FINANCING RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 (in thousands):



	Current		30-89 Days Past Due		90-180 Days Past Due		Greater than 181 Days		Total Past Due		Total
Loans and receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities	$	6	$	344	$	1,131	$	18,503	$	19,978	$	19,984
Real estate investment entities	3,845		1,380		384		14,831		16,595		20,440
Financial fund management entities	981		57		31		24		112		1,093
Other	2,629		—		—		—		—		2,629
	7,461		1,781		1,546		33,358		36,685		44,146
Rent receivables - real estate	98		20		—		—		20		118
Total financing receivables	$	7,559	$	1,801	$	1,546	$	33,358	$	36,705	$	44,264


(1)	Receivables are presented gross of an allowance for credit losses of $17.2 million related to the Company’s commercial finance investment entities and $113,000 related to one of its real estate investment partnerships. 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 financing receivables (presented gross of allowance for credit losses) as of December 31, 2014 (in thousands):



	Current		30-89 Days Past Due		90-180 Days Past Due		Greater than 181 Days		Total Past Due		Total
Loans and receivables from managed entities and related parties: ⁽¹⁾
Commercial finance investment entities	$	9	$	342	$	1,124	$	18,398	$	19,864	$	19,873
Real estate investment entities	6,613		772		1,214		15,134		17,120		23,733
Financial fund management entities	583		74		—		6		80		663
Other	3,024		—		—		—		—		3,024
	10,229		1,188		2,338		33,538		37,064		47,293
Rent receivables - real estate	76		11		1		—		12		88
Total financing receivables	$	10,305	$	1,199	$	2,339	$	33,538	$	37,076	$	47,381


(1)	Receivables are presented gross of an allowance for credit losses of $17.0 million related to one of 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):



	Receivables from Managed Entities			Leases and Loans			Rent Receivables			Total
Three Months Ended March 31, 2015:
Balance, beginning of period	$	16,990		$	—		$	—		$	16,990
Provision for credit losses	369			32			1			402
Charge-offs	—			(32		)	—			(32		)
Recoveries	—			—			—			—
Balance, end of period	$	17,359		$	—		$	1		$	17,360

Ending balance, individually evaluated for impairment	$	17,359		—			$	1		$	17,360
Ending balance, collectively evaluated for impairment	0			—			—			—
Balance, end of year	$	17,359		$	—		$	1		$	17,360

Three Months Ended March 31, 2014:
Balance, beginning of period	$	36,229		$	—		$	14		$	36,243
Provision for (reversal of) credit losses	1,213			(1		)	(4		)	1,208
Charge-offs	(1		)	—			—			(1		)
Recoveries	—			1			—			1
Balance, end of period	$	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 period	$	37,441		$	—		$	10		$	37,451

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) relate to the balance in the allowance for credit losses, as follows (in thousands):



As of March 31, 2015	Receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	44,146	$	—	$	44,146
Ending balance, collectively evaluated for impairment	—		118		118
Balance, end of period	$	44,146	$	118	$	44,264



As of December 31, 2014
Ending balance, individually evaluated for impairment	$	47,293	$	—	$	47,293
Ending balance, collectively evaluated for impairment	—		88		88
Balance, end of year	$	47,293	$	88	$	47,381

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, 2015
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	1,327	$	18,573	$	17,246	$	19,561
Loans and receivables from managed entities – real estate	831		$	944	113		596
Rent receivables – real estate	—		—		1		—

As of December 31, 2014
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	1,295	$	18,285	$	16,990	$	18,882