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 March 31, 2013 (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	$	—	$	—	$	39,887	$	39,887	$	93	$	39,980
Real estate investment entities	1,140		679		16,368		18,187		2,317		20,504
Financial fund management entities	18		—		15		33		2,269		2,302
RSO	88		—		—		88		2,239		2,327
Other	21		—		—		21		100		121
	1,267		679		56,270		58,216		7,018		65,234
Rent receivables - real estate	7		12		42		61		51		112
Total financing receivables	$	1,274	$	691	$	56,312	$	58,277	$	7,069	$	65,346


(1)	Receivables are presented gross of an allowance for credit losses of $32.4 million and $457,000 related to the Company’s commercial finance and financial fund management 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, 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 had no related allowance for credit losses.

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



	Receivables from Managed Entities			Leases and Loans			Rent Receivables			Total
Three Months Ended March 31, 2013:
Balance, beginning of period	$	32,560		$	—		$	68		$	32,628
Provision for (reversal of) credit losses	330			(3		)	11			338
Charge-offs	—			—			(25		)	(25		)
Recoveries	16			3			—			19
Balance, end of period	$	32,906		$	—		$	54		$	32,960

Six Months Ended March 31, 2013:
Balance, beginning of year	$	27,580		$	—		$	33		$	27,613
Provision for (reversal of) credit losses	5,450			(6		)	46			5,490
Charge-offs	(140		)	—			(25		)	(165		)
Recoveries	16			6			—			22
Balance, end of period	$	32,906		$	—		$	54		$	32,960

Ending balance, individually evaluated for impairment	$	32,906		$	—		$	—		$	32,906
Ending balance, collectively evaluated for impairment	—			—			54			54
Balance, end of period	$	32,906		$	—		$	54		$	32,960

Three Months Ended March 31, 2012:
Balance, beginning of period	$	12,575		$	—		$	29		$	12,604
Provision for (reversal of) credit losses	2,963			(6		)	5			2,962
Recoveries	—			6			—			6
Balance, end of period	$	15,538		$	—		$	34		$	15,572

Six Months Ended March 31, 2012:
Balance, beginning of year	$	10,490		$	430		$	15		$	10,935
Provision for credit losses	5,048			145			19			5,212
Charge-offs	—			(124		)	—			(124		)
Recoveries	—			31			—			31
Deconsolidation of LEAF	—			(482		)	—			(482		)
Balance, end of period	$	15,538		$	—		$	34		$	15,572

Ending balance, individually evaluated for impairment	$	15,538		$	—		$	—		$	15,538
Ending balance, collectively evaluated for impairment	—			—			34			34
Balance, end of period	$	15,538		$	—		$	34		$	15,572

The Company’s financing receivables (presented gross of allowance for credit losses) as of March 31, 2013 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	$	65,234	$	—	$	65,234
Ending balance, collectively evaluated for impairment	—		112		112
Balance, end of period	$	65,234	$	112	$	65,346

The Company’s financing receivables (presented gross of 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	$	—	$	68,631
Ending balance, collectively evaluated for impairment	—		45		45
Balance, end of year	$	68,631	$	45	$	68,676

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 March 31, 2013
Financing receivables with a specific valuation allowance:
Receivables from managed entities – commercial finance	$	5,744	$	38,193	$	32,449	$	38,129
Receivables from managed entities – financial fund management	848		1,305		457		1,305
Rent receivables – real estate	—		54		54		45

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

The Company had no impaired financing receivables without a specific allowance as of March 31, 2013 and September 30, 2012.