Cifc 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 09, 2016	Dec. 31, 2015
Document Information [Line Items]
Entity Registrant Name	CIFC LLC
Entity Central Index Key	1,649,709
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		23,624,014
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Well-known Seasoned Issuer
Entity Voluntary Filers
Common shares issued	23,499,979		25,314,756

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents		$ 39,720	$ 57,968	$ 28,369	$ 59,290
Restricted cash and cash equivalents		1,694	1,694
Investment in subsidiaries		0	0
Investments		94,483	70,696
Receivables		9,191	7,075
Prepaid and other assets		1,885	1,973
Deferred tax assets, net		41,585	44,425
Equipment and improvements, net		4,323	4,866
Intangible assets, net		4,682	6,857
Goodwill		76,000	76,000
Subtotal		273,563	271,554
Assets		2,283,968	1,747,203
LIABILITIES
Due to brokers		2,253	61
Accrued and other liabilities		27,912	18,397
Contingent Liabilities		7,680	8,338
Long-term debt		156,313	156,161
Subtotal		194,158	182,957
Liabilities		2,104,589	1,568,401
EQUITY
Common Stock, Value, Issued		23	25
Additional paid-in capital		984,515	992,419
Retained earnings (deficit)		(813,249)	(821,491)
Stockholders' Equity Attributable to Parent		171,289	170,953
TOTAL EQUITY		179,379	178,802	$ 202,674	$ 521,902
TOTAL LIABILITIES AND EQUITY		2,283,968	1,747,203
Consolidated Funds
EQUITY
Noncontrolling interests in Consolidated Funds (Note 2)		8,090	7,849
Consolidated Entities
ASSETS
Restricted cash and cash equivalents		116,771	94,018
Due from brokers		37,599	25,910
Investments		1,850,562	1,351,403
Receivables		5,306	4,109
Prepaid and other assets		167	209
Assets	[1]	2,010,405	1,475,649
LIABILITIES
Due to brokers		91,347	71,603
Accrued and other liabilities		139	193
Interest payable		4,689	5,090
Long-term debt	[2]	1,814,256	1,308,558
Liabilities	[1]	$ 1,910,431	$ 1,385,444
[1]	The assets of the Consolidated Entities would not be available to the Company's general creditors, and as a result, the Company does not consider them its assets. Additionally, the investors in the debt and residual interests of the Consolidated Entities have no recourse to the Company's general assets. Therefore, this debt is not the Company's obligation.
[2]	The subordinated notes of the Consolidated CLOs do not have a stated interest rate and have been excluded from the calculation of the weighted average borrowing rate. As of June 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $151.7 million and $153.1 million of credit fund debt, respectively.

CONSOLIDATED BALANCE SHEETS (VI

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Restricted cash and cash equivalents		$ 1,694	$ 1,694
Investments		94,483	70,696
Receivables		9,191	7,075
Prepaid and other assets		1,885	1,973
Assets		2,283,968	1,747,203
Due to brokers		2,253	61
Accrued and other liabilities		27,912	18,397
Long-term debt		156,313	156,161
Liabilities		2,104,589	1,568,401
Consolidated Entities
Restricted cash and cash equivalents		116,771	94,018
Due from brokers		37,599	25,910
Investments		1,850,562	1,351,403
Receivables		5,306	4,109
Prepaid and other assets		167	209
Assets	[1]	2,010,405	1,475,649
Due to brokers		91,347	71,603
Accrued and other liabilities		139	193
Interest payable		4,689	5,090
Long-term debt	[2]	1,814,256	1,308,558
Liabilities	[1]	$ 1,910,431	$ 1,385,444
[1]	The assets of the Consolidated Entities would not be available to the Company's general creditors, and as a result, the Company does not consider them its assets. Additionally, the investors in the debt and residual interests of the Consolidated Entities have no recourse to the Company's general assets. Therefore, this debt is not the Company's obligation.
[2]	The subordinated notes of the Consolidated CLOs do not have a stated interest rate and have been excluded from the calculation of the weighted average borrowing rate. As of June 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $151.7 million and $153.1 million of credit fund debt, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common shares issued	23,499,979	25,314,756
Common stock, shares outstanding	23,499,979	25,314,756
Treasury stock, shares	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Management & Incentive fees		$ 21,277	$ 20,598	$ 41,092	$ 42,212
Interest income from investments		1,162	2,227	2,095	4,834
Total net revenues		47,248	25,860	86,986	52,837
Expenses
Employee compensation and benefits		9,463	7,470	18,977	16,034
Share-based compensation		1,744	988	4,125	2,668
Professional Fees		1,685	1,795	3,757	3,722
General and administrative expenses		2,543	2,517	5,060	4,813
Depreciation and amortization		1,082	2,080	2,378	4,490
Impairment of intangible assets		0	462	531	742
Interest expense		1,999	800	3,956	1,294
Operating expenses		30,726	17,470	59,803	37,133
Other Income (Expense) and Gain (Loss)
Net gain (loss) on investments		3,863	1,466	4,134	2,659
Net gain (loss) on liabilities		150	(577)	(214)	(1,290)
Net other gain (loss)		4,253	3,104	(624)	4,559
Net income (loss)
Income (loss) before income taxes		20,775	11,494	26,559	20,263
Income Tax Expense (Benefit)		(2,868)	(9,828)	(4,146)	(12,915)
Net income (loss)		17,907	1,666	22,413	7,348
Net Income (Loss) Attributable to Parent		$ 17,585	$ 1,103	$ 22,089	$ 6,531
Earnings (loss) per share
Earnings Per Share, Basic	[1]	$ 0.73	$ 0.04	$ 0.89	$ 0.26
Earnings (loss) per share, Diluted	[1]	$ 0.68	$ 0.04	$ 0.85	$ 0.25
Weighted-average number of shares outstanding -
Weighted Average Number of Shares Outstanding, Basic	[1]	24,095,932	25,302,358	24,725,498	25,290,856
Weighted Average Number of Shares Outstanding, Diluted	[1]	25,760,974	26,431,680	25,963,108	26,504,030
Common Stock, Dividends, Per Share, Declared		$ 0.25	$ 0.10	$ 0.59	$ 0.20
Consolidated Funds
Net income (loss)
Net Income (Loss) Attributable to Noncontrolling Interest		$ (322)	$ (563)	$ (324)	$ (817)
Consolidated Entities
Revenues
Interest income		24,809	3,035	43,799	5,791
Expenses
Interest expense		11,601	923	20,022	1,667
Operating expenses		609	435	997	1,703
Other Income (Expense) and Gain (Loss)
Net gain (loss) on investments		24,103	1,317	26,703	4,113
Net gain (loss) on liabilities		(23,863)	(406)	(31,247)	(2,665)
Net Gain (Loss) on other investments and derivatives		$ 0	$ 1,304	$ 0	$ 1,742
[1]	Weighted-average number of shares outstanding basic and diluted excludes Dissenting Shares as of April 28, 2016 (Note 10). Excluding the Dissenting Shares as of January 1, 2016 (Reorganization Transaction), total weighted average shares basic and diluted for the three months ended June 30, 2016, would be 23,472,450 and 25,137,491, respectively, and earnings per share basic and diluted would be $0.75 and $0.70, respectively and for the six months ended June 30, 2016, would be 23,400,600 and 24,638,209, respectively, and earnings per share basic and diluted would be $0.94 and $0.90, respectively (Note 10).

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income (loss)	$ 17,907	$ 1,666	$ 22,413	$ 7,348
Comprehensive income (loss)	17,907	1,666	22,413	7,348
Other comprehensive income (loss)	0	0	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	17,585	1,103	22,089	6,531
Consolidated Funds
Net Income (Loss) Attributable to Noncontrolling Interest	$ (322)	$ (563)	$ (324)	$ (817)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY Statement - USD ($) $ in Thousands	Total	CIFC LLC	Common Stock [Member]	Treasury Stock	Common stock par [Member]	Treasury stock Par [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Retained Earnings, Appropriated [Member]
Beginning Balance, Common shares at Dec. 31, 2014			25,193,000
Treasury stock, shares at Dec. 31, 2014				(130,000)
Beginning Balance at Dec. 31, 2014	$ 521,902	$ 176,320			$ 25	$ (914)	$ 988,904	$ (811,695)	$ 210,818	$ 134,764
Adoption of ASU 2015-02 (Note 3)	(332,270)								(204,393)	(127,877)
Adoption of ASU 2014-13 (Note 3)	(6,887)									(6,887)
Net income (loss)	7,348	6,531						6,531	817	0
Share-based compensation, net	2,404	2,404					2,404
Exercise of options	128	128					128
Repurchases of common stock, shares			(3,000)	(3,000)
Repurchases of common shares	(21)	(21)				(21)
Share-based compensation, net			157,000
Exercised options Shares			25,000
Dissenting shares value, estimated	0
Contribution from noncontrolling interests	16,100								16,100
Distributions to noncontrolling interests	(970)								(970)
Dividends, Share-based Compensation, Cash	5,060	5,060						5,060
Ending Balance at Jun. 30, 2015	$ 202,674	180,302			25	(935)	991,436	(810,224)	22,372	0
Beginning Balance, Common shares at Dec. 31, 2015			25,315,000
Treasury stock, shares at Dec. 31, 2015	0			0
Beginning Balance at Dec. 31, 2015	$ 178,802	170,953			25	0	992,419	(821,491)	7,849	0
Net income (loss)	22,413	22,089						22,089	324
Share-based compensation, net	3,624	3,624					3,624
Exercise of options	212	212					212
Repurchases of common stock, shares			0	(75,000)
Treasury Stock, Retired, Cost Method, Amount	0	0				435	(435)
Repurchases of common shares	(435)	(435)				(435)
Dissenting shares			(2,026,000)
Share-based compensation, net			236,000
Exercised options Shares			50,000
Dissenting shares value, estimated	(11,307)	(11,307)			(2)		(11,305)
Contribution from noncontrolling interests	0								0
Distributions to noncontrolling interests	(83)								(83)
Dividends, Share-based Compensation, Cash	13,847	13,847						13,847
Ending Balance at Jun. 30, 2016	$ 179,379	$ 171,289			$ 23	$ 0	$ 984,515	$ (813,249)	$ 8,090	$ 0
Treasury Stock, Shares, Retired			(75,000)	75,000
Treasury stock, shares at Jun. 30, 2016	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 22,413	$ 7,348
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs and other	152	45
Share-based compensation	4,125	2,668
Net (gain) loss on investments and contingent liabilities / other (gain) loss	(3,920)	(1,369)
Depreciation and amortization	2,378	4,490
Impairment of intangible assets	531	742
Deferred income tax expense (benefit)	2,840	7,425
Excess tax benefits from share-based payment arrangements	263	(7)
Net gain (loss) on liabilities	214	1,290
Changes in operating assets and liabilities:
Due from brokers	0	(62)
Receivables	(2,260)	(3,616)
Prepaid and other assets	88	(6)
Due to brokers	2,192	13,308
Accrued and Other Liabilities	(1,611)	(5,041)
Net cash provided by (used in) operating activities	8,033	(42,893)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(71,610)	(48,592)
Sales of investments	46,722	58,705
Purchases of equipment and improvements	(192)	(619)
Net cash provided by (used in) investing activities	(566)	(41,615)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common shares	(435)	(21)
Payments of Dividends	(13,847)	(5,060)
Proceeds from the exercise of options	241	121
Payments for tax from the delivery of restricted stock units	(267)	(265)
Payments on contingent liabilities	(1,311)	(2,904)
Excess tax benefits from share-based payment arrangements	(263)	7
Net cash provided by (used in) financing activities	(25,715)	53,587
Net increase (decrease) in cash and cash equivalents	(18,248)	(30,921)
Cash and cash equivalents	57,968	59,290
Cash and cash equivalents	39,720	28,369
SUPPLEMENTAL DISCLOSURE:
Cash paid for interest	3,699	953
Cash paid for income taxes	4,620	8,000
Dissenting shares value, estimated	11,307	0
Exercise of share options and RSUs	259	311
Additional Paid-in Capital [Member]
SUPPLEMENTAL DISCLOSURE:
Dissenting shares value, estimated	11,305
Consolidated Entities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net (gain) loss on investments	(26,703)	(4,113)
Net gain (loss) on liabilities	31,247	2,665
Net other (gain) loss	0	(1,742)
Changes in operating assets and liabilities:
Due from brokers	(667)	(1,182)
Purchases of investments	(406,538)	(244,892)
Sales of investments	375,057	142,864
Receivables	(42)	(595)
Due to brokers	11,280	37,569
Accrued and Other Liabilities	(153)	196
Interest payable	(2,639)	412
CASH FLOWS FROM INVESTING ACTIVITIES:
Change in restricted cash and cash equivalents	24,514	(51,109)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interests	0	16,100
Distributions to noncontrolling interests	(83)	(970)
Proceeds from issuance of long-term debt	3,846	125,400
Payments made on long-term debt	(13,596)	(78,821)
SUPPLEMENTAL DISCLOSURE:
Cash paid for interest	42,601	2,656
Non-cash net assets consolidated during the period	13,696	0
Deconsolidation of net assets	(8,236)	(22,578)
Paid-in-Kind Interest	$ 31	$ 89

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization and Business Organization — CIFC LLC (together with its subsidiaries, "CIFC" or the "Company") is a Delaware limited liability company headquartered in New York City. The Company is a private debt manager specializing in secured U.S. corporate loan strategies. The Company's primary business is to provide investment management services for institutional investors, including pension funds, hedge funds, asset management firms, banks, insurance companies and other types of institutional investors around the world. On December 31, 2015, CIFC Corp., the Company's former publicly traded entity, completed a series of transactions (the "Reorganization Transaction") to become a subsidiary of CIFC LLC, the current publicly traded entity. The series of transactions changed the Company's top-level form of organization from a corporation to a limited liability company. As of January 1, 2016, the Company is taxed as a partnership. Fee Earning Assets Under Management (“Fee Earning AUM” or “AUM”) refers to the principal balance, net asset value or value of assets managed by the Company on which the Company earns management and/or incentive fees. The Company's AUM is primarily comprised of Collateralized Loan Obligations ("CLOs"). In addition, the Company manages credit funds and other loan-based products (together, "Non-CLO products" and together with CLOs, "Funds"). The Company manages these credit products through opportunistic investment strategies where the Company seeks to generate current income and/or capital appreciation, primarily through senior secured corporate loan investments (“SSCLs”) and, to a lesser extent, other investments. The Company also manages Collateralized Debt Obligations (“CDOs”), which it does not expect to issue in the future. The Company has three primary sources of revenue: management fees, incentive fees and investment income. Management fees are generally earned based on a percentage of AUM of the Funds. Incentive fees are earned based on the performance of the Funds. Investment income represents interest income and realized/unrealized gains and losses on investments in the products sponsored by the Company and third parties.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Notes)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Basis of Presentation —The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Management believes that estimates utilized in the preparation of the Condensed Consolidated Financial Statements are prudent and reasonable. Actual results could differ from those estimates and such differences could be material. These accompanying unaudited Condensed Consolidated Financial Statements and related Notes should be read in conjunction with the Consolidated Financial Statements and related Notes included in the 2015 Annual Report. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. The Reorganization Transaction was a transaction between entities under common control; therefore, the prior year comparative Condensed Consolidated Financial Statements include the Consolidated Balance Sheet, Statement of Operations, Comprehensive Income (Loss), Equity and Cash Flows as of December 31, 2015 and for the three and six months ended June 30, 2015 of CIFC Corp. Further, certain prior year amounts in the Condensed Consolidated Financial Statements and the related notes have been reclassified to conform to current period presentation. During late 2015, we adopted certain Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board (FASB) such as the deconsolidation of certain CLOs and Funds (or ASU 2015-02) and the valuation of financial assets and liabilities of Consolidated CLOs (or ASU 2014-13) which were applied on a modified retroactive basis. As such, the Condensed Consolidated Financial Statements and the related notes for the three and six months ended June 30, 2015 have been re-presented to reflect the impact of these adoptions (see the 2015 Annual Report). In addition, other reclassified items include a detailed break-out of line items previously included within Net results of Consolidated Entities on the Condensed Consolidated Statements of Operations as well as Contributions from and Distributions to noncontrolling interests on the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Equity. Principles of Consolidation —The Condensed Consolidated Financial Statements include the financial statements of CIFC and its wholly owned subsidiaries, the entities in which the Company has a controlling interest ("Consolidated Funds") and VIEs for which the Company is deemed to be the primary beneficiary (together with Consolidated Funds and VIEs, the "Consolidated Entities"). All intercompany balances and transactions have been eliminated upon consolidation. This consolidation, particularly with respect to the Consolidated Entities, significantly impacts the Company's Condensed Consolidated Financial Statements. Consolidated Entities —Consolidated Entities includes the operating results of the Consolidated Funds and the Consolidated VIEs. As of June 30, 2016 and December 31, 2015 , the Company held $91.5 million and $81.8 million of investments in its Consolidated Entities, respectively. Consolidated VIEs —The Company consolidates variable interest entities in which it is deemed the primary beneficiary. These Consolidated VIEs generally include certain CLOs (collectively, the "Consolidated CLOs"), warehouses, loan investment products, and other similar legal entities. The Company holds interests in and manages an open-end credit fund that invests primarily in second-lien loans. The Company consolidated the fund as it was deemed the primary beneficiary. As the investment manager, the Company cannot be removed and held a significant financial interest in the fund. As of June 30, 2016 and December 31, 2015 , the Company held an investment of $35.0 million and $33.2 million , respectively, and the limited partners held $8.1 million and $7.8 million , respectively, which is reported in "Noncontrolling interests in Consolidated Funds" on the Condensed Consolidated Balance Sheet. As of June 30, 2016 and December 31, 2015 , the Company consolidated 3 CLOs and 2 credit funds and 2 CLOs and 2 credit funds, respectively. During the three and six months ended June 30, 2016 , the Company purchased and sold residual interests in certain of its managed CLOs. As a result of these transactions, the Company deemed the expected potential returns on 2 CLOs potentially significant while 1 CLO was no longer potentially significant. As such, during the three and six months ended June 30, 2016 , we consolidated 2 additional managed CLOs and deconsolidated 1 managed CLO. During the three and six months ended June 30, 2016 , the Company consolidated 4 CLOs (of which 1 was deconsolidated as of June 30, 2016 ). During the three and six months ended June 30, 2015 , the Company consolidated 1 CLO, 2 credit funds and 1 warehouse. Warehouses — From time to time, the Company will create special purpose vehicles ("SPVs") to warehouse SSCLs in advance of sponsoring new CLOs or other funds. The Company may contribute equity to the new SPVs which are typically levered three to five times depending on the terms agreed to with the warehousing counterparties. When the related CLO or Fund is sponsored, typically around three to nine months later, the warehouse is “terminated,” with it concurrently repaying the related financing and returning to the Company its equity contribution, net of gains and losses, if any. As of June 30, 2016 and December 31, 2015 , the Company did not consolidate any warehouses. As of June 30, 2016 , the Company held variable interests in 2 warehouses for which it was not deemed to be the primary beneficiary. Unconsolidated VOEs —The Company holds interests in and manages two closed-end structured credit funds that invest primarily in CLOs and warehouses. As of June 30, 2016 and December 31, 2015 , the aggregate carrying value of the Company's investments, as the general partner of these funds, was $17.6 million and $26.0 million , respectively. The limited partners of the Funds may remove the general partner's presumption of control, and as such, the Company did not consolidate these Funds. The Company's investments in these Funds is recorded in "Investments" on the Company's Condensed Consolidated Balance Sheets. Unconsolidated VIEs— The Company holds interests in and manages an open-end credit fund that invests in performing U.S. SSCLs to provide capital appreciation and risk-adjusted returns to its investors. The Company does not consolidate this fund as it does not have a significant financial interest in the fund and was not deemed the primary beneficiary of the fund. As of June 30, 2016 and December 31, 2015 , the carrying value of the Company's investment, as the general partner of this fund, was $5.6 million and $5.4 million , respectively. As of June 30, 2016 , the Company had variable interests in 25 CLOs, 8 CDOs, and 2 Non-CLO products, which the Company managed, that were not consolidated (collectively the "Unconsolidated VIEs") as the Company was not deemed to be the primary beneficiary. As of December 31, 2015 , the Company's unconsolidated VIEs included 28 CLOs, 8 CDOs and 2 Non-CLO products. The Company's maximum exposure to loss on Unconsolidated VIEs includes its investment, management fee receivables and future management fees collectible by the Company. As of June 30, 2016 and December 31, 2015 the Company invested $70.3 million and $29.0 million , respectively, in Unconsolidated VIEs and the Company's management fee receivables were $3.9 million and $4.1 million , respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING UPDATES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Summary of Significant Accounting Policies and Recent Accounting Updates As of June 30, 2016 , the Company's significant accounting policies, which are detailed in the 2015 Annual Report have not changed materially. Recent Accounting Updates In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) ("ASU 2016-09") , which is intended to simplify several aspects of the accounting for share-based payment award transactions. Specifically, ASU 2016-09 aims to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within that year. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") , to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date ("ASU 2015-14") . The ASU amends the effective date of ASU 2014-09 for all entities by one year. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") , which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard clarifies the required factors that an entity must consider when recognizing revenue and also requires additional disclosures. With the issuance of ASU 2015-14 the new effective date for the Company is January 1, 2018. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

CONSOLIDATED VIEs (Notes)

CONSOLIDATED VIEs (Notes)	6 Months Ended
	Jun. 30, 2016
Consolidated Variable Interest Entities
Consolidated VIEs	Consolidated VIEs Although the Company consolidates all the assets and liabilities of the Consolidated VIEs (including the Consolidated CLOs, warehouses and other investment products), its maximum exposure to loss is limited to its investments and beneficial interests in the Consolidated VIEs and the receivables of management fees from the Consolidated VIEs. All of these items are eliminated upon consolidation. The assets of each of the Consolidated VIEs are administered by the trustee of each fund solely as collateral to satisfy the obligations of the Consolidated VIEs. If the Company were to liquidate, the assets of the Consolidated VIEs would not be available to the Company's general creditors, and, as a result, the Company does not consider them its assets. Additionally, the investors in the debt and residual interests of the Consolidated VIEs have no recourse to the Company's general assets. Therefore, this debt is not the Company's obligation. The following table summarizes the Company's total maximum exposure to loss on these Consolidated VIEs, as follows (1): June 30, 2016 December 31, 2015 (In thousands) Maximum exposure to loss: Investments and beneficial interests (2) $ 91,474 $ 81,752 Receivables 410 605 Total maximum exposure to loss $ 91,884 $ 82,357 Explanatory Notes: ________________________________ (1) In addition, exposure to loss includes future management fees on the Consolidated VIEs, which are not included in the table. (2) Investments made in our Consolidated VIEs are eliminated in consolidation.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair Value Hierarchy — The following table summarizes the assets and liabilities carried at fair value on a recurring basis, by class and level: June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 NAV Estimated Fair Value Level 1 Level 2 Level 3 NAV Estimated Fair Value (In thousands) (In thousands) Assets Investments: Credit Funds $ — $ — $ — $ 23,174 $ 23,174 $ — $ — $ — $ 31,411 $ 31,411 Warehouses — — 44,990 — 44,990 — — — — — Structured products & other — 1,857 24,462 — 26,319 — 1,768 37,517 — 39,285 Subtotal — 1,857 69,452 23,174 94,483 — 1,768 37,517 31,411 70,696 Consolidated Entities: Loans (1) — 1,422,493 426,967 — 1,849,460 — 1,067,539 281,868 — 1,349,407 Structured products & other — 781 321 — 1,102 — 840 1,156 — 1,996 Total Consolidated Entities — 1,423,274 427,288 — 1,850,562 — 1,068,379 283,024 — 1,351,403 Total Assets $ — $ 1,425,131 $ 496,740 $ 23,174 $ 1,945,045 $ — $ 1,070,147 $ 320,541 $ 31,411 $ 1,422,099 Liabilities Contingent liabilities $ — $ — $ 7,680 $ — $ 7,680 $ — $ — $ 8,338 $ — $ 8,338 Total Liabilities $ — $ — $ 7,680 $ — $ 7,680 $ — $ — $ 8,338 $ — $ 8,338 Explanatory Note: ______________________________ (1) As of June 30, 2016 and December 31, 2015 , the total aggregate unpaid principal balance of loans was $1.9 billion and $1.4 billion , respectively. See Note 9 for total contractual principal amounts. Changes in Level 3 Recurring Fair Value Measurements — The following tables summarize by class the changes in financial assets and liabilities measured at fair value classified within Level 3 of the valuation hierarchy. Net realized and unrealized gains (losses) for Level 3 financial assets and liabilities measured at fair value are included in the Consolidated Statements of Operations. Level 3 Financial Assets For the Three Months Ended June 30, 2016 Investments Investment Assets of Consolidated Entities Structured Products & Other Warehouses Total Loans Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 43,812 $ — $ 43,812 $ 292,559 $ 1,118 $ 293,677 Transfers into Level 3 (1) — — — 107,361 — 107,361 Transfers out of Level 3 (2) — — — (109,269 ) — (109,269 ) Transfers in(out) due to consolidation or acquisition (23,443 ) — (23,443 ) 205,361 — 205,361 Transfers out due to deconsolidation — — — (75,327 ) — (75,327 ) Net realized/unrealized gains (losses) 2,263 868 3,131 3,018 14 3,032 Purchases 19,398 44,122 63,520 28,515 — 28,515 Sales (15,973 ) — (15,973 ) (12,083 ) (811 ) (12,894 ) Settlements (1,595 ) — (1,595 ) (13,168 ) — (13,168 ) Estimated fair value, end of period $ 24,462 $ 44,990 $ 69,452 $ 426,967 $ 321 $ 427,288 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 275 $ 868 $ 1,143 $ 5,383 $ (5 ) $ 5,378 For the Six Months Ended June 30, 2016 Investments Investment Assets of Consolidated Entities Structured Products & Other Warehouses Total Loans Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 37,517 $ — $ 37,517 $ 281,868 $ 1,156 $ 283,024 Transfers into Level 3 (1) — — — 202,783 — 202,783 Transfers out of Level 3 (2) — — — (193,820 ) — (193,820 ) Transfers in(out) due to consolidation or acquisition (23,443 ) — (23,443 ) 205,361 — 205,361 Transfers out due to deconsolidation — — — (75,327 ) — (75,327 ) Net realized/unrealized gains (losses) 954 868 1,822 2,085 (25 ) 2,060 Purchases 35,120 44,122 79,242 52,991 — 52,991 Sales (23,973 ) — (23,973 ) (21,982 ) (810 ) (22,792 ) Settlements (1,713 ) — (1,713 ) (26,992 ) — (26,992 ) Estimated fair value, end of period $ 24,462 $ 44,990 $ 69,452 $ 426,967 $ 321 $ 427,288 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 1,142 $ 868 $ 2,010 $ 5,383 $ (5 ) $ 5,378 For the Three Months Ended June 30, 2015 Investments Investment Assets of Consolidated Entities Loans Structured Products & Other Total Loans Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 967 $ 32,863 $ 33,830 $ 44,983 $ 4,677 $ 49,660 Transfers into Level 3 (1) — — — 8,193 — 8,193 Transfers out of Level 3 (2) (3) — — — (1,351 ) (1,803 ) (3,154 ) Net realized/unrealized gains (losses) (3) 27 444 471 (1,121 ) 308 (813 ) Purchases (3) 2,971 33,570 36,541 90,070 1,554 91,624 Sales (3) (1,971 ) (23,438 ) (25,409 ) (59,504 ) (1,242 ) (60,746 ) Settlements (3) — — — (8,118 ) — (8,118 ) Estimated fair value, end of period $ 1,994 $ 43,439 $ 45,433 $ 73,152 $ 3,494 $ 76,646 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 27 $ 372 $ 399 $ (194 ) $ (10 ) $ (204 ) For the Six Months Ended June 30, 2015 Investments Investment Assets of Consolidated Entities Loans Structured Products & Other Total Loans Corporate Bonds Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 967 $ 7,604 $ 8,571 $ 2,517,887 $ 478 $ 69,973 $ 2,588,338 Transfers into Level 3 (1) — — — 10,520 — — 10,520 Transfers out of Level 3 (2) (3) — — — (9,828 ) — (1,803 ) (11,631 ) Transfers in (out) due to deconsolidation (3) — 23,614 23,614 (2,476,625 ) (478 ) (67,383 ) (2,544,486 ) Net realized/unrealized gains (losses) (3) 27 247 274 (624 ) — 207 (417 ) Purchases (3) 2,971 40,708 43,679 116,713 — 3,742 120,455 Sales (3) (1,971 ) (28,734 ) (30,705 ) (70,841 ) — (1,242 ) (72,083 ) Settlements (3) — — — (14,050 ) — — (14,050 ) Estimated fair value, end of period $ 1,994 $ 43,439 $ 45,433 $ 73,152 $ — $ 3,494 $ 76,646 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 1 $ 3 $ 4 $ (194 ) $ — $ (10 ) $ (204 ) Explanatory Notes: ______________________________ (1) Transfers in represent investments currently valued by a third-party pricing service using composite prices determined using less than two quotes, an internally developed pricing model or broker quotes and that were previously marked by a third-party pricing service using composite prices determined from two or more quotes. (2) Transfers out represent investments previously valued by an internally developed pricing model, broker quotes, or a third-party pricing service using composite prices determined using less than two quotes and are now being marked by a third-party pricing service using composite prices determined from two or more quotes. (3) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the three and six months ended June 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. For the Three Months Ended June 30, 2016 2015 Contingent Liabilities (In thousands) Estimated fair value, beginning of period $ 8,142 $ 11,823 Net realized/unrealized (gains) losses (150 ) 577 Settlements (312 ) (1,346 ) Estimated fair value, end of period $ 7,680 $ 11,054 Change in Net realized/unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ 150 $ (577 ) For the Six Months Ended June 30, 2016 For the Six Months Ended June 30, 2015 Contingent Liabilities Total Contingent Liabilities Long-term Debt of Consolidated Entities Total (In thousands) Estimated fair value, beginning of period $ 8,338 $ 8,338 $ 12,668 $ 12,049,034 $ 12,061,702 Transfer in (out) due to consolidation (2)(3) — — — (12,049,034 ) (12,049,034 ) Net realized/unrealized (gains) losses (2) 214 214 1,290 1,290 Settlements (2)(4) (872 ) (872 ) (2,904 ) (2,904 ) Estimated fair value, end of period $ 7,680 $ 7,680 $ 11,054 $ — $ 11,054 Change in unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ (214 ) $ (214 ) $ (1,290 ) $ — $ (1,290 ) Explanatory Notes: __________________________ (1) Represents the Company's sales of its residual interests in the Consolidated CLOs. The sale removes the requirement to consolidate the CLOs, therefore, debt and/or subordinated notes of the CLOs are no longer eliminated in consolidation. (2) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the three and six months ended June 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. (3) Pursuant to the adoption of ASU 2014-13, the Long-term Debt of Consolidated Entities have been remeasured in accordance with the new guidance. (4) For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 8 ). Fair Value Methodologies of Financial Instruments The following is a description of the Company's valuation methodologies for financial instruments measured at fair value by class as required by ASC Topic 820, including the general classification of such instruments pursuant to the valuation hierarchy. Credit Funds —Amounts include the Company's investment in unconsolidated credit funds where the Company co-invests with third-party investors. The fair value of investments in credit funds are generally determined based on the Company's proportionate share of the net asset value ("NAV") of the fund. Investors in the Company’s open-ended credit funds may redeem their interests, at any time, within 30 days after notice. Investors in the Company’s closed-end credit funds generally cannot redeem. The Company estimates that closed-end funds are expected to liquidate over 2.5 to 6.3 years. The Company has no unfunded commitments in its open-ended and closed-end credit funds. The Company's investments in credit funds have been excluded from the fair value hierarchy table. Loans —Loans are generally valued via a third-party pricing service. The value represents a composite of the mid-point in the bid-ask spread of broker quotes or is based on the composite price of a different tranche of the same or similar security if broker quotes are unavailable for the specific tranche the Company owns. The third-party pricing service provides the number of quotes used in determining the composite price, a factor that the Company uses in determining the observability level of the inputs to the composite price. When the fair value of the loan investments is based on a composite price determined using two or more quotes the composite price is considered to be based on significant observable inputs and classified as Level 2 within the fair value hierarchy. When the fair value of certain loan investments is based on a composite price determined using less than two quotes, the composite price is considered to be based on significant unobservable inputs. In these instances, the Company performs certain procedures on a sample basis to determine that composite prices approximate fair market value. Alternative methodologies are used to value the loans such as a comparable company pricing model (an internally developed model using composite or other observable comparable market inputs) or an internally developed model using data including unobservable market inputs. Accordingly, loans valued using alternative methodologies are classified as Level 3 within the fair value hierarchy. Warehouses —Warehouse investments consist of investments in loans using leverage from a third-party financial institution. Loans are generally valued via a third-party pricing service. The quoted value represents a composite of the mid-point in the bid-ask spread of broker quotes or, in circumstances where broker quotes are unavailable, the value is based on the composite price of a different tranche of the same or similar security. Calculation of fair value on warehouse investments is based on the quoted mid-price of the underlying securities less the associated warehouse debt and accrued expenses, including interest expense. However, market participants may use different assumptions to price the warehouse investments; accordingly, warehouse investments are classified as Level 3 within the fair value hierarchy. Structured Products & Other —Structured Products and Other primarily represents the fair value of investments in CIFC and third-party managed CLOs and warehouses. These assets are generally valued via a third-party pricing service. The inputs to the valuation include recent trade information, discount rates, forward yield curves, and loan level information (including loan loss, recovery and default rates, prepayment speeds and other security specific information obtained from the trustee and other service providers related to the product being valued). Although the inputs used in the third-party pricing service's valuation model are generally obtained from active markets, the third-party pricing service does not provide a detailed analysis for each security valued. The Company performs certain procedures on a sample basis to determine that prices approximate fair market value. When a value from a third-party pricing service is unavailable, the value may be based on an internally developed discounted cash flow model which includes unobservable market inputs or by broker quote. Inputs to the internally developed model include the structure of the product being valued, estimates related to loan default, recovery and discount rates. Accordingly these assets are classified as Level 3 within the fair value hierarchy. In addition, included in Structured Products and Other are (i) equity securities not listed for trading on a national exchange ("Non-listed Equity Securities") received on certain loan restructurings within our portfolio and (ii) on occasion, warehouse total return swaps ("TRS," Note 6 ). Similar to the fair value of loans, Non-listed Equity Securities are valued using a third-party pricing service. When the fair value of a Non-listed Equity Security is determined using two or more quotes, it is classified as Level 2 within the fair value hierarchy, and when the fair value is determined using less than two quotes, it is classified as Level 3 within the fair value hierarchy. The fair value of a warehouse TRS is calculated as the sum of (i) the change in fair value of the reference obligations (SSCLs are valued at a composite of the mid-point in the bid-ask spread of broker quotes) since they became reference obligations, (ii) net realized gains (losses) on reference obligations sold during the period and (iii) interest income earned on the reference obligations, less an amount equal to LIBOR plus an agreed upon margin on the outstanding notional amount of the reference obligations. The warehouse TRS values are classified as Level 2 within the fair value hierarchy. Contingent Liabilities —The fair value of contingent liabilities is based on a discounted cash flow model. The model is based on projections of the relevant future management fee cash flows and utilizes both observable and unobservable inputs in the determination of fair value. Significant inputs to the valuation model include the structure of the underlying CLO and estimates related to loan default, recovery and discount rates. Contingent liabilities are classified as Level 3 within the fair value hierarchy. Long-Term Debt of the Consolidated CLOs & Warehouses —Long-term debt of the Consolidated CLOs and warehouses consists of debt and subordinated notes of the Consolidated CLOs and warehouses. Financial liabilities are measured as: (1) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by the reporting entity (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. Quantitative Information about Level 3 Assets & Liabilities The disclosure provided below provides quantitative information about the significant unobservable inputs used in the valuation of the contingent liabilities of Legacy CLOs (see Note 8 ). June 30, 2016 June 30, 2016 December 31, 2015 Impact of Increase in Input on Fair Value Financial Liabilities Fair Value (In thousands) Valuation Technique Significant Unobservable Input Range Range Contingent Liabilities $ 7,680 Discounted cash flows Discount rate (2) 7.5%-13.0% 6.7%-12.0% Decrease Default rate (3) 2.0% 2.0% Decrease Recovery rate (3) 70% 70% Increase Pre-payment rate (3) 25% 40% Decrease Reinvestment spread of assets above LIBOR 3.3%-4.0% 3.0-3.8% Increase Reinvestment price of assets 100.0 100.0 Increase Explanatory Notes: ____________________________ (1) The impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. (2) The discount rate varies by type of management fee (senior management fee, subordinated management fee, or incentive fee), the priority of that management fee in the waterfall of the CLO and the relative risk associated with the respective management fee cash flow projections. Amounts are presented as a spread over LIBOR . (3) Generally an increase in the default rate would be accompanied by a directionally opposite change in assumption for the recovery and pre-payment rates. Carrying Value and Estimated Fair Value of Financial Assets and Liabilities The Company has not elected the fair value option for certain financial liabilities. A summary of the carrying value and estimated fair value of those liabilities are as follows: As of June 30, 2016 As of December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In thousands) Financial liabilities: Long-term debt: Junior Subordinated Notes (1) $ 118,304 $ 52,199 $ 118,259 $ 57,371 Senior Notes (2) $ 38,009 $ 40,468 $ 37,902 $ 40,000 Explanatory Note: ________________________________ (1) The Junior Subordinated Notes include both the March and October Junior Subordinated Notes (Note 9 ). The estimated fair values were determined using a discounted cash flow model which utilizes significant unobservable inputs, including discount rates, yield and forward LIBOR curve assumptions. This methodology is classified as Level 3 within the fair value hierarchy. (2) On November 2, 2015, the Company issued $40.0 million par value of Senior Notes which are publicly registered. The estimated fair value was determined using a discounted cash flow valuation model, utilizing significant unobservable inputs such as a discount rate and credit spread over the BB High Yield Index. As the unobservable inputs in isolation can cause significant increases or decreases in fair value, this methodology is classified as Level 3 within the fair value hierarchy. The carrying value of all of the following approximate the fair value of the financial instruments and are considered Level 1 in the fair value hierarchy: cash and cash equivalents, restricted cash and cash equivalents, receivables and due to brokers. In addition, amounts in the Consolidated Entities related to restricted cash and cash equivalents, due from brokers, receivables and due to brokers also approximate the fair value of the instruments and are all considered Level 1 in the fair value hierarchy. Investments of the Consolidated Entities are diversified over multiple industries. In addition, applicable agreements governing CLOs and warehouses outline industry concentration limits. Management does not believe the Company has any significant concentration risks.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Notes)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Total Return Swap —During the six months ended June 30, 2015 , the Company, through a warehouse SPV, entered into a TRS agreement with a third-party bank, in lieu of financing. Under the TRS agreement, the Company received the income on the reference obligations (including gains on terminated reference obligations) and paid the counterparty an amount equal to three month LIBOR plus a margin on the outstanding notional amount of the reference obligations and losses on terminated reference obligations. The Company also consolidated this warehouse SPV as it was a VIE in which the Company was deemed the primary beneficiary (Note 2 ). During the year ended December 31, 2015 the warehouse agreement was terminated in conjunction with the issuance of a CLO. Net gain (loss) related to other derivative instruments for the three and six months ended June 30, 2016 was deminimus and, for the three and six months ended June 30, 2015 , the Company recognized net gain (loss) of $1.3 million and $1.7 million , respectively, related to the TRS agreement.

INTANGIBLE ASSETS (Notes)

INTANGIBLE ASSETS (Notes)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets are comprised of the following: Weighted-Average Remaining Estimated Useful Life Gross Carrying Amount (1) Accumulated Amortization (2) Net Carrying Amount (In years) (In thousands) June 30, 2016: Investment management contracts 1.8 $ 40,405 $ 37,972 $ 2,433 Referral arrangement 3.3 3,810 2,476 1,334 Non-compete agreements 1.8 1,284 963 321 Trade name 4.8 1,250 656 594 Total intangible assets $ 46,749 $ 42,067 $ 4,682 December 31, 2015: Investment management contracts 2.4 $ 71,113 $ 67,040 $ 4,073 Referral arrangement 3.8 3,810 2,096 1,714 Non-compete agreements 2.2 1,535 1,122 413 Trade name 5.2 1,250 593 657 Total intangible assets $ 77,708 $ 70,851 $ 6,857 Explanatory Notes: _________________________________ (1) Gross carrying amounts as of June 30, 2016 have been reduced to reflect fully impaired and amortized assets. (2) The Company recorded amortization expense on its intangible assets of $0.7 million and $1.6 million for the three and six months ended June 30, 2016 , respectively, and $1.7 million and $3.8 million for the three and six months ended June 30, 2015 , respectively. The following table presents expected amortization expense of the existing intangible assets: (In thousands) 2016 (six months remaining) $ 940 2017 1,726 2018 1,449 2019 411 2020 125 Thereafter 31 $ 4,682 The Company received notice from holders of certain CLOs exercising their right to call the CLOs for redemption. As a result of these calls, the Company recorded impairment charges of $0.5 million for the three and six months ended June 30, 2016 and $0.5 million and $0.7 million for the three and six and months ended June 30, 2015 , respectively, to fully impair intangible assets associated with these management contracts.

CONTINGENT LIABILITIES (Notes)

CONTINGENT LIABILITIES (Notes)	6 Months Ended
	Jun. 30, 2016
Business Combination, Contingent Consideration Arrangements [Abstract]
Contingent Liabilities at Fair Value	Contingent Liabilities —In addition to the consideration paid in connection with the merger with Commercial Industrial Finance Corp. ("Legacy CIFC") (the "Merger"), the Company was required to pay CIFC Parent Holdings LLC ("CIFC Parent") a portion of incentive fees earned on six CLOs managed by CIFC Asset Management LLC (the "Legacy CIFC CLOs"). The terms of these payments were as follows: (i) the first $15.0 million of incentive fees received (which was fulfilled in 2013), (ii) 50% of any incentive fees in excess of $15.0 million in aggregate received from the Legacy CIFC CLOs by the combined company over ten years from April 13, 2011 (the "Merger Closing Date") and (iii) payments relating to the present value of any such incentive fees from the Legacy CIFC CLOs that remain payable to the combined company after the tenth anniversary of the Merger Closing Date. The Company made total payments of $0.3 million and $1.3 million for the three and six months ended June 30, 2016 , respectively, and $0.8 million and $1.8 million for the three and six months ended June 30, 2015 , respectively, related to these contingent liabilities. As of June 30, 2016 , there are no remaining payments under item (i) and the Company made cumulative payments of $ 16.9 million under (ii) to date. In addition, the Company also assumed contingent liabilities during the Merger that primarily represent contingent consideration related to Legacy CIFC’s acquisition of CypressTree Investment Management, LLC ("CypressTree") in December 2010. The assumed contingent liabilities are based on a fixed percentage of certain management fees from the CypressTree CLOs. These fixed percentages vary by CLO. The minimum fixed percentage was 39% since July 2013. As of June 30, 2016 , there were no payments due. During the three and six months ended June 30, 2015 , the Company made its final payments of $0.6 million and $1.1 million , respectively, satisfying its contingent obligation.

LONG-TERM DEBT (Notes)

LONG-TERM DEBT (Notes)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes the long-term debt: June 30, 2016 December 31, 2015 Par Carrying Value Weighted Average Borrowing Rate Weighted Average Remaining Maturity Par Carrying Value Weighted Average Borrowing Rate Weighted Average Remaining Maturity (In thousands) (In years) (In thousands) (In years) Recourse Debt: March Junior Subordinated Notes (1) $ 95,000 $ 93,496 3.22 % 19.3 $ 95,000 $ 93,456 2.90 % 19.8 October Junior Subordinated Notes (2) 25,000 24,808 4.14 % 19.3 25,000 24,803 3.82 % 19.8 Senior Notes (3) 40,000 38,009 8.50 % 9.3 40,000 37,902 8.50 % 9.8 Total Recourse Debt $ 160,000 $ 156,313 4.68 % 16.3 $ 160,000 $ 156,161 4.44 % 17.3 Non-Recourse Consolidated Entities' debt: Consolidated CLOs and Other (4) $ 1,890,174 $ 1,814,256 0.03 % 8.3 $ 1,385,226 $ 1,308,558 0.02 % 9.1 Total Non-recourse Debt $ 1,890,174 $ 1,814,256 0.03 % 8.3 $ 1,385,226 $ 1,308,558 0.02 % 9.1 Explanatory Notes: _______________________________ (1) March Junior Subordinated Notes bear interest at an annual rate of three month LIBOR plus 2.58% until maturity on October 30, 2035. Prior to April 30, 2015, these notes bore interest at an annual rate of 1% . (2) October Junior Subordinated Notes bear interest at an annual rate of three month LIBOR plus 3.50% and mature on October 30, 2035. (3) The Senior Notes bear interest at 8.5% and mature on October 30, 2025. As of January 1, 2016, the Company temporarily did not meet certain registration requirements under the indenture (and associated agreements) and incurred additional interest of 25 and 50 basis points per annum for the three and six months ended June 30, 2016 , respectively. On July 19, 2016, the Company cured these conditions and the additional interest will no longer apply. (4) The subordinated notes of the Consolidated CLOs do not have a stated interest rate and have been excluded from the calculation of the weighted average borrowing rate. As of June 30, 2016 and December 31, 2015 , long-term debt of the Consolidated CLOs and Other includes $151.7 million and $153.1 million of credit fund debt, respectively. Non-Recourse Consolidated Entities' Debt —The debt and equity holders only have recourse to the total assets of the respective Consolidated Entity's assets. Consolidated Entities— During the six months ended June 30, 2016 , the Company consolidated 4 CLOs (of which one was deconsolidated as of June 30, 2016 ) and 2 credit funds (Note 2 ). The Consolidated Entities distributed $12.2 million to the holders of their subordinated notes. During the three and six months ended June 30, 2015 , the Company consolidated 1 CLO, 2 credit funds and 1 warehouse. The Consolidated Entities paid down $26.4 million of their outstanding debt, made net borrowings under revolving credit facilities of $74.4 million and distributed $1.4 million to the holders of their subordinated notes. The carrying value of the assets of the Consolidated CLOs, which are the only assets to which the Consolidated CLO debt holders have recourse for repayment was $1.8 billion and $1.2 billion as of June 30, 2016 and December 31, 2015 , respectively.

EQUITY (Notes)

EQUITY (Notes)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares— The Company declared aggregate distributions of $0.25 and $0.59 per common share for the three and six months ended June 30, 2016 , respectively, and $0.10 and $0.20 per common share for the three and six months ended June 30, 2015 , respectively. On April 28, 2016, in connection with the Reorganization Transaction, two holders of record (the “Dissenting Shareholders”) with a total of 2,026,315 shares of common stock of CIFC Corp. (“Dissenting Shares”) filed petitions for appraisal with the Delaware Court of Chancery ("Delaware Court"). The Dissenting Shareholders will be entitled to receive a cash amount from CIFC Corp. equal to the fair value of the Dissenting Shares as of December 31, 2015, as determined by the Delaware Court. The Company recorded a liability of $11.3 million based on the closing stock price as of December 31, 2015. The accrued expense is based on management's best estimate of the value of the Dissenting Shares, and there can be no assurance that the amounts accrued will be the same amount determined by the Delaware Court. Further, the Dissenting Shareholders were no longer entitled to dividends declared after December 31, 2015 . Treasury Share/Share Repurchases— During the six months ended June 30, 2016 , the Company repurchased 75,296 common shares in open-market transactions for an aggregate cost (including transaction costs) of $0.4 million with an average price per share of $5.75 . The Board authorized the constructive retirement of all of these shares and the cost of these shares was reclassified from Treasury shares to Additional paid-in capital on the Condensed Consolidated Balance Sheet. During both the three and six months ended June 30, 2015 , the Company repurchased 2,847 common shares in open-market transactions for an aggregate cost (including transaction costs) of $20,555 with an average price per share of $7.22 . As of June 30, 2016 , the Company was authorized to repurchase up to $3.8 million of its common shares under the share repurchase program. Share-based Compensation— As of June 30, 2016 , there was $13.7 million of estimated unrecognized compensation expense related to unvested share options and Restricted Stock Unit ("RSU") awards, net of estimated forfeitures. The remaining weighted average vesting periods of share options and RSUs are 0.21 years and 2.53 years, respectively. Share Options — The following table summarizes certain share options activity: Number of Shares Underlying Share Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2015 3,285,313 $ 6.69 4.64 $ 788 Exercised (1) (50,000 ) $ 4.83 Outstanding at June 30, 2016 3,235,313 $ 6.72 4.18 $ 2,619 Exercisable at June 30, 2016 3,020,793 $ 6.59 3.95 $ 2,618 Vested and Expected to vest at June 30, 2016 (2) 3,223,368 $ 6.71 4.17 $ 2,619 Explanatory Notes: ________________________________ (1) During the six months ended June 30, 2016 and 2015 , the total intrinsic value of options exercised was $33.5 thousand and $78.3 thousand , respectively. (2) Includes a reduction to outstanding options at period end for expected forfeiture rate over the life of the options. RSUs— For RSU awards that were not entitled to distribution equivalent rights, the fair value of the awards was determined using the Company's grant date common share price less the present value of the expected distributions forgone during the vesting period. For RSU awards that were entitled to distribution equivalent rights, the fair value of the awards was determined using the Company's grant date common share price. During the six months ended June 30, 2016 the Company granted to executives, employees and directors 1,190,215 RSUs. These awards generally vest over 3 years , with 33% vesting at the end of the grant year and the remainder of the award vesting ratably on a quarterly basis for the remaining 2 years (until the last vesting date as stated in the award agreement). The awards include RSUs with performance conditions that affect the number of shares granted. As such, for the three and six months ended June 30, 2016 , total shares granted and compensation expense recognized were based on a determination of the most probable outcome of the performance conditions. The following table summarizes restricted share unit activity: For the Six Months Ended June 30, 2016 Weighted Average Grant Date Fair Value Restricted share units outstanding, beginning of period 2,033,510 $ 7.69 Granted (1)(2) 1,190,215 $ 5.84 Vested (268,723 ) $ 8.06 Forfeited (3) (8,193 ) $ 7.63 Restricted share units outstanding, end of period 2,946,809 $ 6.67 Explanatory Notes: _________________________________ (1) Weighted average grant date fair value excludes 360,000 of performance based RSUs for which performance hurdles will be determined in the future. (2) Shareholder approval is required to increase the number of shares available under the Company’s 2011 Stock and Incentive Plan to accommodate these new grants. (3) The forfeited share-based awards are returned to the grant pool for reissuance under the 2011 Stock Plan.

EARNINGS (LOSS) PER SHARE (Note

EARNINGS (LOSS) PER SHARE (Notes)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following table presents the calculation of basic and diluted earnings (loss) per share ("EPS"): For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Net income (loss) attributable to the Company - basic & diluted $ 17,585 $ 1,103 $ 22,089 $ 6,531 Weighted-average shares - basic (1) 24,096 25,302 24,725 25,291 Share options (2) 423 649 353 673 Warrants 665 351 511 406 Unvested RSUs 577 130 374 134 Weighted-average shares - diluted (1) 25,761 26,432 25,963 26,504 Earnings (loss) per share Basic (1) $ 0.73 $ 0.04 $ 0.89 $ 0.26 Diluted (1) $ 0.68 $ 0.04 $ 0.85 $ 0.25 Explanatory Notes: ________________________________ (1) Weighted-average number of shares outstanding basic and diluted excludes Dissenting Shares as of April 28, 2016 (Note 10 ). Excluding the Dissenting Shares as of January 1, 2016 (Reorganization Transaction), total weighted average shares basic and diluted for the three months ended June 30, 2016 , would be 23,472,450 and 25,137,491 , respectively, and earnings per share basic and diluted would be $0.75 and $0.70 , respectively and for the six months ended June 30, 2016 , would be 23,400,600 and 24,638,209 , respectively, and earnings per share basic and diluted would be $0.94 and $0.90 , respectively (Note 10 ). (2) For both the three and six months ended June 30, 2016 and June 30, 2015 , the Company excluded anti-dilutive share options from the calculation of diluted EPS of $1.9 million and $0.8 million , respectively.

INCOME TAXES (Notes)

INCOME TAXES (Notes)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes As a result of the Reorganization Transaction, investment income earned by the Company is not subject to tax at the entity level. The difference between the statutory tax rate and the effective tax rate, as well as the change in the effective tax rate compared to the prior year, was primarily attributable to the Reorganization Transaction and to income (loss) from non-controlling interests of Consolidated VIEs. The income (loss) from non-controlling interests of Consolidated VIEs are included in book income (loss) before income taxes but are not taxable income (loss) to the Company. During the six months ended June 30, 2015 , the Company recorded a non-recurring tax expense of approximately $6.3 million attributable to the write-down of deferred tax assets impacted by the New York City law change. The following table summarizes the Company's tax provision: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Income (loss) before income taxes $ 20,775 $ 11,494 $ 26,559 $ 20,263 Income tax expense $ 2,868 $ 9,828 $ 4,146 $ 12,915 Effective income tax rate (1) 13.8 % 85.5 % 15.6 % 63.7 % Explanatory Note: ________________________________ (1) During 2015, the Company adopted new accounting standards that impacted Income (loss) before income taxes for the three and six months ended June 30, 2015 (Note 2 ). The change has resulted in the change of the Company's effective income tax rate. In addition, deferred income tax expense (benefit) was $1.5 million and $2.8 million for the three and six months ended June 30, 2016 , respectively, and $7.6 million and $7.4 million for the three and six months ended June 30, 2015 , respectively. During the three and six months ended June 30, 2016 , there were no material changes to the Company’s uncertain tax positions and the Company believes there will be no significant increases or decreases to the uncertain tax positions within 12 months of the reporting date.

RELATED PARTY TRANSACTIONS (Not

RELATED PARTY TRANSACTIONS (Notes)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions DFR Holdings— As of June 30, 2016 and December 31, 2015 , DFR Holdings LLC ("DFR Holdings") owned approximately 18.8 million of the Company’s shares, which was approximately 80% of the Company's outstanding shares and 70% on a fully diluted basis (in each case excluding the Dissenting Shares as of January 1, 2016 - Notes 10 & 11 ). Accordingly, related party transactions include cash distributions received from the Company (Note 10 ) from the shares held. In addition, DFR Holdings also holds warrants that provide DFR Holdings the right to purchase 2.0 million voting common shares. These warrants are scheduled to expire on January 24, 2017. Under the Company's consulting agreement with DFR Holdings, DFR Holdings provides CIFC with ongoing advisory services such as the participation in financial, tax and strategic planning/budgeting, investor interface, new product initiatives, fund raising and recruiting. During the six months ended June 30, 2016 , the Company paid $2.0 million in connection with the consulting agreement and expensed $0.5 million and $1.0 million , for the both three and six months ended June 30, 2016 and 2015 , respectively. In addition, pursuant to the Third Amended and Restated Stockholders Agreement with DFR Holdings dated December 2, 2013, the Company agreed to nominate to the Company's Board of Directors six directors designated by DFR Holdings (the "DFR Designees"). The DFR Designees will be reduced in the event that DFR Holdings decreases its ownership (on a diluted basis) in CIFC. If DFR Holdings' ownership falls below 5% , it will lose the right to designate any director. The DFR Designees earned an aggregate of $0.1 million and $0.3 million for the three and six months ended June 30, 2016 , respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2015 , respectively, related to their service as directors of CIFC. Other— As of June 30, 2016 and December 31, 2015 , a board member held $1.0 million of income notes in one of the Company's sponsored CLOs, CIFC Funding 2013-II, Ltd., through an entity in which he is a 50% equity holder. Funds— All CIFC investments in credit funds are related party transactions (Note 2 ). As of June 30, 2016 and December 31, 2015 , key employees and directors of the Company (including related entities) invested an aggregate of $3.2 million and $4.7 million , respectively, in four CIFC managed Funds. Key employees are not charged management or incentive fees, where applicable, on their investments. Directors were charged management and/or incentive fees, where applicable, similar to certain other investors. For all periods presented in 2016 and 2015 , these fees were de minimis.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings —In the ordinary course of business, the Company may be subject to legal and regulatory proceedings and examinations that are generally incidental to the Company's ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings or examinations, the Company does not believe their disposition will have a material adverse effect on the Company's Condensed Consolidated Financial Statements. Lease Commitments —During both the three and six months ended June 30, 2016 and 2015 , total occupancy expense was $0.4 million and $0.8 million , respectively. Unfunded Loan Commitments — Certain of the Consolidated Entities have assets which include delayed draw term loans and unfunded revolvers. Unfunded loan commitments represent the estimated fair value of those delayed draw term loans and unfunded revolvers. As of June 30, 2016 and December 31, 2015 , the Consolidated Entities had unfunded loan commitments of $0.1 million and $1.0 million , respectively. The timing and amount of additional funding on these loans are at the discretion of the borrower, to the extent the borrower satisfies certain requirements and provides certain documentation.

FINANCIAL INFORMATION FOR SUBSI

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS (Notes)	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Guarantees	Note 15 —Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under the Company's Senior Notes CIFC Corp. issued Senior Notes which are publicly registered notes. As such, the Company is required to present condensed consolidating financial information for CIFC and its consolidated subsidiaries within the notes to the consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(d). Obligations under the Senior Notes are fully and unconditionally guaranteed by CIFC and named guarantors (the “Guarantor”). Under the terms of the indenture, certain consolidated entities such as consolidated CLOs, warehouses and funds ("Investment Vehicles") do not guarantee the notes. Further, the indenture provides that so long as entities representing at least 90% of the Company’s consolidated total assets (other than assets represented by Investment Vehicles) are guarantors, the Company may designate entities within its corporate structure as non-guarantor entities ("Unrestricted Entities" and together with Investment Vehicles, "Non-Guarantors"). The following condensed consolidating financial information presents the Consolidating Balance Sheets, Statement of Operations, Comprehensive Income (Loss) and Cash Flows of the Guarantor, Non-Guarantor subsidiaries (or Investment Vehicles) and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of June 30, 2016 and December 31, 2015 , and for each of the three and six months ended June 30, 2016 and 2015 . The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Certain immaterial balances have been reclassified in the prior year financial statements to conform to the current year presentation (Note 2 ). Th e condensed consolidating financial information below assumes that the Senior Notes were guaranteed by CIFC as of January 1, 2015. Further, all Consolidated Entities are considered Non-Guarantor subsidiaries. Condensed Consolidating Balance Sheets (Unaudited) June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) ASSETS Cash and cash equivalents $ 620 $ 76 $ 39,024 $ — $ — $ 39,720 Restricted cash and cash equivalents — — 1,694 — — 1,694 Investments — — 185,957 — (91,474 ) 94,483 Intercompany investments in subsidiaries 183,295 110,272 128,737 — (422,304 ) — Receivables — 4,434 6,687 — (1,930 ) 9,191 Prepaid and other assets — 721 1,164 — — 1,885 Deferred tax asset, net — 41,585 — — — 41,585 Equipment and improvements, net — — 4,323 — — 4,323 Intangible assets, net — 4,682 — — — 4,682 Goodwill — 66,549 9,451 — — 76,000 Subtotal 183,915 228,319 377,037 — (515,708 ) 273,563 Assets of Consolidated Entities: Restricted cash and cash equivalents — — — 116,771 — 116,771 Due from brokers — — — 37,599 — 37,599 Investments — — — 1,850,562 — 1,850,562 Receivables — — — 5,306 — 5,306 Prepaid and other assets — — — 167 — 167 Total assets of Consolidated Entities — — — 2,010,405 — 2,010,405 TOTAL ASSETS $ 183,915 $ 228,319 $ 377,037 $ 2,010,405 $ (515,708 ) $ 2,283,968 LIABILITIES Due to brokers $ — $ — $ 2,253 $ — $ — $ 2,253 Accrued and other liabilities 12,626 3,096 13,709 — (1,519 ) 27,912 Contingent liabilities — — 7,680 — — 7,680 Long-term debt — 156,313 — — — 156,313 Subtotal 12,626 159,409 23,642 — (1,519 ) 194,158 Non-Recourse Liabilities of Consolidated Entities: Due to brokers — — — 91,347 — 91,347 Accrued and other liabilities — — — 548 (409 ) 139 Interest payable — — — 4,689 — 4,689 Long-term debt — — — 1,870,709 (56,453 ) 1,814,256 Total Non-Recourse Liabilities of Consolidated Entities — — — 1,967,293 (56,862 ) 1,910,431 TOTAL LIABILITIES 12,626 159,409 23,642 1,967,293 (58,381 ) 2,104,589 EQUITY Common shares 23 — — — — 23 Intercompany Preferred Units (1) — — 86,488 — (86,488 ) — Additional paid-in capital 984,515 887,113 649,422 — (1,536,535 ) 984,515 Retained earnings (deficit) (813,249 ) (818,203 ) (382,515 ) — 1,200,718 (813,249 ) TOTAL CIFC LLC SHAREHOLDERS’ EQUITY 171,289 68,910 353,395 — (422,305 ) 171,289 Consolidated Fund Equity/Noncontrolling interests — — — 43,112 (35,022 ) 8,090 TOTAL EQUITY 171,289 68,910 353,395 43,112 (457,327 ) 179,379 TOTAL LIABILITIES AND EQUITY $ 183,915 $ 228,319 $ 377,037 $ 2,010,405 $ (515,708 ) $ 2,283,968 Explanatory Note: _________________________________ (1) CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5% . Consolidating Balance Sheets (Unaudited) December 31, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) ASSETS Cash and cash equivalents $ — $ 1,392 $ 56,576 $ — $ — $ 57,968 Restricted cash and cash equivalents — — 1,694 — — 1,694 Investments — — 152,455 — (81,759 ) 70,696 Intercompany investments in subsidiaries 170,174 120,896 61,004 — (352,074 ) — Receivables 785 295 27,242 — (21,247 ) 7,075 Prepaid and other assets — 1,621 352 — — 1,973 Deferred tax asset, net — 44,425 — — — 44,425 Equipment and improvements, net — — 4,866 — — 4,866 Intangible assets, net — 6,232 625 — — 6,857 Goodwill — 66,549 9,451 — — 76,000 Subtotal 170,959 241,410 314,265 — (455,080 ) 271,554 Assets of Consolidated Entities: Restricted cash and cash equivalents — — — 94,018 — 94,018 Due from brokers — — — 25,910 — 25,910 Investments — — — 1,351,403 — 1,351,403 Receivables — — — 4,109 — 4,109 Prepaid and other assets — — — 209 — 209 Total assets of Consolidated Entities — — — 1,475,649 — 1,475,649 TOTAL ASSETS $ 170,959 $ 241,410 $ 314,265 $ 1,475,649 $ (455,080 ) $ 1,747,203 LIABILITIES Due to brokers $ — $ 61 $ — $ — $ — $ 61 Accrued and other liabilities 50 24,185 14,808 — (20,646 ) 18,397 Contingent liabilities — — 8,338 — — 8,338 Long-term debt — 156,161 — — — 156,161 Subtotal 50 180,407 23,146 — (20,646 ) 182,957 Non-Recourse Liabilities of Consolidated Entities: Due to brokers — — — 71,603 — 71,603 Accrued and other liabilities — — — 631 (438 ) 193 Interest payable — — — 5,257 (167 ) 5,090 Long-term debt — — — 1,357,095 (48,537 ) 1,308,558 Total Non-Recourse Liabilities of Consolidated Entities — — — 1,434,586 (49,142 ) 1,385,444 TOTAL LIABILITIES 50 180,407 23,146 1,434,586 (69,788 ) 1,568,401 EQUITY Common shares 25 25 — — (25 ) 25 Intercompany Preferred Units (1) — — 85,000 — (85,000 ) — Additional paid-in capital 992,425 992,419 528,946 — (1,521,371 ) 992,419 Retained earnings (deficit) (821,541 ) (931,441 ) (322,827 ) — 1,254,318 (821,491 ) TOTAL CIFC LLC SHAREHOLDERS’ EQUITY 170,909 61,003 291,119 — (352,078 ) 170,953 Consolidated Fund Equity / Noncontrolling interests — — — 41,063 (33,214 ) 7,849 TOTAL EQUITY 170,909 61,003 291,119 41,063 (385,292 ) 178,802 TOTAL LIABILITIES AND EQUITY $ 170,959 $ 241,410 $ 314,265 $ 1,475,649 $ (455,080 ) $ 1,747,203 Explanatory Note: _________________________________ (1) CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5% . Consolidating Statements of Operations (Unaudited) For The Three Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 23,530 $ — $ (2,253 ) $ 21,277 Interest income from investments — — 3,556 — (2,394 ) 1,162 Intercompany - preferred units dividend income — 744 — — (744 ) — Interest income - Consolidated Entities — — — 24,809 — 24,809 Total net revenues — 744 27,086 24,809 (5,391 ) 47,248 Expenses Employee compensation and benefits — — 9,463 — — 9,463 Share-based compensation 149 149 1,446 — — 1,744 Professional services 358 331 996 — — 1,685 General and administrative expenses 161 629 1,753 — — 2,543 Depreciation and amortization — 712 370 — — 1,082 Corporate interest expense — 1,999 — — — 1,999 Expenses - Consolidated Entities — — — 2,865 (2,256 ) 609 Interest expense - Consolidated Entities — — — 11,622 (21 ) 11,601 Total expenses 668 3,820 14,028 14,487 (2,277 ) 30,726 Other Gain (Loss) Net gain (loss) on investments — — 11,733 — (7,870 ) 3,863 Net gain (loss) on contingent liabilities — — 150 — — 150 Net gain (loss) on investments - Consolidated Entities — — — 24,103 — 24,103 Net gain (loss) on liabilities - Consolidated Entities — — — (32,713 ) 8,850 (23,863 ) Intercompany net gain (loss) on investments in subsidiaries 19,742 9,123 3,173 — (32,038 ) — Net other gain (loss) 19,742 9,123 15,056 (8,610 ) (31,058 ) 4,253 Income (loss) before income taxes 19,074 6,047 28,114 1,712 (34,172 ) 20,775 Income tax (expense) benefit — (2,868 ) — — — (2,868 ) Net income (loss) 19,074 3,179 28,114 1,712 (34,172 ) 17,907 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,712 ) 1,390 (322 ) Net income (loss) attributable to CIFC LLC $ 19,074 $ 3,179 $ 28,114 $ — $ (32,782 ) $ 17,585 Consolidating Statements of Operations (Unaudited) For The Six Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 45,051 $ — $ (3,959 ) $ 41,092 Interest income from investments — — 6,774 — (4,679 ) 2,095 Intercompany - preferred units dividend income — 1,488 — — (1,488 ) — Interest income - Consolidated Entities — — — 43,799 — 43,799 Total net revenues — 1,488 51,825 43,799 (10,126 ) 86,986 Expenses Employee compensation and benefits — — 18,977 — — 18,977 Share-based compensation 279 279 3,567 — — 4,125 Professional services 666 1,216 1,875 — — 3,757 General and administrative expenses 295 1,271 3,494 — — 5,060 Depreciation and amortization — 1,551 827 — — 2,378 Impairment of intangible assets — — 531 — — 531 Corporate interest expense — 3,956 — — — 3,956 Expenses - Consolidated Entities — — — 4,959 (3,962 ) 997 Interest expense - Consolidated Entities — — — 20,217 (195 ) 20,022 Total expenses 1,240 8,273 29,271 25,176 (4,157 ) 59,803 Other Gain (Loss) Net gain (loss) on investments — — 13,407 — (9,273 ) 4,134 Net gain (loss) on contingent liabilities — — (214 ) — — (214 ) Net gain (loss) on investments - Consolidated Entities — — — 26,703 — 26,703 Net gain (loss) on liabilities - Consolidated Entities — — — (43,199 ) 11,952 (31,247 ) Intercompany net gain (loss) on investments in subsidiaries 24,817 14,985 4,045 — (43,847 ) — Net other gain (loss) 24,817 14,985 17,238 (16,496 ) (41,168 ) (624 ) Income (loss) before income taxes 23,577 8,200 39,792 2,127 (47,137 ) 26,559 Income tax (expense) benefit — (4,146 ) — — — (4,146 ) Net income (loss) 23,577 4,054 39,792 2,127 (47,137 ) 22,413 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,127 ) 1,803 (324 ) Net income (loss) attributable to CIFC LLC $ 23,577 $ 4,054 $ 39,792 $ — $ (45,334 ) $ 22,089 Consolidating Statements of Operations (Unaudited) For The Three Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 20,817 $ — $ (219 ) $ 20,598 Interest income from investments — — 2,105 — 122 2,227 Interest income - Consolidated Entities — — — 3,035 — 3,035 Total net revenues — — 22,922 3,035 (97 ) 25,860 Expenses Employee compensation and benefits — — 7,470 — — 7,470 Share-based compensation — 126 862 — — 988 Professional services — 923 872 — — 1,795 General and administrative expenses — 865 1,652 — — 2,517 Depreciation and amortization — 1,508 572 — — 2,080 Impairment of intangible assets — 462 — — — 462 Corporate interest expense — 800 — — — 800 Expenses - Consolidated Entities — — — 654 (219 ) 435 Interest expense - Consolidated Entities — — — 923 — 923 Total expenses — 4,684 11,428 1,577 (219 ) 17,470 Other Gain (Loss) Net gain (loss) on investments — — 4,698 — (3,232 ) 1,466 Net gain (loss) on contingent liabilities — — (577 ) — — (577 ) Net gain (loss) on investments - Consolidated Entities — — — 1,317 — 1,317 Net gain (loss) on liabilities - Consolidated Entities — — — (3,099 ) 2,693 (406 ) Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 1,304 — 1,304 Intercompany net gain (loss) on investments in subsidiaries — 15,615 — — (15,615 ) — Net other gain (loss) — 15,615 4,121 (478 ) (16,154 ) 3,104 Income (loss) before income taxes — 10,931 15,615 980 (16,032 ) 11,494 Income tax (expense) benefit — (9,828 ) — — — (9,828 ) Net income (loss) — 1,103 15,615 980 (16,032 ) 1,666 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (980 ) 417 (563 ) Net income (loss) attributable to CIFC LLC $ — $ 1,103 $ 15,615 $ — $ (15,615 ) $ 1,103 Consolidating Statements of Operations (Unaudited) For The Six Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 42,650 $ — $ (438 ) $ 42,212 Interest income from investments — — 4,840 — (6 ) 4,834 Interest income - Consolidated Entities — — 823 4,968 — 5,791 Total net revenues — — 48,313 4,968 (444 ) 52,837 Expenses Employee compensation and benefits — — 16,034 — — 16,034 Share-based compensation — 269 2,399 — — 2,668 Professional services — 2,001 1,721 — — 3,722 General and administrative expenses — 1,822 2,991 — — 4,813 Depreciation and amortization — 3,330 1,160 — — 4,490 Impairment of intangible assets — 742 — — — 742 Corporate interest expense — 1,294 — — — 1,294 Expenses - Consolidated Entities — — 16 2,125 (438 ) 1,703 Interest expense - Consolidated Entities — — 231 1,436 — 1,667 Total expenses — 9,458 24,552 3,561 (438 ) 37,133 Other Gain (Loss) Net gain (loss) on investments — — 5,637 — (2,978 ) 2,659 Net gain (loss) on contingent liabilities — — (1,290 ) — — (1,290 ) Net gain (loss) on investments - Consolidated Entities — — 796 3,317 — 4,113 Net gain (loss) on liabilities - Consolidated Entities — — — (4,925 ) 2,260 (2,665 ) Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 1,742 — 1,742 Intercompany net gain (loss) on investments in subsidiaries — 28,904 — — (28,904 ) — Net other gain (loss) — 28,904 5,143 134 (29,622 ) 4,559 Income (loss) before income taxes — 19,446 28,904 1,541 (29,628 ) 20,263 Income tax (expense) benefit — (12,915 ) — — — (12,915 ) Net income (loss) — 6,531 28,904 1,541 (29,628 ) 7,348 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,541 ) 724 (817 ) Net income (loss) attributable to CIFC LLC $ — $ 6,531 $ 28,904 $ — $ (28,904 ) $ 6,531 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Three Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 19,074 $ 3,179 $ 28,114 $ 1,712 $ (34,172 ) $ 17,907 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 19,074 3,179 28,114 1,712 (34,172 ) 17,907 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,712 ) 1,390 (322 ) Comprehensive income (loss) attributable to CIFC LLC $ 19,074 $ 3,179 $ 28,114 $ — $ (32,782 ) $ 17,585 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Six Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 23,577 $ 4,054 $ 39,792 $ 2,127 $ (47,137 ) $ 22,413 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 23,577 4,054 39,792 2,127 (47,137 ) 22,413 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,127 ) 1,803 (324 ) Comprehensive income (loss) attributable to CIFC LLC $ 23,577 $ 4,054 $ 39,792 $ — $ (45,334 ) $ 22,089 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Three Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 1,103 $ 15,615 $ 980 $ (16,032 ) $ 1,666 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 1,103 15,615 980 (16,032 ) 1,666 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (980 ) 417 (563 ) Comprehensive income (loss) attributable to CIFC LLC $ — $ 1,103 $ 15,615 $ — $ (15,615 ) $ 1,103 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Six Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 6,531 $ 28,904 $ 1,541 $ (29,628 ) $ 7,348 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 6,531 28,904 1,541 (29,628 ) 7,348 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,541 ) 724 (817 ) Comprehensive income (loss) attributable to CIFC LLC $ — $ 6,531 $ 28,904 $ — $ (28,904 ) $ 6,531 Consolidating Statement of Cash Flows (Unaudited) For The Six Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In Thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 23,577 $ 4,054 $ 39,792 $ 2,127 $ (47,137 ) $ 22,413 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 152 — — — 152 Share-based compensation 279 279 3,567 — — 4,125 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (13,193 ) — 9,273 (3,920 ) Intercompany- preferred units dividend (1,488 ) — — — 1,488 — Intercompany net (gain) loss on investments in subsidiaries (24,817 ) (14,985 ) (4,045 ) — 43,847 — Depreciation and amortization — 1,551 827 — — 2,378 Impairment of intangible assets — — 531 — — 531 Deferred income tax expense (benefit) — 2,840 — — — 2,840 Excess tax benefits from share-based payment arrangements — 263 — — — 263 Consolidated Entities: Net (gain) loss on investments — — — (26,703 ) — (26,703 ) Net (gain) loss on liabilities — — — 43,199 (11,952 ) 31,247 Changes in operating assets and liabilities: Receivables 785 (3,860 ) 20,567 — (19,752 ) (2,260 ) Prepaid and other assets — 905 (817 ) — — 88 Due to brokers — (61 ) 2,253 — — 2,192 Accrued and other liabilities 982 (21,355 ) (654 ) — 19,416 (1,611 ) Consolidated Entities: Due from brokers — — — (667 ) — (667 ) Purchase of investments — — — (406,538 ) — (406,538 ) Sales of investments — — — 375,057 — 375,057 Receivables — — — (42 ) — (42 ) Due to brokers — — — 11,280 — 11,280 Accrued and other liabilities — — — (257 ) 104 (153 ) Interest payable — — — (2,871 ) 232 (2,639 ) Net cash provided by (used in) operating activities (682 ) (30,217 ) 48,828 (5,415 ) (4,481 ) 8,033 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (84,054 ) — 12,444 (71,610 ) Sales of investments — — 63,954 — (17,232 ) 46,722 Intercompany investments in subsidiaries 15,610 25,601 (3,859 ) — (37,352 ) — Purchases of equipment and improvements — — (192 ) — — (192 ) Consolidated Entities: Change in restricted cash and cash equivalents — — — 24,514 — 24,514 Net cash provided by (used in) investing activities 15,610 25,601 (24,151 ) 24,514 (42,140 ) (566 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares (435 ) — — — — (435 ) Distributions paid (13,847 ) — — — — (13,847 ) Intercompany contributions — 3,563 25,629 — (29,192 ) — Intercompany distributions — — (65,059 ) — 65,059 — Intercompany- preferred units dividend — — (1,488 ) — 1,488 — Proceeds from the exercise of options 241 — — — — 241 Payments for tax from the net delivery of restricted share units (267 ) — — — — (267 ) Payments on contingent liabilities — — (1,311 ) — — (1,311 ) Excess tax benefits from share-based payment arrangements — (263 ) — — — (263 ) Consolidated Entities: Distributions to noncontrolling interests — — — (83 ) — (83 ) Proceeds from issuance of long-term debt — — — 5,244 (1,398 ) 3,846 Payments made on long-term debt — — — (24,260 ) 10,664 (13,596 ) Net cash provided by (used in) financing activities (14,308 ) 3,300 (42,229 ) (19,099 ) 46,621 (25,715 ) Net increase (decrease) in cash and cash equivalents 620 (1,316 ) (17,552 ) — — (18,248 ) Cash and cash equivalents at beginning of period — 1,392 56,576 — — 57,968 Cash and cash equivalents at end of period $ 620 $ 76 $ 39,024 $ — $ — $ 39,720 Consolidating Statement of Cash Flows (Unaudited) For The Six Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ — $ 6,531 $ 28,904 $ 1,541 $ (29,628 ) $ 7,348 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 45 — — — 45 Share-based compensation — 269 2,399 — — 2,668 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (4,347 ) — 2,978 (1,369 ) Intercompany net (gain) loss on investments in subsidiaries — (28,904 ) — — 28,904 — Depreciation and amortization — 3,330 1,160 — — 4,490 Impairment of intangible assets — 742 — — — 742 Deferred income tax expense (benefit) — 7,425 — — — 7,425 Excess tax benefits from share-based payment arrangements — (7 ) — — — (7 ) Consolidated Entities: Net (gain) loss on investments — — (796 ) (3,317 ) — (4,113 ) Net (gain) loss on liabilities — — — 4,925 (2,260 ) 2,665 Net other (gain) loss — — — (1,742 ) — (1,742 ) Changes in operating assets and liabilities: Due from brokers — — (62 ) — — (62 ) Receivables — (2,516 ) (1,106 ) — 6 (3,616 ) Prepaid and other assets — 972 (978 ) — — (6 ) Due to brokers — — 13,308 — — 13,308 Accrued and other liabilities — 26 (5,067 ) — — (5,041 ) Consolidated Entities: Due from brokers — — 14,459 (15,641 ) — (1,182 ) Purchase of investments — — (55,012 ) (189,880 ) — (244,892 ) Sales of investments — — 47,462 95,402 — 142,864 Receivables — — (352 ) (243 ) — (595 ) Due to brokers — — (7,882 ) 45,451 — 37,569 Accrued and other liabilities — — 7 195 (6 ) 196 Interest payable — — (8 ) 420 — 412 Net cash provided by (used in) operating activities — (12,087 ) 32,089 (62,889 ) (6 ) (42,893 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (101,881 ) — 53,289 (48,592 ) Sales of investments — — 58,945 — (240 ) 58,705 Intercompany investments in subsidiaries — (97,873 ) — — 97,873 — Intercompany distributions from subsidiaries — 113,984 — — (113,984 ) — Purchases of equipment and improvements — — (619 ) — — (619 ) Consolidated Entities: Change in restricted cash and cash equivalents — — 755 (51,864 ) — (51,109 ) Net cash provided by (used in) investing activities — 16,111 (42,800 ) (51,864 ) 36,938 (41,615 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares — (21 ) — — — (21 ) Distributions paid — (5,060 ) — — — (5,060 ) Intercompany contributions — — 130,722 — (130,722 ) — Intercompany distributions — — (146,834 ) — 146,834 — Proceeds from the exercise of options — 121 — — — 121 Payments for tax from the net delivery of restricted share units — (265 ) — — — (265 ) Payments on contingent liabilities — — (2,904 ) — — (2,904 ) Excess tax benefits from share-based payment arrangements — 7 — — — 7 Consolidated Entities: Contributions from noncontrolling interests — — — 18,713 (2,613 ) 16,100 Distributions to noncontrolling interests — — — (970 ) — (970 ) Proceeds from issuance of long-term debt — — — 125,076 324 125,400 Payments made on long-term debt — — — (28,066 ) (50,755 ) (78,821 ) Net cash provided by (used in) financing activities — (5,218 ) (19,016 ) 114,753 (36,932 ) 53,587 Net increase (decrease) in cash and cash equivalents — (1,194 ) (29,727 ) — — (30,921 ) Cash and cash equivalents at beginning of period — 2,157 57,133 — — 59,290 Cash and cash equivalents at end of period $ — $ 963 $ 27,406 $ — $ — $ 28,369

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING UPDATES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Updates In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) ("ASU 2016-09") , which is intended to simplify several aspects of the accounting for share-based payment award transactions. Specifically, ASU 2016-09 aims to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within that year. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") , to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date ("ASU 2015-14") . The ASU amends the effective date of ASU 2014-09 for all entities by one year. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") , which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard clarifies the required factors that an entity must consider when recognizing revenue and also requires additional disclosures. With the issuance of ASU 2015-14 the new effective date for the Company is January 1, 2018. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

CONSOLIDATED VIEs (Tables)

CONSOLIDATED VIEs (Tables)	6 Months Ended
	Jun. 30, 2016
Consolidated Variable Interest Entities
Schedule of Consolidated VIE assets, non-recourse liabilities and maximum exposure	The following table summarizes the Company's total maximum exposure to loss on these Consolidated VIEs, as follows (1): June 30, 2016 December 31, 2015 (In thousands) Maximum exposure to loss: Investments and beneficial interests (2) $ 91,474 $ 81,752 Receivables 410 605 Total maximum exposure to loss $ 91,884 $ 82,357 Explanatory Notes: ________________________________ (1) In addition, exposure to loss includes future management fees on the Consolidated VIEs, which are not included in the table. (2) Investments made in our Consolidated VIEs are eliminated in consolidation.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2016
Assets and liabilities measured at fair value
Schedule of financial instruments carried at fair value on a recurring basis	The following table summarizes the assets and liabilities carried at fair value on a recurring basis, by class and level: June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 NAV Estimated Fair Value Level 1 Level 2 Level 3 NAV Estimated Fair Value (In thousands) (In thousands) Assets Investments: Credit Funds $ — $ — $ — $ 23,174 $ 23,174 $ — $ — $ — $ 31,411 $ 31,411 Warehouses — — 44,990 — 44,990 — — — — — Structured products & other — 1,857 24,462 — 26,319 — 1,768 37,517 — 39,285 Subtotal — 1,857 69,452 23,174 94,483 — 1,768 37,517 31,411 70,696 Consolidated Entities: Loans (1) — 1,422,493 426,967 — 1,849,460 — 1,067,539 281,868 — 1,349,407 Structured products & other — 781 321 — 1,102 — 840 1,156 — 1,996 Total Consolidated Entities — 1,423,274 427,288 — 1,850,562 — 1,068,379 283,024 — 1,351,403 Total Assets $ — $ 1,425,131 $ 496,740 $ 23,174 $ 1,945,045 $ — $ 1,070,147 $ 320,541 $ 31,411 $ 1,422,099 Liabilities Contingent liabilities $ — $ — $ 7,680 $ — $ 7,680 $ — $ — $ 8,338 $ — $ 8,338 Total Liabilities $ — $ — $ 7,680 $ — $ 7,680 $ — $ — $ 8,338 $ — $ 8,338 Explanatory Note: ______________________________ (1) As of June 30, 2016 and December 31, 2015 , the total aggregate unpaid principal balance of loans was $1.9 billion and $1.4 billion , respectively. See Note 9 for total contractual principal amounts.
Schedule of level 3 financial assets at fair value	The following tables summarize by class the changes in financial assets and liabilities measured at fair value classified within Level 3 of the valuation hierarchy. Net realized and unrealized gains (losses) for Level 3 financial assets and liabilities measured at fair value are included in the Consolidated Statements of Operations. Level 3 Financial Assets For the Three Months Ended June 30, 2016 Investments Investment Assets of Consolidated Entities Structured Products & Other Warehouses Total Loans Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 43,812 $ — $ 43,812 $ 292,559 $ 1,118 $ 293,677 Transfers into Level 3 (1) — — — 107,361 — 107,361 Transfers out of Level 3 (2) — — — (109,269 ) — (109,269 ) Transfers in(out) due to consolidation or acquisition (23,443 ) — (23,443 ) 205,361 — 205,361 Transfers out due to deconsolidation — — — (75,327 ) — (75,327 ) Net realized/unrealized gains (losses) 2,263 868 3,131 3,018 14 3,032 Purchases 19,398 44,122 63,520 28,515 — 28,515 Sales (15,973 ) — (15,973 ) (12,083 ) (811 ) (12,894 ) Settlements (1,595 ) — (1,595 ) (13,168 ) — (13,168 ) Estimated fair value, end of period $ 24,462 $ 44,990 $ 69,452 $ 426,967 $ 321 $ 427,288 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 275 $ 868 $ 1,143 $ 5,383 $ (5 ) $ 5,378 For the Six Months Ended June 30, 2016 Investments Investment Assets of Consolidated Entities Structured Products & Other Warehouses Total Loans Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 37,517 $ — $ 37,517 $ 281,868 $ 1,156 $ 283,024 Transfers into Level 3 (1) — — — 202,783 — 202,783 Transfers out of Level 3 (2) — — — (193,820 ) — (193,820 ) Transfers in(out) due to consolidation or acquisition (23,443 ) — (23,443 ) 205,361 — 205,361 Transfers out due to deconsolidation — — — (75,327 ) — (75,327 ) Net realized/unrealized gains (losses) 954 868 1,822 2,085 (25 ) 2,060 Purchases 35,120 44,122 79,242 52,991 — 52,991 Sales (23,973 ) — (23,973 ) (21,982 ) (810 ) (22,792 ) Settlements (1,713 ) — (1,713 ) (26,992 ) — (26,992 ) Estimated fair value, end of period $ 24,462 $ 44,990 $ 69,452 $ 426,967 $ 321 $ 427,288 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 1,142 $ 868 $ 2,010 $ 5,383 $ (5 ) $ 5,378 For the Three Months Ended June 30, 2015 Investments Investment Assets of Consolidated Entities Loans Structured Products & Other Total Loans Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 967 $ 32,863 $ 33,830 $ 44,983 $ 4,677 $ 49,660 Transfers into Level 3 (1) — — — 8,193 — 8,193 Transfers out of Level 3 (2) (3) — — — (1,351 ) (1,803 ) (3,154 ) Net realized/unrealized gains (losses) (3) 27 444 471 (1,121 ) 308 (813 ) Purchases (3) 2,971 33,570 36,541 90,070 1,554 91,624 Sales (3) (1,971 ) (23,438 ) (25,409 ) (59,504 ) (1,242 ) (60,746 ) Settlements (3) — — — (8,118 ) — (8,118 ) Estimated fair value, end of period $ 1,994 $ 43,439 $ 45,433 $ 73,152 $ 3,494 $ 76,646 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 27 $ 372 $ 399 $ (194 ) $ (10 ) $ (204 ) For the Six Months Ended June 30, 2015 Investments Investment Assets of Consolidated Entities Loans Structured Products & Other Total Loans Corporate Bonds Structured Products & Other Total (In thousands) Estimated fair value, beginning of period $ 967 $ 7,604 $ 8,571 $ 2,517,887 $ 478 $ 69,973 $ 2,588,338 Transfers into Level 3 (1) — — — 10,520 — — 10,520 Transfers out of Level 3 (2) (3) — — — (9,828 ) — (1,803 ) (11,631 ) Transfers in (out) due to deconsolidation (3) — 23,614 23,614 (2,476,625 ) (478 ) (67,383 ) (2,544,486 ) Net realized/unrealized gains (losses) (3) 27 247 274 (624 ) — 207 (417 ) Purchases (3) 2,971 40,708 43,679 116,713 — 3,742 120,455 Sales (3) (1,971 ) (28,734 ) (30,705 ) (70,841 ) — (1,242 ) (72,083 ) Settlements (3) — — — (14,050 ) — — (14,050 ) Estimated fair value, end of period $ 1,994 $ 43,439 $ 45,433 $ 73,152 $ — $ 3,494 $ 76,646 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 1 $ 3 $ 4 $ (194 ) $ — $ (10 ) $ (204 ) Explanatory Notes: ______________________________ (1) Transfers in represent investments currently valued by a third-party pricing service using composite prices determined using less than two quotes, an internally developed pricing model or broker quotes and that were previously marked by a third-party pricing service using composite prices determined from two or more quotes. (2) Transfers out represent investments previously valued by an internally developed pricing model, broker quotes, or a third-party pricing service using composite prices determined using less than two quotes and are now being marked by a third-party pricing service using composite prices determined from two or more quotes. (3) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the three and six months ended June 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	For the Three Months Ended June 30, 2016 2015 Contingent Liabilities (In thousands) Estimated fair value, beginning of period $ 8,142 $ 11,823 Net realized/unrealized (gains) losses (150 ) 577 Settlements (312 ) (1,346 ) Estimated fair value, end of period $ 7,680 $ 11,054 Change in Net realized/unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ 150 $ (577 ) For the Six Months Ended June 30, 2016 For the Six Months Ended June 30, 2015 Contingent Liabilities Total Contingent Liabilities Long-term Debt of Consolidated Entities Total (In thousands) Estimated fair value, beginning of period $ 8,338 $ 8,338 $ 12,668 $ 12,049,034 $ 12,061,702 Transfer in (out) due to consolidation (2)(3) — — — (12,049,034 ) (12,049,034 ) Net realized/unrealized (gains) losses (2) 214 214 1,290 1,290 Settlements (2)(4) (872 ) (872 ) (2,904 ) (2,904 ) Estimated fair value, end of period $ 7,680 $ 7,680 $ 11,054 $ — $ 11,054 Change in unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ (214 ) $ (214 ) $ (1,290 ) $ — $ (1,290 ) Explanatory Notes: __________________________ (1) Represents the Company's sales of its residual interests in the Consolidated CLOs. The sale removes the requirement to consolidate the CLOs, therefore, debt and/or subordinated notes of the CLOs are no longer eliminated in consolidation. (2) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the three and six months ended June 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. (3) Pursuant to the adoption of ASU 2014-13, the Long-term Debt of Consolidated Entities have been remeasured in accordance with the new guidance. (4) For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 8 ).
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The disclosure provided below provides quantitative information about the significant unobservable inputs used in the valuation of the contingent liabilities of Legacy CLOs (see Note 8 ). June 30, 2016 June 30, 2016 December 31, 2015 Impact of Increase in Input on Fair Value Financial Liabilities Fair Value (In thousands) Valuation Technique Significant Unobservable Input Range Range Contingent Liabilities $ 7,680 Discounted cash flows Discount rate (2) 7.5%-13.0% 6.7%-12.0% Decrease Default rate (3) 2.0% 2.0% Decrease Recovery rate (3) 70% 70% Increase Pre-payment rate (3) 25% 40% Decrease Reinvestment spread of assets above LIBOR 3.3%-4.0% 3.0-3.8% Increase Reinvestment price of assets 100.0 100.0 Increase Explanatory Notes: ____________________________ (1) The impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. (2) The discount rate varies by type of management fee (senior management fee, subordinated management fee, or incentive fee), the priority of that management fee in the waterfall of the CLO and the relative risk associated with the respective management fee cash flow projections. Amounts are presented as a spread over LIBOR . (3) Generally an increase in the default rate would be accompanied by a directionally opposite change in assumption for the recovery and pre-payment rates.
Schedule of carrying amounts and estimated fair values of financial assets and liabilities	The Company has not elected the fair value option for certain financial liabilities. A summary of the carrying value and estimated fair value of those liabilities are as follows: As of June 30, 2016 As of December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In thousands) Financial liabilities: Long-term debt: Junior Subordinated Notes (1) $ 118,304 $ 52,199 $ 118,259 $ 57,371 Senior Notes (2) $ 38,009 $ 40,468 $ 37,902 $ 40,000 Explanatory Note: ________________________________ (1) The Junior Subordinated Notes include both the March and October Junior Subordinated Notes (Note 9 ). The estimated fair values were determined using a discounted cash flow model which utilizes significant unobservable inputs, including discount rates, yield and forward LIBOR curve assumptions. This methodology is classified as Level 3 within the fair value hierarchy. (2) On November 2, 2015, the Company issued $40.0 million par value of Senior Notes which are publicly registered. The estimated fair value was determined using a discounted cash flow valuation model, utilizing significant unobservable inputs such as a discount rate and credit spread over the BB High Yield Index. As the unobservable inputs in isolation can cause significant increases or decreases in fair value, this methodology is classified as Level 3 within the fair value hierarchy.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Intangible assets are comprised of the following: Weighted-Average Remaining Estimated Useful Life Gross Carrying Amount (1) Accumulated Amortization (2) Net Carrying Amount (In years) (In thousands) June 30, 2016: Investment management contracts 1.8 $ 40,405 $ 37,972 $ 2,433 Referral arrangement 3.3 3,810 2,476 1,334 Non-compete agreements 1.8 1,284 963 321 Trade name 4.8 1,250 656 594 Total intangible assets $ 46,749 $ 42,067 $ 4,682 December 31, 2015: Investment management contracts 2.4 $ 71,113 $ 67,040 $ 4,073 Referral arrangement 3.8 3,810 2,096 1,714 Non-compete agreements 2.2 1,535 1,122 413 Trade name 5.2 1,250 593 657 Total intangible assets $ 77,708 $ 70,851 $ 6,857 Explanatory Notes: _________________________________ (1) Gross carrying amounts as of June 30, 2016 have been reduced to reflect fully impaired and amortized assets. (2) The Company recorded amortization expense on its intangible assets of $0.7 million and $1.6 million for the three and six months ended June 30, 2016 , respectively, and $1.7 million and $3.8 million for the three and six months ended June 30, 2015 , respectively.
Schedule of expected amortization expense of the existing intangible assets	The following table presents expected amortization expense of the existing intangible assets: (In thousands) 2016 (six months remaining) $ 940 2017 1,726 2018 1,449 2019 411 2020 125 Thereafter 31 $ 4,682

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the long-term debt: June 30, 2016 December 31, 2015 Par Carrying Value Weighted Average Borrowing Rate Weighted Average Remaining Maturity Par Carrying Value Weighted Average Borrowing Rate Weighted Average Remaining Maturity (In thousands) (In years) (In thousands) (In years) Recourse Debt: March Junior Subordinated Notes (1) $ 95,000 $ 93,496 3.22 % 19.3 $ 95,000 $ 93,456 2.90 % 19.8 October Junior Subordinated Notes (2) 25,000 24,808 4.14 % 19.3 25,000 24,803 3.82 % 19.8 Senior Notes (3) 40,000 38,009 8.50 % 9.3 40,000 37,902 8.50 % 9.8 Total Recourse Debt $ 160,000 $ 156,313 4.68 % 16.3 $ 160,000 $ 156,161 4.44 % 17.3 Non-Recourse Consolidated Entities' debt: Consolidated CLOs and Other (4) $ 1,890,174 $ 1,814,256 0.03 % 8.3 $ 1,385,226 $ 1,308,558 0.02 % 9.1 Total Non-recourse Debt $ 1,890,174 $ 1,814,256 0.03 % 8.3 $ 1,385,226 $ 1,308,558 0.02 % 9.1 Explanatory Notes: _______________________________ (1) March Junior Subordinated Notes bear interest at an annual rate of three month LIBOR plus 2.58% until maturity on October 30, 2035. Prior to April 30, 2015, these notes bore interest at an annual rate of 1% . (2) October Junior Subordinated Notes bear interest at an annual rate of three month LIBOR plus 3.50% and mature on October 30, 2035. (3) The Senior Notes bear interest at 8.5% and mature on October 30, 2025. As of January 1, 2016, the Company temporarily did not meet certain registration requirements under the indenture (and associated agreements) and incurred additional interest of 25 and 50 basis points per annum for the three and six months ended June 30, 2016 , respectively. On July 19, 2016, the Company cured these conditions and the additional interest will no longer apply. (4) The subordinated notes of the Consolidated CLOs do not have a stated interest rate and have been excluded from the calculation of the weighted average borrowing rate. As of June 30, 2016 and December 31, 2015 , long-term debt of the Consolidated CLOs and Other includes $151.7 million and $153.1 million of credit fund debt, respectively.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Share-based Compensation Stock Options Activity	Share Options — The following table summarizes certain share options activity: Number of Shares Underlying Share Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at December 31, 2015 3,285,313 $ 6.69 4.64 $ 788 Exercised (1) (50,000 ) $ 4.83 Outstanding at June 30, 2016 3,235,313 $ 6.72 4.18 $ 2,619 Exercisable at June 30, 2016 3,020,793 $ 6.59 3.95 $ 2,618 Vested and Expected to vest at June 30, 2016 (2) 3,223,368 $ 6.71 4.17 $ 2,619 Explanatory Notes: ________________________________ (1) During the six months ended June 30, 2016 and 2015 , the total intrinsic value of options exercised was $33.5 thousand and $78.3 thousand , respectively. (2) Includes a reduction to outstanding options at period end for expected forfeiture rate over the life of the options.
Restricted Stock Units	The following table summarizes restricted share unit activity: For the Six Months Ended June 30, 2016 Weighted Average Grant Date Fair Value Restricted share units outstanding, beginning of period 2,033,510 $ 7.69 Granted (1)(2) 1,190,215 $ 5.84 Vested (268,723 ) $ 8.06 Forfeited (3) (8,193 ) $ 7.63 Restricted share units outstanding, end of period 2,946,809 $ 6.67 Explanatory Notes: _________________________________ (1) Weighted average grant date fair value excludes 360,000 of performance based RSUs for which performance hurdles will be determined in the future. (2) Shareholder approval is required to increase the number of shares available under the Company’s 2011 Stock and Incentive Plan to accommodate these new grants. (3) The forfeited share-based awards are returned to the grant pool for reissuance under the 2011 Stock Plan.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted earnings (loss) per share	The following table presents the calculation of basic and diluted earnings (loss) per share ("EPS"): For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except per share data) Net income (loss) attributable to the Company - basic & diluted $ 17,585 $ 1,103 $ 22,089 $ 6,531 Weighted-average shares - basic (1) 24,096 25,302 24,725 25,291 Share options (2) 423 649 353 673 Warrants 665 351 511 406 Unvested RSUs 577 130 374 134 Weighted-average shares - diluted (1) 25,761 26,432 25,963 26,504 Earnings (loss) per share Basic (1) $ 0.73 $ 0.04 $ 0.89 $ 0.26 Diluted (1) $ 0.68 $ 0.04 $ 0.85 $ 0.25 Explanatory Notes: ________________________________ (1) Weighted-average number of shares outstanding basic and diluted excludes Dissenting Shares as of April 28, 2016 (Note 10 ). Excluding the Dissenting Shares as of January 1, 2016 (Reorganization Transaction), total weighted average shares basic and diluted for the three months ended June 30, 2016 , would be 23,472,450 and 25,137,491 , respectively, and earnings per share basic and diluted would be $0.75 and $0.70 , respectively and for the six months ended June 30, 2016 , would be 23,400,600 and 24,638,209 , respectively, and earnings per share basic and diluted would be $0.94 and $0.90 , respectively (Note 10 ). (2) For both the three and six months ended June 30, 2016 and June 30, 2015 , the Company excluded anti-dilutive share options from the calculation of diluted EPS of $1.9 million and $0.8 million , respectively

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2016
Operating Loss Carryforwards [Line Items]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following table summarizes the Company's tax provision: For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Income (loss) before income taxes $ 20,775 $ 11,494 $ 26,559 $ 20,263 Income tax expense $ 2,868 $ 9,828 $ 4,146 $ 12,915 Effective income tax rate (1) 13.8 % 85.5 % 15.6 % 63.7 % Explanatory Note: ________________________________ (1) During 2015, the Company adopted new accounting standards that impacted Income (loss) before income taxes for the three and six months ended June 30, 2015 (Note 2 ). The change has resulted in the change of the Company's effective income tax rate. In addition, deferred income tax expense (benefit) was $1.5 million and $2.8 million for the three and six months ended June 30, 2016 , respectively, and $7.6 million and $7.4 million for the three and six months ended June 30, 2015 , respectively.

FINANCIAL INFORMATION FOR SUB32

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS Condensed Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information [Abstract]
Condensed Balance Sheet	Condensed Consolidating Balance Sheets (Unaudited) June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) ASSETS Cash and cash equivalents $ 620 $ 76 $ 39,024 $ — $ — $ 39,720 Restricted cash and cash equivalents — — 1,694 — — 1,694 Investments — — 185,957 — (91,474 ) 94,483 Intercompany investments in subsidiaries 183,295 110,272 128,737 — (422,304 ) — Receivables — 4,434 6,687 — (1,930 ) 9,191 Prepaid and other assets — 721 1,164 — — 1,885 Deferred tax asset, net — 41,585 — — — 41,585 Equipment and improvements, net — — 4,323 — — 4,323 Intangible assets, net — 4,682 — — — 4,682 Goodwill — 66,549 9,451 — — 76,000 Subtotal 183,915 228,319 377,037 — (515,708 ) 273,563 Assets of Consolidated Entities: Restricted cash and cash equivalents — — — 116,771 — 116,771 Due from brokers — — — 37,599 — 37,599 Investments — — — 1,850,562 — 1,850,562 Receivables — — — 5,306 — 5,306 Prepaid and other assets — — — 167 — 167 Total assets of Consolidated Entities — — — 2,010,405 — 2,010,405 TOTAL ASSETS $ 183,915 $ 228,319 $ 377,037 $ 2,010,405 $ (515,708 ) $ 2,283,968 LIABILITIES Due to brokers $ — $ — $ 2,253 $ — $ — $ 2,253 Accrued and other liabilities 12,626 3,096 13,709 — (1,519 ) 27,912 Contingent liabilities — — 7,680 — — 7,680 Long-term debt — 156,313 — — — 156,313 Subtotal 12,626 159,409 23,642 — (1,519 ) 194,158 Non-Recourse Liabilities of Consolidated Entities: Due to brokers — — — 91,347 — 91,347 Accrued and other liabilities — — — 548 (409 ) 139 Interest payable — — — 4,689 — 4,689 Long-term debt — — — 1,870,709 (56,453 ) 1,814,256 Total Non-Recourse Liabilities of Consolidated Entities — — — 1,967,293 (56,862 ) 1,910,431 TOTAL LIABILITIES 12,626 159,409 23,642 1,967,293 (58,381 ) 2,104,589 EQUITY Common shares 23 — — — — 23 Intercompany Preferred Units (1) — — 86,488 — (86,488 ) — Additional paid-in capital 984,515 887,113 649,422 — (1,536,535 ) 984,515 Retained earnings (deficit) (813,249 ) (818,203 ) (382,515 ) — 1,200,718 (813,249 ) TOTAL CIFC LLC SHAREHOLDERS’ EQUITY 171,289 68,910 353,395 — (422,305 ) 171,289 Consolidated Fund Equity/Noncontrolling interests — — — 43,112 (35,022 ) 8,090 TOTAL EQUITY 171,289 68,910 353,395 43,112 (457,327 ) 179,379 TOTAL LIABILITIES AND EQUITY $ 183,915 $ 228,319 $ 377,037 $ 2,010,405 $ (515,708 ) $ 2,283,968 Explanatory Note: _________________________________ (1) CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5% . Consolidating Balance Sheets (Unaudited) December 31, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) ASSETS Cash and cash equivalents $ — $ 1,392 $ 56,576 $ — $ — $ 57,968 Restricted cash and cash equivalents — — 1,694 — — 1,694 Investments — — 152,455 — (81,759 ) 70,696 Intercompany investments in subsidiaries 170,174 120,896 61,004 — (352,074 ) — Receivables 785 295 27,242 — (21,247 ) 7,075 Prepaid and other assets — 1,621 352 — — 1,973 Deferred tax asset, net — 44,425 — — — 44,425 Equipment and improvements, net — — 4,866 — — 4,866 Intangible assets, net — 6,232 625 — — 6,857 Goodwill — 66,549 9,451 — — 76,000 Subtotal 170,959 241,410 314,265 — (455,080 ) 271,554 Assets of Consolidated Entities: Restricted cash and cash equivalents — — — 94,018 — 94,018 Due from brokers — — — 25,910 — 25,910 Investments — — — 1,351,403 — 1,351,403 Receivables — — — 4,109 — 4,109 Prepaid and other assets — — — 209 — 209 Total assets of Consolidated Entities — — — 1,475,649 — 1,475,649 TOTAL ASSETS $ 170,959 $ 241,410 $ 314,265 $ 1,475,649 $ (455,080 ) $ 1,747,203 LIABILITIES Due to brokers $ — $ 61 $ — $ — $ — $ 61 Accrued and other liabilities 50 24,185 14,808 — (20,646 ) 18,397 Contingent liabilities — — 8,338 — — 8,338 Long-term debt — 156,161 — — — 156,161 Subtotal 50 180,407 23,146 — (20,646 ) 182,957 Non-Recourse Liabilities of Consolidated Entities: Due to brokers — — — 71,603 — 71,603 Accrued and other liabilities — — — 631 (438 ) 193 Interest payable — — — 5,257 (167 ) 5,090 Long-term debt — — — 1,357,095 (48,537 ) 1,308,558 Total Non-Recourse Liabilities of Consolidated Entities — — — 1,434,586 (49,142 ) 1,385,444 TOTAL LIABILITIES 50 180,407 23,146 1,434,586 (69,788 ) 1,568,401 EQUITY Common shares 25 25 — — (25 ) 25 Intercompany Preferred Units (1) — — 85,000 — (85,000 ) — Additional paid-in capital 992,425 992,419 528,946 — (1,521,371 ) 992,419 Retained earnings (deficit) (821,541 ) (931,441 ) (322,827 ) — 1,254,318 (821,491 ) TOTAL CIFC LLC SHAREHOLDERS’ EQUITY 170,909 61,003 291,119 — (352,078 ) 170,953 Consolidated Fund Equity / Noncontrolling interests — — — 41,063 (33,214 ) 7,849 TOTAL EQUITY 170,909 61,003 291,119 41,063 (385,292 ) 178,802 TOTAL LIABILITIES AND EQUITY $ 170,959 $ 241,410 $ 314,265 $ 1,475,649 $ (455,080 ) $ 1,747,203 Explanatory Note: _________________________________ (1) CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5% .
Condensed Income Statement	Consolidating Statements of Operations (Unaudited) For The Three Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 23,530 $ — $ (2,253 ) $ 21,277 Interest income from investments — — 3,556 — (2,394 ) 1,162 Intercompany - preferred units dividend income — 744 — — (744 ) — Interest income - Consolidated Entities — — — 24,809 — 24,809 Total net revenues — 744 27,086 24,809 (5,391 ) 47,248 Expenses Employee compensation and benefits — — 9,463 — — 9,463 Share-based compensation 149 149 1,446 — — 1,744 Professional services 358 331 996 — — 1,685 General and administrative expenses 161 629 1,753 — — 2,543 Depreciation and amortization — 712 370 — — 1,082 Corporate interest expense — 1,999 — — — 1,999 Expenses - Consolidated Entities — — — 2,865 (2,256 ) 609 Interest expense - Consolidated Entities — — — 11,622 (21 ) 11,601 Total expenses 668 3,820 14,028 14,487 (2,277 ) 30,726 Other Gain (Loss) Net gain (loss) on investments — — 11,733 — (7,870 ) 3,863 Net gain (loss) on contingent liabilities — — 150 — — 150 Net gain (loss) on investments - Consolidated Entities — — — 24,103 — 24,103 Net gain (loss) on liabilities - Consolidated Entities — — — (32,713 ) 8,850 (23,863 ) Intercompany net gain (loss) on investments in subsidiaries 19,742 9,123 3,173 — (32,038 ) — Net other gain (loss) 19,742 9,123 15,056 (8,610 ) (31,058 ) 4,253 Income (loss) before income taxes 19,074 6,047 28,114 1,712 (34,172 ) 20,775 Income tax (expense) benefit — (2,868 ) — — — (2,868 ) Net income (loss) 19,074 3,179 28,114 1,712 (34,172 ) 17,907 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,712 ) 1,390 (322 ) Net income (loss) attributable to CIFC LLC $ 19,074 $ 3,179 $ 28,114 $ — $ (32,782 ) $ 17,585 Consolidating Statements of Operations (Unaudited) For The Six Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 45,051 $ — $ (3,959 ) $ 41,092 Interest income from investments — — 6,774 — (4,679 ) 2,095 Intercompany - preferred units dividend income — 1,488 — — (1,488 ) — Interest income - Consolidated Entities — — — 43,799 — 43,799 Total net revenues — 1,488 51,825 43,799 (10,126 ) 86,986 Expenses Employee compensation and benefits — — 18,977 — — 18,977 Share-based compensation 279 279 3,567 — — 4,125 Professional services 666 1,216 1,875 — — 3,757 General and administrative expenses 295 1,271 3,494 — — 5,060 Depreciation and amortization — 1,551 827 — — 2,378 Impairment of intangible assets — — 531 — — 531 Corporate interest expense — 3,956 — — — 3,956 Expenses - Consolidated Entities — — — 4,959 (3,962 ) 997 Interest expense - Consolidated Entities — — — 20,217 (195 ) 20,022 Total expenses 1,240 8,273 29,271 25,176 (4,157 ) 59,803 Other Gain (Loss) Net gain (loss) on investments — — 13,407 — (9,273 ) 4,134 Net gain (loss) on contingent liabilities — — (214 ) — — (214 ) Net gain (loss) on investments - Consolidated Entities — — — 26,703 — 26,703 Net gain (loss) on liabilities - Consolidated Entities — — — (43,199 ) 11,952 (31,247 ) Intercompany net gain (loss) on investments in subsidiaries 24,817 14,985 4,045 — (43,847 ) — Net other gain (loss) 24,817 14,985 17,238 (16,496 ) (41,168 ) (624 ) Income (loss) before income taxes 23,577 8,200 39,792 2,127 (47,137 ) 26,559 Income tax (expense) benefit — (4,146 ) — — — (4,146 ) Net income (loss) 23,577 4,054 39,792 2,127 (47,137 ) 22,413 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,127 ) 1,803 (324 ) Net income (loss) attributable to CIFC LLC $ 23,577 $ 4,054 $ 39,792 $ — $ (45,334 ) $ 22,089 Consolidating Statements of Operations (Unaudited) For The Three Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 20,817 $ — $ (219 ) $ 20,598 Interest income from investments — — 2,105 — 122 2,227 Interest income - Consolidated Entities — — — 3,035 — 3,035 Total net revenues — — 22,922 3,035 (97 ) 25,860 Expenses Employee compensation and benefits — — 7,470 — — 7,470 Share-based compensation — 126 862 — — 988 Professional services — 923 872 — — 1,795 General and administrative expenses — 865 1,652 — — 2,517 Depreciation and amortization — 1,508 572 — — 2,080 Impairment of intangible assets — 462 — — — 462 Corporate interest expense — 800 — — — 800 Expenses - Consolidated Entities — — — 654 (219 ) 435 Interest expense - Consolidated Entities — — — 923 — 923 Total expenses — 4,684 11,428 1,577 (219 ) 17,470 Other Gain (Loss) Net gain (loss) on investments — — 4,698 — (3,232 ) 1,466 Net gain (loss) on contingent liabilities — — (577 ) — — (577 ) Net gain (loss) on investments - Consolidated Entities — — — 1,317 — 1,317 Net gain (loss) on liabilities - Consolidated Entities — — — (3,099 ) 2,693 (406 ) Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 1,304 — 1,304 Intercompany net gain (loss) on investments in subsidiaries — 15,615 — — (15,615 ) — Net other gain (loss) — 15,615 4,121 (478 ) (16,154 ) 3,104 Income (loss) before income taxes — 10,931 15,615 980 (16,032 ) 11,494 Income tax (expense) benefit — (9,828 ) — — — (9,828 ) Net income (loss) — 1,103 15,615 980 (16,032 ) 1,666 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (980 ) 417 (563 ) Net income (loss) attributable to CIFC LLC $ — $ 1,103 $ 15,615 $ — $ (15,615 ) $ 1,103 Consolidating Statements of Operations (Unaudited) For The Six Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 42,650 $ — $ (438 ) $ 42,212 Interest income from investments — — 4,840 — (6 ) 4,834 Interest income - Consolidated Entities — — 823 4,968 — 5,791 Total net revenues — — 48,313 4,968 (444 ) 52,837 Expenses Employee compensation and benefits — — 16,034 — — 16,034 Share-based compensation — 269 2,399 — — 2,668 Professional services — 2,001 1,721 — — 3,722 General and administrative expenses — 1,822 2,991 — — 4,813 Depreciation and amortization — 3,330 1,160 — — 4,490 Impairment of intangible assets — 742 — — — 742 Corporate interest expense — 1,294 — — — 1,294 Expenses - Consolidated Entities — — 16 2,125 (438 ) 1,703 Interest expense - Consolidated Entities — — 231 1,436 — 1,667 Total expenses — 9,458 24,552 3,561 (438 ) 37,133 Other Gain (Loss) Net gain (loss) on investments — — 5,637 — (2,978 ) 2,659 Net gain (loss) on contingent liabilities — — (1,290 ) — — (1,290 ) Net gain (loss) on investments - Consolidated Entities — — 796 3,317 — 4,113 Net gain (loss) on liabilities - Consolidated Entities — — — (4,925 ) 2,260 (2,665 ) Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 1,742 — 1,742 Intercompany net gain (loss) on investments in subsidiaries — 28,904 — — (28,904 ) — Net other gain (loss) — 28,904 5,143 134 (29,622 ) 4,559 Income (loss) before income taxes — 19,446 28,904 1,541 (29,628 ) 20,263 Income tax (expense) benefit — (12,915 ) — — — (12,915 ) Net income (loss) — 6,531 28,904 1,541 (29,628 ) 7,348 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,541 ) 724 (817 ) Net income (loss) attributable to CIFC LLC $ — $ 6,531 $ 28,904 $ — $ (28,904 ) $ 6,531
Condensed Statement of Comprehensive Income	Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Three Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 19,074 $ 3,179 $ 28,114 $ 1,712 $ (34,172 ) $ 17,907 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 19,074 3,179 28,114 1,712 (34,172 ) 17,907 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,712 ) 1,390 (322 ) Comprehensive income (loss) attributable to CIFC LLC $ 19,074 $ 3,179 $ 28,114 $ — $ (32,782 ) $ 17,585 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Six Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 23,577 $ 4,054 $ 39,792 $ 2,127 $ (47,137 ) $ 22,413 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 23,577 4,054 39,792 2,127 (47,137 ) 22,413 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,127 ) 1,803 (324 ) Comprehensive income (loss) attributable to CIFC LLC $ 23,577 $ 4,054 $ 39,792 $ — $ (45,334 ) $ 22,089 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Three Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 1,103 $ 15,615 $ 980 $ (16,032 ) $ 1,666 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 1,103 15,615 980 (16,032 ) 1,666 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (980 ) 417 (563 ) Comprehensive income (loss) attributable to CIFC LLC $ — $ 1,103 $ 15,615 $ — $ (15,615 ) $ 1,103 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For The Six Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 6,531 $ 28,904 $ 1,541 $ (29,628 ) $ 7,348 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 6,531 28,904 1,541 (29,628 ) 7,348 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,541 ) 724 (817 ) Comprehensive income (loss) attributable to CIFC LLC $ — $ 6,531 $ 28,904 $ — $ (28,904 ) $ 6,531
Condensed Cash Flow Statement	Consolidating Statement of Cash Flows (Unaudited) For The Six Months Ended June 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In Thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 23,577 $ 4,054 $ 39,792 $ 2,127 $ (47,137 ) $ 22,413 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 152 — — — 152 Share-based compensation 279 279 3,567 — — 4,125 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (13,193 ) — 9,273 (3,920 ) Intercompany- preferred units dividend (1,488 ) — — — 1,488 — Intercompany net (gain) loss on investments in subsidiaries (24,817 ) (14,985 ) (4,045 ) — 43,847 — Depreciation and amortization — 1,551 827 — — 2,378 Impairment of intangible assets — — 531 — — 531 Deferred income tax expense (benefit) — 2,840 — — — 2,840 Excess tax benefits from share-based payment arrangements — 263 — — — 263 Consolidated Entities: Net (gain) loss on investments — — — (26,703 ) — (26,703 ) Net (gain) loss on liabilities — — — 43,199 (11,952 ) 31,247 Changes in operating assets and liabilities: Receivables 785 (3,860 ) 20,567 — (19,752 ) (2,260 ) Prepaid and other assets — 905 (817 ) — — 88 Due to brokers — (61 ) 2,253 — — 2,192 Accrued and other liabilities 982 (21,355 ) (654 ) — 19,416 (1,611 ) Consolidated Entities: Due from brokers — — — (667 ) — (667 ) Purchase of investments — — — (406,538 ) — (406,538 ) Sales of investments — — — 375,057 — 375,057 Receivables — — — (42 ) — (42 ) Due to brokers — — — 11,280 — 11,280 Accrued and other liabilities — — — (257 ) 104 (153 ) Interest payable — — — (2,871 ) 232 (2,639 ) Net cash provided by (used in) operating activities (682 ) (30,217 ) 48,828 (5,415 ) (4,481 ) 8,033 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (84,054 ) — 12,444 (71,610 ) Sales of investments — — 63,954 — (17,232 ) 46,722 Intercompany investments in subsidiaries 15,610 25,601 (3,859 ) — (37,352 ) — Purchases of equipment and improvements — — (192 ) — — (192 ) Consolidated Entities: Change in restricted cash and cash equivalents — — — 24,514 — 24,514 Net cash provided by (used in) investing activities 15,610 25,601 (24,151 ) 24,514 (42,140 ) (566 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares (435 ) — — — — (435 ) Distributions paid (13,847 ) — — — — (13,847 ) Intercompany contributions — 3,563 25,629 — (29,192 ) — Intercompany distributions — — (65,059 ) — 65,059 — Intercompany- preferred units dividend — — (1,488 ) — 1,488 — Proceeds from the exercise of options 241 — — — — 241 Payments for tax from the net delivery of restricted share units (267 ) — — — — (267 ) Payments on contingent liabilities — — (1,311 ) — — (1,311 ) Excess tax benefits from share-based payment arrangements — (263 ) — — — (263 ) Consolidated Entities: Distributions to noncontrolling interests — — — (83 ) — (83 ) Proceeds from issuance of long-term debt — — — 5,244 (1,398 ) 3,846 Payments made on long-term debt — — — (24,260 ) 10,664 (13,596 ) Net cash provided by (used in) financing activities (14,308 ) 3,300 (42,229 ) (19,099 ) 46,621 (25,715 ) Net increase (decrease) in cash and cash equivalents 620 (1,316 ) (17,552 ) — — (18,248 ) Cash and cash equivalents at beginning of period — 1,392 56,576 — — 57,968 Cash and cash equivalents at end of period $ 620 $ 76 $ 39,024 $ — $ — $ 39,720 Consolidating Statement of Cash Flows (Unaudited) For The Six Months Ended June 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ — $ 6,531 $ 28,904 $ 1,541 $ (29,628 ) $ 7,348 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 45 — — — 45 Share-based compensation — 269 2,399 — — 2,668 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (4,347 ) — 2,978 (1,369 ) Intercompany net (gain) loss on investments in subsidiaries — (28,904 ) — — 28,904 — Depreciation and amortization — 3,330 1,160 — — 4,490 Impairment of intangible assets — 742 — — — 742 Deferred income tax expense (benefit) — 7,425 — — — 7,425 Excess tax benefits from share-based payment arrangements — (7 ) — — — (7 ) Consolidated Entities: Net (gain) loss on investments — — (796 ) (3,317 ) — (4,113 ) Net (gain) loss on liabilities — — — 4,925 (2,260 ) 2,665 Net other (gain) loss — — — (1,742 ) — (1,742 ) Changes in operating assets and liabilities: Due from brokers — — (62 ) — — (62 ) Receivables — (2,516 ) (1,106 ) — 6 (3,616 ) Prepaid and other assets — 972 (978 ) — — (6 ) Due to brokers — — 13,308 — — 13,308 Accrued and other liabilities — 26 (5,067 ) — — (5,041 ) Consolidated Entities: Due from brokers — — 14,459 (15,641 ) — (1,182 ) Purchase of investments — — (55,012 ) (189,880 ) — (244,892 ) Sales of investments — — 47,462 95,402 — 142,864 Receivables — — (352 ) (243 ) — (595 ) Due to brokers — — (7,882 ) 45,451 — 37,569 Accrued and other liabilities — — 7 195 (6 ) 196 Interest payable — — (8 ) 420 — 412 Net cash provided by (used in) operating activities — (12,087 ) 32,089 (62,889 ) (6 ) (42,893 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (101,881 ) — 53,289 (48,592 ) Sales of investments — — 58,945 — (240 ) 58,705 Intercompany investments in subsidiaries — (97,873 ) — — 97,873 — Intercompany distributions from subsidiaries — 113,984 — — (113,984 ) — Purchases of equipment and improvements — — (619 ) — — (619 ) Consolidated Entities: Change in restricted cash and cash equivalents — — 755 (51,864 ) — (51,109 ) Net cash provided by (used in) investing activities — 16,111 (42,800 ) (51,864 ) 36,938 (41,615 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares — (21 ) — — — (21 ) Distributions paid — (5,060 ) — — — (5,060 ) Intercompany contributions — — 130,722 — (130,722 ) — Intercompany distributions — — (146,834 ) — 146,834 — Proceeds from the exercise of options — 121 — — — 121 Payments for tax from the net delivery of restricted share units — (265 ) — — — (265 ) Payments on contingent liabilities — — (2,904 ) — — (2,904 ) Excess tax benefits from share-based payment arrangements — 7 — — — 7 Consolidated Entities: Contributions from noncontrolling interests — — — 18,713 (2,613 ) 16,100 Distributions to noncontrolling interests — — — (970 ) — (970 ) Proceeds from issuance of long-term debt — — — 125,076 324 125,400 Payments made on long-term debt — — — (28,066 ) (50,755 ) (78,821 ) Net cash provided by (used in) financing activities — (5,218 ) (19,016 ) 114,753 (36,932 ) 53,587 Net increase (decrease) in cash and cash equivalents — (1,194 ) (29,727 ) — — (30,921 ) Cash and cash equivalents at beginning of period — 2,157 57,133 — — 59,290 Cash and cash equivalents at end of period $ — $ 963 $ 27,406 $ — $ — $ 28,369

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details)	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements
Sources of revenue	3

BASIS OF PRESENTATION AND PRI34

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Basis of Presentation and Principles of Consolidation
Investments	$ 94,483,000		$ 94,483,000	$ 94,483,000	$ 94,483,000		$ 70,696,000
Investments in Funds
General Partners' Investment	$ 91,500,000		$ 91,500,000	$ 91,500,000	$ 91,500,000		$ 81,800,000
Consolidated VIEs [Abstract]
Number of CLOs consolidated	3		3	3	3		2
Number of Credit Funds Consolidated	2		2	2	2		2
Collateralized loan obligations with potential significant returns	2		2
Collateralized loan obligations without potential significant returns	1		1
Additional collateralized loan obligations consolidated during the period	2		2
Collateralized loan obligations consolidated during the period	4	1	4		4	1
Collateralized loan obligations deconsolidated	1		1	1	1
Number of credit funds consolidated during the period		2				2
Number of Warehouses consolidated during the period		1				1
Collateralized loan obligations deconsolidated during the period	1		1
Unconsolidated warehouses	2		2	2	2
Unconsolidated VIEs [Abstract]
Number of CLOs not consolidated	25		25	25	25		28
Number of CDOs not consolidated	8		8	8	8		8
Number of Credit Funds not consolidated	2		2	2	2		2
Maximum exposure to loss	$ 91,884,000		$ 91,884,000	$ 91,884,000	$ 91,884,000		$ 82,357,000
Unconsolidated VIE, investment in	70,300,000		70,300,000	70,300,000	70,300,000		29,000,000
Unconsolidated VOE [Member]
Investments in Funds
General Partners' Investment	17,600,000		17,600,000	17,600,000	17,600,000		26,000,000
Tactical Income Fund
Investments in Funds
General Partners' Investment	35,000,000		35,000,000	35,000,000	35,000,000		33,200,000
Consolidated VIEs [Abstract]
Noncontrolling Interest in Variable Interest Entity	8,100,000		8,100,000	8,100,000	8,100,000		7,800,000
Senior Secured Loan Fund
Investments in Funds
General Partners' Investment	$ 5,600,000		$ 5,600,000	$ 5,600,000	$ 5,600,000		$ 5,400,000
Warehouses
Consolidated VIEs [Abstract]
Consolidated Warehouse Investments Held	0		0	0	0		0
Accounts Receivable
Unconsolidated VIEs [Abstract]
Maximum exposure to loss	$ 410,000		$ 410,000	$ 410,000	$ 410,000		$ 605,000
Accounts Receivable | Variable Interest Entity, Not Primary Beneficiary
Unconsolidated VIEs [Abstract]
Maximum exposure to loss	$ 3,900,000		$ 3,900,000	$ 3,900,000	$ 3,900,000		$ 4,100,000
Minimum [Member]
Consolidated VIEs [Abstract]
Equity leverage | item				3
Maximum [Member]
Consolidated VIEs [Abstract]
Equity leverage | item				5

CONSOLIDATED VIEs (Details)

CONSOLIDATED VIEs (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Consolidated Variable Interest Entities
Maximum exposure to loss		$ 91,884	$ 82,357
Investment and beneficial interests in CLOs
Consolidated Variable Interest Entities
Maximum exposure to loss	[1]	91,474	81,752
Accounts Receivable [Member]
Consolidated Variable Interest Entities
Maximum exposure to loss		$ 410	$ 605
[1]	Investments made in our Consolidated VIEs are eliminated in consolidation.

FAIR VALUE (Details 1 - Hierarc

FAIR VALUE (Details 1 - Hierarchy Table) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Liability Rollforward
Contingent Liabilities		$ 7,680	$ 8,338
Fair Value, Option, Loans Held as Assets, Aggregate unpaid principal balance, Loans		1,900,000	1,385,000
Recurring basis
Liability Rollforward
Investments fair valued using NAV		23,174	31,411
Investments in Warehouses		44,990	0
Other Investments		26,319	39,285
Investments in loans, corporate bonds and other products		94,483	70,696
Assets, Fair Value Disclosure		1,945,045	1,422,099
Contingent Liabilities		7,680	8,338
Financial and Nonfinancial Liabilities, Fair Value Disclosure		7,680	8,338
Recurring basis | Fair Value, Inputs, Level 2 [Member]
Liability Rollforward
Other Investments		1,857	1,768
Investments in loans, corporate bonds and other products		1,857	1,768
Assets, Fair Value Disclosure		1,425,131	1,070,147
Recurring basis | Level 3
Liability Rollforward
Investments in Warehouses		44,990	0
Other Investments		24,462	37,517
Investments in loans, corporate bonds and other products		69,452	37,517
Assets, Fair Value Disclosure		496,740	320,541
Contingent Liabilities		7,680	8,338
Financial and Nonfinancial Liabilities, Fair Value Disclosure		7,680	8,338
Consolidated Entities | Recurring basis
Liability Rollforward
Loans Receivable, Fair Value Disclosure	[1]	1,849,460	1,349,407
Other Investments		1,102	1,996
Investments in loans, corporate bonds and other products		1,850,562	1,351,403
Consolidated Entities | Recurring basis | Fair Value, Inputs, Level 1 [Member]
Liability Rollforward
Other Investments		0	0
Consolidated Entities | Recurring basis | Fair Value, Inputs, Level 2 [Member]
Liability Rollforward
Loans Receivable, Fair Value Disclosure	[1]	1,422,493	1,067,539
Other Investments		781	840
Investments in loans, corporate bonds and other products		1,423,274	1,068,379
Consolidated Entities | Recurring basis | Level 3
Liability Rollforward
Loans Receivable, Fair Value Disclosure	[1]	426,967	281,868
Other Investments		321	1,156
Investments in loans, corporate bonds and other products		427,288	283,024
Net Asset Value [Member]
Liability Rollforward
Investments fair valued using NAV		$ 23,174	$ 31,411
[1]	As of June 30, 2016 and December 31, 2015, the total aggregate unpaid principal balance of loans was $1.9 billion and $1.4 billion, respectively. See Note 9 for total contractual principal amounts.

FAIR VALUE (Details 2 - Assets

FAIR VALUE (Details 2 - Assets Rollforward) - Level 3 - Recurring basis - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				$ 43,439				$ 43,439				$ 32,863	$ 7,604
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]			0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[2],[3]			0
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				1,994				1,994				967	967
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]			0				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[2],[3]			0				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	[2]			27				27
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[2]			2,971				2,971
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[2]			(1,971)				(1,971)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[2]			0				0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)				27				1
Loans | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		$ 426,967		73,152		$ 426,967		73,152		$ 292,559	$ 281,868	44,983	2,517,887
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]	107,361		8,193		202,783		10,520
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[3]	(109,269)		(1,351)	[2]	(193,820)		(9,828)	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition		205,361				205,361
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Between Classes		(13,168)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		3,018		(1,121)	[2]	2,085		(624)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		28,515		90,070	[2]	52,991		116,713	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(12,083)		(59,504)	[2]	(21,982)		(70,841)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements				(8,118)	[2]	(26,992)		(14,050)	[2]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		5,383		(194)		5,383		(194)
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of Level 3 Due to Deconsolidation		(75,327)				(75,327)	[2],[3]
Structured Products and Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		24,462		43,439		24,462		43,439		43,812	37,517
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]	0				0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[3]	0				0		0	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition		(23,443)				(23,443)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		2,263		444	[2]	954		247	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		19,398		33,570	[2]	35,120		40,708	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(15,973)		(23,438)		(23,973)		(28,734)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(1,595)		0	[2]	(1,713)		0	[2]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		275		372		1,142		3
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of Level 3 Due to Deconsolidation		0				0
Structured Products and Other Investments [Member] | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		321		3,494		321		3,494		1,118	1,156	4,677	69,973
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0	[1]	0	[1]	0	[1]	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[3]	0		(1,803)	[2]	0		(1,803)	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition		0				0
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Between Classes		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		14		308		(25)		207	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		0		1,554		0		3,742	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(811)		(1,242)	[2]	(810)		(1,242)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements				0		0		0	[2]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		(5)		(10)		(5)		(10)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							(67,383)
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of Level 3 Due to Deconsolidation		0				0
Investments in Warehouses [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		44,990				44,990				0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]	0				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[3]	0				0
Transfers Into Level 3 Due to Consolidation or Acquisition		0				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		868				868
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		44,122				44,122
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		0				0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		0				0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		868				868
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of Level 3 Due to Deconsolidation		0				0
Corporate Bonds | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value				0				0					478
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3								0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[2],[3]							0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	[2]							0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[2]							0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales	[2]							0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[2]							0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)								0
Investment and Derivative Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		69,452		45,433		69,452		45,433		43,812	37,517	33,830	8,571
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]	0		0		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[3]	0		0	[2]	0		0	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition		(23,443)				(23,443)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		3,131		471	[2]	1,822		274	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		63,520		36,541	[2]	79,242		43,679	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(15,973)		(25,409)	[2]	(23,973)		(30,705)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(1,595)		0	[2]	(1,713)		0	[2]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		1,143		399		2,010		4
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of Level 3 Due to Deconsolidation		0				0
Investment and Derivative Assets | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		427,288		76,646		427,288		76,646		$ 293,677	$ 283,024	$ 49,660	$ 2,588,338
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	[1]	107,361		8,193		202,783		10,520
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	[3]	(109,269)		(3,154)	[2]	(193,820)		(11,631)	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition		205,361				205,361
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Between Classes		(13,168)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		3,032		(813)		2,060		(417)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		28,515		91,624		52,991		120,455	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales		(12,894)		(60,746)	[2]	(22,792)		(72,083)	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements				(8,118)	[2]	(26,992)		(14,050)	[2]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)		5,378		$ (204)		5,378		(204)
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Asset Transfers out of Level 3 Due to Deconsolidation		$ (75,327)				$ (75,327)	[2],[3]
New Accounting Pronouncement, Early Adoption, Effect [Member] | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							0
New Accounting Pronouncement, Early Adoption, Effect [Member] | Loans | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							(2,476,625)
New Accounting Pronouncement, Early Adoption, Effect [Member] | Structured Products and Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							23,614
New Accounting Pronouncement, Early Adoption, Effect [Member] | Corporate Bonds | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							(478)
New Accounting Pronouncement, Early Adoption, Effect [Member] | Investment and Derivative Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							23,614
New Accounting Pronouncement, Early Adoption, Effect [Member] | Investment and Derivative Assets | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	[2]							$ (2,544,486)
[1]	Transfers in represent investments currently valued by a third-party pricing service using composite prices determined using less than two quotes, an internally developed pricing model or broker quotes and that were previously marked by a third-party pricing service using composite prices determined from two or more quotes.
[2]	The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the three and six months ended June 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015.
[3]	Transfers out represent investments previously valued by an internally developed pricing model, broker quotes, or a third-party pricing service using composite prices determined using less than two quotes and are now being marked by a third-party pricing service using composite prices determined from two or more quotes.

FAIR VALUE (Details 3 - Liabili

FAIR VALUE (Details 3 - Liabilities Rollforward) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Liability Rollforward
Estimated fair value, beginning of period				$ 8,338	$ 12,061,702
Transfer in due to consolidation	[1]			0	(12,049,034)	[2]
Net realized/unrealized (gains) losses	[2]			214	1,290
Settlements	[2],[3]			(872)	(2,904)
Estimated fair value, end of period		$ 7,680	$ 11,054	7,680	11,054
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period				(214)	(1,290)
Contingent Liabilities at Fair Value
Liability Rollforward
Estimated fair value, beginning of period		8,142	11,823	8,338	12,668
Transfer in due to consolidation				0	0
Net realized/unrealized (gains) losses	[2]	(150)	577	214	1,290
Settlements	[2],[3]	(312)	(1,346)	(872)	(2,904)
Estimated fair value, end of period		7,680	11,054	7,680	11,054
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period		$ 150	(577)	$ (214)	(1,290)
Consolidated Entities | Long-term Debt
Liability Rollforward
Estimated fair value, beginning of period					12,049,034
Transfer in due to consolidation	[1],[2]				(12,049,034)
Net realized/unrealized (gains) losses	[2]
Settlements	[2],[3]
Estimated fair value, end of period			$ 0		0
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period					$ 0
[1]	Pursuant to the adoption of ASU 2014-13, the Long-term Debt of Consolidated Entities have been remeasured in accordance with the new guidance.
[2]	The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the three and six months ended June 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015.
[3]	For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 8)

FAIR VALUE (Details 4 - Narrati

FAIR VALUE (Details 4 - Narrative)	6 Months Ended
	Jun. 30, 2016
Narrative FN 5
Fair Value, Description of Composite quotes	2
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Description	30
Debt Instrument, Description of Variable Rate Basis	LIBOR
Maximum [Member]
Narrative FN 5
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	6 years 4 months 5 days
Minimum [Member]
Narrative FN 5
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years 6 months

FAIR VALUE (Details 5 - Quantit

FAIR VALUE (Details 5 - Quantitative Information) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Quantitative Information about Level 3 Assets & Liabilities
Contingent Liabilities		$ 7,680,000	$ 8,338,000
Debt Instrument, Description of Variable Rate Basis		LIBOR
Recurring basis
Quantitative Information about Level 3 Assets & Liabilities
Contingent Liabilities		$ 7,680,000	8,338,000
Recurring basis | Level 3
Quantitative Information about Level 3 Assets & Liabilities
Contingent Liabilities		$ 7,680,000	$ 8,338,000
Projected Cash Flow Approach Valuation Technique [Member] | Recurring basis | Contingent Liabilities at Fair Value | Level 3
Quantitative Information about Level 3 Assets & Liabilities
Default rate (as a percent)	[1]	2.00%	2.00%
Recovery rate (as a percent)	[1]	70.00%	70.00%
Fair Value Inputs, Reinvestment Price		$ 100	$ 100
Projected Cash Flow Approach Valuation Technique [Member] | Recurring basis | Contingent Liabilities at Fair Value | Level 3 | Minimum
Quantitative Information about Level 3 Assets & Liabilities
Discount rate (as a percent)	[2]	7.50%	6.70%
Reinvestment spread over LIBOR (as a percent)		3.30%	3.00%
Projected Cash Flow Approach Valuation Technique [Member] | Recurring basis | Contingent Liabilities at Fair Value | Level 3 | Maximum [Member]
Quantitative Information about Level 3 Assets & Liabilities
Discount rate (as a percent)	[2]	13.00%	12.00%
Reinvestment spread over LIBOR (as a percent)		4.00%	3.80%
Projected Cash Flow Approach Valuation Technique [Member] | Recurring basis | Contingent liabilities and the long-term debt of the Consolidated CLOs | Level 3
Quantitative Information about Level 3 Assets & Liabilities
Pre-payment rate (as a percent)	[1]	25.00%	40.00%
[1]	Generally an increase in the default rate would be accompanied by a directionally opposite change in assumption for the recovery and pre-payment rates.
[2]	The discount rate varies by type of management fee (senior management fee, subordinated management fee, or incentive fee), the priority of that management fee in the waterfall of the CLO and the relative risk associated with the respective management fee cash flow projections. Amounts are presented as a spread over LIBOR.

FAIR VALUE (Details 6 - Fair Va

FAIR VALUE (Details 6 - Fair Value Option) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Dec. 31, 2015		Nov. 02, 2015
Long-term debt:
Long-term debt		$ 156,313	$ 156,161
Debt Instrument, Description of Variable Rate Basis		LIBOR
Subordinated Debt Obligations | Carrying Value
Long-term debt:
Junior Subordinated Notes	[1]	$ 118,304	118,259
Subordinated Debt Obligations | Estimated Fair Value
Long-term debt:
Junior Subordinated Notes	[1]	52,199	57,371
Senior Notes [Member]
Long-term debt:
Long-term debt	[2]	38,009	37,902	[3]
Long-term Debt, Gross	[3]	40,000	40,000		$ 40,000
Senior Notes [Member] | Estimated Fair Value
Long-term debt:
Senior Notes	[2]	$ 40,468	$ 40,000
[1]	The Junior Subordinated Notes include both the March and October Junior Subordinated Notes (Note 9). The estimated fair values were determined using a discounted cash flow model which utilizes significant unobservable inputs, including discount rates, yield and forward LIBOR curve assumptions. This methodology is classified as Level 3 within the fair value hierarchy.
[2]	On November 2, 2015, the Company issued $40.0 million par value of Senior Notes which are publicly registered.
[3]	The Senior Notes bear interest at 8.5% and mature on October 30, 2025. As of January 1, 2016, the Company temporarily did not meet certain registration requirements under the indenture (and associated agreements) and incurred additional interest of 25 and 50 basis points per annum for the three and six months ended June 30, 2016, respectively. On July 19, 2016, the Company cured these conditions and the additional interest will no longer apply.

DERIVATIVE INSTRUMENTS AND HE42

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Total Return Swap
Derivative [Line Items]
Net income/expense related to derivative instruments	$ 1.3		$ 1.7

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	$ 46,749		$ 46,749		$ 77,708
Accumulated Amortization	[2]	42,067		42,067		70,851
Intangible assets, net		4,682		4,682		$ 6,857
Amortization of intangible assets		700	$ 1,700	1,600	$ 3,800
Expected amortization expense of the existing intangible assets
Less than one year		940		940
In two years		1,726		1,726
In three years		1,449		1,449
In four years		411		411
In five years		125		125
Thereafter		31		31
Expected amortization expense		4,682		4,682
Impairment of intangible assets		0	$ 462	$ 531	$ 742
Investment management contracts
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				1 year 9 months		2 years 5 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	40,405		$ 40,405		$ 71,113
Accumulated Amortization	[2]	37,972		37,972		67,040
Intangible assets, net		2,433		$ 2,433		$ 4,073
Referral Agreement
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				3 years 3 months		3 years 9 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	3,810		$ 3,810		$ 3,810
Accumulated Amortization	[2]	2,476		2,476		2,096
Intangible assets, net		1,334		$ 1,334		$ 1,714
Non-compete agreements
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				1 year 9 months		2 years 2 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	1,284		$ 1,284		$ 1,535
Accumulated Amortization	[2]	963		963		1,122
Intangible assets, net		321		$ 321		$ 413
Trade name
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				4 years 9 months		5 years 2 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	1,250		$ 1,250		$ 1,250
Accumulated Amortization	[2]	656		656		593
Intangible assets, net		$ 594		$ 594		$ 657
[1]	Gross carrying amounts as of June 30, 2016 have been reduced to reflect fully impaired and amortized assets
[2]	The Company recorded amortization expense on its intangible assets of $0.7 million and $1.6 million for the three and six months ended June 30, 2016, respectively, and $1.7 million and $3.8 million for the three and six months ended June 30, 2015, respectively.

CONTINGENT LIABILITIES (Details

CONTINGENT LIABILITIES (Details) - USD ($)	Jul. 31, 2013	Apr. 13, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Contingent liabilities at fair value
Payments on contingent liabilities					$ 1,311,000	$ 2,904,000
CIFC Parent Holdings LLC [Member]
Contingent liabilities at fair value
Number of Legacy CIFC CLOs subject to fee-sharing arrangements		six
Business Acquisition Cost of Acquired Entity Initial Incentive Fees		$ 15,000,000
Business Acquisition, Cost of Acquired Entity Percentage of Fees in Excess of Initial Incentive Fees		50.00%
Business Acquisition Cost of Acquired Entity Final Contingent Consideration Payment Date		10 years
Payments On Contingent Liabilities - 100% fee sharing			$ 312,000	$ 800,000	1,311,000	1,800,000
Business Acquisition Cost of Acquired Entity Cash Payable			0		0		$ 0
Payments on Contingent Liabilities - 50% fee sharing			16,900,000		16,900,000
Cypress Tree Investment Management LLC
Contingent liabilities at fair value
Business Acquisition Cost of Acquired Entity Cash Payable			0		0		$ 0
Business Acquisition Contingent Consideration Minimum Percentage of Investment Advisory Fees	39.00%
Payments on contingent liabilities			$ 0	$ 600,000	$ 0	$ 1,100,000

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended
		Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015		Nov. 02, 2015
Debt Instrument [Line Items]
Long-term debt		$ 156,313	$ 156,313	$ 156,161
Debt Instrument, Description of Variable Rate Basis			LIBOR
Other VIEs [Member]
Debt Instrument [Line Items]
Long-term debt		151,670	$ 151,670	153,100
Consolidated Entities
Debt Instrument [Line Items]
Long-term Debt, Gross	[1]	1,890,174	1,890,174	1,385,226
Long-term debt	[1]	$ 1,814,256	$ 1,814,256	$ 1,308,558
Long-term Debt, Weighted Average Interest Rate	[1]	0.03%	0.03%	0.02%
Debt instruments - Weighted Average, Remaining Maturity	[1]		8 years 3 months	9 years 1 month
March Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	[2]	$ 95,000	$ 95,000	$ 95,000
Long-term debt	[2]	$ 93,496	$ 93,496	$ 93,456
Long-term Debt, Weighted Average Interest Rate	[2]	3.22%	3.22%	2.90%
Debt instruments - Weighted Average, Remaining Maturity	[2]		19 years 3 months	19 years 10 months
March Junior Subordinated Debt [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR
Debt Instrument, Basis Spread on Variable Rate			2.58%
March Junior Subordinated Debt [Member] | Interest Rate Applicable Period Through 30 April 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period			1.00%
October Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	[3]	$ 25,000	$ 25,000	$ 25,000
Long-term debt	[3]	$ 24,808	$ 24,808	$ 24,803
Long-term Debt, Weighted Average Interest Rate	[3]	4.14%	4.14%	3.82%
Debt instruments - Weighted Average, Remaining Maturity	[3]		19 years 3 months	19 years 10 months
October Junior Subordinated Debt [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR
Debt Instrument, Basis Spread on Variable Rate			3.50%
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	[4]	$ 40,000	$ 40,000	$ 40,000		$ 40,000
Long-term debt	[5]	$ 38,009	$ 38,009	$ 37,902	[4]
Long-term Debt, Weighted Average Interest Rate	[4]	8.50%	8.50%	8.50%
Debt instruments - Weighted Average, Remaining Maturity	[4]		9 years 3 months	9 years 10 months
Debt Instrument, Interest Rate During Period			8.50%
Senior Notes [Member] | Senior Notes penalty rate per quarter
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period		0.25%	0.50%
Senior Notes [Member] | Senior Notes penalty annual capped rate Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period		1.00%
Subordinated and Senior [Member]
Debt Instrument [Line Items]
Long-term debt		$ 156,313	$ 156,313	$ 156,161
Long-term Debt, Weighted Average Interest Rate		4.68%	4.68%	4.44%
Debt instruments - Weighted Average, Remaining Maturity			16 years 3 months	17 years 3 months
[1]	The subordinated notes of the Consolidated CLOs do not have a stated interest rate and have been excluded from the calculation of the weighted average borrowing rate. As of June 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $151.7 million and $153.1 million of credit fund debt, respectively.
[2]	March Junior Subordinated Notes bear interest at an annual rate of three month LIBOR plus 2.58% until maturity on October 30, 2035. Prior to April 30, 2015, these notes bore interest at an annual rate of 1%.
[3]	October Junior Subordinated Notes bear interest at an annual rate of three month LIBOR plus 3.50% and mature on October 30, 2035.
[4]	The Senior Notes bear interest at 8.5% and mature on October 30, 2025. As of January 1, 2016, the Company temporarily did not meet certain registration requirements under the indenture (and associated agreements) and incurred additional interest of 25 and 50 basis points per annum for the three and six months ended June 30, 2016, respectively. On July 19, 2016, the Company cured these conditions and the additional interest will no longer apply.
[5]	On November 2, 2015, the Company issued $40.0 million par value of Senior Notes which are publicly registered.

LONG-TERM DEBT (Details 2 - Nar

LONG-TERM DEBT (Details 2 - Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of Credit Funds Consolidated	2		2		2
Collateralized loan obligations deconsolidated during the period	1		1
Collateralized loan obligations consolidated during the period	4	1	4	1
Number of credit funds consolidated during the period		2		2
Number of Warehouses consolidated during the period		1		1
Consolidated CLOs and Other [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 0
Repayments of Long-term Debt				$ 26,400,000
Consolidated Entities
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 0
Repayments of Long-term Debt	0		$ 13,596,000	78,821,000
Variable Interest Entity, Consolidated, Carrying Amount, Assets	1,800,000,000		1,800,000,000		$ 1,200,000,000
Consolidated Entities | Subordinated notes of Consolidated CLOs
Debt Instrument [Line Items]
Repayments of Long-term Debt			$ 12,200,000	1,400,000
Consolidated Entities | Revolving credit facility
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 0			$ 74,400,000

EQUITY (Details 1 - Narrative)

EQUITY (Details 1 - Narrative) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / shares	Apr. 28, 2016	Dec. 31, 2015shares
Common Stock [Abstract]
Common shares issued | shares	23,499,979		23,499,979			25,314,756
Dividends declared, usd per share | $ / shares	$ 0.25	$ 0.10	$ 0.59	$ 0.20
Dissenting shares value, estimated			$ 11,307	$ 0
Treasury Stock [Abstract]
Repurchases of common shares			435	21
Share-based Compensation [Abstract]
Share-based compensation	$ 1,744	$ 988	4,125	$ 2,668
Treasury Stock
Treasury Stock [Abstract]
Remaining authorized repurchase amount	$ 3,800		$ 3,800
Treasury Stock
Treasury Stock [Abstract]
Repurchases of common stock, shares | shares	0	2,847	75,296
Repurchases of common shares		$ 21	$ 435
Treasury stock acquired, average cost per share | $ / shares		$ 7.22	$ 5.75
Stock Options and Restricted Stock Units
Share-based Compensation [Abstract]
Compensation not yet recognized, stock options and RSUs	$ 13,700		$ 13,700
Stock Options
Share-based Compensation [Abstract]
Weighted average vesting period			2 months 15 days
Restricted Stock Units (RSUs)
Share-based Compensation [Abstract]
Weighted average vesting period			2 years 6 months 10 days
Dissenting Shareholders [Member]
Common Stock [Abstract]
Number of Dissenting shareholders					2
Common shares issued | shares	2,026,315		2,026,315
Additional Paid-in Capital [Member]
Common Stock [Abstract]
Dissenting shares value, estimated			$ 11,305

EQUITY (Details 2 - Stock Optio

EQUITY (Details 2 - Stock Options) - Stock Options - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Number of Shares Underlying Share Options
Options outstanding		3,285,313
Exercised options Shares	[1]	(50,000)
Options outstanding		3,235,313		3,285,313
Exercisable (shares)		3,020,793
Vested and Expected to vest (shares)	[2]	3,223,368
Weighted Average Exercise Price
Outstanding at period start		$ 6.69
Exercised (usd per share)		4.83
Outstanding at period end		6.72		$ 6.69
Exercisable (usd per share)		6.59
Vested and Expected to vest (usd per share)		$ 6.71
Additional Disclosures
Outstanding, Weighted Average Remaining Contractual Term		4 years 1 month 35 days		4 years 7 months 22 days
Exercisable, Weighted Average Remaining Contractual Term		3 years 10 months 42 days
Vested and Expected to Vest, Weighted Average Remaining Contractual Term		4 years 1 month 30 days
Outstanding, Aggregate Intrinsic Value		$ 788,000
Exercisable, Aggregate Intrinsic Value		2,618,000
Vested and Expected to vest, Aggregate Intrinsic Value		2,619,000
Outstanding, Aggregate Intrinsic Value		2,619,000		$ 788,000
Options, exercises in period, intrinsic value		$ 33,500	$ 78,300
[1]	ing the six months ended June 30, 2016 and 2015, the total intrinsic value of options exercised was $33.5 thousand and $78.3 thousand, respectively. (2
[2]	ludes a reduction to outstanding options at period end for expected forfeiture rate over the life of the options.R

EQUITY (Details 3 - RSU Narrati

EQUITY (Details 3 - RSU Narrative)	6 Months Ended
	Jun. 30, 2016shares
Restricted Stock Units (RSUs)
EQUITY
Grants in period (shares)	1,190,215	[1],[2]
Service Based 3 Year Vest [Member] | Initial Vest [Member]
EQUITY
Award vesting period	3 years
Award vesting rights, percentage	33.00%
Service Based 3 Year Vest [Member] | Remaining Tranches [Member]
EQUITY
Award vesting period	2 years
[1]	ghted average grant date fair value excludes 360,000 of performance based RSUs for which performance hurdles will be determined in the future. (2
[2]	reholder approval is required to increase the number of shares available under the Company’s 2011 Stock and Incentive Plan to accommodate these new grants. (3

EQUITY (Details 4 - RSU Rollfor

EQUITY (Details 4 - RSU Rollforward)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Restricted Stock Units (RSUs)
RSUs
Restricted stock units outstanding, beginning of period (shares)	2,033,510
Grants in period (shares)	1,190,215	[1],[2]
Vested (shares)	(268,723)
Forfeited (shares)	(8,193)	[3]
Restricted stock units outstanding, end of period (shares)	2,946,809
Weighted Average Grant Date Fair Value
Restricted stock units outstanding, beginning of period (usd per share) | $ / shares	$ 7.69
Granted (usd per share) | $ / shares	5.84	[1],[2]
Vested (usd per share) | $ / shares	8.06
Forfeited (usd per share) | $ / shares	7.63	[3]
Restricted stock units outstanding, end of period (usd per share) | $ / shares	$ 6.67
Performance Shares, hurdle not yet met
RSUs
Grants in period (shares)	360,000
[1]	ghted average grant date fair value excludes 360,000 of performance based RSUs for which performance hurdles will be determined in the future. (2
[2]	reholder approval is required to increase the number of shares available under the Company’s 2011 Stock and Incentive Plan to accommodate these new grants. (3
[3]	forfeited share-based awards are returned to the grant pool for reissuance under the 2011 Stock Plan.

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Net Income (Loss) Attributable to Parent		$ 17,585	$ 1,103	$ 22,089	$ 6,531
Weighted Average Number of Shares Outstanding, Basic	[1]	24,095,932	25,302,358	24,725,498	25,290,856
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	[2]	422,753	648,581	352,909	672,945
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants		665,272	350,582	510,506	406,250
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends		577,017	130,159	374,195	133,979
Weighted-average shares - diluted (1)	[1]	25,760,974	26,431,680	25,963,108	26,504,030
Earnings Per Share, Basic	[1]	$ 0.73	$ 0.04	$ 0.89	$ 0.26
Earnings (loss) per share, Diluted	[1]	$ 0.68	$ 0.04	$ 0.85	$ 0.25
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,900,000	800,000	1,900,000	800,000
Pro Forma [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Weighted Average Number of Shares Outstanding, Basic		23,472,450		23,400,600
Weighted-average shares - diluted (1)		25,137,491		24,638,209
Earnings Per Share, Basic		$ 0.75		$ 0.94
Earnings (loss) per share, Diluted		$ 0.70		$ 0.90
[1]	Weighted-average number of shares outstanding basic and diluted excludes Dissenting Shares as of April 28, 2016 (Note 10). Excluding the Dissenting Shares as of January 1, 2016 (Reorganization Transaction), total weighted average shares basic and diluted for the three months ended June 30, 2016, would be 23,472,450 and 25,137,491, respectively, and earnings per share basic and diluted would be $0.75 and $0.70, respectively and for the six months ended June 30, 2016, would be 23,400,600 and 24,638,209, respectively, and earnings per share basic and diluted would be $0.94 and $0.90, respectively (Note 10).
[2]	For both the three and six months ended June 30, 2016 and June 30, 2015, the Company excluded anti-dilutive share options from the calculation of diluted EPS of $1.9 million and $0.8 million, respectively

INCOME TAXES (Details 1 - Narra

INCOME TAXES (Details 1 - Narrative) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes		$ 20,775	$ 11,494	$ 26,559	$ 20,263
Income Tax Expense (Benefit)		$ 2,868	$ 9,828	$ 4,146	$ 12,915
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	[1]	13.80%	85.50%	15.60%	63.70%
Deferred income tax expense (benefit)		$ 1,525	$ 7,575	$ 2,840	$ 7,425
New York City [Member]
Operating Loss Carryforwards [Line Items]
Current State and Local Tax Expense (Benefit)					$ 6,300
[1]	During 2015, the Company adopted new accounting standards that impacted Income (loss) before income taxes for the three and six months ended June 30, 2015 (Note 2). The change has resulted in the change of the Company's effective income tax rate. In addition, deferred income tax expense (benefit) was $1.5 million and $2.8 million for the three and six months ended June 30, 2016, respectively, and $7.6 million and $7.4 million for the three and six months ended June 30, 2015, respectively.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands, shares in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016USD ($)itemshares	Jun. 30, 2015USD ($)	Dec. 31, 2013	Jun. 30, 2016USD ($)itemshares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)itemshares
Related Party Transaction [Line Items]
Professional Fees	$ 1,685	$ 1,795		$ 3,757	$ 3,722
Related Party investments	94,483			94,483		$ 70,696
CIFC FUNDING 2013-II - Board Member Investment
Related Party Transaction [Line Items]
Debt Instrument, face amount	1,000			1,000		$ 1,000
DFR Holdings Board of Directors [Member]
Related Party Transaction [Line Items]
Base Compensation	$ 100	200		$ 300	400
DFR Holdings LLC
Related Party Transaction [Line Items]
Number of shares owned (shares) | shares	18.8			18.8		18.8
Other Prepaid Expense, Current	$ 2,000	2,000		$ 2,000	2,000
Professional Fees	$ 500	$ 500		$ 1,000	$ 1,000
Directors designated by DFR Holdings			6
DFR Holdings LLC
Related Party Transaction [Line Items]
Percentage of CIFC Common Shares Outstanding	80.00%			80.00%
Percentage of CIFC Common Shares Diluted	70.00%			70.00%
CIFC FUNDING 2013-II - Board Member Investment
Related Party Transaction [Line Items]
Number of related Party investments in CIFC CLOs	1			1		1
Board Member ownership %	50.00%			50.00%		50.00%
CIFC Funds
Related Party Transaction [Line Items]
Related Party investments	$ 3,200			$ 3,200		$ 4,700
Aggregate related party investment in funds | item	4			4		4
Warrants | DFR Holdings LLC
Related Party Transaction [Line Items]
Class of warrant, outstanding | shares	2			2		2
Minimum [Member] | DFR Holdings LLC
Related Party Transaction [Line Items]
DRF holdings ownership percentage	5.00%			5.00%

COMMITMENTS AND CONTINGENCIES54

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Lease Commitments
Occupancy, Net	$ 0.4	$ 0.4	$ 0.8	$ 0.8
Consolidated Entities
Other Commitments and Contingencies
Unfunded investment commitments	$ 0.1		$ 0.1		$ 1

RULE S-X 3-10 BALANCE SHEET (De

RULE S-X 3-10 BALANCE SHEET (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016		Dec. 31, 2015		Jun. 30, 2015	Dec. 31, 2014
Cash and cash equivalents		$ 39,720		$ 57,968		$ 28,369	$ 59,290
Restricted cash and cash equivalents		1,694		1,694
Investments		94,483		70,696
Investment in subsidiaries		0		0
Receivables		9,191		7,075
Prepaid and other assets		1,885		1,973
Deferred tax assets, net		41,585		44,425
Equipment and improvements, net		4,323		4,866
Intangible assets, net		4,682		6,857
Goodwill		76,000		76,000
Subtotal		273,563		271,554
Assets		2,283,968		1,747,203
Due to brokers		2,253		61
Accrued and other liabilities		27,912		18,397
Contingent Liabilities		7,680		8,338
Long-term debt		156,313		156,161
Subtotal		194,158		182,957
Liabilities		2,104,589		1,568,401
Common Stock, Value, Issued		23		25
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		984,515		992,419
Retained earnings (deficit)		(813,249)		(821,491)
Stockholders' Equity Attributable to Parent		171,289		170,953
TOTAL EQUITY		179,379		178,802		202,674	521,902
TOTAL LIABILITIES AND EQUITY		2,283,968		1,747,203
Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		8,090		7,849
Parent Company [Member]
Cash and cash equivalents		620		0		0	0
Restricted cash and cash equivalents		0		0
Investments		0		0
Investment in subsidiaries		183,295		170,174
Receivables		0		785
Prepaid and other assets		0		0
Deferred tax assets, net		0		0
Equipment and improvements, net		0		0
Intangible assets, net		0		0
Goodwill		0		0
Subtotal		183,915		170,959
Assets		183,915		170,959
Due to brokers		0		0
Accrued and other liabilities		12,626		50
Contingent Liabilities		0		0
Long-term debt		0		0
Subtotal		12,626		50
Liabilities		12,626		50
Common Stock, Value, Issued		23		25
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		984,515		992,425
Retained earnings (deficit)		(813,249)		(821,541)
Stockholders' Equity Attributable to Parent		171,289		170,909
TOTAL EQUITY		171,289		170,909
TOTAL LIABILITIES AND EQUITY		183,915		170,959
Parent Company [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		0		0
Subsidiary Issuer [Member]
Cash and cash equivalents		76		1,392		963	2,157
Restricted cash and cash equivalents		0		0
Investments		0		0
Investment in subsidiaries		110,272		120,896
Receivables		4,434		295
Prepaid and other assets		721		1,621
Deferred tax assets, net		41,585		44,425
Equipment and improvements, net		0		0
Intangible assets, net		4,682		6,232
Goodwill		66,549		66,549
Subtotal		228,319		241,410
Assets		228,319		241,410
Due to brokers		0		61
Accrued and other liabilities		3,096		24,185
Contingent Liabilities		0		0
Long-term debt		156,313		156,161
Subtotal		159,409		180,407
Liabilities		159,409		180,407
Common Stock, Value, Issued		0		25
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		887,113		992,419
Retained earnings (deficit)		(818,203)		(931,441)
Stockholders' Equity Attributable to Parent		68,910		61,003
TOTAL EQUITY		68,910		61,003
TOTAL LIABILITIES AND EQUITY		228,319		241,410
Subsidiary Issuer [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		0		0
Guarantor Subsidiaries [Member]
Cash and cash equivalents		39,024		56,576		27,406	57,133
Restricted cash and cash equivalents		1,694		1,694
Investments		185,957		152,455
Investment in subsidiaries		128,737		61,004
Receivables		6,687		27,242
Prepaid and other assets		1,164		352
Deferred tax assets, net		0		0
Equipment and improvements, net		4,323		4,866
Intangible assets, net		0		625
Goodwill		9,451		9,451
Subtotal		377,037		314,265
Assets		377,037		314,265
Due to brokers		2,253		0
Accrued and other liabilities		13,709		14,808
Contingent Liabilities		7,680		8,338
Long-term debt		0		0
Subtotal		23,642		23,146
Liabilities		23,642		23,146
Common Stock, Value, Issued		0		0
Preferred Units, Preferred Partners' Capital Accounts		86,488	[1]	85,000	[2]
Additional paid-in capital		649,422		528,946
Retained earnings (deficit)		(382,515)		(322,827)
Stockholders' Equity Attributable to Parent		353,395		291,119
TOTAL EQUITY		353,395		291,119
TOTAL LIABILITIES AND EQUITY		377,037		314,265
Guarantor Subsidiaries [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		0		0
Non-Guarantor Subsidiaries [Member]
Cash and cash equivalents		0		0		0	0
Restricted cash and cash equivalents		0		0
Investments		0		0
Investment in subsidiaries		0		0
Receivables		0		0
Prepaid and other assets		0		0
Deferred tax assets, net		0		0
Equipment and improvements, net		0		0
Intangible assets, net		0		0
Goodwill		0		0
Subtotal		0		0
Assets		2,010,405		1,475,649
Due to brokers		0		0
Accrued and other liabilities		0		0
Contingent Liabilities		0		0
Long-term debt		0		0
Subtotal		0		0
Liabilities		1,967,293		1,434,586
Common Stock, Value, Issued		0		0
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		0		0
Retained earnings (deficit)		0		0
Stockholders' Equity Attributable to Parent		0		0
TOTAL EQUITY		43,112		41,063
TOTAL LIABILITIES AND EQUITY		2,010,405		1,475,649
Non-Guarantor Subsidiaries [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		43,112		41,063
Consolidation, Eliminations [Member]
Cash and cash equivalents		0		0		$ 0	$ 0
Restricted cash and cash equivalents		0		0
Investments		(91,474)		(81,759)
Investment in subsidiaries		(422,304)		(352,074)
Receivables		(1,930)		(21,247)
Prepaid and other assets		0		0
Deferred tax assets, net		0		0
Equipment and improvements, net		0		0
Intangible assets, net		0		0
Goodwill		0		0
Subtotal		(515,708)		(455,080)
Assets		(515,708)		(455,080)
Due to brokers		0		0
Accrued and other liabilities		(1,519)		(20,646)
Contingent Liabilities		0		0
Long-term debt		0		0
Subtotal		(1,519)		(20,646)
Liabilities		(58,381)		(69,788)
Common Stock, Value, Issued		0		(25)
Preferred Units, Preferred Partners' Capital Accounts		(86,488)	[1]	(85,000)	[2]
Additional paid-in capital		(1,536,535)		(1,521,371)
Retained earnings (deficit)		1,200,718		1,254,318
Stockholders' Equity Attributable to Parent		(422,305)		(352,078)
TOTAL EQUITY		(457,327)		(385,292)
TOTAL LIABILITIES AND EQUITY		(515,708)		(455,080)
Consolidation, Eliminations [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		(35,022)		(33,214)
CIFC Corp
Preferred Units, Contributed Capital		$ 85,000
CIFC Corp | Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage		3.50%
Consolidated Entities
Restricted cash and cash equivalents		$ 116,771		94,018
Due from brokers		37,599		25,910
Investments		1,850,562		1,351,403
Receivables		5,306		4,109
Prepaid and other assets		167		209
Assets	[3]	2,010,405		1,475,649
Due to brokers		91,347		71,603
Accrued and other liabilities		139		193
Interest payable		4,689		5,090
Long-term debt	[4]	1,814,256		1,308,558
Liabilities	[3]	1,910,431		1,385,444
Consolidated Entities | Parent Company [Member]
Restricted cash and cash equivalents		0		0
Due from brokers		0		0
Investments		0		0
Receivables		0		0
Prepaid and other assets		0		0
Assets	[3]	0		0
Due to brokers		0		0
Accrued and other liabilities		0		0
Interest payable		0		0
Long-term debt		0		0
Liabilities	[3]	0		0
Consolidated Entities | Subsidiary Issuer [Member]
Restricted cash and cash equivalents		0		0
Due from brokers		0		0
Investments		0		0
Receivables		0		0
Prepaid and other assets		0		0
Assets	[3]	0		0
Due to brokers		0		0
Accrued and other liabilities		0		0
Interest payable		0		0
Long-term debt		0		0
Liabilities	[3]	0		0
Consolidated Entities | Guarantor Subsidiaries [Member]
Restricted cash and cash equivalents		0		0
Due from brokers		0		0
Investments		0		0
Receivables		0		0
Prepaid and other assets		0		0
Assets	[3]	0		0
Due to brokers		0		0
Accrued and other liabilities		0		0
Interest payable		0		0
Long-term debt		0		0
Liabilities	[3]	0		0
Consolidated Entities | Non-Guarantor Subsidiaries [Member]
Restricted cash and cash equivalents		116,771		94,018
Due from brokers		37,599		25,910
Investments		1,850,562		1,351,403
Receivables		5,306		4,109
Prepaid and other assets		167		209
Assets	[3]	2,010,405		1,475,649
Due to brokers		91,347		71,603
Accrued and other liabilities		548		631
Interest payable		4,689		5,257
Long-term debt		1,870,709		1,357,095
Liabilities	[3]	1,967,293		1,434,586
Consolidated Entities | Consolidation, Eliminations [Member]
Restricted cash and cash equivalents		0		0
Due from brokers		0		0
Investments		0		0
Receivables		0		0
Prepaid and other assets		0		0
Assets	[3]	0		0
Due to brokers		0		0
Accrued and other liabilities		(409)		(438)
Interest payable		0		(167)
Long-term debt		(56,453)		(48,537)
Liabilities	[3]	$ (56,862)		$ (49,142)
[1]	CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5%.
[2]	CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5%.
[3]	The assets of the Consolidated Entities would not be available to the Company's general creditors, and as a result, the Company does not consider them its assets. Additionally, the investors in the debt and residual interests of the Consolidated Entities have no recourse to the Company's general assets. Therefore, this debt is not the Company's obligation.
[4]	The subordinated notes of the Consolidated CLOs do not have a stated interest rate and have been excluded from the calculation of the weighted average borrowing rate. As of June 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $151.7 million and $153.1 million of credit fund debt, respectively.

RULE S-X 3-10 STATEMENT OF OPER

RULE S-X 3-10 STATEMENT OF OPERATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Management & Incentive fees	$ 21,277,000	$ 20,598,000	$ 41,092,000	$ 42,212,000
Interest income from investments	1,162,000	2,227,000	2,095,000	4,834,000
Investment Income, Dividend	0		0
Total net revenues	47,248,000	25,860,000	86,986,000	52,837,000
Employee compensation and benefits	9,463,000	7,470,000	18,977,000	16,034,000
Share-based compensation	1,744,000	988,000	4,125,000	2,668,000
Professional Fees	1,685,000	1,795,000	3,757,000	3,722,000
General and administrative expenses	2,543,000	2,517,000	5,060,000	4,813,000
Depreciation and amortization	1,082,000	2,080,000	2,378,000	4,490,000
Impairment of intangible assets	0	462,000	531,000	742,000
Interest expense	1,999,000	800,000	3,956,000	1,294,000
Operating expenses	30,726,000	17,470,000	59,803,000	37,133,000
Net gain (loss) on investments	3,863,000	1,466,000	4,134,000	2,659,000
Net gain (loss) on liabilities	150,000	(577,000)	(214,000)	(1,290,000)
Net gain (loss) on investments in subsidiaries	0	0	0	0
Other Nonoperating Income (Expense)	4,253,000	3,104,000	(624,000)	4,559,000
Income (loss) before income taxes	20,775,000	11,494,000	26,559,000	20,263,000
Income Tax Expense (Benefit)	(2,868,000)	(9,828,000)	(4,146,000)	(12,915,000)
Net income (loss)	17,907,000	1,666,000	22,413,000	7,348,000
Net Income (Loss) Attributable to Parent	17,585,000	1,103,000	22,089,000	6,531,000
Parent Company [Member]
Management & Incentive fees	0	0	0	0
Interest income from investments	0	0	0	0
Investment Income, Dividend	0		0
Total net revenues	0	0	0	0
Employee compensation and benefits	0	0	0	0
Share-based compensation	149,000	0	279,000	0
Professional Fees	358,000	0	666,000	0
General and administrative expenses	161,000	0	295,000	0
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Interest expense	0	0	0	0
Operating expenses	668,000	0	1,240,000	0
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	0	0	0	0
Net gain (loss) on investments in subsidiaries	19,742,000	0	24,817,000	0
Other Nonoperating Income (Expense)	19,742,000	0	24,817,000	0
Income (loss) before income taxes	19,074,000	0	23,577,000	0
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	19,074,000	0	23,577,000	0
Net Income (Loss) Attributable to Parent	19,074,000	0	23,577,000	0
Subsidiary Issuer [Member]
Management & Incentive fees	0	0	0	0
Interest income from investments	0	0	0	0
Investment Income, Dividend	744,000		1,488,000
Total net revenues	744,000	0	1,488,000	0
Employee compensation and benefits	0	0	0	0
Share-based compensation	149,000	126,000	279,000	269,000
Professional Fees	331,000	923,000	1,216,000	2,001,000
General and administrative expenses	629,000	865,000	1,271,000	1,822,000
Depreciation and amortization	712,000	1,508,000	1,551,000	3,330,000
Impairment of intangible assets		462,000	0	742,000
Interest expense	1,999,000	800,000	3,956,000	1,294,000
Operating expenses	3,820,000	4,684,000	8,273,000	9,458,000
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	0	0	0	0
Net gain (loss) on investments in subsidiaries	9,123,000	15,615,000	14,985,000	28,904,000
Other Nonoperating Income (Expense)	9,123,000	15,615,000	14,985,000	28,904,000
Income (loss) before income taxes	6,047,000	10,931,000	8,200,000	19,446,000
Income Tax Expense (Benefit)	(2,868,000)	(9,828,000)	(4,146,000)	(12,915,000)
Net income (loss)	3,179,000	1,103,000	4,054,000	6,531,000
Net Income (Loss) Attributable to Parent	3,179,000	1,103,000	4,054,000	6,531,000
Guarantor Subsidiaries [Member]
Management & Incentive fees	23,530,000	20,817,000	45,051,000	42,650,000
Interest income from investments	3,556,000	2,105,000	6,774,000	4,840,000
Investment Income, Dividend	0		0
Total net revenues	27,086,000	22,922,000	51,825,000	48,313,000
Employee compensation and benefits	9,463,000	7,470,000	18,977,000	16,034,000
Share-based compensation	1,446,000	862,000	3,567,000	2,399,000
Professional Fees	996,000	872,000	1,875,000	1,721,000
General and administrative expenses	1,753,000	1,652,000	3,494,000	2,991,000
Depreciation and amortization	370,000	572,000	827,000	1,160,000
Impairment of intangible assets		0	531,000	0
Interest expense	0	0	0	0
Operating expenses	14,028,000	11,428,000	29,271,000	24,552,000
Net gain (loss) on investments	11,733,000	4,698,000	13,407,000	5,637,000
Net gain (loss) on liabilities	150,000	(577,000)	(214,000)	(1,290,000)
Net gain (loss) on investments in subsidiaries	3,173,000	0	4,045,000	0
Other Nonoperating Income (Expense)	15,056,000	4,121,000	17,238,000	5,143,000
Income (loss) before income taxes	28,114,000	15,615,000	39,792,000	28,904,000
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	28,114,000	15,615,000	39,792,000	28,904,000
Net Income (Loss) Attributable to Parent	28,114,000	15,615,000	39,792,000	28,904,000
Non-Guarantor Subsidiaries [Member]
Management & Incentive fees	0	0	0	0
Interest income from investments	0	0	0	0
Investment Income, Dividend	0		0
Total net revenues	24,809,000	3,035,000	43,799,000	4,968,000
Employee compensation and benefits	0	0	0	0
Share-based compensation	0	0	0	0
Professional Fees	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Interest expense	0	0	0	0
Operating expenses	14,487,000	1,577,000	25,176,000	3,561,000
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	0	0	0	0
Net gain (loss) on investments in subsidiaries	0	0	0	0
Other Nonoperating Income (Expense)	(8,610,000)	(478,000)	(16,496,000)	134,000
Income (loss) before income taxes	1,712,000	980,000	2,127,000	1,541,000
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	1,712,000	980,000	2,127,000	1,541,000
Net Income (Loss) Attributable to Parent	0	0	0	0
Consolidation, Eliminations [Member]
Management & Incentive fees	(2,253,000)	(219,000)	(3,959,000)	(438,000)
Interest income from investments	(2,394,000)	122,000	(4,679,000)	(6,000)
Investment Income, Dividend	(744,000)		(1,488,000)
Total net revenues	(5,391,000)	(97,000)	(10,126,000)	(444,000)
Employee compensation and benefits	0	0	0	0
Share-based compensation	0	0	0	0
Professional Fees	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Interest expense	0	0	0	0
Operating expenses	(2,277,000)	(219,000)	(4,157,000)	(438,000)
Net gain (loss) on investments	(7,870,000)	(3,232,000)	(9,273,000)	(2,978,000)
Net gain (loss) on liabilities	0	0	0	0
Net gain (loss) on investments in subsidiaries	(32,038,000)	(15,615,000)	(43,847,000)	(28,904,000)
Other Nonoperating Income (Expense)	(31,058,000)	(16,154,000)	(41,168,000)	(29,622,000)
Income (loss) before income taxes	(34,172,000)	(16,032,000)	(47,137,000)	(29,628,000)
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	(34,172,000)	(16,032,000)	(47,137,000)	(29,628,000)
Net Income (Loss) Attributable to Parent	(32,782,000)	(15,615,000)	(45,334,000)	(28,904,000)
Consolidated Entities
Interest income	24,809,000	3,035,000	43,799,000	5,791,000
Interest expense	11,601,000	923,000	20,022,000	1,667,000
Operating expenses	609,000	435,000	997,000	1,703,000
Net gain (loss) on investments	24,103,000	1,317,000	26,703,000	4,113,000
Net gain (loss) on liabilities	(23,863,000)	(406,000)	(31,247,000)	(2,665,000)
Net Gain (Loss) on other investments and derivatives	0	1,304,000	0	1,742,000
Consolidated Entities | Parent Company [Member]
Interest income	0	0	0	0
Interest expense	0	0	0	0
Operating expenses	0	0	0	0
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	0	0	0	0
Net Gain (Loss) on other investments and derivatives		0		0
Consolidated Entities | Subsidiary Issuer [Member]
Interest income	0	0	0	0
Interest expense	0	0	0	0
Operating expenses	0	0	0	0
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	0	0	0	0
Net Gain (Loss) on other investments and derivatives		0		0
Consolidated Entities | Guarantor Subsidiaries [Member]
Interest income	0	0	0	823,000
Interest expense	0	0	0	231,000
Operating expenses	0	0	0	16,000
Net gain (loss) on investments	0	0	0	796,000
Net gain (loss) on liabilities	0	0	0	0
Net Gain (Loss) on other investments and derivatives		0		0
Consolidated Entities | Non-Guarantor Subsidiaries [Member]
Interest income	24,809,000	3,035,000	43,799,000	4,968,000
Interest expense	11,622,000	923,000	20,217,000	1,436,000
Operating expenses	2,865,000	654,000	4,959,000	2,125,000
Net gain (loss) on investments	24,103,000	1,317,000	26,703,000	3,317,000
Net gain (loss) on liabilities	(32,713,000)	(3,099,000)	(43,199,000)	(4,925,000)
Net Gain (Loss) on other investments and derivatives		1,304,000		1,742,000
Consolidated Entities | Consolidation, Eliminations [Member]
Interest income	0	0	0	0
Interest expense	(21,000)	0	(195,000)	0
Operating expenses	(2,256,000)	(219,000)	(3,962,000)	(438,000)
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	8,850,000	2,693,000	11,952,000	2,260,000
Net Gain (Loss) on other investments and derivatives		0		0
Consolidated Funds
Net Income (Loss) Attributable to Noncontrolling Interest	(322,000)	(563,000)	(324,000)	(817,000)
Consolidated Funds | Parent Company [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	0
Consolidated Funds | Subsidiary Issuer [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	0
Consolidated Funds | Guarantor Subsidiaries [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	0
Consolidated Funds | Non-Guarantor Subsidiaries [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	(1,712,000)	(980,000)	(2,127,000)	(1,541,000)
Consolidated Funds | Consolidation, Eliminations [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1,390,000	$ 417,000	$ 1,803,000	$ 724,000

RULE S-X 3-10 STATEMENT OF COMP

RULE S-X 3-10 STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Guarantor Obligations [Line Items]
Net income (loss)	$ 17,907,000	$ 1,666,000	$ 22,413,000	$ 7,348,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	17,907,000	1,666,000	22,413,000	7,348,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	17,585,000	1,103,000	22,089,000	6,531,000
Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	(322,000)	(563,000)	(324,000)	(817,000)
Parent Company [Member]
Guarantor Obligations [Line Items]
Net income (loss)	19,074,000	0	23,577,000	0
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	19,074,000	0	23,577,000	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	19,074,000	0	23,577,000	0
Parent Company [Member] | Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	0
Subsidiary Issuer [Member]
Guarantor Obligations [Line Items]
Net income (loss)	3,179,000	1,103,000	4,054,000	6,531,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	3,179,000	1,103,000	4,054,000	6,531,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	3,179,000	1,103,000	4,054,000	6,531,000
Subsidiary Issuer [Member] | Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	0
Guarantor Subsidiaries [Member]
Guarantor Obligations [Line Items]
Net income (loss)	28,114,000	15,615,000	39,792,000	28,904,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	28,114,000	15,615,000	39,792,000	28,904,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	28,114,000	15,615,000	39,792,000	28,904,000
Guarantor Subsidiaries [Member] | Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	0
Non-Guarantor Subsidiaries [Member]
Guarantor Obligations [Line Items]
Net income (loss)	1,712,000	980,000	2,127,000	1,541,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	1,712,000	980,000	2,127,000	1,541,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	0	0	0	0
Non-Guarantor Subsidiaries [Member] | Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	(1,712,000)	(980,000)	(2,127,000)	(1,541,000)
Consolidation, Eliminations [Member]
Guarantor Obligations [Line Items]
Net income (loss)	(34,172,000)	(16,032,000)	(47,137,000)	(29,628,000)
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(34,172,000)	(16,032,000)	(47,137,000)	(29,628,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(32,782,000)	(15,615,000)	(45,334,000)	(28,904,000)
Consolidation, Eliminations [Member] | Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1,390,000	$ 417,000	$ 1,803,000	$ 724,000

RULE S-X 3-10 STATEMENT OF CASH

RULE S-X 3-10 STATEMENT OF CASH FLOWS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Net income (loss)	$ 17,907,000	$ 1,666,000	$ 22,413,000	$ 7,348,000
Amortization of debt issuance costs and other			152,000	45,000
Share-based compensation			4,125,000	2,668,000
Net (gain) loss on investments and contingent liabilities / other (gain) loss			(3,920,000)	(1,369,000)
Dividends, intercompany			0
Net gain (loss) on investments in subsidiaries	0	0	0	0
Depreciation and amortization	1,082,000	2,080,000	2,378,000	4,490,000
Impairment of intangible assets	0	462,000	531,000	742,000
Deferred income tax expense (benefit)	1,525,000	7,575,000	2,840,000	7,425,000
Excess tax benefits from share-based payment arrangements			263,000	(7,000)
Net (gain) loss on liabilities	(150,000)	577,000	214,000	1,290,000
Due from brokers			0	(62,000)
Receivables			(2,260,000)	(3,616,000)
Prepaid and other assets			88,000	(6,000)
Due to brokers			2,192,000	13,308,000
Accrued and Other Liabilities			(1,611,000)	(5,041,000)
Net cash provided by (used in) operating activities			8,033,000	(42,893,000)
Purchases of investments			(71,610,000)	(48,592,000)
Sales of investments			46,722,000	58,705,000
Intercompany investments in subsidiaries			0	0
Intercompany distributions from subsidiaries				0
Dividends, Preferred Stock			0
Purchases of equipment and improvements			(192,000)	(619,000)
Net cash provided by (used in) investing activities			(566,000)	(41,615,000)
Repurchases of common shares			(435,000)	(21,000)
Payments of Dividends			(13,847,000)	(5,060,000)
Intercompany contributions			0	0
Intercompany distributions			0	0
Proceeds from the exercise of options			241,000	121,000
Payments for tax from the delivery of restricted stock units			(267,000)	(265,000)
Payments on contingent liabilities			(1,311,000)	(2,904,000)
Excess tax benefits from share-based payment arrangements			(263,000)	7,000
Net cash provided by (used in) financing activities			(25,715,000)	53,587,000
Net Cash Provided by (Used in) Continuing Operations			(18,248,000)	(30,921,000)
Cash and cash equivalents	39,720,000	28,369,000	39,720,000	28,369,000	$ 57,968,000	$ 59,290,000
Parent Company [Member]
Net income (loss)	19,074,000	0	23,577,000	0
Amortization of debt issuance costs and other			0	0
Share-based compensation			279,000	0
Net (gain) loss on investments and contingent liabilities / other (gain) loss			0	0
Dividends, intercompany			(1,488,000)
Net gain (loss) on investments in subsidiaries	(19,742,000)	0	(24,817,000)	0
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Deferred income tax expense (benefit)			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net (gain) loss on liabilities	0	0	0	0
Due from brokers				0
Receivables			785,000	0
Prepaid and other assets			0	0
Due to brokers			0	0
Accrued and Other Liabilities			982,000	0
Net cash provided by (used in) operating activities			(682,000)	0
Purchases of investments			0	0
Sales of investments			0	0
Intercompany investments in subsidiaries			(15,610,000)	0
Intercompany distributions from subsidiaries				0
Dividends, Preferred Stock			0
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			15,610,000	0
Repurchases of common shares			(435,000)	0
Payments of Dividends			(13,847,000)	0
Intercompany contributions			0	0
Intercompany distributions			0	0
Proceeds from the exercise of options			241,000	0
Payments for tax from the delivery of restricted stock units			(267,000)	0
Payments on contingent liabilities			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net cash provided by (used in) financing activities			(14,308,000)	0
Net Cash Provided by (Used in) Continuing Operations			620,000	0
Cash and cash equivalents	620,000	0	620,000	0	0	0
Subsidiary Issuer [Member]
Net income (loss)	3,179,000	1,103,000	4,054,000	6,531,000
Amortization of debt issuance costs and other			152,000	45,000
Share-based compensation			279,000	269,000
Net (gain) loss on investments and contingent liabilities / other (gain) loss			0	0
Dividends, intercompany			0
Net gain (loss) on investments in subsidiaries	(9,123,000)	(15,615,000)	(14,985,000)	(28,904,000)
Depreciation and amortization	712,000	1,508,000	1,551,000	3,330,000
Impairment of intangible assets		462,000	0	742,000
Deferred income tax expense (benefit)			2,840,000	7,425,000
Excess tax benefits from share-based payment arrangements			263,000	(7,000)
Net (gain) loss on liabilities	0	0	0	0
Due from brokers				0
Receivables			(3,860,000)	(2,516,000)
Prepaid and other assets			905,000	972,000
Due to brokers			(61,000)	0
Accrued and Other Liabilities			(21,355,000)	26,000
Net cash provided by (used in) operating activities			(30,217,000)	(12,087,000)
Purchases of investments			0	0
Sales of investments			0	0
Intercompany investments in subsidiaries			(25,601,000)	(97,873,000)
Intercompany distributions from subsidiaries				113,984,000
Dividends, Preferred Stock			0
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			25,601,000	16,111,000
Repurchases of common shares			0	(21,000)
Payments of Dividends			0	(5,060,000)
Intercompany contributions			3,563,000	0
Intercompany distributions			0	0
Proceeds from the exercise of options			0	121,000
Payments for tax from the delivery of restricted stock units			0	(265,000)
Payments on contingent liabilities			0	0
Excess tax benefits from share-based payment arrangements			(263,000)	7,000
Net cash provided by (used in) financing activities			3,300,000	(5,218,000)
Net Cash Provided by (Used in) Continuing Operations			(1,316,000)	(1,194,000)
Cash and cash equivalents	76,000	963,000	76,000	963,000	1,392,000	2,157,000
Guarantor Subsidiaries [Member]
Net income (loss)	28,114,000	15,615,000	39,792,000	28,904,000
Amortization of debt issuance costs and other			0	0
Share-based compensation			3,567,000	2,399,000
Net (gain) loss on investments and contingent liabilities / other (gain) loss			(13,193,000)	(4,347,000)
Dividends, intercompany			0
Net gain (loss) on investments in subsidiaries	(3,173,000)	0	(4,045,000)	0
Depreciation and amortization	370,000	572,000	827,000	1,160,000
Impairment of intangible assets		0	531,000	0
Deferred income tax expense (benefit)			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net (gain) loss on liabilities	(150,000)	577,000	214,000	1,290,000
Due from brokers				(62,000)
Receivables			20,567,000	(1,106,000)
Prepaid and other assets			(817,000)	(978,000)
Due to brokers			2,253,000	13,308,000
Accrued and Other Liabilities			(654,000)	(5,067,000)
Net cash provided by (used in) operating activities			48,828,000	32,089,000
Purchases of investments			(84,054,000)	(101,881,000)
Sales of investments			63,954,000	58,945,000
Intercompany investments in subsidiaries			(3,859,000)	0
Intercompany distributions from subsidiaries				0
Dividends, Preferred Stock			(1,488,000)
Purchases of equipment and improvements			(192,000)	(619,000)
Net cash provided by (used in) investing activities			(24,151,000)	(42,800,000)
Repurchases of common shares			0	0
Payments of Dividends			0	0
Intercompany contributions			25,629,000	130,722,000
Intercompany distributions			(65,059,000)	(146,834,000)
Proceeds from the exercise of options			0	0
Payments for tax from the delivery of restricted stock units			0	0
Payments on contingent liabilities			(1,311,000)	(2,904,000)
Excess tax benefits from share-based payment arrangements			0	0
Net cash provided by (used in) financing activities			(42,229,000)	(19,016,000)
Net Cash Provided by (Used in) Continuing Operations			(17,552,000)	(29,727,000)
Cash and cash equivalents	39,024,000	27,406,000	39,024,000	27,406,000	56,576,000	57,133,000
Non-Guarantor Subsidiaries [Member]
Net income (loss)	1,712,000	980,000	2,127,000	1,541,000
Amortization of debt issuance costs and other			0	0
Share-based compensation			0	0
Net (gain) loss on investments and contingent liabilities / other (gain) loss			0	0
Dividends, intercompany			0
Net gain (loss) on investments in subsidiaries	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Deferred income tax expense (benefit)			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net (gain) loss on liabilities	0	0	0	0
Due from brokers				0
Receivables			0	0
Prepaid and other assets			0	0
Due to brokers			0	0
Accrued and Other Liabilities			0	0
Net cash provided by (used in) operating activities			(5,415,000)	(62,889,000)
Purchases of investments			0	0
Sales of investments			0	0
Intercompany investments in subsidiaries			0	0
Intercompany distributions from subsidiaries				0
Dividends, Preferred Stock			0
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			24,514,000	(51,864,000)
Repurchases of common shares			0	0
Payments of Dividends			0	0
Intercompany contributions			0	0
Intercompany distributions			0	0
Proceeds from the exercise of options			0	0
Payments for tax from the delivery of restricted stock units			0	0
Payments on contingent liabilities			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net cash provided by (used in) financing activities			(19,099,000)	114,753,000
Net Cash Provided by (Used in) Continuing Operations			0	0
Cash and cash equivalents	0	0	0	0	0	0
Consolidation, Eliminations [Member]
Net income (loss)	(34,172,000)	(16,032,000)	(47,137,000)	(29,628,000)
Amortization of debt issuance costs and other			0	0
Share-based compensation			0	0
Net (gain) loss on investments and contingent liabilities / other (gain) loss			9,273,000	2,978,000
Dividends, intercompany			1,488,000
Net gain (loss) on investments in subsidiaries	32,038,000	15,615,000	43,847,000	28,904,000
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Deferred income tax expense (benefit)			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net (gain) loss on liabilities	0	0	0	0
Due from brokers				0
Receivables			(19,752,000)	6,000
Prepaid and other assets			0	0
Due to brokers			0	0
Accrued and Other Liabilities			19,416,000	0
Net cash provided by (used in) operating activities			(4,481,000)	(6,000)
Purchases of investments			12,444,000	53,289,000
Sales of investments			(17,232,000)	(240,000)
Intercompany investments in subsidiaries			(37,352,000)	97,873,000
Intercompany distributions from subsidiaries				(113,984,000)
Dividends, Preferred Stock			1,488,000
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			(42,140,000)	36,938,000
Repurchases of common shares			0	0
Payments of Dividends			0	0
Intercompany contributions			(29,192,000)	(130,722,000)
Intercompany distributions			65,059,000	146,834,000
Proceeds from the exercise of options			0	0
Payments for tax from the delivery of restricted stock units			0	0
Payments on contingent liabilities			0	0
Excess tax benefits from share-based payment arrangements			0	0
Net cash provided by (used in) financing activities			46,621,000	(36,932,000)
Net Cash Provided by (Used in) Continuing Operations			0	0
Cash and cash equivalents	0	0	0	0	$ 0	$ 0
Consolidated Entities
Net (gain) loss on investments			(26,703,000)	(4,113,000)
Net (gain) loss on liabilities	23,863,000	406,000	31,247,000	2,665,000
Net other (gain) loss			0	(1,742,000)
Due from brokers			(667,000)	(1,182,000)
Purchases of investments			(406,538,000)	(244,892,000)
Sales of investments			375,057,000	142,864,000
Receivables			(42,000)	(595,000)
Due to brokers			11,280,000	37,569,000
Accrued and Other Liabilities			(153,000)	196,000
Interest payable			(2,639,000)	412,000
Change in restricted cash and cash equivalents			24,514,000	(51,109,000)
Contributions from noncontrolling interests			0	16,100,000
Distributions to noncontrolling interests			(83,000)	(970,000)
Proceeds from issuance of long-term debt			3,846,000	125,400,000
Repayments of Long-term Debt	0		(13,596,000)	(78,821,000)
Consolidated Entities | Parent Company [Member]
Net (gain) loss on investments			0	0
Net (gain) loss on liabilities	0	0	0	0
Net other (gain) loss				0
Due from brokers			0	0
Purchases of investments			0	0
Sales of investments			0	0
Receivables			0	0
Due to brokers			0	0
Accrued and Other Liabilities			0	0
Interest payable			0	0
Change in restricted cash and cash equivalents			0	0
Contributions from noncontrolling interests				0
Distributions to noncontrolling interests			0	0
Proceeds from issuance of long-term debt			0	0
Repayments of Long-term Debt			0	0
Consolidated Entities | Subsidiary Issuer [Member]
Net (gain) loss on investments			0	0
Net (gain) loss on liabilities	0	0	0	0
Net other (gain) loss				0
Due from brokers			0	0
Purchases of investments			0	0
Sales of investments			0	0
Receivables			0	0
Due to brokers			0	0
Accrued and Other Liabilities			0	0
Interest payable			0	0
Change in restricted cash and cash equivalents			0	0
Contributions from noncontrolling interests				0
Distributions to noncontrolling interests			0	0
Proceeds from issuance of long-term debt			0	0
Repayments of Long-term Debt			0	0
Consolidated Entities | Guarantor Subsidiaries [Member]
Net (gain) loss on investments			0	(796,000)
Net (gain) loss on liabilities	0	0	0	0
Net other (gain) loss				0
Due from brokers			0	14,459,000
Purchases of investments			0	(55,012,000)
Sales of investments			0	47,462,000
Receivables			0	(352,000)
Due to brokers			0	(7,882,000)
Accrued and Other Liabilities			0	7,000
Interest payable			0	(8,000)
Change in restricted cash and cash equivalents			0	755,000
Contributions from noncontrolling interests				0
Distributions to noncontrolling interests			0	0
Proceeds from issuance of long-term debt			0	0
Repayments of Long-term Debt			0	0
Consolidated Entities | Non-Guarantor Subsidiaries [Member]
Net (gain) loss on investments			(26,703,000)	(3,317,000)
Net (gain) loss on liabilities	32,713,000	3,099,000	43,199,000	4,925,000
Net other (gain) loss				(1,742,000)
Due from brokers			(667,000)	(15,641,000)
Purchases of investments			(406,538,000)	(189,880,000)
Sales of investments			375,057,000	95,402,000
Receivables			(42,000)	(243,000)
Due to brokers			11,280,000	45,451,000
Accrued and Other Liabilities			(257,000)	195,000
Interest payable			(2,871,000)	420,000
Change in restricted cash and cash equivalents			24,514,000	(51,864,000)
Contributions from noncontrolling interests				18,713,000
Distributions to noncontrolling interests			(83,000)	(970,000)
Proceeds from issuance of long-term debt			5,244,000	125,076,000
Repayments of Long-term Debt			(24,260,000)	(28,066,000)
Consolidated Entities | Consolidation, Eliminations [Member]
Net (gain) loss on investments			0	0
Net (gain) loss on liabilities	$ (8,850,000)	$ (2,693,000)	(11,952,000)	(2,260,000)
Net other (gain) loss				0
Due from brokers			0	0
Purchases of investments			0	0
Sales of investments			0	0
Receivables			0	0
Due to brokers			0	0
Accrued and Other Liabilities			104,000	(6,000)
Interest payable			232,000	0
Change in restricted cash and cash equivalents			0	0
Contributions from noncontrolling interests				(2,613,000)
Distributions to noncontrolling interests			0	0
Proceeds from issuance of long-term debt			(1,398,000)	324,000
Repayments of Long-term Debt			$ 10,664,000	$ (50,755,000)