MANAGEMENT AGREEMENT AND RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017		Three months ended March 31, 2016
Base management fees, net	$	4,444	$	1,029
CLO management fees	3,114		6,247
Incentive fees	—		—
Total related party management compensation	$	7,558	$	7,276

Schedule of estimate fair value of contributions and distributions

The table below summarizes the estimated fair value of distributions at the time of transfer (amounts in thousands):

	Three months ended March 31, 2017
Contributions:
Interests in joint ventures and partnerships	$	17,621
Total contributions from Parent	$	17,621
Distributions:
Cash	$	(16,652	)
Total distributions to Parent	$	(16,652	)

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, 2017			Three months ended March 31, 2016
Base management fees, gross	$	5,822		$	5,783
CLO management fees credit(1)	(1,378		)	(4,754		)
Total base management fees, net	$	4,444		$	1,029

(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, 2017		Three months ended March 31, 2016
Charged and retained CLO management fees(1)	$	1,736	$	1,493
CLO management fees credit	1,378		4,754
Total CLO management fees	$	3,114	$	6,247

(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.