FINANCING RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 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 financing receivables (presented gross of allowance for credit losses) as of June 30, 2014 (in thousands):



	30-89 Days Past Due		90-180 Days Past Due		Greater than 181 Days		Total Past Due		Current		Total
Loans and receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities ⁽²⁾	$	—	$	—	$	43,291	$	43,291	$	19	$	43,310
Real estate investment entities	580		1,149		17,839		19,568		5,809		25,377
Financial fund management entities	1		—		18		19		449		468
Other	22		—		—		22		2,437		2,459
	603		1,149		61,148		62,900		8,714		71,614
Rent receivables - real estate	4		1		1		6		94		100
Total financing receivables	$	607	$	1,150	$	61,149	$	62,906	$	8,808	$	71,714


(1)	Receivables are presented gross of an allowance for credit losses of $39.0 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 financing receivables (presented gross of allowance for credit losses) as of December 31, 2013 (in thousands):



	30-89 Days Past Due		90-180 Days Past Due		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 June 30, 2014:
Balance, beginning of period	$	37,441		$	—		$	10		$	37,451
Provision for credit losses	1,588			(5		)	(8		)	1,575
Charge-offs	(1		)	—			—			(1		)
Recoveries	—			5			—			5
Balance, end of period	$	39,028		$	—		$	2		$	39,030

Six Months Ended June 30, 2014:
Balance, beginning of year	$	36,229		$	—		$	14		$	36,243
Provision for credit losses	2,801			(6		)	(12		)	2,783
Charge-offs	(2		)	—			—			(2		)
Recoveries	—			6			—			6
Balance, end of period	$	39,028		$	—		$	2		$	39,030

Ending balance, individually evaluated for impairment	$	39,028		$	—		$	—		$	39,028
Ending balance, collectively evaluated for impairment	—			—			2			2
Balance, end of period	$	39,028		$	—		$	2		$	39,030



	Loans and receivables from Managed Entities		Leases and Loans			Rent Receivables			Total
Three Months Ended June 30, 2013:
Balance, beginning of period	$	32,906	$	—		$	54		$	32,960
Provision for credit losses	1,677		(4		)	(26		)	1,647
Charge-offs	—		—			1			1
Recoveries	4		4			—			8
Balance, end of period	$	34,587	$	—		$	29		$	34,616

Six Months Ended June 30, 2013:
Balance, beginning of year	$	32,560	$	—		$	68		$	32,628
Provision for credit losses	2,007		(7		)	(15		)	1,985
Charge-offs	—		—			(24		)	(24		)
Recoveries	20		7			—			27
Balance, end of period	$	34,587	$	—		$	29		$	34,616

Ending balance, individually evaluated for impairment	$	34,587	$	—		$	—		$	34,587
Ending balance, collectively evaluated for impairment	—		—			29			29
Balance, end of period	$	34,587	$	—		$	29		$	34,616

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 June 30, 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	$	71,614	$	—	$	71,614
Ending balance, collectively evaluated for impairment	—		100		100
Balance, end of period	$	71,614	$	100	$	71,714

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 June 30, 2014
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	1,401	$	40,429	$	39,028	$	39,621
Rent receivables – real estate	—		2		2		14

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