XML 34 R86.htm IDEA: XBRL DOCUMENT v3.2.0.727
VARIABLE INTEREST ENTITIES RSO Income Statement Detail (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income:        
Interest expense $ 455 $ 497 $ 876 $ 980
Rental income 1,700 1,578 2,900 2,517
Total revenues 45,996 42,335 88,185 84,951
COSTS AND EXPENSES:        
General and administrative - Corporate 4,181 2,729 7,478 5,883
Depreciation and amortization 515 465 972 916
Expenses of consolidated VIE-RSO 71,833 30,576 108,749 57,222
OTHER INCOME (EXPENSE)        
Equity in (losses) earnings of unconsolidated entities 2,897 1,047 4,741 1,678
Other income, net, from consolidated VIE - RSO 5,971 10,183 21,913 13,399
Income (loss) from continuing operations before taxes (19,866) 21,942 1,349 41,128
Income tax (expense) benefit - RSO (3,775) (1,735) (6,866) (2,820)
NET INCOME (LOSS) (1,652) 2,718 (1,315) 3,708
RSO [Member]        
Interest income:        
Loans 29,759 26,219 62,422 46,448
Securities 5,500 3,391 9,552 7,395
Leases 163 0 258 0
Interest income − other 1,119 982 1,951 3,834
Total interest income 36,541 30,592 74,183 57,677
Interest expense 15,803 10,610 30,705 20,238
Net interest income 20,738 19,982 43,478 37,439
Rental income 0 1,507 0 6,659
Dividend income 17 17 33 153
Fee income 3,446 2,322 5,051 4,822
Total revenues 24,201 23,828 48,562 49,073
COSTS AND EXPENSES:        
Management fees − related party 3,500 3,314 7,060 6,394
Equity compensation − related party 791 2,032 1,786 3,699
Rental operating expense 0 1,077 6 4,473
Lease operating 24 0 47 0
General and administrative - Corporate 4,067 4,750 8,850 7,589
General and administrative - PCM 6,722 4,138 13,801 7,565
Depreciation and amortization 621 760 1,186 1,596
Impairment losses 0 0 59 0
Provision (recovery) for loan losses 38,810 782 42,800 (3,178)
Total operating expenses 54,535 16,853 75,595 28,138
Reclassification of income tax expense 0 0   0
Expenses of consolidated VIE-RSO 54,535 16,853 75,595 28,138
Adjusted operating income (30,334) 6,975 (27,033) 20,935
OTHER INCOME (EXPENSE)        
Equity in (losses) earnings of unconsolidated entities 662 1,762 1,368 3,776
Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives 9,745 1,648 24,168 3,736
Net realized and unrealized gains (loss) on investment securities, trading 279 (650) 2,353 (2,210)
Unrealized gain (loss) and net interest income on linked transactions, net 0 5,012 235 7,317
(Loss) on reissuance/ gain on extinguishment of debt (171) (533) (1,071) (602)
(Loss) gain on sale of real estate 22 3,042 0 3,042
Other income (expense) 0 0 0 (1,262)
Other income, net, from consolidated VIE - RSO 10,537 10,281 27,053 13,797
Income (loss) from continuing operations before taxes (19,797) 17,256 20 34,732
Income tax (expense) benefit - RSO (2,918) 446 4,765 (430)
NET INCOME (LOSS) (22,715) 17,702 (4,745) 35,162
Net (loss) income allocated to preferred shares (6,116) (3,358) (12,207) (5,758)
Net (income) loss allocable to non-controlling interest, net of taxes (2,180) 333 (4,657) 389
NET INCOME (LOSS) ALLOCABLE TO RSO COMMON SHAREHOLDERS $ (31,011) $ 14,677 $ (21,609) $ 29,793