DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2014

DISCONTINUED OPERATIONS

Reconciliation of the carrying amounts of assets and liabilities that are classified as held for sale

	December 31, 2014
	(in thousands)
Assets held for sale
Loans receivable—net	$	189,052
Cash and cash equivalents		9,937
Restricted cash		916
Accounts receivable and interest receivable—net		738
Other intangible assets		2,957
Other assets		5,199
Total assets held for sale	$	208,799
Liabilities associated with assets held for sale
Debt	$	41,901
Accounts payable and accrued expenses		2,709
Other liabilities		5,181
Total liabilities associated with assets held for sale	$	49,791

Schedule of loans receivable

	December 31, 2014
	(in thousands)
Commercial mortgage loans	$	108,864
SBA 7(a) loans, subject to secured borrowings		41,328
SBA 7(a) loans		38,707
Loans receivable		188,899
Deferred capitalized costs—net		292
Loan loss reserves		(139	)
Net loans receivable	$	189,052

Schedule of debt

	December 31, 2014
	(in thousands)
Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.92%	$	33,654
Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%		5,085
		38,739
Premiums on loans sold for a premium and excess spread		3,162
Total Secured borrowings—government guaranteed loans	$	41,901

Schedule of future principal payments on our debt

Future principal payments on our debt (face value) at December 31, 2014 are as follows:

Years Ending December 31,	Secured Borrowings Principal(1)
	(in thousands)
2015	$	1,226
2016		1,269
2017		1,311
2018		1,358
2019		1,407
Thereafter		32,168
	$	38,739

(1) Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

Reconciliation of the revenue and expenses classified as discontinued operations

	Period Ended December 31, 2014(1)
	(in thousands)
Revenue—Interest and other income	$	18,910
Expenses:
Interest expense		1,177
General and administrative		4,472
Provision for income taxes		623
Total Expenses		6,272
Income from operations of assets held for sale	$	12,638

(1) For the period from the Acquisition Date, through December 31, 2014