INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

Components of the provision for income taxes consist of the following ($ in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
Current expense (benefit)
Federal	$	(2,190	)	$	7,200	$	4,860		$	23,019
State and local	(1,157		)	2,006		829			6,769
Total current expense (benefit)	(3,347		)	9,206		5,689			29,788
Deferred expense (benefit)
Federal	(670		)	924		(1,377		)	(4,951		)
State and local	(164		)	205		(211		)	(1,014		)
Total deferred expense (benefit)	(834		)	1,129		(1,588		)	(5,965		)
Provision for Income tax expense (benefit)	$	(4,181	)	$	10,335	$	4,101		$	23,823

Schedule of components of the Company's deferred tax assets and liabilities

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):

	September 30, 2015			December 31, 2014
Deferred Tax Assets
Basis difference in operating partnerships	7,065			6,795
Tax intangibles	2,353			778
Unrealized gains (losses)	1,974			616
Unrealized gains (losses) - derivatives	3,564			—
Valuation allowance	(3,564		)	—
Total Deferred Tax Assets	$	11,392		$	8,189