OPERATING SEGMENTS

3 Months Ended

Dec. 31, 2011

NOTE 20 − OPERATING SEGMENTS

The Company's operations include three reportable operating segments that reflect the way the Company manages its operations and makes its business decisions. In addition to its reporting operating segments, certain other activities are reported in the “all other” category. Summarized operating segment data is as follows (in thousands) (unaudited):

	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total
Three Months Ended December 31, 2011
Revenues from external customers	$	8,060		$	5,913		$	4,134		$	−		$	18,107
Equity in earnings (losses) of unconsolidated entities		606			666			(715	)		−			557
Total revenues		8,666			6,579			3,419			−			18,664
Segment operating expenses		(7,192	)		(5,804	)		(1,963	)		−			(14,959	)
General and administrative expenses		(78	)		(869	)		−			(1,949	)		(2,896	)
Gain on sale of leases and loans		−			−			37			−			37
Provision for credit losses		(104	)		−			(2,146	)		−			(2,250	)
Depreciation and amortization		(323	)		(37	)		(1,556	)		(145	)		(2,061	)
Gain on deconsolidation of LEAF		−			−			8,749			−			8,749
Loss on extinguishment of debt		−			−			−			(2,190	)		(2,190	)
Gain on sale of investment securities, net		−			41			−			17			58
Interest expense		(215	)		−			(1,691	)		(1,068	)		(2,974	)
Other income (expense), net		117			577			−			(135	)		559
Pretax income attributable to noncontrolling interests (2)		(25	)		−			(224	)		−			(249	)
Income (loss) including noncontrolling interests before intercompany interest expense and taxes		846			487			4,625			(5,470	)		488
Intercompany interest (expense) income		−			−			(29	)		29			−
Income (loss) from continuing operations including noncontrolling interests before taxes	$	846		$	487		$	4,596		$	(5,441	)	$	488

Three Months Ended December 31, 2010
Revenues from external customers	$	6,791		$	6,675		$	1,787		$	−		$	15,253
Equity in earnings (losses) of unconsolidated entities		83			1,655			(311	)		−			1,427
Total revenues		6,874			8,330			1,476			−			16,680
Segment operating expenses		(5,461	)		(6,720	)		(4,273	)		−			(16,454	)
General and administrative expenses		(97	)		(994	)		−			(2,025	)		(3,116	)
Gain on sale of leases and loans		−			−			11			−			11
Provision for credit losses		−			−			(1,606	)		−			(1,606	)
Depreciation and amortization		(315	)		(45	)		(628	)		(137	)		(1,125	)
Gain on sale of management contract		−			6,520			−			−			6,520
(Loss) gain on sale of investment securities, net		−			(1,470	)		−			9			(1,461	)
Interest expense		(275	)		−			(611	)		(1,483	)		(2,369	)
Other income, net		122			659			2			303			1,086
Pretax (income) loss attributable to noncontrolling interests (2)		(4	)		−			967			−			963
Income (loss) including noncontrolling interests before intercompany interest expense and taxes		844			6,280			(4,662	)		(3,333	)		(871	)
Intercompany interest (expense) income		−			−			(1,554	)		1,554			−
Income (loss) from operations including noncontrolling interests before taxes	$	844		$	6,280		$	(6,216	)	$	(1,779	)	$	(871	)

	Real Estate		Financial Fund Management		Commercial Finance		All Other (1 )			Total
Segment assets:
December 31, 2011	$	162,757	$	36,927	$	30,516	$	(51,865	)	$	178,335
December 31, 2010	$	155,930	$	41,889	$	76,646	$	(41,291	)	$	233,174

(1)	Includes general corporate expenses and assets not allocable to any particular segment.

(2)

In viewing its segment operations, management includes the pretax (income) loss attributable to noncontrolling interests. However, these interests are excluded from (loss) income from operations as computed in accordance with U.S. GAAP and should be deducted to compute (loss) income from operations as reflected in the Company's consolidated statements of operations.

Geographic Information. During the three months ended December 31, 2010, the Company recognized a $5.1 million net gain on the sale of its management contract with, and equity investment in, Resource Europe CLO I. There were no other revenues generated from the Company's European operations for the three months ended December 31, 2011 and 2010. Included in the segment assets are European assets of $1.5 million and $10.4 million as of December 31, 2011 and 2010, respectively.

Major Customer. For the three months ended December 31, 2011, the total of the management, incentive and servicing fees that the Company received from RCC were 21% of its consolidated revenues as compared to 23% for the three months ended December 31, 2010. These fees have been reported as revenues by the Company's reporting segments.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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