INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Reconciliation of our net income to REIT taxable income

	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Income/(loss) from continuing operations before income taxes for TRS’s	$	645	$	2,925	$	(1,084)
Expected federal income tax provision	$	219	$	995	$	(368)
State income taxes		41		172		(61)
Change in valuation allowance		(301)		(1,175)		418
Other		41		8		11
Income tax provision	$	—	$	—	$	—

Components of our net deferred tax asset

	December 31,
	2015		2014
	(in thousands)
Deferred tax assets:
Net operating losses	$	1,614	$	1,893
Secured borrowings—government guaranteed loans		916		1,075
Other		264		225
Total gross deferred tax assets		2,794		3,193
Valuation allowance		(1,507)		(1,808)
		1,287		1,385
Deferred tax liabilities:
Loans receivable		(618)		(681)
Other		(245)		(147)
		(863)		(828)
Deferred tax asset, net	$	424	$	557
Reported as:
Deferred tax assets	$	—	$	—
Assets held for sale		424		557
Deferred tax assets, net	$	424	$	557