FAIR VALUE (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2016

Dec. 31, 2015

Assets and liabilities measured at fair value

Schedule of financial instruments carried at fair value on a recurring basis

The following table summarizes the assets and liabilities carried at fair value on a recurring basis, by class and level:

	March 31, 2016										December 31, 2015
	Level 1		Level 2		Level 3		NAV		Estimated  Fair Value		Level 1		Level 2		Level 3		NAV		Estimated Fair Value
	(In thousands)										(In thousands)
Assets
Investments:
Credit Funds	$	—	$	—	$	—	$	31,977	$	31,977	$	—	$	—	$	—	$	31,411	$	31,411
Structured products & other	—		1,558		43,812		—		45,370		—		1,768		37,517		—		39,285
Subtotal	—		1,558		43,812		31,977		77,347		—		1,768		37,517		31,411		70,696
Consolidated Entities:
Loans (1)	—		1,052,484		292,559		—		1,345,043		—		1,067,539		281,868		—		1,349,407
Structured products & other	—		802		1,118		—		1,920		—		840		1,156		—		1,996
Total Consolidated Entities	—		1,053,286		293,677		—		1,346,963		—		1,068,379		283,024		—		1,351,403
Total Assets	$	—	$	1,054,844	$	337,489	$	31,977	$	1,424,310	$	—	$	1,070,147	$	320,541	$	31,411	$	1,422,099
Liabilities
Contingent liabilities	$	—	$	—	$	8,142	$	—	$	8,142	$	—	$	—	$	8,338	$	—	$	8,338
Total Liabilities	$	—	$	—	$	8,142	$	—	$	8,142	$	—	$	—	$	8,338	$	—	$	8,338

Explanatory Note:

______________________________

(1) As of both March 31, 2016 and December 31, 2015, the total aggregate unpaid principal balance of loans was $1.4 billion .See Note 9 for total contractual principal amounts.

The following table summarizes the assets and liabilities carried at fair value on a recurring basis, by class and level:

CIFC LLC	December 31, 2015										December 31, 2014
	Level 1		Level 2		Level 3		NAV		Estimated  Fair Value		Level 1		Level 2		Level 3		NAV		Estimated Fair Value
	(In thousands)										(In thousands)
Assets
Investments:
Credit Funds (1)	$	—	$	—	$	—	$	31,411	$	31,411	$	—	$	—	$	—	$	27,169	$	27,169
Loans	—		—		—		—		—		—		2,959		967		—		3,926
Structured products & other	—		1,768		37,517		—		39,285		—		—		7,604		—		7,604
Subtotal	—		1,768		37,517		31,411		70,696		—		2,959		8,571		27,169		38,699
Consolidated Entities:
Loans (2)	—		1,067,539		281,868		—		1,349,407		—		9,184,488		2,517,887		—		11,702,375
Corporate bonds	—		—		—		—		—		—		—		478		—		478
Structured products & other	—		840		1,156		—		1,996		—		—		69,973		—		69,973
Total Consolidated Entities	—		1,068,379		283,024		—		1,351,403		—		9,184,488		2,588,338		—		11,772,826
Total Assets	$	—	$	1,070,147	$	320,541	$	31,411	$	1,422,099	$	—	$	9,187,447	$	2,596,909	$	27,169	$	11,811,525
Liabilities
Contingent liabilities	$	—	$	—	$	8,338	$	—	$	8,338	$	—	$	—	$	12,668	$	—	$	12,668
Consolidated Entities:
Long-term debt (2)	—		—		—		—		—		—		—		12,049,034		—		12,049,034
Total Consolidated Entities	—		—		—		—		—		—		—		12,049,034		—		12,049,034
Total Liabilities	$	—	$	—	$	8,338	$	—	$	8,338	$	—	$	—	$	12,061,702	$	—	$	12,061,702

CIFC Corp.	December 31, 2015										December 31, 2014
	Level 1		Level 2		Level 3		NAV		Estimated  Fair Value		Level 1		Level 2		Level 3		NAV		Estimated Fair Value
	(In thousands)										(In thousands)
Assets
Investments:
Credit Funds (1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	27,169	$	27,169
Loans	—		—		—		—		—		—		2,959		967		—		3,926
Structured products & other	—		—		739		—		739		—		—		7,604		—		7,604
Subtotal	—		—		739		—		739		—		2,959		8,571		27,169		38,699
Consolidated Entities:
Loans (2)	—		—		—		—		—		—		9,184,488		2,517,887		—		11,702,375
Corporate bonds	—		—		—		—		—		—		—		478		—		478
Structured products & other	—		—		—		—		—		—		—		69,973		—		69,973
Total Consolidated Entities	—		—		—		—		—		—		9,184,488		2,588,338		—		11,772,826
Total Assets	$	—	$	—	$	739	$	—	$	739	$	—	$	9,187,447	$	2,596,909	$	27,169	$	11,811,525
Liabilities
Contingent liabilities	$	—	$	—	$	8,338	$	—	8,338		$	—	$	—	$	12,668	$	—	$	12,668
Consolidated Entities:
Long-term debt (2)	—		—		—		—		—		—		—		12,049,034		—		12,049,034
Total Consolidated Entities	—		—		—		—		—		—		—		12,049,034		—		12,049,034
Total Liabilities	$	—	$	—	$	8,338	$	—	$	8,338	$	—	$	—	$	12,061,702	$	—	$	12,061,702

Explanatory Note:

______________________________

(1) Pursuant to the adoption of ASU 2015-07, disclosure of assets measured at NAV as a practical expedient in the fair value hierarchy is no longer required.

(2) As of December 31, 2015 and 2014, the total aggregate unpaid principal balance of loans was $1.4 billion and $12.0 billion, respectively. See Note 11 for total contractual principal amounts. As of December 31, 2015, Long-term debt of the Consolidated VIEs was no longer measured using a third-party pricing service due to the adoption of ASU 2014-13 (Note 3).

Schedule of level 3 financial assets at fair value

The following tables summarize by class the changes in financial assets and liabilities measured at fair value classified within Level 3 of the valuation hierarchy. Net realized and unrealized gains (losses) for Level 3 financial assets and liabilities measured at fair value are included in the Consolidated Statements of Operations. 

	Level 3 Financial Assets
	For the Three Months Ended March 31, 2016
	Investments						Investment Assets of Consolidated Entities
	Structured Products & Other			Total			Loans			Structured Products & Other			Total
	(In thousands)
Estimated fair value, beginning of period	$	37,517		$	37,517		$	281,868		$	1,156		$	283,024
Transfers into Level 3 (1)	—			—			95,421			—			95,421
Transfers out of Level 3 (2)	—			—			(84,551		)	—			(84,551		)
Net realized/unrealized gains (losses) (3)	(1,307		)	(1,307		)	(933		)	(38		)	(971		)
Purchases (3)	15,721			15,721			24,480			—			24,480
Sales (3)	(8,000		)	(8,000		)	(9,899		)	—			(9,899		)
Settlements (3)	(119		)	(119		)	(13,827		)	—			(13,827		)
Estimated fair value, end of period	$	43,812		$	43,812		$	292,559		$	1,118		$	293,677
Change in unrealized gains (losses) for the period for the assets held as of the end of the period	$	(213	)	$	(213	)	$	(1,967	)	$	(38	)	$	(2,005	)

	Level 3 Financial Assets
	For the Three Months Ended March 31, 2015
	Investments								Investment Assets of Consolidated Entities
	Loans		Structured Products & Other			Total			Loans			Corporate Bonds			Structured Products & Other			Total
	(In thousands)
Estimated fair value, beginning of period	$	967	$	7,604		$	8,571		$	2,517,887		$	478		$	69,973		$	2,588,338
Transfers into Level 3 (1)	—		—			—			2,327			—			—			2,327
Transfers out of Level 3 (2) (3)	—		—			—			(8,477		)	—			—			(8,477		)
Transfers in (out) due to deconsolidation (2)(3)	—		23,614			23,614			(2,476,625		)	(478		)	(67,383		)	(2,544,486		)
Net realized/unrealized gains (losses) (3)	—		(197		)	(197		)	497			—			(101		)	396
Purchases (3)	—		7,138			7,138			26,643			—			2,188			28,831
Sales (3)	—		(5,296		)	(5,296		)	(11,336		)	—			—			(11,336		)
Settlements (3)	—		—			—			(5,933		)	—			—			(5,933		)
Estimated fair value, end of period	$	967	$	32,863		$	33,830		$	44,983		$	—		$	4,677		$	49,660
Change in unrealized gains (losses) for the period for the assets held as of the end of the period	$	—	$	3		$	3		$	82		$	—		$	(101	)	$	(19	)

Explanatory Notes:

______________________________

(1) Transfers in represent loans currently valued by a third-party pricing service using composite prices determined using less than two quotes, an internally developed pricing model or broker quotes and that were previously marked by a third-party pricing service using composite prices determined from two or more quotes.

(2) Transfers out represent loans previously valued by an internally developed pricing model, broker quotes, or a third-party pricing service using composite prices determined using less than two quotes and are now being marked by a third-party pricing service using composite prices determined from two or more quotes.

(3) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the threemonths ended March 31, 2015 reflect the deconsolidation of CLOs as of January 1, 2015.

	Level 3 Financial Liabilities
	For the Three Months Ended March 31, 2016						For the Three Months Ended March 31, 2015
	Contingent Liabilities			Total			Contingent Liabilities			Long-term Debt of Consolidated Entities			Total
	(In thousands)
Estimated fair value, beginning of period	$	8,338		$	8,338		$	12,668		$	12,049,034		$	12,061,702
Transfer in due to consolidation (2)(3)	—			—			—			(12,049,034		)	(12,049,034		)
Net realized/unrealized (gains) losses (2)	364			364			713			—			713
Settlements (2)(4)	(560		)	(560		)	(1,558		)	—			(1,558		)
Estimated fair value, end of period	$	8,142		$	8,142		$	11,823		$	—		$	11,823
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period	$	364		$	364		$	713		$	—		$	713

Explanatory Notes:

__________________________

(1) Represents the Company's sales of its residual interests in the Consolidated CLOs. The sale removes the requirement to consolidate the CLOs, therefore, debt and/or subordinated notes of the CLOs are no longer eliminated in consolidation.

(2) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out, net realized/unrealized gains (losses), purchases, sales and settlements for the threemonths ended March 31, 2015 reflect the deconsolidation of CLOs as of January 1, 2015.

(3) Pursuant to the adoption of ASU 2014-13, the Long-term Debt of Consolidated Entities have been remeasured in accordance with the new guidance.

(4) For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 8).

The following tables summarize by class the changes in financial assets and liabilities measured at fair value classified within Level 3 of the valuation hierarchy. Net realized and unrealized gains (losses) for Level 3 financial assets and liabilities measured at fair value are included in the Consolidated Statements of Operations. 

CIFC LLC	Level 3 Financial Assets
	For the Year Ended December 31, 2015
	Investments									Investment Assets of Consolidated Entities
	Loans			Structured Products & Other			Total			Loans			Corporate Bonds			Structured Products & Other			Total
	(In thousands)
Estimated fair value, beginning of period	$	967		$	7,604		$	8,571		$	2,517,887		$	478		$	69,973		$	2,588,338
Transfers into Level 3 (1)	—			—			—			51,012			—			—			51,012
Transfers out of Level 3 (2)	—			—			—			(69,435		)	—			(1,803		)	(71,238		)
Transfers in due to consolidation or acquisition	—			—			—			143,856			—			—			143,856
Transfers out due to consolidation or acquisition	—			(12,546		)	(12,546		)	—			—			—			—
Transfers in (out) due to deconsolidation (2)(3)	—			23,614			23,614			(2,476,625		)	(478		)	(67,383		)	(2,544,486		)
Transfers between classes	—			(2,613		)	(2,613		)	—			—			2,613			2,613
Net realized/unrealized gains (losses) (3)	33			(6,828		)	(6,795		)	(16,747		)	—			(143		)	(16,890		)
Purchases (3)	990			63,060			64,050			246,256			—			1,129			247,385
Sales (3)	(1,990		)	(28,715		)	(30,705		)	(95,305		)	—			(3,230		)	(98,535		)
Settlements (3)	—			(6,059		)	(6,059		)	(19,031		)	—			—			(19,031		)
Estimated fair value, end of period	$	—		$	37,517		$	37,517		$	281,868		$	—		$	1,156		$	283,024
Change in unrealized gains (losses) for the period for the assets held as of the end of the period	$	—		$	(5,689	)	$	(5,689	)	$	(4,875	)	$	—		$	(163	)	$	(5,038	)

CIFC Corp.	Level 3 Financial Assets
	For the Year Ended December 31, 2015
	Investments									Investment Assets of Consolidated Entities
	Loans			Structured Products & Other			Total			Loans			Corporate Bonds			Structured Products & Other			Total
	(In thousands)
Estimated fair value, beginning of period	$	967		$	7,604		$	8,571		$	2,517,887		$	478		$	69,973		$	2,588,338
Transfers into Level 3 (1)	—			—			—			51,012			—			—			51,012
Transfers out of Level 3 (2)	—			—			—			(69,435		)	—			(1,803		)	(71,238		)
Transfers in due to consolidation or acquisition	—			—			—			143,856			—			—			143,856
Transfers out due to consolidation or acquisition	—			(12,546		)	(12,546		)	—			—			—			—
Transfers in (out) due to deconsolidation (2)(3)	—			23,614			23,614			(2,476,625		)	(478		)	(67,383		)	(2,544,486		)
Transfers between classes	—			(2,613		)	(2,613		)	—			—			2,613			2,613
Net realized/unrealized gains (losses) (3)	33			(6,828		)	(6,795		)	(16,747		)	—			(143		)	(16,890		)
Purchases (3)	990			63,060			64,050			246,256			—			1,129			247,385
Sales (3)	(1,990		)	(28,715		)	(30,705		)	(95,305		)	—			(3,230		)	(98,535		)
Settlements (3)	—			(6,059		)	(6,059		)	(19,031		)	—			—			(19,031		)
Reorganization Transaction - Transfers out to CIFC LLC	$	—		$	(36,778	)	$	(36,778	)	$	(281,868	)	$	—		$	(1,156	)	$	(283,024	)
Estimated fair value, end of period	$	—		$	739		$	739		$	—		$	—		$	—		$	—
Change in unrealized gains (losses) for the period for the assets held as of the end of the period	$	—		$	(78	)	$	(78	)	$	—		$	—		$	—		$	—

CIFC LLC and CIFC Corp.	Level 3 Financial Assets
	For the Year Ended December 31, 2014
	Investments									Investment Assets of Consolidated Entities
	Loans			Structured Products & Other			Total			Loans			Corporate Bonds			Structured Products & Other			Total
	(In thousands)
Estimated fair value, beginning of period	$	510		$	—		$	510		$	1,706,290		$	16,220		$	93,516		$	1,816,026
Transfers into Level 3 (1)	—			—			—			355,793			—			—			355,793
Transfers out of Level 3 (2) (3)	—			—			—			(296,059		)	—			—			(296,059		)
Transfers in due to consolidation or acquisition	1,008			—			1,008			32,523			—			5,321			37,844
Transfers between classes	(498		)	—			(498		)	498			—			—			498
Net realized/unrealized gains (losses) (3)	(53		)	(311		)	(364		)	(55,695		)	350			9,136			(46,209		)
Purchases (3)	—			7,915			7,915			1,884,265			—			1,910			1,886,175
Sales (3)	—			—			—			(412,444		)	(16,092		)	(19,022		)	(447,558		)
Settlements (3)	—			—			—			(697,284		)	—			(20,888		)	(718,172		)
Estimated fair value, end of period	$	967		$	7,604		$	8,571		$	2,517,887		$	478		$	69,973		$	2,588,338
Change in unrealized gains (losses) for the period for the assets held as of the end of the period	$	(23	)	$	(311	)	$	(334	)	$	(46,579	)	$	(28	)	$	679		$	(45,928	)

Explanatory Notes:

______________________________

(1) Transfers in represent loans currently valued by a third-party pricing service using composite prices determined using less than two quotes, an internally developed pricing model or broker quotes and that were previously marked by a third-party pricing service using composite prices determined from two or more quotes.

(2) Transfers out represent loans previously valued by an internally developed pricing model, broker quotes, or a third-party pricing service using composite prices determined using less than two quotes and are now being marked by a third-party pricing service using composite prices determined from two or more quotes.

(3) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out for the year ended December 31, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. Net realized/unrealized gains (losses), purchases, sales and settlements for the twelve months ended December 31, 2015, also reflect the deconsolidation.

CIFC LLC and CIFC Corp.	Level 3 Financial Liabilities
	For the Year Ended December 31, 2015									For the Year Ended December 31, 2014
	Contingent Liabilities			Long-term Debt of Consolidated Entities			Total			Contingent Liabilities			Long-term Debt of Consolidated Entities			Total
	(In thousands)
Estimated fair value, beginning of period	$	12,668		$	12,049,034		$	12,061,702		$	16,961		$	10,484,975		$	10,501,936
Sale of investments in Consolidated CLOs (1)	—			—			—			—			20,601			20,601
Transfer in due to consolidation	—			—			—			—			101,694			101,694
Transfer out due to deconsolidation or sale (2)(3)	—			(12,049,034		)	(12,049,034		)	—			—			—
Net realized/unrealized (gains) losses (2)	2,210			—			2,210			2,932			8,995			11,927
Purchases (2)	—			—			—			—			70,567			70,567
Issuances (2)	—			—			—			—			4,526,984			4,526,984
Settlements (2)(4)	(6,540		)	—			(6,540		)	(7,225		)	(3,164,782		)	(3,172,007		)
Estimated fair value, end of period	$	8,338		$	—		$	8,338		$	12,668		$	12,049,034		$	12,061,702
Change in unrealized gains (losses) for the period for the liabilities outstanding as of the end of the period	$	2,210		$	—		$	2,210		$	2,932		$	230,011		$	232,943

Explanatory Notes:

__________________________

(1) Represents the Company's sales of its residual interests in the Consolidated CLOs. The sale removes the requirement to consolidate the CLOs, therefore, debt and/or subordinated notes of the CLOs are no longer eliminated in consolidation.

(2) The adoption of ASU 2015-02 was applied on a modified retrospective basis. Transfers out for the year ended December 31, 2015 reflect the deconsolidation of CLOs as of January 1, 2015. Net realized/unrealized gains (losses), purchases, sales and settlements for the twelve months ended December 31, 2015, also reflect the deconsolidation.

(3) Pursuant to the adoption of ASU 2014-13, the Long-term Debt of Consolidated Entities have been remeasured in accordance with the new guidance. (See Note 3 for details).

(4) For Contingent Liabilities, amount represents payments made and due related to the contingent liabilities from the merger with Legacy CIFC (Note 10).

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The disclosure provided below provides quantitative information about the significant unobservable inputs used in the valuation of the contingent liabilities of Legacy CLOs (see Note 9).

	March 31, 2016				March 31, 2016	December 31, 2015	Impact of Increase in Input on Fair Value Measurement (1)
Financial Liabilities	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input	Range	Range
Contingent Liabilities	$	8,142	Discounted cash flows	Discount rate (2)	8.1%-13.0%	6.7%-12.0%	Decrease
				Default rate (3)	2.0%	2.0%	Decrease
				Recovery rate (3)	70%	70%	Increase
				Pre-payment rate (3)	25%	40%	Decrease
				Reinvestment spread of assets above LIBOR	3.3%-4.0%	3.0-3.8%	Increase
				Reinvestment price of assets	100.0	100.0	Increase

Explanatory Notes:

____________________________

(1) The impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

(2) The discount rate varies by type of management fee (senior management fee, subordinated management fee, or incentive fee), the priority of that management fee in the waterfall of the CLO and the relative risk associated with the respective management fee cash flow projections. Amounts are presented as a spread over LIBOR.

(3) Generally an increase in the default rate would be accompanied by a directionally opposite change in assumption for the recovery and pre-payment rates.

The disclosure provided below provides quantitative information about the significant unobservable inputs used in the valuation of the contingent liabilities of Legacy CLOs (see Note 10).

	December 31, 2015				December 31, 2015	December 31, 2014	Impact of Increase in Input on Fair Value Measurement (1)
Financial Liabilities	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input	Range	Range
Contingent Liabilities	$	8,338	Discounted cash flows	Discount rate (2)	6.7% -12.0%	1.2%-12.5%	Decrease
				Default rate (3)	2.0%	2.0%	Decrease
				Recovery rate (3)	70%	70%	Increase
				Pre-payment rate (3)	40%	35-40%	Decrease
				Reinvestment spread of assets above LIBOR	3.0% -3.8%	3.0-3.8%	Increase
				Reinvestment price of assets	100.0	100.0	Increase

Explanatory Notes:

____________________________

(1) The impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

(2) The discount rate varies by type of management fee (senior management fee, subordinated management fee, or incentive fee), the priority of that management fee in the waterfall of the CLO and the relative risk associated with the respective management fee cash flow projections. Amounts are presented as a spread over LIBOR.

(3) Generally an increase in the default rate would be accompanied by a directionally opposite change in assumption for the recovery and pre-payment rates.

Schedule of carrying amounts and estimated fair values of financial assets and liabilities

The Company has not elected the fair value option for certain financial liabilities. A summary of the carrying value and estimated fair value of those liabilities are as follows:

	As of March 31, 2016				As of December 31, 2015
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(In thousands)
Financial liabilities:
Long-term debt:
Junior Subordinated Notes (1)	$	118,282	$	52,549	$	118,259	$	57,371
Senior Notes (2)	$	37,955	$	40,000	$	37,902	$	40,000

Explanatory Note:

________________________________

(1) The Junior Subordinated Notes include both the March and October Junior Subordinated Notes (Note 9). The estimated fair values of the Junior Subordinated Notes were determined using a discounted cash flow model which utilizes significant unobservable inputs, including discount rates, yield and forward LIBOR curve assumptions.  This methodology is classified as Level 3 within the fair value hierarchy.

(2) On November 2, 2015, the Company issued$40.0 millionpar value of Senior Notes which

The Company has not elected the fair value option for certain financial liabilities. A summary of the carrying value and estimated fair value of those liabilities are as follows:

	As of December 31, 2015				As of December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value (3)		Estimated Fair Value
	(In thousands)
Financial liabilities:
Long-term debt:
Junior Subordinated Notes (1)(3)	$	118,259	$	57,371	$	118,170	$	57,314
Senior Notes (2)(3)	$	37,902	$	40,000	n/a		n/a

Explanatory Note:

________________________________

(1) The Junior Subordinated Notes include both the March and October Junior Subordinated Notes (Note 11). The estimated fair values of the Junior Subordinated Notes were determined using a discounted cash flow model which utilizes significant unobservable inputs, including discount rates, yield and forward LIBOR curve assumptions.  This methodology is classified as Level 3 within the fair value hierarchy.

(2) On November 2, 2015, the Company issued$40.0 millionpar value of Senior Notes which is carried at its outstanding principal balance net of debt issuance costs (Note11). The estimated fair value of the Senior Notes approximates issuance price from November 2, 2015.

(3) Pursuant to the adoption of ASU 2015-03 the carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct deduction from the related liability for all periods presented in accordance with amended guidance on simplifying the presentation of such costs.