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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2015
DISCONTINUED OPERATIONS |
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 |
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Total liabilities associated with assets held for sale |  | $ | 45,382 |  | $ | 49,791 |
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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 | )
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Net loans receivable |  | $ | 198,851 |  | $ | 189,052 |
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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 |
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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 |
​ | ​ | ​ | ​ | ​
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(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 |
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(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 |
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(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.

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