Segment Reporting

9 Months Ended

Jun. 30, 2011

Segment Reporting

Segment Reporting

Note 11 -Segment Reporting

Management has determined that it operates in two reportable segments: (i) a loan and investment segment which includes the origination and servicing of our loan portfolio and investments; and (ii) a real estate segment which includes the operation and disposition of our real estate assets.

The following table summarizes our segment reporting for the three and nine months ended June 30, 2011 (dollars in thousands):

	Three Months Ended June 30, 2011							Nine Months Ended June 30, 2011
	Loan and Investment		Real Estate			Total		Loan and Investment			Real Estate			Total
Revenues	$	4,581	$	763		$	5,344	$	10,917		$	2,576		$	13,493
Interest on borrowed funds	195		257			452		885			766			1,651
Other expenses	1,393		1,480			2,873		4,135			4,383			8,518
Amortization and depreciation	—		183			183		—			555			555
Total expenses	1,588		1,920			3,508		5,020			5,704			10,724
Total revenues less total expenses	2,993		(1,157		)	1,836		5,897			(3,128		)	2,769
Equity in earnings of unconsolidated ventures	—		60			60		—			195			195
Gain on sale of available-for-sale securities	176		—			176		1,190			—			1,190
Loss on extinguishment of debt	—		—			—		(1,447		)	(691		)	(2,138		)
Income (loss) from continuing operations	3,169		(1,097		)	2,072		5,640			(3,624		)	2,016
Discontinued operations:
Gain on sale of real estate assets	—		645			645		—			1,342			1,342
Net income (loss)	3,169		(452		)	2,717		5,640			(2,282		)	3,358
Less net loss attributable to non-controlling interests	—		455			455		—			1,153			1,153
Net income (loss) attributable to common shareholders	$	3,169	$	3		$	3,172	$	5,640		$	(1,129	)	$	4,511
Segment assets	$	127,457	$	60,803		$	188,260	$	127,457		$	60,803		$	188,260

The following table summarizes our segment reporting for the three and nine months ended June 30, 2010 (dollars in thousands):

	Three Months Ended June 30, 2010									Nine Months Ended June 30, 2010
	Loan and Investment			Real Estate			Total			Loan and Investment			Real Estate			Total
Revenues	$	1,474		$	871		$	2,345		$	2,169		$	2,610		$	6,253
Interest expense	358			371			729			1,043			1,124			2,167
Provision for loan loss	—			—			—			3,165			—			3,165
Impairment charges	—			2,625			2,625			—			2,625			2,625
Other expenses	1,341			1,482			2,823			3,746			4,328			8,074
Amortization and depreciation	—			190			190			—			543			543
Total expenses	1,699			4,668			6,367			7,954			8,620			16,574
Total revenues less total expenses	(225		)	(3,797		)	(4,022		)	(4,311		)	(6,010		)	(10,321		)
Equity in earnings of unconsolidated ventures	—			33			33			28			115			143
Gain on sale of available-for-sale securities	—			—			—			1,586			—			1,586
Loss from continuing operations	(225		)	(3,764		)	(3,989		)	(2,697		)	(5,895		)	(8,592		)
Discontinued operations:
Loss from operations	—			(54		)	(54		)	—			(596		)	(596		)
Impairment charges	—			—			—			—			(745		)	(745		)
Gain on sale of real estate assets	—			643			643			—			1,918			1,918
Discontinued operations	—			589			589			—			577			577
Net loss	(225		)	(3,175		)	(3,400		)	(2,697		)	(5,318		)	(8,015		)
Less net loss attributable to non-controlling interests	—			429			429			—			1,166			1,166
Net loss attributable to common shareholders	$	(225	)	$	(2,746	)	$	(2,971	)	$	(2,697	)	$	(4,152	)	$	(6,849	)
Segment assets	$	125,689		$	59,063		$	184,752		$	125,689		$	59,063		$	184,752