Investments in Unconsolidated Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2012

Investments in Unconsolidated Subsidiaries

Schedule of Condensed Combined Financial Statements

Condensed Combined Balance Sheets

	December 31, 2012		December 31, 2011
	(Dollars in thousands)
Acquisition Partnerships:
Assets	$	437,176	$	450,189
Liabilities	$	14,783	$	39,401
Net equity		422,393		410,788
	$	437,176	$	450,189
Servicing and operating entities:
Assets	$	45,676	$	163,647
Liabilities	$	22,818	$	86,269
Net equity		22,858		77,378
	$	45,676	$	163,647
Total:
Assets	$	482,852	$	613,836
Liabilities	$	37,601	$	125,670
Net equity		445,251		488,166
	$	482,852	$	613,836
Equity investment in Acquisition Partnerships	$	60,581	$	59,952
Equity investment in servicing and operating entities		16,885		49,441
	$	77,466	$	109,393

Condensed Combined Summary of Operations

	Year Ended December 31,
	2012		2011
	(Dollars in thousands)
Acquisition Partnerships:
Revenues	$	90,716	$	58,722
Costs and expenses		52,179		61,539
Net earnings (loss)	$	38,537	$	(2,817	)
Servicing and operating entities:
Revenues	$	97,291	$	104,124
Costs and expenses		75,338		86,257
Net earnings	$	21,953	$	17,867
Equity income (loss) from Acquisition Partnerships	$	4,788	$	(6,460	)
Equity income from servicing and operating entities		10,456		8,691
	$	15,244	$	2,231

Schedule of assets and equity (deficit) of the equity investees, and the entity's share of equity income (losses), by geographic region

	December 31, 2012		December 31, 2011
	(Dollars in thousands)
Combined assets of the Equity Investees:
Domestic:
Acquisition Partnerships	$	352,123	$	349,529
Operating entities		40,531		53,256
Latin America:
Acquisition Partnerships		85,053		100,660
Servicing entities		2,057		1,857
Europe—servicing entities		3,088		108,534
	$	482,852	$	613,836

	December 31, 2012		December 31, 2011
	(Dollars in thousands)
Combined equity of the Equity Investees:
Domestic:
Acquisition Partnerships	$	344,045	$	325,557
Operating entities		19,511		20,515
Latin America:
Acquisition Partnerships		78,348		85,231
Servicing entities		828		763
Europe—servicing entities		2,519		56,100
	$	445,251	$	488,166
Company's carrying value of its investments in the Equity Investees:
Domestic:
Acquisition Partnerships	$	57,802	$	55,612
Operating entities		13,199		12,508
Latin America:
Acquisition Partnerships		2,779		4,340
Servicing entities		3,008		2,758
Europe—servicing entities(1)		678		34,175
	$	77,466	$	109,393

(1)

Includes a $6.1 million non-cash reduction to the carrying value of FirstCity's equity-method investment in a European servicing entity in June 2012 (see Note 3 for additional information).

Schedule of revenues and net earnings (losses) of the equity investees, and the entity's share of equity income (losses), by geographic region

	Year Ended December 31,
	2012			2011
	(Dollars in thousands)
Revenues of the Equity Investees:
Domestic:
Combined Värde Acquisition Partnerships	$	74,955		$	39,150
Other Acquisition Partnerships		627			374
FC Crestone Oak LLC (operating entity)(1)		16,624			11,027
Other operating entities		26,934			28,529
Latin America:
Acquisition Partnerships		15,134			18,907
Servicing entity		9,887			10,533
Europe:
Acquisition Partnerships		—			291
MCS et Associes (servicing entity)		39,466			49,225
Other servicing entities		4,380			4,810
	$	188,007		$	162,846
Net earnings (loss) of the Equity Investees:
Domestic:
Combined Värde Acquisition Partnerships	$	40,502		$	20,152
Other Acquisition Partnerships		(1,104	)		(765	)
FC Crestone Oak LLC (operating entity)(1)		11,781			6,857
Other operating entities		1,283			(870	)
Latin America:
Acquisition Partnerships		(861	)		(22,240	)
Servicing entity		1,122			1,373
Europe:
Acquisition Partnerships		—			36
MCS et Associes (servicing entity)		7,565			10,008
Other servicing entities		202			499
	$	60,490		$	15,050
Company's equity income (loss) from the Equity Investees:
Domestic:
Combined Värde Acquisition Partnerships	$	6,132		$	4,004
Other Acquisition Partnerships		(515	)		(340	)
FC Crestone Oak LLC (operating entity)(1)		5,773			3,360
Other operating entities		513			(505	)
Latin America:
Acquisition Partnerships		(829	)		(10,153	)
Servicing entity		561			686
Europe:
Acquisition Partnerships		—			29
MCS et Associes (servicing entity)		3,559			5,028
Other servicing entities		50			122
	$	15,244		$	2,231

(1)

FC Crestone Oak LLC operates in the prefabricated building manufacturing industry.