MANAGEMENT FEES AND RELATED PARTY ACTIVITIES

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

MANAGEMENT FEES AND RELATED PARTY ACTIVITIES

NOTE 7 — MANAGEMENT FEES AND RELATED PARTY ACTIVITIES

SWI Fund Management, Investment and Advisory Fee Revenue

In connection with our prior management of the SWI Fund, we were entitled to various amounts for services rendered, including an asset management fee, organization fees, acquisition fees and origination fees. In addition, we were entitled to an allocation of SWI Fund earnings after the investor members have achieved an annual cumulative preferred return on GAAP equity of 8%. In connection with the completion of the SWI Fund which was wound up during the year ended December 31, 2013, we elected to forego certain fees that we would have otherwise been untitled to during 2013. During the years ended December 31, 2012 and 2011, we earned total fees related to our management of the SWI Fund of $0.2 million and $0.5 million, respectively, which is included in investment and other income in the accompanying consolidated statements of operations. As no fees were paid to us during the year ended December 31, 2013, a summary of the various fees earned by us during the years ended December 31, 2012 and 2011 follows (in thousands):

Description of Fee	2012		2011
1.75% of cost basis of SWI Fund assets divided by 12 months, payable monthly, reduced by 50% of origination fees earned	$	88	$	208
2% of acquisition price of each investment, reduced by origination fees earned	53		215
Origination fees are negotiated with the borrower and vary by loan	42		55