OPERATING SEGMENTS

12 Months Ended

Sep. 30, 2011

OPERATING SEGMENTS [Abstract]

OPERATING SEGMENTS

NOTE 25 - OPERATING SEGMENTS

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

	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total
Year Ended September 30, 2011
Revenues from external customers	$	30,275		$	22,904		$	22,460		$	−		$	75,639
Equity in earnings (losses) of unconsolidated entities		8,105			2,937			(665	)		−			10,377
Total revenues		38,380			25,841			21,795			−			86,016
Segment operating expenses		(24,465	)		(20,562	)		(15,207	)		−			(60,234	)
General and administrative expenses		(327	)		(3,176	)		−			(8,019	)		(11,522	)
Gain on sale of leases and loans		−			−			659			−			659
Provision for credit losses		(2,193	)		−			(8,468	)		−			(10,661	)
Depreciation and amortization		(1,279	)		(164	)		(8,766	)		(530	)		(10,739	)
Gain on sale of management contract		−			6,520			−			−			6,520
Gain on extinguishment of servicing and repurchase liabilities		−			−			4,426			−			4,426
(Loss) gain on sale of investment securities, net		−			(1,384	)		−			186			(1,198	)
Interest expense		(1,109	)		−			(8,563	)		(5,671	)		(15,343	)
Other income (expense), net		544			2,590			13			(905	)		2,242
Pretax loss attributable to noncontrolling interests (2)		52			−			99			−			151
Income (loss) including noncontrolling interest before intercompany interest expense and taxes		9,603			9,665			(14,012	)		(14,939	)		(9,683	)
Intercompany interest (expense) income		−			−			(1,678	)		1,678			−
Income (loss) from continuing operations including noncontrolling interests before taxes	$	9,603		$	9,665		$	(15,690	)	$	(13,261	)	$	(9,683	)

	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total
Year Ended September 30, 2010
Revenues from external customers	$	31,042		$	27,243		$	25,573		$	−		$	83,858
Equity in earnings (losses) of unconsolidated entities		869			5,897			(1,896	)		−			4,870
Total revenues		31,911			33,140			23,677			−			88,728
Segment operating expenses		(20,780	)		(21,028	)		(18,164	)		−			(59,972	)
General and administrative expenses		(316	)		(3,668	)		(428	)		(8,560	)		(12,972	)
Loss on sale of leases and loans		−			−			(8,097	)		−			(8,097	)
Impairment of intangible assets		−			−			(2,828	)		−			(2,828	)
Provision for credit losses		(49	)		(1	)		(5,159	)		−			(5,209	)
Depreciation and amortization		(1,304	)		(196	)		(5,693	)		(649	)		(7,842	)
Other-than-temporary impairment losses recognized in earnings		−			(480	)		−			(329	)		(809	)
Interest expense		(1,074	)		(3	)		(6,271	)		(5,738	)		(13,086	)
Loss on sale of loans and investment securities, net		−			(451	)		−			−			(451	)
Other income (expense), net		387			2,429			1			(226	)		2,591
Pretax loss attributable to noncontrolling interests (2)		61			8			4,854			−			4,923
Income (loss) including noncontrolling interest before intercompany interest expense and taxes		8,836			9,750			(18,108	)		(15,502	)		(15,024	)
Intercompany interest (expense) income		−			−			(6,115	)		6,115			−
Income (loss) from continuing operations including noncontrolling interests before taxes	$	8,836		$	9,750		$	(24,223	)	$	(9,387	)	$	(15,024	)

	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total
Year Ended September 30, 2009
Revenues from external customers	$	26,077		$	30,272		$	49,900		$	−		$	106,249
Equity in (losses) earnings of unconsolidated entities		(660	)		3,072			(1,133	)		−			1,279
Total revenues		25,417			33,344			48,767			−			107,528
Segment operating expenses		(22,038	)		(20,468	)		(25,179	)		−			(67,685	)
General and administrative expenses		(232	)		(3,414	)		(409	)		(10,314	)		(14,369	)
Gain on sale of leases and loans		−			−			628			−			628
Provision for credit losses		(456	)		(1,738	)		(6,410	)		−			(8,604	)
Depreciation and amortization		(1,370	)		(398	)		(4,293	)		(861	)		(6,922	)
Other-than-temporary impairment losses recognized in earnings		−			(8,466	)		−			(73	)		(8,539	)
Interest expense		(966	)		(5,014	)		(10,524	)		(3,695	)		(20,199	)
Loss on sale of loans and investment securities, net		−			(11,588	)		−			(393	)		(11,981	)
Other income (expense), net		75			3,440			79			(45	)		3,549
Pretax loss attributable to noncontrolling interests (2)		54			1,549			−			−			1,603
Income (loss) including noncontrolling interest before intercompany interest expense and taxes		484			(12,753	)		2,659			(15,381	)		(24,991	)
Intercompany interest (expense) income		−			−			(5,899	)		5,899			−
Income (loss) from continuing operations including noncontrolling interests before taxes	$	484		$	(12,753	)	$	(3,240	)	$	(9,482	)	$	(24,991	)
Segment assets
September 30, 2011	$	162,950		$	39,246		$	260,808		$	(40,498	)	$	422,506
September 30, 2010	$	155,434		$	36,647		$	81,053		$	(39,292	)	$	233,842
September 30, 2009	$	148,903		$	34,596		$	212,336		$	(22,041	)	$	373,794

(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 fiscal 2011, the Company recognized a $5.1 million net gain on the sale of its management contract with, and equity investment in, REMI I.  Revenues generated from the Company's European operations totaled $2.3 million and $2.6 million for fiscal 2010 and 2009, respectively.  Included in segment assets as of September 30, 2011, 2010 and 2009 were $5.4 million, $7.1 million and $5.6 million, respectively, of European assets.

Major customer.  During fiscal 2011, 2010 and 2009, the management, incentive, servicing and acquisition fees that the Company received from RCC were 14%, 12% and 8%, respectively, of its consolidated revenues.  These fees have been reported as revenues by each of the Company's operating segments.