INVESTMENTS IN UNCONSOLIDATED ENTITIES

12 Months Ended

Sep. 30, 2012

Investments in Unconsolidated Entities [Abstract]

INVESTMENTS IN UNCONSOLIDATED ENTITIES

INVESTMENTS IN UNCONSOLIDATED ENTITIES

As a specialized asset manager, the Company develops various types of investment vehicles, which it manages under long-term management agreements or similar arrangements.  The following table details the Company’s investments in these vehicles, including the range of ownership interests owned (in thousands, except percentages):

	Range of Combined Ownership Interests	September 30,
		2012		2011
Real estate investment entities	1% – 10%	$	8,043	$	8,439
Financial fund management partnerships	3% − 11%	3,983		3,476
Trapeza entities	33% − 50%	967		795
LEAF	14.9%	—		—
Commercial finance investment entities	2% − 7%	—		—
Investments in unconsolidated entities		$	12,993	$	12,710

Two of the Trapeza entities that have incentive distributions, also known as carried interests, are subject to a potential clawback to the extent that such distributions exceed the cumulative net profits of the entities, as defined in the respective partnership agreements (see Note 22).  The general partner of those entities is equally owned by the Company and its co-managing partner.  Performance-based incentive fees in interim periods are recorded based upon a formula as if the contract were terminated at that date.  On a quarterly basis (interim measurement date), the Company quantifies the cumulative net profits/net losses (as defined under the Trapeza partnership agreements) and allocates income/loss to the limited and general partners according to the terms of such agreements.

Investment in Unconsolidated Loan Manager. Until the Company sold its Apidos business to CVC on April 17, 2012, the operations of Apidos were included in the Company's consolidated results. Thereafter, the Company has recorded its 33% equity share of the results of the newly-formed joint venture, CVC Credit Partners, which includes the Apidos operations, in Financial Fund Management Revenues on the Consolidated Statements of Operations.