SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On November 5, 2015, the Company's board of directors declared a cash distribution for the quarter ended September 30, 2015 on its common shares totaling $37.5 million, or $375,155 per common share. The distribution was paid on November 6, 2015 to common shareholders of record as of the close of business on November 5, 2015.

On October 26, 2015, the Company's board of directors approved the receipt of a contribution from the Parent of certain general partner interests in an alternative credit fund. The estimated fair value of the contribution totaled approximately $251.7 million at the time of transfer and was completed on October 30, 2015.

Separately, on October 26, 2015, the Company's board of directors approved the distribution of cash to the Parent totaling $251.7 million, which was paid on October 30, 2015.

On September 24, 2015, the Company’s board of directors declared a cash distribution on its Series A LLC Preferred Shares totaling $6.9 million, or $0.460938 per share. The distribution was paid on October 15, 2015 to preferred shareholders as of the close of business on October 8, 2015.