FINANCING RECEIVABLES

The following table is the aging of the Company’s past due financing receivables (presented gross of allowance for credit losses) as of September 30, 2012 (in thousands):



	30-89 Days Past Due		Greater than 90 Days		Greater than 181 Days		Total Past Due		Current		Total
Receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities	$	—	$	—	$	38,834	$	38,834	$	148	$	38,982
Real estate investment entities	784		2,694		15,180		18,658		2,091		20,749
Financial fund management entities	6		—		46		52		2,141		2,193
RSO	—		—		—		—		6,555		6,555
Other	—		—		—		—		152		152
	790		2,694		54,060		57,544		11,087		68,631
Rent receivables - real estate	6		1		32		39		6		45
Total financing receivables	$	796	$	2,695	$	54,092	$	57,583	$	11,093	$	68,676


(1)	Receivables are presented gross of an allowance for credit losses of $25.1 million and $2.5 million related to the Company’s commercial finance and real estate investment entities, respectively. The remaining receivables from managed entities and related parties have no related allowance for credit losses.

The following table is the aging of the Company’s past due financing receivables (presented gross of allowance for credit losses) as of September 30, 2011 (in thousands):



	30-89 Days Past Due		Greater than 90 Days		Greater than 181 Days		Total Past Due		Current		Total
Receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities	$	—	$	—	$	37,547	$	37,547	$	490	$	38,037
Real estate investment entities	1,324		1,511		17,405		20,240		1,734		21,974
Financial fund management entities	2,395		93		28		2,516		136		2,652
RSO	—		—		—		—		2,539		2,539
Other	—		—		—		—		103		103
	3,719		1,604		54,980		60,303		5,002		65,305
Investments in commercial finance	984		526		—		1,510		190,932		192,442
Rent receivables - real estate	1		11		—		12		3		15
Total financing receivables	$	4,704	$	2,141	$	54,980	$	61,825	$	195,937	$	257,762


(1)	Receivables are presented gross of an allowance for credit losses of $8.3 million and $2.2 million related to the Company’s commercial finance and real estate investment entities, respectively. The remaining receivables from managed entities and related parties have no related allowance for credit losses.

The following table summarizes the activity in the allowance for credit losses for all financing receivables (in thousands):



			Investments in Commercial Finance
	Receivables from Managed Entities		Leases and Loans			Future Payment Card Receivables			Rent Receivables		Investment in Real Estate Loans			Total
Year Ended September 30, 2012:
Balance, beginning of year	$	10,490	$	430		$	—		$	15	$	—		$	10,935
Provision for credit losses	17,090		138			—			18		—			17,246
Charge-offs	—		(124		)	—			—		—			(124		)
Recoveries	—		38			—			—		—			38
Deconsolidation of LEAF	—		(482		)	—			—		—			(482		)
Balance, end of year	$	27,580	$	—		$	—		$	33	$	—		$	27,613

Ending balance, individually evaluated for impairment	$	27,580	$	—		$	—		$	33	$	—		$	27,613
Ending balance, collectively evaluated for impairment	—		—			—			—		—			—
Balance, end of year	$	27,580	$	—		$	—		$	33	$	—		$	27,613

Year Ended September 30, 2011:
Balance, beginning of year	$	1,075	$	770		$	130		$	—	$	49		$	2,024
Provision for credit losses	9,415		1,137			94			15		—			10,661
Charge-offs	—		(1,764		)	(286		)	—		(49		)	(2,099		)
Recoveries	—		287			62			—		—			349
Balance, end of year	$	10,490	$	430		$	—		$	15	$	—		$	10,935

Ending balance, individually evaluated for impairment	$	10,490	$	—		$	—		$	15	$	—		$	10,505
Ending balance, collectively evaluated for impairment	—		430			—			—		—			430
Balance, end of year	$	10,490	$	430		$	—		$	15	$	—		$	10,935



							Investments in Commercial Finance
	Receivables from Managed Entities			Investment in Loans			Leases and Loans			Future Payment Card Receivables			Investment in Real Estate Loans			Total
Year Ended September 30, 2010:
Balance, beginning of year	$	—		$	—		$	570		$	2,640		$	1,585		$	4,795
Provision for credit losses	1,852			1			2,860			447			49			5,209
Charge-offs	(777		)	(1		)	(2,721		)	(2,983		)	(1,585		)	(8,067		)
Recoveries	—			—			61			26			—			87
Balance, end of year	$	1,075		$	—		$	770		$	130		$	49		$	2,024

The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of September 30, 2012 relate to the balance in the allowance for credit losses, as follows (in thousands):



	Receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	68,631	$	45	$	68,676
Ending balance, collectively evaluated for impairment	—		—		—
Balance, end of year	$	68,631	$	45	$	68,676

The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of September 30, 2011 relate to the balance in the allowance for credit losses, as follows (in thousands):



	Receivables from Managed Entities		Rent Receivables		Commercial Finance Leases and Loans		Total
Ending balance, individually evaluated for impairment	$	65,305	$	15	$	—	$	65,320
Ending balance, collectively evaluated for impairment	—		—		192,442		192,442
Balance, end of year	$	65,305	$	15	$	192,442	$	257,762

The following table discloses information about the Company’s impaired financing receivables (in thousands):



	Net Balance		Unpaid Balance		Specific Allowance		Average Investment in Impaired Assets
As of September 30, 2012
Financing receivables with a specific valuation allowance:
Receivables from managed entities – commercial finance	$	12,865	$	37,943	$	25,078	$	38,060
Receivables from managed entities – real estate	2,181		4,683		2,502		4,511
Rent receivables – real estate	12		45		33		45

As of September 30, 2011:
Financing receivables with a specific valuation allowance:
Receivables from managed entities – commercial finance	$	14,990	$	23,302	$	8,312	$	23,377
Receivables from managed entities – real estate	2,353		4,531		2,178		3,897
Leases and loans	310		526		216		318
Rent receivables – real estate	—		15		15		7

The Company had no impaired financing receivables without a specific allowance as of September 30, 2012 and September 30, 2011.