OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 20 - OPERATING SEGMENTS

The Company manages its operations and makes business decisions based on three reportable operating segments, Real Estate, Financial Fund Management and Commercial Finance, and one segment, RSO, which is a consolidated VIE.  Certain other activities are reported in the “All Other” category and "Eliminations" in the tables in order for the information presented about the Company's operating segments to agree to the consolidated balance sheets and statements of operations. Summarized operating segment data are as follows (in thousands):

Year Ended December 31, 2014:	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total RAI			RSO			Eliminations			Total Consolidation
Revenues from external customers	$	55,639		$	22,768		$	8		$	—		$	78,415		$	99,446		$	(12,781	)	$	165,080
Equity in (losses) earnings of unconsolidated entities	(778		)	5,632			(172		)	—			4,682			—			(483		)	4,199
Total revenues	54,861			28,400			(164		)	—			83,097			99,446			(13,264		)	169,279
Segment operating expenses	(37,411		)	(14,824		)	(979		)	—			(53,214		)	(64,995		)	12,601			(105,608		)
General and administrative expenses	(3,350		)	(1,642		)				(6,126		)	(11,118		)	—			—			(11,118		)
Reversal of (provision for) credit losses	2			—			(3,060		)	—			(3,058		)	—			—			(3,058		)
Depreciation and amortization	(1,239		)	(63		)	—			(517		)	(1,819		)	—			—			(1,819		)
Gain on sale of investment securities, net	—			445			—			—			445			—			—			445
Interest expense	(767		)	—			(11		)	(1,127		)	(1,905		)	—			—			(1,905		)
Other income (expense), net	796			2,227			19			(510		)	2,532			25,505			(2,238		)	25,799
Pretax income attributable to noncontrolling interests (2)	(89		)	—			—			—			(89		)	(61,317		)	—			(61,406		)
Income (loss) from continuing operations excluding noncontrolling interests before taxes	$	12,803		$	14,543		$	(4,195	)	$	(8,280	)	$	14,871		$	(1,361	)	$	(2,901	)	$	10,609

Year Ended December 31, 2013:	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total RAI			RSO			Eliminations			Total Consolidation
Revenues from external customers	$	56,126		$	15,060		$	—		$	—		$	71,186		$	82,983		$	(13,834	)	$	140,335
Equity in earnings (losses) of unconsolidated entities	1,017			4,713			(341		)	—			5,389			—			—			5,389
Total revenues	57,143			19,773			(341		)	—			76,575			82,983			(13,834		)	145,724
Segment operating expenses	(40,612		)	(10,155		)	(56		)	—			(50,823		)	(60,999		)	13,215			(98,607		)
General and administrative expenses	(4,054		)	(1,153		)	—			(5,061		)	(10,268		)	—			—			(10,268		)
Reversal of (provision for) credit losses	2,536			(200		)	(6,601		)	—			(4,265		)	—			—			(4,265		)
Depreciation and amortization	(1,275		)	(64		)	—			(597		)	(1,936		)	—			—			(1,936		)
Impairment of available-for-sale securities	—			(214		)	—			—			(214		)	—			—			(214		)
Interest expense	(829		)	(9		)	—			(1,198		)	(2,036		)	—			—			(2,036		)
Other income (expense), net	801			2,323			13			(321		)	2,816			23,428			(1,997		)	24,247
Pretax income attributable to noncontrolling interests (2)	(20		)	—			—			—			(20		)	(45,581		)	—			(45,601		)
Income (loss) from continuing operations excluding noncontrolling interests before taxes	$	13,690		$	10,301		$	(6,985	)	$	(7,177	)	$	9,829		$	(169	)	$	(2,616	)	$	7,044

Year Ended December 31, 2012:	Real Estate			Financial Fund Management			Commercial Finance			All Other (1)			Total RAI			RSO			Eliminations			Total Consolidation
Revenues from external customers	$	43,235		$	14,158		$	1		$	—		$	57,394		$	109,138		$	(17,544	)	$	148,988
Equity in earnings (losses) of unconsolidated entities	1,848			3,895			(1,660		)	—			4,083			—			—			4,083
Total revenues	45,083			18,053			(1,659		)	—			61,477			109,138			(17,544		)	153,071
Segment operating expenses	(30,475		)	(12,299		)	(402		)	—			(43,176		)	(63,850		)	17,351			(89,675		)
Restructuring expenses	—			—			—			(365		)	(365		)	—			—			(365		)
General and administrative expenses	(361		)	(2,392		)	—			(7,039		)	(9,792		)	—			—			(9,792		)
Impairment loss recognized in earnings	(2,280		)	—			—			—			(2,280		)	—			—			(2,280		)
Provision for credit losses	(428		)	(457		)	(19,263		)	—			(20,148		)	—			—			(20,148		)
Depreciation and amortization	(1,288		)	(111		)	—			(685		)	(2,084		)	—			—			(2,084		)
Gain on sale and deconsolidation of subsidiary	—			54,542			—			—			54,542			—			—			54,542
Other-than-temporary impairment losses recognized in earnings	—			(74		)	—			—			(74		)	—			—			(74		)
Interest expense	(853		)	—			(58		)	(1,378		)	(2,289		)	—			—			(2,289		)
Other income (expense), net	568			2,681			—			(429		)	2,820			33,757			(2,575		)	34,002
Pretax income attributable to noncontrolling interests (2)	(835		)	—			—			—			(835		)	(62,560		)	—			(63,395		)
Income (loss) from continuing operations excluding noncontrolling interests before taxes	$	9,131		$	59,943		$	(21,382	)	$	(9,896	)	$	37,796		$	16,485		$	(2,768	)	$	51,513

Segment assets	Real Estate		Financial Fund Management		Commercial Finance		All Other (1)			Total RAI		RSO		Total Consolidation
December 31, 2014	$	188,406	$	47,467	$	4,483	$	(67,986	)	$	172,370	$	2,728,472	$	2,900,842
December 31, 2013	$	179,002	$	57,115	$	9,255	$	(77,382	)	$	167,990	$	2,150,461	$	2,318,451
December 31, 2012	$	170,810	$	54,488	$	11,876	$	(76,967	)	$	160,207	$	2,282,986	$	2,443,193

(1) Includes general corporate expenses and assets not allocable to any particular segment.

(2) In viewing its segment operations, management includes the pretax income attributable to noncontrolling interests.  However, these interests are excluded from income from operations as computed in accordance with U.S. GAAP and should be deducted to compute income from operations as reflected in the Company’s consolidated statements of operations.