INVESTMENTS IN UNCONSOLIDATED ENTITIES

12 Months Ended

Sep. 30, 2011

INVESTMENTS IN UNCONSOLIDATED ENTITIES [Abstract]

INVESTMENTS IN UNCONSOLIDATED ENTITIES

NOTE 8 − INVESTMENTS IN UNCONSOLIDATED ENTITIES

As a specialized asset manager, the Company develops various types of investment vehicles, which it manages under long-term management agreements or similar arrangements.  The following table details the Company's investments in these vehicles, including the range of partnership interests owned (in thousands, except percentages):

	Range of Combined		September 30,
	Partnership Interests		2011		2010
Real estate investment entities		2% – 10%	$	8,439	$	9,317
Financial fund management partnerships		3% − 11%		3,476		3,705
Trapeza entities		33% − 50%		795		737
Commercial finance investment entities		1% − 6%		−		66
Investments in unconsolidated entities			$	12,710	$	13,825

Two of the Trapeza entities that have incentive distributions, also known as carried interests, are subject to a potential clawback to the extent that such distributions exceed the cumulative net profits of the entities, as defined in the respective partnership agreements (see Note 23).  The general partner of those entities is equally owned by the Company and its co-managing partner.  Performance-based incentive fees in interim periods are recorded based upon a formula as if the contract were terminated at that date.  On a quarterly basis (interim measurement date), the Company quantifies the cumulative net profits/net losses (as defined under the Trapeza partnership agreements) and allocates income/loss to the limited and general partners according to the terms of such agreements.