, 2017. The Revised Management Fee is intended to provide for a potential reduction in the base management fee payable by FSC to FSM during such period. The Revised Management Fee will be calculated quarterly and will be equal to FSC’s gross assets, including assets acquired with borrowed funds, but excluding any cash and cash equivalents, multiplied by 0.25 multiplied by the sum of (x) and (y), expressed as a percentage, where (x) is equal to 2% multiplied by the Baseline NAV Percentage, and (y) is equal to 1% multiplied by the Incremental NAV Percentage. The “Baseline NAV Percentage” is the percentage derived by dividing FSC’s net asset value as of March 31, 2015 (i.e., $1,407,774,000 ) (the “Baseline NAV”), by the net asset value of FSC at the beginning of the fiscal quarter for which the fee is being calculated (the “New NAV”). The “Incremental NAV Percentage” is the percentage derived by dividing the New NAV in excess of the Baseline NAV by the New NAV. FSM’s letter agreement modifies the base management fee payable to FSM pursuant to the investment advisory agreement by and between FSC and FSM and results in a blended annual base management fee rate that will not be less than 1% , or greater than 2% . The initial computation of the Revised Management Fee will occur at the end of the quarter following the quarter in which FSC issues or sells shares of its common stock, including new shares issued as dividends or pursuant to the FSC’s dividend reinvestment plan, but excluding certain non-ordinary course transactions as outlined below. Prior to that time, the annual base management fee rate will remain at 2%. Moreover, if any recalculation of the base management fee rate would otherwise result in an increase of the blended rate used, the blended rate in effect immediately prior to such recalculation would remain in effect until such time, if any, as a recalculation following an equity issuance would result in a lower base management fee rate. The waiver discussed above has not impacted the management fees earned from FSC as its net asset value has been below the Baseline NAV per the agreement. Performance fees for the three months ended September 30, 2015 and 2014 were $2,596 and $139,049 , respectively. Performance fees earned for the nine months ended September 30, 2015 and 2014 were $79,451 and $54,826 , respectively. The Company also has entered into administration agreements under which the Company provides administrative services for the BDCs and private funds (collectively, the "Fifth Street Funds"), including office facilities and equipment, and clerical, bookkeeping and recordkeeping services at such facilities. Under the administration agreements, the Company also performs or oversees the performance of the BDCs' required administrative services, which includes being responsible for the financial records which the BDCs are required to maintain and preparing reports to the BDCs' stockholders and reports filed with the SEC. In addition, the Company assists each of the BDCs in determining and publishing its net asset value, overseeing the preparation and filing of its tax returns and the printing and dissemination of reports to the each of the BDC's stockholders, and generally overseeing the payment of each Fifth Street Fund's expenses and the performance of administrative and professional services rendered to the funds. For providing these services, facilities and personnel, the Fifth Street Funds reimburse the Company for direct fund expenses and the BDCs reimburse the Company for the allocable portion of overhead and other expenses incurred by the Company in performing its obligations under the administration agreements, including rent and such BDC's allocable portion of the costs of compensation and related expenses of such BDC's chief financial officer and chief compliance officer and their staffs. Such reimbursement is at cost with no profit to, or markup by, the Company. Included in Revenues — other fees in the Consolidated Statements of Income for the three months ended September 30, 2015 and 2014 was $1,347,133 and $2,187,933 , respectively, related to amounts charged for the above services provided to the Fifth Street Funds. For the nine months ended September 30, 2015 and 2014 , $3,668,878 and $4,205,987 , respectively, was recorded related to amounts charged for the above services provided to the Fifth Street Funds. The Company may also provide, on the BDCs' behalf, managerial assistance to such BDC's portfolio companies. Each of the administration agreements may be terminated by either the Company or the BDC without penalty upon 60 days' written notice to the other party. Receivables for reimbursable expenses from the Fifth Street Funds are included within Due from Affiliates and totaled $2,024,931 and $3,723,160 at September 30, 2015 and December 31, 2014 , respectively. MMKT On December 22, 2014, FSM entered into a limited liability company agreement, as majority member, with Leonard Tannenbaum’s brother, as minority member, for the purpose of forming MMKT. The purpose of MMKT is to develop technology related to the financial services industry. FSM made a total capital contribution of $80,000 for an 80% membership interest in MMKT. The Company has consolidated MMKT in its consolidated financial statements since it holds a controlling financial interest in MMKT. The Company has consolidated MMKT in its consolidated financial statements based on its 80% membership interest. The operating losses attributable to MMKT was $399,999 and $830,298 for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 , FSM holds $1,300,000 in the aggregate principal amount of convertible promissory notes, which is eliminated in consolidation. FSOF As of September 30 2015, the Company has made capital contributions (net of redemptions) of $6,412,635 to FSOF through its investment in FSCO GP, which is recorded in investments in equity method investees in the Consolidated Statements of Financial Condition. For the three and nine months ended September 30, 2015, the Company recorded income from its investment in FSOF of $2,540 . CLO I and CLO II As of September 30 2015, the Company has made investments in senior and subordinated notes in CLO I in the amount $4,496,624 , which had a fair value of $3,906,078 . For the three and nine months ended September 30, 2015, interest income accreted from FSM's investment in CLO I was $95,396 and $231,231 . As of September 30 2015, the Company has made investments in senior and subordinated notes in CLO II in the amount $20,910,115 (which approximates fair value as of such date), which is eliminated in consolidation. Additionally, Leonard M. Tannenbaum invested $5,800,000 in senior and subordinated notes in connection with the CLO II securitization. Other On July 22, 2013, the Company entered into a lease agreement for office space for its headquarters in Greenwich, CT. The landlord is an entity controlled by Leonard M. Tannenbaum, the Company's chairman and chief executive officer. The lease agreement requires monthly rental payments at market rates, expires on September 30, 2024 and can be renewed at the request of the Company for two additional five year periods. Rental payments under this lease of approximately $2,000,000 per year began on October 11, 2014. The Company's fractional interests in corporate aircrafts are used primarily for business purposes. Occasionally, certain of the members of management have used the aircraft for personal use. The Company charges these members of management for such personal use based on market rates. There were no such charges for the three and nine months ended September 30, 2015 and 2014 . During the three months ended September 30, 2015, the Company purchased 154,728 shares of FSFR common stock in the open market for $1,379,679 , which represented a weighted average price of $8.92 per share. As of September 30, 2015 and December 31, 2014 amounts due to and from affiliates were comprised of the following: As of September 30, 2015 As of December 31, 2014 (as revised) Management fees receivable: Base management fees receivable - BDCs $ 13,761,159 $ 15,200,933 Part I Fees receivable - BDCs 5,838,844 7,809,194 Collateral management fees receivable - CLO I and CLO II 291,211 351,274 Management fees receivable - FSOF — 2,500 $ 19,891,214 $ 23,363,901 Performance fees receivable: Performance fees receivable - FSOF $ 79,451 $ 106,635 $ 79,451 $ 106,635 Due from affiliates: Reimbursed expenses due from the BDCs $ 1,733,210 $ 3,596,975 Reimbursed expenses due from private funds 291,721 126,185 Due from employees 57,780 59,489 Other amounts due from affiliated entities 46,393 16,893 $ 2,129,104 $ 3,799,542 Due to affiliates: Distribution payable to former members of Predecessor $ — $ 59,316 SARs liability 19,059 3,465 $ 19,059 $ 62,781

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Loans Payable Loans payable consist of the following: September 30, 2015 December 31, 2014 DECD loans $ 4,000,000 $ 4,000,000 MMKT Notes (a) 4,644,895 — Risk Retention Credit Facility 16,975,924 — $ 25,620,819 $ 4,000,000 (a) Includes accrued interest in the amount of $44,895 . DECD On October 7, 2013, the Company borrowed $4,000,000 from the Department of Economic and Community Development (the "DECD") of the State of Connecticut. Proceeds from the loan were utilized to partially fund the build-out costs of the Company's new headquarters in Greenwich, CT. The loan bears interest at a fixed rate of 2.5% per annum, matures on November 21, 2023 and requires interest-only payments through November 1, 2017, at which point monthly payments of principal and interest are required until maturity or such time that the loan is repaid in full. As security for the loan, the Company has granted the State of Connecticut a blanket interest in the Company's personal property, subject only to prior security interests permitted by the State of Connecticut. For the three and nine months ended September 30, 2015 and 2014, interest expense related to this loan in the amounts of $25,206 and $74,795 , respectively, is included in interest and other income (expense) in the Consolidated Statements of Income. Outstanding principal amounts related to this loan maturing over the next five years are as follows: 2015 $ — 2016 — 2017 51,551 2018 627,050 2019 642,908 Under the terms of the agreement, the Company is eligible for forgiveness of up to $3,000,000 of the principal amount of the loan based on certain job creation milestones, as mutually agreed to by the Company and the DECD. If the Company is unable to meet these job creation milestones, the DECD may impose a penalty upon the Company in an amount equal to $78,125 per job below the required amount. To date, no penalties have been assessed by the DECD. MMKT Convertible Notes On February 24, 2015, MMKT issued $800,000 in aggregate principal amount of Convertible Promissory Notes (the "MMKT Notes") due August 31, 2016, bearing interest at a rate of 8% per annum due upon maturity, prepayment or conversion to the Company. On each of February 27, 2015, April 1, 2015 and August 5, 2015, MMKT issued additional MMKT Notes in the amounts of $50,000 , $100,000 and $2,000,000 , under the same terms as the MMKT Notes issues to the Company. On each of August 28, 2015 and September 4, 2015, MMKT issued new Convertible Promissory Notes, due August 5, 2016 and bearing interest at a rate of 8% per annum due upon maturity, prepayment or conversion ("MMKT Restated Notes") to the Company and additional investors. MMKT Restated Notes also were issued to all existing holders in exchange for their outstanding MMKT Notes (the "Exchange"). The Exchange was a non-cash transaction and the principal amounts of the existing MMKT Restated Notes issued to the previous holders were increased to account for the interest accrued over the period prior to the Exchange in the amount of $2,950,000 . Additionally, MMKT issued $2,950,000 in aggregate principal amount of MMKT Restated Notes to new investors. In the event of a "Qualified Financing," in which MMKT sells, in a single or series of related transactions, equity securities in an aggregate amount of at least $4,000,000 , or an equity financing in a lesser amount if approved in writing by at least 60% of the outstanding principal amount of MMKT Restated Notes (the “Majority Holder Threshold”), the principal amount of and accrued interest on the MMKT Restated Notes shall automatically be converted into the identical class or series of equity issued by MMKT in the Qualified Financing. The number or amount of Qualified Financing securities to be issued to holders upon such conversion shall be calculated by dividing (i) the entire principal amount of such holder’s MMKT Restated Notes plus accrued interest by (ii) the lesser of (x) the price paid per Qualified Financing security multiplied by the applicable “Qualified Financing Conversion Price” or (y) the price per Qualified Financing security implied by a pre-money valuation of $100,000,000 calculated on a fully diluted basis. The Qualified Financing Conversion Price ranges from 80 - 85% on a descending monthly basis from October 31, 2015 through March 1, 2016 and is dependent upon the date of the Qualified Financing. In the event of the closing of an acquisition, merger or sale of all or substantially all of MMKT, each holder may elect to convert its MMKT Restated Notes into common equity of MMKT or accelerate the maturity date of its MMKT Restated Notes to the date of closing of such transaction, and MMKT must repurchase the MMKT Notes at par plus accrued interest. Holders may also declare the MMKT Restated Notes in default and immediately due and payable in full if MMKT: (i) fails to pay any principal or interest payment on the date due, and payment is not made within 5 days of the MMKT's receipt of written notice of failure to pay, (ii) materially breaches any covenant in the MMKT Restated Notes and such failure continues for 15 days after MMKT receives written notice, (iii) voluntarily files for bankruptcy protection or makes a general assignment for the benefit of creditors, or (iv) is the subject of an involuntary bankruptcy petition and such petition is not dismissed within 60 days. If an event of default occurs, and until any applicable Restated Note is paid in full or converted, the MMKT Notes shall bear interest at a rate equal to the lower of (i) the sum of the interest rate plus 12% per annum or (ii) the highest rate allowed by law. The foregoing terms are substantially identical to those contained in the prior MMKT Notes (provided that the Majority Holder Threshold in the MMKT Notes was 50% ), with the addition of one optional conversion clause to the MMKT Restated Notes. This clause gives each holder the option at any time to convert the entire principal amount and accrued interest on its MMKT Restated Notes into MMKT common equity, where the number or amount of common equity to be issued upon conversion shall be calculated by dividing (i) the entire principal amount of the MMKT Restated Notes plus accrued interest by (ii) the implied per share price assuming a pre-money valuation of $100,000,000 calculated on a fully diluted basis. Due to the substantive conversion feature added to the MMKT Restated Notes, the Company has determined that the original MMKT Notes were extinguished. There was no gain or loss on the issuance as the transaction value was equivalent to principal plus accrued interest on the previous notes. The Company has elected the fair value option on the MMKT Restated Notes and has determined that the fair value as of September 30, 2015 approximated cost since the transaction closed near quarter end. FSM holds $1,300,000 of MMKT Restated Notes as of September 30, 2015, which are eliminated in consolidation. For the three and nine months ended September 30, 2015 , interest expense related to these notes in the amounts of $41,640 and $44,895 , respectively, is included in interest and other income (expense) in the Consolidated Statements of Income. Risk Retention Credit Facility On September 28, 2015, CLO Management, a wholly-owned consolidated subsidiary of the Company, entered into a Risk Retention Credit Facility to provide financing for its purchase of CLO II senior notes. The Company's beneficial interests in CLO II in the aggregate amount of $20,910,115 at fair value are pledged as collateral to the Risk Retention Credit Facility. The facility matures on September 29, 2027 with certain lenders party thereto from time to time and Natixis, New York Branch, as administrative agent and joint lead arranger, and Bleachers Finance 1 Limited as syndication agent and joint lead arranger. The Risk Retention Credit Facility provides for $17 million of borrowing capacity and bears interest at a variable rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change based on a total leverage ratio. Borrowings under the Risk Retention Credit Facility accrue interest at a rate based on the interest rate on the financed notes and the weighted current cost basis. The Risk Retention Credit Facility contains customary affirmative and negative covenants for agreements of this type, including financial maintenance requirements, delivery of financial and other information, compliance with laws, further assurances and limitations with respect to indebtedness, liens, fundamental changes, restrictive agreements, dispositions of assets, acquisitions and other investments, conduct of business and transactions with affiliates. The Company is in compliance with all covenants as of September 30, 2015 and has $16,975,924 of borrowings outstanding under the Risk Retention Credit Facility, which had a fair value of $16,975,924 . For the three and nine months ended September 30, 2015 , interest expense related to the Risk Retention Credit Facility in the amount of $3,359 is included in interest and other income (expense) in the Consolidated Statements of Income. Credit Facility On November 4, 2014, Fifth Street Holdings entered into an unsecured revolving credit facility which matures on November 4, 2019 with certain lenders party thereto from time to time and Sumitomo Mitsui Banking Corporation, as administrative agent and joint lead arranger, and Morgan Stanley Senior Funding, Inc., as syndication agent and joint lead arranger. The revolving credit facility provides for $176 million of borrowing capacity, with a $100 million accordion feature, and bears interest at a variable rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change based on a total leverage ratio. Borrowings under the revolving credit facility accrue interest at an annual rate of LIBOR plus 2.00% per annum and the unused commitment fee under the facility is 0.30% per annum. The revolving credit facility contains customary affirmative and negative covenants for agreements of this type, including financial maintenance requirements, delivery of financial and other information, compliance with laws, further assurances and limitations with respect to indebtedness, liens, fundamental changes, restrictive agreements, dispositions of assets, acquisitions and other investments, conduct of business and transactions with affiliates. The revolving credit facility has a term of five years. As of September 30, 2015 , the Company had $35,000,000 of borrowings outstanding under the credit facility, which had a fair value of $35,000,000 , and was in compliance with all debt covenants. For the three and nine months ended September 30, 2015 , interest expense related to the credit facility in the amounts of $437,442 and $1,199,940 , respectively, is included in interest and other income (expense) in the Consolidated Statements of Income. Notes Payable of Consolidated Fund On September 29, 2015, Fifth Street CLO Management LLC, a wholly-owned subsidiary controlled by FSAM, closed its second CLO, CLO II, a $416.6 million collateralized loan obligation ("CLO"). The vehicle has a four -year reinvestment period. CLO II sold securities rated from Aaa/AAA through Ba3 along with unrated subordinated notes that mature September 29, 2027. CLO Management retained approximately five percent of every class and Natixis Securities America LLC served as the Placement Agent. The closing consisted of the following senior and subordinated notes: Designation (1) Class A-1R Notes Class A-1T Notes Class A-1F Notes Class A-2 Notes Class B Notes Class C Notes Class D Notes Subordinated Notes Type Senior Secured Revolving Floating Rate Senior Secured Floating Rate Senior Secured Fixed Rate Senior Secured Floating Rate Senior Secured Deferrable Floating Rate Senior Secured Deferrable Floating Rate Senior Secured Deferrable Floating Rate Subordinated Initial Principal Amount/ Face Amount $20,000,000 $175,800,000 $31,000,000 $40,600,000 $39,600,000 $22,300,000 $35,200,000 $52,100,000 Interest Rate LIBOR + 1.92% LIBOR + 1.92% 3.53% LIBOR + 2.81% LIBOR + 3.72% LIBOR + 4.85% LIBOR + 7.30% N/A CLO Management investment (a) $— $11,800,000 $— $2,100,000 $2,050,000 $1,150,000 $1,800,000 $2,605,000 __________________ (a) These senior and subordinated notes are eliminated in consolidation as they are held by CLO Management, the Company's consolidated subsidiary. CLO Management has continuing involvement with CLO II as it is the collateral manager for the vehicle. There was no interest expense recorded for these notes for the three and nine months ended September 30, 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company leases office space in various locations throughout the United States and maintains its headquarters in Greenwich, CT. On July 22, 2013, the Company entered into a lease agreement with a related party (see Note 10) for office space in Greenwich, CT that expires on September 30, 2024. Other non-cancelable office leases in other locations expire through 2020. The Company's rental lease agreements are generally subject to escalation provisions on base rental payments, as well as certain costs incurred by the property owner and are recognized on a straight-line basis over the term of the lease agreements. In July 2014, the Company terminated the operating lease for its White Plains, NY office. Under the terms of the agreement with the landlord, the Company paid an early termination fee of $616,852 at that time and was obligated to pay rent through November 30, 2015. Accordingly, upon lease termination, the Company had recognized an additional expense in the amount of $460,658 representing the fair value of the remaining lease obligation. During March 2015, the Company reached an agreement with its landlord to cancel a significant portion of its remaining lease obligation which resulted in a reduction of rent expense in the amount of $341,044 . Capital Commitments As of September 30, 2015 , the Company does not have any unfunded capital commitments. Unfunded Commitments of Consolidated Fund As of September 30, 2015, the Consolidated Fund had approximately $1,185,000 in unfunded commitments related to the senior secured debt investments. Litigation From time to time, the Company may be involved in litigation and claims incidental to the conduct of the Company's business. The Company may also be subject, from time to time, to reviews, inquiries and investigations by regulatory agencies that have regulatory authority over the Company's business activities. Refer to Note 15 for a description of pending litigation which arose after period end.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Due to Former Member On November 5, 2010, the Company entered into a separation agreement with a member that provided for (i) the repurchase of the member's pro rata share of Part I Fees based on a formula, as defined in the separation agreement, over a five year period ending on September 30, 2015, and (ii) upon the closing of a sale transaction of the Company, the allocation by the managing member to the former member of any proceeds from the sale up to a maximum of $6,000,000 . Accordingly, the Company recorded a liability for the present value of the expected future payments of the member's pro rata share of Part I Fees as of the date of the separation agreement and adjusted this liability to fair value at each reporting date. All amounts due to this former member were paid in November 2014. Included in compensation expense for the three and nine months ended September 30, 2014 were fair value adjustments related to this liability that increased compensation expense in the amount of $44,291 and $180,863 , respectively. On May 17, 2014, the Company entered into a separation agreement with a member that provided for (i) the repurchase of the member's pro rata share of Part I Fees for $1,713,802 , and (ii) upon the closing of a sale transaction of the Company, the allocation by the managing member to the former member of a portion of net proceeds from the sale. In connection with the agreement to repurchase the former member's interest, the Company recognized compensation expense in the amount of $2,599,803 , representing the amount paid and the reclassification of amounts previously recorded as distributions since December 1, 2012, as the award was forfeited prior to vesting. In addition, the Company recognized compensation expense in the amount of approximately $2,327,548 in connection with the reallocation to the managing member of the former member's forfeited interest. Such amount represents the fair value of the interest in the amount of $4,035,926 , as determined by an independent third party appraisal, net of the cash paid on July 3, 2014 in the amount of $1,713,802 . Related Party Transactions Due to Principal On October 29, 2014, the Company issued notes payable to a Principal in the amount of $5,564,451 representing an initial estimate of the undistributed earnings of the Predecessor as of the IPO. Such notes bore interest at 1.0% per annum and were due no later than June 30, 2015. In addition to the notes, the Company accrued an additional $3,482,478 representing the finalization of the amount of undistributed earnings of the Predecessor to the Principal as of the IPO. The entire amount was paid in April 2015 in full satisfaction of all obligations under the notes payable. Payments Pursuant to Tax Receivable Agreements FSAM's purchase of Holdings LP Interests concurrent with its IPO, and the subsequent and future exchanges by holders of Holdings LP Interests for shares of FSAM's Class A common stock pursuant to the Exchange Agreement resulted in increases in its share of the tax basis of the tangible and intangible assets of Fifth Street Holdings, which increased the tax depreciation and amortization deductions that otherwise would not have been available to FSAM. These increases in tax basis and tax depreciation and amortization deductions reduce the amount of cash taxes that FSAM would otherwise be required to pay. FSAM entered into a TRA with certain limited partners of Fifth Street Holdings TRA Recipients that requires it to pay them 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax that FSAM actually realizes (or, under certain circumstances, is deemed to realize) as a result of the increases in tax basis in connection with exchanges by the TRA Recipients described above and certain other tax benefits attributable to payments under the TRA. As of September 30, 2015 , payments due to the TRA Recipients under the TRA totaled $45,821,556 . In connection with the finalization of the 2014 tax returns, FSAM will pay $340,255 , representing the initial payment associated with the TRA liability and the Company has reduced the tax benefit associated with the TRA by $273,828 . Within the next 12 month period, the Company expects to pay $2,051,328 of the total amount of estimated TRA liability. Such amount was determined by estimating the amount of taxable income and specified deductions subject to the TRA which are expected to be realized by FSAM for the related tax year. These calculations are performed pursuant to the terms of the TRAs. Payments are anticipated to be made under the TRAs indefinitely, and are due within 45 calendar days after the date FSAM files its federal income tax return. The payments are to be made in accordance with the terms of the TRAs. The timing of the payments is subject to certain contingencies including the Company having sufficient taxable income to utilize all of the tax benefits defined in the TRAs. Obligations pursuant to the TRAs are obligations of FSAM. They do not impact the non-controlling interests in Fifth Street Holdings. These obligations are not income tax obligations and have no impact on the tax provision or the allocation of taxes. In general, items of income, gain, loss and deduction are allocated on the basis of the limited partners' ownership interests pursuant to the Fifth Street Holdings limited partnership agreement after taking into consideration all relevant sections of the Internal Revenue Code. Other Related Party Transactions Revenues All of the Company's revenue is earned from its affiliates, including management fees, performance fees and other fees. For the three months ended September 30, 2015 and 2014 , the Company earned $22,927,964 and $22,715,966 , respectively, in management fees relating to services provided to the BDCs. For the nine months ended September 30, 2015 and 2014 , the Company earned $68,561,315 and $66,529,533 , respectively, in management fees relating to services provided to the BDCs. As of September 30, 2015 and December 31, 2014 , management fees receivable in the amounts of $19,600,003 and $23,195,707 , were due from the BDCs. For the three months ended September 30, 2015 and 2014 , the Company voluntarily waived $145,399 and $378,890 of management fees from the BDCs, respectively. For the nine months ended September 30, 2015 and 2014 , the Company voluntarily waived $435,232 and $841,715 of management fees from the BDCs, respectively. In connection with the misstatements discussed in Note 2, the Company has recorded a reduction of its management fees receivable from FSC and FSFR in the amounts of $1,863,242 and $1,464,728 , respectively. On July 14, 2015, FSC announced that FSM, its investment adviser, voluntarily agreed to a revised base management fee arrangement ("Revised Management Fee") for the period commencing on July 1, 2015 and remaining in effect until January 1, 2017. The Revised Management Fee is intended to provide for a potential reduction in the base management fee payable by FSC to FSM during such period. The Revised Management Fee will be calculated quarterly and will be equal to FSC’s gross assets, including assets acquired with borrowed funds, but excluding any cash and cash equivalents, multiplied by 0.25 multiplied by the sum of (x) and (y), expressed as a percentage, where (x) is equal to 2% multiplied by the Baseline NAV Percentage, and (y) is equal to 1% multiplied by the Incremental NAV Percentage. The “Baseline NAV Percentage” is the percentage derived by dividing FSC’s net asset value as of March 31, 2015 (i.e., $1,407,774,000 ) (the “Baseline NAV”), by the net asset value of FSC at the beginning of the fiscal quarter for which the fee is being calculated (the “New NAV”). The “Incremental NAV Percentage” is the percentage derived by dividing the New NAV in excess of the Baseline NAV by the New NAV. FSM’s letter agreement modifies the base management fee payable to FSM pursuant to the investment advisory agreement by and between FSC and FSM and results in a blended annual base management fee rate that will not be less than 1% , or greater than 2% . The initial computation of the Revised Management Fee will occur at the end of the quarter following the quarter in which FSC issues or sells shares of its common stock, including new shares issued as dividends or pursuant to the FSC’s dividend reinvestment plan, but excluding certain non-ordinary course transactions as outlined below. Prior to that time, the annual base management fee rate will remain at 2%. Moreover, if any recalculation of the base management fee rate would otherwise result in an increase of the blended rate used, the blended rate in effect immediately prior to such recalculation would remain in effect until such time, if any, as a recalculation following an equity issuance would result in a lower base management fee rate. The waiver discussed above has not impacted the management fees earned from FSC as its net asset value has been below the Baseline NAV per the agreement. Performance fees for the three months ended September 30, 2015 and 2014 were $2,596 and $139,049 , respectively. Performance fees earned for the nine months ended September 30, 2015 and 2014 were $79,451 and $54,826 , respectively. The Company also has entered into administration agreements under which the Company provides administrative services for the BDCs and private funds (collectively, the "Fifth Street Funds"), including office facilities and equipment, and clerical, bookkeeping and recordkeeping services at such facilities. Under the administration agreements, the Company also performs or oversees the performance of the BDCs' required administrative services, which includes being responsible for the financial records which the BDCs are required to maintain and preparing reports to the BDCs' stockholders and reports filed with the SEC. In addition, the Company assists each of the BDCs in determining and publishing its net asset value, overseeing the preparation and filing of its tax returns and the printing and dissemination of reports to the each of the BDC's stockholders, and generally overseeing the payment of each Fifth Street Fund's expenses and the performance of administrative and professional services rendered to the funds. For providing these services, facilities and personnel, the Fifth Street Funds reimburse the Company for direct fund expenses and the BDCs reimburse the Company for the allocable portion of overhead and other expenses incurred by the Company in performing its obligations under the administration agreements, including rent and such BDC's allocable portion of the costs of compensation and related expenses of such BDC's chief financial officer and chief compliance officer and their staffs. Such reimbursement is at cost with no profit to, or markup by, the Company. Included in Revenues — other fees in the Consolidated Statements of Income for the three months ended September 30, 2015 and 2014 was $1,347,133 and $2,187,933 , respectively, related to amounts charged for the above services provided to the Fifth Street Funds. For the nine months ended September 30, 2015 and 2014 , $3,668,878 and $4,205,987 , respectively, was recorded related to amounts charged for the above services provided to the Fifth Street Funds. The Company may also provide, on the BDCs' behalf, managerial assistance to such BDC's portfolio companies. Each of the administration agreements may be terminated by either the Company or the BDC without penalty upon 60 days' written notice to the other party. Receivables for reimbursable expenses from the Fifth Street Funds are included within Due from Affiliates and totaled $2,024,931 and $3,723,160 at September 30, 2015 and December 31, 2014 , respectively. MMKT On December 22, 2014, FSM entered into a limited liability company agreement, as majority member, with Leonard Tannenbaum’s brother, as minority member, for the purpose of forming MMKT. The purpose of MMKT is to develop technology related to the financial services industry. FSM made a total capital contribution of $80,000 for an 80% membership interest in MMKT. The Company has consolidated MMKT in its consolidated financial statements since it holds a controlling financial interest in MMKT. The Company has consolidated MMKT in its consolidated financial statements based on its 80% membership interest. The operating losses attributable to MMKT was $399,999 and $830,298 for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 , FSM holds $1,300,000 in the aggregate principal amount of convertible promissory notes, which is eliminated in consolidation. FSOF As of September 30 2015, the Company has made capital contributions (net of redemptions) of $6,412,635 to FSOF through its investment in FSCO GP, which is recorded in investments in equity method investees in the Consolidated Statements of Financial Condition. For the three and nine months ended September 30, 2015, the Company recorded income from its investment in FSOF of $2,540 . CLO I and CLO II As of September 30 2015, the Company has made investments in senior and subordinated notes in CLO I in the amount $4,496,624 , which had a fair value of $3,906,078 . For the three and nine months ended September 30, 2015, interest income accreted from FSM's investment in CLO I was $95,396 and $231,231 . As of September 30 2015, the Company has made investments in senior and subordinated notes in CLO II in the amount $20,910,115 (which approximates fair value as of such date), which is eliminated in consolidation. Additionally, Leonard M. Tannenbaum invested $5,800,000 in senior and subordinated notes in connection with the CLO II securitization. Other On July 22, 2013, the Company entered into a lease agreement for office space for its headquarters in Greenwich, CT. The landlord is an entity controlled by Leonard M. Tannenbaum, the Company's chairman and chief executive officer. The lease agreement requires monthly rental payments at market rates, expires on September 30, 2024 and can be renewed at the request of the Company for two additional five year periods. Rental payments under this lease of approximately $2,000,000 per year began on October 11, 2014. The Company's fractional interests in corporate aircrafts are used primarily for business purposes. Occasionally, certain of the members of management have used the aircraft for personal use. The Company charges these members of management for such personal use based on market rates. There were no such charges for the three and nine months ended September 30, 2015 and 2014 . During the three months ended September 30, 2015, the Company purchased 154,728 shares of FSFR common stock in the open market for $1,379,679 , which represented a weighted average price of $8.92 per share. As of September 30, 2015 and December 31, 2014 amounts due to and from affiliates were comprised of the following: As of September 30, 2015 As of December 31, 2014 (as revised) Management fees receivable: Base management fees receivable - BDCs $ 13,761,159 $ 15,200,933 Part I Fees receivable - BDCs 5,838,844 7,809,194 Collateral management fees receivable - CLO I and CLO II 291,211 351,274 Management fees receivable - FSOF — 2,500 $ 19,891,214 $ 23,363,901 Performance fees receivable: Performance fees receivable - FSOF $ 79,451 $ 106,635 $ 79,451 $ 106,635 Due from affiliates: Reimbursed expenses due from the BDCs $ 1,733,210 $ 3,596,975 Reimbursed expenses due from private funds 291,721 126,185 Due from employees 57,780 59,489 Other amounts due from affiliated entities 46,393 16,893 $ 2,129,104 $ 3,799,542 Due to affiliates: Distribution payable to former members of Predecessor $ — $ 59,316 SARs liability 19,059 3,465 $ 19,059 $ 62,781

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity and Equity Based Compensation	Equity and Equity Based Compensation FSAM Ownership Structure Subsequent to the Reorganization and IPO as described in Note 1, FSAM has two classes of common stock, Class A common stock and Class B common stock, which are described as follows: Class A common stock Holders of shares of Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Additionally, holders of shares of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon dissolution, liquidation or the sale of all or substantially all of the Company's assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock would be entitled to receive the Company's remaining assets available for distribution on pro rata basis. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B common stock Holders of Class B common stock are entitled to five votes for each share held of record on all matters submitted to a vote of stockholders. Shares of Class B common stock have voting but no economic rights and were issued in equal proportion to the number of Holdings LP Interests issued in the Reorganization to the Principals. Holders of Class B common stock do not have any right to receive dividends (other than dividends consisting of shares of Class B common stock or in rights, options, warrants or other securities convertible or exercisable into or exchangeable for shares of Class B common stock paid proportionally with respect to each outstanding share of Class B common stock) or to receive a distribution upon the dissolution, liquidation or sale of all or substantially all of the Company's assets with respect to their Class B common stock other than the par value of the Class B common stock held. FSAM's amended and restated certificate of incorporation does not provide for any restrictions on transfer of shares of Class B common stock, however, in the event that an outstanding share of Class B common stock ceases to be held by a holder of a corresponding Holdings LP Interest, such share shall automatically be retired and canceled. In addition, when a Holdings LP Interest is exchanged for a share of Class A common stock by a Principal, the corresponding share of Class B common stock will be retired and canceled. Preferred Stock FSAM's amended and restated certificate of incorporation authorizes its Board of Directors to establish one or more series of preferred stock (including convertible preferred stock). Unless required by law or by any stock exchange, the authorized shares of preferred stock will be available for issuance without further action by holders of Class A common stock. FSAM's Board of Directors is able to determine, with respect to any series of preferred stock, the terms and rights of the series of preferred stock. FSAM could issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of its stockholders may believe is in their best interests or in which they may receive a premium for their Class A common stock over the market price of the Class A common stock. Allocation of pre-IPO Earnings In connection with the IPO, the previous members of FSM agreed to allocate to the limited partners of Fifth Street Holdings, including FSAM, the Company's earnings (excluding the compensation charges related to the Reorganization) from October 1, 2014 through the date of the IPO. Dividends On January 15, 2015, the Company's Board of Directors declared an initial quarterly dividend of $0.30 per share on its Class A common stock. The declared dividend was paid on April 15, 2015 to stockholders of record at the close of business on March 31, 2015. On May 11, 2015, the Company's Board of Directors declared a quarterly dividend of $0.17 per share on its Class A common stock. The declared dividend was paid on July 15, 2015 to stockholders of record at the close of business on June 30, 2015. On August 10, 2015, the Company's Board of Directors declared a quarterly dividend of $0.17 per share on its Class A common stock. The declared dividend is payable on October 15, 2015 to stockholders of record at the close of business on September 30, 2015. Share Repurchase Program On May 11, 2015, the Company's Board of Directors authorized a share repurchase program of up to $20.0 million of the Company’s Class A common stock. Under the repurchase program, the Company is authorized to repurchase shares through open market purchases or block trades, as conditions permit and in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchase program will terminate on May 11, 2016, unless earlier terminated or extended by the Company's Board of Directors, and may be suspended for periods or discontinued at any time. For the nine months ended September 30, 2015, FSAM repurchased and retired 217,641 shares of its Class A common stock at a weighted average price of $8.47 per share pursuant to this program. The aggregate cash consideration paid for these repurchases was $1,849,140 after brokerage commissions. Upon the completion of each Class A common stock repurchase transaction, Fifth Street Holdings repurchased an equivalent number of Holdings LP Interests held by FSAM. Accordingly, Fifth Street Holdings repurchased 217,641 Holdings LP Interests during the nine months ended September 30, 2015. Equity-based Compensation Prior to the Reorganization, the Company historically had fee sharing arrangements whereby certain employees or members were granted interests to a share of Part I Fees. Upon consummation of the Reorganization such interests were exchanged for Holdings LP Interests. In addition, upon consummation of the IPO, the Company granted certain equity instruments to Holdings Limited Partners, employees and directors. Part I Fees Prior to December 1, 2012, interests in the Company's Part I Fees that were granted and/or sold to members (other than the managing member) were accounted for as liabilities using the intrinsic-value method as these interests are subject to repurchase in the event of the member's termination of employment, at a formula-based price (as defined in the then existing operating agreement) determined by the member's pro rata share of Part I Fees. In addition, the redemption amounts were exclusive of any accumulated undistributed earnings associated with the member's interests, which were also required to be paid to a former member. Effective December 1, 2012, the Fifth Street operating agreement was amended to include a retirement eligibility vesting clause for then existing members (“equity members”). Members admitted after December 1, 2012, were considered non-equity members as their interests did include the retirement eligibility clause and were accounted for as liabilities using the intrinsic-value method consistent with the above. The amounts paid by the equity members prior to December 1, 2012 for these interests, totaling $2,065,664 , which had been accounted for as a liability, were reclassified to members' equity with payments subsequent to December 1, 2012 being accounted for as distributions from equity. The fair value of these awards at that date in the amount of $15,187,787 , net of cash paid for the awards, as determined by an independent third party appraisal, was amortized on a straight-line basis over the period to retirement eligibility. Conversion and Vesting of Member Interests in Predecessor and Fifth Street Holdings L.P. On November 4, 2014, in connection with the Reorganization, existing interests held by the members of the Predecessor (Part I fee-sharing arrangements discussed above) were exchanged for Holdings LP Interests. As part of this exchange, one of the members' Holdings LP Interests became immediately vested and expensed in full and the other members' vesting was modified and their Holdings LP Interests now vest over a period of eight years from the IPO. There was no change in the fair value of these converted interests as a result of the modification in vesting. The following table summarizes activity for the nine months ended September 30, 2015 and 2014 with respect to the Company's equity classified awards: Balance at December 31, 2013 $ 18,243,398 Fair value of purchased interest 4,035,926 Cash received for purchased interest (1,708,378 ) Amortization of granted and purchased interests (3,815,194 ) Balance at September 30, 2014 $ 16,755,752 Balance at December 31, 2014 $ 8,043,058 Amortization of Holdings LP Interests (770,079 ) Balance at September 30, 2015 $ 7,272,979 Included in compensation expense for the nine months ended September 30, 2015 and 2014 was $770 079 and $3,815,194, respectively, of amortization relating to the above equity-classified awards. As of September 30, 2015 , unrecognized compensation cost in the amount of $7,279,979 relating to these equity-based awards is expected to be recognized over a period of approximately 7.1 years . The following table summarizes activity for the nine months ended September 30, 2015 and 2014 with respect to the Company's liability classified awards, including stock appreciation rights discussed below: Balance at December 31, 2013 $ 129,001 Cash received for purchased interests 14,129 Compensation expense 228,140 Payment of liabilities (228,140 ) Balance at September 30, 2014 $ 143,130 Balance at December 31, 2014 $ 3,465 Compensation expense 15,594 Balance at September 30, 2015 $ 19,059 Fifth Street Asset Management Inc. 2014 Omnibus Incentive Plan In connection with the IPO, FSAM's Board of Directors adopted the 2014 Omnibus Incentive Plan pursuant to which the Company granted options to its non-employee directors, executive officers and other employees to acquire 5,658,970 shares of Class A common stock, 1,174,748 restricted stock units to be settled in shares of Class A common stock and 90,500 stock appreciation rights to be settled in cash. During the nine months ended September 30, 2015, there were additional grants under the 2014 Omnibus Incentive Plan as discussed below. Equity-based compensation expense, net of assumed forfeitures, is as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Restricted stock units to be settled in Class A common stock $ 666,347 $ 1,969,093 Options to acquire shares of Class A common stock 575,384 1,726,152 Stock appreciation rights to be settled in cash 5,198 15,594 Total $ 1,246,929 $ 3,710,839 Restricted Stock Units Each restricted stock unit represents an unfunded, unsecured right of the holder to receive a Class A common share on the vesting dates. The restricted stock units will not vest for three years and subsequently vest at a rate of one-third per year on the fourth, fifth and sixth anniversary of the grant date. These awards will become saleable at a rate of one-quarter (¼) per year, beginning on the sixth, seventh, eighth and ninth anniversary of the grant date. Upon vesting, shares of Class A common stock will be delivered to the participant. Additionally, if the Company pays dividends on its outstanding shares of Class A common stock, the holder of the restricted stock units will be credited with dividend equivalents. For stock dividends, the dividend equivalents will be in the form of additional restricted stock units. For cash dividends, the dividend equivalents will be in the form of cash (without interest or earnings). Dividend equivalents are subject to the same terms and conditions as the original restricted stock unit award, and are not paid until the vesting and settlement of the underlying shares of Class A common stock to which such dividend equivalents relate. During the nine months ended September 30, 2015 , the Company granted 65,952 restricted stock units to employees under substantially similar terms to the IPO grant. For the nine months ended September 30, 2015 , the Company declared cash dividends of $0.64 per share and accrued dividends in the amount of $601,207 related to unvested restricted stock units which are forfeitable. The following table presents unvested restricted stock units' activity for the nine months ended September 30, 2015 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - December 31, 2014 1,174,748 $ 17.00 Granted 65,952 10.23 Vested — — Forfeited (14,583 ) 17.00 Balance - September 30, 2015 1,226,117 $ 16.64 No previously granted restricted stock units vested during the nine months ended September 30, 2015 . The total compensation expense expected to be recognized in all future periods associated with the restricted stock units, considering assumed annual forfeitures of 5.0% , is $13,597,689 at September 30, 2015 , which is expected to be recognized over the remaining weighted average period of 5.0 years . Options Each option entitles the holders to purchase from the Company, upon exercise thereof, one Class A common share at the stated exercise price. Since all of the options granted either restrict saleability upon vesting or have strike prices in excess of the IPO price, the use of standard option pricing models such as Black-Scholes is precluded by ASC 718. As such, the Company has utilized a Monte Carlo pricing simulation, a statistical pricing technique or similar method to measure the fair value of option awards on the date of grant. No options were granted during the nine months ended September 30, 2015. A summary of unvested options activity for the nine months ended September 30, 2015 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - December 31, 2014 5,658,970 $ 18.70 8.3 Granted — — — Vested — — — Forfeited (80,420 ) $ 18.70 7.5 Balance - September 30, 2015 5,578,550 $ 18.70 7.5 Exercisable at September 30, 2015 — $ — — $ — Expected to vest after September 30, 2015 — $ — — $ — Aggregate intrinsic value represents the value of the Company's closing share price on the last trading day of the year in excess of the weighted average exercise price multiplied by the number of options exercisable or expected to vest. As of September 30, 2015 , the Company's closing share price was lower than the weighted average exercise price of the options exercisable or expected to vest. As a result, the options are out of the money and have no intrinsic value. Compensation expense associated with these options is being recognized on a straight-line basis during the service period of the respective grant. As of September 30, 2015 , there was $5,991,906 of total unrecognized compensation expense, net of assumed annual forfeitures of 5% , that is expected to be recognized over the remaining weighted average period of 3.8 years . Stock Appreciation Rights (“SARs”) Each SAR represents an unfunded, unsecured right of the holder to receive an amount in cash equal to the excess of the closing price of a Class A common share over the exercise price. The SARs terms and conditions are substantially similar to the provisions of the ten year option grants discussed above and had a grant date fair value of $1.78 per unit. Upon vesting, they will be settled in cash. The fair value of the SARs are re-measured each reporting period until settlement and changes in fair value are charged to compensation expense as the SARs vest over the remaining service period. The amount of the adjustment has been derived based on a grant date fair value using the IPO price of $17.00 per share, multiplied by the number of unvested shares, and expensed over the six year service period. Additionally, the calculation of the expense assumes a forfeiture rate of 5% . The total compensation expense expected to be recognized in all future periods associated with the SARs, considering assumed forfeitures, is approximately $110,896 . No SARs were issued during the nine months ended September 30, 2015 . A summary of unvested SARs activity for the nine months ended September 30, 2015 is presented below: SARs Weighted Average Grant Date Fair Value Per SAR Balance December 31, 2014 90,500 $ 1.78 Granted — — Vested — — Forfeited (19,500 ) $ 1.78 Balance September 30, 2015 71,000 $ 1.78

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Prior to November 4, 2014, the Company had not been subject to U.S. Federal income taxes as the Predecessor was organized as a limited liability company. As a result of the Reorganization and IPO, the portion of Fifth Street Holdings income attributable to FSAM is now subject to U.S. Federal, state and local income taxes and is taxed at the prevailing corporate tax rates. The Company's effective tax rate includes a rate benefit attributable to the fact that certain of the Company's subsidiaries operate as a series of pass-through entities which are not themselves subject to federal income tax. As a result of the Reorganization, certain subsidiaries were converted from pass-through entities to taxable entities. Accordingly, the portion of the Company's subsidiaries' earnings attributable to non-controlling interests are subject to tax when reported as a component of the non-controlling interests' taxable income on their individual tax returns. The Company’s provision for income taxes consists of Federal, state and local taxes in amounts necessary to align the Company’s year-to-date provision for income taxes with the effective tax rate that the Company expects to achieve for the full year. The estimated annualized income tax provision for 2015 reflects an effective tax rate of 11.3% . The difference between the annual effective rate of 11.3% and the statutory Federal rate of 35% primarily relates to state taxes and pass-through entity income not subject to income taxes. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual tax rate could differ from current estimates. Actual provision expense may vary from the annual effective rate for discrete items recorded in the period. Deferred tax assets are primarily the result of an increase in the tax basis of certain intangible assets resulting from FSAM's investment in Fifth Street Holdings. Net deferred tax assets are also recorded related to differences between the financial reporting basis and the tax basis of FSAM's proportionate share of the net assets of Fifth Street Holdings. Based on the Company's historical taxable income and its expected future earnings, management evaluates the uncertainty associated with booking tax benefits and determined that the deferred tax assets are more likely than not to be realized, including evaluation of deferred tax liabilities and the expectation of future taxable income. The Company does not believe it has any significant uncertain tax positions. Accordingly, the Company did not record any adjustments or recognize interest expense for uncertain tax positions for the years ended December 31, 2014, 2013 and 2012. In the future, if uncertain tax positions arise, interest and penalties will be accrued and included in the Provision for Income Taxes.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share Prior to the Reorganization and the IPO, the Company's businesses were conducted through multiple operating businesses rather than a single holding entity. As such, there was no single capital structure upon which to calculate historical earnings per common share information. Accordingly, earnings per Class A common share information has not been presented for historical periods prior to the IPO. Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted earnings per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive potential of stock options and restricted stock units. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except shares and per share information): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Numerator for basic and diluted net income per share of Class A common stock: Net income attributable to Fifth Street Asset Management Inc. $ 1,171,567 $ 3,650,302 Denominator for basic net income per share of Class A common stock: Weighted average shares of Class A common stock outstanding 5,901,718 5,956,389 Denominator for diluted net income per share of Class A common stock: Weighted average shares of Class A common stock outstanding 5,901,718 5,956,389 Dilutive effects of restricted stock units 6,745 6,929 Weighted average shares of Class A common stock outstanding - diluted 5,908,463 5,963,318 Earnings per share of Class A common stock: Net income attributable to Fifth Street Asset Management Inc. per share of Class A common stock, basic $ 0.20 $ 0.61 Net income attributable to Fifth Street Asset Management Inc. per share of Class A common stock, diluted $ 0.20 $ 0.61 Shares of Class B common stock have no impact on the calculation of net income per share of Class A common stock as holders of Class B common stock do not participate in net income or dividends, and thus, are not participating securities. The treasury stock method is used to calculate incremental Class A common shares on potentially dilutive Class A common shares resulting from options and unvested restricted units granted in connection with the IPO. Potentially dilutive securities representing an incremental 1,235,515 restricted stock units and 5,630,376 options to acquire Class A common shares for the three and nine months ended September 30, 2015 were excluded from the computation of diluted earnings per Class A common share for the period because their impact would have been anti-dilutive. The EPS calculation excludes the assumed conversion of 44,000,000 Holdings LP interests into Class A common shares as the impact would have been anti-dilutive.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 23, 2015, the Company's Board of Directors declared a quarterly dividend of $0.17 per share of Class A common stock. The declared dividend is payable on January 15, 2016 to stockholders of record at the close of business on December 31, 2015. The Company has been named as a defendant in three putative securities class-action lawsuits arising from its role as investment adviser to FSC. The first lawsuit was filed on October 1, 2015, in the United States District Court for the Southern District of New York and is captioned Howard Randall, Trustee, Howard & Gale Randall Trust FBO Kimberly Randall Irrevocable Trust UA Feb 15, 2000 v. Fifth Street Finance Corp., et al., Case No. 1:15-cv-07759. The second lawsuit was filed on October 14, 2015, in the United States District Court for the District of Connecticut and is captioned Lynn Waters-Cottrell v. Fifth Street Finance Corp., et al., Case No. 3:15-cv-01488. The third lawsuit was filed on November 12, 2015, in the United States District Court for the Southern District of New York and is captioned Robert J. Hurwitz v. Fifth Street Finance Corp., et al., Case No. 1:15-cv-08908. The defendants in all three cases are Leonard M. Tannenbaum, Bernard D. Berman, Alexander C. Frank, Todd G. Owens, Ivelin M. Dimitrov, and Richard Petrocelli (collectively, the “Individual Defendants”), FSC, and the Company. The lawsuits allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of investors who purchased FSC common stock between July 7, 2014, and February 6, 2015, inclusive. The lawsuits allege in general terms that defendants engaged in a purportedly fraudulent scheme designed to artificially inflate the true value of FSC’s investment portfolio and investment income in order to increase FSAM’s revenue, which FSAM received as the asset manager and investment advisor of FSC. For example, the lawsuits allege that FSC improperly delayed the write-down of five of its investments until the fiscal quarter ending in December 31, 2014, after FSAM conducted its Initial Public Offering (“IPO”) in October 2014, when FSC should have taken the write-down before FSAM’s IPO. The plaintiffs seek compensatory damages and attorneys’ fees and costs, among other relief, but have not specified the amount of damages being sought in any of the actions. The Company believes that the claims are without merit and intends to defend itself vigorously against the plaintiffs’ allegations.

Significant Accounting Polici25

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The unaudited interim consolidated financial statements presented in this quarterly report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented, have been reflected as required by Regulation S-X, Rule 10-01. Such adjustments are of a normal and recurring nature. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period. All significant intercompany transactions and balances have been eliminated in consolidation.
Principals of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and entities in which it, directly or indirectly, is determined to have a controlling financial interest under ASC 810, as amended by ASU No. 2015-02. Under the variable interest model, the Company determines whether, if by design, an entity has equity investors who lack substantive participating or kick-out rights. If equity investors do not have such rights, the entity is considered a variable interest entity ("VIE") and must be consolidated by its primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Under the consolidation guidance, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and reconsiders that conclusion continually. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective investment funds could affect an entity's status as a VIE or the determination of the primary beneficiary. At each reporting date, the Company assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. For equity investments where the Company does not control the investee, and where it is not the primary beneficiary of a VIE, but can exert significant influence over the financial and operating policies of the investee, the Company follows the equity method of accounting. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees requires significant judgment based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include the type of investment, the legal structure of the investee, the terms and structure of the investment agreement, including investor voting or other rights, the terms of the Company's investment advisory agreement or other agreements with the investee, any influence the Company may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the fund’s operating documents and the relationship between the Company and other investors in the entity. Consolidated Variable Interest Entities Fifth Street Holdings FSAM is the sole general partner of Fifth Street Holdings and, as such, it operates and controls all of the business and affairs of Fifth Street Holdings and its wholly-owned subsidiaries, FSM, CLO Management and FSCO GP. Under ASC 810, Fifth Street Holdings meets the definition of a VIE because the limited partners do not hold substantive kick-out or participating rights. Since FSAM has the obligation to absorb expected losses that could be significant to Fifth Street Holdings and is the sole general partner, FSAM is considered to be the primary beneficiary of Fifth Street Holdings. As a result, the Company consolidates the financial results of Fifth Street Holdings and its wholly-owned subsidiaries and records a non-controlling interest for the economic interest in Fifth Street Holdings held by the limited partners as a separate component of stockholders' equity in its Consolidated Statements of Financial Condition for the remaining economic interests in Fifth Street Holdings. The non-controlling interest in the income of Fifth Street Holdings is included in the Consolidated Statements of Income as a reduction of net income. As of September 30, 2015 and December 31, 2014, the Company has recorded the following amounts in its Consolidated Statements of Financial Condition relating to Fifth Street Holdings: September 30, 2015 December 31, 2014 (as revised) Assets Cash and cash equivalents $ 6,021,384 $ 3,236,830 Management fees receivable 19,891,214 23,363,901 Performance fees receivable 79,451 106,635 Prepaid expenses (includes $266,402 related to income taxes) 882,618 1,335,593 Investments in equity method investees 6,415,175 4,115,429 Investments in available-for-sale securities 1,350,775 — Beneficial interest in CLOs at fair value: (cost: $4,496,624) 3,906,078 — Due from affiliates (1) 6,750,454 8,369,501 Fixed assets, net 10,106,099 10,274,263 Deferred tax assets — 2,705,934 Deferred financing costs 2,055,266 2,432,764 Other assets 4,066,579 4,197,358 Assets of Consolidated Fund: Cash and cash equivalents 74,519,096 — Investments at fair value (cost: $323,434,153) 323,434,153 — Interest and dividends receivable 3,277,652 — Unsettled trades receivable 1,094,500 — Deferred financing costs 2,744,979 — Total assets $ 466,595,473 $ 60,138,208 Liabilities Accounts payable and accrued expenses $ 1,983,793 $ 2,830,052 Accrued compensation and benefits 10,446,425 11,095,548 Income taxes payable 438,794 — Loans payable 25,620,819 4,000,000 Credit facility payable 35,000,000 12,000,000 Dividend payable 601,207 — Due to Principal — 9,063,792 Due to affiliates (2) 710,203 747,505 Deferred rent liability 3,187,864 3,261,434 Deferred tax liability 424,316 — Liabilities of Consolidated Fund: Unsettled trades payable 20,093,490 — Notes payable at fair value (proceeds: $364,066,775) 364,066,775 — Total liabilities 462,573,686 42,998,331 Equity 4,021,787 17,139,877 Total liabilities and equity $ 466,595,473 $ 60,138,208 _____________ (1) The amounts due from affiliates include $4,621,350 that is eliminated in consolidation. (2) The amounts due to affiliates include $691,144 that is eliminated in consolidation. The liabilities recognized as a result of consolidating Fifth Street Holdings do not represent additional claims on FSAM’s general assets; rather, they represent claims against the specific assets of Fifth Street Holdings and its subsidiaries. Conversely, assets recognized as a result of consolidating Fifth Street Holdings do not represent additional assets that could be used to satisfy claims against FSAM's general assets. CLO II Fifth Street CLO Management LLC ("CLO Management"), a wholly owned-consolidated subsidiary of Fifth Street Holdings, is the collateral manager of CLO II, and as such, it operates and controls all of the business and affairs of CLO II. As part of the CLO II securitization, CLO Management retained approximately 5% of each tranche of notes issued and Leonard M. Tannenbaum directly invested in Class D and subordinated notes. Under ASC 810, CLO II meets the definition of a VIE because the limited partners do not hold substantive kick-out or participating rights. Since CLO Management has the obligation to absorb expected losses that could be significant to CLO II and is its collateral manager, FSM is considered to be the primary beneficiary of CLO II. As a result, the Company consolidates the financial results of CLO II (the "Consolidated Fund") and eliminates its investment in senior and subordinated notes in the entity. The Consolidated Statements of Financial Condition separately presents these amounts as assets and liabilities of the Consolidated Fund. Including the results of the Consolidated Fund significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows of the Company; however, the Consolidated Fund's results included herein have no direct effect on the net income attributable to controlling interests or on total controlling equity. Voting Interest Entities For entities that are not VIEs, the Company consolidates those entities in which it has an equity investment of greater than 50% and has control over significant operating, financial and investing decisions of the entity. Additionally, the Company consolidates entities in which the Company is a substantive, controlling general partner and the limited partners have no substantive rights to participate in the ongoing governance and operating activities. Unconsolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated because the Company is not deemed the primary beneficiary as of September 30, 2015 . The Company's interest in such entities generally is in the form of direct equity interests and fixed fee arrangements. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. The most significant of these estimates are related to: (i) the valuation of equity-based compensation, (ii) the estimate of future taxable income, which impacts the carrying amount of the Company’s deferred income tax assets, (iii) the determination of net tax benefits in connection with the Company's tax receivable agreements and (iv) the valuation of the Consolidated Fund's investments and the fair value measurements of the Company's investments in unconsolidated VIEs. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions and conditions.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains its cash and cash equivalents with high-credit quality financial institutions.
Fair Values Measurements	Fair Value Measurements The carrying amounts of cash and cash equivalents, management and performance fees receivable from affiliates, prepaid expenses, due from/to affiliates, accounts payable and accrued expenses, accrued compensation and benefits and income taxes payable approximate fair value due to the immediate or short-term maturity of these financial instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include short-term, highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less. The Company places its cash and cash equivalents with U.S. financial institutions and, at times, amounts may exceed federally insured limits. The Company monitors the credit standing of these financial institutions.
Investments in Equity Method Investees	Investments in Equity Method Investees Investments in equity method investees consists of the Company's interests in unconsolidated VIEs. Entities and investments over which the Company exercises significant influence but which do not meet the requirements for consolidation are accounted for using the equity method of accounting, whereby the Company records its share of the underlying income or losses of these entities. Intercompany profit arising from transactions with affiliates is eliminated to the extent of its beneficial interest. Equity in losses of equity method investments is not recognized after the carrying value of an investment, including advances and loans, has been reduced to zero, unless guarantees or other funding obligations exist. The Company evaluates its equity method investments for impairment, whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The difference between the carrying value of the equity method investment and its estimated fair value is recognized as an impairment when the loss in value is deemed other than temporary. No impairment charges related to equity method investments were recorded during the nine months ended September 30, 2015 and 2014 . The Company's only equity method investment is its general partnership interest in FSOF, a credit-oriented hedge fund which was previously consolidated. FSOF follows GAAP specialized industry accounting which requires it to carry its investments at fair value. Accordingly, the Company's income allocated from the equity method investees includes net unrealized gain/loss allocations from FSOF.
Investments in Available-for-Sale Securities and Beneficial Interests in CLO	Investments in Available-for-Sale Securities Available-for-sale securities consist of investments in FSFR common stock. All unrealized gains and losses are recorded in Accumulated Other Comprehensive Income. The cost of investments in available-for-sale securities is determined on a specific identification basis. Realized gains or losses and declines in value judged to be other than temporary, if any, are reported in other income, net. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. Beneficial Interest in CLOs The beneficial interest in the CLOs meets the definition of a debt security under ASC 325-40. Accordingly, the Company recognizes the accretable yield as interest income over the life of the beneficial interest using the effective yield method, which was $95,396 and $231,231 for the three and nine months ended September 30, 2015 , respectively. In order to determine the interest recorded in each period, the Company estimates the timing and amount of future cash flows attributable to the beneficial interests over the estimated life of the CLOs. The Company reevaluates the estimated future cash flows periodically to determine whether an adjustment to the accretable yield is required. The Company has elected the fair value option to account for beneficial interests in CLOs as discussed below.
Fair Value Option	Fair Value Option Upon the closing of the securitization of CLO I on February 19, 2015, the Company elected the fair value option to value its beneficial interests in CLO I, which had a cost of $4,487,084 . There was $23,148 and $590,546 of unrealized losses recorded on beneficial interests in CLO I, respectively, for the three and nine months ended September 30, 2015. The Company believes that by electing the fair value option for these financial instruments, it provides consistent measurement with its peers in the asset management industry. Upon the closing of the securitization of CLO II on September 29, 2015, the Company adopted the fair value option to value the Consolidated Fund's investments and notes payable in accordance with ASC 825-10-25-1, which had a cost of $344,344,268 , and $364,066,775 ( $20,910,115 of which represents the Company's beneficial interests in the CLOs which are eliminated in consolidation), respectively. As a result of the fair value option election, the change in fair value of these assets and liabilities are recorded within other income (expense) in the Consolidated Statements of Income. There was no fair value adjustment on the Consolidated Fund's investments and notes payable for the three months ended September 30, 2015 since the transaction closed one day prior to quarter end. Refer to Note 4 for a description of valuation methodologies for each of the financial instruments mentioned above.
Fixed Assets	Fixed Assets Fixed assets consist of furniture, fixtures and equipment (including automobiles, computer hardware and purchased software), software developed for internal use and leasehold improvements, and are recorded at cost, less accumulated depreciation and amortization. Depreciation of furniture, fixtures and equipment is computed using the straight-line method over the estimated useful lives of the respective assets ( three to eight years). Software developed for internal use, which is amortized over three years, consists of costs incurred during the application development stage of software developed for the Company's proprietary use and includes costs of company personnel who are directly associated with the development. Amortization of improvements to leased properties is computed using the straight-line method based upon the initial term of the applicable lease or the estimated useful life of the improvements, whichever is shorter, and ranges from five to 10 years. Routine expenditures for repairs and maintenance are charged to expense when incurred. Major betterments and improvements are capitalized. Upon retirement or disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the Consolidated Statements of Income. The Company evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset's carrying value may not be fully recovered.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing of Fifth Street Holdings' credit facility and are capitalized at the time of payment. Deferred financing costs are amortized using the straight line method over the term of the credit facility and are included in interest expense Company's Consolidated Statements of Income.
Deferred Rent	Deferred Rent The Company recognizes rent expense on a straight-line basis over the expected lease term. Within the provisions of certain leases, there are free rent periods and escalations in payments over the base lease term. The effects of these items have been reflected in rent expense on a straight-line basis over the expected lease term. Landlord contributions and tenant allowances are included in the straight-line calculations and are being deferred over the lease term and are reflected as a reduction in rent expense.
Revenue Recognition	Revenue Recognition The Company has three principal sources of revenues: management fees, performance fees and other fees. These revenues are derived from the Company's agreements with the funds it manages, primarily the BDCs. The investment advisory agreements on which revenues are based are generally renewable on an annual basis by the general partner or the board of directors of the respective funds. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by the Company. All management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy and range from 0.40% to 2.00% for base management fees, which are asset or capital-based. Management fees from affiliates also include quarterly incentive fees on the net investment income from the BDCs ("Part I Fees"). Part I Fees are generally equal to 20.0% of the BDCs' net investment income (before Part I Fees and performance fees payable based on capital gains), subject to fixed "hurdle rates" as defined in the respective investment advisory agreement. No fees are recognized until the BDCs' net investment income exceeds the respective hurdle rate, with a "catch-up" provision that serves to ensure the Company receives 20.0% of the BDCs' net investment income from the first dollar earned. Such fees are classified as management fees as they are paid quarterly, predictable and recurring in nature, not subject to repayment (or clawback) and cash settled each quarter. Management fees from affiliates are recognized as revenue in the period investment advisory services are rendered, subject to the Company's assessment of collectability. Performance Fees Performance fees are earned from the funds managed by the Company based on the performance of the respective funds. The contractual terms of performance fees vary by fund structure and investment strategy and are generally 15.0% to 20.0% . The Company has elected to adopt Method 2 of ASC 605-20, Revenue Recognition for Revenue Based on a Formula. Under this method, the Company records revenue when it is entitled to performance-based fees, subject to certain hurdles or benchmarks. The performance fees for any period are based upon an assumed liquidation of the fund's net assets on the reporting date, and distribution of the net proceeds in accordance with the fund's income allocation provisions. The performance fees may be subject to reversal to the extent that the performance fees recorded exceed the amount due to the general partner or investment manager based on a fund's cumulative investment returns. Performance fees related to the BDCs ("Part II Fees") are calculated and payable in arrears as of the end of each fiscal year of the BDCs and equal 20.0% of the BDCs' realized capital gains, if any, on a cumulative basis since inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. Other Fees The Company also provides administrative services to the BDCs and private funds and the fees earned are reported within Revenues — Other fees. These fees generally represent the portion of compensation, overhead and other expenses incurred by the Company directly attributable to the funds, but may also be based on a fund's net asset value. The Company selects the vendors, incurs the expenses, and is the primary obligor under the related arrangements. Such reimbursement is at cost with no profit to, or markup by, the Company. The Company is considered the principal under these arrangements and is required to record the expense and related reimbursement revenue on a gross basis. Other fees are recognized in the periods during which the related expenses are incurred and the reimbursements are contractually earned.
Compensation and Benefits	Compensation and Benefits Compensation generally includes salaries, bonuses and equity-based compensation charges. Bonuses are accrued over the service period to which they relate. All payments made to the Predecessor's managing member since inception and all payments made to the Predecessor's equity members since December 1, 2012 (see Note 12) related to their granted or purchased interests are accounted for as distributions on the equity held by such members. Equity-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, share-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. The Company recognizes expense related to equity-based compensation transactions in which it receives employee services in exchange for: (a) equity instruments of the Company or (b) liabilities that are based on the fair value of the Company's equity instruments. Equity-based compensation expense represents expenses associated with the: (i) granting of Part I Fee-sharing arrangements prior to the Reorganization; (ii) conversion of and acceleration in vesting of interests in the Predecessor in connection with the Reorganization; and (iii) the granting of restricted stock units, options to purchase shares of Class A common stock and stock appreciation rights granted in connection with the IPO. Stock-based compensation expense is based on awards ultimately expected to vest and has 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 (except for grants to non-employees which are included in general, administrative and other expenses) in the Company’s Consolidated Statements of Income. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of stock-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax returns are recorded as adjustments to additional paid-in capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense.
Reimbursable Expenses	Reimbursable Expenses In the normal course of business, the Company pays certain expenses on behalf of the BDCs, primarily for professional travel and other costs associated with particular portfolio company holdings of the BDCs, for which it is reimbursed. Such expenses are not an obligation of the Company and are recorded as Due from Affiliates at the time of disbursement (see Note 11).
Fund Offering and Start-up Expenses	Fund Offering and Start-up Expenses In certain instances, the Company may bear offering costs related to capital raising activities of the Fifth Street Funds, including underwriting commissions, which are expensed as incurred. In addition, the Company expenses all costs associated with starting new investment funds.
Income Taxes	Income Taxes Prior to the completion of the IPO, substantially all of the Company's earnings flowed through to the former members of FSM without being subject to entity level income taxes. Accordingly, no provision for income taxes has been recorded in the consolidated financial statements prior to the IPO. Fifth Street Holdings complies with the requirements of the Internal Revenue Code that are applicable to limited partnerships, which allow for the complete pass-through of taxable income or losses to Fifth Street Holdings limited partners, including FSAM, who are individually responsible for any federal tax consequences. Subsequent to the IPO, the tax provision includes the income tax obligation related to FSAM's allocated portion of Fifth Street Holdings' income, which is net of any tax incurred at Fifth Street Holdings' subsidiaries that are subject to income tax. Also, as a result of the Reorganization, certain subsidiaries were converted from pass-through entities to taxable entities. Accordingly, the portion of the Company's subsidiaries' earnings attributable to non-controlling interests are subject to tax when reported as a component of the non-controlling interests' taxable income on their individual tax returns. The Company accounts for income taxes under the asset and liability method prescribed by ASC 740, "Income Taxes." As a result of the Company's acquisition of limited partnership interests in Fifth Street Holdings, the Company expects to benefit from amortization and other tax deductions reflecting the step-up in tax basis in the acquired assets. Those deductions will be used by the Company and will be taken into account in determining the Company's taxable income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Management periodically assesses the recoverability of its deferred tax assets based upon expected future earnings, future deductibility of the asset and changes in applicable tax laws and other factors. If management determines that it is not probable that the deferred tax asset will be fully recoverable in the future, a valuation allowance may be established for the difference between the asset balance and the amount expected to be recoverable in the future. The allowance will result in a charge to the Company’s Consolidated Statements of Income. Further, the Company records its income taxes receivable and payable based upon its estimated income tax liability. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties associated with tax matters such as franchise tax liabilities, if applicable, as general and administrative and other expenses.
Class A Earnings per Share	Class A Earnings per Share The Company computes basic earnings per share attributable to FSAM’s Class A common stockholders by dividing income attributable to FSAM by the weighted-average Class A common shares outstanding for the period. 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 the Company's earnings. Potentially dilutive securities include outstanding options to acquire Class A common shares, unvested restricted stock units and Fifth Street Holdings limited partnership interests which are exchangeable for shares of Class A common stock. The dilutive effect of stock options and restricted stock units is reflected in diluted earnings per share of Class A common stock by application of the treasury stock method. Under the treasury stock method, if the average market price of a share of Class A common stock increases above the option's exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding shares of Class A common stock. The dilutive effect of awards is directly correlated with the fair value of the shares of Class A common stock. However, the awards may be anti-dilutive when the market price of the underlying shares exceeds the option's exercise price. This result is possible because the compensation expense attributed to future services but not yet recognized is included as a component of the assumed proceeds upon exercise.
Market and Other Risk Factors	Market and Other Risk Factors Due to the nature of the Consolidated Fund's investment strategy, 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 which 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. Limited Liquidity of Investments The Consolidated Fund invests 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 and the small size of the issue (relative to issues of comparable interests). As a result, the Consolidated Fund 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 markets in which the Consolidated Fund may effect 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 Consolidated Fund 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 Consolidated Fund to suffer loss. Such "counterparty risk" is accentuated for contracts with longer maturities where events may occur that prevent settlement, or where the Consolidated Fund has concentrated its transactions with a single or small group of counterparties. Credit Risk There are no restrictions on the credit quality of the investments the Consolidated Fund makes. 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 Consolidated Fund may use these ratings as initial criteria for the selection of portfolio assets but are not required to utilize them. Interest Rate Risk Fluctuations in interest rates expose the Company to interest rate risk on certain assets and liabilities of the Consolidated Fund. These changes may affect the fair value, interest income and interest expense related to certain floating rate assets and liabilities that are indexed to market interest rates.
Accounting Policies of Consolidated Fund	Accounting Policies of Consolidated Fund The Consolidated Fund, in which the Company has a minor ownership interest, is included in the Company's consolidated financial statements. Management fees from the Consolidated Fund are eliminated in consolidation. The Consolidated Fund is considered an investment company for GAAP purposes. Pursuant to specialized accounting guidance for investment companies and the retention of that guidance in the Company's consolidated financial statements, the investments held by the Consolidated Fund are reflected in the consolidated financial statements at their estimated fair values. Investments at fair value Investments at fair value include the Consolidated Fund's investments in securities. Securities transactions are recorded on a trade-date basis. Realized gains and losses on sales of investments are determined on a specific identification basis and are included within net realized gains of Consolidated Fund in the Consolidated Statements of Income. Premiums and discounts are amortized and accreted, respectively, to income of the Consolidated Fund in the Consolidated Statements of Income. The fair value of investments held by the Consolidated Fund is based on observable market prices when available. Such values are generally based on the last reported sales price as of the reporting date. In the absence of readily ascertainable market values, the determination of the fair value of investments held by the Consolidated Fund may require significant judgment or estimation (see Note 3). Actual results could differ materially from these estimates under different assumptions and conditions. Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing of the CLO II securitization and are capitalized at the time of payment. Deferred financing costs are amortized using the straight line method over the terms of the respective maturity of the senior and subordinated notes and are included in interest expense of the Consolidated Fund in the Company's Consolidated Statement of Income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2018 and early adoption is permitted on the original 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 this standard on its consolidated financial statements and its ongoing financial reporting. In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the requisite service period, which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and should be applied prospectively. The Company is currently evaluating the effect that this guidance will have on its consolidated financial statements and its ongoing financial reporting. In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity ("CFE"). This guidance requires reporting entities to use the more observable of the fair value of the financial assets or the financial liabilities to measure the financial assets and the financial liabilities of a CFE when a CFE is initially consolidated. It permits entities to make an accounting policy election to apply this same measurement approach after initial consolidation or to apply other GAAP to account for the consolidated CFE's financial assets and financial liabilities. It also prohibits all entities from electing to use the fair value option in ASC 825 to measure either the financial assets or financial liabilities of a consolidated CFE that is within the scope of this issue. This guidance is effective for fiscal years beginning after December 15, 2015, and interim periods therein. Early adoption is permitted using a modified retrospective transition approach as described in the pronouncement. The Company is currently evaluating the effect that this guidance will have on its consolidated financial statements and its ongoing financial reporting. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, which requires management to evaluate, at each annual and interim reporting period, a company's ability to continue as a going concern within one year of the date the financial statements are issued and provide related disclosures. This accounting guidance is effective for the Company on a prospective basis beginning in the first quarter of fiscal 2016 and is not expected to have a material effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, which provides guidance on evaluating whether a reporting entity should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership under the voting interest model, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments using a modified retrospective approach or a full retrospective application. As of December 31, 2014, the Company has elected to early adopt such guidance in these consolidated financial statements which resulted in deconsolidation of the Combined Funds. Although total assets and equity significantly decreased as a result of the Combined Funds' deconsolidation, it did not change net income or equity attributable to controlling interests in FSAM. In April 2015, the FASB issued ASU 2015-03, which changes the presentation of debt issuance costs in a reporting entity's financial statements. Under this new guidance, debt issuance costs will be presented as a direct deduction from the related debt liability instead of an asset. This accounting change is consistent with the current presentation under GAAP for debt discounts and it also converges the guidance under GAAP with that in the International Financial Reporting Standards. Debt issuance costs will reduce the proceeds from debt borrowings in the statement of cash flows instead of being presented as a separate caption in the financing section of that statement. Amortization of debt issuance costs will continue to be reported as interest expense in the statement of income. This accounting update does not affect the current accounting guidance for the recognition and measurement of debt issuance costs. This update is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is allowed for all entities for financial statements that have not been previously issued. This guidance is not expected to have a material effect on the consolidated financial statements as it will result in a reclassification on the Consolidated Statements of Financial Condition. Accordingly, there will be no impact on total equity or net income as a result of adoption of this guidance. Additionally, in August 2015, the FASB issued ASU 2015-15, which provides further clarification on the same topic and states that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of the deferred costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Removing these investments from the fair value hierarchy will eliminate diversity in current practice resulting from the way in which investments measured at net asset value per share with future redemption dates are classified and ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. Investments that calculate net asset value per share, but for which the practical expedient is not applied, will continue to be included in the fair value hierarchy. ASU 2015-07 is effective for public entities for annual reporting periods beginning after December 15, 2015 and interim periods within those reporting periods and should be applied retrospectively to all periods presented. Early adoption of the amendments is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). The objective of the guidance in ASU 2015-16 is to simplify the accounting for adjustments made to provisional amounts recognized at acquisition in a business combination by requiring an acquirer to recognize adjustments to the provisional amounts during the measurement period in the reporting period in which the amount is determined, which may be the reporting period for the fiscal year after the acquisition. An acquirer also is required to recognize in the same financial reporting period the effect of changes in depreciation, amortization, or other effects on income, if any, as a result of changes to provisional amounts, which would be calculated as if the accounting had been completed at the acquisition date. The guidance should be applied prospectively to adjustments made to provisional amounts that occur after the effective date of the guidance. ASU 2015-15 is effective for public entities for annual reporting periods beginning after December 15, 2015 and interim periods within those reporting periods. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Organization and Basis of Pre26

Organization and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impact of Reorganization and Deconsolidation of Combined Funds	The following tables show the impact on the Consolidated Statements of Income for the three and nine months ended September 30, 2014 for the deconsolidation of previously combined funds and the Reorganization: Three months ended September 30, 2014 As revised (see Note 2) Deconsolidation of Combined Funds and Effects of Reorganization As adjusted Revenues $ 25,042,949 $ 271,931 $ 25,314,880 Net income $ 17,161,160 $ (2,981,758 ) $ 14,179,402 Net income attributable to redeemable non-controlling interests in Combined Fund $ (1,072,218 ) $ 1,072,218 $ — Net income attributable to non-controlling interests in Combined Funds $ (1,909,540 ) $ 1,909,540 $ — Net income attributable to Predecessor $ — $ (14,179,402 ) $ (14,179,402 ) Net income attributable to non-controlling interests in Fifth Street Holdings L.P. $ — $ — $ — Net income attributable to controlling interests in Fifth Street Management Group $ 14,179,402 $ (14,179,402 ) $ — Net income attributable to Fifth Street Asset Management Inc. $ — $ — $ — Nine months ended September 30, 2014 As revised (see Note 2) Deconsolidation of Combined Funds and Effects of Reorganization As adjusted Revenues $ 70,678,754 $ 373,484 $ 71,052,238 Net income $ 41,554,502 $ (5,261,217 ) $ 36,293,285 Net income attributable to redeemable non-controlling interests in Combined Fund $ (2,336,539 ) $ 2,336,539 $ — Net income attributable to non-controlling interests in Combined Funds $ (2,924,678 ) $ 2,924,678 $ — Net income attributable to Predecessor $ — $ (36,293,285 ) $ (36,293,285 ) Net income attributable to non-controlling interests in Fifth Street Holdings L.P. $ — $ — $ — Net income attributable to controlling interests in Fifth Street Management Group $ 36,293,285 $ (36,293,285 ) $ — Net income attributable to Fifth Street Asset Management Inc. $ — $ — $ —

Revision of Previously Issued27

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Summary of Financial Statement Line Items Impacted by Revisions	is a summary of the financial statement line items impacted by these revisions for the periods presented in this Form 10-Q and previous filings. June 30, 2015 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 23,065,693 $ (3,327,969 ) $ 19,737,724 Prepaid expenses 795,591 166,888 962,479 Subordinated debt interest in CLO 1,043,144 (1,043,144 ) — Beneficial interest in CLO 3,022,329 1,043,144 4,065,473 Total assets $ 111,289,257 $ (3,161,081 ) $ 108,128,176 Accumulated other comprehensive income (loss) (40,575 ) 40,575 — Retained earnings 945,531 (40,575 ) 904,956 Non-controlling interests 4,879,615 (3,161,081 ) 1,718,534 Total equity 13,517,127 (3,161,081 ) 10,356,046 Total liabilities and equity $ 111,289,257 $ (3,161,081 ) $ 108,128,176 Three Months Ended June 30, 2015 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 23,058,289 $ 514,753 $ 23,573,042 Total revenues 24,166,163 514,753 24,680,916 General, administrative and other expenses 2,633,265 (139,071 ) 2,494,194 Total expenses 12,276,236 (139,071 ) 12,137,165 Other income (expense), net (226,967 ) (567,398 ) (794,365 ) Income before provision for income taxes 11,662,960 86,426 11,749,386 Provision for income taxes (1,315,041 ) (45,628 ) (1,360,669 ) Net income 10,347,919 40,798 10,388,717 Net income attributable to non-controlling interests (9,141,173 ) (75,322 ) (9,216,495 ) Net income attributable to Fifth Street Asset Management Inc. $ 1,206,746 $ (34,524 ) $ 1,172,222 Six Months Ended June 30, 2015 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 46,637,687 $ 169,916 $ 46,807,603 Total revenues 49,036,287 169,916 49,206,203 General, administrative and other expenses 5,434,574 (236,171 ) 5,198,403 Total expenses 24,787,937 (236,171 ) 24,551,766 Other income (expense), net (534,992 ) (567,398 ) (1,102,390 ) Income before provision for income taxes 23,713,358 (161,311 ) 23,552,047 Provision for income taxes (2,537,107 ) (18,716 ) (2,555,823 ) Net income 21,176,251 (180,027 ) 20,996,224 Net income attributable to non-controlling interests (18,660,175 ) 142,686 (18,517,489 ) Net income attributable to Fifth Street Asset Management Inc. $ 2,516,076 $ (37,341 ) $ 2,478,735 Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock: Basic and Diluted $ 0.42 $ (0.01 ) $ 0.41 Three Months Ended June 30, 2015 Consolidated Statements of Comprehensive Income: As previously reported Adjustment As revised Net income $ 10,347,919 $ 40,798 $ 10,388,717 Total comprehensive income 9,807,301 40,798 9,848,099 Less: Comprehensive income attributable to non-controlling interests (8,641,130 ) 40,798 (8,600,332 ) Comprehensive income attributable to Fifth Street Asset Management Inc. $ 1,166,171 $ 40,798 $ 1,206,969 Six Months Ended June 30, 2015 Consolidated Statements of Comprehensive Income: As previously reported Adjustment As revised Net income $ 21,176,251 $ (180,027 ) $ 20,996,224 Total comprehensive income 20,635,633 (180,027 ) 20,455,606 Less: Comprehensive income attributable to non-controlling interests (18,160,132 ) (180,027 ) (18,340,159 ) Comprehensive income attributable to Fifth Street Asset Management Inc. $ 2,475,501 $ (180,027 ) $ 2,295,474 March 31, 2015 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 23,344,726 $ (3,842,722 ) $ 19,502,004 Prepaid expenses 856,405 223,511 1,079,916 Subordinated debt interest in CLO 1,043,144 (1,043,144 ) — Beneficial interest in CLO 3,443,940 1,043,144 4,487,084 Fixed assets, net 9,977,576 631 9,978,207 Total assets $ 106,953,005 $ (3,618,580 ) $ 103,334,425 Retained earnings 523,066 631 523,697 Total stockholders' equity, Fifth Street Asset Management Inc. 7,466,620 631 7,467,251 Non-controlling interests 12,062,033 (3,619,211 ) 8,442,822 Total equity 19,528,653 (3,618,580 ) 15,910,073 Total liabilities and equity $ 106,953,005 $ (3,618,580 ) $ 103,334,425 Three Months Ended March 31, 2015 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 23,579,398 $ (344,837 ) $ 23,234,561 Total revenues 24,870,124 (344,837 ) 24,525,287 General administrative and other expenses 2,801,309 (97,100 ) 2,704,209 Total expenses 12,511,701 (97,100 ) 12,414,601 Income before provision for income taxes 12,050,398 (247,737 ) 11,802,661 Provision for income taxes (1,222,066 ) 26,911 (1,195,155 ) Net income 10,828,332 (220,826 ) 10,607,506 Net income attributable to non-controlling interests (9,519,002 ) 218,009 (9,300,993 ) Net income attributable to Fifth Street Asset Management Inc. $ 1,309,330 $ (2,817 ) $ 1,306,513 December 31, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 26,861,787 $ (3,497,886 ) $ 23,363,901 Prepaid expenses 1,150,013 185,580 1,335,593 Total assets $ 114,147,838 $ (3,312,306 ) $ 110,835,532 Retained earnings 1,288,995 (15,510 ) 1,273,485 Total stockholders' equity, Fifth Street Asset Management Inc. 6,752,637 (15,510 ) 6,737,127 Non-controlling interests 17,131,698 (3,296,796 ) 13,834,902 Total equity 23,884,335 (3,312,306 ) 20,572,029 Total liabilities and equity $ 114,147,838 $ (3,312,306 ) $ 110,835,532 Year Ended December 31, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 95,425,407 $ (3,497,886 ) $ 91,927,521 Total revenues 103,206,061 (3,497,886 ) 99,708,175 Compensation and benefits 53,697,430 129,252 53,826,682 Total expenses 66,297,065 129,252 66,426,317 Income before provision for income taxes 36,935,074 (3,627,138 ) 33,307,936 Provision for income taxes 1,877,758 185,580 2,063,338 Net income 38,812,832 (3,441,558 ) 35,371,274 Net income attributable to non-controlling interests (38,284,255 ) 3,409,177 (34,875,078 ) Net income attributable to Fifth Street Asset Management Inc. $ 528,577 $ (32,381 ) $ 496,196 Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock: Basic and Diluted $ 0.09 $ (0.01 ) $ 0.08 September 30, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 23,263,679 $ (1,810,799 ) $ 21,452,880 Total assets $ 46,642,231 $ (1,810,799 ) $ 44,831,432 Members' equity 25,154,063 (1,810,799 ) 23,343,264 Total equity 25,154,063 (1,810,799 ) 23,343,264 Total liabilities and equity $ 46,642,231 $ (1,810,799 ) $ 44,831,432 Three Months Ended September 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised (see Note 1) Management fees $ 23,091,676 $ (375,709 ) $ 22,715,967 Total revenues 25,418,658 (375,709 ) 25,042,949 Income before provision for income taxes 17,536,869 (375,709 ) 17,161,160 Net income 17,536,869 (375,709 ) 17,161,160 Net income attributable to controlling interests in Fifth Street Management Group (14,555,111 ) 375,709 (14,179,402 ) Nine Months Ended September 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised (see Note 1) Management fees $ 68,144,517 $ (1,810,799 ) $ 66,333,718 Total revenues 72,489,553 (1,810,799 ) 70,678,754 Income before provision for income taxes 43,365,301 (1,810,799 ) 41,554,502 Net income 43,365,301 (1,810,799 ) 41,554,502 Net income attributable to controlling interests in Fifth Street Management Group (38,104,084 ) 1,810,799 (36,293,285 ) June 30, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 22,653,659 $ (1,435,090 ) $ 21,218,569 Total assets $ 39,301,825 $ (1,435,090 ) $ 37,866,735 Members' equity 19,157,235 (1,435,090 ) 17,722,145 Total equity 19,157,235 (1,435,090 ) 17,722,145 Total liabilities and equity $ 39,301,825 $ (1,435,090 ) $ 37,866,735 Three Months Ended June 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 22,451,668 $ (386,998 ) $ 22,064,670 Total revenues 23,405,083 (386,998 ) 23,018,085 Income before provision for income taxes 9,060,459 (386,998 ) 8,673,461 Net income 9,060,459 (386,998 ) 8,673,461 Net income attributable to Predecessor (9,060,459 ) 386,998 (8,673,461 ) Six Months Ended June 30, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 45,154,394 $ (1,435,090 ) $ 43,719,304 Total revenues 47,172,448 (1,435,090 ) 45,737,358 Income before provision for income taxes 23,548,973 (1,435,090 ) 22,113,883 Net income 23,548,973 (1,435,090 ) 22,113,883 Net income attributable to Predecessor (23,548,973 ) 1,435,090 (22,113,883 ) March 31, 2014 Consolidated Statements of Financial Condition: As previously reported Adjustment As revised Management fees receivable $ 22,702,726 $ (656,462 ) $ 22,046,264 Total assets $ 45,405,391 $ (656,462 ) $ 44,748,929 Members' equity 28,701,287 (656,462 ) 28,044,825 Total equity 28,701,287 (656,462 ) 28,044,825 Total liabilities and equity $ 45,405,391 $ (656,462 ) $ 44,748,929 Three Months Ended March 31, 2014 Consolidated Statements of Income: As previously reported Adjustment As revised Management fees $ 22,702,726 $ (1,048,094 ) $ 21,654,632 Total revenues 23,767,365 (1,048,094 ) 22,719,271 Income before provision for income taxes 14,488,514 (1,048,094 ) 13,440,420 Net income 14,488,514 (1,048,094 ) 13,440,420 Net income attributable to Predecessor (14,488,514 ) 1,048,094 (13,440,420 )

Significant Accounting Polici28

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Variable Interest Entity Amounts in Consolidated Balance Sheet	As of September 30, 2015 and December 31, 2014, the Company has recorded the following amounts in its Consolidated Statements of Financial Condition relating to Fifth Street Holdings: September 30, 2015 December 31, 2014 (as revised) Assets Cash and cash equivalents $ 6,021,384 $ 3,236,830 Management fees receivable 19,891,214 23,363,901 Performance fees receivable 79,451 106,635 Prepaid expenses (includes $266,402 related to income taxes) 882,618 1,335,593 Investments in equity method investees 6,415,175 4,115,429 Investments in available-for-sale securities 1,350,775 — Beneficial interest in CLOs at fair value: (cost: $4,496,624) 3,906,078 — Due from affiliates (1) 6,750,454 8,369,501 Fixed assets, net 10,106,099 10,274,263 Deferred tax assets — 2,705,934 Deferred financing costs 2,055,266 2,432,764 Other assets 4,066,579 4,197,358 Assets of Consolidated Fund: Cash and cash equivalents 74,519,096 — Investments at fair value (cost: $323,434,153) 323,434,153 — Interest and dividends receivable 3,277,652 — Unsettled trades receivable 1,094,500 — Deferred financing costs 2,744,979 — Total assets $ 466,595,473 $ 60,138,208 Liabilities Accounts payable and accrued expenses $ 1,983,793 $ 2,830,052 Accrued compensation and benefits 10,446,425 11,095,548 Income taxes payable 438,794 — Loans payable 25,620,819 4,000,000 Credit facility payable 35,000,000 12,000,000 Dividend payable 601,207 — Due to Principal — 9,063,792 Due to affiliates (2) 710,203 747,505 Deferred rent liability 3,187,864 3,261,434 Deferred tax liability 424,316 — Liabilities of Consolidated Fund: Unsettled trades payable 20,093,490 — Notes payable at fair value (proceeds: $364,066,775) 364,066,775 — Total liabilities 462,573,686 42,998,331 Equity 4,021,787 17,139,877 Total liabilities and equity $ 466,595,473 $ 60,138,208 _____________ (1) The amounts due from affiliates include $4,621,350 that is eliminated in consolidation. (2) The amounts due to affiliates include $691,144 that is eliminated in consolidation.

Investments and Fair Value Me29

Investments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Investments Held by Consolidated Fund	The following table presents a summary of the investments held by the Consolidated Fund and as a percentage of total investments of the Consolidated Fund as of September 30, 2015 : Fair Value Percentage of Investments of Consolidated Fund Geographic Region/Investment/Industry North America Senior secured debt investments: Aerospace and Defense $ 7,892,268 2.44 % Broadcast radio and television 16,174,214 5.00 % Brokerage/securities dealers/investment houses 13,174,593 4.07 % Building and Development 7,481,968 2.31 % Business equipment and services 51,100,153 15.80 % Containers and glass products 5,890,104 1.82 % Cosmetics/Toiletries 7,547,822 2.33 % Drugs 17,111,110 5.29 % Electronics/electric 20,099,797 6.22 % Farming/agriculture 5,949,600 1.84 % Financial Intermediaries 2,967,363 0.92 % Food products 4,502,456 1.39 % Food/drug retailers 6,022,041 1.86 % Health care 35,334,676 10.92 % Home furnishings 6,511,837 2.01 % Industrial equipment 7,872,464 2.44 % Oil and gas 6,807,830 2.11 % Publishing 45,180,369 13.97 % Retailers (other than food/drug) 33,912,844 10.49 % Telecommunications 14,198,405 4.39 % Utilities 7,702,239 2.38 % Total investments of Consolidated Fund (cost of $323,434,153) $ 323,434,153 100.00 %
Schedule of Financial Instruments Carried at Fair Value	The following table presents the financial instruments carried at fair value as of September 30, 2015, by caption on the Company's Consolidated Statement of Financial Condition for each of the levels of hierarchy established by ASC 820: Assets Level 1 Level 2 Level 3 Total Investments in available-for-sale securities $ 1,350,775 $ — $ — $ 1,350,775 Beneficial interests in CLOs — — 3,906,078 3,906,078 Senior secured debt investments held by Consolidated Fund — — 323,434,153 323,434,153 $ 1,350,775 $ — $ 327,340,231 $ 328,691,006 Liabilities Level 1 Level 2 Level 3 Total MMKT Notes $ — $ — $ 4,644,895 $ 4,644,895 Notes payable issued by Consolidated Fund — — 364,066,775 364,066,775 $ — $ — $ 368,711,670 $ 368,711,670
Roll-forward in the Changes in Fair Value of All Financial Instruments With Unobservable Inputs, Assets	The following tables provide a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the three and nine months ended September 30, 2015 : Assets Liabilities Beneficial interests in CLOs at fair value Senior secured debt investments of Consolidated Fund Total MMKT Convertible Notes Notes payable issued by Consolidated Fund Total Fair value at June 30, 2015 $ 3,022,329 $ — $ 3,022,329 $ 150,000 $ — $ 150,000 Purchases of investments — 323,434,153 323,434,153 — — — Proceeds from issuance of notes payable — — — 4,450,000 364,066,775 368,516,775 Reclassifications (a) 1,043,144 — 1,043,144 — — — Distributions (231,643 ) — (231,643 ) — — — Interest income accreted 95,396 — 95,396 44,895 — 44,895 Unrealized losses (23,148 ) — (23,148 ) — — — Fair value at September 30, 2015 $ 3,906,078 $ 323,434,153 $ 327,340,231 $ 4,644,895 $ 364,066,775 $ 368,711,670 (a) This adjustment is a part of the financial statement revision shown in Note 2. Assets Liabilities Beneficial interests in CLOs at fair value Senior secured debt investments of Consolidated Fund Total MMKT Convertible Notes Notes payable issued by Consolidated Fund Total Fair value at December 31, 2014 $ — $ — $ — $ — $ — $ — Purchases of investments 4,497,036 323,434,153 327,931,189 — — — Proceeds from issuance of notes payable — — — 4,600,000 364,066,775 368,666,775 Distributions (231,643 ) — (231,643 ) — — — Interest income accreted 231,231 — 231,231 44,895 — 44,895 Unrealized losses (590,546 ) — (590,546 ) — — — Fair value at September 30, 2015 $ 3,906,078 $ 323,434,153 $ 327,340,231 $ 4,644,895 $ 364,066,775 $ 368,711,670
Roll-forward in the Changes in Fair Value of All Financial Instruments With Unobservable Inputs, Liabilities	The following tables provide a roll-forward in the changes in fair value for all financial instruments for which the Company determines fair value using unobservable (Level 3) factors for the three and nine months ended September 30, 2015 : Assets Liabilities Beneficial interests in CLOs at fair value Senior secured debt investments of Consolidated Fund Total MMKT Convertible Notes Notes payable issued by Consolidated Fund Total Fair value at June 30, 2015 $ 3,022,329 $ — $ 3,022,329 $ 150,000 $ — $ 150,000 Purchases of investments — 323,434,153 323,434,153 — — — Proceeds from issuance of notes payable — — — 4,450,000 364,066,775 368,516,775 Reclassifications (a) 1,043,144 — 1,043,144 — — — Distributions (231,643 ) — (231,643 ) — — — Interest income accreted 95,396 — 95,396 44,895 — 44,895 Unrealized losses (23,148 ) — (23,148 ) — — — Fair value at September 30, 2015 $ 3,906,078 $ 323,434,153 $ 327,340,231 $ 4,644,895 $ 364,066,775 $ 368,711,670 (a) This adjustment is a part of the financial statement revision shown in Note 2. Assets Liabilities Beneficial interests in CLOs at fair value Senior secured debt investments of Consolidated Fund Total MMKT Convertible Notes Notes payable issued by Consolidated Fund Total Fair value at December 31, 2014 $ — $ — $ — $ — $ — $ — Purchases of investments 4,497,036 323,434,153 327,931,189 — — — Proceeds from issuance of notes payable — — — 4,600,000 364,066,775 368,666,775 Distributions (231,643 ) — (231,643 ) — — — Interest income accreted 231,231 — 231,231 44,895 — 44,895 Unrealized losses (590,546 ) — (590,546 ) — — — Fair value at September 30, 2015 $ 3,906,078 $ 323,434,153 $ 327,340,231 $ 4,644,895 $ 364,066,775 $ 368,711,670
Quantitative Information Related to Significant Unobservable Inputs for Level 3 Financial Instruments, Assets	The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of September 30, 2015 : Assets Fair Value Valuation Technique Unobservable Input Input Value Beneficial interest in CLOs at fair value $ 3,906,078 Discounted Cash Flow Constant prepayment rate 15% Constant default rate 1.5% Loss severity rate 30% Senior secured debt investments held by Consolidated Fund 323,434,153 Independent pricing services and/or broker quotations (a) N/A N/A Total $ 327,340,231 Liabilities Fair Value Valuation Technique Unobservable Input Input Value MMKT Notes $ 4,644,895 Recent market transactions N/A N/A Notes payable issued by Consolidated Fund 364,066,775 Recent market transactions N/A N/A Total $ 368,711,670 (a) The Company does not have transparency into the valuation methodology used by independent pricing services.
Quantitative Information Related to Significant Unobservable Inputs for Level 3 Financial Instruments, Liabilities	The following table provides quantitative information related to the significant unobservable inputs for Level 3 financial instruments, which are carried at fair value as of September 30, 2015 : Assets Fair Value Valuation Technique Unobservable Input Input Value Beneficial interest in CLOs at fair value $ 3,906,078 Discounted Cash Flow Constant prepayment rate 15% Constant default rate 1.5% Loss severity rate 30% Senior secured debt investments held by Consolidated Fund 323,434,153 Independent pricing services and/or broker quotations (a) N/A N/A Total $ 327,340,231 Liabilities Fair Value Valuation Technique Unobservable Input Input Value MMKT Notes $ 4,644,895 Recent market transactions N/A N/A Notes payable issued by Consolidated Fund 364,066,775 Recent market transactions N/A N/A Total $ 368,711,670 (a) The Company does not have transparency into the valuation methodology used by independent pricing services.
Financial Instruments Disclosed, But Not Carried at Fair Value	The following table presents the carrying value and fair value of the Company's financial assets and liabilities disclosed, but not carried, at fair value as of September 30, 2015 and the level of each financial asset and liability within the fair value hierarchy: Carrying Value Fair Value Level 1 Level 2 Level 3 Loan payable - Risk Retention Credit Facility $ 16,975,924 $ 16,975,924 $ — $ — $ 16,975,924 Loan payable - DECD loan 4,000,000 4,042,684 4,042,684 Credit facility payable 35,000,000 35,000,000 — — 35,000,000 Payables to related parties pursuant to tax receivable agreements 45,821,556 41,084,215 — — 41,084,215 Total $ 101,797,480 $ 97,102,823 $ — $ — $ 97,102,823 The following table presents the carrying value and fair value of the Company's financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2014 and the level of each financial asset and liability within the fair value hierarchy: Carrying Value Fair Value Level 1 Level 2 Level 3 Loan payable - DECD loan $ 4,000,000 $ 4,049,110 $ — $ — $ 4,049,110 Credit facility payable 12,000,000 12,000,000 — — 12,000,000 Note payable included in Due to Principal 5,564,451 5,564,451 — — 5,564,451 Payables to related parties pursuant to tax receivable agreements 47,373,245 42,352,014 — — 42,352,014 Total $ 68,937,696 $ 63,965,575 $ — $ — $ 63,965,575

Fixed Assets (Tables)

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Fixed assets consist of the following: September 30, 2015 December 31, 2014 Furniture, fixtures and equipment $ 1,578,660 $ 3,563,172 Capitalized software costs 319,429 — Leasehold improvements 10,403,949 7,864,805 Fixed assets, cost 12,302,038 11,427,977 Less: accumulated depreciation and amortization (2,195,939 ) (1,153,714 ) Fixed assets, net book value $ 10,106,099 $ 10,274,263

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: September 30, 2015 December 31, 2014 Security deposits $ 515,105 $ 453,375 Fractional interests in aircrafts (a) 3,372,963 3,585,283 Other 178,511 158,700 $ 4,066,579 $ 4,197,358 __________________ (a) In November 2013, the Company entered into an agreement that entitled it to the use of a corporate aircraft for five years. The amount paid, less the estimated trade-in value, is being amortized on a straight-line basis over the expected five-year term of the agreement. In December 2014, the Company sold half of this interest and entered into an agreement for a second corporate aircraft for five years. Amortization expense for the three and nine months ended September 30, 2015 was $70,773 and $212,320 , respectively. Amortization expense for the three and nine months ended September 30, 2014 was $58,199 and $172,700 , respectively.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Loans payable consist of the following: September 30, 2015 December 31, 2014 DECD loans $ 4,000,000 $ 4,000,000 MMKT Notes (a) 4,644,895 — Risk Retention Credit Facility 16,975,924 — $ 25,620,819 $ 4,000,000 The closing consisted of the following senior and subordinated notes: Designation (1) Class A-1R Notes Class A-1T Notes Class A-1F Notes Class A-2 Notes Class B Notes Class C Notes Class D Notes Subordinated Notes Type Senior Secured Revolving Floating Rate Senior Secured Floating Rate Senior Secured Fixed Rate Senior Secured Floating Rate Senior Secured Deferrable Floating Rate Senior Secured Deferrable Floating Rate Senior Secured Deferrable Floating Rate Subordinated Initial Principal Amount/ Face Amount $20,000,000 $175,800,000 $31,000,000 $40,600,000 $39,600,000 $22,300,000 $35,200,000 $52,100,000 Interest Rate LIBOR + 1.92% LIBOR + 1.92% 3.53% LIBOR + 2.81% LIBOR + 3.72% LIBOR + 4.85% LIBOR + 7.30% N/A CLO Management investment (a) $— $11,800,000 $— $2,100,000 $2,050,000 $1,150,000 $1,800,000 $2,605,000 __________________ (a) These senior and subordinated notes are eliminated in consolidation as they are held by CLO Management, the Company's consolidated subsidiary.
Schedule of Debt Maturing Over the Next Five Years	Outstanding principal amounts related to this loan maturing over the next five years are as follows: 2015 $ — 2016 — 2017 51,551 2018 627,050 2019 642,908

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Amounts Due to and From Affiliates	As of September 30, 2015 and December 31, 2014 amounts due to and from affiliates were comprised of the following: As of September 30, 2015 As of December 31, 2014 (as revised) Management fees receivable: Base management fees receivable - BDCs $ 13,761,159 $ 15,200,933 Part I Fees receivable - BDCs 5,838,844 7,809,194 Collateral management fees receivable - CLO I and CLO II 291,211 351,274 Management fees receivable - FSOF — 2,500 $ 19,891,214 $ 23,363,901 Performance fees receivable: Performance fees receivable - FSOF $ 79,451 $ 106,635 $ 79,451 $ 106,635 Due from affiliates: Reimbursed expenses due from the BDCs $ 1,733,210 $ 3,596,975 Reimbursed expenses due from private funds 291,721 126,185 Due from employees 57,780 59,489 Other amounts due from affiliated entities 46,393 16,893 $ 2,129,104 $ 3,799,542 Due to affiliates: Distribution payable to former members of Predecessor $ — $ 59,316 SARs liability 19,059 3,465 $ 19,059 $ 62,781

Equity and Equity-Based Compe34

Equity and Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Equity Classified Awards	The following table summarizes activity for the nine months ended September 30, 2015 and 2014 with respect to the Company's equity classified awards: Balance at December 31, 2013 $ 18,243,398 Fair value of purchased interest 4,035,926 Cash received for purchased interest (1,708,378 ) Amortization of granted and purchased interests (3,815,194 ) Balance at September 30, 2014 $ 16,755,752 Balance at December 31, 2014 $ 8,043,058 Amortization of Holdings LP Interests (770,079 ) Balance at September 30, 2015 $ 7,272,979
Schedule of Liability Classified Awards	The following table summarizes activity for the nine months ended September 30, 2015 and 2014 with respect to the Company's liability classified awards, including stock appreciation rights discussed below: Balance at December 31, 2013 $ 129,001 Cash received for purchased interests 14,129 Compensation expense 228,140 Payment of liabilities (228,140 ) Balance at September 30, 2014 $ 143,130 Balance at December 31, 2014 $ 3,465 Compensation expense 15,594 Balance at September 30, 2015 $ 19,059
Schedule of Equity-Based Compensation Expense	Equity-based compensation expense, net of assumed forfeitures, is as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Restricted stock units to be settled in Class A common stock $ 666,347 $ 1,969,093 Options to acquire shares of Class A common stock 575,384 1,726,152 Stock appreciation rights to be settled in cash 5,198 15,594 Total $ 1,246,929 $ 3,710,839
Restricted Stock Units Activity	The following table presents unvested restricted stock units' activity for the nine months ended September 30, 2015 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - December 31, 2014 1,174,748 $ 17.00 Granted 65,952 10.23 Vested — — Forfeited (14,583 ) 17.00 Balance - September 30, 2015 1,226,117 $ 16.64
Unvested Option Activity	A summary of unvested options activity for the nine months ended September 30, 2015 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - December 31, 2014 5,658,970 $ 18.70 8.3 Granted — — — Vested — — — Forfeited (80,420 ) $ 18.70 7.5 Balance - September 30, 2015 5,578,550 $ 18.70 7.5 Exercisable at September 30, 2015 — $ — — $ — Expected to vest after September 30, 2015 — $ — — $ —
Unvested SARs Activity	A summary of unvested SARs activity for the nine months ended September 30, 2015 is presented below: SARs Weighted Average Grant Date Fair Value Per SAR Balance December 31, 2014 90,500 $ 1.78 Granted — — Vested — — Forfeited (19,500 ) $ 1.78 Balance September 30, 2015 71,000 $ 1.78

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings per Share	The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except shares and per share information): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Numerator for basic and diluted net income per share of Class A common stock: Net income attributable to Fifth Street Asset Management Inc. $ 1,171,567 $ 3,650,302 Denominator for basic net income per share of Class A common stock: Weighted average shares of Class A common stock outstanding 5,901,718 5,956,389 Denominator for diluted net income per share of Class A common stock: Weighted average shares of Class A common stock outstanding 5,901,718 5,956,389 Dilutive effects of restricted stock units 6,745 6,929 Weighted average shares of Class A common stock outstanding - diluted 5,908,463 5,963,318 Earnings per share of Class A common stock: Net income attributable to Fifth Street Asset Management Inc. per share of Class A common stock, basic $ 0.20 $ 0.61 Net income attributable to Fifth Street Asset Management Inc. per share of Class A common stock, diluted $ 0.20 $ 0.61

Organization and Basis of Pre36

Organization and Basis of Presentation - Additional Disclosures (Details)	Sep. 29, 2015USD ($)	Dec. 22, 2014USD ($)	Nov. 04, 2014USD ($)$ / sharesshares	Nov. 03, 2014	Oct. 13, 2014	Sep. 30, 2015USD ($)segmentshares	Dec. 31, 2014shares
Related Party Transaction [Line Items]
Number of reportable segments | segment						1
Exchange agreement, period before transfers are permitted			2 years
Cash savings payable to TRA Recipients under tax receivable agreement, percent						85.00%
Stock split ratio					0.3333
Risk Retention Credit Facility [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit	$ 16,975,924
CLO II [Member]
Related Party Transaction [Line Items]
Investments at cost						$ 323,434,153
Fifth Street Asset Management Inc. [Member] | CLO II [Member]
Related Party Transaction [Line Items]
Investments at cost	344,344,268
Fifth Street Asset Management Inc. [Member] | Eliminations [Member] | CLO II [Member]
Related Party Transaction [Line Items]
Investments at cost	20,910,115
CLO II [Member] | Notes Payable [Member]
Related Party Transaction [Line Items]
Debt issued	416,600,000
CLO II [Member] | Subordinated Note [Member]
Related Party Transaction [Line Items]
Debt issued	52,100,000
CLO II [Member] | Subordinated Note [Member] | Eliminations [Member]
Related Party Transaction [Line Items]
Debt issued	$ 2,605,000
Common Class A [Member]
Related Party Transaction [Line Items]
Exchange agreement, conversion ratio			1
Shares issued in the IPO (shares) | shares			6,000,000
IPO share price (in dollars per share) | $ / shares			$ 17
Proceeds from sale of Class A common shares in Initial Public Offering			$ 95,900,000
Underwriting commissions			6,100,000
Offering expenses of Initial Public Offering			$ 3,900,000
Common shares outstanding (shares) | shares						5,782,392	6,000,033
Common Class B [Member]
Related Party Transaction [Line Items]
Common shares outstanding (shares) | shares						42,856,854	42,856,854
Principals of Fifth Street Holdings, L.P. [Member]
Related Party Transaction [Line Items]
Ownership interest exchanged, percent				100.00%
Principals of Fifth Street Holdings, L.P. [Member] | Common Class B [Member]
Related Party Transaction [Line Items]
Common shares outstanding (shares) | shares			42,856,854
Members of Fifth Street Management LLC [Member]
Related Party Transaction [Line Items]
Ownership interest exchanged, percent				100.00%
Members of FSCO GP LLC [Member]
Related Party Transaction [Line Items]
Ownership interest exchanged, percent				100.00%
Fifth Street Holdings L.P. [Member]
Related Party Transaction [Line Items]
Membership/Partnership interest			12.00%
MMKT [Member] | FSM [Member]
Related Party Transaction [Line Items]
Membership/Partnership interest		80.00%
Total capital contribution		$ 80,000
Holdings LP Interests [Member]
Related Party Transaction [Line Items]
Holdings LP Interests (shares) | shares			6,000,000
Holdings LP Interests [Member] | Principals of Fifth Street Holdings, L.P. [Member]
Related Party Transaction [Line Items]
Holdings LP Interests (shares) | shares			42,856,854
Holdings LP Interests [Member] | Limited Partners of Fifth Street Holdings, L.P. [Member]
Related Party Transaction [Line Items]
Holdings LP Interests (shares) | shares			44,000,000
Common Stock [Member] | Principals of Fifth Street Holdings, L.P. [Member]
Related Party Transaction [Line Items]
Voting power of FSAM's common stock, percent			97.30%

Organization and Basis of Pre37

Organization and Basis of Presentation - Impact of Deconsolidation of Combined Funds (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 24,959,203	$ 25,314,880	$ 74,165,406	$ 71,052,238
Net income	9,513,295	14,179,402	30,509,519	36,293,285
Net income attributable to non-controlling interests	(8,341,728)	0	(26,859,217)	0
Net income attributable to Fifth Street Asset Management Inc.	$ 1,171,567	0	3,650,302	0
Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain or loss recognized as a result of deconsolidation			$ 0
Revenues		25,314,880		71,052,238
Net income		14,179,402		36,293,285
Net income attributable to redeemable non-controlling interests in Combined Funds		0		0
Net income attributable to non-controlling interests in Combined Funds		0		0
Net income attributable to Predecessor		(14,179,402)		(36,293,285)
Net income attributable to Fifth Street Asset Management Inc.		0		0
Previously Reported [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues		25,042,949		70,678,754
Net income		17,161,160		41,554,502
Net income attributable to redeemable non-controlling interests in Combined Funds		(1,072,218)		(2,336,539)
Net income attributable to non-controlling interests in Combined Funds		(1,909,540)		(2,924,678)
Net income attributable to Predecessor		0		0
Net income attributable to Fifth Street Asset Management Inc.		0		0
Restatement Adjustment [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues		271,931		373,484
Net income		(2,981,758)		(5,261,217)
Net income attributable to redeemable non-controlling interests in Combined Funds		1,072,218		2,336,539
Net income attributable to non-controlling interests in Combined Funds		1,909,540		2,924,678
Net income attributable to Predecessor		(14,179,402)		(36,293,285)
Net income attributable to Fifth Street Asset Management Inc.		0		0
Fifth Street Holdings L.P. [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income attributable to non-controlling interests		0		0
Fifth Street Holdings L.P. [Member] | Previously Reported [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income attributable to non-controlling interests		0		0
Fifth Street Holdings L.P. [Member] | Restatement Adjustment [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income attributable to non-controlling interests		0		0
Fifth Street Management Group [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income attributable to non-controlling interests		0		0
Fifth Street Management Group [Member] | Previously Reported [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income attributable to non-controlling interests		14,179,402		36,293,285
Fifth Street Management Group [Member] | Restatement Adjustment [Member] | Deconsolidation of Variable Interest Entity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income attributable to non-controlling interests		$ (14,179,402)		$ (36,293,285)

Revision of Previously Issued38

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors (Details) - USD ($)	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cumulative effect of error		$ 3,327,969				$ 811,025	$ 3,327,969
Consolidated Statements of Financial Condition:
Prepaid expenses	$ 1,052,684								$ 1,052,684		$ 1,335,593
Fixed assets, net	10,106,099								10,106,099		10,274,263
Total assets	515,209,551								515,209,551		110,835,532
Retained earnings	1,052,519								1,052,519		1,273,485
Accumulated other comprehensive loss	(2,075)								(2,075)		0
Total stockholders' equity, Fifth Street Asset Management Inc.	8,856,442								8,856,442		6,737,127
Non-controlling interests	(1,495,431)								(1,495,431)		13,834,902
Total equity	7,361,011								7,361,011		20,572,029
Total liabilities and equity	515,209,551								515,209,551		110,835,532
Consolidated Statements of Income:
Management fees	23,609,474			$ 22,987,898					70,417,077	$ 66,707,202
Total revenues	24,959,203			25,314,880					74,165,406	71,052,238
Compensation and benefits	10,258,766			6,529,830					28,791,731	25,711,012
General, administrative and other expenses	3,349,712			3,432,949					8,548,115	7,491,543
Total expenses	14,042,624			11,281,001					38,594,390	35,044,438
Other income (expense), net	0			66,000					122,000	132,000
Income before provision for income taxes	10,508,801			14,179,402					34,060,848	36,293,285
Provision for income taxes	995,506			0					3,551,329	0
Net income	9,513,295			14,179,402					30,509,519	36,293,285
Net income attributable to non-controlling interests	(8,341,728)			0					(26,859,217)	0
Net income attributable to Fifth Street Asset Management Inc.	1,171,567			0					3,650,302	0
Consolidated Statements of Comprehensive Income:
Net income	9,513,295			14,179,402					30,509,519	36,293,285
Total comprehensive income	10,026,379			14,179,402					30,481,985	36,293,285
Less: Comprehensive income attributable to non-controlling interests	(8,549,626)			0					(26,709,534)	0
Comprehensive income attributable to Fifth Street Asset Management Inc.	1,476,753			0					3,772,451	0
Beneficial Interest in CLO [Member]
Consolidated Statements of Financial Condition:
Available for sale securities	3,906,078								3,906,078		0
Management Fees Receivable [Member]
Consolidated Statements of Financial Condition:
Accounts receivable, related parties	$ 19,891,214								$ 19,891,214		23,363,901
Timing of Part I Fees [Member]
Consolidated Statements of Financial Condition:
Prepaid expenses		962,479	$ 1,079,916				962,479				1,335,593
Subordinated debt interest in CLO		0	0				0
Fixed assets, net			9,978,207
Total assets		108,128,176	103,334,425	44,831,432	$ 37,866,735	44,748,929	108,128,176	$ 37,866,735		44,831,432	110,835,532
Retained earnings		904,956	523,697		17,722,145		904,956	17,722,145			1,273,485
Accumulated other comprehensive loss		0					0
Total stockholders' equity, Fifth Street Asset Management Inc.			7,467,251								6,737,127
Non-controlling interests		1,718,534	8,442,822	23,343,264		28,044,825	1,718,534			23,343,264	13,834,902
Total equity		10,356,046	15,910,073	23,343,264	17,722,145	28,044,825	10,356,046	17,722,145		23,343,264	20,572,029
Total liabilities and equity		108,128,176	103,334,425	44,831,432	37,866,735	44,748,929	108,128,176	37,866,735		44,831,432	110,835,532
Consolidated Statements of Income:
Management fees		23,573,042	23,234,561	22,715,967	22,064,670	21,654,632	46,807,603	43,719,304		66,333,718	91,927,521
Total revenues		24,680,916	24,525,287	25,042,949	23,018,085	22,719,271	49,206,203	45,737,358		70,678,754	99,708,175
Compensation and benefits											53,826,682
General, administrative and other expenses		2,494,194	2,704,209				5,198,403
Total expenses		12,137,165	12,414,601				24,551,766				66,426,317
Other income (expense), net		(794,365)					(1,102,390)
Income before provision for income taxes		11,749,386	11,802,661	17,161,160	8,673,461	13,440,420	23,552,047	22,113,883		41,554,502	33,307,936
Provision for income taxes		(1,360,669)	(1,195,155)				(2,555,823)				2,063,338
Net income		10,388,717	10,607,506	17,161,160	8,673,461	13,440,420	20,996,224	22,113,883		41,554,502	35,371,274
Net income attributable to Predecessor				(14,179,402)	(8,673,461)	(13,440,420)		(22,113,883)		(36,293,285)
Net income attributable to non-controlling interests		(9,216,495)	(9,300,993)				(18,517,489)				(34,875,078)
Net income attributable to Fifth Street Asset Management Inc.		1,172,222	1,306,513				$ 2,478,735				$ 496,196
Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock - Basic and Diluted (in dollars per share)							$ 0.41				$ 0.08
Consolidated Statements of Comprehensive Income:
Net income		10,388,717	10,607,506	17,161,160	8,673,461	13,440,420	$ 20,996,224	22,113,883		41,554,502	$ 35,371,274
Total comprehensive income		9,848,099					20,455,606
Less: Comprehensive income attributable to non-controlling interests		(8,600,332)					(18,340,159)
Comprehensive income attributable to Fifth Street Asset Management Inc.		1,206,969					2,295,474
Timing of Part I Fees [Member] | Beneficial Interest in CLO [Member]
Consolidated Statements of Financial Condition:
Available for sale securities		4,065,473	4,487,084				4,065,473
Timing of Part I Fees [Member] | Management Fees Receivable [Member]
Consolidated Statements of Financial Condition:
Accounts receivable, related parties		19,737,724	19,502,004	21,452,880	21,218,569	22,046,264	19,737,724	21,218,569		21,452,880	23,363,901
Timing of Part I Fees [Member] | Previously Reported [Member]
Consolidated Statements of Financial Condition:
Prepaid expenses		795,591	856,405				795,591				1,150,013
Subordinated debt interest in CLO		1,043,144	1,043,144				1,043,144
Fixed assets, net			9,977,576
Total assets		111,289,257	106,953,005	46,642,231	39,301,825	45,405,391	111,289,257	39,301,825		46,642,231	114,147,838
Retained earnings		945,531	523,066		19,157,235		945,531	19,157,235			1,288,995
Accumulated other comprehensive loss		(40,575)					(40,575)
Total stockholders' equity, Fifth Street Asset Management Inc.			7,466,620								6,752,637
Non-controlling interests		4,879,615	12,062,033	25,154,063		28,701,287	4,879,615			25,154,063	17,131,698
Total equity		13,517,127	19,528,653	25,154,063	19,157,235	28,701,287	13,517,127	19,157,235		25,154,063	23,884,335
Total liabilities and equity		111,289,257	106,953,005	46,642,231	39,301,825	45,405,391	111,289,257	39,301,825		46,642,231	114,147,838
Consolidated Statements of Income:
Management fees		23,058,289	23,579,398	23,091,676	22,451,668	22,702,726	46,637,687	45,154,394		68,144,517	95,425,407
Total revenues		24,166,163	24,870,124	25,418,658	23,405,083	23,767,365	49,036,287	47,172,448		72,489,553	103,206,061
Compensation and benefits											53,697,430
General, administrative and other expenses		2,633,265	2,801,309				5,434,574
Total expenses		12,276,236	12,511,701				24,787,937				66,297,065
Other income (expense), net		(226,967)					(534,992)
Income before provision for income taxes		11,662,960	12,050,398	17,536,869	9,060,459	14,488,514	23,713,358	23,548,973		43,365,301	36,935,074
Provision for income taxes		(1,315,041)	(1,222,066)				(2,537,107)				1,877,758
Net income		10,347,919	10,828,332	17,536,869		14,488,514	21,176,251	23,548,973		43,365,301	38,812,832
Net income attributable to Predecessor				(14,555,111)	(9,060,459)	(14,488,514)		(23,548,973)		(38,104,084)
Net income attributable to non-controlling interests		(9,141,173)	(9,519,002)				(18,660,175)				(38,284,255)
Net income attributable to Fifth Street Asset Management Inc.		1,206,746	1,309,330				$ 2,516,076				$ 528,577
Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock - Basic and Diluted (in dollars per share)							$ 0.42				$ 0.09
Consolidated Statements of Comprehensive Income:
Net income		10,347,919	10,828,332	17,536,869		14,488,514	$ 21,176,251	23,548,973		43,365,301	$ 38,812,832
Total comprehensive income		9,807,301					20,635,633
Less: Comprehensive income attributable to non-controlling interests		(8,641,130)					(18,160,132)
Comprehensive income attributable to Fifth Street Asset Management Inc.		1,166,171					2,475,501
Timing of Part I Fees [Member] | Previously Reported [Member] | Beneficial Interest in CLO [Member]
Consolidated Statements of Financial Condition:
Available for sale securities		3,022,329	3,443,940				3,022,329
Timing of Part I Fees [Member] | Previously Reported [Member] | Management Fees Receivable [Member]
Consolidated Statements of Financial Condition:
Accounts receivable, related parties		23,065,693	23,344,726	23,263,679	22,653,659	22,702,726	23,065,693	22,653,659		23,263,679	26,861,787
Timing of Part I Fees [Member] | Restatement Adjustment [Member]
Consolidated Statements of Financial Condition:
Prepaid expenses		166,888	223,511				166,888				185,580
Subordinated debt interest in CLO		(1,043,144)	(1,043,144)				(1,043,144)
Fixed assets, net			631
Total assets		(3,161,081)	(3,618,580)	(1,810,799)	(1,435,090)	(656,462)	(3,161,081)	(1,435,090)		(1,810,799)	(3,312,306)
Retained earnings		(40,575)	631		(1,435,090)		(40,575)	(1,435,090)			(15,510)
Accumulated other comprehensive loss		40,575					40,575
Total stockholders' equity, Fifth Street Asset Management Inc.			631								(15,510)
Non-controlling interests		(3,161,081)	(3,619,211)	(1,810,799)		(656,462)	(3,161,081)			(1,810,799)	(3,296,796)
Total equity		(3,161,081)	(3,618,580)	(1,810,799)	(1,435,090)	(656,462)	(3,161,081)	(1,435,090)		(1,810,799)	(3,312,306)
Total liabilities and equity		(3,161,081)	(3,618,580)	(1,810,799)	(1,435,090)	(656,462)	(3,161,081)	(1,435,090)		(1,810,799)	(3,312,306)
Consolidated Statements of Income:
Management fees		514,753	(344,837)	(375,709)	(386,998)	(1,048,094)	169,916	(1,435,090)		(1,810,799)	(3,497,886)
Total revenues		514,753	(344,837)	(375,709)	(386,998)	(1,048,094)	169,916	(1,435,090)		(1,810,799)	(3,497,886)
Compensation and benefits											129,252
General, administrative and other expenses		(139,071)	(97,100)				(236,171)
Total expenses		(139,071)	(97,100)				(236,171)				129,252
Other income (expense), net		(567,398)					(567,398)
Income before provision for income taxes		86,426	(247,737)	(375,709)	(386,998)	(1,048,094)	(161,311)	(1,435,090)		(1,810,799)	(3,627,138)
Provision for income taxes		(45,628)	26,911				(18,716)				185,580
Net income		40,798	(220,826)	(375,709)	(386,998)	(1,048,094)	(180,027)	(1,435,090)			(3,441,558)
Net income attributable to Predecessor				375,709	386,998	1,048,094		1,435,090		1,810,799
Net income attributable to non-controlling interests		(75,322)	218,009				142,686				3,409,177
Net income attributable to Fifth Street Asset Management Inc.		(34,524)	(2,817)				$ (37,341)				$ (32,381)
Net income per share attributable to Fifth Street Asset Management Inc. Class A common stock - Basic and Diluted (in dollars per share)							$ (0.01)				$ (0.01)
Consolidated Statements of Comprehensive Income:
Net income		40,798	(220,826)	(375,709)	(386,998)	(1,048,094)	$ (180,027)	(1,435,090)			$ (3,441,558)
Total comprehensive income		40,798					(180,027)
Less: Comprehensive income attributable to non-controlling interests		40,798					(180,027)
Comprehensive income attributable to Fifth Street Asset Management Inc.		40,798					(180,027)
Timing of Part I Fees [Member] | Restatement Adjustment [Member] | Beneficial Interest in CLO [Member]
Consolidated Statements of Financial Condition:
Available for sale securities		1,043,144	1,043,144				1,043,144
Timing of Part I Fees [Member] | Restatement Adjustment [Member] | Management Fees Receivable [Member]
Consolidated Statements of Financial Condition:
Accounts receivable, related parties		$ (3,327,969)	$ (3,842,722)	$ (1,810,799)	$ (1,435,090)	$ (656,462)	$ (3,327,969)	$ (1,435,090)		$ (1,810,799)	$ (3,497,886)

Significant Accounting Polici39

Significant Accounting Policies - Variable Interest Entities (Details) - USD ($)	Sep. 29, 2015	Sep. 30, 2015	Feb. 19, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents		$ 80,557,019		$ 3,238,008	$ 344,499	$ 4,015,728
Prepaid expenses		1,052,684		1,335,593
Investments in equity method investees		6,415,175		4,115,429
Due from affiliates		2,129,104		3,799,542
Fixed assets, net		10,106,099		10,274,263
Deferred tax assets		53,048,823		57,972,039
Deferred financing costs		2,055,266		2,432,764
Other assets		4,066,579		4,197,358
Total assets		515,209,551		110,835,532
Liabilities
Accounts payable and accrued expenses		1,983,793		3,045,651
Accrued compensation and benefits		10,446,425		11,095,548
Income taxes payable		0		361,052
Loans payable		25,620,819		4,000,000
Credit facility payable		35,000,000		12,000,000
Dividend payable		1,608,759		0
Due to affiliates		19,059		62,781
Deferred rent liability		3,187,864		3,261,434
Total liabilities		507,848,540		90,263,503
Equity		8,856,442		6,737,127
Total liabilities and equity		515,209,551		110,835,532
Prepaid expenses relating to income taxes		436,468		185,580
Consolidated Fund [Member]
Assets
Cash and cash equivalents		74,519,096		0	$ 0
Investments at fair value		323,434,153		0
Interest and dividends receivable		3,277,652		0
Unsettled trades receivable		1,094,500		0
Deferred financing costs		2,744,979		0
Liabilities
Unsettled trades payable		20,093,490		0
Investments at cost		323,434,153
Variable Interest Entity, Not Primary Beneficiary [Member]
Liabilities
Maximum exposure to loss		10,321,253
Fair Value [Member] | Consolidated Fund [Member]
Liabilities
Notes payable at fair value (proceeds: $364,066,775)		364,066,775		0
Management Fees Receivable [Member]
Assets
Accounts receivable, related parties		19,891,214		23,363,901
Performance Fees Receivable [Member]
Assets
Accounts receivable, related parties		79,451		106,635
Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities		1,350,775		0
Beneficial Interest in CLO [Member]
Assets
Available for sale securities		3,906,078		0
Liabilities
Beneficial interest in CLO: available-for-sale, cost		4,496,624	$ 4,487,084
Fifth Street Holdings L.P. [Member]
Assets
Cash and cash equivalents		6,021,384		3,236,830
Prepaid expenses		882,618		1,335,593
Investments in equity method investees		6,415,175		4,115,429
Due from affiliates		6,750,454		8,369,501
Fixed assets, net		10,106,099		10,274,263
Deferred tax assets		0		2,705,934
Deferred financing costs		2,055,266		2,432,764
Other assets		4,066,579		4,197,358
Total assets		466,595,473		60,138,208
Liabilities
Accounts payable and accrued expenses		1,983,793		2,830,052
Accrued compensation and benefits		10,446,425		11,095,548
Income taxes payable		438,794		0
Loans payable		25,620,819		4,000,000
Credit facility payable		35,000,000		12,000,000
Dividend payable		601,207		0
Due to Principal Affiliates		0		9,063,792
Due to affiliates		710,203		747,505
Deferred rent liability		3,187,864		3,261,434
Deferred tax liability		424,316		0
Total liabilities		462,573,686		42,998,331
Equity		4,021,787		17,139,877
Total liabilities and equity		466,595,473		60,138,208
Fifth Street Holdings L.P. [Member] | Consolidated Fund [Member]
Assets
Cash and cash equivalents		74,519,096		0
Investments at fair value		323,434,153		0
Interest and dividends receivable		3,277,652		0
Unsettled trades receivable		1,094,500		0
Deferred financing costs		2,744,979		0
Liabilities
Unsettled trades payable		20,093,490		0
Investments at cost		323,434,153
Fifth Street Holdings L.P. [Member] | Eliminations [Member]
Assets
Due from affiliates		4,621,350
Liabilities
Due to affiliates		691,144
Fifth Street Holdings L.P. [Member] | Fair Value [Member] | Consolidated Fund [Member]
Liabilities
Notes payable at fair value (proceeds: $364,066,775)		364,066,775		0
Fifth Street Holdings L.P. [Member] | Management Fees Receivable [Member]
Assets
Accounts receivable, related parties		19,891,214		23,363,901
Fifth Street Holdings L.P. [Member] | Performance Fees Receivable [Member]
Assets
Accounts receivable, related parties		79,451		106,635
Fifth Street Holdings L.P. [Member] | Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities		1,350,775		0
Fifth Street Holdings L.P. [Member] | Beneficial Interest in CLO [Member]
Assets
Available for sale securities		3,906,078		$ 0
Liabilities
Prepaid expenses relating to income taxes		266,402
Beneficial interest in CLO: available-for-sale, cost		$ 4,496,624
CLO Management [Member]
Liabilities
Notes issued, percent of tranche retained	5.00%

Significant Accounting Polici40

Significant Accounting Policies - Additional Disclosures (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 29, 2015	Feb. 19, 2015
Schedule of Accounting Policies [Line Items]
Payments to equity method investments			$ 7,500,000	$ 3,881,796
Interest income	$ 110,525	$ 1,891	293,665	11,530
Impairment of fixed assets			$ 0	0
Part I fees percentage			20.00%
Catch-up provision, Percentage of BDC revenue			20.00%
BDCC performance fee percentage			20.00%
Follow-on Equity Offering [Member]
Schedule of Accounting Policies [Line Items]
Expenses associated with offerings		910,000		1,200,000
Consolidated Fund [Member]
Schedule of Accounting Policies [Line Items]
Investments at cost	323,434,153		$ 323,434,153
Fifth Street Asset Management Inc. [Member] | Consolidated Fund [Member]
Schedule of Accounting Policies [Line Items]
Investments at cost					$ 344,344,268
Notes payable					364,066,775
Fifth Street Asset Management Inc. [Member] | Consolidated Fund [Member] | Eliminations [Member]
Schedule of Accounting Policies [Line Items]
Investments at cost					20,910,115
Notes payable					$ 20,910,115
Minimum [Member]
Schedule of Accounting Policies [Line Items]
Management fee percentage charged to funds			0.40%
Fund performance fee percentage			15.00%
Maximum [Member]
Schedule of Accounting Policies [Line Items]
Management fee percentage charged to funds			2.00%
Fund performance fee percentage			20.00%
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Schedule of Accounting Policies [Line Items]
Useful life			3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Schedule of Accounting Policies [Line Items]
Useful life			8 years
Leasehold Improvements [Member] | Minimum [Member]
Schedule of Accounting Policies [Line Items]
Useful life			5 years
Leasehold Improvements [Member] | Maximum [Member]
Schedule of Accounting Policies [Line Items]
Useful life			10 years
Beneficial Interest in CLO [Member]
Schedule of Accounting Policies [Line Items]
Interest income	95,396		$ 231,231
Beneficial interest in CLO: available-for-sale, cost	4,496,624		4,496,624			$ 4,487,084
Unrealized losses recorded on beneficial interests in CLO	$ 23,148	$ 0	$ 590,546	0
Chief Executive Officer [Member]
Schedule of Accounting Policies [Line Items]
Percent of voting interest held	90.00%		90.00%
MMKT [Member]
Schedule of Accounting Policies [Line Items]
Convertible notes	$ 4,644,895		$ 4,644,895
Equity Method Investments [Member]
Schedule of Accounting Policies [Line Items]
Asset impairment charges			$ 0	$ 0

Investments and Fair Value Me41

Investments and Fair Value Measurements - Investments Held by the Consolidated Fund (Details) - Consolidated Fund [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Investments at fair value	$ 323,434,153	$ 0
Percentage of Investments of Consolidated Fund	100.00%
Investments at cost	$ 323,434,153
Senior Secured Debt Investments [Member]
Investment Holdings [Line Items]
Investments at fair value	323,434,153
North America [Member] | Senior Secured Debt Investments [Member] | Aerospace and Defense Debt [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 7,892,268
Percentage of Investments of Consolidated Fund	2.44%
North America [Member] | Senior Secured Debt Investments [Member] | Broadcast Radio and Television [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 16,174,214
Percentage of Investments of Consolidated Fund	5.00%
North America [Member] | Senior Secured Debt Investments [Member] | Brokerage/Securities Dealers/Investment Houses [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 13,174,593
Percentage of Investments of Consolidated Fund	4.07%
North America [Member] | Senior Secured Debt Investments [Member] | Building and Development [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 7,481,968
Percentage of Investments of Consolidated Fund	2.31%
North America [Member] | Senior Secured Debt Investments [Member] | Business Equipment and Services [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 51,100,153
Percentage of Investments of Consolidated Fund	15.80%
North America [Member] | Senior Secured Debt Investments [Member] | Containers and Glass Products [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 5,890,104
Percentage of Investments of Consolidated Fund	1.82%
North America [Member] | Senior Secured Debt Investments [Member] | Cosmetics/Toiletries [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 7,547,822
Percentage of Investments of Consolidated Fund	2.33%
North America [Member] | Senior Secured Debt Investments [Member] | Drugs [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 17,111,110
Percentage of Investments of Consolidated Fund	5.29%
North America [Member] | Senior Secured Debt Investments [Member] | Electronics/Electric [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 20,099,797
Percentage of Investments of Consolidated Fund	6.22%
North America [Member] | Senior Secured Debt Investments [Member] | Farming/Agriculture [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 5,949,600
Percentage of Investments of Consolidated Fund	1.84%
North America [Member] | Senior Secured Debt Investments [Member] | Financial Intermediaries [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 2,967,363
Percentage of Investments of Consolidated Fund	0.92%
North America [Member] | Senior Secured Debt Investments [Member] | Food Products [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 4,502,456
Percentage of Investments of Consolidated Fund	1.39%
North America [Member] | Senior Secured Debt Investments [Member] | Food/Drug Retailers [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 6,022,041
Percentage of Investments of Consolidated Fund	1.86%
North America [Member] | Senior Secured Debt Investments [Member] | Health Care [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 35,334,676
Percentage of Investments of Consolidated Fund	10.92%
North America [Member] | Senior Secured Debt Investments [Member] | Home Furnishings [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 6,511,837
Percentage of Investments of Consolidated Fund	2.01%
North America [Member] | Senior Secured Debt Investments [Member] | Industrial Equipment [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 7,872,464
Percentage of Investments of Consolidated Fund	2.44%
North America [Member] | Senior Secured Debt Investments [Member] | Oil and Gas [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 6,807,830
Percentage of Investments of Consolidated Fund	2.11%
North America [Member] | Senior Secured Debt Investments [Member] | Publishing [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 45,180,369
Percentage of Investments of Consolidated Fund	13.97%
North America [Member] | Senior Secured Debt Investments [Member] | Retailers (Other than Food/Drug) [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 33,912,844
Percentage of Investments of Consolidated Fund	10.49%
North America [Member] | Senior Secured Debt Investments [Member] | Telecommunications [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 14,198,405
Percentage of Investments of Consolidated Fund	4.39%
North America [Member] | Senior Secured Debt Investments [Member] | Utilities [Member]
Investment Holdings [Line Items]
Investments at fair value	$ 7,702,239
Percentage of Investments of Consolidated Fund	2.38%

Investments and Fair Value Me42

Investments and Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Assets	$ 328,691,006
Liabilities
Liabilities	368,711,670
MMKT [Member]
Liabilities
MMKT convertible notes	4,644,895
Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities	1,350,775	$ 0
Beneficial Interest in CLO [Member]
Assets
Available for sale securities	3,906,078	0
Consolidated Fund [Member]
Assets
Investments at fair value	323,434,153	$ 0
Liabilities
Notes payable issued by Consolidated Fund	364,066,775
Consolidated Fund [Member] | Senior Secured Debt Investments [Member]
Assets
Investments at fair value	323,434,153
Level 1 [Member]
Assets
Assets	1,350,775
Liabilities
Liabilities	0
Level 1 [Member] | MMKT [Member]
Liabilities
MMKT convertible notes	0
Level 1 [Member] | Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities	1,350,775
Level 1 [Member] | Beneficial Interest in CLO [Member]
Assets
Available for sale securities	0
Level 1 [Member] | Consolidated Fund [Member]
Liabilities
Notes payable issued by Consolidated Fund	0
Level 1 [Member] | Consolidated Fund [Member] | Senior Secured Debt Investments [Member]
Assets
Investments at fair value	0
Level 2 [Member]
Assets
Assets	0
Liabilities
Liabilities	0
Level 2 [Member] | MMKT [Member]
Liabilities
MMKT convertible notes	0
Level 2 [Member] | Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities	0
Level 2 [Member] | Beneficial Interest in CLO [Member]
Assets
Available for sale securities	0
Level 2 [Member] | Consolidated Fund [Member]
Liabilities
Notes payable issued by Consolidated Fund	0
Level 2 [Member] | Consolidated Fund [Member] | Senior Secured Debt Investments [Member]
Assets
Investments at fair value	0
Level 3 [Member]
Assets
Assets	327,340,231
Liabilities
Liabilities	368,711,670
Level 3 [Member] | MMKT [Member]
Liabilities
MMKT convertible notes	4,644,895
Level 3 [Member] | Securities Excluding Beneficial Interest in CLOs [Member]
Assets
Available for sale securities	0
Level 3 [Member] | Beneficial Interest in CLO [Member]
Assets
Available for sale securities	3,906,078
Level 3 [Member] | Consolidated Fund [Member]
Liabilities
Notes payable issued by Consolidated Fund	364,066,775
Level 3 [Member] | Consolidated Fund [Member] | Senior Secured Debt Investments [Member]
Assets
Investments at fair value	$ 323,434,153

Investments and Fair Value Me43

Investments and Fair Value Measurements - Rollforward of Fair Value, Assets (Details) - Level 3 [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 368,711,670	$ 368,711,670	$ 150,000	$ 0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	3,022,329	0
Purchases of investments	323,434,153	327,931,189
Reclassifications	1,043,144
Distributions	(231,643)	(231,643)
Interest income accreted	95,396	231,231
Unrealized losses	(23,148)	(590,546)
Fair value at end of period	327,340,231	327,340,231
Beneficial Interest in CLO [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	3,022,329	0
Purchases of investments		4,497,036
Reclassifications	1,043,144
Distributions	(231,643)	(231,643)
Interest income accreted	95,396	231,231
Unrealized losses	(23,148)	(590,546)
Fair value at end of period	3,906,078	3,906,078
Senior Secured Debt Investments [Member] | Consolidated Fund [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0	0
Purchases of investments	323,434,153	323,434,153
Interest income accreted	0
Unrealized losses	0
Fair value at end of period	$ 323,434,153	$ 323,434,153

Investments and Fair Value Me44

Investments and Fair Value Measurements - Rollforward of Fair Value, Liabilities (Details) - Level 3 [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, beginning of period	$ 150,000	$ 0
Proceeds from issuance of notes payable	368,516,775	368,666,775
Reclassifications	0
Interest income accreted	44,895	44,895
Fair value, end of period	368,711,670	368,711,670
MMKT [Member] | Convertible Notes [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, beginning of period	150,000	0
Proceeds from issuance of notes payable	4,450,000	4,600,000
Reclassifications	0
Interest income accreted	44,895	44,895
Fair value, end of period	4,644,895	4,644,895
Consolidated Fund [Member] | Notes Payable [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, beginning of period	0	0
Proceeds from issuance of notes payable	364,066,775	364,066,775
Fair value, end of period	$ 364,066,775	$ 364,066,775

Investments and Fair Value Me45

Investments and Fair Value Measurements - Fair Value, Assets, Quantitative Information (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of assets	$ 328,691,006
Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of assets	327,340,231
Beneficial Interest in CLO [Member] | Discounted Cash Flow [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of assets	$ 3,906,078
Constant prepayment rate	15.00%
Constant default rate	1.50%
Loss severity	30.00%
Consolidated Fund [Member] | Senior Secured Debt Investments [Member] | Independent Pricing Services and/or Broker Quotations [Member] | Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of assets	$ 323,434,153

Investments and Fair Value Me46

Investments and Fair Value Measurements - Fair Value, Liabilities, Quantitative Information (Details) - Level 3 [Member]	Sep. 30, 2015USD ($)
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of liabilities	$ 368,711,670
Consolidated Fund [Member] | Notes Payable [Member] | Recent Market Transactions [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of liabilities	364,066,775
MMKT [Member] | Convertible Notes [Member] | Recent Market Transactions [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of liabilities	$ 4,644,895

Investments and Fair Value Me47

Investments and Fair Value Measurements - Financial Instruments Disclosed but not Carried at Fair Value (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 368,711,670
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facility payable	35,000,000	$ 12,000,000
Note payable included in Due to Principal		5,564,451
Payables to related parties pursuant to tax receivable agreements	45,821,556	47,373,245
Total	101,797,480	68,937,696
Carrying Value [Member] | Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	4,000,000	4,000,000
Carrying Value [Member] | Risk Retention Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	16,975,924
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facility payable	35,000,000	12,000,000
Note payable included in Due to Principal		5,564,451
Payables to related parties pursuant to tax receivable agreements	41,084,215	42,352,014
Total	97,102,823	63,965,575
Fair Value [Member] | Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	4,042,684	4,049,110
Fair Value [Member] | Risk Retention Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	16,975,924
Fair Value [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facility payable	0	0
Note payable included in Due to Principal		0
Payables to related parties pursuant to tax receivable agreements	0	0
Total	0	0
Fair Value [Member] | Level 1 [Member] | Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable		0
Fair Value [Member] | Level 1 [Member] | Risk Retention Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	0
Fair Value [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facility payable	0	0
Note payable included in Due to Principal		0
Payables to related parties pursuant to tax receivable agreements	0	0
Total	0	0
Fair Value [Member] | Level 2 [Member] | Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable		0
Fair Value [Member] | Level 2 [Member] | Risk Retention Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	0
Fair Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facility payable	35,000,000	12,000,000
Note payable included in Due to Principal		5,564,451
Payables to related parties pursuant to tax receivable agreements	41,084,215	42,352,014
Total	97,102,823	63,965,575
Fair Value [Member] | Level 3 [Member] | Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	4,042,684	$ 4,049,110
Fair Value [Member] | Level 3 [Member] | Risk Retention Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans payable	$ 16,975,924

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Fixed assets	$ 12,302,038		$ 12,302,038		$ 11,427,977
Less: accumulated depreciation and amortization	(2,195,939)		(2,195,939)		(1,153,714)
Fixed assets, net book value	10,106,099		10,106,099		10,274,263
Depreciation and amortization of fixed assets, excluding amortization of aircraft usage	363,373	$ 350,342	1,042,224	$ 468,749
Furniture, Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	1,578,660		1,578,660		3,563,172
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	319,429		319,429		0
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	$ 10,403,949		$ 10,403,949		$ 7,864,805

Other Assets (Details)

Other Assets (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2014	Nov. 30, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Security deposits	$ 453,375		$ 515,105		$ 515,105
Fractional interest in aircraft	3,585,283		3,372,963		3,372,963
Other	158,700		178,511		178,511
Other assets	$ 4,197,358		4,066,579		4,066,579
Corporate aircraft agreement, term	5 years	5 years
Sale of fractional interest in aircraft, percent of interest sold	50.00%
Amortization of fractional interests in aircrafts			$ 70,773		$ 212,320	$ 0
Amortization of fractional interests in aircrafts included in depreciation, depletion and amortization				$ 58,199		$ 172,700

Due to Former Member (Details)

Due to Former Member (Details) - Former Member [Member] - USD ($)	Jul. 03, 2014	May. 17, 2014	Nov. 05, 2010	Sep. 30, 2014	Sep. 30, 2014
Related Party Transaction [Line Items]
Repurchase of member's pro rata share of Part I fees, term of agreement			5 years
Maximum allocation by the managing member to the former member of proceeds from the sale			$ 6,000,000
Repurchase amount of members' pro rata share of Part I fees included in separation agreement		$ 1,713,802
Compensation expense recognized in connection with the agreement to repurchase the former member's interest		2,599,803
Compensation expense recognized in connection with the reallocation to the managing member of the former member's forfeited interest		$ 2,327,548
Fair value of the repurchase of former member's pro rata share of Part I fees and reallocation of former member's forfeited interest to managing member,	$ 4,035,926
Cash paid in connection with separation agreement	$ 1,713,802
Compensation Expense [Member]
Related Party Transaction [Line Items]
Fair value adjustment to the liability for compensation expense				$ 44,291	$ 180,863

Debt - Loans Payable (Details)

Debt - Loans Payable (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Loans payable	$ 25,620,819	$ 4,000,000
Risk Retention Credit Facility [Member]
Debt Instrument [Line Items]
Loans payable	16,975,924	0
Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Debt Instrument [Line Items]
Loans payable	4,000,000	4,000,000
Convertible Notes [Member] | MMKT [Member]
Debt Instrument [Line Items]
Loans payable	4,644,895	$ 0
Accrued interest	$ 44,895

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - Connecticut Department of Economic and Community Development [Member] - Loans Payable [Member] - Fixed Rate Secured Loan [Member]	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
2,015	$ 0
2,016	0
2,017	51,551
2,018	627,050
2,019	$ 642,908

Debt - DECD (Details)

Debt - DECD (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 07, 2013
Debt Instrument [Line Items]
Interest expense	$ 507,647	$ 25,206	$ 1,337,827	$ 74,795
Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Debt Instrument [Line Items]
Long-term debt					$ 4,000,000
Stated interest rate, percentage					2.50%
Maximum amount of conditional forgiveness of debt	3,000,000		3,000,000
Penalty, per job, for missed milestones			78,125
Interest and Other Income (Expense) [Member] | Loans Payable [Member] | Fixed Rate Secured Loan [Member] | Connecticut Department of Economic and Community Development [Member]
Debt Instrument [Line Items]
Interest expense	$ 25,206		$ 74,795

Debt - MMKT Convertible Notes (

Debt - MMKT Convertible Notes (Details) - USD ($)	Sep. 04, 2015	Aug. 05, 2015	Apr. 01, 2015	Feb. 27, 2015	Feb. 24, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Loans payable						$ 25,620,819		$ 25,620,819		$ 4,000,000
Interest expense						$ 507,647	$ 25,206	$ 1,337,827	$ 74,795
MMKT [Member] | Convertible Notes [Member]
Debt Instrument [Line Items]
Convertible promissory notes issued	$ 2,950,000	$ 2,000,000	$ 100,000	$ 50,000	$ 800,000
Stated interest rate, percentage						8.00%		8.00%
Series of related transactions of equity securities, aggregate amount								$ 4,000,000
Majority holder threshold								60.00%
Pre-money valuation								$ 100,000,000
Events of default, number of days principal or interest is not made within written notice of failure to pay								5 days
Events of default, number of days covenant is breached after receiving written notice								15 days
Events of default, involuntary bankruptcy petition, number of days petition is not dismessed								60 days
Events of default, additional interest								12.00%
Debt Instrument, Convertible, Majority Holder Threshold								50.00%
Interest expense						$ 41,640		$ 44,895
MMKT [Member] | Convertible Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Qualified Financing Conversion Price								80.00%
MMKT [Member] | Convertible Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Qualified Financing Conversion Price								85.00%
MMKT [Member] | Convertible Notes [Member] | FSM [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Loans payable						$ 1,300,000		$ 1,300,000

Debt - Risk Retention Facility

Debt - Risk Retention Facility (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 28, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Borrowings outstanding	$ 35,000,000		$ 35,000,000			$ 12,000,000
Interest expense	507,647	$ 25,206	1,337,827	$ 74,795
CLO Management [Member] | Risk Retention Credit Facility [Member]
Line of Credit Facility [Line Items]
Amount pledged as collateral					$ 20,910,115
Maximum borrowing capacity					$ 17,000,000
Borrowings outstanding	16,975,924		16,975,924
Fair value of amount outstanding	16,975,924		16,975,924
CLO Management [Member] | Risk Retention Credit Facility [Member] | Interest and Other Income (Expense) [Member]
Line of Credit Facility [Line Items]
Interest expense	$ 3,359		$ 3,359

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Nov. 04, 2014
Debt Instrument [Line Items]
Borrowings outstanding	$ 35,000,000		$ 35,000,000		$ 12,000,000
Interest expense	507,647	$ 25,206	1,337,827	$ 74,795
Fifth Street Holdings L.P. [Member]
Debt Instrument [Line Items]
Borrowings outstanding	35,000,000		$ 35,000,000		$ 12,000,000
Fifth Street Holdings L.P. [Member] | Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility Maturing in 2019 [Member]
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity						$ 176,000,000
Borrowing capacity accordion feature						$ 100,000,000
Unused commitment fee, percent			0.30%
Revolving credit agreement, term			5 years
Borrowings outstanding	35,000,000		$ 35,000,000
Fair value of amount outstanding	35,000,000		35,000,000
Fifth Street Holdings L.P. [Member] | Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility Maturing in 2019 [Member] | Interest and Other Income (Expense) [Member]
Debt Instrument [Line Items]
Interest expense	$ 437,442		$ 1,199,940
Fifth Street Holdings L.P. [Member] | Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility Maturing in 2019 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent			2.00%

Debt - Notes Payable of Consoli

Debt - Notes Payable of Consolidated Fund (Details) - Consolidated Fund [Member]	Sep. 29, 2015USD ($)
Notes Payable [Member]
Debt Instrument [Line Items]
Debt issued	$ 416,600,000
Reinvestment period	4 years
Senior Secured Revolving Floating Rate Notes [Member] | Class A-1R Notes [Member]
Debt Instrument [Line Items]
Debt issued	$ 20,000,000
Senior Secured Revolving Floating Rate Notes [Member] | Class A-1R Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 0
Senior Secured Revolving Floating Rate Notes [Member] | Class A-1R Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent	1.92%
Senior Secured Floating Rate Notes [Member] | Class A-1T Notes [Member]
Debt Instrument [Line Items]
Debt issued	$ 175,800,000
Senior Secured Floating Rate Notes [Member] | Class A-1T Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 11,800,000
Senior Secured Floating Rate Notes [Member] | Class A-1T Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent	1.92%
Senior Secured Floating Rate Notes [Member] | Class A-2 Notes [Member]
Debt Instrument [Line Items]
Debt issued	$ 40,600,000
Senior Secured Floating Rate Notes [Member] | Class A-2 Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 2,100,000
Senior Secured Floating Rate Notes [Member] | Class A-2 Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent	2.81%
Senior Secured Fixed Rate Notes [Member] | Class A-1F Notes [Member]
Debt Instrument [Line Items]
Debt issued	$ 31,000,000
Stated interest rate, percentage	3.53%
Senior Secured Fixed Rate Notes [Member] | Class A-1F Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 0
Senior Secured Deferrable Floating Rate [Member] | Class B Notes [Member]
Debt Instrument [Line Items]
Debt issued	39,600,000
Senior Secured Deferrable Floating Rate [Member] | Class B Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 2,050,000
Senior Secured Deferrable Floating Rate [Member] | Class B Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent	3.72%
Senior Secured Deferrable Floating Rate [Member] | Class C Notes [Member]
Debt Instrument [Line Items]
Debt issued	$ 22,300,000
Senior Secured Deferrable Floating Rate [Member] | Class C Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 1,150,000
Senior Secured Deferrable Floating Rate [Member] | Class C Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent	4.85%
Senior Secured Deferrable Floating Rate [Member] | Class D Notes [Member]
Debt Instrument [Line Items]
Debt issued	$ 35,200,000
Senior Secured Deferrable Floating Rate [Member] | Class D Notes [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 1,800,000
Senior Secured Deferrable Floating Rate [Member] | Class D Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on LIBOR, percent	7.30%
Subordinated Note [Member]
Debt Instrument [Line Items]
Debt issued	$ 52,100,000
Subordinated Note [Member] | Eliminations [Member]
Debt Instrument [Line Items]
Debt issued	$ 2,605,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	1 Months Ended
	Mar. 31, 2015	Jul. 31, 2014	Sep. 30, 2015
Fifth Street Asset Management Inc. [Member]
Loss Contingencies [Line Items]
Unfunded commitments			$ 0
Consolidated Fund [Member]
Loss Contingencies [Line Items]
Unfunded commitments			$ 1,185,000
Terminated Lease Agreement for White Plains, NY Office [Member]
Loss Contingencies [Line Items]
Early termination fee		$ 616,852
Additional rent expense representing fair value of remaining lease obligation		$ 460,658
Reduction in rent expense	$ 341,044

Related Party Transactions - Ad

Related Party Transactions - Additional Disclosures (Details)	Dec. 22, 2014USD ($)	Oct. 11, 2014USD ($)	Jul. 22, 2013renewal_term	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 29, 2014USD ($)
Related Party Transaction [Line Items]
Cash savings payable to TRA Recipients under tax receivable agreement, percent						85.00%
Net asset value				$ 8,856,442		$ 8,856,442			$ 6,737,127
Income from equity method investment				12,492	$ 102,838	2,540	$ 216,750
FSOF [Member]
Related Party Transaction [Line Items]
Total capital contributions (net of redemptions) for equity method investment				6,412,635		6,412,635
Income from equity method investment				2,540		$ 2,540
Minimum [Member]
Related Party Transaction [Line Items]
Management fee, percent						0.40%
Maximum [Member]
Related Party Transaction [Line Items]
Management fee, percent						2.00%
Performance Fees [Member]
Related Party Transaction [Line Items]
Revenue from related parties				2,596	139,049	$ 79,451	54,826
Due From Affiliates [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties				2,024,931		2,024,931			3,723,160
Principal [Member]
Related Party Transaction [Line Items]
Accrued undistributed earnings										$ 3,482,478
Due to related party				0		$ 0			9,063,792
Principal [Member] | Notes Payable [Member]
Related Party Transaction [Line Items]
Notes payable										$ 5,564,451
Interest rate (as a percent)						1.00%
Recipients of Tax Receivable Agreements [Member]
Related Party Transaction [Line Items]
Due to related party				45,821,556		$ 45,821,556			47,373,245
Payments representing the initial payment associated with the TRA liability						340,255
Reduction in Tax Benefit from Payment of Tax Receivable Agreement						273,828
TRA payable in the next twelve months				2,051,328		$ 2,051,328
TRA, number of days due after FSAM files federal income tax return						45 days
Business Development Companies [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Revenue from related parties				22,927,964	22,715,966	$ 68,561,315	66,529,533
Accounts receivable, related parties				19,600,003		19,600,003			$ 23,195,707
Related party transactions, asset management fees waived				145,399	378,890	435,232	841,715
Business Development Companies [Member] | Revenues - Other Fees [Member] | Administration Agreement Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, other fees				$ 1,347,133	$ 2,187,933	3,668,878	$ 4,205,987
FSC [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Reduction in management fees receivable						1,863,242
FSFR [Member]
Related Party Transaction [Line Items]
Number of shares purchased from related party | shares				154,728
Value of shares purchased from related party				$ 1,379,679
Weighted average price of shares purchased from related party (in dollars per share) | $ / shares				$ 8.92
FSFR [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Reduction in management fees receivable						1,464,728
Entity Controlled by Managing Member [Member]
Related Party Transaction [Line Items]
Number of lease renewal periods | renewal_term			2
Lease renewal term (years)			5 years
Entity Controlled by Managing Member [Member] | Lease Agreements [Member]
Related Party Transaction [Line Items]
Rental payments, per year		$ 2,000,000
CLO I [Member] | Senior and Subordinated Notes [Member]
Related Party Transaction [Line Items]
Investments at cost				$ 4,496,624		4,496,624
Investments at fair value				3,906,078		3,906,078
CLO II [Member] | Senior and Subordinated Notes [Member] | Eliminations [Member]
Related Party Transaction [Line Items]
Investments at cost				20,910,115		20,910,115
Investments at fair value				$ 20,910,115		20,910,115
FSC [Member]
Related Party Transaction [Line Items]
Net asset value								$ 1,407,774,000
FSC [Member] | FSM [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Management fee multiplier				0.25
Management fee calculation, percent multiplied by Baseline NAV Percentage				2.00%
Management fee calculation, percent multiplied by Incremental NAV Percentage				1.00%
FSC [Member] | FSM [Member] | Management Fees [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Management fee, percent				1.00%
FSC [Member] | FSM [Member] | Management Fees [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Management fee, percent				2.00%
FSM [Member] | MMKT [Member]
Related Party Transaction [Line Items]
Total capital contribution	$ 80,000
Membership interest	80.00%
Convertible notes				$ 1,300,000		1,300,000
FSM [Member] | CLO I [Member]
Related Party Transaction [Line Items]
Interest income				95,396		231,231
MMKT [Member]
Related Party Transaction [Line Items]
Operating loss				399,999		830,298
Leonard M. Tannenbaum [Member] | CLO II [Member] | Senior and Subordinated Notes [Member]
Related Party Transaction [Line Items]
Investments at cost				$ 5,800,000		$ 5,800,000

Related Party Transactions - Am

Related Party Transactions - Amounts Due and From Affiliates (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$ 2,129,104	$ 3,799,542
Due to affiliates	19,059	62,781
Reimbursed Expenses Due From Business Development Companies [Member]
Related Party Transaction [Line Items]
Due from affiliates	1,733,210	3,596,975
Reimbursed Expenses Due from Private Funds [Member]
Related Party Transaction [Line Items]
Due from affiliates	291,721	126,185
Due From Employees [Member]
Related Party Transaction [Line Items]
Due from affiliates	57,780	59,489
Other Amounts Due From Affiliated Entities [Member]
Related Party Transaction [Line Items]
Due from affiliates	46,393	16,893
Distribution Payable to Former Members of Predecessor [Member]
Related Party Transaction [Line Items]
Due to affiliates	0	59,316
SARs Liability [Member]
Related Party Transaction [Line Items]
Due to affiliates	19,059	3,465
Management Fees [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	19,891,214	23,363,901
Performance Fees [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	79,451	106,635
Business Development Companies [Member] | Base Management Fees Receivable [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	13,761,159	15,200,933
Business Development Companies [Member] | Part I Fees Receivable [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	5,838,844	7,809,194
CLO I and CLO II [Member] | Collateral Management Fees [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	291,211	351,274
FSOF [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	0	2,500
FSOF [Member] | Performance Fees [Member]
Related Party Transaction [Line Items]
Accounts receivable, related parties	$ 79,451	$ 106,635

Equity and Equity-Based Compe61

Equity and Equity-Based Compensation (Details)	Aug. 10, 2015$ / shares	May. 11, 2015USD ($)$ / shares	Jan. 15, 2015$ / shares	Sep. 30, 2015USD ($)voteclass$ / sharesshares	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)	Nov. 30, 2012USD ($)
Class of Stock [Line Items]
Number of classes of common stock | class				2
Dividend declared (in dollars per share) | $ / shares				$ 0.64
Shares repurchased and retired, value				$ 1,849,140
Retirement eligibility liability reclassified to member's equity								$ 2,065,664
Fair value of equity classified awards				$ 7,272,979	$ 8,043,058	$ 16,755,752	$ 18,243,398	$ 15,187,787
Fifth Street Holdings L.P. [Member] | Limited Partner [Member]
Class of Stock [Line Items]
Repurchased LP interests (in units) | shares				217,641
Common Class A [Member]
Class of Stock [Line Items]
Number of votes | vote				1
Dividend declared (in dollars per share) | $ / shares	$ 0.17	$ 0.17	$ 0.30
Share repurchase program, authorized amount		$ 20,000,000
Shares repurchased and retired | shares				217,641
Shares repurchased, weighted average price per share (in dollars per share) | $ / shares				$ 8.47
Shares repurchased and retired, value				$ 1,849,140
Common Class B [Member]
Class of Stock [Line Items]
Number of votes | vote				5

Equity and Equity-Based Compe62

Equity and Equity-Based Compensation - Equity Classified Awards (Details) - USD ($)	Nov. 04, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Vesting period of award from the IPO date		8 years
Compensation charge related to the modification of awards	$ 0
Equity Classified Award [Roll Forward]
Equity classified awards, beginning		$ 8,043,058	$ 18,243,398
Fair value of purchased interest			4,035,926
Cash received for purchased interest			(1,708,378)
Amortization of interests		(770,079)	(3,815,194)
Equity classified awards, ending		7,272,979	$ 16,755,752
Unrecognized compensation costs		$ 7,279,979
Period for recognition of unrecognized compensation costs		7 years 1 month

Equity and Equity-Based Compe63

Equity and Equity-Based Compensation - Liability Classified Awards (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Liability Classified Awards [Roll Forward]
Liability classified awards, beginning	$ 3,465	$ 129,001
Cash received for purchased interests		14,129
Compensation expense	15,594	228,140
Payment of liabilities		(228,140)
Liability classified awards, ending	$ 19,059	$ 143,130

Equity and Equity-Based Compe64

Equity and Equity-Based Compensation - 2014 Omnibus Incentive Plan (Details) - USD ($)	Nov. 04, 2014	Sep. 30, 2015	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted			0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted			65,952
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted			0
Omnibus Incentive Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted	5,658,970
Equity-based compensation expense		$ 1,246,929	$ 3,710,839
Omnibus Incentive Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted	1,174,748
Equity-based compensation expense		666,347	1,969,093
Omnibus Incentive Plan 2014 [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		575,384	1,726,152
Omnibus Incentive Plan 2014 [Member] | Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted	90,500
Equity-based compensation expense		$ 5,198	$ 15,594

Equity and Equity-Based Compe65

Equity and Equity-Based Compensation - Restricted Stock Units, Narrative (Details)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared (in dollars per share) | $ / shares	$ 0.64
Accrued dividends related to unvested restricted stock units	$ 601,207
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvesting period	3 years
Granted (in shares) | shares	65,952
Accrued dividends related to unvested restricted stock units	$ 601,207
Assumed forfeiture rate	5.00%
Total compensation expense expected to be recognized in future periods	$ 13,597,689
Weighted average period for recognition of compensation expense	5 years
Restricted Stock Units (RSUs) [Member] | Fourth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock Units (RSUs) [Member] | Fifth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock Units (RSUs) [Member] | Sixth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Salable rate	25.00%
Restricted Stock Units (RSUs) [Member] | Seventh Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salable rate	25.00%
Restricted Stock Units (RSUs) [Member] | Eighth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salable rate	25.00%
Restricted Stock Units (RSUs) [Member] | Ninth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salable rate	25.00%

Equity and Equity-Based Compe66

Equity and Equity-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of Shares
Beginning balance (in shares) | shares	1,174,748
Granted (in shares) | shares	65,952
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(14,583)
Ending balance (in shares) | shares	1,226,117
Weighted Average Grant Date Fair Value Per Unit
Beginning balance (in dollars per share)	$ 17
Granted (in dollars per share)	10.23
Vested (in dollars per share)	0
Forfeited (in dollars per share)	17
Ending balance (in dollars per share)	$ 16.64

Equity and Equity-Based Compe67

Equity and Equity-Based Compensation - Option Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Number of Shares
Beginning balance (in shares)	5,658,970
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	(80,420)
Ending balance (in shares)	5,578,550	5,658,970
Exercisable at end of period (in shares)	0
Expected to vest after end of period (in shares)	0
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 18.70
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited or expired (in dollars per share)	18.70
Ending balance (in dollars per share)	18.70	$ 18.70
Exercisable at end of period (in dollars per share)	0
Expected to vest after end of period (in dollars per share)	$ 0
Weighted average remaining life, outstanding	7 years 6 months	8 years 3 months 18 days
Weighted average remaining life, forfeited	7 years 6 months
Aggregate intrinsic value, exercisable	$ 0
Aggregate intrinsic value, expected to vest	$ 0

Equity and Equity-Based Compe68

Equity and Equity-Based Compensation - Options, Narrative (Details) - Options [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense	$ 5,991,906
Assumed forfeiture rate	5.00%
Weighted average period for recognition of compensation expense	3 years 10 months 6 days

Equity and Equity-Based Compe69

Equity and Equity-Based Compensation - Stock Appreciation Rights (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2014
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options	10 years
Assumed forfeiture rate	5.00%
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period	6 years
Assumed forfeiture rate	5.00%
Total compensation expense expected to be recognized in future periods	$ 110,896
Number of Shares
Beginning balance (in shares)	90,500
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	(19,500)
Ending balance (in shares)	71,000
Weighted Average Grant Date Fair Value Per Unit
Beginning balance (in dollars per share)	$ 1.78
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited (in dollars per share)	1.78
Ending balance (in dollars per share)	$ 1.78
Stock Appreciation Rights (SARs) [Member] | IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
IPO share price (in dollars per share)		$ 17

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	11.30%
Statutory Federal rate	35.00%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Fifth Street Asset Management Inc.	$ 1,171,567	$ 0	$ 3,650,302	$ 0
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,235,515		1,235,515
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,630,376		5,630,376
Partnership Interests [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)			44,000,000
Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares of Class A common stock outstanding	5,901,718		5,956,389
Dilutive effects of restricted stock units	6,745		6,929
Weighted average shares of Class A common stock outstanding - diluted	5,908,463		5,963,318
Net income attributable to Fifth Street Asset Management Inc. per share of Class A common stock, basic (in dollars per share)	$ 0.20		$ 0.61
Net income attributable to Fifth Street Asset Management Inc. per share of Class A common stock, diluted (in dollars per share)	$ 0.20		$ 0.61

Subsequent Events (Details)

Subsequent Events (Details)	Nov. 23, 2015$ / shares	Aug. 10, 2015$ / shares	May. 11, 2015$ / shares	Jan. 15, 2015$ / shares	Nov. 12, 2015lawsuitinvestment	Sep. 30, 2015$ / shares
Subsequent Event [Line Items]
Dividend declared (in dollars per share)						$ 0.64
Common Class A [Member]
Subsequent Event [Line Items]
Dividend declared (in dollars per share)		$ 0.17	$ 0.17	$ 0.30
Subsequent Event [Member] | Lawsuit Arising from Role as Investment Advisor to FSC [Member]
Subsequent Event [Line Items]
Number of lawsuits filed | lawsuit					3
Write-downs improperly delayed, number of investments | investment					5
Subsequent Event [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.17