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FINANCING RECEIVABLES
 12 Months Ended
Dec. 31, 2014
Receivables [Abstract]  
FINANCING RECEIVABLES
NOTE 5 - FINANCING RECEIVABLES
The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2014 (in thousands):
 
Current
 
30-89 Days
Past Due
 
90-180
Days Past Due
 
Greater than
181 Days
 
Total
Past Due
 
Total
Receivables from managed entities
    and related parties: (1)
 
 
 
 
 
 
 
 
 
 
 
Commercial finance
    investment entities
$
9

 
$
342

 
$
1,124

 
$
18,398

 
$
19,864

 
$
19,873

Real estate investment entities
6,613

 
772

 
1,214

 
15,134

 
17,120

 
23,733

Financial fund management entities
583

 
74

 
—

 
6

 
80

 
663

Other
3,024

 
—

 
—

 
—

 
—

 
3,024

 
10,229

 
1,188

 
2,338

 
33,538

 
37,064

 
47,293

Rent receivables - real estate
76

 
11

 
1

 
—

 
12

 
88

Total financing receivables
$
10,305

 
$
1,199

 
$
2,339

 
$
33,538

 
$
37,076

 
$
47,381

 
(1)
Receivables are presented gross of an allowance for credit losses of $17.0 million related to one of the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2013 (in thousands):
 
Current
 
30-89 Days
Past Due
 
90-180
Days Past Due
 
Greater than
181 Days
 
Total
Past Due
 
Total
Receivables from managed entities
   and related parties: (1)
 
 
 
 
 
 
 
 
 
 
 
Commercial finance
    investment entities
$
48

 
$
—

 
$
—

 
$
44,355

 
$
44,355

 
$
44,403

Real estate investment entities
3,142

 
793

 
1,229

 
16,323

 
18,345

 
21,487

Financial fund management entities
1,071

 
35

 
3

 
29

 
67

 
1,138

Other
70

 
33

 
21

 
—

 
54

 
124

 
4,331

 
861

 
1,253

 
60,707

 
62,821

 
67,152

Rent receivables - real estate
63

 
14

 
4

 
10

 
28

 
91

Total financing receivables
$
4,394

 
$
875

 
$
1,257

 
$
60,717

 
$
62,849

 
$
67,243

 
(1)
Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance, real estate investment entities and financial fund management entities, respectively.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
    
The following table summarizes the activity in the allowance for credit losses by all financing receivables by receivable type (in thousands):
 
Receivables from Managed Entities
 
Leases and Loans
 
Rent Receivables
 
Total
Year Ended December 31, 2014:
 
 
 
 
 
 
 
Balance, beginning of year
$
36,229

 
$
—

 
$
14

 
$
36,243

Provision for (reversal of) credit losses
3,123

 
(62
)
 
(3
)
 
3,058

Charge-offs
(22,394
)
 
—

 
(11
)
 
(22,405
)
Recoveries
32

 
62

 
—

 
94

Balance, end of year
$
16,990

 
$
—

 
$
—

 
$
16,990

 
 
 
 
 
 
 
 
Ending balance, individually evaluated for impairment
$
16,990

 
$
—

 
$
—

 
$
16,990

Ending balance, collectively evaluated for impairment
—

 
—

 
—

 
—

Balance, end of year
$
16,990

 
$
—

 
$
—

 
$
16,990

 
 
 
 
 
 
 
 
Year Ended December 31, 2013:
 

 
 

 
 

 
 

Balance, beginning of year
$
32,560

 
$
—

 
$
68

 
$
32,628

Provision for (reversal of) credit losses
4,324

 
(42
)
 
(17
)
 
4,265

Charge-offs
(675
)
 
—

 
(37
)
 
(712
)
Recoveries
20

 
42

 
—

 
62

Balance, end of year
$
36,229

 
$
—

 
$
14

 
$
36,243

 
 
 
 
 
 
 
 
Ending balance, individually evaluated for impairment
$
36,229

 
$
—

 
$
—

 
$
36,229

Ending balance, collectively evaluated for impairment
—

 
—

 
14

 
14

Balance, end of year
$
36,229

 
$
—

 
$
14

 
$
36,243


The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of December 31, 2014 relate to the balance in the allowance for credit losses, as follows (in thousands):
 
Receivables from
Managed Entities
 
Rent
Receivables
 
Total
Ending balance, individually evaluated for impairment
$
47,293

 
$
—

 
$
47,293

Ending balance, collectively evaluated for impairment
—

 
88

 
88

Balance, end of year
$
47,293

 
$
88

 
$
47,381

The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of December 31, 2013 relate to the balance in the allowance for credit losses, as follows (in thousands):
 
Receivables from
Managed Entities
 
Rent
Receivables
 
Total
Ending balance, individually evaluated for impairment
$
67,152

 
$
—

 
$
67,152

Ending balance, collectively evaluated for impairment
—

 
91

 
91

Balance, end of year
$
67,152

 
$
91

 
$
67,243


    
The following table discloses information about the Company’s impaired financing receivables (in thousands):
 
Net Balance
 
Unpaid Balance
 
Specific Allowance
 
Average Investment in Impaired Assets
Year Ended December 31, 2014:
 
 
 
 
 
 
 
Financing receivables with a specific valuation allowance:
 

 
 

 
 

 
 

Receivables from managed entities – commercial finance
$
1,295

 
$
18,285

 
$
16,990

 
$
36,256

 
 
 
 
 
 
 
 
Year Ended December 31, 2013:
 
 
 
 
 
 
 
Financing receivables with a specific valuation allowance:
 

 
 

 
 

 
 

Receivables from managed entities – commercial finance
$
2,690

 
$
38,919

 
$
36,200

 
$
38,649

Receivables from managed entities – real estate
—

 
14

 
14

 
32


The Company had no impaired financing receivables without a specific allowance as of December 31, 2014 and December 31, 2013.