CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2014

The following table details these receivables and payables (in thousands):



	June 30, 2014		December 31, 2013
Loans and receivables from managed entities and related parties, net:
Real estate investment entities	$	25,377	$	21,487
Commercial finance investment entities ⁽¹⁾	3,596		8,174
Financial fund management investment entities	468		1,138
Other	389		124
Loan to CVC Credit Partners	2,070		—
Loan to LEAF I ⁽²⁾	686		—
Receivables from managed entities and related parties	$	32,586	$	30,923

Payables due to managed entities and related parties, net:
Real estate investment entities ⁽³⁾	$	3,487	$	2,940
Other	121		170
Payables to managed entities and related parties	$	3,608	$	3,110


(1)	Net of reserves for credit losses of $39.0 million and $36.2 million as of June 30, 2014 and December 31, 2013, respectively, related to management fees owed from three commercial finance investment entities that, based on estimated cash distributions, are not expected to be collectible.


(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 balance being collateralized by the portfolio of leases and loans held by the partnership (see Note 17).


(3)	Reflects $3.5 million and $2.9 million in funds provided by the real estate investment entities as of June 30, 2014 and December 31, 2013, which are held by the Company to self-insure the properties held by those entities.

The following table details those activities (in thousands):



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Fees from unconsolidated investment entities:
Real estate ⁽¹⁾	$	8,519		$	5,353		$	17,444		$	9,547
Financial fund management	1,265			786			2,067			1,534
Commercial finance ⁽²⁾	—			—			—			—
CVC Credit Partners – reimbursement of net costs and expenses	444			307			625			684
RRE Opportunity REIT I:
Reimbursement of costs and expenses	564			197			915			401
Dividends paid	29			24			58			57
RRE Opportunity REIT II:
Reimbursement of costs and expenses	446			—			948			—
LEAF:
Payment for sub-servicing the commercial finance investment partnerships	(74		)	(243		)	(201		)	(546		)
Payment for rent and related expenses	—			(200		)	—			(399		)
Reimbursement of net costs and expenses	28			58			64			115
1845 Walnut Associates Ltd:
Payment for rent and related expenses	(203		)	(33		)	(407		)	(190		)
Property management fees	77			75			93			117
Brandywine Construction & Management, Inc. – payment for property management of hotel property	(72		)	(70		)	(112		)	(113		)
Atlas Energy, L.P. – reimbursement of net costs and expenses	42			53			72			194
Ledgewood P.C. – payment for legal services	(43		)	(43		)	(67		)	(104		)
Graphic Images, LLC – payment for printing services	(29		)	(15		)	(89		)	(39		)
The Bancorp, Inc. – reimbursement of net costs and expenses	28			28			55			56
9 Henmar LLC – payment of broker/consulting fees	(15		)	(17		)	(18		)	(20		)


(1)	Reflects discounts recorded by the Company of $41,000 and $74,000 recorded in the three and six months ended June 30, 2014, respectively, and $37,000 and $113,000 recorded in the three and six months ended June 30, 2013, respectively in connection with management fees from its real estate investment entities that it expects to receive in future periods.


(2)	During the three and six months ended June 30, 2014, the Company waived $276,000 and $500,000, respectively, and $483,000 and $1.1 million, during the three and six months ended June 30, 2013, respectively, of its fund management fees from its commercial finance investment entities.