FINANCING RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2014

Aging of the Company's Past Due Financing Receivables, Gross of Allowances 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 March 31, 2014 (in thousands):



	30-89 Days Past Due		Greater than 90 Days		Greater than 181 Days		Total Past Due		Current		Total
Loans and receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities ⁽²⁾	$	—	$	—	$	45,239	$	45,239	$	994	$	46,233
Real estate investment entities	1,298		560		17,221		19,079		5,413		24,492
Financial fund management entities	25		2		41		68		727		795
Other	17		68		—		85		342		427
	1,340		630		62,501		64,471		7,476		71,947
Rent receivables - real estate	7		9		1		17		58		75
Total financing receivables	$	1,347	$	639	$	62,502	$	64,488	$	7,534	$	72,022


(1)	Receivables are presented gross of an allowance for credit losses of $37.4 million related to the Company’s commercial finance investment entities. The remaining receivables from managed entities and related parties have no related allowance for credit losses.


(2)	Pursuant to a guarantee agreement, the Company made a payment to the lender of one of its commercial finance investment partnerships. In making the payment, the Company assumed the rights of the lender, with the resulting note being collateralized by the portfolio of leases and loans held by the partnership (see Note 17).

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, 2013 (in thousands):



	30-89 Days Past Due		Greater than 90 Days		Greater than 181 Days		Total Past Due		Current		Total
Loans and receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities	$	—	$	—	$	44,355	$	44,355	$	48	$	44,403
Real estate investment entities	793		1,229		16,323		18,345		3,142		21,487
Financial fund management entities	35		3		29		67		1,071		1,138
Other	33		21		—		54		70		124
	861		1,253		60,707		62,821		4,331		67,152
Rent receivables - real estate	14		4		10		28		63		91
Total financing receivables	$	875	$	1,257	$	60,717	$	62,849	$	4,394	$	67,243


(1)	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance investment entities. The remaining receivables from managed entities and related parties have no related allowance for credit losses.

Summary of Activity in the Allowance for Credit Losses for the Company's Financing Receivables

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



	Loans and receivables from Managed Entities			Leases and Loans			Rent Receivables			Total
Three Months Ended March 31, 2014:
Balance, beginning of year	$	36,229		$	—		$	14		$	36,243
Provision for credit losses	1,213			(1		)	(4		)	1,208
Charge-offs	(1		)	—			—			(1		)
Recoveries	—			1			—			1
Balance, end of year	$	37,441		$	—		$	10		$	37,451

Ending balance, individually evaluated for impairment	$	37,441		$	—		$	—		$	37,441
Ending balance, collectively evaluated for impairment	—			—			10			10
Balance, end of year	$	37,441		$	—		$	10		$	37,451

Three Months Ended March 31, 2013:
Balance, beginning of year	$	32,560		$	—		$	68		$	32,628
Provision for credit losses	330			(3		)	11			338
Charge-offs	—			—			(25		)	(25		)
Recoveries	16			3			—			19
Balance, end of year	$	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 year	$	32,906		$	—		$	54		$	32,960

Gross Financing Receivables Related to the Balance in the Allowance for Credit Losses

The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of March 31, 2014 relate to the balance in the allowance for credit losses, as follows (in thousands):



	Loans and receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	71,947	$	—	$	71,947
Ending balance, collectively evaluated for impairment	—		75		75
Balance, end of year	$	71,947	$	75	$	72,022

The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of December 31, 2013 relate to the balance in the allowance for credit losses, as follows (in thousands):



	Loans and receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	67,152	$	—	$	67,152
Ending balance, collectively evaluated for impairment	—		91		91
Balance, end of year	$	67,152	$	91	$	67,243

Information about Company's Impaired Financing Receivables

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, 2014
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	2,797	$	40,238	$	37,441	$	39,161
Rent receivables – real estate	—		10		10		21

As of December 31, 2013
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	2,690	$	38,919	$	36,229	$	38,649
Rent receivables – real estate	—		14		14		32