XML 22 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Equity-Method Investees (Tables)
 6 Months Ended
Jun. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]  
Summarized data of combined balance sheet and results of operations for our 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