RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2013

RELATED PARTY TRANSACTIONS (Tables)

Reconciliation of accounts receivable and accounts payable to related parties

The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of March 31, 2013 (dollars in thousands):

	Pillar			ARI			Total
Related party payable, December 31, 2012	$	-		$	(10,057	)	$	(10,057	)
Cash transfers		18,644			-			18,644
Advisory fees		(2,138	)		-			(2,138	)
Net income fee		(56	)		-			(56	)
Fees and commissions		(1,516	)		-			(1,516	)
Cost reimbursements		(603	)		-			(603	)
Interest expense		-			(79	)		(79	)
POA fees		(31	)		-			(31	)
Expenses paid by advisor		(2,008	)		-			(2,008	)
Financing (mortgage payments)		123			-			123
Purchase of obligations		(12,415	)		12,336			(79	)
Related party receivable, March 31, 2013	$	-		$	2,200		$	2,200