FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS Condensed Financial Statements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2016

Dec. 31, 2015

Condensed Financial Information [Abstract]

Condensed Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheets (Unaudited)

March 31, 2016



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors		Eliminations			CIFC LLC Consolidated
	(In thousands)
ASSETS
Cash and cash equivalents	$	1,094		$	382		$	50,535		$	—	$	—		$	52,011
Restricted cash and cash equivalents	—			—			1,694			—		—			1,694
Investments	—			—			159,177			—		(81,830		)	77,347
Intercompany investments in subsidiaries	177,449			104,281			113,497			—		(395,227		)	—
Receivables	154			3,546			7,909			—		(2,684		)	8,925
Prepaid and other assets	—			1,172			1,645			—		—			2,817
Deferred tax asset, net	—			43,110			—			—		—			43,110
Equipment and improvements, net	—			—			4,562			—		—			4,562
Intangible assets, net	—			5,393			—			—		—			5,393
Goodwill	—			66,549			9,451			—		—			76,000
Subtotal	178,697			224,433			348,470			—		(479,741		)	271,859
Assets of Consolidated Entities:
Restricted cash and cash equivalents	—			—			—			80,592		—			80,592
Due from brokers	—			—			—			24,293		—			24,293
Investments	—			—			—			1,346,963		—			1,346,963
Receivables	—			—			—			4,185		—			4,185
Prepaid and other assets	—			—			—			187		—			187
Total assets of Consolidated Entities	—			—			—			1,456,220		—			1,456,220
TOTAL ASSETS	$	178,697		$	224,433		$	348,470		$	1,456,220	$	(479,741	)	$	1,728,079
LIABILITIES
Distributions payable	$	8,670		$	—		$	—		$	—	$	—		$	8,670
Accrued and other liabilities	1,322			4,172			9,126			—		(2,169		)	12,451
Contingent liabilities	—			—			8,142			—		—			8,142
Long-term debt	—			156,237			—			—		—			156,237
Subtotal	9,992			160,409			17,268			—		(2,169		)	185,500
Non-Recourse Liabilities of Consolidated Entities:
Due to brokers	—			—			—			49,350		—			49,350
Accrued and other liabilities	—			—			—			623		(394		)	229
Interest payable	—			—			—			4,595		(121		)	4,474
Long-term debt	—			—			—			1,360,255		(48,197		)	1,312,058
Total Non-Recourse Liabilities of Consolidated Entities	—			—			—			1,414,823		(48,712		)	1,366,111
TOTAL LIABILITIES	9,992			160,409			17,268			1,414,823		(50,881		)	1,551,611
EQUITY (Note 10)
Common shares	25			1			—			—		(1		)	25
Intercompany Preferred Units (1)	—			—			85,000			—		(85,000		)	—
Treasury shares	(435		)	—			—			—		—			(435		)
Additional paid-in capital	994,771			885,377			662,399			—		(1,547,781		)	994,766
Retained earnings (deficit)	(825,656		)	(821,354		)	(416,197		)	—		1,237,551			(825,656		)
TOTAL CIFC LLC SHAREHOLDERS’ EQUITY	168,705			64,024			331,202			—		(395,231		)	168,700
Consolidated Fund Equity/Noncontrolling interests (Note 2)	—			—			—			41,397		(33,629		)	7,768
TOTAL EQUITY	168,705			64,024			331,202			41,397		(428,860		)	176,468
TOTAL LIABILITIES AND EQUITY	$	178,697		$	224,433		$	348,470		$	1,456,220	$	(479,741	)	$	1,728,079

Explanatory Note:

_________________________________


(1)	CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5%.

Consolidating Balance Sheets (Unaudited)

December 31, 2015



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors		Eliminations			CIFC LLC Consolidated
	(In thousands)
ASSETS
Cash and cash equivalents	$	—		$	1,392		$	56,576		$	—	$	—		$	57,968
Restricted cash and cash equivalents	—			—			1,694			—		—			1,694
Investments	—			—			152,455			—		(81,759		)	70,696
Intercompany investments in subsidiaries	170,174			120,896			61,004			—		(352,074		)	—
Receivables	785			295			27,242			—		(21,247		)	7,075
Prepaid and other assets	—			1,621			352			—		—			1,973
Deferred tax asset, net	—			44,425			—			—		—			44,425
Equipment and improvements, net	—			—			4,866			—		—			4,866
Intangible assets, net	—			6,232			625			—		—			6,857
Goodwill	—			66,549			9,451			—		—			76,000
Subtotal	170,959			241,410			314,265			—		(455,080		)	271,554
Assets of Consolidated Entities:
Restricted cash and cash equivalents	—			—			—			94,018		—			94,018
Due from brokers	—			—			—			25,910		—			25,910
Investments	—			—			—			1,351,403		—			1,351,403
Receivables	—			—			—			4,109		—			4,109
Prepaid and other assets	—			—			—			209		—			209
Total assets of Consolidated Entities	—			—			—			1,475,649		—			1,475,649
TOTAL ASSETS	$	170,959		$	241,410		$	314,265		$	1,475,649	$	(455,080	)	$	1,747,203
LIABILITIES
Due to brokers	$	—		$	61		$	—		$	—	$	—		$	61
Accrued and other liabilities	50			24,185			14,808			—		(20,646		)	18,397
Contingent liabilities	—			—			8,338			—		—			8,338
Long-term debt	—			156,161			—			—		—			156,161
Subtotal	50			180,407			23,146			—		(20,646		)	182,957
Non-Recourse Liabilities of Consolidated Entities:
Due to brokers	—			—			—			71,603		—			71,603
Accrued and other liabilities	—			—			—			631		(438		)	193
Interest payable	—			—			—			5,257		(167		)	5,090
Long-term debt	—			—			—			1,357,095		(48,537		)	1,308,558
Total Non-Recourse Liabilities of Consolidated Entities	—			—			—			1,434,586		(49,142		)	1,385,444
TOTAL LIABILITIES	50			180,407			23,146			1,434,586		(69,788		)	1,568,401
EQUITY (Note 10)
Common shares	25			25			—			—		(25		)	25
Intercompany Preferred Units (1)	—			—			85,000			—		(85,000		)	—
Additional paid-in capital	992,425			992,419			528,946			—		(1,521,371		)	992,419
Retained earnings (deficit)	(821,541		)	(931,441		)	(322,827		)	—		1,254,318			(821,491		)
TOTAL CIFC LLC SHAREHOLDERS’ EQUITY	170,909			61,003			291,119			—		(352,078		)	170,953
Consolidated Fund Equity / Noncontrolling interests (Note 2)	—			—			—			41,063		(33,214		)	7,849
TOTAL EQUITY	170,909			61,003			291,119			41,063		(385,292		)	178,802
TOTAL LIABILITIES AND EQUITY	$	170,959		$	241,410		$	314,265		$	1,475,649	$	(455,080	)	$	1,747,203

Explanatory Note:

_________________________________


(1)	CIFC Corp. holds 85.0 million of intercompany non-voting series A preferred units that bear an annual rate of 3.5%.

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Balance Sheets

December 31, 2015



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors		Eliminations			CIFC LLC Consolidated
	(In thousands)
ASSETS
Cash and cash equivalents	$	—		$	1,392		$	56,576		$	—	$	—		$	57,968
Restricted cash and cash equivalents	—			—			1,694			—		—			1,694
Investments	—			—			152,455			—		(81,759		)	70,696
Intercompany investments in subsidiaries	170,174			35,896			61,004			—		(267,074		)	—
Intercompany investment in wholly-owned subsidiaries of CIFC LLC (Note 16)	—			85,000			—			—		(85,000		)	—
Receivables	785			295			27,242			—		(21,247		)	7,075
Prepaid and other assets	—			1,621			352			—		—			1,973
Deferred tax asset, net	—			44,425			—			—		—			44,425
Equipment and improvements, net	—			—			4,866			—		—			4,866
Intangible assets, net	—			6,232			625			—		—			6,857
Goodwill	—			66,549			9,451			—		—			76,000
Subtotal	170,959			241,410			314,265			—		(455,080		)	271,554
Assets of Consolidated Entities:
Restricted cash and cash equivalents	—			—			—			94,018		—			94,018
Due from brokers	—			—			—			25,910		—			25,910
Investments	—			—			—			1,351,403		—			1,351,403
Receivables	—			—			—			4,109		—			4,109
Prepaid and other assets	—			—			—			209		—			209
Total assets of Consolidated Entities	—			—			—			1,475,649		—			1,475,649
TOTAL ASSETS	$	170,959		$	241,410		$	314,265		$	1,475,649	$	(455,080	)	$	1,747,203
LIABILITIES
Due to brokers	$	—		$	61		$	—		$	—	$	—		$	61
Accrued and other liabilities	50			24,185			14,808			—		(20,646		)	18,397
Contingent liabilities	—			—			8,338			—		—			8,338
Long-term debt	—			156,161			—			—		—			156,161
Subtotal	50			180,407			23,146			—		(20,646		)	182,957
Non-Recourse Liabilities of Consolidated Entities:
Due to brokers	—			—			—			71,603		—			71,603
Accrued and other liabilities	—			—			—			631		(438		)	193
Interest payable	—			—			—			5,257		(167		)	5,090
Long-term debt	—			—			—			1,357,095		(48,537		)	1,308,558
Total Non-Recourse Liabilities of Consolidated Entities	—			—			—			1,434,586		(49,142		)	1,385,444
TOTAL LIABILITIES	50			180,407			23,146			1,434,586		(69,788		)	1,568,401
EQUITY
Common shares, par value $0.001: 500,000,000 shares authorized, 25,314,756 issued and 25,314,756 outstanding as of December 31, 2015	25			25			—			—		(25		)	25
Intercompany Preferred Units (Note 16)	—			—			85,000			—		(85,000		)	—
Treasury shares, at cost: 130,444 shares as of December 31, 2014	—			—						—		—			—
Additional paid-in capital	992,425			992,419			528,946			—		(1,521,371		)	992,419
Retained earnings (deficit)	(821,541		)	(931,441		)	(322,827		)	—		1,254,318			(821,491		)
TOTAL CIFC LLC SHAREHOLDERS’ EQUITY	170,909			61,003			291,119			—		(352,078		)	170,953
Consolidated Fund Equity / Noncontrolling interests (Note 2)	—			—			—			41,063		(33,214		)	7,849
TOTAL EQUITY	170,909			61,003			291,119			41,063		(385,292		)	178,802
TOTAL LIABILITIES AND EQUITY	$	170,959		$	241,410		$	314,265		$	1,475,649	$	(455,080	)	$	1,747,203

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Balance Sheets

December 31, 2014



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors		Eliminations			CIFC LLC Consolidated
	(In thousands)
ASSETS
Cash and cash equivalents	$	—	$	2,156		$	57,134		$	—	$	—		$	59,290
Restricted cash and cash equivalents	—		—			1,694			—		—			1,694
Investments	—		—			80,115			—		(41,416		)	38,699
Intercompany investments in subsidiaries			156,053			—			—		(156,053		)	—
Receivables	—		721			5,759			—		(4,345		)	2,135
Prepaid and other assets	—		2,106			179			—		—			2,285
Deferred tax asset, net	—		55,475			—			—		—			55,475
Equipment and improvements, net	—		—			5,194			—		—			5,194
Intangible assets, net	—		13,275			1,799			—		—			15,074
Goodwill	—		66,550			9,450			—		—			76,000
Subtotal	—		296,336			161,324			—		(201,814		)	255,846
Assets of Consolidated Entities:
Restricted cash and cash equivalents	—		—			6,872			928,544		—			935,416
Due from brokers	—		—			36,645			83,896		—			120,541
Investments	—		—			44,083			11,728,743					11,772,826
Receivables	—		—			281			40,713		—			40,994
Prepaid and other assets	—		—			—			20,682		—			20,682
Total assets of Consolidated Entities	—		—			87,881			12,802,578		—			12,890,459
TOTAL ASSETS	$	—	$	296,336		$	249,205		$	12,802,578	$	(201,814	)	$	13,146,305
LIABILITIES
Accrued and other liabilities	—		1,846			13,738			—		—			15,584
Contingent liabilities	—		—			12,668			—		—			12,668
Long-term debt	—		118,170			—			—		—			118,170
Subtotal	—		120,016			26,406			—		—			146,422
Non-Recourse Liabilities of Consolidated Entities:
Due to brokers	—		—			15,583			375,708		—			391,291
Accrued and other liabilities	—		—			—			5,825		(4,343		)	1,482
Interest payable	—		—			163			36,013		(2		)	36,174
Long-term debt	—		—			51,000			12,023,272		(25,238		)	12,049,034
Total Non-Recourse Liabilities of Consolidated Entities	—		—			66,746			12,440,818		(29,583		)	12,477,981
TOTAL LIABILITIES	—		120,016			93,152			12,440,818		(29,583		)	12,624,403
EQUITY
Common shares, par value $0.001: 500,000,000 shares authorized, 25,323,417 issued and 25,192,973 outstanding as of December 31, 2014	—		25			—			—		—			25
Treasury shares, at cost: 130,444 shares as of December 31, 2014	—		(914		)	—			—		—			(914		)
Additional paid-in capital	—		988,904			591,518			—		(591,518		)	988,904
Retained earnings (deficit)	—		(811,695		)	(435,465		)	—		435,465			(811,695		)
TOTAL CIFC LLC SHAREHOLDERS’ EQUITY	—		176,320			156,053			—		(156,053		)	176,320
Consolidated Fund Equity/Noncontrolling interests (Note 2)	—		—			—			226,996		(16,178		)	210,818
Appropriated retained earnings (deficit) of Consolidated VIEs (Note 3)	—		—			—			134,764					134,764
TOTAL EQUITY	—		176,320			156,053			361,760		(172,231		)	521,902
TOTAL LIABILITIES AND EQUITY	$	—	$	296,336		$	249,205		$	12,802,578	$	(201,814	)	$	13,146,305

Condensed Income Statement [Table Text Block]

Consolidating Statements of Operations (Unaudited)

For The Three Months Ended March 31, 2016



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Revenues
Management and incentive fees	$	—	$	—		$	21,521		$	—		$	(1,706	)	$	19,815
Interest income from investments	—		744			3,217			—			(3,028		)	933
Interest income - Consolidated Entities	—		—			—			18,990			—			18,990
Total net revenues	—		744			24,738			18,990			(4,734		)	39,738
Expenses
Employee compensation and benefits	—		—			9,514			—			—			9,514
Share-based compensation	130		130			2,121			—			—			2,381
Professional services	308		885			879			—			—			2,072
General and administrative expenses	132		644			1,741			—			—			2,517
Depreciation and amortization	—		839			457			—			—			1,296
Impairment of intangible assets	—		—			531			—			—			531
Corporate interest expense	—		1,957			744			—			(744		)	1,957
Expenses - Consolidated Entities	—		—			—			2,094			(1,706		)	388
Interest expense - Consolidated Entities	—		—			—			8,595			(175		)	8,420
Total expenses	570		4,455			15,987			10,689			(2,625		)	29,076
Other Gain (Loss)
Net gain (loss) on investments	—		—			1,677			—			(1,406		)	271
Net gain (loss) on contingent liabilities	—		—			(364		)	—			—			(364		)
Net gain (loss) on investments - Consolidated Entities	—		—			—			2,600			—			2,600
Net gain (loss) on liabilities - Consolidated Entities	—		—			—			(10,487		)	3,103			(7,384		)
Intercompany net gain (loss) on investments in subsidiaries	5,075		5,859			871			—			(11,805		)	—
Net other gain (loss)	5,075		5,859			2,184			(7,887		)	(10,108		)	(4,877		)
Income (loss) before income taxes	4,505		2,148			10,935			414			(12,217		)	5,785
Income tax (expense) benefit	—		(1,278		)	—			—			—			(1,278		)
Net income (loss)	4,505		870			10,935			414			(12,217		)	4,507
Net (income) loss attributable to noncontrolling interests in Consolidated Entities	—		—			—			(414		)	412			(2		)
Net income (loss) attributable to CIFC LLC	$	4,505	$	870		$	10,935		$	—		$	(11,805	)	$	4,505

Consolidating Statements of Operations (Unaudited)

For The Three Months Ended March 31, 2015



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Revenues
Management and incentive fees	$	—	$	—		$	21,833		$	—		$	(219	)	$	21,614
Interest income from investments	—		—			2,736			—			(129		)	2,607
Interest income - Consolidated Entities	—		—			823			1,933			—			2,756
Total net revenues	—		—			25,392			1,933			(348		)	26,977
Expenses
Employee compensation and benefits	—		—			8,564			—			—			8,564
Share-based compensation	—		142			1,538			—			—			1,680
Professional services	—		1,078			848			—			—			1,926
General and administrative expenses	—		958			1,339			—			—			2,297
Depreciation and amortization	—		1,821			588			—			—			2,409
Impairment of intangible assets	—		281			—			—			—			281
Corporate interest expense	—		494			—			—			—			494
Expenses - Consolidated Entities	—		—			15			1,472			(219		)	1,268
Interest expense - Consolidated Entities	—		—			231			513			—			744
Total expenses	—		4,774			13,123			1,985			(219		)	19,663
Other Gain (Loss)
Net gain (loss) on investments	—		—			939			—			254			1,193
Net gain (loss) on contingent liabilities	—		—			(713		)	—			—			(713		)
Net gain (loss) on investments - Consolidated Entities	—		—			796			2,001			—			2,797
Net gain (loss) on liabilities - Consolidated Entities	—		—			—			(1,826		)	(434		)	(2,260		)
Net gain (loss) on other investments and derivatives - Consolidated Entities	—		—			—			438			—			438
Intercompany net gain (loss) on investments in subsidiaries	—		13,289			—			—			(13,289		)	—
Net other gain (loss)	—		13,289			1,022			613			(13,469		)	1,455
Income (loss) before income taxes	—		8,515			13,291			561			(13,598		)	8,769
Income tax (expense) benefit	—		(3,087		)	—			—			—			(3,087		)
Net income (loss)	—		5,428			13,291			561			(13,598		)	5,682
Net (income) loss attributable to noncontrolling interests in Consolidated Entities	—		—			—			(561		)	307			(254		)
Net income (loss) attributable to CIFC LLC	$	—	$	5,428		$	13,291		$	—		$	(13,291	)	$	5,428

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Statements of Operations

For The Year Ended December 31, 2015



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Revenues
Management and incentive fees	$	—		$	—		$	96,765		$	—		$	(4,686	)	$	92,079
Interest income from investments	—			—			6,564			—			(1,231		)	5,333
Interest income - Consolidated Entities	—			—			823			24,283			—			25,106
Total net revenues	—			—			104,152			24,283			(5,917		)	122,518
Expenses
Employee compensation and benefits	—			—			32,027			—			—			32,027
Share-based compensation	—			299			5,251			—			—			5,550
Professional services	50			6,411			3,474			—			—			9,935
General and administrative expenses	—			3,392			6,530			—			—			9,922
Depreciation and amortization	—			5,543			2,234			—			—			7,777
Impairment of intangible assets	—			1,501			327			—			—			1,828
Corporate interest expense	—			3,808			—			—			—			3,808
Expenses - Consolidated Entities	—			—			15			15,448			(4,689		)	10,774
Interest expense - Consolidated Entities	—			—			232			9,839			(167		)	9,904
Total expenses	50			20,954			50,090			25,287			(4,856		)	91,525
Other Gain (Loss)
Net gain (loss) on investments	—			—			(6,071		)	—			1,890			(4,181		)
Net gain (loss) on contingent liabilities	—			—			(2,210		)	—			—			(2,210		)
Net gain (loss) on investments - Consolidated Entities	—			—			796			(26,910		)	—			(26,114		)
Net gain (loss) on liabilities - Consolidated Entities	—			—			—			26,147			(1,401		)	24,746
Net gain (loss) on other investments and derivatives - Consolidated Entities	—			—			—			2,970			—			2,970
Intercompany net gain (loss) on investments in subsidiaries	—			46,577			—			—			(46,577		)	—
Net other gain (loss)	—			46,577			(7,485		)	2,207			(46,088		)	(4,789		)
Income (loss) before income taxes	(50		)	25,623			46,577			1,203			(47,149		)	26,204
Income tax (expense) benefit	—			(25,239		)	—			—			—			(25,239		)
Net income (loss)	(50		)	384			46,577			1,203			(47,149		)	965
Net (income) loss attributable to noncontrolling interests in Consolidated Entities	—			—			—			(1,203		)	572			(631		)
Net income (loss) attributable to CIFC LLC	$	(50	)	$	384		$	46,577		$	—		$	(46,577	)	$	334

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Statements of Operations

For The Year Ended December 31, 2014



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Revenues
Management and incentive fees	$	—	$	—		$	84,201		$	—		$	(79,333	)	$	4,868
Interest income from investments	—		1			10,341			—			(9,552		)	790
Interest income - Consolidated Entities	—		—			2,387			514,865			—			517,252
Total net revenues	—		1			96,929			514,865			(88,885		)	522,910
Expenses
Employee compensation and benefits	—		—			28,805			—			—			28,805
Share-based compensation	—		274			2,418			—			—			2,692
Professional services	—		3,964			3,295			—			—			7,259
General and administrative expenses	—		3,523			7,163			—			—			10,686
Depreciation and amortization	—		8,512			2,909			—			—			11,421
Corporate interest expense	—		3,915			321			—			—			4,236
Expenses - Consolidated Entities	—		—			1,025			118,383			(79,334		)	40,074
Interest expense - Consolidated Entities	—		—			425			171,513			(7		)	171,931
Total expenses	—		20,188			46,361			289,896			(79,341		)	277,104
Other Gain (Loss)
Net gain (loss) on investments	—		—			3,664			—			(1,190		)	2,474
Net gain (loss) on contingent liabilities	—		—			(2,932		)	—			—			(2,932		)
Net gain (loss) on investments - Consolidated Entities	—		—			(803		)	(227,974		)	—			(228,777		)
Net gain (loss) on liabilities - Consolidated Entities	—		—			—			(18,123		)	9,127			(8,996		)
Net gain (loss) on other investments and derivatives - Consolidated Entities	—		—			—			2,031			—			2,031
Intercompany net gain (loss) on investments in subsidiaries	—		50,726			—			—			(50,726		)	—
Net gain on sale of management contract	—		—			229			—			—			229
Net other gain (loss)	—		50,726			158			(244,066		)	(42,789		)	(235,971		)
Income (loss) before income taxes	—		30,539			50,726			(19,097		)	(52,333		)	9,835
Income tax (expense) benefit	—		(22,158		)	—			—			—			(22,158		)
Net income (loss)	—		8,381			50,726			(19,097		)	(52,333		)	(12,323		)
Net (income) loss attributable to noncontrolling interests in Consolidated Entities	—		—			—			19,097			1,607			20,704
Net income (loss) attributable to CIFC LLC	$	—	$	8,381		$	50,726		$	—		$	(50,726	)	$	8,381

Condensed Statement of Comprehensive Income [Table Text Block]

Consolidating Statement of Comprehensive Income (Loss) (Unaudited)

For The Three Months Ended March 31, 2016



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.		Subsidiary Guarantors		Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Net income (loss)	$	4,505	$	870	$	10,935	$	414		$	(12,217	)	$	4,507
Other comprehensive income (loss)	—		—		—		—			—			—
Comprehensive income (loss)	4,505		870		10,935		414			(12,217		)	4,507
Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities	—		—		—		(414		)	412			(2		)
Comprehensive income (loss) attributable to CIFC LLC	$	4,505	$	870	$	10,935	$	—		$	(11,805	)	$	4,505

Consolidating Statement of Comprehensive Income (Loss) (Unaudited)

For The Three Months Ended March 31, 2015



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.		Subsidiary Guarantors		Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Net income (loss)	$	—	$	5,428	$	13,291	$	561		$	(13,598	)	$	5,682
Other comprehensive income (loss)	—		—		—		—			—			—
Comprehensive income (loss)	—		5,428		13,291		561			(13,598		)	5,682
Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities	—		—		—		(561		)	307			(254		)
Comprehensive income (loss) attributable to CIFC LLC	$	—	$	5,428	$	13,291	$	—		$	(13,291	)	$	5,428

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Statement of Comprehensive Income (Loss)

For The Year Ended December 31, 2015



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.		Subsidiary Guarantors		Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Net income (loss)	$	(50	)	$	384	$	46,577	$	1,203		$	(47,149	)	$	965
Other comprehensive income (loss)	—			—		—		—			—			—
Comprehensive income (loss)	(50		)	384		46,577		1,203			(47,149		)	965
Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities	—			—		—		(1,203		)	572			(631		)
Comprehensive income (loss) attributable to CIFC LLC	$	(50	)	$	384	$	46,577	$	—		$	(46,577	)	$	334

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Statement of Comprehensive Income (Loss)

For The Year Ended December 31, 2014



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.		Subsidiary Guarantors		Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
Net income (loss)	$	—	$	8,381	$	50,726	$	(19,097	)	$	(52,333	)	$	(12,323	)
Other comprehensive income (loss)	—		—		—		—			—			—
Comprehensive income (loss)	—		8,381		50,726		(19,097		)	(52,333		)	(12,323		)
Comprehensive (income) loss attributable to noncontrolling interests in Consolidated Entities	—		—		—		19,097			1,607			20,704
Comprehensive income (loss) attributable to CIFC LLC	$	—	$	8,381	$	50,726	$	—		$	(50,726	)	$	8,381

Condensed Cash Flow Statement [Table Text Block]

Consolidating Statement of Cash Flows (Unaudited)

For The Three Months Ended March 31, 2016



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	4,505		$	870		$	10,935		$	414		$	(12,217	)	$	4,507
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs and other	—			76			—			—			—			76
Share-based compensation	130			130			2,121			—			—			2,381
Net (gain) loss on investments and contingent liabilities / other (gain) loss	—			—			(1,315		)	—			1,408			93
Intercompany net (gain) loss on investments in subsidiaries	(5,075		)	(5,859		)	(871		)	—			11,805			—
Depreciation and amortization	—			839			457			—			—			1,296
Impairment of intangible assets	—			—			531			—			—			531
Deferred income tax expense (benefit)	—			1,315			—			—			—			1,315
Excess tax benefits from share-based payment arrangements	—			230			—			—			—			230
Consolidated Entities:
Net (gain) loss on investments	—			—			—			(2,600		)	—			(2,600		)
Net (gain) loss on liabilities	—			—			—			10,487			(3,103		)	7,384
Changes in operating assets and liabilities:
Receivables	631			(3,120		)	19,335			—			(18,696		)	(1,850		)
Prepaid and other assets	—			451			(1,299		)	—			—			(848		)
Due to brokers	—			(62		)	1			—			—			(61		)
Accrued and other liabilities	1,142			(20,015		)	(5,194		)	—			18,606			(5,461		)
Consolidated Entities:
Due from brokers	—			—			—			1,616			—			1,616
Purchase of investments	—			—			—			(114,723		)	—			(114,723		)
Sales of investments	—			—			—			121,766			—			121,766
Receivables	—			—			—			(52		)	—			(52		)
Due to brokers	—			—			—			(22,253		)	—			(22,253		)
Accrued and other liabilities	—			—			—			(11		)	43			32
Interest payable	—			—			—			(660		)	44			(616		)
Net cash provided by (used in) operating activities	1,333			(25,145		)	24,701			(6,016		)	(2,110		)	(7,237		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	—			—			(17,553		)	—			1,419			(16,134		)
Sales of investments	—			—			12,466			—			(2,754		)	9,712
Intercompany investments in subsidiaries	—			22,474			(2,151		)	—			(20,323		)	—
Purchases of equipment and improvements	—			—			(61		)	—			—			(61		)
Consolidated Entities:
Change in restricted cash and cash equivalents	—			—			—			13,426			—			13,426
Net cash provided by (used in) investing activities	—			22,474			(7,299		)	13,426			(21,658		)	6,943
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common shares	(435		)	—			—			—			—			(435		)
Intercompany contributions	—			1,891			9,629			24			(11,544		)	—
Intercompany distributions	—			—			(32,073		)	(24		)	32,097			—
Proceeds from the exercise of options	241			—			—			—			—			241
Payments for tax from the net delivery of restricted share units	(45		)	—			—			—			—			(45		)
Payments on contingent liabilities	—			—			(999		)	—			—			(999		)
Excess tax benefits from share-based payment arrangements	—			(230		)	—			—			—			(230		)
Consolidated Entities:
Distributions to noncontrolling interests	—			—			—			(83		)	—			(83		)
Proceeds from issuance of long-term debt	—			—			—			3,830			—			3,830
Payments made on long-term debt	—			—			—			(11,157		)	3,215			(7,942		)
Net cash provided by (used in) financing activities	(239		)	1,661			(23,443		)	(7,410		)	23,768			(5,663		)
Net increase (decrease) in cash and cash equivalents	1,094			(1,010		)	(6,041		)	—			—			(5,957		)
Cash and cash equivalents at beginning of period	—			1,392			56,576			—			—			57,968
Cash and cash equivalents at end of period	$	1,094		$	382		$	50,535		$	—		$	—		$	52,011

Consolidating Statement of Cash Flows (Unaudited)

For The Three Months Ended March 31, 2015



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	—	$	5,428		$	13,291		$	561		$	(13,598	)	$	5,682
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs and other	—		22			—			—			—			22
Share-based compensation	—		142			1,538			—			—			1,680
Net (gain) loss on investments and contingent liabilities / other (gain) loss	—		—			(225		)	—			(255		)	(480		)
Intercompany net (gain) loss on investments in subsidiaries	—		(13,289		)	—			—			13,289			—
Depreciation and amortization	—		1,821			588			—			—			2,409
Impairment of intangible assets	—		281			—			—			—			281
Deferred income tax expense (benefit)	—		(150		)	—			—			—			(150		)
Excess tax benefits from share-based payment arrangements	—		(8		)	—			—			—			(8		)
Consolidated Entities:
Net (gain) loss on investments	—		—			(796		)	(2,001		)	—			(2,797		)
Net (gain) loss on liabilities	—		—			—			1,826			434			2,260
Net other (gain) loss	—		—			—			(438		)	—			(438		)
Changes in operating assets and liabilities:
Due from brokers	—		—			(974		)	—			—			(974		)
Receivables	—		721			(3,163		)	—			2,903			461
Prepaid and other assets	—		486			(1,489		)	—			—			(1,003		)
Due to brokers	—		—			6,245			—			—			6,245
Accrued and other liabilities	—		3,480			(7,920		)	—			(2,514		)	(6,954		)
Consolidated Entities:
Due from brokers	—		—			14,459			(4,111		)	—			10,348
Purchase of investments	—		—			(55,017		)	(88,697		)	—			(143,714		)
Sales of investments	—		—			47,462			21,677			—			69,139
Receivables	—		—			(352		)	(86		)	—			(438		)
Due to brokers	—		—			(7,882		)	55,950			—			48,068
Accrued and other liabilities	—		—			6			384			(390		)	—
Interest payable	—		—			(8		)	18			—			10
Net cash provided by (used in) operating activities	—		(1,066		)	5,763			(14,917		)	(131		)	(10,351		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of management contracts	—		—			—			—			—			—
Purchases of investments	—		—			(78,632		)	—			65,439			(13,193		)
Sales of investments	—		—			57,449			—			(22,148		)	35,301
Intercompany investments in subsidiaries	—		(123,962		)	—			—			123,962			—
Intercompany distributions from subsidiaries	—		123,962			—			—			(123,962		)	—
Purchases of equipment and improvements	—		—			(403		)	—			—			(403		)
Consolidated Entities:
Change in restricted cash and cash equivalents	—		—			755			(55,628		)	—			(54,873		)
Net cash provided by (used in) investing activities	—		—			(20,831		)	(55,628		)	43,291			(33,168		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany contributions	—		—			123,962			—			(123,962		)	—
Intercompany distributions	—		—			(123,962		)	—			123,962			—
Proceeds from the exercise of options	—		121			—			—			—			121
Payments for tax from the net delivery of restricted share units	—		(265		)	—			—			—			(265		)
Payments on contingent liabilities	—		—			(1,559		)	—			—			(1,559		)
Excess tax benefits from share-based payment arrangements	—		8			—			—			—			8
Consolidated Entities:
Contributions from noncontrolling interests	—		—			—			14,712			(2,612		)	12,100
Distributions to noncontrolling interests	—		—			—			(970		)	—			(970		)
Proceeds from issuance of long-term debt	—		—			—			73,777			10,323			84,100
Payments made on long-term debt	—		—			—			(16,974		)	(50,871		)	(67,845		)
Net cash provided by (used in) financing activities	—		(136		)	(1,559		)	70,545			(43,160		)	25,690
Net increase (decrease) in cash and cash equivalents	—		(1,202		)	(16,627		)	—			—			(17,829		)
Cash and cash equivalents at beginning of period	—		2,156			57,134			—			—			59,290
Cash and cash equivalents at end of period	$	—	$	954		$	40,507		$	—		$	—		$	41,461

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Statement of Cash Flows

For The Year Ended December 31, 2015



	Parent/ CIFC LLC			Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(50	)	$	384		$	46,577		$	1,203		$	(47,149	)	$	965
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs and other	—			125			—			—			—			125
Share-based compensation	—			299			5,251			—			—			5,550
Net (gain) loss on investments and contingent liabilities / other (gain) loss	—			—			8,281			—			(1,890		)	6,391
Intercompany net (gain) loss on investments in subsidiaries	—			(46,577		)				—			46,577			—
Depreciation and amortization	—			5,543			2,234			—			—			7,777
Impairment of intangible assets	—			1,501			327			—			—			1,828
Deferred income tax expense (benefit)	—			11,050			—			—			—			11,050
Excess tax benefits from share-based payment arrangements	—			128			—			—			—			128
Consolidated Entities:
Net (gain) loss on investments	—			—			(796		)	26,910			—			26,114
Net (gain) loss on liabilities	—			—			—			(26,147		)	1,401			(24,746		)
Net other (gain) loss	—			—			—			(2,970		)	—			(2,970		)
Changes in operating assets and liabilities:
Receivables	(785		)	424			(21,480		)	(245		)	21,179			(907		)
Prepaid and other assets	—			481			(168		)	—			—			313
Due to brokers	—			61			—			—			—			61
Accrued and other liabilities	50			22,219			(1,928		)	—			(20,649		)	(308		)
Consolidated Entities:
Due from brokers	—			—			36,645			(27,647		)	—			8,998
Purchase of investments	—			—			(55,017		)	(951,887		)	—			(1,006,904		)
Sales of investments	—			—			99,895			371,805			—			471,700
Receivables	—			—			281			(1,618		)	—			(1,337		)
Due to brokers	—			—			(15,583		)	59,008			—			43,425
Accrued and other liabilities	—			—			—			460			(373		)	87
Interest payable	—			—			(163		)	2,622			(167		)	2,292
Net cash provided by (used in) operating activities	(785		)	(4,362		)	104,356			(548,506		)	(1,071		)	(450,368		)
CASH FLOWS FROM INVESTING ACTIVITIES:							—
Purchases of investments	—			—			(232,539		)	—			166,008			(66,531		)
Sales of investments	—			—			154,179			9,660			(94,977		)	68,862
Intercompany investments in subsidiaries	—			(148,422		)	—			—			148,422			—
Intercompany distributions from subsidiaries	785			125,404			—			—			(126,189		)	—
Purchases of equipment and improvements	—			—			(1,059		)	—			—			(1,059		)
Consolidated Entities:
Change in restricted cash and cash equivalents	—			—			6,871			(48,005		)	—			(41,134		)
Net cash provided by (used in) investing activities	785			(23,018		)	(72,548		)	(38,345		)	93,264			(39,862		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	—			40,000			—			—			—			40,000
Debt issuance cost	—			(2,133		)	—			—			—			(2,133		)
Repurchases of common shares	—			(1,151		)	—			—			—			(1,151		)
Distributions paid	—			(10,130		)	—			—			—			(10,130		)
Intercompany contributions	—			—			148,422			—			(148,422		)	—
Intercompany distributions	—			—			(126,189		)	—			126,189			—
Proceeds from extension of warrants	—			350			—			—			—			350
Proceeds from the exercise of options	—			74			—			—			—			74
Payments for tax from the net delivery of restricted stock units	—			(266		)	—			—			—			(266		)
Deferred purchase payments and payments on contingent liabilities	—			—			(3,599		)	—			—			(3,599		)
Excess tax benefits from share-based payment arrangements	—			(128		)	—			—			—			(128		)
Consolidated Entities:
Contributions from noncontrolling interests	—			—			—			37,741			(21,641		)	16,100
Distributions to noncontrolling interests	—			—			—			(15,307		)	—			(15,307		)
Proceeds from issuance of long-term debt	—			—			—			809,695			(173,772		)	635,923
Payments made on long-term debt	—			—			(51,000		)	(245,278		)	125,453			(170,825		)
Net cash provided by (used in) financing activities	—			26,616			(32,366		)	586,851			(92,193		)	488,908
Net increase (decrease) in cash and cash equivalents	—			(764		)	(558		)	—			—			(1,322		)
Cash and cash equivalents at beginning of period	—			2,156			57,134			—			—			59,290
Cash and cash equivalents at end of period	$	—		$	1,392		$	56,576		$	—		$	—		$	57,968

CIFC LLC AND ITS SUBSIDIARIES

Consolidating Statement of Cash Flows

For The Year Ended December 31, 2014



	Parent/ CIFC LLC		Subsidiary Issuer/ CIFC Corp.			Subsidiary Guarantors			Non Guarantors			Eliminations			CIFC LLC Consolidated
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	—	$	8,381		$	50,726		$	(19,097	)	$	(52,333	)	$	(12,323	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs and other	—		696			321			—			—			1,017
Share-based compensation	—		274			2,418			—			—			2,692
Net (gain) loss on investments and contingent liabilities / other (gain) loss	—		—			(731		)	—			1,189			458
Intercompany net (gain) loss on investments in subsidiaries	—		(50,726		)	—			—			50,726			—
Depreciation and amortization	—		8,512			2,909			—			—			11,421
Deferred income tax expense (benefit)	—		3,932			—			—			—			3,932
Excess tax benefits from share-based payment arrangements	—		(171		)	—			—			—			(171		)
Net gain on the sale of management contract	—		—			(229		)	—			—			(229		)
Consolidated Entities:
Net (gain) loss on investments	—		—			803			227,974			—			228,777
Net (gain) loss on liabilities	—		—			—			18,123			(9,127		)	8,996
Net other (gain) loss	—		—						(2,031		)	—			(2,031		)
Changes in operating assets and liabilities:
Due from brokers	—		—			13,827			(995		)	—			12,832
Receivables	—		(721		)	441			17			243			(20		)
Prepaid and other assets	—		361			43			222			—			626
Due to brokers	—		—			(508		)	(4,991		)	—			(5,499		)
Accrued and other liabilities	—		(666		)	2,246			(271		)	269			1,578
Change in restricted cash and cash equivalents	—		1,615			(1,608		)				—			7
Consolidated Entities:
Due from brokers	—		—			(36,645		)	160,765			—			124,120
Purchase of investments	—		—			(102,448		)	(8,715,405		)	—			(8,817,853		)
Sales of investments	—		—			57,563			7,331,128			13,761			7,402,452
Receivables	—		—			(281		)	(24,613		)	1			(24,893		)
Due to brokers	—		—			15,583			(220,939		)	(13,761		)	(219,117		)
Accrued and other liabilities	—		—			—			1,653			(508		)	1,145
Interest payable	—		—			163			13,647			(3		)	13,807
Net cash provided by (used in) operating activities	—		(28,513		)	4,593			(1,234,813		)	(9,543		)	(1,268,276		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of management contracts	—		—			229						—			229
Purchases of investments	—		—			(136,136		)	15,735			91,257			(29,144		)
Sales of investments	—		—			172,819			1,001			(153,336		)	20,484
Intercompany investments in subsidiaries	—		(440,277		)	—			—			440,277			—
Intercompany distributions from subsidiaries	—		478,341			—			—			(478,341		)	—
Purchases of equipment and improvements	—		—			(2,204		)	—			—			(2,204		)
Consolidated Entities:
Change in restricted cash and cash equivalents	—		—			(6,873		)	(206,021		)	—			(212,894		)
Net cash provided by (used in) investing activities	—		38,064			27,835			(189,285		)	(100,143		)	(223,529		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions paid	—		(9,218		)	—			—			—			(9,218		)
Intercompany contributions	—		—			440,277			—			(440,277		)	—
Intercompany distributions	—		—			(478,341		)	—			478,341			—
Proceeds from extension of warrants	—		200			—						—			200
Proceeds from the exercise of options	—		580			—			—			—			580
Deferred purchase payments and payments on contingent liabilities	—		—			(8,724		)	—			—			(8,724		)
Excess tax benefits from share-based payment arrangements	—		171			—			—			—			171
Consolidated Entities:
Contributions from noncontrolling interests	—		—			—			93,587			(100		)	93,487
Distributions to noncontrolling interests	—		—			—			(37,783		)	10,685			(27,098		)
Proceeds from issuance of long-term debt	—		—			51,000			4,702,304			(112,323		)	4,640,981
Payments made on long-term debt	—		—			—			(3,338,141		)	173,360			(3,164,781		)
Net cash provided by (used in) financing activities	—		(8,267		)	4,212			1,419,967			109,686			1,525,598
Net increase (decrease) in cash and cash equivalents	—		1,284			36,640			(4,131		)	—			33,793
Cash and cash equivalents at beginning of period			872			20,494			4,131			—			25,497
Cash and cash equivalents at end of period	$	—	$	2,156		$	57,134		$	—		$	—		$	59,290