MANAGEMENT AGREEMENT AND RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2015

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):

	Successor Company		Predecessor Company
	Three months ended March 31, 2015		Three months ended March 31, 2014
Base management fees, net	$	4,053	$	3,622
CLO management fees	6,167		8,536
Incentive fees	—		12,882
Manager share-based compensation	—		577
Total related party management compensation	$	10,220	$	25,617

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):

	Successor Company			Predecessor Company
	Three months ended March 31, 2015			Three months ended March 31, 2014
Base management fees, gross	$	8,491		$	9,992
CLO management fees credit(1)	(4,438		)	(6,370		)
Other related party fees credit	—			—
Total base management fees, net	$	4,053		$	3,622

(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):

	Successor Company		Predecessor Company
	Three months ended March 31, 2015		Three months ended March 31, 2014
Charged and retained CLO management fees(1)	$	1,729	$	2,166
CLO management fees credit	4,438		6,370
Total CLO management fees	$	6,167	$	8,536

(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.