Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

11. DISCONTINUED OPERATIONS

Investment Management Business Sale

On December 19, 2012, pursuant to a purchase and sale agreement, dated as of September 27, 2012, or Purchase Agreement, by and between us and an affiliate of Blackstone, we completed the disposition of our investment management and special servicing business for a purchase price of $21.4 million. The sale included our equity interests in CT Investment Management Co., LLC, our related private investment fund co-investments, and 100% of the outstanding class A preferred stock of CT Legacy REIT. We refer to the entire transaction as our Investment Management Business Sale. As a result of the Investment Management Business Sale, the income and expense items related to our investment management business have been reclassified to income from discontinued operations on our consolidated statements of operations for the year ended December 31, 2012.

The following table provides additional information on the components of discontinued operations ($ in thousands):

	Year Ended December 31,
	2014		2013		2012
Servicing fees	$	—	$	—	$	9,686
Management fees from affiliates		—		—		6,312
Total revenues				—		15,998
General and administrative expenses		—		—		12,938
Income from discontinued operations before income taxes		—		—		3,060
Income tax provision		—		—		(5,198	)
Loss from discontinued operations	$	—	$	—	$	(2,138	)
Loss on sale of discontinued operations		—		—		(271	)
Loss from discontinued operations per share common stock:
Basic	$	—	$	—	$	(1.03	)
Diluted	$	—	$	—	$	(1.03	)