DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2015

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

	September 30, 2015		December 31, 2014
	(in thousands)
Assets held for sale
Loans receivable, net	$	188,248	$	189,052
Cash and cash equivalents		6,591		9,937
Restricted cash		827		916
Accounts receivable and interest receivable, net		808		738
Other intangible assets		2,957		2,957
Other assets		5,544		5,199

Total assets held for sale	$	204,975	$	208,799


Liabilities associated with assets held for sale
Debt	$	38,337	$	41,901
Accounts payable and accrued expenses		2,484		2,709
Other liabilities		3,521		5,181

Total liabilities associated with assets held for sale	$	44,342	$	49,791

Schedule of loans receivable

	September 30, 2015			December 31, 2014
	(in thousands)
Commercial mortgage loans	$	88,923		$	108,864
SBA 7(a) loans, subject to secured borrowings		37,783			41,328
SBA 7(a) loans		41,431			38,707
Commercial real estate loans		20,170			—

Loans receivable		188,307			188,899
Deferred capitalized costs, net		215			292
Loan loss reserves		(274	)		(139	)

Net loans receivable	$	188,248		$	189,052

Schedule of debt

	September 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 3.91% and 3.92% at September 30, 2015 and December 31, 2014, respectively	$	30,545	$	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%		4,982		5,085

		35,527		38,739
Unamortized premiums on loans sold for a premium and excess spread		2,810		3,162

Total secured borrowings—government guaranteed loans	$	38,337	$	41,901

Schedule of future principal payments on our debt

Years Ending December 31,	Secured Borrowings Principal(1)
	(in thousands)
2015 (Three months ending December 31, 2015)	$	1,188
2016		1,169
2017		1,208
2018		1,249
2019		1,293
Thereafter		29,420

	$	35,527

(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 September 30,
	2015		2014
	(in thousands)
Revenue—Interest and other income	$	6,777	$	5,078

Expenses:
Interest expense		230		398
Fees to related party(1)		1,181		—
General and administrative(1)		179		1,263
Provision for income taxes		179		112

Total expenses		1,769		1,773

Income from operations of assets held for sale	$	5,008	$	3,305


(1)	Salaries and related benefits of $1,035,000 were included in general and administrative expense for the three months ended September 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 14), such expenses were included in fees to related party for the three months ended September 30, 2015.

	Nine Months Ended September 30, 2015		From the Acquisition Date through September 30, 2014
	(in thousands)
Revenue—Interest and other income	$	17,723	$	12,875

Expenses:
Interest expense		651		952
Fees to related party(1)		3,417		—
General and administrative(1)		1,047		2,921
Provision for income taxes		654		420

Total expenses		5,769		4,293

Income from operations of assets held for sale	$	11,954	$	8,582


(1)	Salaries and related benefits of $2,360,000 were included in general and administrative expense for the period from the Acquisition Date through September 30, 2014 while, as a result of the transfer of our employees to an affiliate (see Note 14), such expenses were included in fees to related party for the nine months ended September 30, 2015.