CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash	$ 18,348	$ 24,132
Restricted cash	1,044	937
Receivables	3,082	3,228
Loans and receivables from managed entities and related parties, net	22,427	26,667
Investments in real estate, net	15,752	16,022
Investment securities, at fair value	44,758	45,672
Investments in unconsolidated loan manager	31,512	32,616
Investments in unconsolidated entities	21,168	17,553
Property and equipment, net	5,061	5,371
Deferred tax assets, net	27,653	29,264
Other assets	13,781	9,733
Total assets	204,586	211,195
Liabilities:
Accrued expenses and other liabilities	22,502	27,184
Payables to managed entities and related parties	2,811	3,145
Borrowings	20,597	20,747
Total liabilities	$ 45,910	$ 51,076
Commitments and contingencies
Equity:
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	$ 0	$ 0
Common stock, $.01 par value, 49,000,000 shares authorized; 35,866,472 and 34,973,987 shares issued (including nonvested restricted stock of 1,778,341 and 1,095,238), respectively	348	339
Additional paid-in capital	312,432	311,491
Accumulated deficit	(28,783)	(30,676)
Treasury stock, at cost; 15,029,534 and 14,460,024 shares, respectively	(143,204)	(139,858)
Accumulated other comprehensive loss	(4,853)	(3,533)
Total stockholders’ equity	135,940	137,763
Noncontrolling interests	22,736	22,356
Total equity	158,676	160,119
Total liabilities and equity	$ 204,586	$ 211,195