Summarized operating segment data are as follows (in thousands):



Year Ended December 31, 2013:	Real Estate			Financial Fund Management			Commercial Finance			All Other ⁽¹⁾			Total RAI			RSO			Eliminations			Total Consolidation
Revenues from external customers	$	56,126		$	15,060		$	—		$	—		$	71,186		$	91,007		$	(13,834	)	$	148,359
Equity in earnings (losses) of unconsolidated entities	1,017			4,713			(341		)	—			5,389			—			—			5,389
Total revenues	57,143			19,773			(341		)	—			76,575			91,007			(13,834		)	153,748
Segment operating expenses	(40,612		)	(10,155		)	(56		)	—			(50,823		)	(62,602		)	13,215			(100,210		)
General and administrative expenses	(4,054		)	(1,153		)	—			(5,061		)	(10,268		)	—			—			(10,268		)
Reversal of (provision for) credit losses	2,536			(200		)	(6,601		)	—			(4,265		)	—			—			(4,265		)
Depreciation and amortization	(1,275		)	(64		)	—			(597		)	(1,936		)	—			—			(1,936		)
Impairment of available for sale securities	—			(214		)	—			—			(214		)	—			—			(214		)
Interest expense	(829		)	(9		)	—			(1,198		)	(2,036		)	—			—			(2,036		)
Other income (expense), net	801			2,323			13			(321		)	2,816			17,007			(1,997		)	17,826
Pretax income attributable to noncontrolling interests ⁽²⁾	(20		)	—			—			—			(20		)	(45,581		)	—			(45,601		)
Income (loss) from continuing operations excluding noncontrolling interests before taxes	$	13,690		$	10,301		$	(6,985	)	$	(7,177	)	$	9,829		$	(169	)	$	(2,616	)	$	7,044



Year Ended December 31, 2012:	Real Estate			Financial Fund Management			Commercial Finance			All Other ⁽¹⁾			Total RAI			RSO			Eliminations			Total Consolidation
Revenues from external customers	$	43,235		$	14,158		$	1		$	—		$	57,394		$	123,698		$	(17,544	)	$	163,548
Equity in earnings (losses) of unconsolidated entities	1,848			3,895			(1,660		)	—			4,083			—			—			4,083
Total revenues	45,083			18,053			(1,659		)	—			61,477			123,698			(17,544		)	167,631
Segment operating expenses	(30,475		)	(12,299		)	(402		)	—			(43,176		)	(63,850		)	17,351			(89,675		)
Restructuring expenses	—			—			—			(365		)	(365		)	—			—			(365		)
General and administrative expenses	(361		)	(2,392		)	—			(7,039		)	(9,792		)	—			—			(9,792		)
Impairment loss recognized in earnings	(2,280		)	—			—			—			(2,280		)	—			—			(2,280		)
Provision for credit losses	(428		)	(457		)	(19,263		)	—			(20,148		)	—			—			(20,148		)
Depreciation and amortization	(1,288		)	(111		)	—			(685		)	(2,084		)	—			—			(2,084		)
Gain on sale and deconsolidation of subsidiary	—			54,542			—			—			54,542			—			—			54,542
Other-than-temporary impairment on investments	—			(74		)	—			—			(74		)	—			—			(74		)
Interest expense	(853		)	—			(58		)	(1,378		)	(2,289		)	—			—			(2,289		)
Other income (expense), net	568			2,681			—			(429		)	2,820			19,197			(2,575		)	19,442
Pretax income attributable to noncontrolling interests ⁽²⁾	(835		)	—			—			—			(835		)	(62,560		)	—			(63,395		)
Income (loss) from continuing operations excluding noncontrolling interests before taxes	$	9,131		$	59,943		$	(21,382	)	$	(9,896	)	$	37,796		$	16,485		$	(2,768	)	$	51,513



Year Ended December 31, 2011:	Real Estate			Financial Fund Management			Commercial Finance			All Other ⁽¹⁾			Total RAI			RSO			Eliminations			Total Consolidation
Revenues from external customers	$	31,544		$	22,142		$	24,807		$	—		$	78,493		$	95,986		$	(15,456	)	$	159,023
Equity in earnings (losses) of unconsolidated entities	8,628			1,948			(1,069		)	—			9,507			—			—			9,507
Total revenues	40,172			24,090			23,738			—			88,000			95,986			(15,456		)	168,530
Segment operating expenses	(26,196		)	(19,646		)	(12,897		)	—			(58,739		)	(50,103		)	11,644			(97,198		)
General and administrative expenses	(308		)	(3,051		)	—			(7,943		)	(11,302		)	—			—			(11,302		)
Gain on sale of leases and loans	—			—			685			—			685			—			—			685
Provision for credit losses	(2,297		)	—			(9,008		)	—			(11,305		)	—			—			(11,305		)
Depreciation and amortization	(1,287		)	(156		)	(9,694		)	(538		)	(11,675		)	—			—			(11,675		)
Gain on sale and deconsolidation of subsidiary	—			—			8,749			—			8,749			—			—			8,749
Loss on extinguishment of debt	—			—			—			(2,190		)	(2,190		)	—			—			(2,190		)
Interest expense	(1,049		)	—			(9,643		)	(5,256		)	(15,948		)	—			—			(15,948		)
Gain on sales of loans and investment securities, net	—			127			—			194			321			—			—			321
Other income (expense), net	539			1,877			11			(732		)	1,695			3,869			(2,157		)	3,407
Pretax loss (income) attributable to noncontrolling interests ⁽²⁾	31			—			(1,092		)	—			(1,061		)	(36,370		)	—			(37,431		)
Income (loss) including noncontrolling interest before intercompany interest expense and taxes	9,605			3,241			(9,151		)	(16,465		)	(12,770		)	13,382			(5,969		)	(5,357		)
Intercompany interest (expense) income	—			—			(153		)	153			—			—			—			—
Income (loss) from continuing operations excluding noncontrolling interests before taxes	$	9,605		$	3,241		$	(9,304	)	$	(16,312	)	$	(12,770	)	$	13,382		$	(5,969	)	$	(5,357	)



Segment assets	Real Estate		Financial Fund Management		Commercial Finance		All Other ⁽¹⁾			Total RAI		RSO		Total Consolidation
December 31, 2013	$	179,002	$	57,115	$	9,255	$	(77,382	)	$	167,990	$	2,150,461	$	2,318,451
December 31, 2012	$	170,810	$	54,488	$	11,876	$	(76,967	)	$	160,207	$	2,476,557	$	2,636,764
December 31, 2011	$	162,648	$	19,374	$	30,516	$	(59,047	)	$	153,491	$	2,282,986	$	2,436,477


(1)	Includes general corporate expenses and assets not allocable to any particular segment.


(2)	In viewing its segment operations, management includes the pretax (income) loss attributable to noncontrolling interests. However, these interests are excluded from (loss) income from operations as computed in accordance with U.S. GAAP and should be deducted to compute income (loss) from operations as reflected in the Company’s consolidated statements of operations.