Resource America (REXI) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	RESOURCE AMERICA, INC.
Entity Central Index Key	83,402
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,786,938

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash	$ 26,522	$ 24,132
Restricted cash	1,228	937
Receivables	1,624	1,424
Loans and receivables from managed entities and related parties, net	23,970	26,667
Investments in real estate, net	16,100	16,022
Investment securities, at fair value	43,916	47,476
Investments in unconsolidated loan manager	31,617	32,616
Investments in unconsolidated entities	24,278	17,553
Property and equipment, net	4,712	5,371
Deferred tax assets, net	27,332	29,264
Other assets	9,916	9,519
Total assets	211,215	210,981
Liabilities:
Accrued expenses and other liabilities	26,360	27,184
Payables to managed entities and related parties	4,365	3,145
Long-term Debt	20,272	20,533
Total liabilities	50,997	50,862
Commitments and contingencies
Equity:
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	0
Common stock, $.01 par value, 49,000,000 shares authorized; 35,865,433 and 34,973,987 shares issued (including nonvested restricted stock of 1,730,069 and 1,095,238), respectively	348	339
Additional paid-in capital	313,532	311,491
Accumulated deficit	(30,304)	(30,676)
Treasury stock, at cost; 15,036,154 and 14,460,024 shares, respectively	(143,209)	(139,858)
Accumulated other comprehensive loss	(4,367)	(3,533)
Total stockholders’ equity	136,000	137,763
Noncontrolling interests	24,218	22,356
Total equity	160,218	160,119
Total liabilities and equity	$ 211,215	$ 210,981

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Par value (in usd per share)	$ 1	$ 1
Shares authorized (in shares)	1,000,000	1,000,000
Shares outstanding (in shares)	0	0
Par value (in usd per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	49,000,000	49,000,000
Shares issued (in shares)	35,865,433	34,973,987
Nonvested restricted stock (in shares)	1,730,069	1,095,238
Treasury stock, at cost	15,036,154	14,460,024

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES:
Real estate	$ 18,467	$ 21,116	$ 37,630	$ 38,082
Financial fund management	7,543	6,167	14,272	13,042
Commercial finance	129	2	205	0
Total revenues	26,139	27,285	52,107	51,124
COSTS AND EXPENSES:
Real estate	10,204	12,082	21,222	23,581
Financial fund management	4,825	3,238	8,505	6,301
Commercial finance	400	458	792	1,037
Transaction costs	4,040	0	4,040	0
General and administrative	4,452	4,181	9,335	7,478
Provision for credit losses	(102)	276	7	678
Depreciation and amortization	506	515	1,010	972
Total expenses	24,325	20,750	44,911	40,047
OPERATING INCOME (LOSS)	1,814	6,535	7,196	11,077
OTHER INCOME (EXPENSE):
Gain (loss) on sale of investment securities, net	134	0	632	0
Impairment on investments in available for sale securities	(803)	(4,346)	(901)	(4,346)
Interest expense	(434)	(455)	(874)	(876)
Other income (expense), net	369	689	876	1,003
Total other income (expense)	(734)	(4,112)	(267)	(4,219)
Income (loss) from continuing operations before taxes	1,080	2,423	6,929	6,858
Income tax provision (benefit)	(130)	857	2,316	2,101
Net income (loss)	1,210	1,566	4,613	4,757
Net (income) loss attributable to noncontrolling interests	(1,482)	(1,365)	(1,848)	(3,022)
Net income (loss) attributable to common shareholders	$ (272)	$ 201	$ 2,765	$ 1,735
Basic earnings (loss) per share:
Net income (in dollars per share)	$ (0.01)	$ 0.01	$ 0.13	$ 0.08
Weighted average shares outstanding (in shares)	20,835	22,867	20,722	22,915
Diluted earnings (loss) per share:
Net income (loss) (in dollars per share)	$ (0.01)	$ 0.01	$ 0.13	$ 0.08
Weighted average shares outstanding (in shares)	20,835	23,135	21,005	23,186

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,210	$ 1,566	$ 4,613	$ 4,757
Other comprehensive income (loss):
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $400, $(429), $(448) and $(883)	415	(626)	(975)	(1,327)
Less: reclassification for (gains) losses realized, net of tax of $0, $(216), $0 and $(433)	0	(242)	0	(483)
Total	415	(868)	(975)	(1,810)
Minimum pension liability adjustments, net of tax of $0, $9, $0 and $18	0	(9)	0	(18)
Less: reclassification for (gains) losses realized, net of tax of $51, $50, $102 and $99	71	56	141	112
Total	71	47	141	94
Foreign currency translation adjustments, net of tax of $0, $0, $0 and $1	0	0	0	2
Subtotal - other comprehensive income (loss)	486	(821)	(834)	(1,714)
Comprehensive income (loss) attributable to common shareholders	$ 1,696	$ 745	$ 3,779	$ 3,043

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $400, $(429), $(448) and $(883)	$ 400	$ (429)	$ (448)	$ (883)
Less: reclassification for (gains) losses realized, net of tax of $0, $(216), $0 and $(433)	0	(216)	0	(433)
Minimum pension liability adjustments, net of tax of $0, $9, $0 and $18	0	9	0	18
Less: reclassification for (gains) losses realized, net of tax of $51, $50, $102 and $99	51	50	102	99
Foreign currency translation adjustments, net of tax of $0, $0, $0 and $1	$ 0	$ 0	$ 0	$ 1

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2015			20,513,963
Balance, January 1, 2016 at Dec. 31, 2015	$ 160,119	$ 137,763	$ 339	$ 311,491	$ (30,676)	$ (139,858)	$ (3,533)	$ 22,356
Increase (Decrease) Equity [Roll Forward]
Net income (loss)	4,613	2,765			2,765			1,848
Treasury shares issued (in shares)			42,006
Treasury shares issued	215	215		(186)		401
Stock-based compensation (in shares)			891,446
Stock-based compensation	2,236	2,236	$ 9	2,227		0
Repurchase of common stock (in shares)			(618,136)
Repurchases of common stock	(3,752)	(3,752)				(3,752)
Dividends declared on common stock	(2,393)	(2,393)			(2,393)
Other	14							14
Other comprehensive income (loss)	(834)	(834)					(834)
Balance (in shares) at Jun. 30, 2016			20,829,279
Balance, June 30, 2016 at Jun. 30, 2016	$ 160,218	$ 136,000	$ 348	$ 313,532	$ (30,304)	$ (143,209)	$ (4,367)	$ 24,218

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 4,613	$ 4,757
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,048	1,004
Provision for credit losses	7	678
Unrealized (gain) loss on trading securities	(261)	(1,333)
Equity in (earnings) losses of unconsolidated entities	(6,920)	(5,732)
Distributions from unconsolidated entities	7,553	4,056
Principal payments received on trading securities held by consolidated VIE - Pelium	4,732	942
Impairment on investments in available for sale securities	901	4,346
(Gain) loss on sales of investment securities, net	(632)	0
Deferred income tax provision (benefit)	2,077	2,052
Equity-based compensation issued	2,050	1,604
(Gain) loss on trading securities	(188)	(769)
Trading securities purchases and sales, net	(126)	(11,923)
Changes in operating assets and liabilities	3,113	(344)
Net cash provided by (used in) operating activities	17,967	(662)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(60)	(352)
Investments in real estate and unconsolidated real estate entities	(6,756)	(3,295)
Principal payments on leases and loans	93	5
Purchase of loans and investments	(9,057)	(1,945)
Proceeds from sale of loans and investments	6,538	942
Net cash provided by (used in) investing activities	(9,242)	(4,645)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings	(293)	(821)
Dividends paid	(2,277)	(2,622)
Proceeds from issuance of common stock	0	1
Repurchases of common stock	(3,474)	(4,652)
(Increase) decrease in restricted cash	(291)	(161)
Contributions from non-controlling interests - Pelium	0	4,425
Net cash provided by (used in) financing activities	(6,335)	(3,830)
Increase (decrease) in cash	2,390	(9,137)
Cash, beginning of year	24,132	33,947
Cash, end of period	$ 26,522	$ 24,810

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1 - NATURE OF OPERATIONS Resource America, Inc. (the "Company") (NASDAQ: REXI) is a specialized asset management company that uses industry specific expertise to evaluate, originate, service and manage investment opportunities through its real estate, financial fund management, and commercial finance operating segments. As a specialized asset manager, the Company seeks to develop investment funds for outside investors for which the Company provides asset management services, typically under long-term management and operating arrangements either through a contract with, or as the manager or general partner of, the sponsored fund. The Company limits its investment funds to investment areas where it owns existing operating companies or has specific expertise. The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. However, in the opinion of management, these interim financial statements include all adjustments necessary to fairly present the results of the interim periods presented. The results of operations for the three and six months ended June 30, 2016 may not necessarily be indicative of the results of operations for the full year ending December 31, 2016 . The Company conducts its real estate operations primarily through the following subsidiaries: • Resource Real Estate Advisor, LLC manages the activities of Resource Real Estate Opportunity REIT I ("Opportunity REIT I") a public non-traded REIT, which completed its initial public offering in December 2013 having raised a total of $635.0 million . As of June 30, 2016 , the Opportunity REIT I manages a portfolio consisting of value-add residential multifamily rental properties and loans valued at $973.7 million ; • Resource Real Estate Advisor II, LLC manages the activities of Resource Real Estate Opportunity REIT II ("Opportunity REIT II"), a public non-traded REIT, which completed its initial public offering in February 6, 2016 having raised a total of $556.0 million . This fund focuses on acquiring a portfolio consisting of value-add residential multifamily rental properties and loans. As of June 30, 2016 , Opportunity REIT II manages a portfolio consisting of value-add residential multifamily rental properties and loans valued at $815.9 million ; • Resource Apartment Advisor III, LLC will manage the activities of Resource Apartment REIT III, Inc. ("Apartment REIT III"), a public non-traded REIT that will focus on acquiring under-performing apartment communities for renovation. Apartment REIT III will commence an initial public offering of up to $1.0 billion of its common stock in the third quarter of 2016; • Resource Innovation Office Advisor, LLC manages Resource Innovation Office REIT, Inc. ("Innovation Office REIT"), a public non-traded REIT, which filed an amended initial public offering of up to $1.0 billion in its common stock at a maximum price of $10.00 for Class A shares and $9.47 for Class T shares. Innovation Office REIT will focus on acquiring office properties and real estate debt secured by office properties; • Resource Capital Partners, Inc. acts as the general partner manager and managing member of, and provides asset management services to, the Company's four real estate investment partnerships and three tenant-in-common ("TIC") programs; • Resource Real Estate Management, Inc. (“Resource Residential”) provides property management services to the Company's multifamily apartment portfolio; • Resource Real Estate Funding, Inc., on behalf of Resource Capital Corp., ("RSO") (NYSE:RSO), a diversified real estate finance company that conducts its business so as to qualify as a real estate investment trust ("REIT"), manages a commercial real estate debt portfolio comprised principally of whole mortgage loans, and to a lesser extent, first priority interests in commercial mortgage loans ("A notes"), mortgage participations, subordinated interests in commercial mortgage loans ("B notes"), mezzanine debt and related commercial real estate securities. In addition, it manages a separate portfolio of discounted real estate and real estate loans; • Pearlmark Real Estate, LLC ("Pearlmark"), a joint venture in which the Company owns a 50% interest, manages institutional real estate investments. Pearlmark is in the process of fundraising for its first real estate investment fund and another managed entity that is in the formation stage; and • Resource Real Estate, Inc. manages owned assets and ventures, which are collectively referred to as the “legacy portfolio.” The Company conducts its financial fund management operations primarily through the following operating entities: • CVC Credit Partners ("CVC Credit Partners"), a joint venture between the Company and an unrelated third-party, finances, structures and manages investments in bank loans, high yield bonds and equity investments through collateralized loan obligation issuers ("CLOs"), managed accounts and three credit opportunity funds; • Resource Capital Manager, Inc. ("RCM"), an indirect wholly-owned subsidiary, provides investment management and administrative services to RSO under a management agreement between the Company, RCM and RSO ("the RCM Agreement"); • Resource Capital Markets, Inc. ("Resource Capital Markets"), through the Company's registered broker-dealer subsidiary, Resource Securities, Inc., acts as an agent in the primary and secondary markets for structured finance securities and transactions; • Northport Capital, LLC ("Northport"), provides middle market loan origination, management and monitoring services to RSO under the RCM Agreement. On August 1, 2016, RSO entered into a purchase agreement to sell Northport business for $247.0 million and retained its portfolio of broadly syndicated loans and one self-originated loan. • Trapeza Capital Management, LLC ("TCM"), a joint venture between the Company and an unrelated third-party, manages investments in trust preferred securities and senior debt securities of banks, bank holding companies, insurance companies and other financial companies through collateralized debt obligation ("CDO") issuers. TCM, together with the Trapeza CDO issuers, are collectively referred to as Trapeza; • Ischus Capital Management, LLC ("Ischus") manages legacy CDOs it sponsored, which hold investments in asset-backed securities ("ABS") including residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities, ("CMBS"); • Resource Financial Institutions Group, Inc. (“RFIG”), serves as the general partner for seven company-sponsored affiliated partnerships which invest in financial institutions; and • Pelium Capital Management, LLC, serves as the manager for Pelium Capital Partners, LP ("Pelium"), a hedge fund with primary holdings in CDO/CLO note and equity positions, CMBS and warehouse facilities. The Company conducts its commercial finance operations through LEAF Commercial Capital, Inc. (“LEAF”) and LEAF Financial Corporation (“LEAF Financial”). During the quarter ended June 30, 2016 , LEAF Financial liquidated its remaining publicly-held investment partnership and assumed the portfolio of leases and loans in settlement of the amount due from that fund. LEAF Financial had previously liquidated the three other commercial finance investment partnerships, one in July 2015 and two during 2014. Merger Agreement On May 22, 2016, Resource America, Inc. entered into an Agreement and Plan of Merger (the "Merger Agreement") with C-III Capital Partners LLC ("C-III") and Regent Acquisition Inc., a wholly owned subsidiary of C-III ("the Merger Sub"). The Merger Agreement provides that, subject to the terms and conditions thereof, Merger Sub will merge with and into Resource America, with Resource America continuing as the surviving corporation in the Merger, and that, at the effective time of the Merger, each share of the Company's common stock will be automatically converted into the right to receive $9.78 per share in cash. Acquisition related expenses, which totaled $4.0 million for the three and six months ended June 30, 2016 , are reflected as Transaction costs in the consolidated statements of operations. The merger is expected to be completed in the third quarter of 2016.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements reflect the Company's accounts and the accounts of the Company's majority-owned and/or controlled subsidiaries. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 810, as amended by Accounting Standards Update (“ASU”) 2015-2, Amendments to the Consolidation Analysis . The determination of whether or not to consolidate entities under accounting principles generally accepted in the United States (“U.S. GAAP”) requires significant judgment. To make these judgments, management performs an entity-by-entity analysis with consideration of (i) whether the Company has a variable interest in the entity, (ii) whether the entity is a variable interest entity (“VIE”), and (iii) whether the Company is the primary beneficiary of the VIE. When determining whether the Company has a variable interest in entities it evaluates for consolidation, the Company considers interests in the entities and fees it receives to act as a decision maker or service provider to the entity being evaluated. If the Company determines that it does not have a variable interest in an entity, no further consolidation analysis is performed as the Company would not be required to consolidate the entity. Fees received by the Company are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) the Company's other economic interests in the VIE held directly and indirectly through its related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits. If fees paid to the Company were determined to be a variable interest, it could result in the Company being the primary beneficiary of and thus consolidating the entity being evaluated. Evaluation of these criteria requires judgment. For those entities in which it has a variable interest, the Company performs an analysis to first determine whether the entity is a VIE. This determination includes considering whether the entity’s equity investment at risk is sufficient, whether the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties, and whether the entity’s at risk equity holders have the characteristics of a controlling financial interest. The Company is the general partner/manager of and has a variable interest in certain limited partnerships and similar entities. One of the factors that the Company considers in evaluating whether these entities are VIEs is whether a simple majority (or lower threshold) of limited partners with equity at risk are able to exercise substantive kick-out rights. Kick-out rights are generally defined as the ability to remove the general partner/manager or to dissolve the entity without cause. Generally, if the limited partners with equity at risk are not able to exercise substantive kick-out rights, the entity is a VIE unless the limited partners have been granted substantive participating rights. The Company is also the manager of and has a variable interest in certain entities other than limited partnerships. One of the factors that the Company considers in evaluating whether these entities are VIEs is whether the investors have power through voting rights or similar rights (such as those of a common shareholder in a corporation); and if not, whether a single equity holder has the unilateral ability to exercise substantive kick-out rights. If investors do not have power through voting rights or similar rights or a single equity holder does not have the unilateral ability to exercise substantive kick-out rights, then the entity is a VIE. These analyses require judgment. A VIE must be consolidated by its primary beneficiary. The primary beneficiary of a VIE is generally defined as the party who has a controlling financial interest in the VIE. The Company would be deemed to have a controlling financial interest in a VIE if it and its related parties under common control as a group, where applicable, have (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. For purposes of evaluating (ii) above, fees paid to the Company are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. This analysis requires judgment. All intercompany transactions and balances have been eliminated in the Company's consolidated financial statements. Use of Estimates Preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and costs and expenses during the reporting period. The Company makes estimates of its allowance for credit losses, the valuation allowance against its deferred tax assets, discounts and collectability of management fees, the valuation of stock-based compensation, and in determining whether a decrease in the fair value of an investment is an other-than-temporary impairment. The real estate and financial fund management segments make assumptions in determining the fair value of investments in investment securities. Actual results could differ from these estimates. Financing Receivables - Receivables from Managed Entities The Company performs a review of the collectability of its receivables from managed entities on a quarterly basis, by analyzing future cash flows by managed entity. Management fees are recorded net of a discount to the extent that they are anticipated to be collected in excess of one year. With respect to the receivables from its commercial finance investment partnerships, this takes into consideration several assumptions by management, primarily concerning estimates of future bad debts and recoveries. For receivables from its real estate investment entities, the Company estimates the cash flows through the sale of the underlying properties based on projected net operating income as a multiple of published capitalization rates, as reduced by the underlying mortgage balances and priority distributions due to the investors. Investment Securities The Company’s investment securities available-for-sale, including investments in the CLO and CDO issuers it sponsored, are carried at fair value. The fair value of the CLO and CDO investments is based primarily on internally-generated expected cash flow models that require significant management judgment and estimates due to the lack of market activity and the use of unobservable pricing inputs. Investments in affiliated entities, including the Company's holdings in The Bancorp, Inc. (NASDAQ: TBBK), RSO, Resource Credit Income Fund ("CIF") (NASDAQ: RCIIX), and Resource Real Estate Diversified Income Fund ("DIF") (NASDAQ: RREDX), are valued at the closing prices of the respective publicly-traded stocks. The Company sold its investment in Resource Real Estate Global Property Securities ("RREGPS"), a Company-sponsored Australian investment fund, in July 2015. The cumulative net unrealized gains (losses) on these investment securities, net of tax, is reported through accumulated other comprehensive income (loss). Realized gains (and losses) on the sale of investments are determined on the trade date on the basis of specific identification and are included in net operating results. Securities that are held principally for resale in the near term (trading securities) are recorded at fair value with changes in fair value recorded in earnings. Hedging - Foreign Currency Risk and Forward Contracts The Company has an exposure to foreign currency risk with respect to advances made to CVC Credit Partners that are repayable in Euros (see Note 15). To mitigate the foreign currency risk, the Company has entered into foreign currency forward contracts (see Note 18). Forward contracts represent future commitments to deliver a quantity of a currency at a predetermined future date and rate to manage currency risk. Financial derivatives are initially recognized in the balance sheet at fair value and subsequently measured at their fair value on each balance sheet date. The forward contracts are not designated as qualifying cash flow hedges and, accordingly, any changes in fair value of the contracts are recognized in the Company’s consolidated statements of operations. Similarly, any changes in the fair value of the Euro-based loan receivable are recognized in the consolidated statements of operations. Reclassifications Certain reclassifications have been made to the 2015 consolidated financial statements to conform to the 2016 presentation. Recent Accounting Standards Newly-Adopted Accounting Standards The Company’s adoption of the following standards during the six months ended June 30, 2016 did not have a material impact on its consolidated financial position, results of operations or cash flows: In April 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The guidance was retrospectively applied as of January 1, 2016, which resulted in the reclassification of $214,000 of unamortized debt issuance costs from Other Assets to Borrowings, Net within the consolidated balance sheets as of December 31, 2015. In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , which eliminates from GAAP the concept of an extraordinary item. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings per share data applicable to an extraordinary item. However, presentation and disclosure guidance for items that are unusual in nature and occur infrequently will be retained. This guidance was effective for the Company as of January 1, 2016. Accounting Standards Issued But Not Yet Effective In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most of the existing revenue recognition guidance in GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period . ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance, effective for the Company beginning January 1, 2017, is not expected to have a material impact on the Company's consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting , which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 is effective for the Company January 1, 2017 and interim periods within that reporting period. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The goal of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update becomes effective beginning January 1, 2017, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-09 on its consolidated financial statements.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosure of cash flow information for the Company is as follows (in thousands, except per share data): Six Months Ended June 30, 2016 2015 Cash (paid) received: Interest $ (794 ) $ (948 ) Income tax payments (1,921 ) (1,088 ) Refund of income taxes 12 52 Dividends declared per common share $ 0.12 $ 0.12 Non-cash activities: Repurchase of common stock from employees in exchange for the payment of income taxes $ 278 $ 173 Purchase of equipment on capital leases — 881 Issuance of treasury stock for the Company's investment savings 401(k) plan 401 271

FINANCING RECEIVABLES

FINANCING RECEIVABLES	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 4 - FINANCING RECEIVABLES The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of June 30, 2016 (in thousands): Current 30-89 Days Past Due 90-180 Days Past Due Greater than 181 Days Total Past Due Total Loans and receivables from managed entities and related parties: Real estate investment entities $ 9,265 $ 312 $ 665 $ 6,980 $ 7,957 $ 17,222 Financial fund management entities 1,627 28 21 38 87 1,714 RSO 2,126 — — — — 2,126 Other 2,908 — — — — 2,908 15,926 340 686 7,018 8,044 23,970 Rent receivables - real estate 168 22 4 2 28 196 Total financing receivables $ 16,094 $ 362 $ 690 $ 7,020 $ 8,072 $ 24,166 The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2015 (in thousands): Current 30-89 Days Past Due 90-180 Days Past Due Greater than 181 Days Total Past Due Total Loans and receivables from managed entities and related parties: Commercial finance investment entities $ — $ 16 $ 73 $ 1,200 $ 1,289 $ 1,289 Real estate investment entities 7,909 392 890 11,955 13,237 21,146 Financial fund management entities 1,582 — — — — 1,582 RSO 2,331 — — — — 2,331 Other 319 — — — — 319 12,141 408 963 13,155 14,526 26,667 Rent receivables - real estate 192 8 2 4 14 206 Total financing receivables $ 12,333 $ 416 $ 965 $ 13,159 $ 14,540 $ 26,873 The following table summarizes the activity in the allowance for credit losses for all financing receivables (in thousands): Receivables from Managed Entities Leases and Loans Rent Receivables Total Three Months Ended June 30, 2016: Balance, beginning of period $ — $ 20 $ 9 $ 29 Provision for (reversal) of credit losses — (94 ) (8 ) (102 ) (Charge-offs) — (82 ) (82 ) Recoveries — 206 — 206 Balance, end of period $ — $ 50 $ 1 $ 51 Ending balance, individually evaluated for impairment $ — $ 50 $ 1 $ 51 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ — $ 50 $ 1 $ 51 Six Months Ended June 30, 2016 Balance, beginning of period $ — $ 130 $ 5 $ 135 Provision for (reversal) of credit losses — 11 (4 ) 7 (Charge-offs) — (324 ) (324 ) Recoveries — 233 — 233 Balance, end of period $ — $ 50 $ 1 $ 51 Ending balance, individually evaluated for impairment $ — $ 50 $ 1 $ 51 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ — $ 50 $ 1 $ 51 Receivables from Managed Entities Leases and Loans Rent Receivables Total Three Months Ended June 30, 2015: Balance, beginning of period $ 17,359 $ — $ 1 $ 17,360 Provision for (reversal) of credit losses 306 (31 ) 1 276 (Charge-offs) recoveries — 31 — 31 Balance, end of period $ 17,665 $ — $ 2 $ 17,667 Ending balance, individually evaluated for impairment $ 17,665 $ — $ 2 $ 17,667 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ 17,665 $ — $ 2 $ 17,667 Six Months Ended June 30, 2015 Balance, beginning of period $ 16,990 $ — $ — $ 16,990 Provision for (reversal) of credit losses 675 1 2 678 (Charge-offs) recoveries — (1 ) — (1 ) Balance, end of period $ 17,665 $ — $ 2 $ 17,667 Ending balance, individually evaluated for impairment $ 17,665 $ — $ 2 $ 17,667 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ 17,665 $ — $ 2 $ 17,667 The Company’s financing receivables (presented exclusive of any allowance for credit losses) relate to the balance in the allowance for credit losses, as follows (in thousands): As of June 30, 2016: Receivables from Rent Total Ending balance, individually evaluated for impairment $ 23,970 $ — $ 23,970 Ending balance, collectively evaluated for impairment — 196 196 Balance, end of period $ 23,970 $ 196 $ 24,166 As of December 31, 2015: Ending balance, individually evaluated for impairment $ 26,667 $ — $ 26,667 Ending balance, collectively evaluated for impairment — 206 206 Balance, end of year $ 26,667 $ 206 $ 26,873 The following table discloses information about the Company’s impaired financing receivables (in thousands): Net Balance Unpaid Balance Specific Allowance Average Investment in Impaired Assets As of June 30, 2016: Financing receivables with a specific valuation allowance: Rent receivables – real estate $ — $ — $ 1 $ — As of December 31, 2015: Financing receivables with a specific valuation allowance: Loans and receivables from managed entities – commercial finance $ — $ — $ — $ 13,788 Rent receivables – real estate — — 5 — The Company had no impaired financing receivables without a specific allowance as of June 30, 2016 and December 31, 2015 . Included in Other Assets in the consolidated balance sheet as of June 30, 2016 and December 31, 2015 is a commercial lease portfolio totaling $1.7 million and $1.1 million , respectively, which includes the leases acquired from three of the LEAF investment partnerships upon their liquidation in settlement of balances owed to the Company. As of June 30, 2016 , the portfolio was comprised of 57 leases with an average lease balance of $29,900 and a remaining average lease term of 20 months; the aging of the outstanding lease payments was 83% current, 1% past due 30 days and 16% past due 90 days and over. As of December 31, 2015 , the portfolio was comprised of 60 leases with an average lease balance of $18,100 and a remaining average lease term of 15 months; the aging of the outstanding lease payments was 80% current, 5% past due 30 days, and 15% past due 90 days and over.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	6 Months Ended
	Jun. 30, 2016
Real Estate Investments, Net [Abstract]
INVESTMENTS IN REAL ESTATE	NOTE 5 - INVESTMENTS IN REAL ESTATE The Company’s investments in real estate, net, consist of the following (in thousands): June 30, December 31, Properties owned, net of accumulated depreciation of $10,039 and $9,752: Hotel property (Savannah, Georgia) $ 9,755 $ 9,757 Office building (Philadelphia, Pennsylvania) 908 877 10,663 10,634 Partnerships and other investments 5,437 5,388 Total investments in real estate, net $ 16,100 $ 16,022 The Company recorded rental income of $1.9 million and $1.7 million for the three month periods ended June 30, 2016 and June 30, 2015 , respectively and $3.1 million and $2.9 million for six month periods ended June 30, 2016 and June 30, 2015, respectively. The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending June 30, and thereafter, are as follows (in thousands): 2017 $ 903 2018 853 2019 827 2020 648 2021 291 Thereafter 312 Total $ 3,834

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	NOTE 6 - INVESTMENT SECURITIES Components of investment securities are as follows (in thousands): June 30, December 31, Available-for-sale securities $ 17,774 $ 19,509 Trading securities 1,590 1,451 Trading securities - Pelium 24,552 26,516 Total investment securities, at fair value $ 43,916 $ 47,476 Available-for-sale securities . The following table discloses the pre-tax unrealized gains (losses) relating to the Company’s investments in available-for-sale securities (in thousands): Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of June 30, 2016: CLO securities $ 7,057 $ — $ (412 ) $ 6,645 Equity securities 12,784 6 (1,661 ) 11,129 Total $ 19,841 $ 6 $ (2,073 ) $ 17,774 As of December 31, 2015: CLO securities $ 7,585 $ 928 $ (66 ) $ 8,447 Equity securities 12,784 12 (1,734 ) 11,062 Total $ 20,369 $ 940 $ (1,800 ) $ 19,509 CLO securities. The CLO securities represent the Company’s retained equity interests in 14 and 15 CLO issuers that CVC Credit Partners has sponsored and manages at June 30, 2016 and December 31, 2015 , respectively ( see Note 7 ). The fair value of these retained interests is impacted by the fair value of the investments held by the respective CLO issuers, which are sensitive to interest rate fluctuations and credit quality determinations. For the six months ended June 30, 2016 , the Company adjusted its assumptions with respect to the fair value calculations of its CLO securities based on a change in market conditions, principally the reinvestment price was increased from 99.0 to 99.5 , the post reinvestment price was increased from 99.0 to 99.75 and the discount rate was increased to 17% , which resulted in an impairment charge of $901,000 . In 2015, the Company adjusted its assumptions by increasing the constant default rate in year one and two and decreasing the prepayment speed in year one which resulted in an impairment charge of $331,000 . Equity securities . The Company holds 715,396 shares of RSO common stock and 18,972 shares of TBBK common stock, which are pledged as collateral for one of the Company’s secured corporate credit facilities. The Company also holds approximately 10,808 shares of DIF with a fair value of $108,000 . The Company has an investment of $1.7 million in the CIF, an interval fund. Trading securities. For the three and six months ended June 30, 2016 , the Company had net gains on trading securities of $175,000 , and $197,000 (including unrealized gains (losses) of $(13,000) and $9,000 ), respectively. For the three and six months ended June 30, 2015 , the Company had net gains on trading securities of $22,000 and $28,000 , (including unrealized gains of $22,000 and $42,000 ), respectively. These gains are reflected in Financial Fund Management Revenues on the consolidated statements of operations. Pelium, a consolidated VIE which holds securities with a fair value of $ 24.6 million at June 30, 2016 , recorded realized losses of $412,000 and $7,000 and unrealized gains of $578,000 and $252,000 during the three and six months ended June 30, 2016 and realized gains of $201,000 and $884,000 and unrealized gains of $507,000 and $1.3 million during the three and six months ended June 30, 2015 . Unrealized losses on available-for-sale securities, along with their related fair value, and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities): Less than 12 Months More than 12 Months Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities June 30, 2016 CLO securities $ 2,229 $ (212 ) 5 $ 3,640 $ (200 ) 8 Equity securities 1,708 (8 ) 1 9,308 (1,653 ) 2 Total $ 3,937 $ (220 ) 6 $ 12,948 $ (1,853 ) 10 December 31, 2015 CLO securities $ 2,033 $ (38 ) 3 $ 805 $ (28 ) 2 Equity securities 1,814 (10 ) 2 9,128 (1,724 ) 1 Total $ 3,847 $ (48 ) 5 $ 9,933 $ (1,752 ) 3 The unrealized losses in RSO common stock reflected in the above table are considered to be a temporary impairment due to market factors and not reflective of credit deterioration. Further, because of its intent and ability to hold its investment in RSO, the Company does not consider the unrealized losses to be an other-than-temporary impairment. Unrealized losses related to Pelium fund investments, along with the related fair value and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities): Less than 12 Months More than 12 Months Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities June 30, 2016: CDO Securities $ 10,880 $ (1,167 ) 13 $ 3,377 $ (1,365 ) 12 CMBS 3,284 (1,192 ) 3 — — — Other (4 ) (4 ) 1 — — — Total $ 14,160 $ (2,363 ) 17 $ 3,377 $ (1,365 ) 12 December 31, 2015: CDO Securities $ 10,156 $ (3,312 ) 18 $ 1,183 $ (503 ) 7 CMBS 2,940 (1,278 ) 5 — — — Other 2,857 (143 ) 2 — — — Total $ 15,953 $ (4,733 ) 25 $ 1,183 $ (503 ) 7

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER	6 Months Ended
	Jun. 30, 2016
Investments in Unconsolidated Entities [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER	NOTE 7 - INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER Investment in Unconsolidated Entities. As a specialized asset manager, the Company develops various types of investment vehicles, which it manages under long-term management agreements or similar arrangements. The following table details the Company’s investments in these vehicles, including the range of ownership interests owned (in thousands, except percentages): Range of Combined June 30, December 31, Real estate investment entities 1% – 8% $ 15,750 $ 10,169 Financial fund management partnerships 0.01% − 50% 7,932 6,754 Trapeza entities 33% − 50% 596 630 Investments in unconsolidated entities $ 24,278 $ 17,553 During the six months ended June 30, 2016 , the Company invested $2.0 million in the Innovation Office REIT, $2.0 million in Apartment REIT III and $2.5 million in Pearlmark. The investment balances reflected in the above table include the Company's equity in the earnings (losses) of the entities, as reduced by any distributions received. Included in real estate investment entities is the Company's $2.5 million investment in Opportunity REIT I, which completed its initial public offering in December 2013, a $1.3 million investment in Opportunity REIT II, which completed its offering in February 2016, a $2.2 million investment in Innovation Office REIT and a $2.2 million investment in Resource Apartment REIT III. The Company accounts for its investments in the Opportunity REITs, Innovation Office REIT and Apartment REIT III on the cost method. As of June 30, 2016 , the Company had an investment in Pearlmark of $6.7 million , inclusive of an initial $378,000 general partner contribution to a newly-formed Pearlmark-sponsored fund. The Company accounts for its investment in Pearlmark on the equity method of accounting. The Company has commitments with respect to some of these investments (see Note 19). Included in financial fund management partnerships is the Company's $3.7 million of investments in several managed credit funds, $2.5 million of investments in the RFIG partnerships which hold investments in financial institutions and a $725,000 investment in RCM Global, LLC ("RCM Global"), a venture between the Company and RSO that holds a portfolio of available-for-sale securities. Investment in Unconsolidated Loan Manager - CVC Credit Partners . In April 2012, the Company sold its equity interests in Apidos Capital Management, LLC ("Apidos") to CVC Capital Partners SICAV-FIS, S.A., a private equity firm (“CVC”), in exchange for (i) $25.0 million in cash, (ii) a 33% limited partner interest in CVC Credit Partners, a Cayman Islands limited partnership jointly owned by the Company and CVC, and (iii) a 33% interest in CVC Credit Partners' general partner, a Jersey corporation. The Company also retained a preferred equity interest in Apidos, which entitles it to receive distributions from CVC Credit Partners equal to 75% of the incentive management fees from the legacy Apidos portfolios. These investments are reflected as Investments in Unconsolidated Loan Manager on the consolidated balance sheets and the Company records its equity share of the operating results of CVC Credit Partners in Financial fund management revenues. In accordance with the CVC Credit Partners shareholders' agreement, in July 2015, CVC exercised its option to purchase a 9% portion of the Company's interest in the joint venture, which reduced the Company's LP interest to 24% . In conjunction with the buydown, the Company recorded an impairment charge of $4.3 million on its investment in CVC Credit Partners during the three months ended June 30, 2015. The purchase price, an agreed upon formulaic option price based on finalized 2014 results of the joint venture, was not indicative of its fair value. The remaining interests held by the Company were valued by a third-party valuation firm, which concluded that the fair value exceeded the book value and, as such, there was no further impairment. Summarized operating data for CVC Credit Partners is presented below (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Management fee revenues $ 20,401 $ 15,891 $ 40,362 $ 32,629 Costs and expenses (16,678 ) (14,118 ) (32,824 ) (28,927 ) Net income (loss) $ 3,723 $ 1,773 $ 7,538 $ 3,702 Portion of net income (loss) attributable to the Company $ 893 $ 580 $ 1,809 $ 1,222 The Company accounts for its preferred interest in Apidos on the cost method. As incentive fees are received, in accordance with its preferred interest, the Company receives a distribution of 75% of those amounts which will initially be recorded as income, net of any contractual amounts due to third-parties. Each quarter the Company evaluates the book value of the investment by estimating the fair value of the expected future cash flows from the incentive management fees. To the extent that the estimated fair value of future cash flows is less than the cost basis of the investment, such shortfall will be recorded as a reduction of the preferred interest. During the six months ended June 30, 2016 , as a result of cash payouts from three legacy Apidos CLOs that were called, the Company's preferred interest was reduced by $2.8 million to $4.0 million . At such time that the investment has been reduced to zero, all subsequent distributions will be recorded as income. The Company evaluates all of these investments for impairment on a quarterly basis. There were no identified events that had a significant adverse effect on these investments and, as such, no impairment was recorded.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	NOTE 8 - VARIABLE INTEREST ENTITIES In general, a VIE is an entity that does not have sufficient equity to finance its operations without additional subordinated financial support, or an entity for which the risks and rewards of ownership are not directly linked to voting interests. The Company has variable interests in VIEs through its management contracts and investments in various securitization entities, including CLO and CDO issuers and through equity interests. The Company serves as the asset manager for the investment entities it sponsored and manages. The management fees the Company earns are excluded from its VIE determination as long as the fees are commensurate with the level of effort provided, are market based and similar to what a third party would charge for similar services, and the Company's other interests in the VIE are not significant. If the entity is deemed to be a VIE, the Company must then evaluate whether it is the primary beneficiary of the entity. Trading Portfolio From time to time, the Company may have an interest in a VIE through the investments it makes as part of its trading activities. Because of the high volume of trading activity the Company experiences, the Company does not perform a formal assessment of each individual investment within its trading portfolio to determine if the investee is a VIE and if the Company is a primary beneficiary. Even if the Company were to obtain a variable interest in a VIE through its trading portfolio, the Company would not typically be deemed to be the primary beneficiary as it does not usually obtain the power to direct activities that most significantly impact the investee’s financial performance. In the extremely unlikely case that the Company obtained the power to direct and held a significant variable interest in an investee in its trading portfolio that was a VIE, any such control would be temporary due to the rapid turnover within the trading portfolio. Consolidated VIE - Pelium Pelium is a VIE that the Company manages and in which it has invested $5.0 million for a 20% limited partner interest. Based on its evaluation, the Company concluded that it is the primary beneficiary and, as such, consolidates Pelium. However, the assets of Pelium are held solely to satisfy Pelium's obligations and the creditors of Pelium have no recourse against the assets of the Company. The following are the carrying amounts of the assets and liabilities of Pelium that are reflected in the Company's consolidated balance sheets (in thousands): Balance Sheet Account - Pelium June 30, December 31, Cash $ 4,418 $ 377 Receivables 713 2,345 Investment securities, at fair value 24,552 24,712 Other assets 89 98 $ 29,772 $ 27,532 Accrued expenses and other liabilities $ 193 $ 99 VIEs not consolidated In addition, the Company has investments in and manages the structured finance entities that hold investments in asset-backed securities (“Ischus entities”) and trust preferred assets (“Trapeza entities”). All of these entities were determined to be VIEs that the Company does not consolidate as it does not have the obligation of, or right to, losses or earnings that would be significant to those entities. The Company has not provided financial or other support to these VIEs and has no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at June 30, 2016 . The following table presents the carrying amounts of the assets in the consolidated balance sheets that relate to the Company's variable interests in identified nonconsolidated VIEs that it manages as well as the Company's maximum potential exposure to losses associated with these managed VIEs in which it holds variable interests at June 30, 2016 (in thousands): Receivables from Managed Entities and Related Parties, Net Investments Maximum Exposure to Loss in Non-consolidated VIEs Ischus entities $ — $ — $ — Trapeza entities — 596 596 $ — $ 596 $ 596

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 9 - ACCRUED EXPENSES AND OTHER LIABILITIES The following is a summary of the components of accrued expenses and other liabilities (in thousands): June 30, December 31, Accounts payable and other accrued liabilities (1) $ 11,228 $ 7,919 Supplemental executive retirement plan ("SERP") liability (see Note 14) 6,140 6,454 Accrued wages and benefits 5,225 8,036 Deferred rent 2,152 2,323 Apidos contractual obligation, at fair value (see Notes 7 and 17) 345 615 Dividends declared and not yet paid 1,250 1,132 Insurance notes 20 705 Total accrued expenses and other liabilities $ 26,360 $ 27,184 _____________ (1) Included in accounts payable and other accrued liabilities are $3.7 million of C-III-related transaction costs and expenses.

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
BORROWINGS	NOTE 10 - BORROWINGS The credit facilities and other debt of the Company and related borrowings outstanding are as follows (in thousands): As of June 30, 2016 December 31, Maximum Amount of Facility Borrowings Outstanding Borrowings Outstanding Credit facilities: TD Bank – secured revolving credit facility (1) $ 6,997 $ — $ — Republic Bank – secured revolving credit facility 2,251 — — — — Other debt: Senior Notes 10,000 10,000 Mortgage debt - hotel property 9,767 9,877 Other debt 688 870 Total borrowings outstanding 20,455 20,747 Reduced for deferred financing costs 183 214 Borrowings, net $ 20,272 $ 20,533 (1) The amount of the TD facility shown has been reduced by $503,000 for an outstanding letter of credit at June 30, 2016 . Corporate and Real Estate Debt TD Bank, N.A. (“TD Bank”) . In March 2011, the Company entered into a line of credit loan agreement with TD Bank that, through April 24, 2014, allowed for borrowings up to $7.5 million with interest at either (a) the prime rate plus 2.25% or (b) a specified London Interbank Offered Rate (" LIBOR ") plus 3% . The interest rate used varies from one to six month LIBOR depending upon the period of the borrowing. In April 2014, the Company amended the TD Bank facility to (i) extend the maturity date to the earlier of (a) the expiration of the Company's management agreement with RSO or (b) December 31, 2017 , (ii) increase the maximum borrowing amount to $11.5 million provided that the Company maintains an aggregate value of pledged securities of $6.0 million and (iii) require that the Company have no cash advances outstanding for thirty consecutive days during each one -year period beginning on April 25, 2014 . In January 2016, due to a market decline in the value of the pledged securities, availability under the line of credit was reduced to $7.5 million . The Company is charged an annual fee of 0.5% on the unused facility amount as well as a 5.25% fee on a $503,000 outstanding letter of credit. Borrowings are secured by a first priority security interest in certain of the Company's assets and the guarantees of certain subsidiaries, including (i) the present and future fees and investment income earned in connection with the management of, and investments in, sponsored CDOs and CLOs, (ii) a pledge of 18,972 shares of TBBK common stock, and (iii) a pledge of 540,168 shares of RSO common stock held by the Company. There were no borrowings outstanding on the TD facility as of June 30, 2016 and December 31, 2015 . Republic First Bank (“Republic Bank”). In February 2011, the Company entered into a $3.5 million revolving credit facility with Republic Bank. The facility bears interest at the prime rate of interest plus 1% with a floor of 4.5% . The loan is secured by a pledge of 175,000 shares of RSO common stock held by the Company and a first priority security interest in an office building located in Philadelphia, Pennsylvania ( see Note 5 ). Availability under this facility is limited to the lesser of (a) the sum of (i) 25% of the appraised value of the real estate, based upon the most recent appraisal delivered to the bank and (ii) 100% of the cash and 75% of the market value of the pledged RSO shares held in the pledged account; and (b) 100% of the cash and 100% of the market value of the pledged RSO shares held in the pledged account. The loan has an unused annual facility fee equal to 0.25% . In November 2013, the Company further amended this facility to extend the maturity date to December 28, 2016 and increase the unused annual facility fee to 0.5% . There were no borrowings under this facility as of June 30, 2016 and December 31, 2015 and the availability was $2.3 million and $2.2 million , respectively. Senior Notes The Company's $10.0 million of 9% senior notes (the "Senior Notes") mature on March 31, 2018 . The effective interest rate for the three and six months ended June 30, 2016 and June 30, 2015 was 9.1% . The Company may early redeem all or part of the Senior Notes upon notification to the note holders at the redemption price plus any accrued and unpaid interest through to the date of such redemption. The redemption price prior to March 31, 2017 is at a 101% premium to par. Other Debt - Real Estate and Corporate Real estate - mortgage. The Company has a mortgage on its hotel property in Savannah, Georgia. The 6.36% fixed rate mortgage matures in September 2021 and requires monthly payments of principal and interest of $71,331 . The principal balance outstanding as of June 30, 2016 and December 31, 2015 was $9.8 million and $9.9 million , respectively. Corporate and real estate - capital leases. As of June 30, 2016 , the Company has various capital leases for computer equipment. Debt Repayments Annual principal payments coming due on the Company’s total borrowings outstanding for the five succeeding annual periods ending June 30, and thereafter, are as follows (in thousands): 2017 $ 622 2018 10,543 2019 268 2020 281 2021 301 Thereafter 8,440 Total $ 20,455 Covenants The TD Bank credit facility is subject to certain financial covenants, which are customary for the type and size of the facility, including debt service coverage and debt to equity ratios. The debt to equity ratio restricts the amount of recourse debt the Company can incur based on a ratio of recourse debt to net worth. The covenant for the mortgage on the Company's hotel property requires maintaining a minimum debt coverage ratio. In addition, although non-recourse in nature, the loan is subject to limited standard exceptions (or "carveouts") which the Company has guaranteed. These carveouts will expire as the loan is paid down over the next five years. The Company has control over the operations of the underlying property, which mitigates the potential risk associated with these carveouts and, accordingly, no liabilities for these obligations have been recorded in the consolidated financial statements. To date, the Company has not been required to make any carveout payments. The Company was in compliance with all of its financial debt covenants as of June 30, 2016 .

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2016
Comprehensive Income (Loss) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes net income (loss) and all other changes in the equity of a business from transactions and other events and circumstances from non-owner sources. These changes, other than net income (loss), are referred to as “other comprehensive income (loss)” and for the Company include primarily changes in the fair value, net of tax, of its investment securities available-for-sale and the pension liability. The following are changes in accumulated other comprehensive (loss) income by category (in thousands): Investment Securities Available-for-Sale Foreign Currency Translation Adjustments SERP Pension Liability Total Balance, December 31, 2015, net of tax of $(505), $(4) and $(2,524) $ (34 ) $ (8 ) $ (3,491 ) $ (3,533 ) Current-period other comprehensive (loss) income (975 ) — 141 (834 ) Balance, June 30, 2016, net of tax of $(955), $2 and $(2,422) $ (1,009 ) $ (8 ) $ (3,350 ) $ (4,367 ) Amounts reclassified from accumulated other comprehensive income were reflected in the consolidated financial statements, as follows: Category Locations in the consolidated financial statements Investment securities available-for-sale Revenues - Financial fund management SERP pension liability General and administrative expenses Foreign currency translation adjustments Other income

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NOTE 12 - NONCONTROLLING INTERESTS Noncontrolling interests substantially reflects the interest held by RSO in the Pelium fund and, to a lesser extent, the interest held by a related party in the Company's hotel property in Georgia. The following table presents the activity in noncontrolling interests (in thousands): Six Months Ended Noncontrolling interests, beginning of year $ 22,356 Net income (loss) attributable to noncontrolling interests 1,848 Other 14 Noncontrolling interests, end of period $ 24,218

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 13 - EARNINGS PER SHARE Basic earnings per share (“Basic EPS”) is computed using the weighted average number of common shares outstanding during the period, inclusive of nonvested share-based awards that are entitled to receive non-forfeitable dividends. The diluted earnings per share (“Diluted EPS”) computation takes into account the effect of potential dilutive common shares. Potential dilutive common shares, consisting primarily of outstanding stock options and director deferred shares, are calculated using the treasury stock method. The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Shares Basic shares outstanding 20,835 22,867 20,722 22,915 Dilutive effect of outstanding director units and stock options (1) — 268 283 271 Diluted shares outstanding 20,835 23,135 21,005 23,186 (1) Due to the losses for the three months ended June 30, 2016, director units and stock options outstanding were antidilutive and, therefore, excluded from the Diluted EPS computation. As a result, Basic EPS and Diluted EPS shares were the same. Excluded from the Diluted EPS calculation were 289,000 share equivalents related to outstanding and unissued director units.

BENEFIT PLANS

BENEFIT PLANS	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	NOTE 14 - BENEFIT PLANS SERP. The Company established a SERP, which has Rabbi and Secular Trust components, for Mr. Edward E. Cohen (“Mr. E. Cohen”), while he was the Company’s Chief Executive Officer. The plan pays Mr. E. Cohen an annual benefit of $838,000 during his lifetime. The components of net periodic benefit costs for the SERP were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest cost $ 62 $ 63 $ 124 $ 125 Less: expected return on plan assets (10 ) (18 ) (20 ) (37 ) Plus: amortization of unrecognized loss 121 105 243 211 Net cost $ 173 $ 150 $ 347 $ 299 Restricted stock. The value of the restricted stock awarded is based on the closing price of the Company's common stock as of the date of grant. During the six months ended June 30, 2016 and 2015 , the Company awarded 847,177 and 440,852 shares of restricted stock valued at $4.0 million and $3.9 million , respectively. Additionally, for the six months ended June 30, 2016 and 2015 , there were 45,308 and 45,306 shares earned as part of a performance-based award, which were valued at $411,000 and $420,000 , respectively.

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	NOTE 15 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has sponsored and manages investment entities. Additionally, it has ongoing relationships with several related entities. The following table details these receivables and payables (in thousands): June 30, December 31, Receivables from managed entities and related parties, net: Real estate investment entities $ 17,222 $ 21,146 Commercial finance investment entity (1) — 1,289 Financial fund management investment entities 1,714 1,582 Other 178 319 RSO 2,126 2,331 Loan to CVC Credit Partners 2,730 — Receivables from managed entities and related parties, net $ 23,970 $ 26,667 Payables due to managed entities and related parties: Real estate investment entities (2) $ 4,330 $ 3,110 Other 35 35 Payables to managed entities and related parties $ 4,365 $ 3,145 (1) Reflects the liquidation of the remaining LEAF Financial commercial lease investment partnership in May 2016 and the corresponding assumption of the fund's net assets, including the portfolio of leases and loans, in settlement of the receivable due from the fund. (2) Includes $4.2 million and $3.0 million in self-insurance funds provided by the Company's real estate investment entities as of June 30, 2016 and December 31, 2015 , respectively, which are held in escrow by the Company to cover claims. The Company receives fees, dividends and reimbursed expenses from several related/managed entities. In addition, the Company reimburses related entities for certain operating expenses. The following table details those activities (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fees from unconsolidated investment entities : Real estate (1) $ 1,365 $ 1,774 $ 4,521 $ 3,891 Financial fund management 654 785 1,428 1,567 RSO: Management, incentive and servicing fees 2,808 3,188 6,553 6,420 Dividends paid 300 458 600 916 Reimbursement of costs and expenses 1,599 1,642 2,636 2,713 CVC Credit Partners: Reimbursement of net costs and expenses 127 246 346 475 Opportunity REIT I: Fees 4,636 8,667 9,253 14,972 Reimbursement of costs and expenses 1,155 934 2,430 1,822 Dividends paid 44 29 88 44 Opportunity REIT II: Fees 6,992 1,732 11,782 2,744 Reimbursement of costs and expenses 779 762 1,357 1,499 Dividends paid 21 13 41 20 Innovation Office REIT: Reimbursement of costs and expenses 431 — 1,052 — LEAF: Payment for sub-servicing the commercial finance investment partnerships (2) — (18 ) — (41 ) Reimbursement of net costs and expenses 51 41 87 77 1845 Walnut Associates Ltd: Payment for rent and related expenses (214 ) (209 ) (428 ) (416 ) Property management fees 66 38 113 76 Brandywine Construction & Management, Inc.: Payment for property management of hotel property (89 ) (81 ) (141 ) (133 ) Atlas Energy, L.P.: Reimbursement of net costs and expenses 24 11 53 24 Ledgewood P.C.: Payment for legal services (33 ) (55 ) (68 ) (89 ) Graphic Images, LLC: Payment for printing services (88 ) (36 ) (114 ) (84 ) 9 Henmar LLC: Payment of broker/consulting fees (13 ) (14 ) (16 ) (17 ) (1) Includes the reduction of discounts previously recorded of $136,000 and $130,000 for the three and six months ended June 30, 2016 and $3,000 and $210,000 and three and six June 30, 2015 , respectively, in connection with management fees from the Company's real estate investment entities that have been received or are expected to be received sooner than originally projected. (2) The Company waived management fees from its commercial finance investment entities of $0 and $7,000 during the three and six months ended June 30, 2016 and $31,000 and $80,000 during the three and six months ended June 30, 2015 . Relationship with RSO . Since March 2005, the Company has had a management agreement with RSO pursuant to which it provides certain services, including investment management and certain administrative services, to RSO. The agreement, which had an original maturity date of March 31, 2009, continues to renew automatically for one -year terms unless at least two-thirds of the independent directors or a majority of the outstanding common shareholders agree to not renew it. The Company receives a base management fee, incentive compensation, property management fees and reimbursement for out-of-pocket expenses. The base management fee is equal to 1/12th of the amount of RSO’s equity, as defined by the management agreement, multiplied by 1.50%. In October 2009, February 2010 and March 2012, the management agreement was further amended such that RSO directly reimburses the Company for the wages and benefits of RSO's chief financial officer as well as an executive officer who devotes all of his time to serve as RSO’s chairman of the board, and a sufficient number of accounting professionals, each of whom will be exclusively dedicated to RSO's operations (number and amounts charged are reviewed and approved by RSO's Board of Directors), and a director of investor relations who is 50% dedicated to RSO's operations. In August 2010, the agreement was further amended to reduce the incentive management fee earned by the Company for any fees paid directly by RSO to employees, agents and/or affiliates of the Company with respect to profits earned by a taxable REIT subsidiary of RSO. The Company earned a $2.3 million structuring and placement fee for underwriting a European CLO with a total par value of €413.0 million for an unrelated third-party collateral manager. RSO purchased €12.5 million of the subordinated note tranche of this CLO. Relationship with Opportunity REIT I. As of June 30, 2016 and December 31, 2015 , the Company had a receivable/ (prepayment) of $(106,000) and $277,000 , respectively, from Opportunity REIT I for reimbursement of operating costs and expenses. Relationship with Opportunity REIT II. As of June 30, 2016 and December 31, 2015 , the Company had a receivable of $205,000 and $4.9 million , respectively, from Opportunity REIT II for offering costs and operating expense reimbursements. Relationship with Innovation Office REIT. As of June 30, 2016 and December 31, 2015 the Company had a receivable of $4.3 million and $2.4 million , respectively, from the Innovation Office REIT for reimbursement of offering costs and expenses. Relationship with Resource Apartment REIT III. As of June 30, 2016 and December 31, 2015 the Company had a receivable of $1.4 million and $739,000 , respectively, from the Resource Apartment REIT III for reimbursement of offering costs and expenses. Relationship with CVC Credit Partners. On January 13, 2016, the Company entered into a new loan agreement with CVC Credit Partners which provides for borrowings of up to €3.6 million with interest accruing at the Euro Interbank Offered Rate (" EURIBOR ") plus 7% . In February 2016 and March 2016, CVC Credit Partners borrowed a total of €2.4 million under this new loan. The Company has consulted with hedging and derivative professionals and has utilized hedging instruments in order to minimize FX exposure. In February 2014, the Company loaned a non-executive employee $300,000 under a promissory note bearing interest at 3-month LIBOR plus 3% , resetting annually. In December 2014, the Company amended the terms of the note to provide for an initial repayment of $50,000 plus accrued interest, which was paid on March 15, 2015. The remaining principal and interest was repaid in full prior to the final due date on March 8, 2016.

OTHER INCOME

OTHER INCOME	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
OTHER INCOME	NOTE 16 - OTHER INCOME The following table details other income, net (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 RSO dividends $ 301 $ 458 $ 601 $ 916 Interest income 134 234 348 338 Other expense, net (66 ) (3 ) (73 ) (251 ) Other income, net $ 369 $ 689 $ 876 $ 1,003

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 17 - FAIR VALUE In analyzing the fair value of its assets and liabilities accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities are categorized into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 − Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 − Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 − Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and that are, consequently, not based on market activity, but upon particular valuation techniques. There were no transfers between any of the levels within the fair value hierarchy for any of the periods presented. The following is a discussion of the assets and liabilities that are recorded at fair value on a recurring and non-recurring basis, as well as the valuation techniques applied to each fair value measurement and the estimates and assumptions used by the Company in those measurements. Investment securities. The Company uses quoted market prices to value its investments in RSO, DIF, CIF and TBBK common stock (Level 1). The fair value of the Company's investments in CLO and CDO securities are based on internally-generated expected cash flow models that require significant management judgments and estimates due to the lack of market activity and unobservable pricing inputs. The significant unobservable inputs used in the fair value measurement include the constant prepayment rate ("CPR"), a probability of default ("CDR"), severity rate, reinvestment price on underlying collateral and the discount rate. Significant increases (decreases) in the default or discount rates in isolation would result in a significantly lower (higher) fair value measurement, whereas significant increases (decreases) in the recovery rate, prepayment rate or reinvestment price in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the discount rate and a directionally opposite change in the assumption used for prepayment rates, recovery rates and reinvestment prices on underlying collateral. As of June 30, 2016 , the Company held six securities of value within its trading portfolio, five of which were debt/equity investments in externally managed CDO issuers and one was a term loan (Level 3). Investment in Apidos-CVC preferred stock and contractual commitment . The Company's estimated contractual commitment associated with its investment in the Apidos-CVC preferred stock was valued at $345,000 at June 30, 2016 based on the present value of the underlying discounted projected cash flows of the legacy Apidos incentive management fees (Level 3). The fair value of the Company’s assets and liability recorded at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 Total Assets - Investment securities Investment securities $ 11,130 $ — $ 8,234 $ 19,364 Pelium securities — — 24,552 24,552 June 30, 2016 $ 11,130 $ — $ 32,786 $ 43,916 Investment securities $ 11,062 $ — $ 9,898 $ 20,960 Pelium securities — — 26,516 26,516 December 31, 2015 $ 11,062 $ — $ 36,414 $ 47,476 Liability - Apidos contractual commitment Level 1 Level 2 Level 3 Total June 30, 2016 $ — $ — $ 345 $ 345 December 31, 2015 — — 615 615 The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during six months ended June 30, 2016 (in thousands): Investment Securities Pelium Securities Total Balance, beginning of year $ 9,898 $ 26,516 $ 36,414 Purchases 2,045 6,828 8,873 Income accreted 593 1,867 2,460 Capitalized interest — — — Payments and distributions received, net (968 ) (5,440 ) (6,408 ) Sales (1,853 ) (5,503 ) (7,356 ) Impairment (902 ) — (902 ) Realized gains on CDOs 498 — 498 Gains on trading securities 188 — 188 Unrealized holding gains on trading securities 9 284 293 Change in unrealized gains included in accumulated other comprehensive loss (1,274 ) — (1,274 ) Balance, end of period $ 8,234 $ 24,552 $ 32,786 The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during year ended December 31, 2015 (in thousands): Investment Securities Pelium Securities Total Balance, beginning of year $ 8,489 $ 17,561 $ 26,050 Purchases 2,524 27,630 30,154 Income accreted 1,238 — 1,238 Capitalized interest — 3,047 3,047 Payments and distributions received, net (1,913 ) (4,285 ) (6,198 ) Sales (174 ) (16,012 ) (16,186 ) Impairment (331 ) — (331 ) Gains (losses) on sales of trading securities (14 ) 1,415 1,401 Unrealized holding gains on trading securities 269 (2,840 ) (2,571 ) Change in unrealized gains included in accumulated other comprehensive loss (190 ) — (190 ) Balance, end of period $ 9,898 $ 26,516 $ 36,414 The following table presents the Company's quantitative inputs and assumptions used in determining the fair value of items categorized in Level 3 (in thousands, except percentages): Fair value at June 30, 2016 Valuation Technique Unobservable Inputs Assumptions (weighted average) CLO securities $ 6,645 Discounted cash flow Constant default rate 1% - 2% Loss severity rate 25% Constant prepayment rate 25% Reinvestment price on collateral 99.5% Reinvestment spread 0% - 4.50% Discount rates 17% Trading securities $ 1,590 Net asset value Value of underlying assets variable Discount rates 0% - 10% Discounted cash flow Constant default rate 5% Constant prepayment rate 30% Loss severity rate 30% In accordance with the guidance on fair value measurements and disclosures, the Company is not required to disclose quantitative information with respect to unobservable inputs contained in fair value measurements that are not developed by the Company. As a consequence, the Company has not disclosed such information associated with the fair values obtained from third-party pricing sources. The fair value of financial instruments required to be disclosed at fair value, excluding instruments valued on a recurring basis, is as follows (in thousands): June 30, 2016 December 31, 2015 Carrying Amount (1) Estimated Fair Value Carrying Amount Estimated Fair Value Borrowings: Real estate debt $ 9,767 $ 10,371 $ 9,877 $ 10,618 Senior Notes 10,000 13,238 10,000 12,202 Other debt 688 688 870 870 $ 20,455 $ 24,297 $ 20,747 $ 23,690 (1) Borrowings on the consolidated balance sheets are reflected net of outstanding deferred financing costs of $183,000 and $214,000 at June 30, 2016 and December 31, 2015 , respectively. For cash, receivables and payables, the carrying amounts approximate fair value because of the short-term maturity of these instruments. The Company estimated the fair value of the real estate debt using current interest rates for similar loans and estimated the fair value of the Senior Notes by applying the percentage appreciation in a high-yield fund with similar quality and risk attributes as the Senior Notes. The carrying value of the Company's other debt was estimated using current interest rates for similar loans at June 30, 2016 and December 31, 2015 .

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 18 - DERIVATIVES As of June 30, 2016 , the Company had the following outstanding foreign currency forward contracts outstanding (in thousands): Derivatives Number of Instruments Notional Amount Maturity Date (1) Foreign currency forward contracts 2 $ 2,666 August 5, 2016 (1) On August 5, 2016, the Company settled one of the two foreign currency contracts against the payment received from CVC and extended the other contract, which has a maturity date of September 7, 2016 and a notional amount of $1.3 million . The table below presents the fair value of the Company's derivative financial instruments, which are included in accrued expenses and other liabilities on the consolidated balance sheets (in thousands): Liability Derivatives June 30, 2016 Balance Sheet Fair Value Foreign currency forward contracts $9

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19 - COMMITMENTS AND CONTINGENCIES As of June 30, 2016 , except for executive compensation, the Company did not believe it was probable that any payments would be required under any of its contingencies and, accordingly, no liabilities were recorded in the consolidated financial statements. The Company's commitments and contingencies as of June 30, 2016 were as follows: Corporate Broker-dealer capital requirement. Resource Securities serves as a dealer-manager for the sale of securities of direct participation investment programs, both public and private, sponsored by subsidiaries of the Company who also serve as general partners and/or managers of these programs. Additionally, Resource Securities serves as an introducing agent for transactions involving sales of securities of financial services companies, REITs and insurance companies for the Company and for RSO. As a broker-dealer, Resource Securities is required to maintain minimum net capital, as defined in regulations under the Securities Exchange Act of 1934, as amended, which was $100,000 and $259,000 as of June 30, 2016 and December 31, 2015 , respectively. As of June 30, 2016 and December 31, 2015 , Resource Securities net capital was $1.1 million and $1.0 million , respectively, which exceeded the minimum requirements by $951,000 and $780,000 , respectively. Legal proceedings . On June 15, 2016, a putative class action lawsuit, Gansman v. Resource America, Inc., et al., Case No. 160601492, was filed in the Court of Common Pleas of Philadelphia County by a purported stockholder of Resource America that names the Company, its board of directors, C-III and Merger Sub as defendants. On July 11, 2016, the plaintiff filed a stipulation with the Court seeking an order discontinuing the action without prejudice. On July 14, 2016, a putative class action lawsuit, Gansman v. Resource America, Inc., et al., Case No. 16-3820, was filed in the United States District Court for the Eastern District of Pennsylvania and names the Company, its board of directors, C-III and Merger Sub as defendants. The lawsuit seeks to enjoin the transaction and alleges, among other things, that the definitive proxy statement the Company distributed in connection with the Company’s upcoming special meeting of stockholders being held to approve the proposed merger with C-III omits material information regarding the sale process followed by the Company, the negotiation of the definitive merger agreement with C-III and certain analyses prepared by the Company’s financial advisor. The Company believes that the allegations in the complaint are without merit. The Company is also a party to various routine legal proceedings arising out of the ordinary course of business. Management believes that none of these actions, individually or, in the aggregate, will have a material adverse effect on the Company's consolidated financial condition or operations. Executive compensation. The Company is also party to employment agreements with certain executives that provide for compensation and other benefits, including severance payments under specified circumstances. Financial fund management Clawback liability. One of the Company's structured finance partnerships that invests in public and private regional banks has a potential clawback of up to 75% of the management fees paid to the Company ( $1.4 million as of June 30, 2016 ) to the extent that the limited partners’ aggregate capital contributions exceed the total partner distributions from the fund. As of June 30, 2016 , the fair value of the fund's assets were sufficient to cover the distribution requirement and, as such, no liability has been recorded for this contingency. Capital commitments. In connection with the Company's investment in CVC Credit Partners, and in its capacity as the fund manager for some of its managed accounts/funds, the Company is contractually committed to invest capital along with third-party investors. Accordingly, as of June 30, 2016 , the Company’s pro-rata portion of the unfunded capital commitments totaled $4.7 million across five such funds/accounts. The Company expects these unfunded commitments to be called over the next two years. Real estate REIT capital commitments. As a specialized asset manager, the Company sponsors and manages investment funds in which it may make an equity investment along with outside investors. These equity investments are generally based on a percentage of funds raised and varies among investment programs. The liability for these commitments will be recorded in the future as the amounts become due and payable. Pearlmark joint venture capital commitments. In connection with the Pearlmark joint venture, the Company was committed to and has funded a total of $8.0 million as of June 30, 2016 . This funding is reflected as the Company's investment in Pearlmark and will have a preference in distributions, plus a 10% internal rate of return, from the joint venture before any monies will be distributed to the other investors. In July 2016, the Company and its joint venture partner each funded an additional $500,000 for working capital purposes. In connection with the formation of Pearlmark's first fund offering, Pearlmark Mezzanine Realty Partners IV, L.P., the Company is committed to contribute up to a maximum of $1.7 million as a General Partner of the fund. As of June 30, 2016 , the Company has funded $378,000 of that commitment and will record a commitment in the future as additional amounts are called. Commercial finance Commercial finance partnership guarantee. In connection with the sale of a portfolio of leases and notes by one of the Company's former commercial finance partnerships, Company has guaranteed that it will reimburse the buyer in the event that one of the leases in the portfolio fails to make a $183,000 balloon payment on or before July 25, 2018. As of June 30, 2016 , the lease is current and there is no indication that the payment will not be made timely; accordingly, no liability has been recorded for this contingency.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
	Jun. 30, 2016
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. Certain other activities are reported in the “All Other” category 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): Three Months Ended June 30, 2016 Real Financial Commercial All (1) Total Revenues from external customers $ 17,279 $ 4,945 $ 128 $ — $ 22,352 Equity in earnings (losses) of unconsolidated entities 1,188 2,598 1 — 3,787 Total revenues 18,467 7,543 129 — 26,139 Segment operating expenses (10,204 ) (4,825 ) (400 ) — (15,429 ) Transaction costs (17 ) (4,023 ) (4,040 ) General and administrative expenses (1,069 ) (270 ) — (3,113 ) (4,452 ) Provision for credit losses 8 — 94 — 102 Depreciation and amortization (311 ) (16 ) — (179 ) (506 ) Gain (loss) on sale of investment securities, net — 134 — — 134 Impairment on investments in available for sale securities — (803 ) — — (803 ) Interest expense (171 ) — — (263 ) (434 ) Other income (expense), net 150 317 8 (106 ) 369 Pretax (income) loss attributable to noncontrolling interests (2) (122 ) (1,360 ) — — (1,482 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 6,731 $ 720 $ (169 ) $ (7,684 ) $ (402 ) Six Months Ended June 30, 2016 Real Financial Commercial All (1) Total Revenues from external customers $ 34,996 $ 9,983 $ 208 $ — $ 45,187 Equity in earnings (losses) of unconsolidated entities 2,634 4,289 (3 ) — 6,920 Total revenues 37,630 14,272 205 — 52,107 Segment operating expenses (21,222 ) (8,505 ) (792 ) — (30,519 ) Transaction costs (17 ) — — (4,023 ) (4,040 ) General and administrative expenses (2,394 ) (638 ) — (6,303 ) (9,335 ) Provision for credit losses 4 — (11 ) — (7 ) Depreciation and amortization (625 ) (32 ) — (353 ) (1,010 ) Gain (loss) on sale of investment securities, net — 632 — — 632 Impairment on available for sale securities — (901 ) — — (901 ) Interest expense (342 ) — — (532 ) (874 ) Other income (expense), net 456 613 17 (210 ) 876 Pretax (income) loss attributable to noncontrolling interests (2) (127 ) (1,721 ) — — (1,848 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 13,363 $ 3,720 $ (581 ) $ (11,421 ) $ 5,081 Three Months Ended Real Financial Commercial All Other (1) Total Revenues from external customers $ 19,705 $ 4,190 $ 7 $ — $ 23,902 Equity in (losses) earnings of unconsolidated entities 1,411 1,977 (5 ) — 3,383 Total revenues 21,116 6,167 2 — 27,285 Segment operating expenses (12,082 ) (3,238 ) (458 ) — (15,778 ) General and administrative expenses (1,376 ) (451 ) — (2,354 ) (4,181 ) Provision for credit losses (194 ) — (82 ) — (276 ) Depreciation and amortization (343 ) (16 ) — (156 ) (515 ) Impairment on available for sale securities — (4,346 ) — — (4,346 ) Interest expense (179 ) — (1 ) (275 ) (455 ) Other income (expense), net 248 475 2 (36 ) 689 Pretax (income) loss attributable to noncontrolling interests (2) (63 ) (1,302 ) — — (1,365 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 7,127 $ (2,711 ) $ (537 ) $ (2,821 ) $ 1,058 Six Months Ended Real Financial Commercial All (1) Total Revenues from external customers $ 35,999 $ 9,373 $ 20 $ — $ 45,392 Equity in earnings (losses) of unconsolidated entities 2,083 3,669 (20 ) — 5,732 Total revenues 38,082 13,042 — — 51,124 Segment operating expenses (23,581 ) (6,301 ) (1,037 ) — (30,919 ) General and administrative expenses (2,255 ) (735 ) — (4,488 ) (7,478 ) Provision for credit losses (308 ) — (370 ) — (678 ) Depreciation and amortization (655 ) (32 ) — (285 ) (972 ) Impairment on available for sale securities — (4,346 ) — — (4,346 ) Interest expense (362 ) — (1 ) (513 ) (876 ) Other income (expense), net 471 916 3 (387 ) 1,003 Pretax (income) loss attributable to noncontrolling interests (2) (55 ) (2,967 ) — — (3,022 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 11,337 $ (423 ) $ (1,405 ) $ (5,673 ) $ 3,836 Segment assets Real Financial Commercial All (1) Total June 30, 2016 $ 222,430 $ 94,907 $ 3,632 $ (109,754 ) $ 211,215 June 30, 2015 $ 197,719 $ 109,324 $ 3,863 $ (82,003 ) $ 228,903 (1) Includes general corporate expenses and assets not allocable to any particular segment. (2) In viewing its segment operations, the Company includes the pretax income attributable to noncontrolling interests. However, these interests are excluded from income (loss) 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. Major Customer. During the three and six months ended June 30, 2016 and 2015, the management, incentive, servicing and acquisition fees that the Company received from RSO were 10.1% , 12.2% , 11.7% and 12.6% , respectively, of its consolidated revenues. These fees have been allocated among, and reported as revenues by, the Company's operating segments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2016 and determined that, other than the pending merger with C-III (see Note 1), there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements reflect the Company's accounts and the accounts of the Company's majority-owned and/or controlled subsidiaries. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 810, as amended by Accounting Standards Update (“ASU”) 2015-2, Amendments to the Consolidation Analysis . The determination of whether or not to consolidate entities under accounting principles generally accepted in the United States (“U.S. GAAP”) requires significant judgment. To make these judgments, management performs an entity-by-entity analysis with consideration of (i) whether the Company has a variable interest in the entity, (ii) whether the entity is a variable interest entity (“VIE”), and (iii) whether the Company is the primary beneficiary of the VIE. When determining whether the Company has a variable interest in entities it evaluates for consolidation, the Company considers interests in the entities and fees it receives to act as a decision maker or service provider to the entity being evaluated. If the Company determines that it does not have a variable interest in an entity, no further consolidation analysis is performed as the Company would not be required to consolidate the entity. Fees received by the Company are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) the Company's other economic interests in the VIE held directly and indirectly through its related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits. If fees paid to the Company were determined to be a variable interest, it could result in the Company being the primary beneficiary of and thus consolidating the entity being evaluated. Evaluation of these criteria requires judgment. For those entities in which it has a variable interest, the Company performs an analysis to first determine whether the entity is a VIE. This determination includes considering whether the entity’s equity investment at risk is sufficient, whether the voting rights of an investor are not proportional to its obligation to absorb the income or loss of the entity and substantially all of the entity’s activities either involve or are conducted on behalf of that investor and its related parties, and whether the entity’s at risk equity holders have the characteristics of a controlling financial interest. The Company is the general partner/manager of and has a variable interest in certain limited partnerships and similar entities. One of the factors that the Company considers in evaluating whether these entities are VIEs is whether a simple majority (or lower threshold) of limited partners with equity at risk are able to exercise substantive kick-out rights. Kick-out rights are generally defined as the ability to remove the general partner/manager or to dissolve the entity without cause. Generally, if the limited partners with equity at risk are not able to exercise substantive kick-out rights, the entity is a VIE unless the limited partners have been granted substantive participating rights. The Company is also the manager of and has a variable interest in certain entities other than limited partnerships. One of the factors that the Company considers in evaluating whether these entities are VIEs is whether the investors have power through voting rights or similar rights (such as those of a common shareholder in a corporation); and if not, whether a single equity holder has the unilateral ability to exercise substantive kick-out rights. If investors do not have power through voting rights or similar rights or a single equity holder does not have the unilateral ability to exercise substantive kick-out rights, then the entity is a VIE. These analyses require judgment. A VIE must be consolidated by its primary beneficiary. The primary beneficiary of a VIE is generally defined as the party who has a controlling financial interest in the VIE. The Company would be deemed to have a controlling financial interest in a VIE if it and its related parties under common control as a group, where applicable, have (i) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. For purposes of evaluating (ii) above, fees paid to the Company are excluded if the fees are compensation for services provided commensurate with the level of effort required to be performed and the arrangement includes only customary terms, conditions or amounts present in arrangements for similar services negotiated at arm’s length. This analysis requires judgment. All intercompany transactions and balances have been eliminated in the Company's consolidated financial statements.
Use of Estimates	Use of Estimates Preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and costs and expenses during the reporting period. The Company makes estimates of its allowance for credit losses, the valuation allowance against its deferred tax assets, discounts and collectability of management fees, the valuation of stock-based compensation, and in determining whether a decrease in the fair value of an investment is an other-than-temporary impairment. The real estate and financial fund management segments make assumptions in determining the fair value of investments in investment securities. Actual results could differ from these estimates.
Financing Receivables - Receivables from Managed Entities	Financing Receivables - Receivables from Managed Entities The Company performs a review of the collectability of its receivables from managed entities on a quarterly basis, by analyzing future cash flows by managed entity. Management fees are recorded net of a discount to the extent that they are anticipated to be collected in excess of one year. With respect to the receivables from its commercial finance investment partnerships, this takes into consideration several assumptions by management, primarily concerning estimates of future bad debts and recoveries. For receivables from its real estate investment entities, the Company estimates the cash flows through the sale of the underlying properties based on projected net operating income as a multiple of published capitalization rates, as reduced by the underlying mortgage balances and priority distributions due to the investors.
Investment Securities	Investment Securities The Company’s investment securities available-for-sale, including investments in the CLO and CDO issuers it sponsored, are carried at fair value. The fair value of the CLO and CDO investments is based primarily on internally-generated expected cash flow models that require significant management judgment and estimates due to the lack of market activity and the use of unobservable pricing inputs. Investments in affiliated entities, including the Company's holdings in The Bancorp, Inc. (NASDAQ: TBBK), RSO, Resource Credit Income Fund ("CIF") (NASDAQ: RCIIX), and Resource Real Estate Diversified Income Fund ("DIF") (NASDAQ: RREDX), are valued at the closing prices of the respective publicly-traded stocks. The Company sold its investment in Resource Real Estate Global Property Securities ("RREGPS"), a Company-sponsored Australian investment fund, in July 2015. The cumulative net unrealized gains (losses) on these investment securities, net of tax, is reported through accumulated other comprehensive income (loss). Realized gains (and losses) on the sale of investments are determined on the trade date on the basis of specific identification and are included in net operating results. Securities that are held principally for resale in the near term (trading securities) are recorded at fair value with changes in fair value recorded in earnings.
Hedging	Hedging - Foreign Currency Risk and Forward Contracts The Company has an exposure to foreign currency risk with respect to advances made to CVC Credit Partners that are repayable in Euros (see Note 15). To mitigate the foreign currency risk, the Company has entered into foreign currency forward contracts (see Note 18). Forward contracts represent future commitments to deliver a quantity of a currency at a predetermined future date and rate to manage currency risk. Financial derivatives are initially recognized in the balance sheet at fair value and subsequently measured at their fair value on each balance sheet date. The forward contracts are not designated as qualifying cash flow hedges and, accordingly, any changes in fair value of the contracts are recognized in the Company’s consolidated statements of operations. Similarly, any changes in the fair value of the Euro-based loan receivable are recognized in the consolidated statements of operations.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2015 consolidated financial statements to conform to the 2016 presentation.
Recent Accounting Standards	Recent Accounting Standards Newly-Adopted Accounting Standards The Company’s adoption of the following standards during the six months ended June 30, 2016 did not have a material impact on its consolidated financial position, results of operations or cash flows: In April 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The guidance was retrospectively applied as of January 1, 2016, which resulted in the reclassification of $214,000 of unamortized debt issuance costs from Other Assets to Borrowings, Net within the consolidated balance sheets as of December 31, 2015. In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , which eliminates from GAAP the concept of an extraordinary item. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings per share data applicable to an extraordinary item. However, presentation and disclosure guidance for items that are unusual in nature and occur infrequently will be retained. This guidance was effective for the Company as of January 1, 2016. Accounting Standards Issued But Not Yet Effective In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most of the existing revenue recognition guidance in GAAP. The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The ASU will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period . ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance, effective for the Company beginning January 1, 2017, is not expected to have a material impact on the Company's consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-02. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting , which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. ASU 2016-07 is effective for the Company January 1, 2017 and interim periods within that reporting period. The adoption of ASU 2016-07 is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The goal of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update becomes effective beginning January 1, 2017, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-09 on its consolidated financial statements.

SUPPLEMENTAL CASH FLOW INFORM31

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental disclosure of cash flow information for the Company is as follows (in thousands, except per share data): Six Months Ended June 30, 2016 2015 Cash (paid) received: Interest $ (794 ) $ (948 ) Income tax payments (1,921 ) (1,088 ) Refund of income taxes 12 52 Dividends declared per common share $ 0.12 $ 0.12 Non-cash activities: Repurchase of common stock from employees in exchange for the payment of income taxes $ 278 $ 173 Purchase of equipment on capital leases — 881 Issuance of treasury stock for the Company's investment savings 401(k) plan 401 271

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Aging of the Company's Past Due Financing Receivables, Gross of Allowances for Credit Losses	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of June 30, 2016 (in thousands): Current 30-89 Days Past Due 90-180 Days Past Due Greater than 181 Days Total Past Due Total Loans and receivables from managed entities and related parties: Real estate investment entities $ 9,265 $ 312 $ 665 $ 6,980 $ 7,957 $ 17,222 Financial fund management entities 1,627 28 21 38 87 1,714 RSO 2,126 — — — — 2,126 Other 2,908 — — — — 2,908 15,926 340 686 7,018 8,044 23,970 Rent receivables - real estate 168 22 4 2 28 196 Total financing receivables $ 16,094 $ 362 $ 690 $ 7,020 $ 8,072 $ 24,166 The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2015 (in thousands): Current 30-89 Days Past Due 90-180 Days Past Due Greater than 181 Days Total Past Due Total Loans and receivables from managed entities and related parties: Commercial finance investment entities $ — $ 16 $ 73 $ 1,200 $ 1,289 $ 1,289 Real estate investment entities 7,909 392 890 11,955 13,237 21,146 Financial fund management entities 1,582 — — — — 1,582 RSO 2,331 — — — — 2,331 Other 319 — — — — 319 12,141 408 963 13,155 14,526 26,667 Rent receivables - real estate 192 8 2 4 14 206 Total financing receivables $ 12,333 $ 416 $ 965 $ 13,159 $ 14,540 $ 26,873
Summary of Activity in the Allowance for Credit Losses for the Company's Financing Receivables	The following table summarizes the activity in the allowance for credit losses for all financing receivables (in thousands): Receivables from Managed Entities Leases and Loans Rent Receivables Total Three Months Ended June 30, 2016: Balance, beginning of period $ — $ 20 $ 9 $ 29 Provision for (reversal) of credit losses — (94 ) (8 ) (102 ) (Charge-offs) — (82 ) (82 ) Recoveries — 206 — 206 Balance, end of period $ — $ 50 $ 1 $ 51 Ending balance, individually evaluated for impairment $ — $ 50 $ 1 $ 51 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ — $ 50 $ 1 $ 51 Six Months Ended June 30, 2016 Balance, beginning of period $ — $ 130 $ 5 $ 135 Provision for (reversal) of credit losses — 11 (4 ) 7 (Charge-offs) — (324 ) (324 ) Recoveries — 233 — 233 Balance, end of period $ — $ 50 $ 1 $ 51 Ending balance, individually evaluated for impairment $ — $ 50 $ 1 $ 51 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ — $ 50 $ 1 $ 51 Receivables from Managed Entities Leases and Loans Rent Receivables Total Three Months Ended June 30, 2015: Balance, beginning of period $ 17,359 $ — $ 1 $ 17,360 Provision for (reversal) of credit losses 306 (31 ) 1 276 (Charge-offs) recoveries — 31 — 31 Balance, end of period $ 17,665 $ — $ 2 $ 17,667 Ending balance, individually evaluated for impairment $ 17,665 $ — $ 2 $ 17,667 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ 17,665 $ — $ 2 $ 17,667 Six Months Ended June 30, 2015 Balance, beginning of period $ 16,990 $ — $ — $ 16,990 Provision for (reversal) of credit losses 675 1 2 678 (Charge-offs) recoveries — (1 ) — (1 ) Balance, end of period $ 17,665 $ — $ 2 $ 17,667 Ending balance, individually evaluated for impairment $ 17,665 $ — $ 2 $ 17,667 Ending balance, collectively evaluated for impairment — — — — Balance, end of period $ 17,665 $ — $ 2 $ 17,667
Gross Financing Receivables Related to the Balance in the Allowance for Credit Losses	The Company’s financing receivables (presented exclusive of any allowance for credit losses) relate to the balance in the allowance for credit losses, as follows (in thousands): As of June 30, 2016: Receivables from Rent Total Ending balance, individually evaluated for impairment $ 23,970 $ — $ 23,970 Ending balance, collectively evaluated for impairment — 196 196 Balance, end of period $ 23,970 $ 196 $ 24,166 As of December 31, 2015: Ending balance, individually evaluated for impairment $ 26,667 $ — $ 26,667 Ending balance, collectively evaluated for impairment — 206 206 Balance, end of year $ 26,667 $ 206 $ 26,873
Information about Company's Impaired Financing Receivables	The following table discloses information about the Company’s impaired financing receivables (in thousands): Net Balance Unpaid Balance Specific Allowance Average Investment in Impaired Assets As of June 30, 2016: Financing receivables with a specific valuation allowance: Rent receivables – real estate $ — $ — $ 1 $ — As of December 31, 2015: Financing receivables with a specific valuation allowance: Loans and receivables from managed entities – commercial finance $ — $ — $ — $ 13,788 Rent receivables – real estate — — 5 —

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate Investments, Net [Abstract]
Summary of Carrying Value of Investments in Real Estate	The Company’s investments in real estate, net, consist of the following (in thousands): June 30, December 31, Properties owned, net of accumulated depreciation of $10,039 and $9,752: Hotel property (Savannah, Georgia) $ 9,755 $ 9,757 Office building (Philadelphia, Pennsylvania) 908 877 10,663 10,634 Partnerships and other investments 5,437 5,388 Total investments in real estate, net $ 16,100 $ 16,022
Schedule of Future Minimum Rental Payments for Operating Leases	The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending June 30, and thereafter, are as follows (in thousands): 2017 $ 903 2018 853 2019 827 2020 648 2021 291 Thereafter 312 Total $ 3,834

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Components of the Company's Investment Securities	Components of investment securities are as follows (in thousands): June 30, December 31, Available-for-sale securities $ 17,774 $ 19,509 Trading securities 1,590 1,451 Trading securities - Pelium 24,552 26,516 Total investment securities, at fair value $ 43,916 $ 47,476
Pre-tax Unrealized Gains (Losses) Relating to the Company's Investments in Equity and Collateralized Debt Obligation Securities	Available-for-sale securities . The following table discloses the pre-tax unrealized gains (losses) relating to the Company’s investments in available-for-sale securities (in thousands): Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of June 30, 2016: CLO securities $ 7,057 $ — $ (412 ) $ 6,645 Equity securities 12,784 6 (1,661 ) 11,129 Total $ 19,841 $ 6 $ (2,073 ) $ 17,774 As of December 31, 2015: CLO securities $ 7,585 $ 928 $ (66 ) $ 8,447 Equity securities 12,784 12 (1,734 ) 11,062 Total $ 20,369 $ 940 $ (1,800 ) $ 19,509
Unrealized Losses Along with the Related Fair Value, Aggregated by the Length of Time the Investments were in a Continuous Unrealized Loss Position	Unrealized losses on available-for-sale securities, along with their related fair value, and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities): Less than 12 Months More than 12 Months Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities June 30, 2016 CLO securities $ 2,229 $ (212 ) 5 $ 3,640 $ (200 ) 8 Equity securities 1,708 (8 ) 1 9,308 (1,653 ) 2 Total $ 3,937 $ (220 ) 6 $ 12,948 $ (1,853 ) 10 December 31, 2015 CLO securities $ 2,033 $ (38 ) 3 $ 805 $ (28 ) 2 Equity securities 1,814 (10 ) 2 9,128 (1,724 ) 1 Total $ 3,847 $ (48 ) 5 $ 9,933 $ (1,752 ) 3 Less than 12 Months More than 12 Months Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities June 30, 2016: CDO Securities $ 10,880 $ (1,167 ) 13 $ 3,377 $ (1,365 ) 12 CMBS 3,284 (1,192 ) 3 — — — Other (4 ) (4 ) 1 — — — Total $ 14,160 $ (2,363 ) 17 $ 3,377 $ (1,365 ) 12 December 31, 2015: CDO Securities $ 10,156 $ (3,312 ) 18 $ 1,183 $ (503 ) 7 CMBS 2,940 (1,278 ) 5 — — — Other 2,857 (143 ) 2 — — — Total $ 15,953 $ (4,733 ) 25 $ 1,183 $ (503 ) 7

INVESTMENTS IN UNCONSOLIDATED35

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Tables)	6 Months Ended
	Jun. 30, 2016
Investments in Unconsolidated Entities [Abstract]
Details of Company's Investments in Investment Vehicles, Including the Range of Interests it Owns	The following table details the Company’s investments in these vehicles, including the range of ownership interests owned (in thousands, except percentages): Range of Combined June 30, December 31, Real estate investment entities 1% – 8% $ 15,750 $ 10,169 Financial fund management partnerships 0.01% − 50% 7,932 6,754 Trapeza entities 33% − 50% 596 630 Investments in unconsolidated entities $ 24,278 $ 17,553
Summarized Operating Data for Unconsolidated Investment	Summarized operating data for CVC Credit Partners is presented below (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Management fee revenues $ 20,401 $ 15,891 $ 40,362 $ 32,629 Costs and expenses (16,678 ) (14,118 ) (32,824 ) (28,927 ) Net income (loss) $ 3,723 $ 1,773 $ 7,538 $ 3,702 Portion of net income (loss) attributable to the Company $ 893 $ 580 $ 1,809 $ 1,222

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities, Balance Sheet	The following are the carrying amounts of the assets and liabilities of Pelium that are reflected in the Company's consolidated balance sheets (in thousands): Balance Sheet Account - Pelium June 30, December 31, Cash $ 4,418 $ 377 Receivables 713 2,345 Investment securities, at fair value 24,552 24,712 Other assets 89 98 $ 29,772 $ 27,532 Accrued expenses and other liabilities $ 193 $ 99
Schedule of Variable Interest Entities	The following table presents the carrying amounts of the assets in the consolidated balance sheets that relate to the Company's variable interests in identified nonconsolidated VIEs that it manages as well as the Company's maximum potential exposure to losses associated with these managed VIEs in which it holds variable interests at June 30, 2016 (in thousands): Receivables from Managed Entities and Related Parties, Net Investments Maximum Exposure to Loss in Non-consolidated VIEs Ischus entities $ — $ — $ — Trapeza entities — 596 596 $ — $ 596 $ 596

ACCRUED EXPENSES AND OTHER LI37

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Summary of Components of Accrued Expenses and Other Liabilities	The following is a summary of the components of accrued expenses and other liabilities (in thousands): June 30, December 31, Accounts payable and other accrued liabilities (1) $ 11,228 $ 7,919 Supplemental executive retirement plan ("SERP") liability (see Note 14) 6,140 6,454 Accrued wages and benefits 5,225 8,036 Deferred rent 2,152 2,323 Apidos contractual obligation, at fair value (see Notes 7 and 17) 345 615 Dividends declared and not yet paid 1,250 1,132 Insurance notes 20 705 Total accrued expenses and other liabilities $ 26,360 $ 27,184 _____________ (1) Included in accounts payable and other accrued liabilities are $3.7 million of C-III-related transaction costs and expenses.

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Credit Facilities and Other Debt of the Company and Related Borrowings Outstanding	The credit facilities and other debt of the Company and related borrowings outstanding are as follows (in thousands): As of June 30, 2016 December 31, Maximum Amount of Facility Borrowings Outstanding Borrowings Outstanding Credit facilities: TD Bank – secured revolving credit facility (1) $ 6,997 $ — $ — Republic Bank – secured revolving credit facility 2,251 — — — — Other debt: Senior Notes 10,000 10,000 Mortgage debt - hotel property 9,767 9,877 Other debt 688 870 Total borrowings outstanding 20,455 20,747 Reduced for deferred financing costs 183 214 Borrowings, net $ 20,272 $ 20,533 (1) The amount of the TD facility shown has been reduced by $503,000 for an outstanding letter of credit at June 30, 2016 .
Annual Principal Payments on the Company's Aggregate Borrowings Over the Next Five Years and Thereafter	Annual principal payments coming due on the Company’s total borrowings outstanding for the five succeeding annual periods ending June 30, and thereafter, are as follows (in thousands): 2017 $ 622 2018 10,543 2019 268 2020 281 2021 301 Thereafter 8,440 Total $ 20,455

ACCUMULATED OTHER COMPREHENSI39

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2016
Comprehensive Income (Loss) [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Category	The following are changes in accumulated other comprehensive (loss) income by category (in thousands): Investment Securities Available-for-Sale Foreign Currency Translation Adjustments SERP Pension Liability Total Balance, December 31, 2015, net of tax of $(505), $(4) and $(2,524) $ (34 ) $ (8 ) $ (3,491 ) $ (3,533 ) Current-period other comprehensive (loss) income (975 ) — 141 (834 ) Balance, June 30, 2016, net of tax of $(955), $2 and $(2,422) $ (1,009 ) $ (8 ) $ (3,350 ) $ (4,367 ) Amounts reclassified from accumulated other comprehensive income were reflected in the consolidated financial statements, as follows: Category Locations in the consolidated financial statements Investment securities available-for-sale Revenues - Financial fund management SERP pension liability General and administrative expenses Foreign currency translation adjustments Other income

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Activity in Noncontrolling Interest	The following table presents the activity in noncontrolling interests (in thousands): Six Months Ended Noncontrolling interests, beginning of year $ 22,356 Net income (loss) attributable to noncontrolling interests 1,848 Other 14 Noncontrolling interests, end of period $ 24,218

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Components Used in Computation of Basic and Diluted EPS	The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Shares Basic shares outstanding 20,835 22,867 20,722 22,915 Dilutive effect of outstanding director units and stock options (1) — 268 283 271 Diluted shares outstanding 20,835 23,135 21,005 23,186 (1) Due to the losses for the three months ended June 30, 2016, director units and stock options outstanding were antidilutive and, therefore, excluded from the Diluted EPS computation. As a result, Basic EPS and Diluted EPS shares were the same. Excluded from the Diluted EPS calculation were 289,000 share equivalents related to outstanding and unissued director units.

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Costs for the SERP	The components of net periodic benefit costs for the SERP were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Interest cost $ 62 $ 63 $ 124 $ 125 Less: expected return on plan assets (10 ) (18 ) (20 ) (37 ) Plus: amortization of unrecognized loss 121 105 243 211 Net cost $ 173 $ 150 $ 347 $ 299

CERTAIN RELATIONSHIPS AND REL43

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Details of Receivable and Payables and Fees, Dividends and Reimbursed Expenses	The following table details these receivables and payables (in thousands): June 30, December 31, Receivables from managed entities and related parties, net: Real estate investment entities $ 17,222 $ 21,146 Commercial finance investment entity (1) — 1,289 Financial fund management investment entities 1,714 1,582 Other 178 319 RSO 2,126 2,331 Loan to CVC Credit Partners 2,730 — Receivables from managed entities and related parties, net $ 23,970 $ 26,667 Payables due to managed entities and related parties: Real estate investment entities (2) $ 4,330 $ 3,110 Other 35 35 Payables to managed entities and related parties $ 4,365 $ 3,145 (1) Reflects the liquidation of the remaining LEAF Financial commercial lease investment partnership in May 2016 and the corresponding assumption of the fund's net assets, including the portfolio of leases and loans, in settlement of the receivable due from the fund. (2) Includes $4.2 million and $3.0 million in self-insurance funds provided by the Company's real estate investment entities as of June 30, 2016 and December 31, 2015 , respectively, which are held in escrow by the Company to cover claims.
Schedule of Fees, Dividends and Reimbursed Expenses from Several Related/Managed Entities	The following table details those activities (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fees from unconsolidated investment entities : Real estate (1) $ 1,365 $ 1,774 $ 4,521 $ 3,891 Financial fund management 654 785 1,428 1,567 RSO: Management, incentive and servicing fees 2,808 3,188 6,553 6,420 Dividends paid 300 458 600 916 Reimbursement of costs and expenses 1,599 1,642 2,636 2,713 CVC Credit Partners: Reimbursement of net costs and expenses 127 246 346 475 Opportunity REIT I: Fees 4,636 8,667 9,253 14,972 Reimbursement of costs and expenses 1,155 934 2,430 1,822 Dividends paid 44 29 88 44 Opportunity REIT II: Fees 6,992 1,732 11,782 2,744 Reimbursement of costs and expenses 779 762 1,357 1,499 Dividends paid 21 13 41 20 Innovation Office REIT: Reimbursement of costs and expenses 431 — 1,052 — LEAF: Payment for sub-servicing the commercial finance investment partnerships (2) — (18 ) — (41 ) Reimbursement of net costs and expenses 51 41 87 77 1845 Walnut Associates Ltd: Payment for rent and related expenses (214 ) (209 ) (428 ) (416 ) Property management fees 66 38 113 76 Brandywine Construction & Management, Inc.: Payment for property management of hotel property (89 ) (81 ) (141 ) (133 ) Atlas Energy, L.P.: Reimbursement of net costs and expenses 24 11 53 24 Ledgewood P.C.: Payment for legal services (33 ) (55 ) (68 ) (89 ) Graphic Images, LLC: Payment for printing services (88 ) (36 ) (114 ) (84 ) 9 Henmar LLC: Payment of broker/consulting fees (13 ) (14 ) (16 ) (17 ) (1) Includes the reduction of discounts previously recorded of $136,000 and $130,000 for the three and six months ended June 30, 2016 and $3,000 and $210,000 and three and six June 30, 2015 , respectively, in connection with management fees from the Company's real estate investment entities that have been received or are expected to be received sooner than originally projected. (2) The Company waived management fees from its commercial finance investment entities of $0 and $7,000 during the three and six months ended June 30, 2016 and $31,000 and $80,000 during the three and six months ended June 30, 2015 .

OTHER INCOME (Tables)

OTHER INCOME (Tables)	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other income, net	The following table details other income, net (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 RSO dividends $ 301 $ 458 $ 601 $ 916 Interest income 134 234 348 338 Other expense, net (66 ) (3 ) (73 ) (251 ) Other income, net $ 369 $ 689 $ 876 $ 1,003

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Company's Asset Recorded at Fair Value on Recurring Basis	The fair value of the Company’s assets and liability recorded at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 Total Assets - Investment securities Investment securities $ 11,130 $ — $ 8,234 $ 19,364 Pelium securities — — 24,552 24,552 June 30, 2016 $ 11,130 $ — $ 32,786 $ 43,916 Investment securities $ 11,062 $ — $ 9,898 $ 20,960 Pelium securities — — 26,516 26,516 December 31, 2015 $ 11,062 $ — $ 36,414 $ 47,476 Liability - Apidos contractual commitment Level 1 Level 2 Level 3 Total June 30, 2016 $ — $ — $ 345 $ 345 December 31, 2015 — — 615 615
Additional Information about Assets Measured at Fair Value on Recurring Basis for which the Company Has Utilized Level 3 Inputs to Determine Fair Value	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during six months ended June 30, 2016 (in thousands): Investment Securities Pelium Securities Total Balance, beginning of year $ 9,898 $ 26,516 $ 36,414 Purchases 2,045 6,828 8,873 Income accreted 593 1,867 2,460 Capitalized interest — — — Payments and distributions received, net (968 ) (5,440 ) (6,408 ) Sales (1,853 ) (5,503 ) (7,356 ) Impairment (902 ) — (902 ) Realized gains on CDOs 498 — 498 Gains on trading securities 188 — 188 Unrealized holding gains on trading securities 9 284 293 Change in unrealized gains included in accumulated other comprehensive loss (1,274 ) — (1,274 ) Balance, end of period $ 8,234 $ 24,552 $ 32,786 The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during year ended December 31, 2015 (in thousands): Investment Securities Pelium Securities Total Balance, beginning of year $ 8,489 $ 17,561 $ 26,050 Purchases 2,524 27,630 30,154 Income accreted 1,238 — 1,238 Capitalized interest — 3,047 3,047 Payments and distributions received, net (1,913 ) (4,285 ) (6,198 ) Sales (174 ) (16,012 ) (16,186 ) Impairment (331 ) — (331 ) Gains (losses) on sales of trading securities (14 ) 1,415 1,401 Unrealized holding gains on trading securities 269 (2,840 ) (2,571 ) Change in unrealized gains included in accumulated other comprehensive loss (190 ) — (190 ) Balance, end of period $ 9,898 $ 26,516 $ 36,414
Quantitative Inputs and Assumptions in Determining the Fair Value of Items Categorized in Level 3	The following table presents the Company's quantitative inputs and assumptions used in determining the fair value of items categorized in Level 3 (in thousands, except percentages): Fair value at June 30, 2016 Valuation Technique Unobservable Inputs Assumptions (weighted average) CLO securities $ 6,645 Discounted cash flow Constant default rate 1% - 2% Loss severity rate 25% Constant prepayment rate 25% Reinvestment price on collateral 99.5% Reinvestment spread 0% - 4.50% Discount rates 17% Trading securities $ 1,590 Net asset value Value of underlying assets variable Discount rates 0% - 10% Discounted cash flow Constant default rate 5% Constant prepayment rate 30% Loss severity rate 30%
Fair Value of Financial Instruments	The fair value of financial instruments required to be disclosed at fair value, excluding instruments valued on a recurring basis, is as follows (in thousands): June 30, 2016 December 31, 2015 Carrying Amount (1) Estimated Fair Value Carrying Amount Estimated Fair Value Borrowings: Real estate debt $ 9,767 $ 10,371 $ 9,877 $ 10,618 Senior Notes 10,000 13,238 10,000 12,202 Other debt 688 688 870 870 $ 20,455 $ 24,297 $ 20,747 $ 23,690 (1) Borrowings on the consolidated balance sheets are reflected net of outstanding deferred financing costs of $183,000 and $214,000 at June 30, 2016 and December 31, 2015 , respectively.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Forward Contracts	As of June 30, 2016 , the Company had the following outstanding foreign currency forward contracts outstanding (in thousands): Derivatives Number of Instruments Notional Amount Maturity Date (1) Foreign currency forward contracts 2 $ 2,666 August 5, 2016 (1) On August 5, 2016, the Company settled one of the two foreign currency contracts against the payment received from CVC and extended the other contract, which has a maturity date of September 7, 2016 and a notional amount of $1.3 million .
Schedule of Interest Rate Derivatives	The table below presents the fair value of the Company's derivative financial instruments, which are included in accrued expenses and other liabilities on the consolidated balance sheets (in thousands): Liability Derivatives June 30, 2016 Balance Sheet Fair Value Foreign currency forward contracts $9

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Summarized Operating Segment Data	Summarized operating segment data are as follows (in thousands): Three Months Ended June 30, 2016 Real Financial Commercial All (1) Total Revenues from external customers $ 17,279 $ 4,945 $ 128 $ — $ 22,352 Equity in earnings (losses) of unconsolidated entities 1,188 2,598 1 — 3,787 Total revenues 18,467 7,543 129 — 26,139 Segment operating expenses (10,204 ) (4,825 ) (400 ) — (15,429 ) Transaction costs (17 ) (4,023 ) (4,040 ) General and administrative expenses (1,069 ) (270 ) — (3,113 ) (4,452 ) Provision for credit losses 8 — 94 — 102 Depreciation and amortization (311 ) (16 ) — (179 ) (506 ) Gain (loss) on sale of investment securities, net — 134 — — 134 Impairment on investments in available for sale securities — (803 ) — — (803 ) Interest expense (171 ) — — (263 ) (434 ) Other income (expense), net 150 317 8 (106 ) 369 Pretax (income) loss attributable to noncontrolling interests (2) (122 ) (1,360 ) — — (1,482 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 6,731 $ 720 $ (169 ) $ (7,684 ) $ (402 ) Six Months Ended June 30, 2016 Real Financial Commercial All (1) Total Revenues from external customers $ 34,996 $ 9,983 $ 208 $ — $ 45,187 Equity in earnings (losses) of unconsolidated entities 2,634 4,289 (3 ) — 6,920 Total revenues 37,630 14,272 205 — 52,107 Segment operating expenses (21,222 ) (8,505 ) (792 ) — (30,519 ) Transaction costs (17 ) — — (4,023 ) (4,040 ) General and administrative expenses (2,394 ) (638 ) — (6,303 ) (9,335 ) Provision for credit losses 4 — (11 ) — (7 ) Depreciation and amortization (625 ) (32 ) — (353 ) (1,010 ) Gain (loss) on sale of investment securities, net — 632 — — 632 Impairment on available for sale securities — (901 ) — — (901 ) Interest expense (342 ) — — (532 ) (874 ) Other income (expense), net 456 613 17 (210 ) 876 Pretax (income) loss attributable to noncontrolling interests (2) (127 ) (1,721 ) — — (1,848 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 13,363 $ 3,720 $ (581 ) $ (11,421 ) $ 5,081 Three Months Ended Real Financial Commercial All Other (1) Total Revenues from external customers $ 19,705 $ 4,190 $ 7 $ — $ 23,902 Equity in (losses) earnings of unconsolidated entities 1,411 1,977 (5 ) — 3,383 Total revenues 21,116 6,167 2 — 27,285 Segment operating expenses (12,082 ) (3,238 ) (458 ) — (15,778 ) General and administrative expenses (1,376 ) (451 ) — (2,354 ) (4,181 ) Provision for credit losses (194 ) — (82 ) — (276 ) Depreciation and amortization (343 ) (16 ) — (156 ) (515 ) Impairment on available for sale securities — (4,346 ) — — (4,346 ) Interest expense (179 ) — (1 ) (275 ) (455 ) Other income (expense), net 248 475 2 (36 ) 689 Pretax (income) loss attributable to noncontrolling interests (2) (63 ) (1,302 ) — — (1,365 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 7,127 $ (2,711 ) $ (537 ) $ (2,821 ) $ 1,058 Six Months Ended Real Financial Commercial All (1) Total Revenues from external customers $ 35,999 $ 9,373 $ 20 $ — $ 45,392 Equity in earnings (losses) of unconsolidated entities 2,083 3,669 (20 ) — 5,732 Total revenues 38,082 13,042 — — 51,124 Segment operating expenses (23,581 ) (6,301 ) (1,037 ) — (30,919 ) General and administrative expenses (2,255 ) (735 ) — (4,488 ) (7,478 ) Provision for credit losses (308 ) — (370 ) — (678 ) Depreciation and amortization (655 ) (32 ) — (285 ) (972 ) Impairment on available for sale securities — (4,346 ) — — (4,346 ) Interest expense (362 ) — (1 ) (513 ) (876 ) Other income (expense), net 471 916 3 (387 ) 1,003 Pretax (income) loss attributable to noncontrolling interests (2) (55 ) (2,967 ) — — (3,022 ) Income (loss) from continuing operations, net of noncontrolling interests before taxes $ 11,337 $ (423 ) $ (1,405 ) $ (5,673 ) $ 3,836 Segment assets Real Financial Commercial All (1) Total June 30, 2016 $ 222,430 $ 94,907 $ 3,632 $ (109,754 ) $ 211,215 June 30, 2015 $ 197,719 $ 109,324 $ 3,863 $ (82,003 ) $ 228,903 (1) Includes general corporate expenses and assets not allocable to any particular segment. (2) In viewing its segment operations, the Company includes the pretax income attributable to noncontrolling interests. However, these interests are excluded from income (loss) 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.

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details)

Feb. 06, 2016USD ($)

Oct. 05, 2015USD ($)$ / shares

Dec. 31, 2013USD ($)

Sep. 30, 2016USD ($)

Jun. 30, 2016USD ($)PartnershipFund

Jun. 30, 2015USD ($)

Jun. 30, 2016USD ($)PartnershipTenant_in_CommonFund

Jun. 30, 2015USD ($)

Aug. 01, 2016USD ($)

May 22, 2016$ / shares

Dec. 31, 2015USD ($)

Jul. 31, 2015Entity

Dec. 31, 2014Entity

Variable Interest Entity [Line Items]

Investments in real estate, net

$ 16,100,000

$ 16,100,000

$ 16,022,000

Merger agreement, redemption price per share (in usd per share) | $ / shares

$ 9.78

Transaction costs

$ 4,040,000

$ 0

$ 4,040,000

$ 0

Resource Capital Partners Inc

Variable Interest Entity [Line Items]

Number of tenant in common programs | Tenant_in_Common

3

Resource Financial Institutions Group, Inc.

Variable Interest Entity [Line Items]

Number of partnerships in which the company serves as general partner | Partnership

7

7

LEAF Financial Corporation

Variable Interest Entity [Line Items]

Number of real estate investments managed by related parties | Entity

1

2

RRE Opportunity REIT II

Variable Interest Entity [Line Items]

Investments in real estate, net

$ 815,900,000

$ 815,900,000

Real Estate Limited Partnership | Resource Capital Partners Inc

Variable Interest Entity [Line Items]

Number of partnerships in which the company serves as general partner | Partnership

4

4

Pearlmark Real Estate Partners

Variable Interest Entity [Line Items]

Ownership percentage

50.00%

50.00%

CVC Credit Partners

Variable Interest Entity [Line Items]

Number of real estate investments managed by related parties | Fund

3

3

IPO | Resource Real Estate Opportunity REIT Inc

Variable Interest Entity [Line Items]

Proceeds from IPO

$ 635,000,000

Investments in real estate, net

$ 973,700,000

$ 973,700,000

IPO | RRE Opportunity REIT II

Variable Interest Entity [Line Items]

Proceeds from IPO

$ 556,000,000

IPO | Innovation Office REIT | Innovation Office REIT

Variable Interest Entity [Line Items]

Initial public offering, amount of offering

$ 1,000,000,000

Common Class A | IPO | Innovation Office REIT

Variable Interest Entity [Line Items]

Share price (in dollars per share) | $ / shares

$ 10

Common Class T | IPO | Innovation Office REIT

Variable Interest Entity [Line Items]

Share price (in dollars per share) | $ / shares

$ 9.47

Subsequent Event | Northport LLC

Variable Interest Entity [Line Items]

Proceeds from divestiture of businesses

$ 247,000,000

Scenario, Forecast | IPO | Apartment REIT III | Apartment REIT III

Variable Interest Entity [Line Items]

Initial public offering, amount of offering

$ 1,000,000,000

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Finance Costs, Net	$ 183	$ 214
Long-term Debt | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Finance Costs, Net		214
Other Assets | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Finance Costs, Net		$ (214)

SUPPLEMENTAL CASH FLOW INFORM50

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash (paid) received:
Interest	$ (794)	$ (948)
Income tax payments	(1,921)	(1,088)
Refund of income taxes	$ 12	$ 52
Dividends declared per common share (in usd per share)	$ 0.12	$ 0.12
Non-cash activities:
Repurchase of common stock from employees in exchange for the payment of income taxes	$ 278	$ 173
Purchase of equipment on capital leases	0	881
Issuance of treasury stock for the Company's investment savings 401(k) plan	$ 401	$ 271

FINANCING RECEIVABLES (Past Due

FINANCING RECEIVABLES (Past Due Financing Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Loans and receivables from managed entities and related parties:
Current	$ 16,094	$ 12,333
Total Past Due	8,072	14,540
Total	24,166	26,873
Commercial finance investment entities
Loans and receivables from managed entities and related parties:
Current		0
Total Past Due		1,289
Total		1,289
Real estate investment entities
Loans and receivables from managed entities and related parties:
Current	9,265	7,909
Total Past Due	7,957	13,237
Total	17,222	21,146
Financial fund management entities
Loans and receivables from managed entities and related parties:
Current	1,627	1,582
Total Past Due	87	0
Total	1,714	1,582
RSO
Loans and receivables from managed entities and related parties:
Current	2,126	2,331
Total Past Due	0	0
Total	2,126	2,331
Other
Loans and receivables from managed entities and related parties:
Current	2,908	319
Total Past Due	0	0
Total	2,908	319
Receivables from Managed Entities
Loans and receivables from managed entities and related parties:
Current	15,926	12,141
Total Past Due	8,044	14,526
Total	23,970	26,667
Rent receivables - real estate
Loans and receivables from managed entities and related parties:
Current	168	192
Total Past Due	28	14
Total	196	206
30-89 Days Past Due
Loans and receivables from managed entities and related parties:
Total Past Due	362	416
30-89 Days Past Due | Commercial finance investment entities
Loans and receivables from managed entities and related parties:
Total Past Due		16
30-89 Days Past Due | Real estate investment entities
Loans and receivables from managed entities and related parties:
Total Past Due	312	392
30-89 Days Past Due | Financial fund management entities
Loans and receivables from managed entities and related parties:
Total Past Due	28	0
30-89 Days Past Due | RSO
Loans and receivables from managed entities and related parties:
Total Past Due	0	0
30-89 Days Past Due | Other
Loans and receivables from managed entities and related parties:
Total Past Due	0	0
30-89 Days Past Due | Receivables from Managed Entities
Loans and receivables from managed entities and related parties:
Total Past Due	340	408
30-89 Days Past Due | Rent receivables - real estate
Loans and receivables from managed entities and related parties:
Total Past Due	22	8
90-180 Days Past Due
Loans and receivables from managed entities and related parties:
Total Past Due	690	965
90-180 Days Past Due | Commercial finance investment entities
Loans and receivables from managed entities and related parties:
Total Past Due		73
90-180 Days Past Due | Real estate investment entities
Loans and receivables from managed entities and related parties:
Total Past Due	665	890
90-180 Days Past Due | Financial fund management entities
Loans and receivables from managed entities and related parties:
Total Past Due	21	0
90-180 Days Past Due | RSO
Loans and receivables from managed entities and related parties:
Total Past Due	0	0
90-180 Days Past Due | Other
Loans and receivables from managed entities and related parties:
Total Past Due	0	0
90-180 Days Past Due | Receivables from Managed Entities
Loans and receivables from managed entities and related parties:
Total Past Due	686	963
90-180 Days Past Due | Rent receivables - real estate
Loans and receivables from managed entities and related parties:
Total Past Due	4	2
Greater than 181 Days
Loans and receivables from managed entities and related parties:
Total Past Due	7,020	13,159
Greater than 181 Days | Commercial finance investment entities
Loans and receivables from managed entities and related parties:
Total Past Due		1,200
Greater than 181 Days | Real estate investment entities
Loans and receivables from managed entities and related parties:
Total Past Due	6,980	11,955
Greater than 181 Days | Financial fund management entities
Loans and receivables from managed entities and related parties:
Total Past Due	38	0
Greater than 181 Days | RSO
Loans and receivables from managed entities and related parties:
Total Past Due	0	0
Greater than 181 Days | Other
Loans and receivables from managed entities and related parties:
Total Past Due	0	0
Greater than 181 Days | Receivables from Managed Entities
Loans and receivables from managed entities and related parties:
Total Past Due	7,018	13,155
Greater than 181 Days | Rent receivables - real estate
Loans and receivables from managed entities and related parties:
Total Past Due	$ 2	$ 4

FINANCING RECEIVABLES (Allowanc

FINANCING RECEIVABLES (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Balance, beginning of period	$ 29	$ 17,360	$ 135	$ 16,990
Provision for (reversal) of credit losses	(102)	276	7	678
(Charge-offs)	(82)	31	(324)	(1)
Recoveries	206		233
Balance, end of period	51	17,667	51	17,667
Ending balance, individually evaluated for impairment	51	17,667	51	17,667
Ending balance, collectively evaluated for impairment	0	0	0	0
Ending balance, individually evaluated for impairment	23,970		23,970		$ 26,667
Ending balance, collectively evaluated for impairment	196		196		206
Total	24,166		24,166		26,873
Receivables from Managed Entities
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Balance, beginning of period	0	17,359	0	16,990
Provision for (reversal) of credit losses	0	306	0	675
(Charge-offs)	0	0	0	0
Recoveries	0		0
Balance, end of period	0	17,665	0	17,665
Ending balance, individually evaluated for impairment	0	17,665	0	17,665
Ending balance, collectively evaluated for impairment	0	0	0	0
Ending balance, individually evaluated for impairment	23,970		23,970		26,667
Ending balance, collectively evaluated for impairment	0		0		0
Total	23,970		23,970		26,667
Leases and Loans
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Balance, beginning of period	20	0	130	0
Provision for (reversal) of credit losses	(94)	(31)	11	1
(Charge-offs)	(82)	31	(324)	(1)
Recoveries	206		233
Balance, end of period	50	0	50	0
Ending balance, individually evaluated for impairment	50	0	50	0
Ending balance, collectively evaluated for impairment	0	0	0	0
Rent Receivables
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Balance, beginning of period	9	1	5	0
Provision for (reversal) of credit losses	(8)	1	(4)	2
(Charge-offs)		0		0
Recoveries	0		0
Balance, end of period	1	2	1	2
Ending balance, individually evaluated for impairment	1	2	1	2
Ending balance, collectively evaluated for impairment	0	$ 0	0	$ 0
Ending balance, individually evaluated for impairment	0		0		0
Ending balance, collectively evaluated for impairment	196		196		206
Total	$ 196		$ 196		$ 206

FINANCING RECEIVABLES (Impaired

FINANCING RECEIVABLES (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Financing Receivables Without a Specific Valuation Allowance
Impaired financing receivables [Abstract]
Specific Allowance	$ 0	$ 0
Loans and receivables from managed entities – commercial finance | Financing Receivables With a Specific Valuation Allowance
Impaired financing receivables [Abstract]
Net Balance		0
Unpaid Balance		0
Specific Allowance		0
Average Investment in Impaired Assets		13,788
Rent receivables - real estate | Financing Receivables With a Specific Valuation Allowance
Impaired financing receivables [Abstract]
Net Balance	0	0
Unpaid Balance	0	0
Specific Allowance	1	5
Average Investment in Impaired Assets	$ 0	$ 0

FINANCING RECEIVABLES (Narrativ

FINANCING RECEIVABLES (Narrative) (Details)	Dec. 31, 2015USD ($)lease	Jun. 30, 2016USD ($)leaseEntity	Jul. 31, 2015Entity	Dec. 31, 2014Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	$ 12,333,000	$ 16,094,000
Weighted average lease, amount	$ 18,100	$ 29,900
Number of leases, loan portfolio | lease	60	57
Weighted average lease term	15 months	20 months
Financing Receivables Without a Specific Valuation Allowance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired financing receivable	$ 0	$ 0
Financing Receivables, 1 to 29 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, percent past due	80.00%	83.00%
30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, percent past due	5.00%	1.00%
Financing Receivables, Equal to Greater than 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, percent past due	15.00%	16.00%
Commercial Real Estate Portfolio Segment | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current	$ 1,100,000	$ 1,700,000
LEAF Financial Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate investments managed by related parties | Entity			1	2
LEAF Financial Corporation | Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate investments managed by related parties | Entity		3

INVESTMENTS IN REAL ESTATE (Inv

INVESTMENTS IN REAL ESTATE (Investments in Real Estate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	$ 16,100		$ 16,100		$ 16,022
Rental income	1,900	$ 1,700	3,100	$ 2,900
Hotel property (Savannah, Georgia)
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	9,755		9,755		9,757
Office building (Philadelphia, Pennsylvania)
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	908		908		877
Total Properties Owned
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	10,663		10,663		10,634
Real Estate Accumulated Depreciation	10,039		10,039		9,752
Partnerships and other investments
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	$ 5,437		$ 5,437		$ 5,388

INVESTMENTS IN REAL ESTATE (Ope

INVESTMENTS IN REAL ESTATE (Operating Leases) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Real Estate Investments, Net [Abstract]
2,017	$ 903
2,018	853
2,019	827
2,020	648
2,021	291
Thereafter	312
Total	$ 3,834

INVESTMENT SECURITIES (Narrativ

INVESTMENT SECURITIES (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)Facilityshares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)FacilityIssuershares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)Issuer
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Reinvestment Price			99.5		99
Fair Value, Post Reinvestment Price			99.75		99
Discount rates			17.00%
Impairment			$ 901		$ 331
Purchase of investment			9,057	$ 1,945
Unrealized (gain) loss on trading securities			261	1,333
Trading securities	$ 1,590		1,590		$ 1,451
RAI
Schedule of Available-for-sale Securities [Line Items]
(Gain) loss on trading securities	175	$ 22	197	28
Unrealized (gain) loss on trading securities	$ (13)	22	$ 9	42
CLO securities
Schedule of Available-for-sale Securities [Line Items]
Number of CDO issuers that represent the retained equity interest | Issuer			14		15
Discount rates			17.00%
Equity securities | RSO
Schedule of Available-for-sale Securities [Line Items]
Number of shares held (in shares) | shares	715,396		715,396
Equity securities | TBBK
Schedule of Available-for-sale Securities [Line Items]
Number of shares held (in shares) | shares	18,972		18,972
Number of secured corporate credit facilities | Facility	1		1
Equity securities | RREDX
Schedule of Available-for-sale Securities [Line Items]
Number of shares held (in shares) | shares	10,808		10,808
Purchase of investment			$ 108
Equity securities | Resource Credit Income Fund
Schedule of Available-for-sale Securities [Line Items]
Purchase of investment			1,700
Pelium
Schedule of Available-for-sale Securities [Line Items]
(Gain) loss on trading securities	$ 412	201	7	884
Unrealized (gain) loss on trading securities	578	$ 507	252	$ 1,300
Trading securities	$ 24,552		$ 24,552		$ 26,516

INVESTMENT SECURITIES (Componen

INVESTMENT SECURITIES (Components of Investment Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 17,774	$ 19,509
Trading securities	1,590	1,451
Investment securities, at fair value	43,916	47,476
Pelium
Schedule of Available-for-sale Securities [Line Items]
Trading securities	24,552	26,516
Investment securities, at fair value	$ 24,552	$ 24,712

INVESTMENT SECURITIES (Pre-tax

INVESTMENT SECURITIES (Pre-tax Unrealized Gains (Losses) Relating to Investments in Available-for-Sale Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	$ 19,841	$ 20,369
Unrealized Gains	6	940
Unrealized Losses	(2,073)	(1,800)
Fair Value	17,774	19,509
CLO securities
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	7,057	7,585
Unrealized Gains	0	928
Unrealized Losses	(412)	(66)
Fair Value	6,645	8,447
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	12,784	12,784
Unrealized Gains	6	12
Unrealized Losses	(1,661)	(1,734)
Fair Value	$ 11,129	$ 11,062

INVESTMENT SECURITIES (Availabl

INVESTMENT SECURITIES (Available-for-sale Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands	Jun. 30, 2016USD ($)Security	Dec. 31, 2015USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ 3,937	$ 3,847
Unrealized Losses - Less than 12 Months	$ (220)	$ (48)
Number of Securities - Less than 12 Months | Security	6	5
Fair Value - More than 12 Months	$ 12,948	$ 9,933
Unrealized Losses - More than 12 Months	$ (1,853)	$ (1,752)
Number of Securities - More than 12 Months | Security	10	3
CLO securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ 2,229	$ 2,033
Unrealized Losses - Less than 12 Months	$ (212)	$ (38)
Number of Securities - Less than 12 Months | Security	5	3
Fair Value - More than 12 Months	$ 3,640	$ 805
Unrealized Losses - More than 12 Months	$ (200)	$ (28)
Number of Securities - More than 12 Months | Security	8	2
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ 1,708	$ 1,814
Unrealized Losses - Less than 12 Months	$ (8)	$ (10)
Number of Securities - Less than 12 Months | Security	1	2
Fair Value - More than 12 Months	$ 9,308	$ 9,128
Unrealized Losses - More than 12 Months	$ (1,653)	$ (1,724)
Number of Securities - More than 12 Months | Security	2	1
Pelium
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ 14,160	$ 15,953
Unrealized Losses - Less than 12 Months	$ (2,363)	$ (4,733)
Number of Securities - Less than 12 Months | Security	17	25
Fair Value - More than 12 Months	$ 3,377	$ 1,183
Unrealized Losses - More than 12 Months	$ (1,365)	$ (503)
Number of Securities - More than 12 Months | Security	12	7
Pelium | CLO securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ 10,880	$ 10,156
Unrealized Losses - Less than 12 Months	$ (1,167)	$ (3,312)
Number of Securities - Less than 12 Months | Security	13	18
Fair Value - More than 12 Months	$ 3,377	$ 1,183
Unrealized Losses - More than 12 Months	$ (1,365)	$ (503)
Number of Securities - More than 12 Months | Security	12	7
Pelium | CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ 3,284	$ 2,940
Unrealized Losses - Less than 12 Months	$ (1,192)	$ (1,278)
Number of Securities - Less than 12 Months | Security	3	5
Fair Value - More than 12 Months	$ 0	$ 0
Unrealized Losses - More than 12 Months	$ 0	$ 0
Number of Securities - More than 12 Months | Security	0	0
Pelium | Other
Schedule of Available-for-sale Securities [Line Items]
Fair Value - Less than 12 Months	$ (4)	$ 2,857
Unrealized Losses - Less than 12 Months	$ (4)	$ (143)
Number of Securities - Less than 12 Months | Security	1	2
Fair Value - More than 12 Months	$ 0	$ 0
Unrealized Losses - More than 12 Months	$ 0	$ 0
Number of Securities - More than 12 Months | Security	0	0

INVESTMENTS IN UNCONSOLIDATED61

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Narrative) (Details) $ in Thousands	Jun. 30, 2015USD ($)	Jul. 31, 2015	Apr. 30, 2012USD ($)	Jun. 30, 2016USD ($)Transaction	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Investments In Unconsolidated Real Estate Entities				$ 6,756	$ 3,295
Investments in unconsolidated entities				$ 24,278		$ 17,553
Preferred equity interest retained as a percentage of incentive management fees				75.00%
Innovation Office REIT
Schedule of Equity Method Investments [Line Items]
Investments In Unconsolidated Real Estate Entities				$ 2,000
Apartment REIT III
Schedule of Equity Method Investments [Line Items]
Investments In Unconsolidated Real Estate Entities				2,000
Resource Real Estate Opportunity REIT Inc
Schedule of Equity Method Investments [Line Items]
Cost method investment				2,500
RRE Opportunity REIT II
Schedule of Equity Method Investments [Line Items]
Cost method investment				1,300
Pearlmark Real Estate Partners
Schedule of Equity Method Investments [Line Items]
Investments In Unconsolidated Real Estate Entities				2,500
Real estate investments, joint ventures				6,700
Pearlmark Mezzanine Realty Partners IV, L.P.
Schedule of Equity Method Investments [Line Items]
Cost method investment				378
Financial fund management partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				7,932		$ 6,754
CVC Credit Partners
Schedule of Equity Method Investments [Line Items]
Cost method investment				$ 4,000
Number of transactions | Transaction				3
Equity method investment, impairment	$ 4,300			$ 2,800
Innovation Office REIT
Schedule of Equity Method Investments [Line Items]
Cost method investment				2,200
Apartment REIT III
Schedule of Equity Method Investments [Line Items]
Cost method investment				2,200
Parent Company
Schedule of Equity Method Investments [Line Items]
Proceeds from divestiture of interest in consolidated subsidiaries			$ 25,000
CVC Credit Partners, L.P. | Financial fund management partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				3,700
CVC Credit Partners, L.P. | RFIG Partnership | Financial fund management partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				2,500
CVC Credit Partners, L.P. | RCM Global Manager, LLC | Financial fund management partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				$ 725
Limited Partner | CVC Credit Partners, L.P. | Parent Company
Schedule of Equity Method Investments [Line Items]
Percentage interest in limited partnership formed		24.00%	33.00%
Irrevocable option to buy interests		9.00%
General Partner | Parent Company
Schedule of Equity Method Investments [Line Items]
Preferred equity interest retained as a percentage of incentive management fees			75.00%
General Partner | CVC Credit Partners, L.P. | Parent Company
Schedule of Equity Method Investments [Line Items]
Percentage interest In general partnership formed			33.00%

INVESTMENTS IN UNCONSOLIDATED62

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Investment Vehicles, Including the Range of Interests it Owns) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 24,278	$ 17,553
Real estate investment entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 15,750	10,169
Real estate investment entities | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	1.00%
Real estate investment entities | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8.00%
Financial fund management partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 7,932	6,754
Financial fund management partnerships | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	0.01%
Financial fund management partnerships | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Trapeza entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 596	$ 630
Trapeza entities | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.00%
Trapeza entities | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

INVESTMENTS IN UNCONSOLIDATED63

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Summary Operating Data for Unconsolidated Investment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Portion of net income (loss) attributable to the Company			$ 6,920	$ 5,732
CVC Credit Partners
Schedule of Equity Method Investments [Line Items]
Management fee revenues	$ 20,401	$ 15,891	40,362	32,629
Costs and expenses	(16,678)	(14,118)	(32,824)	(28,927)
Net income (loss)	3,723	1,773	7,538	3,702
Portion of net income (loss) attributable to the Company	$ 893	$ 580	$ 1,809	$ 1,222

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - Pelium $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Variable interest entity, ownership amount	$ 5
Variable interest entity, ownership percentage	20.00%

VARIABLE INTEREST ENTITIES (Var

VARIABLE INTEREST ENTITIES (Variable Interest Entities, Consolidated) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Cash	$ 26,522	$ 24,132	$ 24,810	$ 33,947
Receivables	1,624	1,424
Investment securities, at fair value	43,916	47,476
Other assets	9,916	9,519
Total assets	211,215	210,981
Accrued expenses and other liabilities	26,360	27,184
Pelium
Variable Interest Entity [Line Items]
Cash	4,418	377
Receivables	713	2,345
Investment securities, at fair value	24,552	24,712
Other assets	89	98
Total assets	29,772	27,532
Accrued expenses and other liabilities	$ 193	$ 99

VARIABLE INTEREST ENTITIES (V66

VARIABLE INTEREST ENTITIES (Variable Intererest Entities, Not Consolidated) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Variable Interest Entity [Line Items]
Variable interest entity	$ 596
Maximum Exposure to Loss in Non-consolidated VIEs	596
Receivables from Managed Entities
Variable Interest Entity [Line Items]
Variable interest entity	0
Ischus entities | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity	0
Maximum Exposure to Loss in Non-consolidated VIEs	0
Ischus entities | Receivables from Managed Entities | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity	0
Trapeza entities | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity	596
Maximum Exposure to Loss in Non-consolidated VIEs	596
Trapeza entities | Receivables from Managed Entities | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity	$ 0

ACCRUED EXPENSES AND OTHER LI67

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Business Combination, Separately Recognized Transactions [Line Items]
Accounts payable and other accrued liabilities	$ 11,228	$ 7,919
Supplemental executive retirement plan (SERP) liability	6,140	6,454
Accrued wages and benefits	5,225	8,036
Deferred rent	2,152	2,323
Apidos contractual obligation, at fair value	345	615
Dividends declared and not yet paid	1,250	1,132
Insurance notes	20	705
Total accrued expenses and other liabilities	26,360	$ 27,184
C-III Capital Partners LLC
Business Combination, Separately Recognized Transactions [Line Items]
Accounts payable and other accrued liabilities	$ 3,700

BORROWINGS (Credit Facilities a

BORROWINGS (Credit Facilities and Other Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowings Outstanding	$ 20,455
Total borrowings outstanding	20,455	$ 20,747
Reduced for deferred financing costs	183	214
Borrowings, net	20,272	20,533
TD Bank – secured revolving credit facility
Debt Instrument [Line Items]
Maximum Amount of Facility	6,997
Borrowings Outstanding	0	0
Outstanding letters of credit	503
Republic Bank – secured revolving credit facility
Debt Instrument [Line Items]
Maximum Amount of Facility	2,251	2,200
Borrowings Outstanding	0	0
Total corporate and real estate borrowings
Debt Instrument [Line Items]
Borrowings Outstanding	0	0
Senior Notes
Debt Instrument [Line Items]
Borrowings Outstanding	10,000	10,000
Total borrowings outstanding	10,000
Mortgage debt - hotel property
Debt Instrument [Line Items]
Borrowings Outstanding	9,767	9,877
Other debt
Debt Instrument [Line Items]
Borrowings Outstanding	688	$ 870
Letters of Credit
Debt Instrument [Line Items]
Outstanding letters of credit	$ 503

BORROWINGS (Corporate and Real

BORROWINGS (Corporate and Real Estate Debt) (Details) - USD ($)	1 Months Ended		6 Months Ended	24 Months Ended
	Nov. 30, 2013	Feb. 28, 2011	Jun. 30, 2016	Apr. 25, 2016	Jan. 31, 2016	Dec. 31, 2015	Apr. 25, 2014	Apr. 24, 2014
Debt Instrument [Line Items]
Borrowings outstanding			$ 20,455,000
Mortgage debt - hotel property
Debt Instrument [Line Items]
Borrowings outstanding			$ 9,767,000			$ 9,877,000
Interest rate			6.36%
Debt instrument, term			5 years
TD Bank – secured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 11,500,000	$ 7,500,000
Required pledged securities							$ 6,000,000
Number of consecutive days during each one-year period company may not have cash advances				30 days
Period company may not have outstanding cash advances				1 year
Unused facility fee			0.50%
Line of credit facility commitment fee percentage on outstanding lines of credit			5.25%
Borrowings outstanding			$ 0			0
Availability on the line of credit facility					$ 7,500,000
Maximum Amount of Facility			$ 6,997,000
TD Bank – secured revolving credit facility | TBBK common stock
Debt Instrument [Line Items]
Number of securities pledged (in shares)			18,972
TD Bank – secured revolving credit facility | RSO common stock
Debt Instrument [Line Items]
Number of securities pledged (in shares)			540,168
TD Bank – secured revolving credit facility | Prime Rate
Debt Instrument [Line Items]
Description of variable rate basis			prime rate
Basis spread on variable rate			2.25%
TD Bank – secured revolving credit facility | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis			LIBOR
Basis spread on variable rate			3.00%
TD Bank – secured revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
LIBOR rate range			1 month
TD Bank – secured revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
LIBOR rate range			6 months
Republic Bank – secured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 3,500,000
Unused facility fee	0.50%	0.25%
Borrowings outstanding			$ 0			0
Percentage of appraised value of the real estate under maximum borrowing facility under option one		25.00%
Percentage of cash under maximum borrowing facility under option one		100.00%
Percentage of market value of securities pledged under maximum borrowing facility under option one		75.00%
Percentage of cash under maximum borrowing facility under option two		100.00%
Percentage of market value of securities pledged under maximum borrowing facility under option two		100.00%
Line of credit facility, amount outstanding			0			0
Maximum Amount of Facility			$ 2,251,000			$ 2,200,000
Republic Bank – secured revolving credit facility | RSO common stock
Debt Instrument [Line Items]
Number of securities pledged (in shares)		175,000
Republic Bank – secured revolving credit facility | Prime Rate
Debt Instrument [Line Items]
Description of variable rate basis		prime rate
Basis spread on variable rate		1.00%
Prime borrowings floor interest rate		4.50%

BORROWINGS (Senior Notes and Ot

BORROWINGS (Senior Notes and Other Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Remaining balance	$ 20,455	$ 20,455		$ 20,747
Debt instrument, redemption price, percentage		101.00%
Senior Notes
Debt Instrument [Line Items]
Remaining balance	$ 10,000	$ 10,000
Interest rate	9.00%	9.00%
Senior Notes
Debt Instrument [Line Items]
Effective interest rate	9.10%	9.10%	9.10%

BORROWINGS (Other Debt - Real E

BORROWINGS (Other Debt - Real Estate and Corporate) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowings, net	$ 20,455,000
Mortgage debt
Debt Instrument [Line Items]
Interest rate	6.36%
Debt instrument, periodic payment	$ 71,331
Borrowings, net	$ 9,767,000	$ 9,877,000

BORROWINGS (Debt Repayments) (D

BORROWINGS (Debt Repayments) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 622
2,018	10,543
2,019	268
2,020	281
2,021	301
Thereafter	8,440
Total	$ 20,455

ACCUMULATED OTHER COMPREHENSI73

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in Accumulated Other Comprehensive Income (Loss) by Category) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Changes in Accumulated Other Comprehensive Income (Loss) by Category [Roll Forward]
Investment Securities Available-for-Sale balance, beginning of the year			$ (34)
Foreign Currency Translation Adjustments, beginning of the year			(8)
SERP Pension Liability balance, beginning of the year			(3,491)
Total balance, beginning of the year			(3,533)
Investment Securities Available-for-Sale, Current-period other comprehensive (loss) income	$ 415	$ (868)	(975)	$ (1,810)
Current period changes for foreign currency translation adjustments	0	0	0	2
Current-period other comprehensive (loss) income, SERP Pension Liability	71	$ 47	141	$ 94
Current period changes, total			(834)
Investment Securities Available-for-Sale balance, end of the year	(1,009)		(1,009)		$ (34)
Foreign Currency Translation Adjustments, end of the year	(8)		(8)		(8)
SERP Pension Liability balance, end of the year	(3,350)		(3,350)		(3,491)
Total balance, end of the year	$ (4,367)		(4,367)		(3,533)
Tax portion of investment securities available for sale in accumulated other comprehensive income			(955)		(505)
Tax portion of foreign currency translation adjustments in accumulated other comprehensive income			2		(4)
Tax portion of SERP pension liability in accumulated other comprehensive income			$ (2,422)		$ (2,524)

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Activity in noncontrolling interests [Roll Forward]
Noncontrolling interests, beginning of year			$ 22,356
Net income (loss) attributable to noncontrolling interests	$ 1,482	$ 1,365	1,848	$ 3,022
Noncontrolling interests, end of period	24,218		24,218
Noncontrolling Interests | RAI
Activity in noncontrolling interests [Roll Forward]
Noncontrolling interests, beginning of year			22,356
Net income (loss) attributable to noncontrolling interests			1,848
Other			14
Noncontrolling interests, end of period	$ 24,218		$ 24,218

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	20,835	22,867	20,722	22,915
Dilutive effect of outstanding director units and stock options (in shares)	0	268	283	271
Diluted shares outstanding (in shares)	20,835	23,135	21,005	23,186
Antidilutive securities excluded from computation (in shares)				289

BENEFIT PLANS (Narrative) (Deta

BENEFIT PLANS (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted stock award, number of shares (in shares)	847,177	440,852
Restricted stock award, value	$ 4,000	$ 3,900
Chief Executive Officer | SERP
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Benefits paid	$ 838
Performance Shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted stock award, number of shares (in shares)	45,308	45,306
Restricted stock award, value	$ 411	$ 420

BENEFIT PLANS (Components of Ne

BENEFIT PLANS (Components of Net Periodic Benefit Cost) (Details) - SERP - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 62	$ 63	$ 124	$ 125
Less: expected return on plan assets	(10)	(18)	(20)	(37)
Plus: amortization of unrecognized loss	121	105	243	211
Net cost	$ 173	$ 150	$ 347	$ 299

CERTAIN RELATIONSHIPS AND REL78

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Thousands	Jan. 13, 2016EUR (€)	Mar. 15, 2015USD ($)	Feb. 28, 2014USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Placement agent fee				$ 2,300
Collateral loan obligations bank loans | €							€ 413,000,000
Payments for collateralized loan obligation investment | €					€ 12,500,000
Due from related parties				$ 23,970		$ 23,970		$ 26,667
RSO
Related Party Transaction [Line Items]
Management agreement term, renewal threshold, percent				66.00%		66.00%	66.00%
Management agreement term						1 year
Investor relations, percentage						50.00%
Due from related parties				$ 2,126		$ 2,126		2,331
Apartment REIT III
Related Party Transaction [Line Items]
Due from related parties				1,400		1,400		739
Innovation Office REIT
Related Party Transaction [Line Items]
Due from related parties				4,300		4,300		2,400
Resource Real Estate Opportunity REIT Inc
Related Party Transaction [Line Items]
Related party transaction, due from (to) related party				(106)		(106)		277
RRE Opportunity REIT II
Related Party Transaction [Line Items]
Due from related parties				$ 205		$ 205		$ 4,900
CVC Credit Partners Group Limited
Related Party Transaction [Line Items]
Related party loan receivable, description of variable rate basis	EURIBOR
Related party loan receivable, maximum borrowing capacity | €	€ 3,600,000
Related party loan receivable, basis spread on variable rate	7.00%
CVC Credit Partners, L.P.
Related Party Transaction [Line Items]
Notes receivable, related party | €							€ 2,400,000
Employees
Related Party Transaction [Line Items]
Related party loan receivable, description of variable rate basis			3-month LIBOR
Related party loan receivable, basis spread on variable rate			3.00%
Due from employee			$ 300
Payments to employees		$ 50
Quarterly Fee | RSO
Related Party Transaction [Line Items]
Asset management fee, percentage				0.083%		0.083%	0.083%

CERTAIN RELATIONSHIPS AND REL79

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Receivables and Payables from Related Party) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	$ 23,970	$ 26,667
Payables due to managed entities and related parties:	4,365	3,145
Real estate investment entities
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	17,222	21,146
Payables due to managed entities and related parties:	4,330	3,110
Payable to real estate investment entities, self insurance	4,200	3,000
Commercial finance investment entity (1)
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	0	1,289
Financial fund management partnerships
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	1,714	1,582
Other
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	178	319
Payables due to managed entities and related parties:	35	35
RSO
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	2,126	2,331
CVC Credit Partners
Related Party Transaction [Line Items]
Receivables from managed entities and related parties, net:	$ 2,730	$ 0

CERTAIN RELATIONSHIPS AND REL80

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Fees From Unconsolidated Investment Entities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Dividends paid	$ 301	$ 458	$ 601	$ 916
Commercial Finance, Four Investment Entities
Related Party Transaction [Line Items]
Amount waived of the fund management fees from commercial finance investment entities	0	31	7	80
Real estate investment entities
Related Party Transaction [Line Items]
Fees from unconsolidated investment entities:	1,365	1,774	4,521	3,891
Discounts recorded	136	3	130	210
Financial fund management partnerships
Related Party Transaction [Line Items]
Fees from unconsolidated investment entities:	654	785	1,428	1,567
RSO
Related Party Transaction [Line Items]
Management, incentive and servicing fees	2,808	3,188	6,553	6,420
Reimbursement of related party costs	1,599	1,642	2,636	2,713
Dividends paid	300	458	600	916
CVC Credit Partners, L.P.
Related Party Transaction [Line Items]
Reimbursement of related party costs	127	246	346	475
Resource Real Estate Opportunity REIT Inc
Related Party Transaction [Line Items]
Fees	4,636	8,667	9,253	14,972
Reimbursement of related party costs	1,155	934	2,430	1,822
Dividends paid	44	29	88	44
RRE Opportunity REIT II
Related Party Transaction [Line Items]
Fees	6,992	1,732	11,782	2,744
Reimbursement of related party costs	779	762	1,357	1,499
Dividends paid	21	13	41	20
Innovation Office REIT
Related Party Transaction [Line Items]
Reimbursement of related party costs	431	0	1,052	0
LEAF
Related Party Transaction [Line Items]
Reimbursement of related party costs	51	41	87	77
Payment for sub-servicing the commercial finance investment partnerships	0	(18)	0	(41)
1845 Walnut Associates Ltd.
Related Party Transaction [Line Items]
Payment for rent and related expenses	(214)	(209)	(428)	(416)
Property management fees	66	38	113	76
Brandywine Construction & Management, Inc.
Related Party Transaction [Line Items]
Payment for property management of hotel property	(89)	(81)	(141)	(133)
Atlas Energy, L.P.
Related Party Transaction [Line Items]
Reimbursement of related party costs	24	11	53	24
Ledgewood P.C.
Related Party Transaction [Line Items]
Payment for legal services	(33)	(55)	(68)	(89)
Graphic Images, LLC
Related Party Transaction [Line Items]
Payment for printing services	88	36	114	84
9 Henmar LLC
Related Party Transaction [Line Items]
Payment of broker/consulting fees	$ (13)	$ (14)	$ (16)	$ (17)

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
RSO dividends	$ 301	$ 458	$ 601	$ 916
Interest income	134	234	348	338
Other expense, net	(66)	(3)	(73)	(251)
Other income, net	$ 369	$ 689	$ 876	$ 1,003

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) $ in Thousands	Jun. 30, 2016USD ($)Security	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities held	6
Debt or Equity Investments in Externally Managed CDOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities held	5
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities held	1
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability - Apidos contractual commitment | $	$ 345	$ 615
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability - Apidos contractual commitment | $	$ 345	$ 615

FAIR VALUE (Assets Recorded at

FAIR VALUE (Assets Recorded at Fair Value on Recurring Basis) (Details) - Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	$ 43,916	$ 47,476
Liability - Apidos contractual commitment	345	615
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	11,130	11,062
Liability - Apidos contractual commitment	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	0	0
Liability - Apidos contractual commitment	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	32,786	36,414
Liability - Apidos contractual commitment	345	615
Investment Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	19,364	20,960
Investment Securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	11,130	11,062
Investment Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	0	0
Investment Securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	8,234	9,898
Pelium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	24,552	26,516
Pelium | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	0	0
Pelium | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	0	0
Pelium | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets - Investment securities	$ 24,552	$ 26,516

FAIR VALUE (Additional Informat

FAIR VALUE (Additional Information About Assets Which Were Measured at Fair Value on a Recurring Basis Utilizing Level 3 Inputs) (Details) - Recurring Basis - Level 3 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 36,414	$ 26,050
Purchases	8,873	30,154
Income accreted	2,460	1,238
Capitalized interest	0	3,047
Payments and distributions received, net	(6,408)	(6,198)
Sales	(7,356)	(16,186)
Impairment	(902)	(331)
Realized gains on CDOs	498
Gains on trading securities	188	1,401
Unrealized holding gains on trading securities	293	(2,571)
Change in unrealized gains included in accumulated other comprehensive loss	(1,274)	(190)
Ending balance	32,786	36,414
Investment Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	9,898	8,489
Purchases	2,045	2,524
Income accreted	593	1,238
Capitalized interest		0
Payments and distributions received, net	(968)	(1,913)
Sales	(1,853)	(174)
Impairment	(902)	(331)
Realized gains on CDOs	498
Gains on trading securities	188	(14)
Unrealized holding gains on trading securities	9	269
Change in unrealized gains included in accumulated other comprehensive loss	(1,274)	(190)
Ending balance	8,234	9,898
Pelium
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	26,516	17,561
Purchases	6,828	27,630
Income accreted	1,867	0
Capitalized interest	0	3,047
Payments and distributions received, net	(5,440)	(4,285)
Sales	(5,503)	(16,012)
Impairment	0	0
Realized gains on CDOs	0
Gains on trading securities	0	1,415
Unrealized holding gains on trading securities	284	(2,840)
Change in unrealized gains included in accumulated other comprehensive loss	0	0
Ending balance	$ 24,552	$ 26,516

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions Used in Determining the Fair Value of Items Categorized in Level 3) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CLO securities	$ 17,774	$ 19,509
Trading securities	$ 1,590	1,451
Loss severity rate	30.00%
Discount rates	17.00%
CLO securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
CLO securities	$ 6,645	$ 8,447
Loss severity rate	25.00%
Constant prepayment rate	25.00%
Reinvestment price on collateral	99.50%
Discount rates	17.00%
CLO securities | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	1.00%
Reinvestment spread	0.00%
CLO securities | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	2.00%
Reinvestment spread	4.50%
Trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	5.00%
Constant prepayment rate	30.00%
Trading securities | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rates	0.00%
Trading securities | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rates	10.00%

FAIR VALUE (Fair Value of Finan

FAIR VALUE (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Liabilities:
Reduced for deferred financing costs	$ 183	$ 214
Carrying Amount | Recurring Basis
Liabilities:
Real estate debt	9,767	9,877
Senior Notes	10,000	10,000
Other debt	688	870
Total liabilities at fair value	20,455	20,747
Fair Value | Recurring Basis
Liabilities:
Real estate debt	10,371	10,618
Senior Notes	13,238	12,202
Other debt	688	870
Total liabilities at fair value	$ 24,297	23,690
Long-term Debt | Accounting Standards Update 2015-03 [Member]
Liabilities:
Reduced for deferred financing costs		$ 214

DERIVATIVES (Details)

DERIVATIVES (Details)	Aug. 05, 2016USD ($)contracts	Jun. 30, 2016USD ($)contracts
Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of Instruments | contracts		2
Notional Amount		$ 2,666,000
Foreign currency forward contracts | Designated as Hedging Instrument
Derivative [Line Items]
Fair Value		$ 9,000
Subsequent Event | Foreign currency forward contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Number of Instruments | contracts	1
Notional Amount	$ 1,300,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)PartnershipFund	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Number of investments sponsored and managed | Partnership		1
Management fee expense		$ 1,400
Loans held for investment, unfunded loan commitments		$ 4,700
Unfunded capital commitments, number | Fund		5
Unfunded capital commitments, period		2 years
Number of partnerships | Partnership		1
Other commitment		$ 183
Pearlmark Real Estate Partners
Loss Contingencies [Line Items]
Equity raised in fund		$ 8,000
Internal rate of return		10.00%
Pearlmark Mezzanine Realty Partners IV, L.P.
Loss Contingencies [Line Items]
Equity raised in fund		$ 1,700
Cost method investment		378
Resource Securities
Loss Contingencies [Line Items]
Minimum net capital required		100	$ 259
Net capital		1,100	1,000
Minimum requirement of net capital exceeded by		$ 951	$ 780
Maximum
Loss Contingencies [Line Items]
Clawback liability, percentage		75.00%
Subsequent Event | Pearlmark Real Estate Partners
Loss Contingencies [Line Items]
Equity raised in fund	$ 500

OPERATING SEGMENTS (Narrative)

OPERATING SEGMENTS (Narrative) (Details) - Segment	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue, Major Customer [Line Items]
Number of reportable operating segments			3
Sales Revenue, Net | Customer Concentration Risk | RSO
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.10%	11.70%	12.20%	12.60%

OPERATING SEGMENTS (Summarized

OPERATING SEGMENTS (Summarized Operating Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Equity in (losses) earnings of unconsolidated entities			$ 6,920	$ 5,732
Total revenues	$ 26,139	$ 27,285	52,107	51,124
General and administrative expenses	(4,452)	(4,181)	(9,335)	(7,478)
Provision for credit losses	102	(276)	(7)	(678)
Depreciation and amortization	(506)	(515)	(1,010)	(972)
Interest expense	(434)	(455)	(874)	(876)
Total assets	211,215		211,215		$ 210,981
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Revenues from external customers	17,279	19,705	34,996	35,999
Equity in (losses) earnings of unconsolidated entities	1,188	1,411	2,634	2,083
Total revenues	18,467	21,116	37,630	38,082
Segment operating expenses	(10,204)	(12,082)	(21,222)	(23,581)
Transaction costs	(17)		(17)
General and administrative expenses	(1,069)	(1,376)	(2,394)	(2,255)
Provision for credit losses	8	(194)	4	(308)
Depreciation and amortization	(311)	(343)	(625)	(655)
Gain (loss) on sale of investment securities, net	0		0
Impairment on available for sale securities	0	0	0	0
Interest expense	(171)	(179)	(342)	(362)
Other income (expense), net	150	248	456	471
Pretax (income) loss attributable to noncontrolling interests	(122)	(63)	(127)	(55)
Income (loss) from continuing operations, net of noncontrolling interests before taxes	6,731	7,127	13,363	11,337
Total assets	222,430	197,719	222,430	197,719
Operating Segments | Financial Fund Management
Segment Reporting Information [Line Items]
Revenues from external customers	4,945	4,190	9,983	9,373
Equity in (losses) earnings of unconsolidated entities	2,598	1,977	4,289	3,669
Total revenues	7,543	6,167	14,272	13,042
Segment operating expenses	(4,825)	(3,238)	(8,505)	(6,301)
Transaction costs			0
General and administrative expenses	(270)	(451)	(638)	(735)
Provision for credit losses	0	0	0	0
Depreciation and amortization	(16)	(16)	(32)	(32)
Gain (loss) on sale of investment securities, net	134		632
Impairment on available for sale securities	(803)	(4,346)	(901)	(4,346)
Interest expense	0	0	0	0
Other income (expense), net	317	475	613	916
Pretax (income) loss attributable to noncontrolling interests	(1,360)	(1,302)	(1,721)	(2,967)
Income (loss) from continuing operations, net of noncontrolling interests before taxes	720	(2,711)	3,720	(423)
Total assets	94,907	109,324	94,907	109,324
Operating Segments | Commercial Finance
Segment Reporting Information [Line Items]
Revenues from external customers	128	7	208	20
Equity in (losses) earnings of unconsolidated entities	1	(5)	(3)	(20)
Total revenues	129	2	205	0
Segment operating expenses	(400)	(458)	(792)	(1,037)
Transaction costs			0
General and administrative expenses	0	0	0	0
Provision for credit losses	94	(82)	(11)	(370)
Depreciation and amortization	0	0	0	0
Gain (loss) on sale of investment securities, net	0		0
Impairment on available for sale securities	0	0	0	0
Interest expense	0	(1)	0	(1)
Other income (expense), net	8	2	17	3
Pretax (income) loss attributable to noncontrolling interests	0	0	0	0
Income (loss) from continuing operations, net of noncontrolling interests before taxes	(169)	(537)	(581)	(1,405)
Total assets	3,632	3,863	3,632	3,863
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0	0
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
Total revenues	0	0	0	0
Segment operating expenses	0	0	0	0
Transaction costs	(4,023)		(4,023)
General and administrative expenses	(3,113)	(2,354)	(6,303)	(4,488)
Provision for credit losses	0	0	0	0
Depreciation and amortization	(179)	(156)	(353)	(285)
Gain (loss) on sale of investment securities, net	0		0
Impairment on available for sale securities	0	0	0	0
Interest expense	(263)	(275)	(532)	(513)
Other income (expense), net	(106)	(36)	(210)	(387)
Pretax (income) loss attributable to noncontrolling interests	0	0	0	0
Income (loss) from continuing operations, net of noncontrolling interests before taxes	(7,684)	(2,821)	(11,421)	(5,673)
Total assets	(109,754)	(82,003)	(109,754)	(82,003)
Reportable Legal Entities
Segment Reporting Information [Line Items]
Total assets	211,215	228,903	211,215	228,903
Reportable Legal Entities | RAI
Segment Reporting Information [Line Items]
Revenues from external customers	22,352	23,902	45,187	45,392
Equity in (losses) earnings of unconsolidated entities	3,787	3,383	6,920	5,732
Total revenues	26,139	27,285	52,107	51,124
Segment operating expenses	(15,429)	(15,778)	(30,519)	(30,919)
Transaction costs	(4,040)		(4,040)
General and administrative expenses	(4,452)	(4,181)	(9,335)	(7,478)
Provision for credit losses	102	(276)	(7)	(678)
Depreciation and amortization	(506)	(515)	(1,010)	(972)
Gain (loss) on sale of investment securities, net	134		632
Impairment on available for sale securities	(803)	(4,346)	(901)	(4,346)
Interest expense	(434)	(455)	(874)	(876)
Other income (expense), net	369	689	876	1,003
Pretax (income) loss attributable to noncontrolling interests	(1,482)	(1,365)	(1,848)	(3,022)
Income (loss) from continuing operations, net of noncontrolling interests before taxes	$ (402)	$ 1,058	$ 5,081	$ 3,836