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Investments in Equity-Method Investees | 6 Months Ended
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Jun. 30, 2013
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Equity-Method Investees | Investments in Equity-Method Investees In the following tables, we summarize (in thousands) combined balance sheet and results of operations data for our equity-method investees:
| As of
| June 30, 2013 |  | December 31, 2012
Loans and fees receivable pledged as collateral under structured financings, at fair value | $ | 41,761 |  |  | $ | 53,375 |
Investments in non-marketable debt securities, at fair value | $ | 39,163 |  |  | $ | 46,564 |
Total assets | $ | 104,239 |  |  | $ | 114,375 |
Notes payable associated with structured financings, at fair value | $ | 17,585 |  |  | $ | 29,279 |
Total liabilities | $ | 17,824 |  |  | $ | 29,558 |
Members’ capital | $ | 86,415 |  |  | $ | 84,817 |
| Three months ended June 30, |  | Six months ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Net interest income, fees and related income on earning assets | $ | 1,937 |  |  | $ | 7,084 |  |  | $ | 10,574 |  |  | $ | 21,371 |
Total other operating income | $ | 176 |  |  | $ | 846 |  |  | $ | 514 |  |  | $ | 929 |
Net income | $ | 1,631 |  |  | $ | 7,214 |  |  | $ | 10,045 |  |  | $ | 20,704 |
Net income attributable to our equity investment in investee | $ | 957 |  |  | $ | 3,539 |  |  | $ | 5,264 |  |  | $ | 9,556 |
As previously noted, in June 2013, we increased, from 50.0% to 66.7% our overall ownership in a joint venture formed in 2004 to purchase a credit card receivables portfolio. We continue to account for this investment using the equity method of accounting due to specific voting and veto rights held by each investor, which do not allow us to control this investee. The additional June 2013 investment in this investee was made at a discount to the fair value of the investee's assets, thereby resulting in a gain of approximately $0.9 million for us in the three months ended June 30, 2013 based on the investee's reporting of substantially all of its assets at their fair values under its fair value option election. The above tables include our aforementioned 50.0% interest in the joint venture that purchased in March 2011 the outstanding notes issued out of our U.K. Portfolio structured financing trust. Separate financial data for this entity are as follows:
| As of
| June 30, 2013 |  | December 31, 2012
Investments in non-marketable debt securities, at fair value | $ | 39,163 |  |  | $ | 46,564 |
Total assets | $ | 40,696 |  |  | $ | 47,125 |
Total liabilities | $ | — |  |  | $ | — |
Members’ capital | $ | 40,696 |  |  | $ | 47,125 |
| Three months ended June 30, |  | Six months ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Net interest income, fees and related (loss) income on earning assets | $ | (964 | ) |  | $ | 4,010 |  |  | $ | 6,266 |  |  | $ | 4,557 |
Net (loss) income | $ | (976 | ) |  | $ | 3,998 |  |  | $ | 6,243 |  |  | $ | 4,524 |
Net (loss) income attributable to our equity investment in investee | $ | (487 | ) |  | $ | 284 |  |  | $ | 3,122 |  |  | $ | 804 |
As noted in Note 8, “Notes Payable,” notes payable with a fair value of $39.2 million correspond with the $39.2 million investment in non-marketable debt securities, at fair value held by our equity method investee as noted in the above table.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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