The following table presents our significant transactions with AAMC, which is a related party ($ in thousands):



	Three months ended June 30, 2016		Three months ended June 30, 2015		Six months ended June 30, 2016		Six months ended June 30, 2015
Base management fees (1)	$	4,506	$	4,752	$	8,630	$	4,752
Conversion fees (1)	544		399		946		399
Management incentive fees (1) (2)	—		—		—		14,900
Expense reimbursements (3)	357		—		357		750
Interest expense (4)	—		161		—		321
Professional fee sharing for negotiation of New AMA	—		—		—		2,000

______________


(1)	Included in management fees in the consolidated statements of operations.


(2)	Pursuant to the terms of the New AMA, the management incentive fees for the first quarter of 2015 were recalculated during the fourth quarter of 2015, and it was determined that $6.9 million was reimbursable by AAMC to us.


(3)	Included in general and administrative expenses in the consolidated statements of operations.

(4)

On October 17, 2013, we invested $18.0 million in the non-voting preferred stock of NewSource Reinsurance Company Ltd. (“NewSource”), an insurance and reinsurance company focused on real estate related insurance products in Bermuda and a wholly owned subsidiary of AAMC. On September 14, 2015, NewSource completed the repurchase of all of our shares of non-voting preferred stock for aggregate proceeds of $18.0 million, which was the aggregate par value of the shares being repurchased plus the payment of all accrued and unpaid cumulative dividends on such shares of preferred stock in the amount of $1.5 million.