The following tables represent the gross amounts of management fee income and incentive income earned prior to eliminations due to consolidation of the Consolidated Funds and the net amount reported in the Company’s consolidated statements of comprehensive income (loss) for the three months ended March 31, 2016 and March 31, 2015. March 31, 2015 amounts have been adjusted to conform to current period presentation:

				Three Months Ended March 31, 2016
				( Dollars in thousands )
				Gross				Net
	Fee Range			Amount		Elimination		Amount
Management Fee Income
Funds and accounts		0.50% - 1.25	%	$	2,397	$	—	$	2,397
CLO’s		0.15% - 0.50	%		405		—		405
ZFC REIT		1.50	%		767		—		767
Total				$	3,569	$	—	$	3,569

Incentive Income ⁽¹⁾
Funds and accounts		10% - 20	%	$	152	$	—	$	152
CLO’s		20	%		—		—		—
Total				$	152	$	—	$	152

				Three Months Ended March 31, 2015
				( Dollars in thousands )
				Gross				Net
	Fee Range			Amount		Elimination		Amount
Management Fee Income
Funds and accounts		0.50% - 1.25	%	$	3,035	$	—	$	3,035
CLO’s		0.15% - 0.50	%		144		—		144
ZFC REIT		1.50	%		574		—		574
Total				$	3,753	$	—	$	3,753

Incentive Income ⁽¹⁾
Funds and accounts		10% - 20	%	$	35	$	—	$	35
CLO’s		10% - 20	%		873		—		873
Total				$	908	$	—	$	908

(1)

Incentive income earned for certain of the ZAIS Managed entities is subject to a hurdle rate of return as specified in each respective ZAIS Managed Entities’ operative agreement.