FINANCING RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2013

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):



(Restated)	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		2,245		20,432
Financial fund management entities	18		—		15		33		2,269		2,302
Other	21		—		—		21		100		121
	1,179		679		56,270		58,128		4,707		62,835
Rent receivables - real estate	7		12		42		61		51		112
Total financing receivables	$	1,186	$	691	$	56,312	$	58,189	$	4,758	$	62,947


(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. 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 December 31, 2012 (in thousands):



(Restated)	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	$	—	$	—	$	40,112	$	40,112	$	118	$	40,230
Real estate investment entities	779		744		17,062		18,585		1,992		20,577
Financial fund management entities	6		—		47		53		2,140		2,193
Other	41		—		—		41		137		178
	826		744		57,221		58,791		4,387		63,178
Rent receivables - real estate	4		10		58		72		40		112
Total financing receivables	$	830	$	754	$	57,279	$	58,863	$	4,427	$	63,290


(1)	Receivables are presented gross of an allowance for credit losses of $29.6 million, $2.5 million and $457,000 related to the Company’s commercial finance, real estate and financial fund management investment entities, respectively. The remaining receivables from managed entities and related parties had no related allowance for credit losses.

Allowance for loan losses and recorded investments

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



(Restated)	Receivables from Managed Entities		Leases and Loans			Rent Receivables			Total
Three Months Ended March 31, 2013:
Balance, beginning of year	$	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

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 year	$	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

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

Gross financing receivables related to the balance in the allowance for credit losses

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):



(Restated)	Receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	62,835	$	—	$	62,835
Ending balance, collectively evaluated for impairment	—		112		112
Balance, end of period	$	62,835	$	112	$	62,947

The Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2012 relate to the balance in the allowance for credit losses, as follows (in thousands):



(Restated)	Receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	63,178	$	—	$	63,178
Ending balance, collectively evaluated for impairment	—		112		112
Balance, end of year	$	63,178	$	112	$	63,290

Impaired loans

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



(Restated)	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 December 31, 2012
Financing receivables with a specific valuation allowance:
Receivables from managed entities – commercial finance	$	8,633	$	38,219	$	29,586	$	38,110
Receivables from managed entities – real estate	2,291		4,808		2,517		4,630
Receivable from managed entities - financial fund management	848		1,305		457		1,305
Rent receivables – real estate	—		68		68		40