DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2015

DISCONTINUED OPERATIONS

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

	March 31, 2015		December 31, 2014
	(in thousands)
Assets held for sale
Loans receivable—net	$	203,248	$	189,052
Cash and cash equivalents		9,183		9,937
Restricted cash		972		916
Accounts receivable and interest receivable—net		650		738
Other intangible assets		2,957		2,957
Other assets		5,214		5,199
Total assets held for sale	$	222,224	$	208,799
Liabilities associated with assets held for sale
Debt	$	41,635	$	41,901
Accounts payable and accrued expenses		2,575		2,709
Other liabilities		4,819		5,181
Total liabilities associated with assets held for sale	$	49,029	$	49,791

Schedule of loans receivable

	March 31, 2015			December 31, 2014
	(in thousands)
Commercial mortgage loans	$	104,067		$	108,864
SBA 7(a) loans, subject to secured borrowings		41,068			41,328
SBA 7(a) loans		38,455			38,707
Commercial real estate loans		19,639			—
Loans receivable		203,229			188,899
Deferred capitalized costs—net		281			292
Loan loss reserves		(262	)		(139	)
Net loans receivable	$	203,248		$	189,052

Schedule of debt

	March 31, 2015		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%	$	33,465	$	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%		5,051		5,085
		38,516		38,739
Premiums on loans sold for a premium and excess spread		3,119		3,162
Total secured borrowings—government guaranteed loans	$	41,635	$	41,901

Schedule of future principal payments on our debt

Years Ending December 31,	Secured Borrowings Principal(1)
	(in thousands)
2015 (Nine months ending December 31, 2015)	$	925
2016		1,272
2017		1,314
2018		1,361
2019		1,410
Thereafter		32,234
	$	38,516

(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

	Three Months Ended March 31, 2015		From the Acquisition Date through March 31, 2014
	(in thousands)
Revenue—Interest and other income	$	5,178	$	1,526
Expenses:
Interest expense		301		180
Fees to related party		1,143		—
General and administrative		574		405
Provision for income taxes		198		8
Total expenses		2,216		593
Income from operations of assets held for sale	$	2,962	$	933