SWK (SWKH) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 10, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	SWK Holdings Corporation
Entity Central Index Key	1,089,907
Document Type	10-Q
Trading Symbol	SWKH
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		13,150,220

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 40,514	$ 32,182
Accounts receivable	1,142	1,054
Finance receivables, net	130,824	126,366
Marketable investments	4,315	2,621
Investment in unconsolidated entities		6,985
Deferred tax asset	34,765	38,471
Warrant assets	539	1,013
Other assets	258	240
Total assets	212,357	208,932
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	730	682
Warrant liability	187	189
Total liabilities	917	871
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value; 250,000,000 shares authorized; 13,150,220 and 13,144,292 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	13	13
Additional paid-in capital	4,433,368	4,433,289
Accumulated deficit	(4,223,674)	(4,228,910)
Accumulated other comprehensive loss	1,733	(87)
Total SWK Holdings Corporation stockholders' equity	211,440	204,305
Non-controlling interests in consolidated entities		3,756
Total stockholders' equity	211,440	208,061
Total liabilities and stockholders' equity	$ 212,357	$ 208,932

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	13,150,220	13,144,292
Common stock, outstanding	13,150,220	13,144,292

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Finance receivable interest income, including fees	$ 4,656	$ 3,470
Marketable investments interest income		92
Income related to investments in unconsolidated entities	10,204	1,659
Other	4	15
Total revenues	14,864	5,236
Costs and expenses:
Impairment expense		339
General and administrative	661	929
Total costs and expenses	661	1,268
Other income (expense), net
Unrealized net loss on derivatives	(472)	(30)
Gain on sale of marketable securities	243
Income before provision for income taxes	13,974	3,938
Provision for income taxes	3,706
Consolidated net income	10,268	3,938
Net income attributable to non-controlling interests	5,032	842
Net income attributable to SWK Holdings Corporation Stockholders	$ 5,236	$ 3,096
Net income per share attributable to SWK Holdings Corporation Stockholders:
Basic (in dollars per share)	$ 0.40	$ 0.24
Diluted (in dollars per share)	$ 0.40	$ 0.24
Weighted Average Shares
Basic (in shares)	13,144,000	13,117,000
Diluted (in shares)	13,147,000	13,132,000

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$ 10,268	$ 3,938
Other comprehensive income, net of tax:
Change in fair value of securities	1,820	14
Total other comprehensive loss	1,820	14
Comprehensive income (loss)	12,088	3,952
Comprehensive income attributable to non-controlling interests	5,032	842
Comprehensive income (loss) attributable to SWK Holdings Corporation Stockholders	$ 7,056	$ 3,110

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Consolidated net income (loss)	$ 10,268	$ 3,938
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from investment in unconsolidated entity	(10,204)	(1,659)
Impairment expense		339
Deferred income taxes	3,706
Change in fair value of warrants	472	30
Gain on sale of marketable securities	(243)
Loan discount amortization and fee accretion	(568)	(908)
Interest paid-in-kind	(383)
Stock-based compensation	78	106
Other	4	3
Changes in operating assets and liabilities:
Accounts receivable	(88)	(145)
Other assets	(112)	327
Accounts payable and other liabilities	48	298
Net cash provided by operating activities	2,978	2,329
Cash flows from investing activities:
Cash distributions from investment in unconsolidated entity	17,189	1,910
Proceeds from sale of available-for-sale marketable securities	345
Investment in finance receivables	(3,638)	(3,535)
Repayment of finance receivables	225	14,183
Marketable investment principal payment	24
Purchases of property plant and equipment	(3)	(3)
Net cash provided by (used in) investing activities	14,142	12,555
Cash flows from financing activities:
Distribution to non-controlling interests	(8,788)	(977)
Net cash used in financing activities	(8,788)	(977)
Net increase (decrease) in cash and cash equivalents	8,332	13,907
Cash and cash equivalents at beginning of period	32,182	47,287
Cash and cash equivalents at end of period	40,514	61,194
Supplemental noncash flow activity:
Common stock received in connection with amendment of finance receivable		$ 150

SWK Holdings Corporation and Su

SWK Holdings Corporation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SWK Holdings Corporation and Summary of Significant Accounting Policies	Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies Nature of Operations SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company is primarily focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company has been deploying its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through its own working capital, as well as by building its asset management business by raising additional third party capital to be invested alongside the Company’s capital. The Company fills a niche that it believes is underserved in the sub-$50 million transaction size. Since many of its competitors that provide longer term, royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, the Company does not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes it faces less competition from such longer term, royalty investors in transactions that are less than $50 million. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. As of May 10, 2017, the Company and its partners have executed transactions with 25 different parties under its specialty finance strategy, funding $322 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, purchased royalties generated by sales of life science products and related intellectual property. The Company is headquartered in Dallas, Texas. Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50 percent. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s unaudited condensed consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company. Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 17, 2017. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, income taxes and contingencies, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our unaudited condensed consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method. Entities will be required to measure these investments at fair value at the end of each reporting period and recognize changes in fair value in net income. A practicability exception will be available for equity investments that do not have readily determinable fair values; however, the exception requires the entity to consider relevant transactions that can be reasonably known to identify any observable price changes that would impact the fair value. This guidance also changes certain disclosure requirements and other aspects of current GAAP. This guidance is effective for annual periods beginning after December 15, 2017, and is applicable to the Company in fiscal 2018. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements nor decided upon the method of adoption. In March 2016, the FASB issued ASU 2016-07, “Equity Method and Joint Ventures (Topic 323).” This guidance simplifies the accounting for equity method investments by eliminating the requirement in Topic 323 that requires an entity to retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. ASU-2016-07 did not have a material impact on the Company’s unaudited condensed consolidated financial statements upon adoption. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about: · Contracts with customers · Significant judgments and changes in judgments · Certain assets In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606) — Narrow-Scope Improvements and Practical Expedients,” which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. The new guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption would be permitted for fiscal years beginning after December 15, 2016. The Company has been evaluating the impact of ASU 2014-09 and related ASUs and does not believe they will have a material impact on the Company’s consolidated financial statements. The Company currently intends to use the modified prospective approach upon adoption. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718).” The amendments of ASU No. 2016-09 were issued as part of the FASB’s simplification initiative focused on improving areas of GAAP for which cost and complexity may be reduced while maintaining or improving the usefulness of information disclosed within the financial statements. The amendments focused on simplification specifically with regard to share-based payment transactions, including income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. Effective as of January 1, 2017, the Company adopted a change in accounting policy in accordance with ASU 2016-09 to account for excess tax benefits and tax deficiencies as income tax expense or benefit, treated as discrete items in the reporting period in which they occur, and to recognize previously unrecognized deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation recognized for financial reporting. The change was applied on a modified retrospective basis; no prior periods were restated as a result of this change in accounting policy. ASU 2016-09 also eliminates the requirement that excess tax benefits be realized as a reduction in current taxes payable before the associated tax benefit can be recognized as an increase in paid in capital. Approximately $1.9 million of net operating losses have been attributed to tax deduction for stock based compensation in excess of the related book expense. Under ASU 2016-09, these previously unrecognized deferred tax assets were recognized on a modified retrospective basis as of January 1, 2017, the start of the year in which the Company adopted ASU 2016-09. The net operating losses recognized as of January 1, 2017, as described above, have been offset by a valuation allowance. As a result, there was no tax-related cumulative-effect to retained earnings. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The new standard adds an impairment model, known as current expected credit loss (CECL) model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. The ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront loan losses under the new credit loss model. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230),” which amends ASC 230 to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued this guidance with the intent of reducing diversity in practice with respect to classification of eight types of cash receipts and payments: (1) debt prepayment or debt extinguishment costs, (2) settlement of zero coupon bonds, (3) contingent consideration payments after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies and bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. For the Company, the guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption will be permitted for all entities and must be applied retrospectively to all periods presented but it may be applied prospectively if retrospective application would be impracticable. The Company believes ASU 2016-15 will not have a material impact on the Company’s consolidated financial statements upon adoption.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2017
Net income per share attributable to SWK Holdings Corporation Stockholders:
Net Income per Share	Note 2. Net Income per Share Basic net income per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted average number of outstanding shares of common stock, and when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. The following table shows the computation of basic and diluted income per share for the following (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Numerator: Net income attributable to SWK Holdings Corporation Stockholders $ 5,236 $ 3,096 Denominator: Weighted-average shares outstanding 13,144 13,117 Effect of dilutive securities 3 15 Weighted-average diluted shares 13,147 13,132 Basic net income per share attributable to SWK Holdings Corporation Stockholders $ 0.40 $ 0.24 Diluted net income per share attributable to SWK Holdings Corporation Stockholders $ 0.40 $ 0.24 For the three months ended March 31, 2017 and 2016, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 399,000 and 372,000 respectively, have been excluded from the calculation of diluted income per share as all such securities were anti-dilutive.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Finance Receivables	Note 3. Finance Receivables Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method. The carrying value of finance receivables are as follows (in thousands): Portfolio March 31, December 31, Term Loans $ 96,514 $ 91,841 Royalty Purchases 35,969 36,184 Total before allowance for credit losses 132,483 128,025 Allowance for credit losses (1,659 ) (1,659 ) Total carrying value $ 130,824 $ 126,366 Credit Quality of Finance Receivables The Company originates finance receivables to companies primarily in the life sciences sector. This concentration of credit exposes the Company to a higher degree of risk associated with this sector. On a quarterly basis, the Company evaluates the carrying value of each finance receivable for impairment. A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect the amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement and collectability of remaining principal and interest is no longer doubtful. In certain circumstances, the Company may place a finance receivable on nonaccrual status but conclude it is not impaired. The Company may retain independent third-party valuations on such nonaccrual positions to support impairment decisions. Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream. When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate, or the estimated fair value of the collateral, less estimated costs to sell. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable. The Company individually develops the allowance for credit losses for any identified impaired loans. In developing the allowance for credit losses, the Company considers, among other things, the following credit quality indicators: § business characteristics and financial conditions of obligors; § current economic conditions and trends; § actual charge-off experience; § current delinquency levels; § value of underlying collateral and guarantees; § regulatory environment; and § any other relevant factors predicting investment recovery. The following table presents nonaccrual and performing finance receivables by portfolio segment, net of credit loss allowance (in thousands): March 31, 2017 December 31, 2016 Nonaccrual Performing Total Nonaccrual Performing Total Term Loans $ 19,040 77,474 $ 96,514 $ 19,040 $ 72,801 $ 91,841 Royalty Purchases — 34,310 34,310 — 34,525 34,525 Total carrying value $ 19,040 111,784 $ 130,824 $ 19,040 $ 107,326 $ 126,366 As of March 31, 2017 and December 31, 2016, the Company had two term loans associated with two portfolio companies in nonaccrual status with a carrying value, net of credit loss allowance, of $19.0 million. No cash on nonaccrual loans was collected during the three months ended March 31, 2017. Of the two nonaccrual term loans at March 31, 2017, neither are deemed to be impaired. (Please see ABT Molecular Imaging, Inc. B&D Dental ABT Molecular Imaging, Inc. (“ABT”) On October 10, 2014, the Company entered into a credit agreement pursuant to which the Company provided ABT a second lien term loan in the principal amount of $10.0 million. The loan matures on October 8, 2021. The synthetic royalty payment due to the Company on December 15, 2015 was blocked by ABT’s first lien lender pursuant to the terms of the intercreditor agreement by and between the Company and the first lien lender as a result of a forbearance agreement entered into between ABT and the first lien lender. Per the terms of the forbearance agreement, the first lien lender deferred principal payments until maturity of the first lien in March 2016 and ABT raised additional equity capital. Since June 7, 2016, the Company entered into additional amendments to the first lien term loan, which provided for an additional $3.5 million of liquidity under the first lien credit agreement. ABT has drawn down $3.3 million as of May 10, 2017. The collateral for the loan has been individually reviewed, and the Company believes that the fair market value of the loan, less costs to sell, was greater than the recorded investments in the loans as of March 31, 2017. Based on the impairment analysis, the Company has determined that recording a provision for credit losses as of March 31, 2017 is not required. The Company considered several factors in this determination, including an independent third-party valuation and developments in ABT’s business and industry. B&D Dental (“B&D”) On December 10, 2013, the Company entered into a five-year credit agreement to provide B&D a senior secured term loan with a principal amount of $6.0 million funded upon close, net of an arrangement fee of $60 thousand. Subsequently, the terms of the loan have been amended, and the Company has funded additional amounts to B&D. As of March 31, 2017, the total amount funded was $8.1 million. B&D is currently in default under the terms of the credit agreement, and as a result, the Company classified the loan to nonaccrual status as of September 30, 2015. During the first quarter of 2017, the Company executed an additional amendment to the loan to advance an additional $0.1 million to finance the purchase of certain equipment to support its manufacturing operations and to protect the value of the collateral. The Company expects B&D to pay interest and principal on the equipment purchase advance and continues to work with B&D to improve its operational performance and pursue strategic alternatives. The Company believes its collateral position is greater than the unpaid balance; thus, accrued interest has not been reversed nor has an allowance been recorded as of March 31, 2017. The Company considered several factors in this determination, including an independent third-party valuation and developments in the portfolio company’s business and industry.

Marketable Investments

Marketable Investments	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable Investments	Note 4. Marketable Investments Investment in securities at March 31, 2017 and December 31, 2016 consist of the following (in thousands): March 31, December 31, Corporate debt securities $ 1,540 $ 1,564 Equity securities 2,775 1,057 Total $ 4,315 $ 2,621 The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities as of March 31, 2017 and December 31, 2016, are as follows (in thousands): March 31, 2017 Amortized Gross Gross Fair Value Available for sale securities: Corporate debt securities $ 1,540 $ — $ — $ 1,540 Equity securities 1,042 1,818 (85 ) 2,775 $ 2,583 $ 1,818 $ (85 ) $ 4,315 December 31, 2016 Amortized Gross Gross Fair Value Available for sale securities: Corporate debt securities $ 1,564 $ — $ — $ 1,564 Equity securities 1,144 — (87 ) 1,057 $ 2,708 $ — $ (87 ) $ 2,621 Equity Securities The Company’s equity securities include 661,076 shares of Cancer Genetics common stock and 77,922 shares of Hooper Holmes common stock. During the three months ended March 31, 2017, the Company sold 75,000 shares of Cancer Genetics common stock, which resulted in a realized gain of $0.2 million. As of March 31, 2017, the Cancer Genetics and Hooper Holmes equity securities are reflected at fair value of $2.7 million and $0.1 million, respectively, as available-for-sale securities. Debt Securities On July 9, 2013, the Company entered into a note purchase agreement to purchase, at par, $3.0 million of a total of $100.0 million aggregate principal amount of senior secured notes due in November 2026. The agreement allows the first interest payment date to include paid-in-kind notes for any cash shortfall, of which the Company received $0.1 million on November 15, 2013. The notes are secured only by certain royalty and milestone payments associated with the sales of pharmaceutical products. The senior secured notes have been placed on non-accrual status as of June 30, 2016. Total cash collected during the three months ended March 31, 2017 was $24,000, which was credited to the notes’ carrying value. As of March 31, 2017, the notes are reflected at their estimated fair value of $1.5 million and classified as available-for-sale securities.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Variable Interest Entities	Note 5. Variable Interest Entities The Company consolidates the activities of VIEs of which it is the primary beneficiary. The primary beneficiary of a VIE is the variable interest holder possessing a controlling financial interest through (i) its power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) its obligation to absorb losses or its right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether the Company owns a variable interest in a VIE, the Company performs qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. Consolidated VIE SWK HP was formed in December 2012 to acquire a limited partnership interest in Holmdel Pharmaceuticals LP (“Holmdel”). Holmdel acquired the U.S. marketing authorization rights to a beta blocker pharmaceutical product indicated for the treatment of hypertension for a total purchase price of $13.0 million. The Company, through its wholly owned subsidiary SWK Holdings GP LLC (“SWK Holdings GP”) acquired a direct general partnership interest in SWK HP, which in turn acquired a limited partnership interest in Holmdel. The total investment in SWK HP of $13.0 million included $6.0 million provided by SWK Holdings GP and $7.0 million provided by non-controlling interests. Subject to customary limited partner protections afforded the investors by the terms of the limited partnership agreement, the Company maintains voting and managerial control of SWK HP and therefore includes it in its consolidated financial statements. SWK HP has significant influence over the decisions made by Holmdel. SWK HP receives quarterly distributions of cash flow generated by InnoPran XL according to a tiered scale that is subject to certain cash on cash returns received by SWK HP. SWK HP achieved the 2x cash on cash return threshold with the November 2016 distribution as such its economic ownership in Holmdel approximates 49 percent. On February 23, 2017, Holmdel sold the U.S. marketing authorization rights to InnoPran XL to ANI Pharmaceuticals, Inc. SWK Holdings GP received net proceeds from the transaction of approximately $8.0 million. The approximate $8.0 million of proceeds includes a 5 percent incentive fee earned from SWK HP, and SWK Holding GP’s share of the sale proceeds. As part of the transaction, SWK HP and all involved parties executed mutual releases and terminations of all license and supply agreements. SWK Holdings GP anticipates receiving an additional distribution regarding InnoPran XL sales covering the period from January 1, 2017 until the sale, though such distribution is not expected to be material. Unconsolidated VIEs For the three months ended March 31, 2017, the Company recognized $10.2 million of equity method gains, of which $5.0 million was attributable to the non-controlling interest in SWK HP. In addition, SWK HP received cash distributions totaling $17.2 million during the three months ended March 31, 2017, of which $8.8 million was subsequently paid to holders of the non-controlling interests in SWK HP. For the three months ended March 31, 2016, the Company recognized $1.7 million of equity method gains, of which $0.8 million was attributable to the non-controlling interest in SWK HP. In addition, SWK HP received cash distributions totaling $1.9 million during the three months ended March 31, 2016, of which $1.0 million was subsequently paid to holders of the non-controlling interests in SWK HP. Changes in the carrying amount of the Company’s investment in Holmdel for the three months ended March 31, 2017, are as follows (in thousands): Balance at December 31, 2016 $ 6,985 Add: Income from investments in unconsolidated entities 10,204 Less: Cash distribution from investments in unconsolidated entities (17,189 ) Balance at March 31, 2017 $ —

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions On September 6, 2013, in connection with entering into a credit facility, the Company issued warrants to an affiliate of a stockholder, Carlson Capital, L.P. (the “Stockholder”), for 100 thousand shares of the Company’s common stock at a strike price of $13.88. The warrants have a price anti-dilution mechanism that was triggered by the price that shares were sold by the Company in a rights offering in 2014, and as a result, the strike price of the warrants was reduced to $13.48. Due to certain provisions within the warrant agreement, the warrants meet the definition of a derivative and do not qualify for a scope exception, as it is not considered indexed to the Company’s stock. As such, the warrants are reflected as a warrant liability in the unaudited condensed consolidated balance sheets. An unrealized loss of $0.1 million was included in other expense, net in the unaudited condensed consolidated statements of income for the three months ended March 31, 2016. The Company recorded a nominal gain for the three months ended March 31, 2017. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: March 31, 2017 December 31, 2016 Dividend rate — — Risk-free rate 1.9 % 1.9 % Expected life (years) 3.4 3.7 Expected volatility 33.8 % 34.1 % The changes on the value of the warrant liability during the three months ended March 31, 2017 were as follows (in thousands): Fair value – December 31, 2016 $ 189 Issuances — Changes in fair value (2 ) Fair value – March 31, 2017 $ 187

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity Stock Compensation Plans During the three months ended March 31, 2017 and 2016, the Board approved compensation for Board services by granting 5,928 and 6,150 shares, respectively, of common stock as compensation for the non-employee directors. During each of the three months ended March 31, 2017 and 2016, the Company recorded approximately $62,000 in Board compensation expense relating to the quarterly grants. The aggregate stock-based compensation expense, including the quarterly Board grants, recognized by the Company for the three months ended March 31, 2017 and 2016 was $0.1 million and $0.1 million, respectively. Non-controlling Interests As discussed in Note 5, SWK HP has a limited partnership interest in Holmdel. Changes in the carrying amount of the non-controlling interest in the unaudited condensed consolidated balance sheet for the three months ended March 31, 2017, is as follows (in thousands): Balance at December 31, 2016 $ 3,756 Add: Income attributable to non-controlling interests 5,032 Less: Cash distribution to non-controlling interests (8,788 ) Balance at March 31, 2017 $ —

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. Level 3 Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the three months ended March 31, 2017. The fair value of equity method investments is not readily available nor has the Company estimated the fair value of these investments and disclosure is not required. The Company is not aware of any identified events or changes in circumstances that would have a significant adverse effect on the carrying value of any of its equity method investments included in the unaudited condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Cash and cash equivalents The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Securities available for sale Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). Finance Receivables The fair values of finance receivables are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below. Marketable Investments and Warrants Marketable Investments If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities would be classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities would be classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant bench mark indices. Available-for-sale securities are measured at fair value on a recurring basis, while securities with no readily available fair market value are not, but estimates of fair value are reflected below. Derivative securities For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 (in thousands): Total Quoted prices Significant Significant Financial Assets: Warrant assets $ 539 $ — $ — $ 539 Marketable investments 4,315 2,775 — 1,540 Financial Liabilities: Warrant liability $ 187 $ — $ — $ 187 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 (in thousands): Total Quoted prices Significant Significant Financial Assets: Warrant assets $ 1,013 $ — $ — $ 1,013 Marketable investments 2,621 1,057 — 1,564 Financial Liabilities: Warrant liability $ 189 $ — $ — $ 189 The changes on the value of the warrant assets during the three months ended March 31, 2017 were as follows (in thousands): Fair value – December 31, 2016 $ 1,013 Issuance — Settlements — Change in fair value (474 ) Fair value – March 31, 2017 $ 539 The Company holds warrants issued to the Company in conjunction with certain term loan investments. These warrants meet the definition of a derivative and are included in the unaudited condensed consolidated balance sheets. The fair values for warrants outstanding, which do not have a readily determinable value, are measured using the Black-Scholes option pricing model. The following range of assumptions were used in the models to determine fair value: March 31, December 31, 2017 2016 Dividend rate range — — Risk-free rate range 1.9% to 2.2 % 1.9% to 2.3 % Expected life (years) range 3.4 to 5.0 3.6 to 5.3 Expected volatility range 87.9% to 92.0 % 87.4% to 94.1 % The following table presents the financial assets measured at fair value on a nonrecurring basis as of March 31, 2017 and December 31, 2016 (in thousands): Total Quoted prices Significant Significant March 31, 2017 Impaired loans $ 3,223 $ — $ — $ 3,223 December 31, 2016 Impaired loans $ 3,338 $ — $ — $ 3,338 There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2017 and December 31, 2016. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in unconsolidated entity. As of March 31, 2017 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and Cash $ 40,514 $ 40,514 $ 40,514 $ — $ — Finance receivables 130,824 130,824 — — 130,824 Marketable investments 2,582 4,315 2,775 — 1,540 Warrant assets 539 539 — — 539 Financial Liabilities Warrant liability $ 187 $ 187 $ — $ — $ 187 As of December 31, 2016 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and Cash Equivalents $ 32,182 $ 32,182 $ 32,182 $ — $ — Finance receivables 126,366 126,366 — — 126,366 Marketable investments 2,707 2,621 1,057 — 1,564 Warrant assets 1,013 1,013 — — 1,013 Financial Liabilities Warrant liability $ 189 $ 189 $ — $ — $ 189

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events Soluble Systems LLC On October 5, 2016, Soluble Systems LLC (“Soluble”) agreed to be acquired by Alliqua BioMedical, Inc. (“Alliqua”). The transaction was contingent upon Alliqua raising debt or equity financing of at least $45 million. On February 28, 2017, Alliqua announced the termination of its agreement to acquire Soluble due to Alliqua’s inability to raise sufficient financing. On May 10, 2017, SWK Funding LLC, a wholly-owned subsidiary of the Company (“SWK Funding”), and Soluble entered into the Second Amendment to the Credit Agreement whereby SWK Funding agreed to fund a subsequent term loan in an amount of up to $1.5 million to Soluble by August 2017. Soluble has agreed to raise $1.5 million of additional subordinated capital from affiliates to match the subsequent term loan funding, to be funded between closing and August 2017. The amendment allows Soluble to pay interest in kind (“PIK”) for the payments due in February, May and August 2017 and extends the interest only period to November 2017.

SWK Holdings Corporation and 16

SWK Holdings Corporation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. The Company’s strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. The Company is primarily focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. The Company has been deploying its assets to earn interest, fees, and other income pursuant to this strategy, and the Company continues to identify and review financing and similar opportunities on an ongoing basis. In addition, through the Company’s wholly-owned subsidiary, SWK Advisors LLC, the Company provides non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. The Company intends to fund transactions through its own working capital, as well as by building its asset management business by raising additional third party capital to be invested alongside the Company’s capital. The Company fills a niche that it believes is underserved in the sub-$50 million transaction size. Since many of its competitors that provide longer term, royalty-related financing options have much greater financial resources than the Company, they tend to not focus on transaction sizes below $50 million as it is generally inefficient for them to do so. In addition, the Company does not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, the Company believes it faces less competition from such longer term, royalty investors in transactions that are less than $50 million. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. The Company believes that the foregoing business strategies can create value for its stockholders, and produce prospective taxable income (or the ability to generate capital gains) that might permit the Company to utilize the NOLs. The Company is unable to assure investors that it will find suitable financing opportunities or that it will be able to utilize its existing NOLs. As of May 10, 2017, the Company and its partners have executed transactions with 25 different parties under its specialty finance strategy, funding $322 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, purchased royalties generated by sales of life science products and related intellectual property. The Company is headquartered in Dallas, Texas.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The unaudited condensed consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50 percent. The related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not have the substantial ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s unaudited condensed consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 17, 2017.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition, stock-based compensation, impairment of financing receivables and long-lived assets, valuation of warrants, income taxes and contingencies, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our unaudited condensed consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method. Entities will be required to measure these investments at fair value at the end of each reporting period and recognize changes in fair value in net income. A practicability exception will be available for equity investments that do not have readily determinable fair values; however, the exception requires the entity to consider relevant transactions that can be reasonably known to identify any observable price changes that would impact the fair value. This guidance also changes certain disclosure requirements and other aspects of current GAAP. This guidance is effective for annual periods beginning after December 15, 2017, and is applicable to the Company in fiscal 2018. Early adoption is permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its consolidated financial statements nor decided upon the method of adoption. In March 2016, the FASB issued ASU 2016-07, “Equity Method and Joint Ventures (Topic 323).” This guidance simplifies the accounting for equity method investments by eliminating the requirement in Topic 323 that requires an entity to retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. ASU-2016-07 did not have a material impact on the Company’s unaudited condensed consolidated financial statements upon adoption. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about: · Contracts with customers · Significant judgments and changes in judgments · Certain assets In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606) — Narrow-Scope Improvements and Practical Expedients,” which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. The new guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption would be permitted for fiscal years beginning after December 15, 2016. The Company has been evaluating the impact of ASU 2014-09 and related ASUs and does not believe they will have a material impact on the Company’s consolidated financial statements. The Company currently intends to use the modified prospective approach upon adoption. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718).” The amendments of ASU No. 2016-09 were issued as part of the FASB’s simplification initiative focused on improving areas of GAAP for which cost and complexity may be reduced while maintaining or improving the usefulness of information disclosed within the financial statements. The amendments focused on simplification specifically with regard to share-based payment transactions, including income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. Effective as of January 1, 2017, the Company adopted a change in accounting policy in accordance with ASU 2016-09 to account for excess tax benefits and tax deficiencies as income tax expense or benefit, treated as discrete items in the reporting period in which they occur, and to recognize previously unrecognized deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation recognized for financial reporting. The change was applied on a modified retrospective basis; no prior periods were restated as a result of this change in accounting policy. ASU 2016-09 also eliminates the requirement that excess tax benefits be realized as a reduction in current taxes payable before the associated tax benefit can be recognized as an increase in paid in capital. Approximately $1.9 million of net operating losses have been attributed to tax deduction for stock based compensation in excess of the related book expense. Under ASU 2016-09, these previously unrecognized deferred tax assets were recognized on a modified retrospective basis as of January 1, 2017, the start of the year in which the Company adopted ASU 2016-09. The net operating losses recognized as of January 1, 2017, as described above, have been offset by a valuation allowance. As a result, there was no tax-related cumulative-effect to retained earnings. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The new standard adds an impairment model, known as current expected credit loss (CECL) model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. The ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront loan losses under the new credit loss model. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230),” which amends ASC 230 to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued this guidance with the intent of reducing diversity in practice with respect to classification of eight types of cash receipts and payments: (1) debt prepayment or debt extinguishment costs, (2) settlement of zero coupon bonds, (3) contingent consideration payments after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies and bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. For the Company, the guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption will be permitted for all entities and must be applied retrospectively to all periods presented but it may be applied prospectively if retrospective application would be impracticable. The Company believes ASU 2016-15 will not have a material impact on the Company’s consolidated financial statements upon adoption.

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of earnings per share, basic and diluted	Three Months Ended March 31, 2017 2016 Numerator: Net income attributable to SWK Holdings Corporation Stockholders $ 5,236 $ 3,096 Denominator: Weighted-average shares outstanding 13,144 13,117 Effect of dilutive securities 3 15 Weighted-average diluted shares 13,147 13,132 Basic net income per share attributable to SWK Holdings Corporation Stockholders $ 0.40 $ 0.24 Diluted net income per share attributable to SWK Holdings Corporation Stockholders $ 0.40 $ 0.24

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of carrying value of finance receivables	The carrying value of finance receivables are as follows (in thousands): Portfolio March 31, December 31, Term Loans $ 96,514 $ 91,841 Royalty Purchases 35,969 36,184 Total before allowance for credit losses 132,483 128,025 Allowance for credit losses (1,659 ) (1,659 ) Total carrying value $ 130,824 $ 126,366
Schedule of total unfunded loan commitments	The following table presents nonaccrual and performing finance receivables by portfolio segment, net of credit loss allowance (in thousands): March 31, 2017 December 31, 2016 Nonaccrual Performing Total Nonaccrual Performing Total Term Loans $ 19,040 77,474 $ 96,514 $ 19,040 $ 72,801 $ 91,841 Royalty Purchases — 34,310 34,310 — 34,525 34,525 Total carrying value $ 19,040 111,784 $ 130,824 $ 19,040 $ 107,326 $ 126,366

Marketable Investments (Tables)

Marketable Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable investments	Investment in securities at March 31, 2017 and December 31, 2016 consist of the following (in thousands): March 31, December 31, Corporate debt securities $ 1,540 $ 1,564 Equity securities 2,775 1,057 Total $ 4,315 $ 2,621
Schedule of available-for-sale securities reconciliation	The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities as of March 31, 2017 and December 31, 2016, are as follows (in thousands): March 31, 2017 Amortized Gross Gross Fair Value Available for sale securities: Corporate debt securities $ 1,540 $ — $ — $ 1,540 Equity securities 1,042 1,818 (85 ) 2,775 $ 2,583 $ 1,818 $ (85 ) $ 4,315 December 31, 2016 Amortized Gross Gross Fair Value Available for sale securities: Corporate debt securities $ 1,564 $ — $ — $ 1,564 Equity securities 1,144 — (87 ) 1,057 $ 2,708 $ — $ (87 ) $ 2,621

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of changes in the carrying amount of equity investment	Changes in the carrying amount of the Company’s investment in Holmdel for the three months ended March 31, 2017, are as follows (in thousands): Balance at December 31, 2016 $ 6,985 Add: Income from investments in unconsolidated entities 10,204 Less: Cash distribution from investments in unconsolidated entities (17,189 ) Balance at March 31, 2017 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of assumptions used	The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: March 31, 2017 December 31, 2016 Dividend rate — — Risk-free rate 1.9 % 1.9 % Expected life (years) 3.4 3.7 Expected volatility 33.8 % 34.1 %
Schedule of value of the warrant liability	The changes on the value of the warrant liability during the three months ended March 31, 2017 were as follows (in thousands): Fair value – December 31, 2016 $ 189 Issuances — Changes in fair value (2 ) Fair value – March 31, 2017 $ 187

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of change in non-controlling interest	Changes in the carrying amount of the non-controlling interest in the unaudited condensed consolidated balance sheet for the three months ended March 31, 2017, is as follows (in thousands): Balance at December 31, 2016 $ 3,756 Add: Income attributable to non-controlling interests 5,032 Less: Cash distribution to non-controlling interests (8,788 ) Balance at March 31, 2017 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of fair value assets measured on recurring basis	The following table presents financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 (in thousands): Total Quoted prices Significant Significant Financial Assets: Warrant assets $ 539 $ — $ — $ 539 Marketable investments 4,315 2,775 — 1,540 Financial Liabilities: Warrant liability $ 187 $ — $ — $ 187 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 (in thousands): Total Quoted prices Significant Significant Financial Assets: Warrant assets $ 1,013 $ — $ — $ 1,013 Marketable investments 2,621 1,057 — 1,564 Financial Liabilities: Warrant liability $ 189 $ — $ — $ 189
Schedule of fair value assets measured on recurring basis unobservable input reconciliation	The changes on the value of the warrant assets during the three months ended March 31, 2017 were as follows (in thousands): Fair value – December 31, 2016 $ 1,013 Issuance — Settlements — Change in fair value (474 ) Fair value – March 31, 2017 $ 539
Schedule of weighted average assumptions	The fair values for warrants outstanding, which do not have a readily determinable value, are measured using the Black-Scholes option pricing model. The following weighted average assumptions were used in the models to determine fair value: March 31, December 31, 2017 2016 Dividend rate range — — Risk-free rate range 1.9% to 2.2 % 1.9% to 2.3 % Expected life (years) range 3.4 to 5.0 3.6 to 5.3 Expected volatility range 87.9% to 92.0 % 87.4% to 94.1 %
Schedule of fair value assets and liabilities measured on nonrecurring basis	The following table presents the financial assets measured at fair value on a nonrecurring basis as of March 31, 2017 and December 31, 2016 (in thousands): Total Quoted prices Significant Significant March 31, 2017 Impaired loans $ 3,223 $ — $ — $ 3,223 December 31, 2016 Impaired loans $ 3,338 $ — $ — $ 3,338
Schedule of fair value by balance sheet grouping	The disclosures include financial instruments and derivative financial instruments, other than investment in unconsolidated entity. As of March 31, 2017 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and Cash Equivalents $ 40,514 $ 40,514 $ 40,514 $ — $ — Finance receivables 130,824 130,824 — — 130,824 Marketable investments 2,582 4,315 2,775 — 1,540 Warrant assets 539 539 — — 539 Financial Liabilities Warrant liability $ 187 $ 187 $ — $ — $ 187 As of December 31, 2016 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and Cash Equivalents $ 32,182 $ 32,182 $ 32,182 $ — $ — Finance receivables 126,366 126,366 — — 126,366 Marketable investments 2,707 2,621 1,057 — 1,564 Warrant assets 1,013 1,013 — — 1,013 Financial Liabilities Warrant liability $ 189 $ 189 $ — $ — $ 189

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income (loss) attributable to SWK Holdings Corporation Stockholders	$ 5,236	$ 3,096
Denominator:
Weighted-average shares outstanding	13,144,000	13,117,000
Effect of dilutive securities	3,000	15,000
Weighted-average diluted shares	13,147,000	13,132,000
Basic income (loss) per share attributable to SWK Holdings Corporation Stockholders	$ 0.40	$ 0.24
Diluted income (loss) per share attributable to SWK Holdings Corporation Stockholders	$ 0.40	$ 0.24
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	399,000	372,000

Finance Receivables (Details)

Finance Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Portfolio
Total before allowance for credit losses	$ 132,483	$ 128,025
Allowance for credit losses	(1,659)	(1,659)
Total carrying value	130,824	126,366
Life Science Term Loans [Member]
Portfolio
Total before allowance for credit losses	96,514	91,841
Total carrying value	96,514	91,841
Life Science Royalty Purchases [Member]
Portfolio
Total before allowance for credit losses	35,969	36,184
Total carrying value	$ 34,310	$ 34,525

Finance Receivables (Details 2)

Finance Receivables (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Nonaccrual	$ 19,040	$ 19,040
Performing	111,784	34,525
Total	130,824	126,366
Life Science Term Loans [Member]
Nonaccrual	19,040	19,040
Performing	77,474	72,801
Total	96,514	91,841
Life Science Royalty Purchases [Member]
Nonaccrual
Performing	34,310	34,525
Total	$ 34,310	$ 34,525

Finance Receivables (Details Na

Finance Receivables (Details Narrative) - USD ($) $ in Thousands	Oct. 10, 2014	Dec. 10, 2013	Feb. 29, 2016	Mar. 31, 2017	Dec. 31, 2016	Jun. 07, 2016
Number of shares outstanding				0	0
Allowance for credit loss				$ 1,659	$ 1,659
Financing receivable investment current				111,784	$ 34,525
B&D Dental [Member]
Principal Amount drawn		$ 6,000		$ 8,100
Credit agreement term		5 years
Arrangement fee		$ 60
ABT Molecular Imaging, Inc [Member] | Second Lien Loan [Member]
Principal Amount drawn	$ 10,000
Debt instrument maturity date	Oct. 8, 2021
ABT Molecular Imaging, Inc [Member] | First Lien Loan [Member]
Principal Amount drawn						$ 3,300
Payments to aquire loans receivable			$ 700
Additional amendments to the first lien term loan						$ 3,500

Marketable Investments (Details

Marketable Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Corporate debt securities	$ 1,540	$ 1,564
Equity securities	2,775	1,057
Total	$ 4,315	$ 2,621

Marketable Investments (Detai29

Marketable Investments (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Available for Sale Securities:
Amortized Cost	$ 2,583	$ 2,708
Gross Unrealized Gains	1,818
Gross Unrealized Loss	(85)	(87)
Fair Value	4,315	2,621
Corporate Debt Securities [Member]
Available for Sale Securities:
Amortized Cost	1,540	1,564
Gross Unrealized Gains
Gross Unrealized Loss
Fair Value	1,540	1,564
Equity Securities [Member]
Available for Sale Securities:
Amortized Cost	1,042	1,144
Gross Unrealized Gains	1,818
Gross Unrealized Loss	(85)	(87)
Fair Value	$ 2,775	$ 1,057

Marketable Investments (Detai30

Marketable Investments (Details Narrative) - USD ($) $ in Thousands	Nov. 15, 2013	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jul. 09, 2013
Number of common shares outstanding		13,150,220		13,144,292
Gain on sale of marketable securities		$ (243)
Fair Value		4,315		$ 2,621
Impairment expense			339
Senior notes		1,540		$ 1,564
Paid-in-kind interest		$ 383
Cancer Genetics, Inc [Member]
Number of common shares outstanding		661,076
Number of common stock sold during the period		75,000
Gain on sale of marketable securities		$ 200
Fair Value		$ 2,700
Hooper Holmes [Member]
Number of common shares outstanding		77,922
Fair Value		$ 100
Agreement To Purchase Senior Secured Notes [Member]
Impairment expense		1,500
Senior notes					$ 3,000
Paid-in-kind interest	$ 100
Cash collected from debt		$ 24
Tribute [Member] | Agreement To Purchase Senior Secured Notes [Member]
Senior notes					$ 100,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Rollforward]
Beginning Balance	$ 6,985
Add: Income from investments in unconsolidated entities	10,204	$ 1,659
Less: Cash distribution on investments in unconsolidated entities	(17,189)	$ (1,910)
Ending Balance

Variable Interest Entities (D32

Variable Interest Entities (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2012	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investment in unconsolidated entities				$ 6,985
Income (loss) from equity method investments		10,204	$ 1,659
Proceeds from equity method investment, dividends or distributions		17,189	1,910
Payments to noncontrolling interests		$ 8,788	$ 977
Non-controlling Interests in Consolidated Entities [Member]
Investments in advance to affiliates, subsidiaries, associates, and joint ventures	$ 7,000
Holmdel Pharmaceuticals LP [Member]
Payments to acquire intangible assets	$ 13,000
Percentage of ownership by parent	49.00%
SWKHP Holdings LP [Member]
Investments in advance to affiliates, subsidiaries, associates, and joint ventures	$ 13,000
SWKHP Holdings GP [Member]
Investments in advance to affiliates, subsidiaries, associates, and joint ventures	$ 6,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Dividend rate	0.00%	0.00%
Loan Credit Agreement [Member]
Dividend rate	0.00%	0.00%
Risk-free rate	1.90%	1.90%
Expected life (years)	3 years 4 months 12 days	3 years 8 months 12 days
Expected volatility	33.80%	34.10%

Related Party Transactions (D34

Related Party Transactions (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair value at beginning	$ 189
Fair value at ending	187
Warrant Liability [Member]
Fair value at beginning	189
Issuances
Changes in fair value	(2)
Fair value at ending	$ 187

Related Party Transactions (D35

Related Party Transactions (Details Narartive) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Warrants and rights outstanding	$ 187	$ 189
Unrealized gain (loss) on warrant liability	100
Interest expense
Delayed Draw [Member]
Number of securities called by warrants or rights (in shares)		100,000
Exercise price of warrants or rights (in dollars per Share)		$ 13.88
Reduction in strike price	$ 13.48

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 3,756
Add: Income attributable to non-controlling interests	5,032	$ 842
Less: Cash distribution to non-controlling interests	(8,788)
Ending balance

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Compensation for non-employee directors (in shares)	5,928	6,150
Allocated share-based compensation	$ 100	$ 100
Value of compensation for non-employee directors	$ 62	$ 62

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial Assets:
Warrant assets	$ 539	$ 1,013
Marketable investments	4,315	2,621
Financial Liabilities:
Warrant liability	187	189
Tribute Warrant [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Marketable investments	2,775	1,057
Tribute Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Warrant assets	539	1,013
Marketable investments	1,540	1,564
Financial Liabilities:
Warrant liability	187	189
Warrant Liability [Member]
Financial Liabilities:
Warrant liability	187	189
Marketable Securities [Member] | Tribute Warrant [Member]
Financial Assets:
Warrant assets	539	1,013
Marketable investments	4,315	2,621
Financial Liabilities:
Warrant liability	$ 187	$ 189

Fair Value Measurements (Deta39

Fair Value Measurements (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair value - December 31, 2016	$ 1,013
Fair value - March 31, 2017	539
Tribute Warrant [Member]
Fair value - December 31, 2016	1,013
Issuances
Settlements
Change in fair value	(474)
Fair value - March 31, 2017	$ 539

Fair Value Measurements (Deta40

Fair Value Measurements (Details 3)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Dividend rate range	0.00%	0.00%
Minimum [Member]
Risk-free rate range	1.90%	1.90%
Expected life (years) range	3 years 4 months 24 days	3 years 7 months 6 days
Expected volatility range	87.90%	87.40%
Maximum [Member]
Risk-free rate range	2.20%	2.30%
Expected life (years) range	5 years	5 years 3 months 18 days
Expected volatility range	92.00%	94.10%

Fair Value Measurements (Deta41

Fair Value Measurements (Details 4) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial Assets:
Impaired loans	$ 539	$ 1,013
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Impaired loans	539	1,013
Tribute Warrant [Member]
Financial Assets:
Impaired loans	539	1,013
Tribute Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Impaired loans	3,223	3,338
Marketable Securities [Member] | Tribute Warrant [Member]
Financial Assets:
Impaired loans	$ 3,223	$ 3,338

Fair Value Measurements (Deta42

Fair Value Measurements (Details 5) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Financial Assets
Cash and cash equivalents	$ 40,514	$ 32,182	$ 61,194	$ 47,287
Cash and cash equivalents at fair value	40,514	32,182
Finance receivables	130,824	126,366
Finance receivables at fair value	130,824	126,366
Marketable investments	4,315	2,621
Marketable investments at fair value	2,582	2,707
Warrant assets	539	1,013
Warrant assets at fair value	539	1,013
Financial Liabilities
Warrant liability	187	189
Gross liability at fair value	187	189
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Cash and cash equivalents at fair value	40,514	32,182
Marketable investments at fair value	2,775	1,057
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Finance receivables at fair value	130,824	126,366
Marketable investments at fair value	1,540	1,564
Warrant assets at fair value	539	1,013
Financial Liabilities
Gross liability at fair value	$ 187	$ 189