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FAIR VALUE (Tables)

9 Months Ended

Jun. 30, 2012

Company's asset recorded at fair value on a recurring basis

As of June 30, 2012, the fair value of the Company's assets recorded at fair value on a recurring basis was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Investment securities	$	13,785	$	3,411	$	2,684	$	19,880

As of September 30, 2011, the fair values of the Company's assets and liability recorded at fair value on a recurring basis were as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Investment securities	$	12,768	$	−	$	2,356	$	15,124
Retained financial interest - commercial finance		−		−		22		22
Total	$	12,768	$	−	$	2,378	$	15,146

Liability:
Interest rate swap	$	−	$	404	$	−	$	404

Additional information about assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair

The following table presents additional information about assets, which are measured at fair value on a recurring basis, for which the Company has utilized Level 3 inputs to determine fair value (in thousands):

				Retained
	Investment			Financial
	Securities			Interest
For the Nine Months Ended June 30, 2012:
Balance, beginning of year	$	2,356		$	22
Purchases		600			−
Income accreted		603			−
Payments and distributions received		(856	)		−
Impairment recognized in earnings		(74	)		−
Deconsolidation of LEAF		−			(22	)
Change in unrealized losses - included in accumulated other comprehensive loss		55			−
Balance, end of period	$	2,684		$	−

For the Fiscal Year Ended September 30, 2011:
Balance, beginning of year	$	6,223		$	273
Purchases, sales, issuances and settlements, net		(2,946	)		−
Loss on sale of investment securities, net		(1,470	)		−
Income accreted		948			−
Payment and distributions received		(861	)		(251	)
Change in unrealized losses - included in accumulated other comprehensive loss		462			−
Balance, end of year	$	2,356		$	22

Quantitative inputs and assumptions in determining the fair value of items categorized in Level 3

The following table presents the Company's quantitative inputs and assumptions used in determining the fair value of items categorized in Level 3:

	Fair Value at June 30, 2012 (in thousands)		Valuation Technique	Unobservable Input	Range (weighted average)

CDO securities	$	2,684	Discounted cash flow	Constant default rate		2%
				Loss severity rate		30%
				Constant prepayment rate		20%
				Reinvestment price on collateral		99%
				Discount rate		20%

Changes in carrying value of the assets and liabilities measured at fair value on a non-recurring basis

The Company recognized the following changes in carrying value of the assets and liabilities measured at fair value on a non-recurring basis, as follows (in thousands):

	Level 1		Level 2		Level 3		Total
For the Nine Months Ended June 30, 2012:
Assets:
Receivables from managed entities - commercial finance and real estate	$	−	$	−	$	22,890	$	22,890
Investment in real estate		−		815		−		815
Investment in CVC Credit Partners		−		−		28,600		28,600
Investment in Apidos preferred equity		−		−		6,792		6,792
Investment in LEAF		−		−		1,749		1,749
Total	$	−	$	815	$	60,031	$	60,846
Liability:
Apidos contractual commitment	$	−	$	−	$	453	$	453

For the Fiscal Year Ended September 30, 2011:
Assets:
Investments in commercial finance - impaired loans and leases	$	−	$	−	$	310	$	310
Receivables from managed entities		−		−		18,941		18,941
Total	$	−	$	−	$	19,251	$	19,251
Liability:
Guggenheim - secured revolving credit facility	$	−	$	−	$	49,266	$	49,266

Fair value of financial instruments

The fair value of financial instruments, excluding instruments valued on a recurring basis, is as follows (in thousands):

	June 30, 2012				September 30, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Receivables from managed entities	$	46,917	$	43,552	$	54,815	$	39,224
Investments in commercial finance - loans held for investment		−		−		19,640		19,550
	$	46,917	$	43,552	$	74,455	$	58,774
Borrowings:
Real estate debt	$	10,574	$	10,729	$	10,700	$	10,700
Senior Notes		10,000		10,863		16,263		17,438
Corporate secured credit facilities and note		−		−		8,743		8,743
Other debt		2,043		1,715		3,807		2,909
Commercial finance debt		−		−		183,146		183,146
	$	22,617	$	23,307	$	222,659	$	222,936

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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