Cifc 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 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	Sep. 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		23,702,444
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Well-known Seasoned Issuer
Entity Voluntary Filers
Common shares issued	23,641,036		25,314,756

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents		$ 38,843	$ 57,968	$ 31,083	$ 59,290
Restricted cash and cash equivalents		1,694	1,694
Investment in subsidiaries		0	0
Investments		111,906	70,696
Receivables		11,373	7,075
Prepaid and other assets		875	1,973
Deferred tax assets, net		41,404	44,425
Equipment and improvements, net		4,031	4,866
Intangible assets, net		4,141	6,857
Goodwill		76,000	76,000
Subtotal		290,267	271,554
Assets		2,282,471	1,747,203
LIABILITIES
Due to brokers		0	61
Accrued and other liabilities		37,938	18,397
Contingent Liabilities		7,694	8,338
Long-term debt		156,234	156,161
Subtotal		201,866	182,957
Liabilities		2,085,642	1,568,401
EQUITY
Common Stock, Value, Issued		24	25
Additional paid-in capital		986,520	992,419
Retained earnings (deficit)		(798,160)	(821,491)
Stockholders' Equity Attributable to Parent		188,384	170,953
TOTAL EQUITY		196,829	178,802	$ 190,212	$ 521,902
TOTAL LIABILITIES AND EQUITY		2,282,471	1,747,203
Consolidated Funds
EQUITY
Noncontrolling interests in Consolidated Funds (Note 2)		8,445	7,849
Consolidated Entities
ASSETS
Restricted cash and cash equivalents		108,681	94,018
Due from brokers		33,990	25,910
Investments		1,843,268	1,351,403
Receivables		6,118	4,109
Prepaid and other assets		147	209
Assets	[1]	1,992,204	1,475,649
LIABILITIES
Due to brokers		80,054	71,603
Accrued and other liabilities		150	193
Interest payable		4,903	5,090
Long-term debt	[2]	1,798,669	1,308,558
Liabilities	[1]	$ 1,883,776	$ 1,385,444
[1]	The assets of the Consolidated Entities are not 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, debt of the Consolidated Entities 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 September 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $152.2 million and $153.1 million of credit fund debt, respectively.

CONSOLIDATED BALANCE SHEETS (VI

CONSOLIDATED BALANCE SHEETS (VIE) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Restricted cash and cash equivalents		$ 1,694	$ 1,694
Investments		111,906	70,696
Receivables		11,373	7,075
Prepaid and other assets		875	1,973
Assets		2,282,471	1,747,203
Due to brokers		0	61
Accrued and other liabilities		37,938	18,397
Long-term debt		156,234	156,161
Liabilities		2,085,642	1,568,401
Consolidated Entities
Restricted cash and cash equivalents		108,681	94,018
Due from brokers		33,990	25,910
Investments		1,843,268	1,351,403
Receivables		6,118	4,109
Prepaid and other assets		147	209
Assets	[1]	1,992,204	1,475,649
Due to brokers		80,054	71,603
Accrued and other liabilities		150	193
Interest payable		4,903	5,090
Long-term debt	[2]	1,798,669	1,308,558
Liabilities	[1]	$ 1,883,776	$ 1,385,444
[1]	The assets of the Consolidated Entities are not 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, debt of the Consolidated Entities 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 September 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $152.2 million and $153.1 million of credit fund debt, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	23,641,036	25,314,756
Common stock, shares outstanding	23,641,036	25,314,756
Treasury stock, shares	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Management & Incentive fees		$ 14,609	$ 19,254	$ 55,701	$ 61,466
Interest income from investments		1,299	1,115	3,394	5,949
Total net revenues		40,707	24,512	127,693	77,349
Expenses
Employee compensation and benefits		10,472	7,513	29,449	23,547
Share-based compensation		1,505	1,166	5,630	3,834
Professional Fees		5,228	2,912	8,985	6,634
General and administrative expenses		2,434	2,413	7,494	7,226
Depreciation and amortization		917	1,769	3,295	6,259
Impairment of intangible assets		0	461	531	1,203
Interest expense		2,004	962	5,960	2,256
Operating expenses		35,098	27,348	94,901	64,481
Other Income (Expense) and Gain (Loss)
Net gain (loss) on investments		12,321	(2,615)	16,455	45
Net gain (loss) on liabilities		(237)	(502)	(451)	(1,792)
Net other gain (loss)		11,150	4,647	10,526	9,206
Net income (loss)
Income (loss) before income taxes		16,759	1,811	43,318	22,074
Income Tax Expense (Benefit)		1,267	(526)	(2,879)	(13,441)
Net income (loss)		18,026	1,285	40,439	8,633
Net Income (Loss) Attributable to Parent		$ 17,671	$ 1,469	$ 39,760	$ 8,000
Earnings (loss) per share
Earnings Per Share, Basic	[1]	$ 0.75	$ 0.06	$ 1.63	$ 0.32
Earnings (loss) per share, Diluted	[1]	$ 0.67	$ 0.06	$ 1.52	$ 0.30
Weighted-average number of shares outstanding -
Weighted Average Number of Shares Outstanding, Basic	[1]	23,620,492	25,367,832	24,354,474	25,316,796
Weighted Average Number of Shares Outstanding, Diluted	[1]	26,200,942	26,464,883	26,087,936	26,493,549
Common Stock, Dividends, Per Share, Declared		$ 0.10	$ 0.10	$ 0.69	$ 0.30
Consolidated Funds
Net income (loss)
Net Income (Loss) Attributable to Noncontrolling Interest		$ (355)	$ 184	$ (679)	$ (633)
Consolidated Entities
Revenues
Interest income		24,799	4,143	68,598	9,934
Expenses
Interest expense		11,830	1,587	31,852	3,254
Operating expenses		708	8,565	1,705	10,268
Other Income (Expense) and Gain (Loss)
Net gain (loss) on investments		28,954	(4,642)	55,657	(529)
Net gain (loss) on liabilities		(29,888)	11,178	(61,135)	8,512
Net Gain (Loss) on other investments and derivatives		$ 0	$ 1,228	$ 0	$ 2,970
[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 nine months ended September 30, 2016, would be 23,474,432 and 25,207,793, respectively, and earnings per share basic and diluted would be $1.69 and $1.58, respectively (Note 10).

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income (loss)	$ 18,026	$ 1,285	$ 40,439	$ 8,633
Comprehensive income (loss)	18,026	1,285	40,439	8,633
Other comprehensive income (loss)	0	0	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	17,671	1,469	39,760	8,000
Consolidated Funds
Net Income (Loss) Attributable to Noncontrolling Interest	$ (355)	$ 184	$ (679)	$ (633)

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)	8,633	8,000						8,000	633	0
Dissenting shares value, estimated							0
Extension of warrant	350	350					350
Share-based compensation, net	3,570	3,570					3,570
Exercise of options	128	128					128
Repurchases of common stock, shares			(35,000)	35,000
Repurchases of common shares	(246)	(246)				(246)
Share-based compensation, net			168,000
Exercised options Shares			25,000
Contribution from noncontrolling interests	16,100								16,100
Distributions to noncontrolling interests	(13,470)								(13,470)
Dividends	(7,598)	(7,598)						(7,598)
Ending Balance at Sep. 30, 2015	$ 190,212	180,524			25	(1,160)	992,952	(811,293)	9,688	0
Treasury stock, shares at Sep. 30, 2015				165,000
Ending Balance, Common shares at Sep. 30, 2015			25,351,000
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)	40,439	39,760						39,760	679	0
Dissenting shares			(2,026,000)
Dissenting shares value, estimated	(11,307)	(11,307)			(2)		(11,305)
Share-based compensation, net	5,177	5,177					5,394
Dividends, Share-based Compensation								(218)
Exercise of options	447	447					447
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)
Share-based compensation, net			327,000
Stock Granted, Value, Share-based Compensation, Net of Forfeitures					1
Exercised options Shares			100,000
Distributions to noncontrolling interests	(83)								(83)
Dividends	(16,211)	(16,211)						(16,211)
Ending Balance at Sep. 30, 2016	$ 196,829	$ 188,384			$ 24	$ 0	$ 986,520	$ (798,160)	$ 8,445	$ 0
Treasury Stock, Shares, Retired			(75,000)	(75,000)
Treasury stock, shares at Sep. 30, 2016	0			0
Ending Balance, Common shares at Sep. 30, 2016			23,641,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 40,439	$ 8,633
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs and other	240	67
Share-based compensation	5,630	3,834
Net (gain) loss on investments and contingent liabilities / other (gain) loss	(16,004)	1,747
Depreciation and amortization	3,295	6,259
Impairment of intangible assets	531	1,203
Deferred income tax expense (benefit)	3,021	7,296
Excess tax benefits from share-based payment arrangements	220	(7)
Net gain (loss) on liabilities	451	1,792
Changes in operating assets and liabilities:
Due from brokers	0	(62)
Receivables	(4,442)	(5,253)
Prepaid and other assets	1,098	991
Due to brokers	(61)	2,692
Accrued and Other Liabilities	8,502	(11)
Net cash provided by (used in) operating activities	52,244	(374,597)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(92,711)	(66,256)
Sales of investments	62,677	71,662
Purchases of equipment and improvements	(277)	(802)
Net cash provided by (used in) investing activities	2,293	(206,301)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common shares	(435)	(246)
Payments of Debt Issuance Costs	(167)	(75)
Payments of Dividends	(16,211)	(7,598)
Proceeds from Other Equity	0	350
Proceeds from the exercise of options	483	121
Payments for tax from the delivery of restricted stock units	(270)	(265)
Payments on contingent liabilities	(1,534)	(3,599)
Excess tax benefits from share-based payment arrangements	(220)	7
Net cash provided by (used in) financing activities	(73,662)	552,691
Net increase (decrease) in cash and cash equivalents	(19,125)	(28,207)
Cash and cash equivalents	57,968	59,290
Cash and cash equivalents	38,843	31,083
SUPPLEMENTAL DISCLOSURE:
Cash paid for interest	4,733	1,879
Cash paid for income taxes	4,620	9,400
Dissenting shares value, estimated	11,307
Exercise of share options and RSUs	263	0
Additional Paid-in Capital [Member]
SUPPLEMENTAL DISCLOSURE:
Dissenting shares value, estimated	11,305	0
Consolidated Entities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net (gain) loss on investments	(55,657)	529
Net gain (loss) on liabilities	61,135	(8,512)
Net other (gain) loss	0	(2,970)
Changes in operating assets and liabilities:
Due from brokers	2,942	(15,264)
Purchases of investments	(610,716)	(809,811)
Sales of investments	615,484	336,749
Receivables	(833)	(4,137)
Due to brokers	(13)	100,650
Accrued and Other Liabilities	(142)	(114)
Interest payable	(2,425)	894
CASH FLOWS FROM INVESTING ACTIVITIES:
Change in restricted cash and cash equivalents	32,604	(210,905)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interests	0	16,100
Distributions to noncontrolling interests	(83)	(13,470)
Proceeds from issuance of long-term debt	68	569,753
Payments made on long-term debt	(55,293)	(8,387)
SUPPLEMENTAL DISCLOSURE:
Cash paid for interest	52,143	5,257
Non-cash net assets consolidated during the period	13,696	0
Deconsolidation of net assets	(8,236)	(22,578)
Paid-in-Kind Interest	$ 55	$ 89

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 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. Pending Strategic Transaction —On August 19, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with F.A.B. Holdings I LP, a limited partnership organized and existing under the laws of Delaware (“Parent”), and CIFC Acquisition, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub”), providing for the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent. The Merger Agreement and the consummation of the transactions contemplated by the Merger Agreement have been approved by the Company’s board of directors. At the effective time of the Merger (the “Effective Time”), each common share, par value $0.001 per share, of the Company issued and outstanding immediately prior to the Effective Time, will be converted into the right to receive $11.36 in cash, without interest (the “Merger Consideration”), other than (i) common shares held by Parent, Merger Sub or the Company or any of their respective direct or indirect wholly owned subsidiaries (other than shares held by any subsidiary of the Company, which shall remain outstanding with appropriate adjustment to the number thereof to preserve its relative interest in the Company), (ii) common shares held by a holder who has properly exercised dissenters’ rights with respect to such common shares in accordance with Section 262 of the General Corporation Law of the State of Delaware and (iii) the Rollover Shares (as defined below). Pursuant to the Merger Agreement, each option to purchase common shares granted under the Company’s compensation plans that is outstanding, or by the terms of the award agreement is being treated as outstanding, immediately prior to the Effective Time, will, as of the Effective Time, become fully vested and will be cancelled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of common shares subject to such option and (ii) the excess, if any, of the Merger Consideration over the per share exercise price of such option. In addition, each award of restricted share units relating to common shares that is outstanding, or by the terms of the award agreement is being treated as outstanding, immediately prior to the Effective Time, will, as of the Effective Time, become fully vested, free of restrictions and will be cancelled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of common shares subject to such award and (ii) the Merger Consideration. Any such restricted share unit award that becomes vested based on the achievement of performance goals will be treated as if the maximum level of performance was achieved for purposes of determining the number of common shares subject to such award (other than performance goals based on the amount of the Merger Consideration, in which case the level of achievement will be based on the amount of the Merger Consideration). Furthermore, the warrant to acquire common shares shall, as of the Effective Time, be redeemed or canceled in exchange for the right to receive (a) an amount in cash, without interest, equal to the product of (i) the aggregate number of common shares such warrant is exercisable into (the "Warrant Shares"), multiplied by (ii) the excess, if any, of the Merger Consideration over the per share exercise price of such warrant and (b) accrued dividends, and future dividends made prior to the closing, in respect of the Warrant Shares. Notwithstanding the foregoing, certain of our employees have entered into rollover agreements with Parent pursuant to which certain of their equity will be rolled over into Parent (the “Rollover Shares”), including that certain of their restricted share units that are scheduled to vest on or after January 1, 2017 will not become vested or settled in connection with the Merger and instead will be assumed by Parent and will continue to vest in accordance with such restricted share units' regular vesting schedule (subject to acceleration or forfeiture upon certain terminations of employment). The Merger Agreement contains certain customary termination rights for the Company and Parent including, among others, the right to terminate in the event that the Merger has not been consummated on or before January 31, 2017. Additionally, the Company has agreed to pay Parent a termination fee of 13,332,000 in cash upon termination of the Merger Agreement under certain specified circumstances, including in connection with a termination of the Merger Agreement by the Company to enter into a Superior Proposal, as defined in the Merger Agreement, or a change in the Company’s board of director’s recommendation that the Company’s shareholders vote for the Merger. As of October 31, 2016, the Company has obtained sufficient consents under its investment advisory agreements to the deemed assignment of those agreements resulting from the change in control that will take place upon the closing of the Merger from the Company's fund clients and other clients, as required by the Merger Agreement. Consummation of the Merger is subject to certain other conditions, including the receipt of the necessary approval from the Company’s shareholders and other customary closing conditions. The Merger is expected to close shortly after the annual meeting of the Company's shareholders, which is scheduled for November 16, 2016, at 10:00 a.m. Eastern time. The Merger Agreement contains representations and warranties customary for transactions of this type. The Company has agreed to various customary covenants and agreements, including, among others, agreements to conduct its business in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time, not to engage in certain kinds of transactions during this period, and to convene and hold a meeting of its shareholders for the purpose of approving the Merger Agreement. Concurrent with and as a condition to Parent entering into the Merger Agreement and incurring the obligations set forth therein, DFR Holdings, LLC (“DRF Holdings”) entered into a Voting Agreement with Parent and the Company with respect to all common shares beneficially owned by DFR Holdings, together with any other voting securities of the Company and any securities convertible into or exercisable or exchangeable for common shares or other voting securities of the Company, pursuant to which DFR Holdings agrees, inter alia, to vote in favor of the Merger and the approval of the Merger Agreement, subject to certain exceptions. DFR Holdings beneficially owns approximately 80% of the outstanding common shares of the Company.
Strategic Transaction	Pending Strategic Transaction —On August 19, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with F.A.B. Holdings I LP, a limited partnership organized and existing under the laws of Delaware (“Parent”), and CIFC Acquisition, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub”), providing for the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent. The Merger Agreement and the consummation of the transactions contemplated by the Merger Agreement have been approved by the Company’s board of directors. At the effective time of the Merger (the “Effective Time”), each common share, par value $0.001 per share, of the Company issued and outstanding immediately prior to the Effective Time, will be converted into the right to receive $11.36 in cash, without interest (the “Merger Consideration”), other than (i) common shares held by Parent, Merger Sub or the Company or any of their respective direct or indirect wholly owned subsidiaries (other than shares held by any subsidiary of the Company, which shall remain outstanding with appropriate adjustment to the number thereof to preserve its relative interest in the Company), (ii) common shares held by a holder who has properly exercised dissenters’ rights with respect to such common shares in accordance with Section 262 of the General Corporation Law of the State of Delaware and (iii) the Rollover Shares (as defined below). Pursuant to the Merger Agreement, each option to purchase common shares granted under the Company’s compensation plans that is outstanding, or by the terms of the award agreement is being treated as outstanding, immediately prior to the Effective Time, will, as of the Effective Time, become fully vested and will be cancelled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of common shares subject to such option and (ii) the excess, if any, of the Merger Consideration over the per share exercise price of such option. In addition, each award of restricted share units relating to common shares that is outstanding, or by the terms of the award agreement is being treated as outstanding, immediately prior to the Effective Time, will, as of the Effective Time, become fully vested, free of restrictions and will be cancelled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the aggregate number of common shares subject to such award and (ii) the Merger Consideration. Any such restricted share unit award that becomes vested based on the achievement of performance goals will be treated as if the maximum level of performance was achieved for purposes of determining the number of common shares subject to such award (other than performance goals based on the amount of the Merger Consideration, in which case the level of achievement will be based on the amount of the Merger Consideration). Furthermore, the warrant to acquire common shares shall, as of the Effective Time, be redeemed or canceled in exchange for the right to receive (a) an amount in cash, without interest, equal to the product of (i) the aggregate number of common shares such warrant is exercisable into (the "Warrant Shares"), multiplied by (ii) the excess, if any, of the Merger Consideration over the per share exercise price of such warrant and (b) accrued dividends, and future dividends made prior to the closing, in respect of the Warrant Shares. Notwithstanding the foregoing, certain of our employees have entered into rollover agreements with Parent pursuant to which certain of their equity will be rolled over into Parent (the “Rollover Shares”), including that certain of their restricted share units that are scheduled to vest on or after January 1, 2017 will not become vested or settled in connection with the Merger and instead will be assumed by Parent and will continue to vest in accordance with such restricted share units' regular vesting schedule (subject to acceleration or forfeiture upon certain terminations of employment). The Merger Agreement contains certain customary termination rights for the Company and Parent including, among others, the right to terminate in the event that the Merger has not been consummated on or before January 31, 2017. Additionally, the Company has agreed to pay Parent a termination fee of 13,332,000 in cash upon termination of the Merger Agreement under certain specified circumstances, including in connection with a termination of the Merger Agreement by the Company to enter into a Superior Proposal, as defined in the Merger Agreement, or a change in the Company’s board of director’s recommendation that the Company’s shareholders vote for the Merger. As of October 31, 2016, the Company has obtained sufficient consents under its investment advisory agreements to the deemed assignment of those agreements resulting from the change in control that will take place upon the closing of the Merger from the Company's fund clients and other clients, as required by the Merger Agreement. Consummation of the Merger is subject to certain other conditions, including the receipt of the necessary approval from the Company’s shareholders and other customary closing conditions. The Merger is expected to close shortly after the annual meeting of the Company's shareholders, which is scheduled for November 16, 2016, at 10:00 a.m. Eastern time. The Merger Agreement contains representations and warranties customary for transactions of this type. The Company has agreed to various customary covenants and agreements, including, among others, agreements to conduct its business in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time, not to engage in certain kinds of transactions during this period, and to convene and hold a meeting of its shareholders for the purpose of approving the Merger Agreement. Concurrent with and as a condition to Parent entering into the Merger Agreement and incurring the obligations set forth therein, DFR Holdings, LLC (“DRF Holdings”) entered into a Voting Agreement with Parent and the Company with respect to all common shares beneficially owned by DFR Holdings, together with any other voting securities of the Company and any securities convertible into or exercisable or exchangeable for common shares or other voting securities of the Company, pursuant to which DFR Holdings agrees, inter alia, to vote in favor of the Merger and the approval of the Merger Agreement, subject to certain exceptions. DFR Holdings beneficially owns approximately 80% of the outstanding common shares of the Company.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Notes)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 of CIFC Corp. During the third quarter of 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 (or January 1, 2015). Further, the Condensed Consolidated Financial Statements and the related notes for the three and nine months ended September 30, 2015 have been re-presented to reflect a detailed break-out of line items previously included within Net results of Consolidated Entities on the Condensed Consolidated Statements of Operations. 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 September 30, 2016 and December 31, 2015 , the Company held $99.6 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 September 30, 2016 and December 31, 2015 , the Company held an investment of $36.7 million and $33.2 million , respectively, and the limited partners held $8.4 million and $7.8 million , respectively, which is reported in "Noncontrolling interests in Consolidated Funds" on the Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2016 , the Company purchased and sold residual interests in certain CLOs. As a result of these transactions, the Company deemed the expected potential returns on 2 CLOs significant while 1 CLO was no longer potentially significant. As such, during the nine months ended September 30, 2016 , the Company consolidated 2 additional CLOs and deconsolidated 1 CLO. As of September 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 months ended September 30, 2016 , the Company consolidated 3 CLOs and 2 credit funds and during the nine months ended September 30, 2016 , the Company consolidated 4 CLOs (of which 1 was deconsolidated as of June 30, 2016) and 2 credit funds. During the three and nine months ended September 30, 2015 , the Company consolidated 2 CLOs and 2 credit funds. Unconsolidated VOEs —The Company holds interests in and manages two closed-end structured credit funds that invest primarily in CLOs and warehouses. As of September 30, 2016 and December 31, 2015 , the aggregate carrying value of the Company's investments, as the general partner of these funds, was $19.1 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— As of September 30, 2016 , the Company had variable interests in 24 CLOs, 8 CDOs, 2 warehouses (see below), 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 September 30, 2016 and December 31, 2015 the Company invested $91.2 million and $29.0 million , respectively, in Unconsolidated VIEs and the Company's management fee receivables were $3.8 million and $4.1 million , respectively. 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 September 30, 2016 and December 31, 2015 , the Company did not consolidate any warehouses. As of September 30, 2016 , the Company held variable interests in 2 warehouses for which it was not deemed to be the primary beneficiary. 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 September 30, 2016 and December 31, 2015 , the carrying value of the Company's investment, as the general partner of this fund, was $5.8 million and $5.4 million , respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING UPDATES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Summary of Significant Accounting Policies and Recent Accounting Updates As of September 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)	9 Months Ended
	Sep. 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): September 30, 2016 December 31, 2015 (In thousands) Maximum exposure to loss: Investments and beneficial interests (2) $ 99,568 $ 81,752 Receivables 406 605 Total maximum exposure to loss $ 99,974 $ 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	9 Months Ended
	Sep. 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: September 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 $ — $ — $ — $ 24,845 $ 24,845 $ — $ — $ — $ 31,411 $ 31,411 Warehouses — — 68,635 — 68,635 — — — — — Structured products & other — 138 18,288 — 18,426 — 1,768 37,517 — 39,285 Subtotal — 138 86,923 24,845 111,906 — 1,768 37,517 31,411 70,696 Consolidated Entities: Loans — 1,453,866 388,613 — 1,842,479 — 1,067,539 281,868 — 1,349,407 Structured products & other — 789 — — 789 — 840 1,156 — 1,996 Total Consolidated Entities — 1,454,655 388,613 — 1,843,268 — 1,068,379 283,024 — 1,351,403 Total Assets $ — $ 1,454,793 $ 475,536 $ 24,845 $ 1,955,174 $ — $ 1,070,147 $ 320,541 $ 31,411 $ 1,422,099 Liabilities Contingent liabilities $ — $ — $ 7,694 $ — $ 7,694 $ — $ — $ 8,338 $ — $ 8,338 Total Liabilities $ — $ — $ 7,694 $ — $ 7,694 $ — $ — $ 8,338 $ — $ 8,338 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 September 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 $ 24,462 $ 44,990 $ 69,452 $ 426,967 $ 321 $ 427,288 Transfers into Level 3 (1) 1,475 — 1,475 96,509 — 96,509 Transfers out of Level 3 (2) — — — (126,116 ) — (126,116 ) Net realized/unrealized gains (losses) 3,306 6,645 9,951 5,822 60 5,882 Purchases 4,101 17,000 21,101 30,502 — 30,502 Sales (14,222 ) — (14,222 ) (19,444 ) (381 ) (19,825 ) Settlements (834 ) — (834 ) (25,627 ) — (25,627 ) Estimated fair value, end of period $ 18,288 $ 68,635 $ 86,923 $ 388,613 $ — $ 388,613 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 2,142 $ 6,645 $ 8,787 $ 5,346 $ — $ 5,346 For the Nine Months Ended September 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) 1,475 — 1,475 299,292 — 299,292 Transfers out of Level 3 (2) — — — (319,936 ) — (319,936 ) 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) 4,259 7,513 11,772 7,907 35 7,942 Purchases 39,222 61,122 100,344 83,492 — 83,492 Sales (38,195 ) — (38,195 ) (41,425 ) (1,191 ) (42,616 ) Settlements (2,547 ) — (2,547 ) (52,619 ) — (52,619 ) Estimated fair value, end of period $ 18,288 $ 68,635 $ 86,923 $ 388,613 $ — $ 388,613 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 2,104 $ 7,513 $ 9,617 $ 10,226 $ — $ 10,226 For the Three Months Ended September 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 $ 1,996 $ 43,439 $ 45,435 $ 73,151 $ 3,494 $ 76,645 Transfers into Level 3 (1) — — — 4,717 — 4,717 Transfers out of Level 3 (2) (3) — — — (15,930 ) — (15,930 ) Net realized/unrealized gains (losses) (3) 4 (2,459 ) (2,455 ) (726 ) (209 ) (935 ) Purchases (3) — 11,870 11,870 85,147 — 85,147 Sales (3) (2,000 ) (5,484 ) (7,484 ) (20,400 ) (1,987 ) (22,387 ) Settlements (3) — — — (1,282 ) — (1,282 ) Estimated fair value, end of period $ — $ 47,366 $ 47,366 $ 124,677 $ 1,298 $ 125,975 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ — $ (3,806 ) $ (3,806 ) $ (370 ) $ (69 ) $ (439 ) For the Nine Months Ended September 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) — — — 11,237 — — 11,237 Transfers out of Level 3 (2) (3) — — — (21,758 ) — (1,803 ) (23,561 ) Transfers in (out) due to deconsolidation (3) — — — (2,476,625 ) (478 ) (67,383 ) (2,544,486 ) Net realized/unrealized gains (losses) (3) 33 (2,212 ) (2,179 ) (1,352 ) — (2 ) (1,354 ) Purchases (3) 2,971 76,192 79,163 201,860 — 3,742 205,602 Sales (3) (3,971 ) (34,218 ) (38,189 ) (91,240 ) — (3,229 ) (94,469 ) Settlements (3) — — — (15,332 ) — — (15,332 ) Estimated fair value, end of period $ — $ 47,366 $ 47,366 $ 124,677 $ — $ 1,298 $ 125,975 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ — $ (4,028 ) $ (4,028 ) $ (369 ) $ — $ (21 ) $ (390 ) 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 nine months ended September 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. For the Three Months Ended September 30, 2016 2015 Contingent Liabilities (In thousands) Estimated fair value, beginning of period $ 7,680 $ 11,054 Net realized/unrealized (gains) losses (1) 237 502 Settlements (1) (2) (223 ) (695 ) Estimated fair value, end of period $ 7,694 $ 10,861 Change in Net realized/unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ (237 ) $ (502 ) For the Nine Months Ended September 30, 2016 For the Nine Months Ended September 30, 2015 Contingent Liabilities Contingent Liabilities Long-term Debt of Consolidated Entities Total (In thousands) Estimated fair value, beginning of period $ 8,338 $ 12,668 $ 12,049,034 $ 12,061,702 Transfer in (out) due to deconsolidation (1)(3) — — (12,049,034 ) (12,049,034 ) Net realized/unrealized (gains) losses (1) 451 1,792 — 1,792 Settlements (1)(2) (1,095 ) (3,599 ) — (3,599 ) Estimated fair value, end of period $ 7,694 $ 10,861 $ — $ 10,861 Change in unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ 451 $ (1,792 ) $ — $ (1,792 ) Explanatory Notes: __________________________ (1) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), and settlements for the three and nine months ended September 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. (2) For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 8 ). (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. 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 to 6 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 the London Interbank Offered Rate (or " 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 ). September 30, 2016 September 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 $ 7,694 Discounted cash flows Discount rate (2) 6.0% - 12.0% 6.7% - 12.0% Decrease Default rate (3) 2% 2% 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 September 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) $ 118,327 $ 51,983 $ 118,259 $ 57,371 Senior Notes (2) $ 37,907 $ 41,871 $ 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 industry concentration risks.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Notes)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Total Return Swap —During the nine months ended September 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 nine months ended September 30, 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 nine months ended September 30, 2016 was $(0.2) million and $(0.5) million , respectively, and for the three and nine months ended September 30, 2015 , the Company recognized net gain (loss) of $2.4 million and $4.1 million , respectively, related to the TRS agreement and other derivative instruments.

INTANGIBLE ASSETS (Notes)

INTANGIBLE ASSETS (Notes)	9 Months Ended
	Sep. 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) September 30, 2016: Investment management contracts 1.6 $ 40,405 $ 38,244 $ 2,161 Referral arrangement 3.0 3,810 2,667 1,143 Non-compete agreements 1.5 1,284 1,009 275 Trade name 4.5 1,250 688 562 Total intangible assets $ 46,749 $ 42,608 $ 4,141 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 September 30, 2016 have been reduced to reflect fully impaired and amortized assets. (2) The Company recorded amortization expense on its intangible assets of $0.5 million and $2.2 million for the three and nine months ended September 30, 2016 , respectively, and $1.4 million and $5.2 million for the three and nine months ended September 30, 2015 , respectively. The following table presents expected amortization expense of the existing intangible assets: (In thousands) 2016 (three months remaining) $ 399 2017 1,726 2018 1,449 2019 411 2020 125 Thereafter 31 $ 4,141 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 nine months ended September 30, 2016 and $0.5 million and $1.2 million for the three and nine and months ended September 30, 2015 , respectively, to fully impair intangible assets associated with these management contracts.

CONTINGENT LIABILITIES (Notes)

CONTINGENT LIABILITIES (Notes)	9 Months Ended
	Sep. 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 "Legacy 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 "Legacy 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 Legacy Merger Closing Date. The Company made total payments of $0.2 million and $1.5 million for the three and nine months ended September 30, 2016 , respectively, and $0.7 million and $2.5 million for the three and nine months ended September 30, 2015 , respectively, related to these contingent liabilities. As of September 30, 2016 , there are no remaining payments under item (i) and the Company made cumulative payments of $ 17.1 million under (ii) to date. In addition, the Company also assumed contingent liabilities during the Legacy 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 September 30, 2016 , there were no payments due. During the nine months ended September 30, 2015 , the Company made its final payments of $1.1 million satisfying its contingent obligation.

LONG-TERM DEBT (Notes)

LONG-TERM DEBT (Notes)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table summarizes the long-term debt: September 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 $ 93,516 3.34 % 19.1 $ 95,000 $ 93,456 2.90 % 19.8 October Junior Subordinated Notes (2) 25,000 24,811 4.26 % 19.1 25,000 24,803 3.82 % 19.8 Senior Notes (3) 40,000 37,907 8.50 % 9.1 40,000 37,902 8.50 % 9.8 Total Recourse Debt $ 160,000 $ 156,234 4.77 % 16.6 $ 160,000 $ 156,161 4.44 % 17.3 Non-Recourse Consolidated Entities' debt: Consolidated CLOs and Other (4) $ 1,848,644 $ 1,798,669 0.03 % 8.1 $ 1,385,226 $ 1,308,558 0.02 % 9.1 Total Non-recourse Debt $ 1,848,644 $ 1,798,669 0.03 % 8.1 $ 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 to 75 basis points per annum for the three and nine months ended September 30, 2016 . On July 19, 2016, the Company cured these conditions and the additional interest no longer applied. (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 September 30, 2016 and December 31, 2015 , long-term debt of the Consolidated CLOs and Other includes $152.2 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 nine months ended September 30, 2016 , the Company consolidated 4 CLOs (of which 1 was deconsolidated as of June 30, 2016) and 2 credit funds (Note 2 ). The Consolidated Entities distributed $17.9 million to the holders of their subordinated notes and paid down $37.4 million of their outstanding debt. During the nine months ended September 30, 2015 , the Company consolidated 2 CLOs and 2 credit funds . The Consolidated Entities issued $484.4 million of debt, paid down $57.4 million of their outstanding debt, made net borrowings under revolving credit facilities of $140.7 million and distributed $2.0 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 September 30, 2016 and December 31, 2015 , respectively.

EQUITY (Notes)

EQUITY (Notes)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Equity	Equity Common Shares— The Company declared aggregate distributions of $0.10 and $0.69 per common share for the three and nine months ended September 30, 2016 , respectively, and $0.10 and $0.30 per common share for the three and nine months ended September 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"). These shares are no longer outstanding. 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 liability is based on management's 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 nine months ended September 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 the three and nine months ended September 30, 2015 , the Company repurchased 31,276 and 34,753 common shares respectively, in open-market transactions. The aggregate cost (including transaction costs) for both the three and nine months ended September 30, 2015 was $0.2 million , with an average price per share of $7.09 and $7.10 , respectively. As of September 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 September 30, 2016 , there was $12.9 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 RSUs and options are 2.27 and 0.13 years, respectively. RSUs— During the nine months ended September 30, 2016 , the Company granted to executives, employees and directors 1,392,562 RSUs. Employee 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). These awards include RSUs with performance conditions that affect the number of shares granted. As such, for the three and nine months ended September 30, 2016 , total shares granted and compensation expense recognized were based on a determination of the most probable outcome of the performance conditions. Further, director awards are service-based RSUs that vest one year after grant. For all 2016 RSU grants, awards are entitled to distribution equivalent rights. As such, the fair value of the awards was determined using the Company's grant date common share price. 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. The following table summarizes restricted share unit activity: For the Nine Months Ended September 30, 2016 Weighted Average Grant Date Fair Value Restricted share units outstanding, beginning of period (1) 2,033,510 $ 7.69 Granted (1)(2) 1,392,562 $ 5.84 Vested (370,870 ) $ 7.91 Forfeited (3) (104,040 ) $ 5.93 Restricted share units outstanding, end of period 2,951,162 $ 6.64 Explanatory Notes: _________________________________ (1) Beginning balance weighted average grant date fair value excludes 540,000 of performance based RSUs of which 180,000 have been included in the weighted average grant date fair value for RSUs granted during the nine months ended September 30, 2016 . (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. 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) (100,000 ) $ 4.83 Outstanding at September 30, 2016 3,185,313 $ 6.75 3.93 $ 14,081 Exercisable at September 30, 2016 3,037,787 $ 6.66 3.77 $ 13,709 Vested and Expected to vest at September 30, 2016 (2) 3,177,547 $ 6.74 3.93 $ 14,061 Explanatory Notes: ________________________________ (1) During the nine months ended September 30, 2016 and 2015 , the total intrinsic value of options exercised was $132.0 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.

EARNINGS (LOSS) PER SHARE (Note

EARNINGS (LOSS) PER SHARE (Notes)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share data) Net income (loss) attributable to the Company - basic & diluted $ 17,671 $ 1,469 $ 39,760 $ 8,000 Weighted-average shares - basic (1) 23,620 25,368 24,354 25,317 Share options (2) 818 633 508 660 Warrants 927 275 698 365 Unvested RSUs 836 189 528 152 Weighted-average shares - diluted (1) 26,201 26,465 26,088 26,494 Earnings (loss) per share Basic (1) $ 0.75 $ 0.06 $ 1.63 $ 0.32 Diluted (1) $ 0.67 $ 0.06 $ 1.52 $ 0.30 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 nine months ended September 30, 2016 , would be 23,474,432 and 25,207,793 , respectively, and earnings per share basic and diluted would be $1.69 and $1.58 , respectively (Note 10 ). (2) The Company excluded anti-dilutive share options from the calculation of diluted EPS of $0.4 million and $1.4 million for the three and nine months ended September 30, 2016 , respectively, and $0.8 million for both the three and nine months ended September 30, 2015 .

INCOME TAXES (Notes)

INCOME TAXES (Notes)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Income (loss) before income taxes $ 16,759 $ 1,811 $ 43,318 $ 22,074 Income tax expense (benefit) $ (1,267 ) $ 526 $ 2,879 $ 13,441 Effective income tax rate (1) (7.6 )% 29.0 % 6.6 % 60.9 % Explanatory Note: ________________________________ (1) Deferred income tax expense (benefit) was $0.2 million and $3.0 million for the three and nine months ended September 30, 2016 , respectively, and $(0.1) million and $7.3 million for the three and nine months ended September 30, 2015 , respectively. During the three and nine months ended September 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)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions DFR Holdings— As of September 30, 2016 and December 31, 2015 , DFR Holdings owned approximately 18.8 million of the Company’s shares, which was approximately 80% of the Company's outstanding shares. 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 nine months ended September 30, 2016 , the Company paid $2.0 million in connection with the consulting agreement and expensed $0.5 million and $1.5 million , for the both three and nine months ended September 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 $0.4 million for the three and nine months ended September 30, 2016 , respectively, and $0.2 million and $0.5 million for the three and nine months ended September 30, 2015 , respectively, related to their service as directors of CIFC. Other— As of September 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 September 30, 2016 and December 31, 2015 , key employees and directors of the Company (including related entities) invested an aggregate of $3.5 million and $4.7 million , respectively, in 4 credit 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 , total occupancy expense was $0.5 million and $1.3 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 September 30, 2016 and December 31, 2015 , the Consolidated Entities had unfunded loan commitments of $1.7 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)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 , and for each of the three and nine months ended September 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) September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) ASSETS Cash and cash equivalents $ 75 $ 4,827 $ 33,941 $ — $ — $ 38,843 Restricted cash and cash equivalents — — 1,694 — — 1,694 Investments — — 211,474 — (99,568 ) 111,906 Intercompany investments in subsidiaries 203,417 105,856 69,992 — (379,265 ) — Receivables — 7,301 7,018 — (2,946 ) 11,373 Prepaid and other assets — 272 603 — — 875 Deferred tax asset, net — 41,404 — — — 41,404 Equipment and improvements, net — — 4,031 — — 4,031 Intangible assets, net — 4,141 — — — 4,141 Goodwill — 66,549 9,451 — — 76,000 Subtotal 203,492 230,350 338,204 — (481,779 ) 290,267 Assets of Consolidated Entities: Restricted cash and cash equivalents — — — 108,681 — 108,681 Due from brokers — — — 33,990 — 33,990 Investments — — — 1,843,268 — 1,843,268 Receivables — — — 6,118 — 6,118 Prepaid and other assets — — — 147 — 147 Total assets of Consolidated Entities — — — 1,992,204 — 1,992,204 TOTAL ASSETS $ 203,492 $ 230,350 $ 338,204 $ 1,992,204 $ (481,779 ) $ 2,282,471 LIABILITIES Due to brokers $ — $ — $ — $ — $ — $ — Accrued and other liabilities 15,108 4,124 21,237 — (2,531 ) 37,938 Contingent liabilities — — 7,694 — — 7,694 Long-term debt — 156,234 — — — 156,234 Subtotal 15,108 160,358 28,931 — (2,531 ) 201,866 Non-Recourse Liabilities of Consolidated Entities: Due to brokers — — — 80,054 — 80,054 Accrued and other liabilities — — — 556 (406 ) 150 Interest payable — — — 4,903 — 4,903 Long-term debt — — — 1,861,564 (62,895 ) 1,798,669 Total Non-Recourse Liabilities of Consolidated Entities — — — 1,947,077 (63,301 ) 1,883,776 TOTAL LIABILITIES 15,108 160,358 28,931 1,947,077 (65,832 ) 2,085,642 EQUITY Common shares 24 1 — — (1 ) 24 Intercompany Preferred Units (1) — — 86,489 — (86,489 ) — Additional paid-in capital 986,520 888,830 588,747 — (1,477,577 ) 986,520 Retained earnings (deficit) (798,160 ) (818,839 ) (365,963 ) — 1,184,802 (798,160 ) TOTAL CIFC LLC SHAREHOLDERS’ EQUITY 188,384 69,992 309,273 — (379,265 ) 188,384 Consolidated Fund Equity/Noncontrolling interests — — — 45,127 (36,682 ) 8,445 TOTAL EQUITY 188,384 69,992 309,273 45,127 (415,947 ) 196,829 TOTAL LIABILITIES AND EQUITY $ 203,492 $ 230,350 $ 338,204 $ 1,992,204 $ (481,779 ) $ 2,282,471 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 September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 17,120 $ — $ (2,511 ) $ 14,609 Interest income from investments — — 4,573 — (3,274 ) 1,299 Intercompany - preferred units dividend income — 756 — — (756 ) — Interest income - Consolidated Entities — — — 24,799 — 24,799 Total net revenues — 756 21,693 24,799 (6,541 ) 40,707 Expenses Employee compensation and benefits — — 10,472 — — 10,472 Share-based compensation 46 46 1,413 — — 1,505 Professional services 2,267 2,140 821 — — 5,228 General and administrative expenses 409 518 1,507 — — 2,434 Depreciation and amortization — 539 378 — — 917 Corporate interest expense — 2,004 — — — 2,004 Expenses - Consolidated Entities — — — 3,216 (2,508 ) 708 Interest expense - Consolidated Entities — — — 11,830 — 11,830 Total expenses 2,722 5,247 14,591 15,046 (2,508 ) 35,098 Other Gain (Loss) Net gain (loss) on investments — — 17,508 — (5,187 ) 12,321 Net gain (loss) on contingent liabilities — — (237 ) — — (237 ) Net gain (loss) on investments - Consolidated Entities — — — 28,954 — 28,954 Net gain (loss) on liabilities - Consolidated Entities — — — (36,692 ) 6,804 (29,888 ) Intercompany net gain (loss) on investments in subsidiaries 21,149 2,799 (417 ) — (23,531 ) — Net other gain (loss) 21,149 2,799 16,854 (7,738 ) (21,914 ) 11,150 Income (loss) before income taxes 18,427 (1,692 ) 23,956 2,015 (25,947 ) 16,759 Income tax (expense) benefit — 1,267 — — — 1,267 Net income (loss) 18,427 (425 ) 23,956 2,015 (25,947 ) 18,026 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,015 ) 1,660 (355 ) Net income (loss) attributable to CIFC LLC $ 18,427 $ (425 ) $ 23,956 $ — $ (24,287 ) $ 17,671 Consolidating Statements of Operations (Unaudited) For the Nine Months Ended September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 62,171 $ — $ (6,470 ) $ 55,701 Interest income from investments — — 11,348 — (7,954 ) 3,394 Intercompany - preferred units dividend income — 2,244 — — (2,244 ) — Interest income - Consolidated Entities — — — 68,598 — 68,598 Total net revenues — 2,244 73,519 68,598 (16,668 ) 127,693 Expenses Employee compensation and benefits — — 29,449 — — 29,449 Share-based compensation 325 325 4,980 — — 5,630 Professional services 2,933 3,356 2,696 — — 8,985 General and administrative expenses 704 1,789 5,001 — — 7,494 Depreciation and amortization — 2,090 1,205 — — 3,295 Impairment of intangible assets — — 531 — — 531 Corporate interest expense — 5,960 — — — 5,960 Expenses - Consolidated Entities — — — 8,175 (6,470 ) 1,705 Interest expense - Consolidated Entities — — — 32,047 (195 ) 31,852 Total expenses 3,962 13,520 43,862 40,222 (6,665 ) 94,901 Other Gain (Loss) Net gain (loss) on investments — — 30,915 — (14,460 ) 16,455 Net gain (loss) on contingent liabilities — — (451 ) — — (451 ) Net gain (loss) on investments - Consolidated Entities — — — 55,657 — 55,657 Net gain (loss) on liabilities - Consolidated Entities — — — (79,891 ) 18,756 (61,135 ) Intercompany net gain (loss) on investments in subsidiaries 45,966 17,784 3,628 — (67,378 ) — Net other gain (loss) 45,966 17,784 34,092 (24,234 ) (63,082 ) 10,526 Income (loss) before income taxes 42,004 6,508 63,749 4,142 (73,085 ) 43,318 Income tax (expense) benefit — (2,879 ) — — — (2,879 ) Net income (loss) 42,004 3,629 63,749 4,142 (73,085 ) 40,439 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (4,142 ) 3,463 (679 ) Net income (loss) attributable to CIFC LLC $ 42,004 $ 3,629 $ 63,749 $ — $ (69,622 ) $ 39,760 Consolidating Statements of Operations (Unaudited) For the Three Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 19,634 $ — $ (380 ) $ 19,254 Interest income from investments — — 3,219 — (2,104 ) 1,115 Interest income - Consolidated Entities — — — 4,143 — 4,143 Total net revenues — — 22,853 4,143 (2,484 ) 24,512 Expenses Employee compensation and benefits — — 7,513 — — 7,513 Share-based compensation — — 1,166 — — 1,166 Professional services — 1,916 996 — — 2,912 General and administrative expenses — 813 1,600 — — 2,413 Depreciation and amortization — 1,217 552 — — 1,769 Impairment of intangible assets — 461 — — — 461 Corporate interest expense — 962 — — — 962 Expenses - Consolidated Entities — — — 8,947 (382 ) 8,565 Interest expense - Consolidated Entities — — — 1,606 (19 ) 1,587 Total expenses — 5,369 11,827 10,553 (401 ) 27,348 Other Gain (Loss) Net gain (loss) on investments — — (3,160 ) — 545 (2,615 ) Net gain (loss) on contingent liabilities — — (502 ) — — (502 ) Net gain (loss) on investments - Consolidated Entities — — — (4,642 ) — (4,642 ) Net gain (loss) on liabilities - Consolidated Entities — — — 9,572 1,606 11,178 Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 1,228 — 1,228 Intercompany net gain (loss) on investments in subsidiaries — 7,364 — — (7,364 ) — Net other gain (loss) — 7,364 (3,662 ) 6,158 (5,213 ) 4,647 Income (loss) before income taxes — 1,995 7,364 (252 ) (7,296 ) 1,811 Income tax (expense) benefit — (526 ) — — — (526 ) Net income (loss) — 1,469 7,364 (252 ) (7,296 ) 1,285 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — 252 (68 ) 184 Net income (loss) attributable to CIFC LLC $ — $ 1,469 $ 7,364 $ — $ (7,364 ) $ 1,469 Consolidating Statements of Operations (Unaudited) For the Nine Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 62,284 $ — $ (818 ) $ 61,466 Interest income from investments — — 8,058 — (2,109 ) 5,949 Interest income - Consolidated Entities — — 823 9,111 — 9,934 Total net revenues — — 71,165 9,111 (2,927 ) 77,349 Expenses Employee compensation and benefits — — 23,547 — — 23,547 Share-based compensation — 269 3,565 — — 3,834 Professional services — 3,917 2,717 — — 6,634 General and administrative expenses — 2,635 4,591 — — 7,226 Depreciation and amortization — 4,547 1,712 — — 6,259 Impairment of intangible assets — 1,203 — — — 1,203 Corporate interest expense — 2,256 — — — 2,256 Expenses - Consolidated Entities — — 16 11,072 (820 ) 10,268 Interest expense - Consolidated Entities — — 231 3,042 (19 ) 3,254 Total expenses — 14,827 36,379 14,114 (839 ) 64,481 Other Gain (Loss) Net gain (loss) on investments — — 2,478 — (2,433 ) 45 Net gain (loss) on contingent liabilities — — (1,792 ) — — (1,792 ) Net gain (loss) on investments - Consolidated Entities — — 796 (1,325 ) — (529 ) Net gain (loss) on liabilities - Consolidated Entities — — — 4,647 3,865 8,512 Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 2,970 — 2,970 Intercompany net gain (loss) on investments in subsidiaries — 36,268 — — (36,268 ) — Net other gain (loss) — 36,268 1,482 6,292 (34,836 ) 9,206 Income (loss) before income taxes — 21,441 36,268 1,289 (36,924 ) 22,074 Income tax (expense) benefit — (13,441 ) — — — (13,441 ) Net income (loss) — 8,000 36,268 1,289 (36,924 ) 8,633 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,289 ) 656 (633 ) Net income (loss) attributable to CIFC LLC $ — $ 8,000 $ 36,268 $ — $ (36,268 ) $ 8,000 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Three Months Ended September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 18,427 $ (425 ) $ 23,956 $ 2,015 $ (25,947 ) $ 18,026 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 18,427 (425 ) 23,956 2,015 (25,947 ) 18,026 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,015 ) 1,660 (355 ) Comprehensive income (loss) attributable to CIFC LLC $ 18,427 $ (425 ) $ 23,956 $ — $ (24,287 ) $ 17,671 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Nine Months Ended September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 42,004 $ 3,629 $ 63,749 $ 4,142 $ (73,085 ) $ 40,439 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 42,004 3,629 63,749 4,142 (73,085 ) 40,439 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (4,142 ) 3,463 (679 ) Comprehensive income (loss) attributable to CIFC LLC $ 42,004 $ 3,629 $ 63,749 $ — $ (69,622 ) $ 39,760 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Three Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 1,469 $ 7,364 $ (252 ) $ (7,296 ) $ 1,285 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 1,469 7,364 (252 ) (7,296 ) 1,285 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — 252 (68 ) 184 Comprehensive income (loss) attributable to CIFC LLC $ — $ 1,469 $ 7,364 $ — $ (7,364 ) $ 1,469 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Nine Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 8,000 $ 36,268 $ 1,289 $ (36,924 ) $ 8,633 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 8,000 36,268 1,289 (36,924 ) 8,633 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,289 ) 656 (633 ) Comprehensive income (loss) attributable to CIFC LLC $ — $ 8,000 $ 36,268 $ — $ (36,268 ) $ 8,000 Consolidating Statement of Cash Flows (Unaudited) For the Nine Months Ended September 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) $ 42,004 $ 3,629 $ 63,749 $ 4,142 $ (73,085 ) $ 40,439 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 240 — — — 240 Share-based compensation 325 325 4,980 — — 5,630 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (30,464 ) — 14,460 (16,004 ) Intercompany- preferred units dividend (2,244 ) — — — 2,244 — Intercompany net (gain) loss on investments in subsidiaries (45,966 ) (17,784 ) (3,628 ) — 67,378 — Depreciation and amortization — 2,090 1,205 — — 3,295 Impairment of intangible assets — — 531 — — 531 Deferred income tax expense (benefit) — 3,021 — — — 3,021 Tax benefit (shortfall) from share-based payment arrangements — 220 — — — 220 Consolidated Entities: Net (gain) loss on investments — — — (55,657 ) — (55,657 ) Net (gain) loss on liabilities — — — 79,891 (18,756 ) 61,135 Changes in operating assets and liabilities: Receivables 785 (6,684 ) 20,287 — (18,830 ) (4,442 ) Prepaid and other assets — 1,355 (257 ) — — 1,098 Due to brokers — (61 ) — — — (61 ) Accrued and other liabilities 3,425 (20,284 ) 6,919 — 18,442 8,502 Consolidated Entities: Due from brokers — — — 2,942 — 2,942 Purchase of investments — — — (610,716 ) — (610,716 ) Sales of investments — — — 615,484 — 615,484 Receivables — — — (833 ) — (833 ) Due to brokers — — — (13 ) — (13 ) Accrued and other liabilities — — — (250 ) 108 (142 ) Interest payable — — — (2,654 ) 229 (2,425 ) Net cash provided by (used in) operating activities (1,671 ) (33,933 ) 63,322 32,336 (7,810 ) 52,244 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (108,933 ) — 16,222 (92,711 ) Sales of investments — — 80,770 — (18,093 ) 62,677 Intercompany investments in subsidiaries 18,179 32,825 (5,409 ) — (45,595 ) — Purchases of equipment and improvements — — (277 ) — — (277 ) Consolidated Entities: Change in restricted cash and cash equivalents — — — 32,604 — 32,604 Net cash provided by (used in) investing activities 18,179 32,825 (33,849 ) 32,604 (47,466 ) 2,293 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares (435 ) — — — — (435 ) Payments of share and debt issuance cost — (167 ) — — — (167 ) Distributions paid (16,211 ) — — — — (16,211 ) Intercompany contributions — 4,930 32,111 — (37,041 ) — Intercompany distributions — — (80,441 ) — 80,441 — Intercompany- preferred units dividend — — (2,244 ) — 2,244 — Proceeds from the exercise of options 483 — — — — 483 Payments for tax from the net delivery of restricted share units (270 ) — — — — (270 ) Payments on contingent liabilities — — (1,534 ) — — (1,534 ) Tax (benefit) shortfall from share-based payment arrangements — (220 ) — — — (220 ) Consolidated Entities: Distributions to noncontrolling interests — — — (83 ) — (83 ) Proceeds from issuance of long-term debt — — — 68 — 68 Payments made on long-term debt — — — (64,925 ) 9,632 (55,293 ) Net cash provided by (used in) financing activities (16,433 ) 4,543 (52,108 ) (64,940 ) 55,276 (73,662 ) Net increase (decrease) in cash and cash equivalents 75 3,435 (22,635 ) — — (19,125 ) Cash and cash equivalents at beginning of period — 1,392 56,576 — — 57,968 Cash and cash equivalents at end of period $ 75 $ 4,827 $ 33,941 $ — $ — $ 38,843 Consolidating Statement of Cash Flows (Unaudited) For the Nine Months Ended September 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) $ — $ 8,000 $ 36,268 $ 1,289 $ (36,924 ) $ 8,633 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 67 — — — 67 Share-based compensation — 269 3,565 — — 3,834 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (686 ) — 2,433 1,747 Intercompany net (gain) loss on investments in subsidiaries — (36,268 ) — — 36,268 — Depreciation and amortization — 4,547 1,712 — — 6,259 Impairment of intangible assets — 1,203 — — — 1,203 Deferred income tax expense (benefit) — 7,296 — — — 7,296 Tax benefit (shortfall) from share-based payment arrangements — (7 ) — — — (7 ) Consolidated Entities: Net (gain) loss on investments — — (796 ) 1,325 — 529 Net (gain) loss on liabilities — — — (4,647 ) (3,865 ) (8,512 ) Net other (gain) loss — — — (2,970 ) — (2,970 ) Changes in operating assets and liabilities: Due from brokers — — (62 ) — — (62 ) Receivables — (3,262 ) (7,940 ) — 5,949 (5,253 ) Prepaid and other assets — 1,459 (468 ) — — 991 Due to brokers — 67 2,625 — — 2,692 Accrued and other liabilities — 7,165 (1,366 ) — (5,810 ) (11 ) Consolidated Entities: Due from brokers — — 14,459 (29,723 ) — (15,264 ) Purchase of investments — — (55,016 ) (754,795 ) — (809,811 ) Sales of investments — — 47,462 289,287 — 336,749 Receivables — — (352 ) (3,787 ) 2 (4,137 ) Due to brokers — — (7,882 ) 108,532 — 100,650 Accrued and other liabilities — — 6 (4 ) (116 ) (114 ) Interest payable — — (8 ) 924 (22 ) 894 Net cash provided by (used in) operating activities — (9,464 ) 31,521 (394,569 ) (2,085 ) (374,597 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (176,893 ) — 110,637 (66,256 ) Sales of investments — — 137,981 — (66,319 ) 71,662 Intercompany investments in subsidiaries — (98,222 ) — — 98,222 — Intercompany distributions from subsidiaries — 113,984 — — (113,984 ) — Purchases of equipment and improvements — — (802 ) — — (802 ) Consolidated Entities: Change in restricted cash and cash equivalents — — 755 (211,660 ) — (210,905 ) Net cash provided by (used in) investing activities — 15,762 (38,959 ) (211,660 ) 28,556 (206,301 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares — (246 ) — — — (246 ) Payments of share and debt issuance cost — (75 ) — — — (75 ) Distributions paid — (7,598 ) — — — (7,598 ) Intercompany contributions — — 98,222 — (98,222 ) — Intercompany distributions — — (113,984 ) — 113,984 — Proceeds from extension of warrants — 350 — — — 350 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 — — (3,599 ) — — (3,599 ) Tax (benefits) shortfall from share-based payment arrangements — 7 — — — 7 Consolidated Entities: Contributions from noncontrolling interests — — — 18,713 (2,613 ) 16,100 Distributions to noncontrolling interests — — — (13,470 ) — (13,470 ) Proceeds from issuance of long-term debt — — — 684,699 (114,946 ) 569,753 Payments made on long-term debt — — — (83,713 ) 75,326 (8,387 ) Net cash provided by (used in) financing activities — (7,706 ) (19,361 ) 606,229 (26,471 ) 552,691 Net increase (decrease) in cash and cash equivalents — (1,408 ) (26,799 ) — — (28,207 ) Cash and cash equivalents at beginning of period — 2,157 57,133 — — 59,290 Cash and cash equivalents at end of period $ — $ 749 $ 30,334 $ — $ — $ 31,083

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING UPDATES (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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): September 30, 2016 December 31, 2015 (In thousands) Maximum exposure to loss: Investments and beneficial interests (2) $ 99,568 $ 81,752 Receivables 406 605 Total maximum exposure to loss $ 99,974 $ 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)	9 Months Ended
	Sep. 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: September 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 $ — $ — $ — $ 24,845 $ 24,845 $ — $ — $ — $ 31,411 $ 31,411 Warehouses — — 68,635 — 68,635 — — — — — Structured products & other — 138 18,288 — 18,426 — 1,768 37,517 — 39,285 Subtotal — 138 86,923 24,845 111,906 — 1,768 37,517 31,411 70,696 Consolidated Entities: Loans — 1,453,866 388,613 — 1,842,479 — 1,067,539 281,868 — 1,349,407 Structured products & other — 789 — — 789 — 840 1,156 — 1,996 Total Consolidated Entities — 1,454,655 388,613 — 1,843,268 — 1,068,379 283,024 — 1,351,403 Total Assets $ — $ 1,454,793 $ 475,536 $ 24,845 $ 1,955,174 $ — $ 1,070,147 $ 320,541 $ 31,411 $ 1,422,099 Liabilities Contingent liabilities $ — $ — $ 7,694 $ — $ 7,694 $ — $ — $ 8,338 $ — $ 8,338 Total Liabilities $ — $ — $ 7,694 $ — $ 7,694 $ — $ — $ 8,338 $ — $ 8,338
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 September 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 $ 24,462 $ 44,990 $ 69,452 $ 426,967 $ 321 $ 427,288 Transfers into Level 3 (1) 1,475 — 1,475 96,509 — 96,509 Transfers out of Level 3 (2) — — — (126,116 ) — (126,116 ) Net realized/unrealized gains (losses) 3,306 6,645 9,951 5,822 60 5,882 Purchases 4,101 17,000 21,101 30,502 — 30,502 Sales (14,222 ) — (14,222 ) (19,444 ) (381 ) (19,825 ) Settlements (834 ) — (834 ) (25,627 ) — (25,627 ) Estimated fair value, end of period $ 18,288 $ 68,635 $ 86,923 $ 388,613 $ — $ 388,613 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 2,142 $ 6,645 $ 8,787 $ 5,346 $ — $ 5,346 For the Nine Months Ended September 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) 1,475 — 1,475 299,292 — 299,292 Transfers out of Level 3 (2) — — — (319,936 ) — (319,936 ) 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) 4,259 7,513 11,772 7,907 35 7,942 Purchases 39,222 61,122 100,344 83,492 — 83,492 Sales (38,195 ) — (38,195 ) (41,425 ) (1,191 ) (42,616 ) Settlements (2,547 ) — (2,547 ) (52,619 ) — (52,619 ) Estimated fair value, end of period $ 18,288 $ 68,635 $ 86,923 $ 388,613 $ — $ 388,613 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ 2,104 $ 7,513 $ 9,617 $ 10,226 $ — $ 10,226 For the Three Months Ended September 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 $ 1,996 $ 43,439 $ 45,435 $ 73,151 $ 3,494 $ 76,645 Transfers into Level 3 (1) — — — 4,717 — 4,717 Transfers out of Level 3 (2) (3) — — — (15,930 ) — (15,930 ) Net realized/unrealized gains (losses) (3) 4 (2,459 ) (2,455 ) (726 ) (209 ) (935 ) Purchases (3) — 11,870 11,870 85,147 — 85,147 Sales (3) (2,000 ) (5,484 ) (7,484 ) (20,400 ) (1,987 ) (22,387 ) Settlements (3) — — — (1,282 ) — (1,282 ) Estimated fair value, end of period $ — $ 47,366 $ 47,366 $ 124,677 $ 1,298 $ 125,975 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ — $ (3,806 ) $ (3,806 ) $ (370 ) $ (69 ) $ (439 ) For the Nine Months Ended September 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) — — — 11,237 — — 11,237 Transfers out of Level 3 (2) (3) — — — (21,758 ) — (1,803 ) (23,561 ) Transfers in (out) due to deconsolidation (3) — — — (2,476,625 ) (478 ) (67,383 ) (2,544,486 ) Net realized/unrealized gains (losses) (3) 33 (2,212 ) (2,179 ) (1,352 ) — (2 ) (1,354 ) Purchases (3) 2,971 76,192 79,163 201,860 — 3,742 205,602 Sales (3) (3,971 ) (34,218 ) (38,189 ) (91,240 ) — (3,229 ) (94,469 ) Settlements (3) — — — (15,332 ) — — (15,332 ) Estimated fair value, end of period $ — $ 47,366 $ 47,366 $ 124,677 $ — $ 1,298 $ 125,975 Change in unrealized gains (losses) for the period for the assets held as of the end of the period $ — $ (4,028 ) $ (4,028 ) $ (369 ) $ — $ (21 ) $ (390 ) 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 nine months ended September 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015.
Schedule of level 3 financial liabilities at fair value	For the Three Months Ended September 30, 2016 2015 Contingent Liabilities (In thousands) Estimated fair value, beginning of period $ 7,680 $ 11,054 Net realized/unrealized (gains) losses (1) 237 502 Settlements (1) (2) (223 ) (695 ) Estimated fair value, end of period $ 7,694 $ 10,861 Change in Net realized/unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ (237 ) $ (502 ) For the Nine Months Ended September 30, 2016 For the Nine Months Ended September 30, 2015 Contingent Liabilities Contingent Liabilities Long-term Debt of Consolidated Entities Total (In thousands) Estimated fair value, beginning of period $ 8,338 $ 12,668 $ 12,049,034 $ 12,061,702 Transfer in (out) due to deconsolidation (1)(3) — — (12,049,034 ) (12,049,034 ) Net realized/unrealized (gains) losses (1) 451 1,792 — 1,792 Settlements (1)(2) (1,095 ) (3,599 ) — (3,599 ) Estimated fair value, end of period $ 7,694 $ 10,861 $ — $ 10,861 Change in unrealized (gains) losses for the period for the liabilities outstanding as of the end of the period $ 451 $ (1,792 ) $ — $ (1,792 ) Explanatory Notes: __________________________ (1) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), and settlements for the three and nine months ended September 30, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. (2) For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 8 ). (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.
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 ). September 30, 2016 September 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 $ 7,694 Discounted cash flows Discount rate (2) 6.0% - 12.0% 6.7% - 12.0% Decrease Default rate (3) 2% 2% 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 September 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) $ 118,327 $ 51,983 $ 118,259 $ 57,371 Senior Notes (2) $ 37,907 $ 41,871 $ 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.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 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) September 30, 2016: Investment management contracts 1.6 $ 40,405 $ 38,244 $ 2,161 Referral arrangement 3.0 3,810 2,667 1,143 Non-compete agreements 1.5 1,284 1,009 275 Trade name 4.5 1,250 688 562 Total intangible assets $ 46,749 $ 42,608 $ 4,141 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 September 30, 2016 have been reduced to reflect fully impaired and amortized assets. (2) The Company recorded amortization expense on its intangible assets of $0.5 million and $2.2 million for the three and nine months ended September 30, 2016 , respectively, and $1.4 million and $5.2 million for the three and nine months ended September 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 (three months remaining) $ 399 2017 1,726 2018 1,449 2019 411 2020 125 Thereafter 31 $ 4,141

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the long-term debt: September 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 $ 93,516 3.34 % 19.1 $ 95,000 $ 93,456 2.90 % 19.8 October Junior Subordinated Notes (2) 25,000 24,811 4.26 % 19.1 25,000 24,803 3.82 % 19.8 Senior Notes (3) 40,000 37,907 8.50 % 9.1 40,000 37,902 8.50 % 9.8 Total Recourse Debt $ 160,000 $ 156,234 4.77 % 16.6 $ 160,000 $ 156,161 4.44 % 17.3 Non-Recourse Consolidated Entities' debt: Consolidated CLOs and Other (4) $ 1,848,644 $ 1,798,669 0.03 % 8.1 $ 1,385,226 $ 1,308,558 0.02 % 9.1 Total Non-recourse Debt $ 1,848,644 $ 1,798,669 0.03 % 8.1 $ 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 to 75 basis points per annum for the three and nine months ended September 30, 2016 . On July 19, 2016, the Company cured these conditions and the additional interest no longer applied. (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 September 30, 2016 and December 31, 2015 , long-term debt of the Consolidated CLOs and Other includes $152.2 million and $153.1 million of credit fund debt, respectively.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Restricted Stock Units	The following table summarizes restricted share unit activity: For the Nine Months Ended September 30, 2016 Weighted Average Grant Date Fair Value Restricted share units outstanding, beginning of period (1) 2,033,510 $ 7.69 Granted (1)(2) 1,392,562 $ 5.84 Vested (370,870 ) $ 7.91 Forfeited (3) (104,040 ) $ 5.93 Restricted share units outstanding, end of period 2,951,162 $ 6.64 Explanatory Notes: _________________________________ (1) Beginning balance weighted average grant date fair value excludes 540,000 of performance based RSUs of which 180,000 have been included in the weighted average grant date fair value for RSUs granted during the nine months ended September 30, 2016 . (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.
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) (100,000 ) $ 4.83 Outstanding at September 30, 2016 3,185,313 $ 6.75 3.93 $ 14,081 Exercisable at September 30, 2016 3,037,787 $ 6.66 3.77 $ 13,709 Vested and Expected to vest at September 30, 2016 (2) 3,177,547 $ 6.74 3.93 $ 14,061 Explanatory Notes: ________________________________ (1) During the nine months ended September 30, 2016 and 2015 , the total intrinsic value of options exercised was $132.0 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.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share data) Net income (loss) attributable to the Company - basic & diluted $ 17,671 $ 1,469 $ 39,760 $ 8,000 Weighted-average shares - basic (1) 23,620 25,368 24,354 25,317 Share options (2) 818 633 508 660 Warrants 927 275 698 365 Unvested RSUs 836 189 528 152 Weighted-average shares - diluted (1) 26,201 26,465 26,088 26,494 Earnings (loss) per share Basic (1) $ 0.75 $ 0.06 $ 1.63 $ 0.32 Diluted (1) $ 0.67 $ 0.06 $ 1.52 $ 0.30 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 nine months ended September 30, 2016 , would be 23,474,432 and 25,207,793 , respectively, and earnings per share basic and diluted would be $1.69 and $1.58 , respectively (Note 10 ). (2) The Company excluded anti-dilutive share options from the calculation of diluted EPS of $0.4 million and $1.4 million for the three and nine months ended September 30, 2016 , respectively, and $0.8 million for both the three and nine months ended September 30, 2015 .

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2016
Tax provision [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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Income (loss) before income taxes $ 16,759 $ 1,811 $ 43,318 $ 22,074 Income tax expense (benefit) $ (1,267 ) $ 526 $ 2,879 $ 13,441 Effective income tax rate (1) (7.6 )% 29.0 % 6.6 % 60.9 % Explanatory Note: ________________________________ (1) Deferred income tax expense (benefit) was $0.2 million and $3.0 million for the three and nine months ended September 30, 2016 , respectively, and $(0.1) million and $7.3 million for the three and nine months ended September 30, 2015 , respectively.

FINANCIAL INFORMATION FOR SUB32

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS Condensed Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2016
Condensed Financial Information [Abstract]
Condensed Balance Sheet	Condensed Consolidating Balance Sheets (Unaudited) September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) ASSETS Cash and cash equivalents $ 75 $ 4,827 $ 33,941 $ — $ — $ 38,843 Restricted cash and cash equivalents — — 1,694 — — 1,694 Investments — — 211,474 — (99,568 ) 111,906 Intercompany investments in subsidiaries 203,417 105,856 69,992 — (379,265 ) — Receivables — 7,301 7,018 — (2,946 ) 11,373 Prepaid and other assets — 272 603 — — 875 Deferred tax asset, net — 41,404 — — — 41,404 Equipment and improvements, net — — 4,031 — — 4,031 Intangible assets, net — 4,141 — — — 4,141 Goodwill — 66,549 9,451 — — 76,000 Subtotal 203,492 230,350 338,204 — (481,779 ) 290,267 Assets of Consolidated Entities: Restricted cash and cash equivalents — — — 108,681 — 108,681 Due from brokers — — — 33,990 — 33,990 Investments — — — 1,843,268 — 1,843,268 Receivables — — — 6,118 — 6,118 Prepaid and other assets — — — 147 — 147 Total assets of Consolidated Entities — — — 1,992,204 — 1,992,204 TOTAL ASSETS $ 203,492 $ 230,350 $ 338,204 $ 1,992,204 $ (481,779 ) $ 2,282,471 LIABILITIES Due to brokers $ — $ — $ — $ — $ — $ — Accrued and other liabilities 15,108 4,124 21,237 — (2,531 ) 37,938 Contingent liabilities — — 7,694 — — 7,694 Long-term debt — 156,234 — — — 156,234 Subtotal 15,108 160,358 28,931 — (2,531 ) 201,866 Non-Recourse Liabilities of Consolidated Entities: Due to brokers — — — 80,054 — 80,054 Accrued and other liabilities — — — 556 (406 ) 150 Interest payable — — — 4,903 — 4,903 Long-term debt — — — 1,861,564 (62,895 ) 1,798,669 Total Non-Recourse Liabilities of Consolidated Entities — — — 1,947,077 (63,301 ) 1,883,776 TOTAL LIABILITIES 15,108 160,358 28,931 1,947,077 (65,832 ) 2,085,642 EQUITY Common shares 24 1 — — (1 ) 24 Intercompany Preferred Units (1) — — 86,489 — (86,489 ) — Additional paid-in capital 986,520 888,830 588,747 — (1,477,577 ) 986,520 Retained earnings (deficit) (798,160 ) (818,839 ) (365,963 ) — 1,184,802 (798,160 ) TOTAL CIFC LLC SHAREHOLDERS’ EQUITY 188,384 69,992 309,273 — (379,265 ) 188,384 Consolidated Fund Equity/Noncontrolling interests — — — 45,127 (36,682 ) 8,445 TOTAL EQUITY 188,384 69,992 309,273 45,127 (415,947 ) 196,829 TOTAL LIABILITIES AND EQUITY $ 203,492 $ 230,350 $ 338,204 $ 1,992,204 $ (481,779 ) $ 2,282,471 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 September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 17,120 $ — $ (2,511 ) $ 14,609 Interest income from investments — — 4,573 — (3,274 ) 1,299 Intercompany - preferred units dividend income — 756 — — (756 ) — Interest income - Consolidated Entities — — — 24,799 — 24,799 Total net revenues — 756 21,693 24,799 (6,541 ) 40,707 Expenses Employee compensation and benefits — — 10,472 — — 10,472 Share-based compensation 46 46 1,413 — — 1,505 Professional services 2,267 2,140 821 — — 5,228 General and administrative expenses 409 518 1,507 — — 2,434 Depreciation and amortization — 539 378 — — 917 Corporate interest expense — 2,004 — — — 2,004 Expenses - Consolidated Entities — — — 3,216 (2,508 ) 708 Interest expense - Consolidated Entities — — — 11,830 — 11,830 Total expenses 2,722 5,247 14,591 15,046 (2,508 ) 35,098 Other Gain (Loss) Net gain (loss) on investments — — 17,508 — (5,187 ) 12,321 Net gain (loss) on contingent liabilities — — (237 ) — — (237 ) Net gain (loss) on investments - Consolidated Entities — — — 28,954 — 28,954 Net gain (loss) on liabilities - Consolidated Entities — — — (36,692 ) 6,804 (29,888 ) Intercompany net gain (loss) on investments in subsidiaries 21,149 2,799 (417 ) — (23,531 ) — Net other gain (loss) 21,149 2,799 16,854 (7,738 ) (21,914 ) 11,150 Income (loss) before income taxes 18,427 (1,692 ) 23,956 2,015 (25,947 ) 16,759 Income tax (expense) benefit — 1,267 — — — 1,267 Net income (loss) 18,427 (425 ) 23,956 2,015 (25,947 ) 18,026 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,015 ) 1,660 (355 ) Net income (loss) attributable to CIFC LLC $ 18,427 $ (425 ) $ 23,956 $ — $ (24,287 ) $ 17,671 Consolidating Statements of Operations (Unaudited) For the Nine Months Ended September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 62,171 $ — $ (6,470 ) $ 55,701 Interest income from investments — — 11,348 — (7,954 ) 3,394 Intercompany - preferred units dividend income — 2,244 — — (2,244 ) — Interest income - Consolidated Entities — — — 68,598 — 68,598 Total net revenues — 2,244 73,519 68,598 (16,668 ) 127,693 Expenses Employee compensation and benefits — — 29,449 — — 29,449 Share-based compensation 325 325 4,980 — — 5,630 Professional services 2,933 3,356 2,696 — — 8,985 General and administrative expenses 704 1,789 5,001 — — 7,494 Depreciation and amortization — 2,090 1,205 — — 3,295 Impairment of intangible assets — — 531 — — 531 Corporate interest expense — 5,960 — — — 5,960 Expenses - Consolidated Entities — — — 8,175 (6,470 ) 1,705 Interest expense - Consolidated Entities — — — 32,047 (195 ) 31,852 Total expenses 3,962 13,520 43,862 40,222 (6,665 ) 94,901 Other Gain (Loss) Net gain (loss) on investments — — 30,915 — (14,460 ) 16,455 Net gain (loss) on contingent liabilities — — (451 ) — — (451 ) Net gain (loss) on investments - Consolidated Entities — — — 55,657 — 55,657 Net gain (loss) on liabilities - Consolidated Entities — — — (79,891 ) 18,756 (61,135 ) Intercompany net gain (loss) on investments in subsidiaries 45,966 17,784 3,628 — (67,378 ) — Net other gain (loss) 45,966 17,784 34,092 (24,234 ) (63,082 ) 10,526 Income (loss) before income taxes 42,004 6,508 63,749 4,142 (73,085 ) 43,318 Income tax (expense) benefit — (2,879 ) — — — (2,879 ) Net income (loss) 42,004 3,629 63,749 4,142 (73,085 ) 40,439 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (4,142 ) 3,463 (679 ) Net income (loss) attributable to CIFC LLC $ 42,004 $ 3,629 $ 63,749 $ — $ (69,622 ) $ 39,760 Consolidating Statements of Operations (Unaudited) For the Three Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 19,634 $ — $ (380 ) $ 19,254 Interest income from investments — — 3,219 — (2,104 ) 1,115 Interest income - Consolidated Entities — — — 4,143 — 4,143 Total net revenues — — 22,853 4,143 (2,484 ) 24,512 Expenses Employee compensation and benefits — — 7,513 — — 7,513 Share-based compensation — — 1,166 — — 1,166 Professional services — 1,916 996 — — 2,912 General and administrative expenses — 813 1,600 — — 2,413 Depreciation and amortization — 1,217 552 — — 1,769 Impairment of intangible assets — 461 — — — 461 Corporate interest expense — 962 — — — 962 Expenses - Consolidated Entities — — — 8,947 (382 ) 8,565 Interest expense - Consolidated Entities — — — 1,606 (19 ) 1,587 Total expenses — 5,369 11,827 10,553 (401 ) 27,348 Other Gain (Loss) Net gain (loss) on investments — — (3,160 ) — 545 (2,615 ) Net gain (loss) on contingent liabilities — — (502 ) — — (502 ) Net gain (loss) on investments - Consolidated Entities — — — (4,642 ) — (4,642 ) Net gain (loss) on liabilities - Consolidated Entities — — — 9,572 1,606 11,178 Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 1,228 — 1,228 Intercompany net gain (loss) on investments in subsidiaries — 7,364 — — (7,364 ) — Net other gain (loss) — 7,364 (3,662 ) 6,158 (5,213 ) 4,647 Income (loss) before income taxes — 1,995 7,364 (252 ) (7,296 ) 1,811 Income tax (expense) benefit — (526 ) — — — (526 ) Net income (loss) — 1,469 7,364 (252 ) (7,296 ) 1,285 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — 252 (68 ) 184 Net income (loss) attributable to CIFC LLC $ — $ 1,469 $ 7,364 $ — $ (7,364 ) $ 1,469 Consolidating Statements of Operations (Unaudited) For the Nine Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Revenues Management and incentive fees $ — $ — $ 62,284 $ — $ (818 ) $ 61,466 Interest income from investments — — 8,058 — (2,109 ) 5,949 Interest income - Consolidated Entities — — 823 9,111 — 9,934 Total net revenues — — 71,165 9,111 (2,927 ) 77,349 Expenses Employee compensation and benefits — — 23,547 — — 23,547 Share-based compensation — 269 3,565 — — 3,834 Professional services — 3,917 2,717 — — 6,634 General and administrative expenses — 2,635 4,591 — — 7,226 Depreciation and amortization — 4,547 1,712 — — 6,259 Impairment of intangible assets — 1,203 — — — 1,203 Corporate interest expense — 2,256 — — — 2,256 Expenses - Consolidated Entities — — 16 11,072 (820 ) 10,268 Interest expense - Consolidated Entities — — 231 3,042 (19 ) 3,254 Total expenses — 14,827 36,379 14,114 (839 ) 64,481 Other Gain (Loss) Net gain (loss) on investments — — 2,478 — (2,433 ) 45 Net gain (loss) on contingent liabilities — — (1,792 ) — — (1,792 ) Net gain (loss) on investments - Consolidated Entities — — 796 (1,325 ) — (529 ) Net gain (loss) on liabilities - Consolidated Entities — — — 4,647 3,865 8,512 Net gain (loss) on other investments and derivatives - Consolidated Entities — — — 2,970 — 2,970 Intercompany net gain (loss) on investments in subsidiaries — 36,268 — — (36,268 ) — Net other gain (loss) — 36,268 1,482 6,292 (34,836 ) 9,206 Income (loss) before income taxes — 21,441 36,268 1,289 (36,924 ) 22,074 Income tax (expense) benefit — (13,441 ) — — — (13,441 ) Net income (loss) — 8,000 36,268 1,289 (36,924 ) 8,633 Net (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,289 ) 656 (633 ) Net income (loss) attributable to CIFC LLC $ — $ 8,000 $ 36,268 $ — $ (36,268 ) $ 8,000
Condensed Statement of Comprehensive Income	Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Three Months Ended September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 18,427 $ (425 ) $ 23,956 $ 2,015 $ (25,947 ) $ 18,026 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 18,427 (425 ) 23,956 2,015 (25,947 ) 18,026 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (2,015 ) 1,660 (355 ) Comprehensive income (loss) attributable to CIFC LLC $ 18,427 $ (425 ) $ 23,956 $ — $ (24,287 ) $ 17,671 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Nine Months Ended September 30, 2016 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ 42,004 $ 3,629 $ 63,749 $ 4,142 $ (73,085 ) $ 40,439 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) 42,004 3,629 63,749 4,142 (73,085 ) 40,439 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (4,142 ) 3,463 (679 ) Comprehensive income (loss) attributable to CIFC LLC $ 42,004 $ 3,629 $ 63,749 $ — $ (69,622 ) $ 39,760 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Three Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 1,469 $ 7,364 $ (252 ) $ (7,296 ) $ 1,285 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 1,469 7,364 (252 ) (7,296 ) 1,285 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — 252 (68 ) 184 Comprehensive income (loss) attributable to CIFC LLC $ — $ 1,469 $ 7,364 $ — $ (7,364 ) $ 1,469 Consolidating Statement of Comprehensive Income (Loss) (Unaudited) For the Nine Months Ended September 30, 2015 Parent/ CIFC LLC Subsidiary Issuer/ CIFC Corp. Subsidiary Guarantors Non Guarantors Eliminations CIFC LLC Consolidated (In thousands) Net income (loss) $ — $ 8,000 $ 36,268 $ 1,289 $ (36,924 ) $ 8,633 Other comprehensive income (loss) — — — — — — Comprehensive income (loss) — 8,000 36,268 1,289 (36,924 ) 8,633 Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities — — — (1,289 ) 656 (633 ) Comprehensive income (loss) attributable to CIFC LLC $ — $ 8,000 $ 36,268 $ — $ (36,268 ) $ 8,000
Condensed Cash Flow Statement	Consolidating Statement of Cash Flows (Unaudited) For the Nine Months Ended September 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) $ 42,004 $ 3,629 $ 63,749 $ 4,142 $ (73,085 ) $ 40,439 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 240 — — — 240 Share-based compensation 325 325 4,980 — — 5,630 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (30,464 ) — 14,460 (16,004 ) Intercompany- preferred units dividend (2,244 ) — — — 2,244 — Intercompany net (gain) loss on investments in subsidiaries (45,966 ) (17,784 ) (3,628 ) — 67,378 — Depreciation and amortization — 2,090 1,205 — — 3,295 Impairment of intangible assets — — 531 — — 531 Deferred income tax expense (benefit) — 3,021 — — — 3,021 Tax benefit (shortfall) from share-based payment arrangements — 220 — — — 220 Consolidated Entities: Net (gain) loss on investments — — — (55,657 ) — (55,657 ) Net (gain) loss on liabilities — — — 79,891 (18,756 ) 61,135 Changes in operating assets and liabilities: Receivables 785 (6,684 ) 20,287 — (18,830 ) (4,442 ) Prepaid and other assets — 1,355 (257 ) — — 1,098 Due to brokers — (61 ) — — — (61 ) Accrued and other liabilities 3,425 (20,284 ) 6,919 — 18,442 8,502 Consolidated Entities: Due from brokers — — — 2,942 — 2,942 Purchase of investments — — — (610,716 ) — (610,716 ) Sales of investments — — — 615,484 — 615,484 Receivables — — — (833 ) — (833 ) Due to brokers — — — (13 ) — (13 ) Accrued and other liabilities — — — (250 ) 108 (142 ) Interest payable — — — (2,654 ) 229 (2,425 ) Net cash provided by (used in) operating activities (1,671 ) (33,933 ) 63,322 32,336 (7,810 ) 52,244 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (108,933 ) — 16,222 (92,711 ) Sales of investments — — 80,770 — (18,093 ) 62,677 Intercompany investments in subsidiaries 18,179 32,825 (5,409 ) — (45,595 ) — Purchases of equipment and improvements — — (277 ) — — (277 ) Consolidated Entities: Change in restricted cash and cash equivalents — — — 32,604 — 32,604 Net cash provided by (used in) investing activities 18,179 32,825 (33,849 ) 32,604 (47,466 ) 2,293 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares (435 ) — — — — (435 ) Payments of share and debt issuance cost — (167 ) — — — (167 ) Distributions paid (16,211 ) — — — — (16,211 ) Intercompany contributions — 4,930 32,111 — (37,041 ) — Intercompany distributions — — (80,441 ) — 80,441 — Intercompany- preferred units dividend — — (2,244 ) — 2,244 — Proceeds from the exercise of options 483 — — — — 483 Payments for tax from the net delivery of restricted share units (270 ) — — — — (270 ) Payments on contingent liabilities — — (1,534 ) — — (1,534 ) Tax (benefit) shortfall from share-based payment arrangements — (220 ) — — — (220 ) Consolidated Entities: Distributions to noncontrolling interests — — — (83 ) — (83 ) Proceeds from issuance of long-term debt — — — 68 — 68 Payments made on long-term debt — — — (64,925 ) 9,632 (55,293 ) Net cash provided by (used in) financing activities (16,433 ) 4,543 (52,108 ) (64,940 ) 55,276 (73,662 ) Net increase (decrease) in cash and cash equivalents 75 3,435 (22,635 ) — — (19,125 ) Cash and cash equivalents at beginning of period — 1,392 56,576 — — 57,968 Cash and cash equivalents at end of period $ 75 $ 4,827 $ 33,941 $ — $ — $ 38,843 Consolidating Statement of Cash Flows (Unaudited) For the Nine Months Ended September 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) $ — $ 8,000 $ 36,268 $ 1,289 $ (36,924 ) $ 8,633 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of debt issuance costs and other — 67 — — — 67 Share-based compensation — 269 3,565 — — 3,834 Net (gain) loss on investments and contingent liabilities / other (gain) loss — — (686 ) — 2,433 1,747 Intercompany net (gain) loss on investments in subsidiaries — (36,268 ) — — 36,268 — Depreciation and amortization — 4,547 1,712 — — 6,259 Impairment of intangible assets — 1,203 — — — 1,203 Deferred income tax expense (benefit) — 7,296 — — — 7,296 Tax benefit (shortfall) from share-based payment arrangements — (7 ) — — — (7 ) Consolidated Entities: Net (gain) loss on investments — — (796 ) 1,325 — 529 Net (gain) loss on liabilities — — — (4,647 ) (3,865 ) (8,512 ) Net other (gain) loss — — — (2,970 ) — (2,970 ) Changes in operating assets and liabilities: Due from brokers — — (62 ) — — (62 ) Receivables — (3,262 ) (7,940 ) — 5,949 (5,253 ) Prepaid and other assets — 1,459 (468 ) — — 991 Due to brokers — 67 2,625 — — 2,692 Accrued and other liabilities — 7,165 (1,366 ) — (5,810 ) (11 ) Consolidated Entities: Due from brokers — — 14,459 (29,723 ) — (15,264 ) Purchase of investments — — (55,016 ) (754,795 ) — (809,811 ) Sales of investments — — 47,462 289,287 — 336,749 Receivables — — (352 ) (3,787 ) 2 (4,137 ) Due to brokers — — (7,882 ) 108,532 — 100,650 Accrued and other liabilities — — 6 (4 ) (116 ) (114 ) Interest payable — — (8 ) 924 (22 ) 894 Net cash provided by (used in) operating activities — (9,464 ) 31,521 (394,569 ) (2,085 ) (374,597 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments — — (176,893 ) — 110,637 (66,256 ) Sales of investments — — 137,981 — (66,319 ) 71,662 Intercompany investments in subsidiaries — (98,222 ) — — 98,222 — Intercompany distributions from subsidiaries — 113,984 — — (113,984 ) — Purchases of equipment and improvements — — (802 ) — — (802 ) Consolidated Entities: Change in restricted cash and cash equivalents — — 755 (211,660 ) — (210,905 ) Net cash provided by (used in) investing activities — 15,762 (38,959 ) (211,660 ) 28,556 (206,301 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchases of common shares — (246 ) — — — (246 ) Payments of share and debt issuance cost — (75 ) — — — (75 ) Distributions paid — (7,598 ) — — — (7,598 ) Intercompany contributions — — 98,222 — (98,222 ) — Intercompany distributions — — (113,984 ) — 113,984 — Proceeds from extension of warrants — 350 — — — 350 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 — — (3,599 ) — — (3,599 ) Tax (benefits) shortfall from share-based payment arrangements — 7 — — — 7 Consolidated Entities: Contributions from noncontrolling interests — — — 18,713 (2,613 ) 16,100 Distributions to noncontrolling interests — — — (13,470 ) — (13,470 ) Proceeds from issuance of long-term debt — — — 684,699 (114,946 ) 569,753 Payments made on long-term debt — — — (83,713 ) 75,326 (8,387 ) Net cash provided by (used in) financing activities — (7,706 ) (19,361 ) 606,229 (26,471 ) 552,691 Net increase (decrease) in cash and cash equivalents — (1,408 ) (26,799 ) — — (28,207 ) Cash and cash equivalents at beginning of period — 2,157 57,133 — — 59,290 Cash and cash equivalents at end of period $ — $ 749 $ 30,334 $ — $ — $ 31,083

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details) - USD ($)	Aug. 19, 2016	Sep. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements
Sources of revenue		3
Common Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Business Acquisition, Share Price	$ 11.36
Loss on Contract Termination	$ 13,332,000
DFR Holdings LLC
Organization, Consolidation and Presentation of Financial Statements
Percentage of CIFC Common Shares Outstanding		80.00%

BASIS OF PRESENTATION AND PRI34

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)	Jun. 30, 2016	Dec. 31, 2015USD ($)
Basis of Presentation and Principles of Consolidation
Investments	$ 111,906,000		$ 111,906,000			$ 70,696,000
Investments in Funds
General Partners' Investment	$ 99,600,000		$ 99,600,000			$ 81,800,000
Consolidated VIEs [Abstract]
Collateralized loan obligations with potential significant returns			2
Collateralized loan obligations without potential significant returns			1
Additional collateralized loan obligations consolidated during the period			2
Collateralized loan obligations deconsolidated during the period			1
Collateralized loan obligations deconsolidated					1
Number of CLOs consolidated	3		3			2
Number of Credit Funds Consolidated	2		2			2
Consolidated Warehouse Investments Held	0		0			0
Collateralized loan obligations consolidated during the period	3	2	4	2
Number of credit funds consolidated during the period	2	2	2	2
Number of Warehouses consolidated during the period	0	1	0	1
Unconsolidated VIEs [Abstract]
Number of CLOs not consolidated	24		24			28
Number of CDOs not consolidated	8		8			8
Number of Credit Funds not consolidated	2		2			2
Unconsolidated warehouses	2		2
Maximum exposure to loss	$ 99,974,000		$ 99,974,000			$ 82,357,000
Unconsolidated VIE, investment in	91,200,000		91,200,000			29,000,000
Unconsolidated VOE [Member]
Investments in Funds
General Partners' Investment	19,100,000		19,100,000			26,000,000
Tactical Income Fund
Investments in Funds
General Partners' Investment	36,700,000		36,700,000			33,200,000
Consolidated VIEs [Abstract]
Noncontrolling Interest in Variable Interest Entity	8,400,000		8,400,000			7,800,000
Senior Secured Loan Fund
Investments in Funds
General Partners' Investment	5,800,000		5,800,000			5,400,000
Accounts Receivable
Unconsolidated VIEs [Abstract]
Maximum exposure to loss	406,000		406,000			605,000
Accounts Receivable | Variable Interest Entity, Not Primary Beneficiary
Unconsolidated VIEs [Abstract]
Maximum exposure to loss	$ 3,800,000		$ 3,800,000			$ 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		Sep. 30, 2016	Dec. 31, 2015
Consolidated Variable Interest Entities
Maximum exposure to loss		$ 99,974	$ 82,357
Investment and beneficial interests in CLOs
Consolidated Variable Interest Entities
Maximum exposure to loss	[1]	99,568	81,752
Accounts Receivable [Member]
Consolidated Variable Interest Entities
Maximum exposure to loss		$ 406	$ 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	Sep. 30, 2016	Dec. 31, 2015
Assets and Liabilities
Contingent Liabilities	$ 7,694	$ 8,338
Recurring basis
Assets and Liabilities
Investments fair valued using NAV	24,845	31,411
Investments in Warehouses	68,635	0
Other Investments	18,426	39,285
Investments in loans, corporate bonds and other products	111,906	70,696
Assets, Fair Value Disclosure	1,955,174	1,422,099
Contingent Liabilities	7,694	8,338
Financial and Nonfinancial Liabilities, Fair Value Disclosure	7,694	8,338
Recurring basis | Fair Value, Inputs, Level 2 [Member]
Assets and Liabilities
Other Investments	138	1,768
Investments in loans, corporate bonds and other products	138	1,768
Assets, Fair Value Disclosure	1,454,793	1,070,147
Recurring basis | Level 3
Assets and Liabilities
Investments in Warehouses	68,635	0
Other Investments	18,288	37,517
Investments in loans, corporate bonds and other products	86,923	37,517
Assets, Fair Value Disclosure	475,536	320,541
Contingent Liabilities	7,694	8,338
Financial and Nonfinancial Liabilities, Fair Value Disclosure	7,694	8,338
Consolidated Entities | Recurring basis
Assets and Liabilities
Loans	1,842,479	1,349,407
Other Investments	789	1,996
Investments in loans, corporate bonds and other products	1,843,268	1,351,403
Consolidated Entities | Recurring basis | Fair Value, Inputs, Level 2 [Member]
Assets and Liabilities
Loans	1,453,866	1,067,539
Other Investments	789	840
Investments in loans, corporate bonds and other products	1,454,655	1,068,379
Consolidated Entities | Recurring basis | Level 3
Assets and Liabilities
Loans	388,613	281,868
Other Investments	0	1,156
Investments in loans, corporate bonds and other products	388,613	283,024
Net Asset Value [Member]
Assets and Liabilities
Investments fair valued using NAV	$ 24,845	$ 31,411

FAIR VALUE (Details 2 - Assets

FAIR VALUE (Details 2 - Assets Rollforward) - Level 3 - Recurring basis - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2016		Sep. 30, 2015		Sep. 30, 2016		Sep. 30, 2015		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period				$ 0				$ 0				$ 1,996	$ 967
Transfers Into Level 3	[1]			0				0
Transfers out of Level 3	[2],[3]			0				0
Gain (Loss) Included in Earnings	[2]			4				33
Purchases	[2]			0				2,971
Sales	[2]			(2,000)				(3,971)
Settlements	[2]			0				0
Change in Unrealized Gain (Loss)				0				0
Loans | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period		$ 388,613		124,677		$ 388,613		124,677		$ 426,967	$ 281,868	73,151	2,517,887
Transfers Into Level 3	[1]	96,509		4,717		299,292		11,237
Transfers out of Level 3	[3]	(126,116)		(15,930)	[2]	(319,936)		(21,758)	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition						205,361
Gain (Loss) Included in Earnings		5,822		(726)	[2]	7,907		(1,352)	[2]
Purchases		30,502		85,147	[2]	83,492		201,860	[2]
Sales		(19,444)		(20,400)	[2]	(41,425)		(91,240)	[2]
Settlements		(25,627)		(1,282)	[2]	(52,619)		(15,332)	[2]
Change in Unrealized Gain (Loss)		5,346		(370)		10,226		(369)
Transfers out of Level 3 Due to Deconsolidation						(75,327)
Structured Products and Other Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period		18,288		47,366		18,288		47,366		24,462	37,517	43,439	7,604
Transfers Into Level 3	[1]	1,475		0		1,475		0
Transfers out of Level 3	[3]	0		0	[2]	0		0	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition						(23,443)
Gain (Loss) Included in Earnings		3,306		(2,459)	[2]	4,259		(2,212)	[2]
Purchases		4,101		11,870	[2]	39,222		76,192	[2]
Sales		(14,222)		(5,484)		(38,195)		(34,218)	[2]
Settlements		(834)		0	[2]	(2,547)		0	[2]
Change in Unrealized Gain (Loss)		2,142		(3,806)		2,104		(4,028)
Transfers out of Level 3 Due to Deconsolidation						0
Structured Products and Other Investments [Member] | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period		0		1,298		0		1,298		321	1,156	3,494	69,973
Transfers Into Level 3		0	[1]	0	[1]	0	[1]	0
Transfers out of Level 3	[3]	0		0	[2]	0		(1,803)	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition						0
Gain (Loss) Included in Earnings		60		(209)		35		(2)	[2]
Purchases		0		0		0		3,742	[2]
Sales		(381)		(1,987)	[2]	(1,191)		(3,229)	[2]
Settlements		0		0		0		0	[2]
Change in Unrealized Gain (Loss)		0		(69)		0		(21)
Transfers out of Level 3 Due to Deconsolidation						0
Investments in Warehouses [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period		68,635				68,635				44,990	0
Transfers Into Level 3	[1]	0				0
Transfers out of Level 3	[3]	0				0
Transfers Into Level 3 Due to Consolidation or Acquisition						0
Gain (Loss) Included in Earnings		6,645				7,513
Purchases		17,000				61,122
Sales		0				0
Settlements		0				0
Change in Unrealized Gain (Loss)		6,645				7,513
Transfers out of Level 3 Due to Deconsolidation						0
Corporate Bonds | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period				0				0					478
Transfers Into Level 3								0
Transfers out of Level 3	[2],[3]							0
Gain (Loss) Included in Earnings	[2]							0
Purchases	[2]							0
Sales	[2]							0
Settlements	[2]							0
Change in Unrealized Gain (Loss)								0
Investment and Derivative Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period		86,923		47,366		86,923		47,366		69,452	37,517	45,435	8,571
Transfers Into Level 3	[1]	1,475		0		1,475		0
Transfers out of Level 3	[3]	0		0	[2]	0		0	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition						(23,443)
Gain (Loss) Included in Earnings		9,951		(2,455)	[2]	11,772		(2,179)	[2]
Purchases		21,101		11,870	[2]	100,344		79,163	[2]
Sales		(14,222)		(7,484)	[2]	(38,195)		(38,189)	[2]
Settlements		(834)		0	[2]	(2,547)		0	[2]
Change in Unrealized Gain (Loss)		8,787		(3,806)		9,617		(4,028)
Transfers out of Level 3 Due to Deconsolidation						0
Investment and Derivative Assets | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value Beginning of period and Ending of period		388,613		125,975		388,613		125,975		$ 427,288	$ 283,024	$ 76,645	$ 2,588,338
Transfers Into Level 3	[1]	96,509		4,717		299,292		11,237
Transfers out of Level 3	[3]	(126,116)		(15,930)	[2]	(319,936)		(23,561)	[2]
Transfers Into Level 3 Due to Consolidation or Acquisition						205,361
Gain (Loss) Included in Earnings		5,882		(935)		7,942		(1,354)	[2]
Purchases		30,502		85,147		83,492		205,602	[2]
Sales		(19,825)		(22,387)	[2]	(42,616)		(94,469)	[2]
Settlements		(25,627)		(1,282)	[2]	(52,619)		(15,332)	[2]
Change in Unrealized Gain (Loss)		$ 5,346		$ (439)		10,226		(390)
Transfers out of Level 3 Due to Deconsolidation						$ (75,327)
New Accounting Pronouncement, Early Adoption, Effect [Member] | Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
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
Transfers, Net	[2]							0
New Accounting Pronouncement, Early Adoption, Effect [Member] | Structured Products and Other Investments [Member] | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Transfers, Net	[2]							(67,383)
New Accounting Pronouncement, Early Adoption, Effect [Member] | Corporate Bonds | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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
Transfers, Net	[2]							0
New Accounting Pronouncement, Early Adoption, Effect [Member] | Investment and Derivative Assets | Consolidated Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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 nine months ended September 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		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Assets and Liabilities
Estimated fair value, beginning of period					$ 12,061,702
Transfer in due to consolidation	[1],[2]				(12,049,034)
Net realized/unrealized (gains) losses	[2]				1,792
Settlements	[2],[3]				(3,599)
Estimated fair value, end of period			$ 10,861		10,861
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period					(1,792)
Contingent Liabilities at Fair Value
Assets and Liabilities
Estimated fair value, beginning of period		$ 7,680	11,054	$ 8,338	12,668
Transfer in due to consolidation	[1],[2]			0	0
Net realized/unrealized (gains) losses	[2]	237	502	451	1,792
Settlements	[2],[3]	(223)	(695)	(1,095)	(3,599)
Estimated fair value, end of period		7,694	10,861	7,694	10,861
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period		$ (237)	(502)	$ 451	(1,792)
Consolidated Entities | Long-term Debt
Assets and Liabilities
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]				0
Settlements	[2],[3]				0
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), and settlements for the three and nine months ended September 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)	9 Months Ended
	Sep. 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
Minimum [Member]
Narrative FN 5
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years

FAIR VALUE (Details 5 - Quantit

FAIR VALUE (Details 5 - Quantitative Information) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Quantitative Information about Level 3 Assets & Liabilities
Contingent Liabilities		$ 7,694	$ 8,338
Debt Instrument, Description of Variable Rate Basis		LIBOR
Recurring basis
Quantitative Information about Level 3 Assets & Liabilities
Contingent Liabilities		$ 7,694	8,338
Recurring basis | Level 3
Quantitative Information about Level 3 Assets & Liabilities
Contingent Liabilities		$ 7,694	$ 8,338
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		100.00%	100.00%
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]	6.00%	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]	12.00%	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		9 Months Ended
		Sep. 30, 2016	Dec. 31, 2015		Nov. 02, 2015
Long-term debt:
Long-term debt		$ 156,234	$ 156,161
Debt Instrument, Description of Variable Rate Basis		LIBOR
Subordinated Debt Obligations | Carrying Value
Long-term debt:
Junior Subordinated Notes	[1]	$ 118,327	118,259
Subordinated Debt Obligations | Estimated Fair Value
Long-term debt:
Junior Subordinated Notes	[1]	51,983	57,371
Senior Notes [Member]
Long-term debt:
Long-term debt	[2]	37,907	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]	$ 41,871	$ 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 to 75 basis points per annum for the three and nine months ended September 30, 2016. On July 19, 2016, the Company

DERIVATIVE INSTRUMENTS AND HE42

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR
Net income/expense related to derivative instruments	$ (0.2)		$ (0.5)
Total Return Swap
Derivative [Line Items]
Net income/expense related to derivative instruments		$ 2.4		$ 4.1

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	$ 46,749		$ 46,749		$ 77,708
Accumulated Amortization	[2]	42,608		42,608		70,851
Intangible assets, net		4,141		4,141		$ 6,857
Amortization of intangible assets		500	$ 1,400	2,200	$ 5,200
Expected amortization expense of the existing intangible assets
Less than one year		399		399
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		4,141		4,141
Impairment of intangible assets		0	$ 461	$ 531	$ 1,203
Investment management contracts
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				1 year 7 months		2 years 5 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	40,405		$ 40,405		$ 71,113
Accumulated Amortization	[2]	38,244		38,244		67,040
Intangible assets, net		2,161		$ 2,161		$ 4,073
Referral Agreement
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				3 years		3 years 9 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	3,810		$ 3,810		$ 3,810
Accumulated Amortization	[2]	2,667		2,667		2,096
Intangible assets, net		1,143		$ 1,143		$ 1,714
Non-compete agreements
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				1 year 6 months		2 years 2 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	1,284		$ 1,284		$ 1,535
Accumulated Amortization	[2]	1,009		1,009		1,122
Intangible assets, net		275		$ 275		$ 413
Trade name
Intangible assets
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				4 years 6 months		5 years 2 months
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	[1]	1,250		$ 1,250		$ 1,250
Accumulated Amortization	[2]	688		688		593
Intangible assets, net		$ 562		$ 562		$ 657
[1]	Gross carrying amounts as of September 30, 2016 have been reduced to reflect fully impaired and amortized assets
[2]	The Company recorded amortization expense on its intangible assets of $0.5 million and $2.2 million for the three and nine months ended September 30, 2016, respectively, and $1.4 million and $5.2 million for the three and nine months ended September 30, 2015, respectively.

CONTINGENT LIABILITIES (Details

CONTINGENT LIABILITIES (Details) - USD ($)	Jul. 31, 2013	Apr. 13, 2011	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Contingent liabilities at fair value
Payments on contingent liabilities					$ 1,534,000	$ 3,599,000
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			$ 200,000	$ 700,000	1,500,000	2,500,000
Business Acquisition Cost of Acquired Entity Cash Payable			0		0		$ 0
Payments on Contingent Liabilities - 50% fee sharing			17,100,000		17,100,000
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		$ 0	$ 1,100,000

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015		Nov. 02, 2015
Debt Instrument [Line Items]
Long-term debt		$ 156,234	$ 156,161
Debt Instrument, Description of Variable Rate Basis		LIBOR
Other VIEs [Member]
Debt Instrument [Line Items]
Long-term debt		$ 152,200	153,100
Consolidated Entities
Debt Instrument [Line Items]
Long-term Debt, Gross	[1]	1,848,644	1,385,226
Long-term debt	[1]	$ 1,798,669	$ 1,308,558
Long-term Debt, Weighted Average Interest Rate	[1]	0.03%	0.02%
Debt instruments - Weighted Average, Remaining Maturity	[1]	8 years 1 month	9 years 1 month
March Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	[2]	$ 95,000	$ 95,000
Long-term debt	[2]	$ 93,516	$ 93,456
Long-term Debt, Weighted Average Interest Rate	[2]	3.34%	2.90%
Debt instruments - Weighted Average, Remaining Maturity	[2]	19 years 1 month	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
Long-term debt	[3]	$ 24,811	$ 24,803
Long-term Debt, Weighted Average Interest Rate	[3]	4.26%	3.82%
Debt instruments - Weighted Average, Remaining Maturity	[3]	19 years 1 month	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
Long-term debt	[5]	$ 37,907	$ 37,902	[4]
Long-term Debt, Weighted Average Interest Rate	[4]	8.50%	8.50%
Debt instruments - Weighted Average, Remaining Maturity	[4]	9 years 1 month	9 years 10 months
Debt Instrument, Interest Rate During Period		8.50%
Subordinated and Senior [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 160,000	$ 160,000
Long-term debt		$ 156,234	$ 156,161
Long-term Debt, Weighted Average Interest Rate		4.77%	4.44%
Debt instruments - Weighted Average, Remaining Maturity		16 years 7 months	17 years 3 months
Maximum [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Description		.0075
Minimum [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Description		.0025
[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 September 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $152.2 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 to 75 basis points per annum for the three and nine months ended September 30, 2016. On July 19, 2016, the Company
[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		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2016	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of Credit Funds Consolidated	2		2			2
Collateralized loan obligations deconsolidated					1
Number of credit funds consolidated during the period	2	2	2	2
Collateralized loan obligations consolidated during the period	3	2	4	2
Consolidated CLOs and Other [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Debt			$ 0	$ 484,400,000
Repayments of Long-term Debt			37,425,000	57,400,000
Consolidated Entities
Debt Instrument [Line Items]
Repayments of Long-term Debt			55,293,000	8,387,000
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			17,900,000	2,000,000
Consolidated Entities | Revolving credit facility
Debt Instrument [Line Items]
Proceeds from Issuance of Debt			$ 0	$ 140,700,000

EQUITY (Details 1 - Narrative)

EQUITY (Details 1 - Narrative) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Apr. 28, 2016	Dec. 31, 2015shares
Common Stock [Abstract]
Common shares issued | shares	23,641,036		23,641,036			25,314,756
Dividends declared, usd per share | $ / shares	$ 0.10	$ 0.10	$ 0.69	$ 0.30
Dissenting shares value, estimated			$ 11,307
Treasury Stock [Abstract]
Repurchases of common shares			435	$ 246
Share-based Compensation [Abstract]
Share-based compensation	$ 1,505	$ 1,166	5,630	$ 3,834
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	31,276	75,296	34,753
Repurchases of common shares		$ 225	$ 435	$ 246
Treasury stock acquired, average cost per share | $ / shares		$ 7.09	$ 5.75	$ 7.10
Stock Options and Restricted Stock Units
Share-based Compensation [Abstract]
Compensation not yet recognized, stock options and RSUs	$ 12,900		$ 12,900
Stock Options
Share-based Compensation [Abstract]
Weighted average vesting period			1 month 16 days
Restricted Stock Units (RSUs)
Share-based Compensation [Abstract]
Weighted average vesting period			2 years 3 months 7 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	$ 0

EQUITY (Details 2 - Stock Optio

EQUITY (Details 2 - Stock Options) - Stock Options - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Number of Shares Underlying Share Options
Options outstanding		3,285,313
Exercised options Shares	[1]	(100,000)
Options outstanding		3,185,313		3,285,313
Exercisable (shares)		3,037,787
Vested and Expected to vest (shares)	[2]	3,177,547
Weighted Average Exercise Price
Outstanding at period start		$ 6.69
Exercised (usd per share)		4.83
Outstanding at period end		6.75		$ 6.69
Exercisable (usd per share)		6.66
Vested and Expected to vest (usd per share)		$ 6.74
Additional Disclosures
Outstanding, Weighted Average Remaining Contractual Term		3 years 11 months 5 days		4 years 7 months 22 days
Exercisable, Weighted Average Remaining Contractual Term		3 years 9 months 8 days
Vested and Expected to Vest, Weighted Average Remaining Contractual Term		3 years 11 months 5 days
Outstanding, Aggregate Intrinsic Value		$ 788,000
Exercisable, Aggregate Intrinsic Value		13,709,000
Vested and Expected to vest, Aggregate Intrinsic Value		14,061,000
Outstanding, Aggregate Intrinsic Value		14,081,000		$ 788,000
Options, exercises in period, intrinsic value		$ 132,000	$ 78,300
[1]	During the nine months ended September 30, 2016 and 2015, the total intrinsic value of options exercised was $132.0 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.

EQUITY (Details 3 - RSU Narrati

EQUITY (Details 3 - RSU Narrative)	9 Months Ended
	Sep. 30, 2016shares
Restricted Stock Units (RSUs)
EQUITY
Grants in period (shares)	1,392,562	[1]
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
Service Based Year 1 Vest [Domain]
EQUITY
Award vesting period	1 year
[1]	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.

EQUITY (Details 4 - RSU Rollfor

EQUITY (Details 4 - RSU Rollforward)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Restricted Stock Units (RSUs)
RSUs
Restricted stock units outstanding, beginning of period (shares)	2,033,510	[1]
Grants in period (shares)	1,392,562	[2]
Vested (shares)	(370,870)
Forfeited (shares)	(104,040)	[3]
Restricted stock units outstanding, end of period (shares)	2,951,162
Weighted Average Grant Date Fair Value
Restricted stock units outstanding, beginning of period (usd per share) | $ / shares	$ 7.69	[1]
Granted (usd per share) | $ / shares	5.84	[1],[2]
Vested (usd per share) | $ / shares	7.91
Forfeited (usd per share) | $ / shares	5.93	[3]
Restricted stock units outstanding, end of period (usd per share) | $ / shares	$ 6.64
Performance Shares, hurdle not yet met
RSUs
Grants in period (shares)	540,000
performance based shares, hurdles met [Member]
RSUs
Grants in period (shares)	180,000
[1]	Beginning balance weighted average grant date fair value excludes 540,000 of performance based RSUs of which 180,000 have been included in the weighted average grant date fair value for RSUs granted during the nine months ended September 30, 2016.
[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 (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Net Income (Loss) Attributable to Parent		$ 17,671	$ 1,469	$ 39,760	$ 8,000
Weighted Average Number of Shares Outstanding, Basic	[1]	23,620,492	25,367,832	24,354,474	25,316,796
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	[2]	818,000	633,000	508,000	660,000
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants		927,000	275,000	698,000	365,000
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends		836,000	189,000	528,000	152,000
Weighted-average shares - diluted (1)	[1]	26,200,942	26,464,883	26,087,936	26,493,549
Earnings Per Share, Basic	[1]	$ 0.75	$ 0.06	$ 1.63	$ 0.32
Earnings (loss) per share, Diluted	[1]	$ 0.67	$ 0.06	$ 1.52	$ 0.30
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		400,000	800,000	1,400,000	800,000
Pro Forma [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method
Weighted Average Number of Shares Outstanding, Basic				23,474,432
Weighted-average shares - diluted (1)				25,207,793
Earnings Per Share, Basic				$ 1.69
Earnings (loss) per share, Diluted				$ 1.58
[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 nine months ended September 30, 2016, would be 23,474,432 and 25,207,793, respectively, and earnings per share basic and diluted would be $1.69 and $1.58, respectively (Note 10).
[2]	The Company excluded anti-dilutive share options from the calculation of diluted EPS of $0.4 million and $1.4 million for the three and nine months ended September 30, 2016, respectively, and $0.8 million for both the three and nine months ended September 30, 2015.

INCOME TAXES (Details 1 - Narra

INCOME TAXES (Details 1 - Narrative) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Tax provision [Line Items]
Income (loss) before income taxes		$ 16,759	$ 1,811	$ 43,318	$ 22,074
Income Tax Expense (Benefit)		$ (1,267)	$ 526	$ 2,879	$ 13,441
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	[1]	(7.60%)	29.00%	6.60%	60.90%
Deferred income tax expense (benefit)		$ 181	$ (129)	$ 3,021	$ 7,296
New York City [Member]
Tax provision [Line Items]
Current State and Local Tax Expense (Benefit)					$ 6,300
[1]	Deferred income tax expense (benefit) was $0.2 million and $3.0 million for the three and nine months ended September 30, 2016, respectively, and $(0.1) million and $7.3 million for the three and nine months ended September 30, 2015, respectively.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands, shares in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2016USD ($)itemshares	Sep. 30, 2015USD ($)	Dec. 31, 2013	Sep. 30, 2016USD ($)itemshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)itemshares
Related Party Transaction [Line Items]
Professional Fees	$ 5,228	$ 2,912		$ 8,985	$ 6,634
Related Party investments	111,906			111,906		$ 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		$ 400	500
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		$ 1,500	$ 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%
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	$ 3,500			$ 3,500		$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Lease Commitments
Occupancy, Net	$ 0.5	$ 0.5	$ 1.3	$ 1.3
Consolidated Entities
Other Commitments and Contingencies
Unfunded investment commitments	$ 1.7		$ 1.7		$ 1

RULE S-X 3-10 BALANCE SHEET (De

RULE S-X 3-10 BALANCE SHEET (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016		Dec. 31, 2015		Sep. 30, 2015	Dec. 31, 2014
Cash and cash equivalents		$ 38,843		$ 57,968		$ 31,083	$ 59,290
Restricted cash and cash equivalents		1,694		1,694
Investments		111,906		70,696
Investment in subsidiaries		0		0
Receivables		11,373		7,075
Prepaid and other assets		875		1,973
Deferred tax assets, net		41,404		44,425
Equipment and improvements, net		4,031		4,866
Intangible assets, net		4,141		6,857
Goodwill		76,000		76,000
Subtotal		290,267		271,554
Assets		2,282,471		1,747,203
Due to brokers		0		61
Accrued and other liabilities		37,938		18,397
Contingent Liabilities		7,694		8,338
Long-term debt		156,234		156,161
Subtotal		201,866		182,957
Liabilities		2,085,642		1,568,401
Common Stock, Value, Issued		24		25
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		986,520		992,419
Retained earnings (deficit)		(798,160)		(821,491)
Stockholders' Equity Attributable to Parent		188,384		170,953
TOTAL EQUITY		196,829		178,802		190,212	521,902
TOTAL LIABILITIES AND EQUITY		2,282,471		1,747,203
Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		8,445		7,849
Parent Company [Member]
Cash and cash equivalents		75		0		0	0
Restricted cash and cash equivalents		0		0
Investments		0		0
Investment in subsidiaries		203,417		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		203,492		170,959
Assets		203,492		170,959
Due to brokers		0		0
Accrued and other liabilities		15,108		50
Contingent Liabilities		0		0
Long-term debt		0		0
Subtotal		15,108		50
Liabilities		15,108		50
Common Stock, Value, Issued		24		25
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		986,520		992,425
Retained earnings (deficit)		(798,160)		(821,541)
Stockholders' Equity Attributable to Parent		188,384		170,909
TOTAL EQUITY		188,384		170,909
TOTAL LIABILITIES AND EQUITY		203,492		170,959
Parent Company [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		0		0
Subsidiary Issuer [Member]
Cash and cash equivalents		4,827		1,392		749	2,157
Restricted cash and cash equivalents		0		0
Investments		0		0
Investment in subsidiaries		105,856		120,896
Receivables		7,301		295
Prepaid and other assets		272		1,621
Deferred tax assets, net		41,404		44,425
Equipment and improvements, net		0		0
Intangible assets, net		4,141		6,232
Goodwill		66,549		66,549
Subtotal		230,350		241,410
Assets		230,350		241,410
Due to brokers		0		61
Accrued and other liabilities		4,124		24,185
Contingent Liabilities		0		0
Long-term debt		156,234		156,161
Subtotal		160,358		180,407
Liabilities		160,358		180,407
Common Stock, Value, Issued		1		25
Preferred Units, Preferred Partners' Capital Accounts		0	[1]	0	[2]
Additional paid-in capital		888,830		992,419
Retained earnings (deficit)		(818,839)		(931,441)
Stockholders' Equity Attributable to Parent		69,992		61,003
TOTAL EQUITY		69,992		61,003
TOTAL LIABILITIES AND EQUITY		230,350		241,410
Subsidiary Issuer [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		0		0
Guarantor Subsidiaries [Member]
Cash and cash equivalents		33,941		56,576		30,334	57,133
Restricted cash and cash equivalents		1,694		1,694
Investments		211,474		152,455
Investment in subsidiaries		69,992		61,004
Receivables		7,018		27,242
Prepaid and other assets		603		352
Deferred tax assets, net		0		0
Equipment and improvements, net		4,031		4,866
Intangible assets, net		0		625
Goodwill		9,451		9,451
Subtotal		338,204		314,265
Assets		338,204		314,265
Due to brokers		0		0
Accrued and other liabilities		21,237		14,808
Contingent Liabilities		7,694		8,338
Long-term debt		0		0
Subtotal		28,931		23,146
Liabilities		28,931		23,146
Common Stock, Value, Issued		0		0
Preferred Units, Preferred Partners' Capital Accounts		86,489	[1]	85,000	[2]
Additional paid-in capital		588,747		528,946
Retained earnings (deficit)		(365,963)		(322,827)
Stockholders' Equity Attributable to Parent		309,273		291,119
TOTAL EQUITY		309,273		291,119
TOTAL LIABILITIES AND EQUITY		338,204		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		1,992,204		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		1,947,077		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		45,127		41,063
TOTAL LIABILITIES AND EQUITY		1,992,204		1,475,649
Non-Guarantor Subsidiaries [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		45,127		41,063
Consolidation, Eliminations [Member]
Cash and cash equivalents		0		0		$ 0	$ 0
Restricted cash and cash equivalents		0		0
Investments		(99,568)		(81,759)
Investment in subsidiaries		(379,265)		(352,074)
Receivables		(2,946)		(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		(481,779)		(455,080)
Assets		(481,779)		(455,080)
Due to brokers		0		0
Accrued and other liabilities		(2,531)		(20,646)
Contingent Liabilities		0		0
Long-term debt		0		0
Subtotal		(2,531)		(20,646)
Liabilities		(65,832)		(69,788)
Common Stock, Value, Issued		(1)		(25)
Preferred Units, Preferred Partners' Capital Accounts		(86,489)	[1]	(85,000)	[2]
Additional paid-in capital		(1,477,577)		(1,521,371)
Retained earnings (deficit)		1,184,802		1,254,318
Stockholders' Equity Attributable to Parent		(379,265)		(352,078)
TOTAL EQUITY		(415,947)		(385,292)
TOTAL LIABILITIES AND EQUITY		(481,779)		(455,080)
Consolidation, Eliminations [Member] | Consolidated Funds
Noncontrolling interests in Consolidated Funds (Note 2)		(36,682)		(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		$ 108,681		94,018
Due from brokers		33,990		25,910
Investments		1,843,268		1,351,403
Receivables		6,118		4,109
Prepaid and other assets		147		209
Assets	[3]	1,992,204		1,475,649
Due to brokers		80,054		71,603
Accrued and other liabilities		150		193
Interest payable		4,903		5,090
Long-term debt	[4]	1,798,669		1,308,558
Liabilities	[3]	1,883,776		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		108,681		94,018
Due from brokers		33,990		25,910
Investments		1,843,268		1,351,403
Receivables		6,118		4,109
Prepaid and other assets		147		209
Assets	[3]	1,992,204		1,475,649
Due to brokers		80,054		71,603
Accrued and other liabilities		556		631
Interest payable		4,903		5,257
Long-term debt		1,861,564		1,357,095
Liabilities	[3]	1,947,077		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		(406)		(438)
Interest payable		0		(167)
Long-term debt		(62,895)		(48,537)
Liabilities	[3]	$ (63,301)		$ (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 are not 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, debt of the Consolidated Entities 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 September 30, 2016 and December 31, 2015, long-term debt of the Consolidated CLOs and Other includes $152.2 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Management & Incentive fees	$ 14,609,000	$ 19,254,000	$ 55,701,000	$ 61,466,000
Interest income from investments	1,299,000	1,115,000	3,394,000	5,949,000
Investment Income, Dividend	0		0
Total net revenues	40,707,000	24,512,000	127,693,000	77,349,000
Employee compensation and benefits	10,472,000	7,513,000	29,449,000	23,547,000
Share-based compensation	1,505,000	1,166,000	5,630,000	3,834,000
Professional Fees	5,228,000	2,912,000	8,985,000	6,634,000
General and administrative expenses	2,434,000	2,413,000	7,494,000	7,226,000
Depreciation and amortization	917,000	1,769,000	3,295,000	6,259,000
Impairment of intangible assets	0	461,000	531,000	1,203,000
Interest expense	2,004,000	962,000	5,960,000	2,256,000
Operating expenses	35,098,000	27,348,000	94,901,000	64,481,000
Net gain (loss) on investments	12,321,000	(2,615,000)	16,455,000	45,000
Net gain (loss) on liabilities	(237,000)	(502,000)	(451,000)	(1,792,000)
Net gain (loss) on investments in subsidiaries	0	0	0	0
Other Nonoperating Income (Expense)	11,150,000	4,647,000	10,526,000	9,206,000
Income (loss) before income taxes	16,759,000	1,811,000	43,318,000	22,074,000
Income Tax Expense (Benefit)	1,267,000	(526,000)	(2,879,000)	(13,441,000)
Net income (loss)	18,026,000	1,285,000	40,439,000	8,633,000
Net Income (Loss) Attributable to Parent	17,671,000	1,469,000	39,760,000	8,000,000
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	46,000	0	325,000	0
Professional Fees	2,267,000	0	2,933,000	0
General and administrative expenses	409,000	0	704,000	0
Depreciation and amortization	0	0	0	0
Impairment of intangible assets		0	0	0
Interest expense	0	0	0	0
Operating expenses	2,722,000	0	3,962,000	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	21,149,000	0	45,966,000	0
Other Nonoperating Income (Expense)	21,149,000	0	45,966,000	0
Income (loss) before income taxes	18,427,000	0	42,004,000	0
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	18,427,000	0	42,004,000	0
Net Income (Loss) Attributable to Parent	18,427,000	0	42,004,000	0
Subsidiary Issuer [Member]
Management & Incentive fees	0	0	0	0
Interest income from investments	0	0	0	0
Investment Income, Dividend	756,000		2,244,000
Total net revenues	756,000	0	2,244,000	0
Employee compensation and benefits	0	0	0	0
Share-based compensation	46,000	0	325,000	269,000
Professional Fees	2,140,000	1,916,000	3,356,000	3,917,000
General and administrative expenses	518,000	813,000	1,789,000	2,635,000
Depreciation and amortization	539,000	1,217,000	2,090,000	4,547,000
Impairment of intangible assets		461,000	0	1,203,000
Interest expense	2,004,000	962,000	5,960,000	2,256,000
Operating expenses	5,247,000	5,369,000	13,520,000	14,827,000
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	2,799,000	7,364,000	17,784,000	36,268,000
Other Nonoperating Income (Expense)	2,799,000	7,364,000	17,784,000	36,268,000
Income (loss) before income taxes	(1,692,000)	1,995,000	6,508,000	21,441,000
Income Tax Expense (Benefit)	1,267,000	(526,000)	(2,879,000)	(13,441,000)
Net income (loss)	(425,000)	1,469,000	3,629,000	8,000,000
Net Income (Loss) Attributable to Parent	(425,000)	1,469,000	3,629,000	8,000,000
Guarantor Subsidiaries [Member]
Management & Incentive fees	17,120,000	19,634,000	62,171,000	62,284,000
Interest income from investments	4,573,000	3,219,000	11,348,000	8,058,000
Investment Income, Dividend	0		0
Total net revenues	21,693,000	22,853,000	73,519,000	71,165,000
Employee compensation and benefits	10,472,000	7,513,000	29,449,000	23,547,000
Share-based compensation	1,413,000	1,166,000	4,980,000	3,565,000
Professional Fees	821,000	996,000	2,696,000	2,717,000
General and administrative expenses	1,507,000	1,600,000	5,001,000	4,591,000
Depreciation and amortization	378,000	552,000	1,205,000	1,712,000
Impairment of intangible assets		0	531,000	0
Interest expense	0	0	0	0
Operating expenses	14,591,000	11,827,000	43,862,000	36,379,000
Net gain (loss) on investments	17,508,000	(3,160,000)	30,915,000	2,478,000
Net gain (loss) on liabilities	(237,000)	(502,000)	(451,000)	(1,792,000)
Net gain (loss) on investments in subsidiaries	(417,000)	0	3,628,000	0
Other Nonoperating Income (Expense)	16,854,000	(3,662,000)	34,092,000	1,482,000
Income (loss) before income taxes	23,956,000	7,364,000	63,749,000	36,268,000
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	23,956,000	7,364,000	63,749,000	36,268,000
Net Income (Loss) Attributable to Parent	23,956,000	7,364,000	63,749,000	36,268,000
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	24,799,000	4,143,000	68,598,000	9,111,000
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	15,046,000	10,553,000	40,222,000	14,114,000
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)	(7,738,000)	6,158,000	(24,234,000)	6,292,000
Income (loss) before income taxes	2,015,000	(252,000)	4,142,000	1,289,000
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	2,015,000	(252,000)	4,142,000	1,289,000
Net Income (Loss) Attributable to Parent	0	0	0	0
Consolidation, Eliminations [Member]
Management & Incentive fees	(2,511,000)	(380,000)	(6,470,000)	(818,000)
Interest income from investments	(3,274,000)	(2,104,000)	(7,954,000)	(2,109,000)
Investment Income, Dividend	(756,000)		(2,244,000)
Total net revenues	(6,541,000)	(2,484,000)	(16,668,000)	(2,927,000)
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	(2,508,000)	(401,000)	(6,665,000)	(839,000)
Net gain (loss) on investments	(5,187,000)	545,000	(14,460,000)	(2,433,000)
Net gain (loss) on liabilities	0	0	0	0
Net gain (loss) on investments in subsidiaries	(23,531,000)	(7,364,000)	(67,378,000)	(36,268,000)
Other Nonoperating Income (Expense)	(21,914,000)	(5,213,000)	(63,082,000)	(34,836,000)
Income (loss) before income taxes	(25,947,000)	(7,296,000)	(73,085,000)	(36,924,000)
Income Tax Expense (Benefit)	0	0	0	0
Net income (loss)	(25,947,000)	(7,296,000)	(73,085,000)	(36,924,000)
Net Income (Loss) Attributable to Parent	(24,287,000)	(7,364,000)	(69,622,000)	(36,268,000)
Consolidated Entities
Interest income	24,799,000	4,143,000	68,598,000	9,934,000
Interest expense	11,830,000	1,587,000	31,852,000	3,254,000
Operating expenses	708,000	8,565,000	1,705,000	10,268,000
Net gain (loss) on investments	28,954,000	(4,642,000)	55,657,000	(529,000)
Net gain (loss) on liabilities	(29,888,000)	11,178,000	(61,135,000)	8,512,000
Net Gain (Loss) on other investments and derivatives	0	1,228,000	0	2,970,000
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	24,799,000	4,143,000	68,598,000	9,111,000
Interest expense	11,830,000	1,606,000	32,047,000	3,042,000
Operating expenses	3,216,000	8,947,000	8,175,000	11,072,000
Net gain (loss) on investments	28,954,000	(4,642,000)	55,657,000	(1,325,000)
Net gain (loss) on liabilities	(36,692,000)	9,572,000	(79,891,000)	4,647,000
Net Gain (Loss) on other investments and derivatives		1,228,000		2,970,000
Consolidated Entities | Consolidation, Eliminations [Member]
Interest income	0	0	0	0
Interest expense	0	(19,000)	(195,000)	(19,000)
Operating expenses	(2,508,000)	(382,000)	(6,470,000)	(820,000)
Net gain (loss) on investments	0	0	0	0
Net gain (loss) on liabilities	6,804,000	1,606,000	18,756,000	3,865,000
Net Gain (Loss) on other investments and derivatives		0		0
Consolidated Funds
Net Income (Loss) Attributable to Noncontrolling Interest	(355,000)	184,000	(679,000)	(633,000)
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	(2,015,000)	252,000	(4,142,000)	(1,289,000)
Consolidated Funds | Consolidation, Eliminations [Member]
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1,660,000	$ (68,000)	$ 3,463,000	$ 656,000

RULE S-X 3-10 STATEMENT OF COMP

RULE S-X 3-10 STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Guarantor Obligations [Line Items]
Net income (loss)	$ 18,026,000	$ 1,285,000	$ 40,439,000	$ 8,633,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	18,026,000	1,285,000	40,439,000	8,633,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	17,671,000	1,469,000	39,760,000	8,000,000
Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	(355,000)	184,000	(679,000)	(633,000)
Parent Company [Member]
Guarantor Obligations [Line Items]
Net income (loss)	18,427,000	0	42,004,000	0
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	18,427,000	0	42,004,000	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	18,427,000	0	42,004,000	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)	(425,000)	1,469,000	3,629,000	8,000,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(425,000)	1,469,000	3,629,000	8,000,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(425,000)	1,469,000	3,629,000	8,000,000
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)	23,956,000	7,364,000	63,749,000	36,268,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	23,956,000	7,364,000	63,749,000	36,268,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	23,956,000	7,364,000	63,749,000	36,268,000
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)	2,015,000	(252,000)	4,142,000	1,289,000
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	2,015,000	(252,000)	4,142,000	1,289,000
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	(2,015,000)	252,000	(4,142,000)	(1,289,000)
Consolidation, Eliminations [Member]
Guarantor Obligations [Line Items]
Net income (loss)	(25,947,000)	(7,296,000)	(73,085,000)	(36,924,000)
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(25,947,000)	(7,296,000)	(73,085,000)	(36,924,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(24,287,000)	(7,364,000)	(69,622,000)	(36,268,000)
Consolidation, Eliminations [Member] | Consolidated Funds
Guarantor Obligations [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1,660,000	$ (68,000)	$ 3,463,000	$ 656,000

RULE S-X 3-10 STATEMENT OF CASH

RULE S-X 3-10 STATEMENT OF CASH FLOWS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Net income (loss)	$ 18,026,000	$ 1,285,000	$ 40,439,000	$ 8,633,000
Amortization of debt issuance costs and other			240,000	67,000
Share-based compensation			5,630,000	3,834,000
Net (gain) loss on investments and contingent liabilities / other (gain) loss			(16,004,000)	1,747,000
Dividends, intercompany			0
Net gain (loss) on investments in subsidiaries	0	0	0	0
Depreciation and amortization	917,000	1,769,000	3,295,000	6,259,000
Impairment of intangible assets	0	461,000	531,000	1,203,000
Deferred income tax expense (benefit)	181,000	(129,000)	3,021,000	7,296,000
Excess tax benefits from share-based payment arrangements			220,000	(7,000)
Net (gain) loss on liabilities	237,000	502,000	451,000	1,792,000
Due from brokers			0	(62,000)
Receivables			(4,442,000)	(5,253,000)
Prepaid and other assets			1,098,000	991,000
Due to brokers			(61,000)	2,692,000
Accrued and Other Liabilities			8,502,000	(11,000)
Net cash provided by (used in) operating activities			52,244,000	(374,597,000)
Purchases of investments			(92,711,000)	(66,256,000)
Sales of investments			62,677,000	71,662,000
Intercompany investments in subsidiaries			0	0
Intercompany distributions from subsidiaries				0
Purchases of equipment and improvements			(277,000)	(802,000)
Net cash provided by (used in) investing activities			2,293,000	(206,301,000)
Repurchases of common shares			(435,000)	(246,000)
Payments of Debt Issuance Costs			(167,000)	(75,000)
Payments of Dividends			(16,211,000)	(7,598,000)
Intercompany contributions			0	0
Intercompany distributions			0	0
Dividends, Preferred Stock			0
Proceeds from Other Equity			0	350,000
Proceeds from the exercise of options			483,000	121,000
Payments for tax from the delivery of restricted stock units			(270,000)	(265,000)
Payments on contingent liabilities			(1,534,000)	(3,599,000)
Excess tax benefits from share-based payment arrangements			(220,000)	7,000
Net cash provided by (used in) financing activities			(73,662,000)	552,691,000
Net Cash Provided by (Used in) Continuing Operations			(19,125,000)	(28,207,000)
Cash and cash equivalents	38,843,000	31,083,000	38,843,000	31,083,000	$ 57,968,000	$ 59,290,000
Parent Company [Member]
Net income (loss)	18,427,000	0	42,004,000	0
Amortization of debt issuance costs and other			0	0
Share-based compensation			325,000	0
Net (gain) loss on investments and contingent liabilities / other (gain) loss			0	0
Dividends, intercompany			(2,244,000)
Net gain (loss) on investments in subsidiaries	(21,149,000)	0	(45,966,000)	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			3,425,000	0
Net cash provided by (used in) operating activities			(1,671,000)	0
Purchases of investments			0	0
Sales of investments			0	0
Intercompany investments in subsidiaries			(18,179,000)	0
Intercompany distributions from subsidiaries				0
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			18,179,000	0
Repurchases of common shares			(435,000)	0
Payments of Debt Issuance Costs			0	0
Payments of Dividends			(16,211,000)	0
Intercompany contributions			0	0
Intercompany distributions			0	0
Dividends, Preferred Stock			0
Proceeds from Other Equity				0
Proceeds from the exercise of options			483,000	0
Payments for tax from the delivery of restricted stock units			(270,000)	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			(16,433,000)	0
Net Cash Provided by (Used in) Continuing Operations			75,000	0
Cash and cash equivalents	75,000	0	75,000	0	0	0
Subsidiary Issuer [Member]
Net income (loss)	(425,000)	1,469,000	3,629,000	8,000,000
Amortization of debt issuance costs and other			240,000	67,000
Share-based compensation			325,000	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	(2,799,000)	(7,364,000)	(17,784,000)	(36,268,000)
Depreciation and amortization	539,000	1,217,000	2,090,000	4,547,000
Impairment of intangible assets		461,000	0	1,203,000
Deferred income tax expense (benefit)			3,021,000	7,296,000
Excess tax benefits from share-based payment arrangements			220,000	(7,000)
Net (gain) loss on liabilities	0	0	0	0
Due from brokers				0
Receivables			(6,684,000)	(3,262,000)
Prepaid and other assets			1,355,000	1,459,000
Due to brokers			(61,000)	67,000
Accrued and Other Liabilities			(20,284,000)	7,165,000
Net cash provided by (used in) operating activities			(33,933,000)	(9,464,000)
Purchases of investments			0	0
Sales of investments			0	0
Intercompany investments in subsidiaries			(32,825,000)	(98,222,000)
Intercompany distributions from subsidiaries				113,984,000
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			32,825,000	15,762,000
Repurchases of common shares			0	(246,000)
Payments of Debt Issuance Costs			(167,000)	(75,000)
Payments of Dividends			0	(7,598,000)
Intercompany contributions			4,930,000	0
Intercompany distributions			0	0
Dividends, Preferred Stock			0
Proceeds from Other Equity				350,000
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			(220,000)	7,000
Net cash provided by (used in) financing activities			4,543,000	(7,706,000)
Net Cash Provided by (Used in) Continuing Operations			3,435,000	(1,408,000)
Cash and cash equivalents	4,827,000	749,000	4,827,000	749,000	1,392,000	2,157,000
Guarantor Subsidiaries [Member]
Net income (loss)	23,956,000	7,364,000	63,749,000	36,268,000
Amortization of debt issuance costs and other			0	0
Share-based compensation			4,980,000	3,565,000
Net (gain) loss on investments and contingent liabilities / other (gain) loss			(30,464,000)	(686,000)
Dividends, intercompany			0
Net gain (loss) on investments in subsidiaries	417,000	0	(3,628,000)	0
Depreciation and amortization	378,000	552,000	1,205,000	1,712,000
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	237,000	502,000	451,000	1,792,000
Due from brokers				(62,000)
Receivables			20,287,000	(7,940,000)
Prepaid and other assets			(257,000)	(468,000)
Due to brokers			0	2,625,000
Accrued and Other Liabilities			6,919,000	(1,366,000)
Net cash provided by (used in) operating activities			63,322,000	31,521,000
Purchases of investments			(108,933,000)	(176,893,000)
Sales of investments			80,770,000	137,981,000
Intercompany investments in subsidiaries			(5,409,000)	0
Intercompany distributions from subsidiaries				0
Purchases of equipment and improvements			(277,000)	(802,000)
Net cash provided by (used in) investing activities			(33,849,000)	(38,959,000)
Repurchases of common shares			0	0
Payments of Debt Issuance Costs			0	0
Payments of Dividends			0	0
Intercompany contributions			32,111,000	98,222,000
Intercompany distributions			(80,441,000)	(113,984,000)
Dividends, Preferred Stock			(2,244,000)
Proceeds from Other Equity				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			(1,534,000)	(3,599,000)
Excess tax benefits from share-based payment arrangements			0	0
Net cash provided by (used in) financing activities			(52,108,000)	(19,361,000)
Net Cash Provided by (Used in) Continuing Operations			(22,635,000)	(26,799,000)
Cash and cash equivalents	33,941,000	30,334,000	33,941,000	30,334,000	56,576,000	57,133,000
Non-Guarantor Subsidiaries [Member]
Net income (loss)	2,015,000	(252,000)	4,142,000	1,289,000
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			32,336,000	(394,569,000)
Purchases of investments			0	0
Sales of investments			0	0
Intercompany investments in subsidiaries			0	0
Intercompany distributions from subsidiaries				0
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			32,604,000	(211,660,000)
Repurchases of common shares			0	0
Payments of Debt Issuance Costs			0	0
Payments of Dividends			0	0
Intercompany contributions			0	0
Intercompany distributions			0	0
Dividends, Preferred Stock			0
Proceeds from Other Equity				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			(64,940,000)	606,229,000
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)	(25,947,000)	(7,296,000)	(73,085,000)	(36,924,000)
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			14,460,000	2,433,000
Dividends, intercompany			2,244,000
Net gain (loss) on investments in subsidiaries	23,531,000	7,364,000	67,378,000	36,268,000
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			(18,830,000)	5,949,000
Prepaid and other assets			0	0
Due to brokers			0	0
Accrued and Other Liabilities			18,442,000	(5,810,000)
Net cash provided by (used in) operating activities			(7,810,000)	(2,085,000)
Purchases of investments			16,222,000	110,637,000
Sales of investments			(18,093,000)	(66,319,000)
Intercompany investments in subsidiaries			45,595,000	(98,222,000)
Intercompany distributions from subsidiaries				(113,984,000)
Purchases of equipment and improvements			0	0
Net cash provided by (used in) investing activities			(47,466,000)	28,556,000
Repurchases of common shares			0	0
Payments of Debt Issuance Costs			0	0
Payments of Dividends			0	0
Intercompany contributions			(37,041,000)	(98,222,000)
Intercompany distributions			80,441,000	113,984,000
Dividends, Preferred Stock			2,244,000
Proceeds from Other Equity				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			55,276,000	(26,471,000)
Net Cash Provided by (Used in) Continuing Operations			0	0
Cash and cash equivalents	0	0	0	0	$ 0	$ 0
CIFC LLC
Payments of Debt Issuance Costs			(167,000)	(75,000)
Consolidated Entities
Net (gain) loss on investments			(55,657,000)	529,000
Net (gain) loss on liabilities	29,888,000	(11,178,000)	61,135,000	(8,512,000)
Net other (gain) loss			0	(2,970,000)
Due from brokers			2,942,000	(15,264,000)
Purchases of investments			(610,716,000)	(809,811,000)
Sales of investments			615,484,000	336,749,000
Receivables			(833,000)	(4,137,000)
Due to brokers			(13,000)	100,650,000
Accrued and Other Liabilities			(142,000)	(114,000)
Interest payable			(2,425,000)	894,000
Change in restricted cash and cash equivalents			32,604,000	(210,905,000)
Contributions from noncontrolling interests			0	16,100,000
Distributions to noncontrolling interests			(83,000)	(13,470,000)
Proceeds from issuance of long-term debt			68,000	569,753,000
Repayments of Long-term Debt			(55,293,000)	(8,387,000)
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	(55,016,000)
Sales of investments			0	47,462,000
Receivables			0	(352,000)
Due to brokers			0	(7,882,000)
Accrued and Other Liabilities			0	6,000
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			(55,657,000)	1,325,000
Net (gain) loss on liabilities	36,692,000	(9,572,000)	79,891,000	(4,647,000)
Net other (gain) loss				(2,970,000)
Due from brokers			2,942,000	(29,723,000)
Purchases of investments			(610,716,000)	(754,795,000)
Sales of investments			615,484,000	289,287,000
Receivables			(833,000)	(3,787,000)
Due to brokers			(13,000)	108,532,000
Accrued and Other Liabilities			(250,000)	(4,000)
Interest payable			(2,654,000)	924,000
Change in restricted cash and cash equivalents			32,604,000	(211,660,000)
Contributions from noncontrolling interests				18,713,000
Distributions to noncontrolling interests			(83,000)	(13,470,000)
Proceeds from issuance of long-term debt			68,000	684,699,000
Repayments of Long-term Debt			(64,925,000)	(83,713,000)
Consolidated Entities | Consolidation, Eliminations [Member]
Net (gain) loss on investments			0	0
Net (gain) loss on liabilities	$ (6,804,000)	$ (1,606,000)	(18,756,000)	(3,865,000)
Net other (gain) loss				0
Due from brokers			0	0
Purchases of investments			0	0
Sales of investments			0	0
Receivables			0	2,000
Due to brokers			0	0
Accrued and Other Liabilities			108,000	(116,000)
Interest payable			229,000	(22,000)
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			0	(114,946,000)
Repayments of Long-term Debt			$ 9,632,000	$ 75,326,000