The following table represents the Company's AEBT, Adjusted EBIT, and Adjusted EBITDA for the quarters ended September 30, 2012 and June 30, 2012:
the most comparable GAAP financial measure, and AEBT in Exhibits 1.
2) Adjusted EBIT is AEBT excluding corporate interest expense.
In addition to the expense items already discussed previously within the AEBT section above, the Company recorded an impairment charge of $1.
A detailed calculation of AEBT and a reconciliation between GAAP net income (loss) attributable to CIFC Corp.
The table below provides AEBT for most recent five quarters:
5) The Company refined its definition of AEBT to include warehouse net investment and interest income during the fourth quarter of 2011.
to AEBT, a non-GAAP measure used by management, for the three months ended September 30, 2012:
As management views the economic impact of the Company's investments in DFR MM CLO as the distributions received on those investments, the calculation of AEBT eliminates the GAAP net income (loss) on DFR MM CLO (included within Net Results of Consolidated Variable Interest Entities) and includes the distributions received on the Company's investments in DFR MM CLO.
Elimination of certain incentive compensation related to certain net gains (losses) on investments which are not included as a component of AEBT.