SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

SUBSEQUENT EVENTS

Subsequent Events

NOTE 13—SUBSEQUENT EVENTS

On March 14, 2018, the Company executed a purchase agreement to acquire 100% of the equity interests of JCR Capital Investment Corporation and subsidiaries (“JCR”), the operator of a private commercial real estate investment adviser, for a purchase price of $32.0 million cash. JCR is engaged in the management of investments in commercial real estate funds. The acquisition closed on April 12, 2018, at which time JCR became a wholly-owned subsidiary of the Company.

The Company has not completed the accounting for the JCR acquisition as of the issuance date of these financial statements. Therefore, disclosures relating to the goodwill recognized, if any, and the fair value of the assets acquired and liabilities assumed could not be presented.