NOTE 5 - FINANCING RECEIVABLES

The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of June 30, 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	$	2	$	341	$	1,121	$	18,347	$	19,809	$	19,811
Real estate investment entities	4,067		269		1,094		15,069		16,432		20,499
Financial fund management entities	1,092		47		30		—		77		1,169
Other	2,706		—		—		—		—		2,706
	7,867		657		2,245		33,416		36,318		44,185
Rent receivables - real estate	168		8		3		—		11		179
Total financing receivables	$	8,035	$	665	$	2,248	$	33,416	$	36,329	$	44,364


(1)	Receivables are presented gross of an allowance for credit losses of $17.4 million related to one of the Company’s commercial finance investment entities and $307,000 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.

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 June 30, 2015:
Balance, beginning of period	$	17,359	$	—		$	1	$	17,360
Provision for (reversal) of credit losses	306		(31		)	1		276
(Charge-offs) recoveries	—		31			—		31
Balance, end of period	$	17,665	$	—		$	2	$	17,667

Ending balance, individually evaluated for impairment	$	17,665	$	—		$	2	$	17,667
Ending balance, collectively evaluated for impairment	—		—			—		—
Balance, end of period	$	17,665	$	—		$	2	$	17,667

Six Months Ended June 30, 2015:
Balance, beginning of period	$	16,990	$	—		$	—	$	16,990
Provision for (reversal) of credit losses	675		1			2		678
(Charge-offs) recoveries	—		(1		)	—		(1		)
Balance, end of period	$	17,665	$	—		$	2	$	17,667

Ending balance, individually evaluated for impairment	$	17,665	$	—		$	2	$	17,667
Ending balance, collectively evaluated for impairment	—		—			—		—
Balance, end of period	$	17,665	$	—		$	2	$	17,667



	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 period	$	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

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 June 30, 2015:	Receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	44,185	$	—	$	44,185
Ending balance, collectively evaluated for impairment	—		179		179
Balance, end of period	$	44,185	$	179	$	44,364



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

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, 2015:
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	1,044	$	18,402	$	17,358	$	18,420
Loans and receivables from managed entities – real estate	540		$	849	307		606
Rent receivables – real estate	—		—		2		—

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

The Company had no impaired financing receivables without a specific allowance as of June 30, 2015 and December 31, 2014.