DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2015

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

	June 30, 2015		December 31, 2014
	(in thousands)
Assets held for sale
Loans receivable, net	$	198,851	$	189,052
Cash and cash equivalents		8,642		9,937
Restricted cash		965		916
Accounts receivable and interest receivable, net		733		738
Other intangible assets		2,957		2,957
Other assets		5,270		5,199

Total assets held for sale	$	217,418	$	208,799


Liabilities associated with assets held for sale
Debt	$	39,280	$	41,901
Accounts payable and accrued expenses		2,101		2,709
Other liabilities		4,001		5,181

Total liabilities associated with assets held for sale	$	45,382	$	49,791

Schedule of loans receivable

	June 30, 2015			December 31, 2014
	(in thousands)
Commercial mortgage loans	$	99,955		$	108,864
SBA 7(a) loans, subject to secured borrowings		38,719			41,328
SBA 7(a) loans		40,447			38,707
Commercial real estate loans		19,639			—

Loans receivable		198,760			188,899
Deferred capitalized costs, net		347			292
Loan loss reserves		(256	)		(139	)

Net loans receivable	$	198,851		$	189,052

Schedule of debt

	June 30, 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 4.03% and 3.92% at June 30, 2015 and December 31, 2014, respectively	$	31,358	$	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%		5,016		5,085

		36,374		38,739
Unamortized premiums on loans sold for a premium and excess spread		2,906		3,162

Total secured borrowings—government guaranteed loans	$	39,280	$	41,901

Schedule of future principal payments on our debt

Years Ending December 31,	Secured Borrowings Principal(1)
	(in thousands)
2015 (Six months ending December 31, 2015)	$	895
2016		1,229
2017		1,269
2018		1,314
2019		1,361
Thereafter		30,306

	$	36,374

(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 June 30, 2015		Three Months Ended June 30, 2014
	(in thousands)
Revenue—Interest and other income	$	5,768	$	6,271

Expenses:
Interest expense		120		374
Fees to related party(1)		1,093		—
General and administrative(1)		294		1,253
Provision for income taxes		277		300

Total expenses		1,784		1,927

Income from operations of assets held for sale	$	3,984	$	4,344


(1)	Salaries and related benefits of $1,018,000 were included in general and administrative expense for the three months ended June 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 12), such expenses were included in fees to related party for the three months ended June 30, 2015.

	Six Months Ended June 30, 2015		From the Acquisition Date through June 30, 2014
	(in thousands)
Revenue—Interest and other income	$	10,946	$	7,797

Expenses:
Interest expense		421		554
Fees to related party(1)		2,236		—
General and administrative(1)		868		1,658
Provision for income taxes		475		308

Total expenses		4,000		2,520

Income from operations of assets held for sale	$	6,946	$	5,277


(1)	Salaries and related benefits of $1,325,000 were included in general and administrative expense for the period from the Acquisition Date through June 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 12), such expenses were included in fees to related party for the six months ended June 30, 2015.