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 September 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:
Commercial finance investment entities	$	—	$	28	$	100	$	1,630	$	1,758	$	1,758
Real estate investment entities	5,190		590		1,271		14,827		16,688		21,878
Financial fund management entities	1,122		—		21		26		47		1,169
Other	333		—		—		—		—		333
	6,645		618		1,392		16,483		18,493		25,138
Rent receivables - real estate	158		2		2		2		6		164
Total financing receivables	$	6,803	$	620	$	1,394	$	16,485	$	18,499	$	25,302

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 September 30, 2015:
Balance, beginning of period	$	17,665		$	—		$	2	$	17,667
Provision for (reversal) of credit losses	(402		)	—			2		(400		)
(Charge-offs) recoveries	(17,263		)	—			—		(17,263		)
Balance, end of period	$	—		$	—		$	4	$	4

Ending balance, individually evaluated for impairment	$	—		$	—		$	4	$	4
Ending balance, collectively evaluated for impairment	—			—			—		—
Balance, end of period	$	—		$	—		$	4	$	4

Nine Months Ended September 30, 2015:
Balance, beginning of period	$	16,990		$	—		$	—	$	16,990
Provision for (reversal) of credit losses	273			1			4		278
(Charge-offs) recoveries	(17,263		)	(1		)	—		(17,264		)
Balance, end of period	$	—		$	—		$	4	$	4

Ending balance, individually evaluated for impairment	$	—		$	—		$	4	$	4
Ending balance, collectively evaluated for impairment	—			—			—		—
Balance, end of period	$	—		$	—		$	4	$	4



	Loans and Receivables from Managed Entities			Leases and Loans			Rent Receivables			Total
Three Months Ended September 30, 2014:
Balance, beginning of period	$	39,028		$	—		$	2		$	39,030
Loan	520			30			9			559
(Charge-offs) recoveries	(7,028		)	(28		)	(6		)	(7,062		)
Balance, end of period	$	32,520		$	2		$	5		$	32,527

Nine Months Ended September 30, 2014:
Balance, beginning of period	$	36,229		$	—		$	14		$	36,243
Provision for credit losses	3,321			25			(4		)	3,342
(Charge-offs) recoveries	(7,030		)	(23		)	(5		)	(7,058		)
Balance, end of period	$	32,520		$	2		$	5		$	32,527

Ending balance, individually evaluated for impairment	$	32,520		$	2		$	—		$	32,522
Ending balance, collectively evaluated for impairment	—			—			5			5
Balance, end of period	$	32,520		$	2		$	5		$	32,527

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 September 30, 2015:	Receivables from Managed Entities		Rent Receivables		Total
Ending balance, individually evaluated for impairment	$	25,138	$	—	$	25,138
Ending balance, collectively evaluated for impairment	—		164		164
Balance, end of period	$	25,138	$	164	$	25,302



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 September 30, 2015:
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	—	$	—	$	—	$	13,815
Loans and receivables from managed entities – real estate	$	—	$	—	$	—	$	458
Rent receivables – real estate	$	—	$	—	$	4	$	—

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 September 30, 2015 and December 31, 2014.