MANAGEMENT AGREEMENT AND RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2016

Management Agreement and Related Party Transactions

Summary of components of related party management compensation

The following table summarizes the components of related party management compensation on the Company’s condensed consolidated statements of operations, which are described in further detail below (amounts in thousands):

	Three months ended March 31, 2016		Three months ended March 31, 2015
Base management fees, net	$	1,029	$	4,053
CLO management fees	6,247		6,167
Incentive fees	—		—
Total related party management compensation	$	7,276	$	10,220

Base Management Fees

Management Agreement and Related Party Transactions

Summary of components of related party management compensation

The table below summarizes the aggregate base management fees (amounts in thousands):

	Three months ended March 31, 2016			Three months ended March 31, 2015
Base management fees, gross	$	5,783		$	8,491
CLO management fees credit(1)	(4,754		)	(4,438		)
Total base management fees, net	$	1,029		$	4,053

(1) See “CLO Management Fees” for further discussion.

CLO Management Fees

Management Agreement and Related Party Transactions

Summary of components of related party management compensation

The table below summarizes the aggregate CLO management fees, including the Fee Credits (amounts in thousands):

	Three months ended March 31, 2016		Three months ended March 31, 2015
Charged and retained CLO management fees(1)	$	1,493	$	1,729
CLO management fees credit	4,754		4,438
Total CLO management fees	$	6,247	$	6,167

(1) Represents management fees incurred by the senior and subordinated note holders of a CLO, excluding the Fee Credits received by the Company based on its ownership percentage in the CLO.