MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 02, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	MMA CAPITAL MANAGEMENT, LLC
Entity Central Index Key	1,003,201
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	mmac
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017
Entity Common Stock, Shares Outstanding		5,814,660

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 32,341	$ 45,525
Restricted cash (includes $23,537 and $23,584 related to consolidated funds and ventures ("CFVs"))	58,840	57,504
Bonds available-for-sale (includes $131,080 and $135,614 pledged as collateral)	142,951	155,981
Investments in partnerships (includes $108,309 and $137,773 related to CFVs)	232,244	244,191
Other assets (includes $41,954 and $44,551 related to CFVs)	69,120	70,998
Total assets	535,496	574,199
LIABILITIES AND EQUITY
Debt (includes $12,901 and $13,029 related to CFVs)	224,726	243,071
Accounts payable and accrued expenses	7,581	7,821
Unfunded equity commitments to lower tier property partnerships related to CFVs	8,003	8,103
Other liabilities (includes $34,082 and $32,582 related to CFVs)	58,408	54,881
Total liabilities	298,718	313,876
Commitments and contingencies
Equity
Noncontrolling interests in CFVs and IHS Property Management ("IHS PM")	101,052	134,999
Common shareholders’ equity:
Common shares, no par value (5,746,587 and 5,925,743 shares issued and outstanding and 89,073 and 81,863 non-employee directors' and employee deferred shares issued at September 30, 2017 and December 31, 2016, respectively)	96,727	87,506
Accumulated other comprehensive income ("AOCI")	38,999	37,818
Total common shareholders’ equity	135,726	125,324
Total equity	236,778	260,323
Total liabilities and equity	$ 535,496	$ 574,199

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Restricted cash (includes $23,537 and $23,584 related to consolidated funds and ventures ("CFVs"))	$ 58,840	$ 57,504
Bonds available-for-sale, pledged as collateral	131,080	135,614
Investments in partnerships (includes $108,309 and $137,773 related to CFVs)	232,244	244,191
Other assets, pledged as collateral	41,954	44,551
Other assets	69,120	70,998
Debt	224,726	243,071
Other Liabilities	$ 58,408	$ 54,881
Common stock, no par value	$ 0	$ 0
Common shares, shares issued (in shares)	5,746,587	5,925,743
Common shares, shares outstanding (in shares)	5,746,587	5,925,743
Common shares, non-employee directors' and employee deferred shares (in shares)	89,073	81,863
Consolidated Funds and Ventures [Member]
Restricted cash (includes $23,537 and $23,584 related to consolidated funds and ventures ("CFVs"))	$ 23,537	$ 23,584
Investments in partnerships (includes $108,309 and $137,773 related to CFVs)	108,309	137,773
Other assets	41,954	44,551
Debt	12,901	13,029
Other Liabilities	$ 34,082	$ 32,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income
Interest on bonds	$ 2,212	$ 3,230	$ 7,108	$ 9,189
Interest on loans and short-term investments	202	1,195	914	2,518
Total interest income	2,414	4,425	8,022	11,707
Interest expense
Bond related debt	471	404	1,326	1,034
Non-bond related debt		181		652
Total interest expense	471	585	1,326	1,686
Net interest income	1,943	3,840	6,696	10,021
Non-interest revenue
Asset management fees and reimbursements	7,750	2,383	19,020	6,536
Other income	805	1,109	1,358	2,710
Total non-interest revenue	10,071	4,655	25,146	11,954
Total revenues, net of interest expense	12,014	8,495	31,842	21,975
Operating and other expenses
Interest expense	983	1,121	3,430	3,238
Salaries and benefits	6,252	4,288	15,543	12,287
General and administrative	691	633	2,060	1,988
Professional fees	2,412	1,452	5,387	3,892
Other expenses	1,860	(3)	2,016	780
Expenses from CFVs	12,955	10,065	30,407	27,447
Total operating and other expenses	25,153	17,556	58,843	49,632
Net gains on bonds	620	(69)	620	2,254
Net gains (losses) on loans	805	174	(4,530)	180
Net gains on sale of real estate estate and other investments	1,526	1,585	1,700	1,701
Net gains (losses) on assets and derivatives	1,430	737	2,501	2,837
Net gains on extinguishment of liabilities	1,009	(17)	4,838	(17)
Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure				15,647
Net gains related to CFVs			10	(598)
Equity in gains (losses) from equity method investments			2,047	(7,551)
Net gain (loss) from continuing operations before income taxes	(3,157)	(10,166)	(19,815)	(13,204)
Income tax benefit (expense)	(384)	(43)	(550)	(149)
Net income from discontinued operations, net of tax	280	1,285	417	1,451
Net (loss) income	(3,261)	(8,924)	(19,948)	(11,902)
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests	(13,182)	(13,099)	(33,842)	(37,812)
Net income allocable to common shareholders	$ 9,921	$ 4,175	$ 13,894	$ 25,910
Basic income (loss) per common share:
(Loss) Income from continuing operations (in dollars per share)	$ 1.64	$ 0.47	$ 2.29	$ 3.86
Income from discontinued operations (in dollars per share)	0.05	0.21	0.07	0.23
(Loss) Income per common share (in dollars per share)	1.69	0.68	2.36	4.09
Diluted income (loss) per common share:
(Loss) Income from continuing operations (in dollars per share)	1.64	0.44	2.29	3.86
Income from discontinued operations (in dollars per share)	0.05	0.20	0.07	0.23
(Loss) Income per common share (in dollars per share)	$ 1.69	$ 0.64	$ 2.36	$ 4.09
Weighted-average common shares outstanding:
Basic (in shares)	5,871	6,174	5,890	6,328
Diluted (in shares)	5,871	6,549	5,890	6,331
Continuing Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests	$ 13,182	$ 13,099	$ 33,842	$ 37,812
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs	1,516	1,163	4,768	2,708
Operating and other expenses
Expenses from CFVs	12,955	10,065	30,407	27,447
Net gains related to CFVs			10	(598)
Equity in gains (losses) from equity method investments	(1,973)	(4,993)	(9,421)	(15,616)
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in gains (losses) from equity method investments	$ 6,565	$ 1,478	$ 11,468	$ 8,065

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net income allocable to common shareholders	$ 9,921	$ 4,175	$ 13,894	$ 25,910
Net loss allocable to noncontrolling interests	(13,182)	(13,099)	(33,842)	(37,812)
Net loss	(3,261)	(8,924)	(19,948)	(11,902)
Bond related changes:
Unrealized net gains	623	6,871	1,969	15,122
Reversal of net unrealized gains on sold or redeemed bonds	(620)		(620)	(2,055)
Reclassification of unrealized losses to operations due to impairment	39		39
Reclassification of unrealized gains from AOCI to Net Income due to consolidation and foreclosure				(15,647)
Net change in other comprehensive income due to bonds	42	6,871	1,388	(2,580)
Foreign currency translation adjustment	19	59	(207)	90
Other comprehensive (loss) income allocable to common shareholders	61	6,930	1,181	(2,490)
Comprehensive income to common shareholders	9,982	11,105	15,075	23,420
Comprehensive loss to noncontrolling interests	(13,182)	(13,099)	(33,842)	(37,812)
Comprehensive loss	$ (3,200)	$ (1,994)	$ (18,767)	$ (14,392)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	AOCI [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2016	$ 87,506	$ 37,818	$ 125,324	$ 134,999	$ 260,323
Balance (in shares) at Dec. 31, 2016	6,007
Net loss	$ 13,894		13,894	(33,842)	(19,948)
Other comprehensive income (loss)		1,181	1,181		1,181
Distributions				(40)	(40)
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(931)		(931)	(65)	(996)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 171		171		171
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	7
Common share repurchases	$ (3,913)		(3,913)		(3,913)
Common share repurchases (in shares)	(179)
Balance at Sep. 30, 2017	$ 96,727	$ 38,999	$ 135,726	$ 101,052	$ 236,778
Balance (in shares) at Sep. 30, 2017	5,835

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (19,948)	$ (11,902)
Adjustments to reconcile net loss to net cash used in operating activities:
Provisions for credit losses and impairment	21,951	20,112
Net equity in losses from equity investments in partnerships	(2,047)	7,551
Net gains on bonds	(620)	(2,254)
Net losses related to CFVs	(262)	598
Net gains on real estate and other investments	(1,700)	(2,903)
Net losses (gains) on loans	4,530	(180)
Net losses on derivatives and other assets	(515)	15
Net losses (gains) on derivatives, loans, other assets and extinguishment of liabilities	(4,838)	17
Net gains transferred into net income from AOCI due to real estate consolidation and foreclosure		(15,647)
Distributions received from investments in partnerships	4,487	7,392
Subordinate debt effective yield amortization and interest accruals	(500)	223
Depreciation and other amortization	1,960	553
Foreign currency loss	132	(713)
Stock-based compensation expense	2,651	1,697
Change in asset management fees receivable	(6,167)	(784)
Change in asset management fees payable related to CFVs	1,269	2,555
Other	3,199	1,464
Net cash (used in) provided by operating activities	3,582	7,794
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment	23,828	32,049
Advances on and originations of loans held for investment	(15,528)	(41,245)
Advances on and purchases of bonds		(7,217)
Investments in property partnerships and real estate	(26,197)	(2,319)
Proceeds from the sale of real estate and other investments	6,213	27,003
Decrease (increase) in restricted cash and cash of CFVs	(1,222)	(19,724)
Capital distributions received from investments in property partnerships	12,663	3,767
Net cash provided by (used in) investing activities	(243)	(7,686)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	15,248	23,793
Repayment of borrowings	(26,495)	(14,793)
Purchase of treasury stock	(3,913)	(7,734)
Distributions paid to holders of noncontrolling interests		(1,476)
Other	(1,363)
Net cash used in financing activities	(16,523)	(210)
Net decrease in cash and cash equivalents	(13,184)	(102)
Cash and cash equivalents at beginning of period	45,525	21,843
Cash and cash equivalents at end of period	32,341	21,741
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	5,804	4,644
Income taxes paid	260	174
Non-cash investing and financing activities:
Unrealized gains (losses) included in other comprehensive income	1,181	(2,490)
Debt and liabilities extinguished through sales and collections on bonds and loans	1,641	3,528
Decrease in debt through net loan paydowns		(4,138)
Increase in real estate assets and decrease in bond assets due to foreclosure or initial consolidation of funds and ventures		30,299
Decrease in loans held for investment and increases in other assets due to investment in derivative assets		2,600
Consolidated Funds and Ventures [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Net equity in losses from equity investments in partnerships	$ 9,421	$ 15,616

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	MMA Capital Management, LLC NOTES TO CONSOLIDA T ED FINANCIAL STATEMENTS (Unaudited)  Note 1 — S ummary of Significant Accounting Policies  Organization  MMA Capital Management, LLC was organized in 1996 as a Delaware limited liability company. Unless the context otherwise requires, and when used in these Notes, the “ Company ,” “ MMA ,” “ we ,” “ our ” or “ us ” refers to MMA Capital Management, LLC and its subsidiaries. The Company partners with institutional capital to create and manage investments in affordable housing and renewable energy. We invest for our own account and co-invest with our institutional capital partners. We derive revenue from returns on our investments as well as asset management, performance and other fees from the investments, funds and ventures we manage. The Company operates through three reportable segments. United States (“ U.S. ”) Operations consists of three business lines: Leveraged Bonds, Low Income Housing Tax Credit (“ LIHTC ”) and Energy Capital. In our Leveraged Bonds business line, we primarily own and manage bonds for our own account that finance affordable housing and infrastructure in the U.S. In our LIHTC business line, we primarily own and manage limited partner (“ LP ”) and general partner (“ GP ”) investments in affordable housing communities in the U.S. In our Energy Capital business line, our wholly owned subsidiary MMA Energy Capital (“ MEC ”), originates late-stage development, construction and permanent loans directly and through multiple ventures with a leading global private investment firm and an alternative asset manager (hereinafter, the “ Solar Ventures ”) to enable developers, design and build contractors and system owners to develop, build and operate renewable energy systems throughout North America. The Solar Ventures include Renewable Energy Lending, LLC (“ REL ”) ; Solar Construction Lending, LLC (“ SCL ”) ; Solar Permanent Lending, LLC (“ SPL ”) ; and Solar Development Lending, LLC (“ SDL ”). International Operations is managed through our wholly owned subsidiary, International Housing Solutions S.à r.l. (“ IHS ”). IHS’s strategy is to raise, invest in and manage funds and ventures that invest in residential real estate. This includes four private real estate funds and a publicly-traded real estate investment trust (“ REIT ”). IHS currently manages five investment vehicles: South Africa Workforce Housing Fund (“ SAWHF ”), which is a multi-investor fund and is fully invested; International Housing Solutions Residential Partners Partnership (“ IHS Residential Partners ”), which is a single-investor fund targeted at the emerging middle class in South Africa; IHS Fund II SA (“ IHS Fund II SA ”), which is a multi-investor fund targeting investments in affordable housing, including green housing projects, within South Africa; IHS Fund II SSA (“ IHS Fund II SSA ”), which is a multi-investor fund targeting investments in affordable housing, including green housing projects, within Namibia and Botswana; and Transcend Residential Property Fund Limited (“ Transcend ”), which is a REIT that is listed on the AltX of the Johannesburg Stock Exchange. Additionally, MMA provides property management services to a substantial portion of the prop erties in our IHS-managed funds through its wholly owned subsidiary, IHS Property Management Proprietary Limited (“ IHS PM ”) . Corporate Operations is responsible for accounting, reporting, compliance and financial planning and analysis services. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. The unaudited interim consolidated financial statements as of, and for the three months and nine months ended September 30, 2017, should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 (“ 2016 Form 10-K ”). The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”). Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative instruments, guarantee obligations, and certain assets and liabilities of CFVs. Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. New Accounting Guidance Accounting for Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This guidance introduces a lessee model that brings most leases on the balance sheet, as well as aligns many of the underlying principles of the new lessor model with those in ASC 606, the FASB’s new revenue recognition standard. This new guidance, which is effective for us on January 1, 2019, with early adoption permitted, also requires lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. We have considered the impact of this new guidance and do not expect its adoption to materially impact our consolidated financial statements. Accounting for Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance clarifies the implementation of principal versus agent considerations. This new guidance is effective for us on January 1, 2018. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” This guidance addresses certain implementation issues and clarifies the new revenue standard’s core revenue recognition principle. This new guidance also is effective for us on January 1, 2018. During the third quarter of 2017, the Company completed an evaluation of its revenues from contracts with customers and identified all arrangements that are within the scope of the new guidance. On January 1, 2018, we will recognize the impact of adopting this new guidance through a cumulative effect adjustment to retained earnings, though we do not expect the adoption of such guidance will materially impact our consolidated financial statements . Accounting for Business Combinations In January 2017, Accounting Standards Update (“ASU”) No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” was issued. This guidance clarifies the definition of a business and provides guidance to assist reporting entities in the evaluation as to whether a transaction should be accounted for as an asset acquisition or business combination. This new guidance is effective for us on January 1, 2018. We anticipate the adoption of this new guidance to result in the majority, if not all, of the Company’s potential future general partner or limited partner acquisitions in real estate partnerships to be accounted for as an asset acquisition of nonfinancial assets rather than the acquisition of a business. We have considered the impact of this new guidance and do not expect its adoption to materially impact our consolidated financial statements. Accounting for Goodwill In January 2017, ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” was issued. This guidance simplifies the complexity of the two-step goodwill impairment test by removing the second step to the test. Goodwill impairment represents the excess of a reporting unit’s carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This new guidance is effective for us on January 1, 2020, with early adoption permitted. We have considered the impact of this new guidance and do not expect its adoption to materially impact our consolidated financial statements. Accounting for Derecognition of Nonfinancial Assets In February 2017, ASU No. 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” was issued. This guidance clarifies that the derecognition of all businesses should be accounted for in accordance with the derecognition and deconsolidation guidance of Topic 810-10 – Consolidations . In addition, this guidance eliminates the scope exception in authoritative literature that governs transfers of financial assets related to transfers of investments (including equity method investments) in real estate entities and supersedes guidance related to the exchange of a nonfinancial asset for a noncontrolling ownership interest as set forth in Topic 845 – Nonmonetary Transactions . This new guidance is effective for us on January 1, 2018. We have considered the impact of this new guidance and do not expect its adoption to materially impact our consolidated financial statements. Accounting for Stock Compensation In May 2017, ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting” was issued. This guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Accounting Standards Codification (“ ASC ”) 718, Compensation – Stock Compensation. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. This new guidance is effective for us on January 1, 2018. We have considered the impact of this new guidance and do not expect its adoption to materially impact our consolidated financial statements.

BONDS AVAILABLE-FOR-SALE

BONDS AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 2017
Bonds Available-For-Sale [Abstract]
BONDS AVAILABLE-FOR-SALE	N ote 2—B onds Available-For-Sale  The Company’s investments in bond s that are reported in the Consolidated Balance Sheets (as a component of Bonds available-for-sale) are comprised primarily of multifamily tax-exempt bonds, but also include other real estate related bond investments. M ultifamily tax-exempt bonds are issued by state and local governments or their agencies or authorities to finance multifamily rental housing . Generally, the only source of security on these bonds is either a first mortgage or a subordinate mortgage on the underlying properties. The Company’s investments in other real estate related bonds include municipal bonds that were issued to finance the development of infrastructure for a mixed-use town center development and are secured by incremental tax revenues generated from the development . Our i nvestments in other real estate related bonds also include a subordinated investment in a collateralized mortgage backed security that finances multifamily housing. The weighted - average pay rate on the Company’s bond portfolio was 6.2% and 6.1% at September 30, 2017 and December 31, 2016, respectively . Weighted - average pay rate represents the cash interest payments collected on the bonds as a percentage of the bonds’ average unpaid principal balance (“ UPB ”) for the preceding 12 months for the population of bonds at September 30, 2017 and December 31, 2016 . The following tables provide information about the UPB, amortized cost, gross unrealized gains, gross unrealized losses and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale:     At  September 30, 2017  Gross Gross  Amortized Unrealized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains Losses (2), (3) FV of UPB  Multifamily tax-exempt bonds $ 105,668 $ 69,354 $ 40,735 $ ─ $ 110,089 104%  Other real estate related bond investments 37,050 31,211 1,808 (157) 32,862 89%  Total $ 142,718 $ 100,565 $ 42,543 $ (157) $ 142,951 100%       At  December 31, 2016  Gross Gross  Amortized Unrealized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains Losses (2), (3) FV of UPB  Multifamily tax-exempt bonds $ 106,366 $ 73,049 $ 36,978 $ ─ $ 110,027 103%  Other real estate related bond investments 47,788 41,934 4,449 (429) 45,954 96%  Total $ 154,154 $ 114,983 $ 41,427 $ (429) $ 155,981 101%  (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. (2) These unrealized losses relate to investments in bonds that were not assessed as OTTI. The presentation of unrealized losses in the table above at December 31, 2016 was conformed in this Report to the presentation adopted during the first quarter of 2017 to separately disclose such amounts as gross unrealized losses. Such amounts were previously included in our 2016 Form 10-K within gross unrealized gains. (3) Comprised of one bond in a gross unrealized loss position for 12 consecutive months that had a fair value of $15.3 million and $16.5 million at September 30, 2017 and December 31, 2016, respectively.  See Note 7 , “Fair Value , ” which describes factors that contribut ed to the $13.0 million decrease in the reported fair value of the Company’s bond portfolio for the nine months ended September 30, 2017 . Maturity Principal payments on the Company’s investments in bonds are based on contractual terms that are set forth in the contractual documents governing such investments . If principal payments are not required to be made prior to the contractual maturity of a bond , its UPB is required to be paid in a lump sum payment at contractual maturity or at such earlier time as may be provided under the governing documents. At September 3 0 , 201 7 , the majority of the Company’s bonds amortiz e on a scheduled basis and have stated maturity dates between March 2032 and March 2049 . The Company also had five non-amortizing bonds with principal due in full between November 2044 and August 2048 (the total cost basis and fair value of these bonds were $13.3 million and $26.7 million, respectively, at September 30, 2017). Bonds with Prepayment Features The contractual terms of substantially all of the Company’s investments in bonds include provisions that permit such instruments to be prepaid at par after a specified date that is prior to the ir stated maturity date. The following table provides information about the UPB, amortized cost and fair value of the Company’s investments in bonds that were prepayable at par at September 3 0 , 201 7 , as well as stratifies such information for the remainder of the Company’s investments based upon the periods in which such instruments become prepayable at par:      (in thousands) UPB Amortized Cost Fair Value  September 30, 2017 $ 27,050 $ 21,211 $ 22,405  October 1 through December 31, 2017 ─ ─ ─  2018 1,907 266 2,196  2019 ─ ─ ─  2020 5,210 4,211 5,436  2021 46,364 27,993 50,526  Thereafter 62,187 46,884 62,388  Bonds that may not be prepaid ─ ─ ─  Total $ 142,718 $ 100,565 $ 142,951  The weighted-average expected maturity of the Company’s investments in bonds that were not currently prepayable at par at September 3 0 , 2017 was 4.4 years. Non-Accrual Bonds The fair value of the Company’s investments in bonds that were on non-accrual status was $7.3 million and $7.0 million at September 3 0 , 2017 and December 31, 2016. The Company recognized interest income on a cash basis of $0.1 million for the three months ended September 30, 2017, and 2016 and $0.2 million and $0.6 million for the nine months ended September 30, 2017 and 2016, respectively . Interest income not recognized on bonds that were on non-accrual status was $0.2 million and $0.4 million for the three months ended September 30, 2017 and 2016, respectively, and $0.5 million and $1.3 m illion for the nine months ended September 30, 2017 and 2016, respectively . B ond Aging Analysis The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments:     At At  September 30, December 31,  (in thousands) 2017 2016  Total current $ 135,611 $ 148,967  30-59 days past due ─ ─  60-89 days past due ─ ─  90 days or greater 7,340 7,014  Total $ 142,951 $ 155,981  B ond Sales and Redemptions The Company recognized cash proceeds in connection with full redemption s of its investments in bonds of $7.4 million for the three months and nine months ended September 3 0 , 2017 . The following table provides information about net realized gains that were recognized in connection with the Company’s investments in bonds (in the Consolidated Statements of Operations as a component of “Other expenses” and “Net gains (losses) on bond s” ):         For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net impairment recognized on bonds held at each period-end $ (880) $ ─ $ (880) $ ─  Gains (losses) recognized at time of sale or redemption (1) 620 (69) 620 2,254  Total net (losses) gains on bonds $ (260) $ (69) $ (260) $ 2,254 

INVESTMENTS IN PARTNERSHIPS AND

INVESTMENTS IN PARTNERSHIPS AND VENTURES	9 Months Ended
	Sep. 30, 2017
INVESTMENTS IN PARTNERSHIPS AND VENTURES [Abstract]
INVESTMENT IN PARTNERSHIPS AND VENTURES	N ote 3— I nvestments in Partnerships and Ventures The following table provides information about the carrying value of the Company’s investments in partnerships and ventures.     At At  September 30, December 31,  (in thousands) 2017 2016  Investments in U.S. real estate partnerships (includes $867 and $11,138 related to variable interest entities (" VIEs ") (1) $ 18,653 $ 27,596  Investments in IHS-managed funds (includes $1,896 and $1,955 related to VIEs) (1) 15,817 3,296  Investment in Solar Ventures 89,465 75,526  Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 108,309 137,773  Total investments in partnerships $ 232,244 $ 244,191  (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE because the Company was deemed not to be the primary beneficiary.  (2) See Note 13, “Consolidated Funds and Ventures,” for more information.  I nvestments in U.S. Real Estate Partnerships A t September 3 0 , 201 7 , $17.8 million of the reported carrying value of investments in U.S. real estate partnerships relates to an equity investment made by the Company in a real estate venture to develop a mixed-use town center development and that, as of September 30, 2017, represented a 66.2 % ownership interest in such venture . The Company made an initial capital contribution of $8.8 million , which represent ed 80% of the real estate venture ’s initial capital . However, the Company’s ownership interest has declined over time due to the priority of distributions stipulated in the governing documents of the partnership. The Company has rights to a preferred return on its capital contribution, as well as rights to share in excess cash flows of the real estate venture. As this entity was determined not to be a VIE, t he Company accounts for this investment using the equity method of accounting . During the third quarter of 2017, the Company acquired a 98.99% limited partner interest in an affordable housing partnership for $0.8 million. While this entity was deemed to be a VIE, the Company was not deemed to be its primary beneficiary. Therefore, the Company did not consolidate this entity and accounts for this investment using the equity method of accounting. On September 21, 2017, the underlying real estate that was owned by a partnership in which the Company held a 33% ownership interest was sold . As a result of the sale, the Company recognized $3.8 million in its Consolidated Statements of Operations as a component of “Equity in income from unconsolidated funds and ventures,” during the third quarter of 2017. The carrying value of this investment was $0.1 million at September 30, 2017. Thr ough the governing operating agreement, the Company is obligated to make additional capital contributions representing its proportionate amount of the partnership's obligations as they become due. This contractual commitment does not have a defined contribution limit. However, since the underlying real estate was sold, the Company does not expect to make any additional contributions to this partnership. While this entity was determined to be a VIE, the Company was deemed not to be its primary beneficiary. Therefore, the Company did not consolidate this entity and accounts for this investment using the equity method of accounting . At September 30, 2017 and December 31, 2016, two and three of the U.S. real estate partnerships in which we have investments were determined to be VIEs , respectively . The carrying value of the equity investments in these partnerships was $0.9 million and $11.1 million at September 30, 2017 and December 3 1 , 2016, respectively. Other than as noted above, we are not contractually obligated to commit further capital to these investments. Our maximum exposure to loss due to our involvement with these VIEs was $0.9 million and $11.1 million at September 30, 2017 and December 3 1 , 2016, respectively. Because we are unable to quantify the maximum amount of additional capital contributions that we may be required to fund in the future associated with our proportionate share of one of the VIEs, we measure our maximum exposure to loss based upon the carrying value of the aforementioned investments. The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment:     At At  September 30, December 31,  2017 2016  (in thousands)  Total assets $ 59,715 $ 97,659  Total liabilities 31,633 47,147  The following table provides information about the net income (loss) of U.S. real estate partnerships in which the Company had an equity investment:     For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income (loss) $ 11,028 $ (688) $ 10,150 $ 4,936  I nvestments in IHS-Managed Funds At September 30, 2017 , the Company held equity co-investments in four IHS-managed funds (SAWHF, IHS Residential Partners , IHS Fund II SA and IHS Fund II SSA ) that range from a 1.8% to a 14.6% ownership interest in such funds. IHS provides asset management services to each of these funds in return for asset management fees. For each fund , IHS also has rights to investment returns on its equity co-investment as well as rights to an allocation of profits from such funds (often referred to as “carried interest”), which are contingent upon the investment returns generated by each investment vehicle. At September 3 0 , 201 7 , the carrying value of the Company’s equity investment in SAWHF , IHS Residential Partners , IHS Fund II SA and IHS Fund II SSA was $13.4 million, $1.9 million , $0.5 million and $0 , respective ly. As SAWHF, IHS Fund II SA and IHS Fund II SSA entities were determined not to be VIEs, the Company accounts for these investments using the equity method of accounting. While IHS Residential Partners was determined to be a VIE, this entity was not consolidated for reporting purposes as the Company was deemed not to be its primary beneficiary. As a result, the Company accounts for this investment using the equity method of accounting. The Company does not expect to make additional capital contributions to IHS Residential Partners and, as a result, the Company believes that its risk of loss is limited to its investment balance of $1.9 million. However , through the governing shareholder agreement, IHS could be required to commit up to 180 million rand as capital contributions to such fund. In this regard, our maximum exposure to loss as a result of our involvement in this VIE is approximately $13.3 million and $13.2 million at September 30, 2017 and December 31, 2016, respectively, based upon foreign currency exchange rates as of such reporting dates. On July 28, 2017, IHS purchased from a third party an 11.85% ownership interest in SAWHF for 153.1 million rand, or approximately $11.8 million. As part of this purchase transaction, the third party committed to invest the proceeds that it received into IHS Fund II SA, subject to the same conditions that governed the third party’s original investment in SAWHF and that include, but are not limited to, a commitment by IHS to purchase the third party’s ownership interest in IHS Fund II SA ten years from the initial close date of such fund (or, by the expiry of the fund’s original term). The following table provides information about the carrying value of total assets and liabilities of the IHS-managed funds in which the Company held an equity investment:      At At  September 30, December 31,  2017 2016  (in thousands)  Total assets $ 284,175 $ 261,082  Total liabilities 112,720 110,214  The following table provides information about the net income (loss) of the IHS-managed funds in which the Company had an equity investment.       For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income (loss) $ 204 $ (7,207) $ (1,995) $ (15,919)  I nvestment in Solar Ventures MEC originates solar loans directly and through our Solar Ventures. The Company made an initial $75.0 million non-cash capital contribution into REL in November 2016 that was comprised of solar energy loan investments, including our membership interests in SCL and SPL, in exchange for a membership interest in REL. Because REL is not a VIE, the Company accounts for this investment using the equity method of accounting. As of September 30, 2017, the Company had contributed $11.4 million of capital into SDL . Because SD L is not a VIE, the Company accounts for this investment using the equity method of accounting. The following table provides information about the carrying amount of total assets and liabilities of the Solar Ventures in which the Company held an equity investment:     At At  September 30, December 31,  2017 2016  (in thousands)  Total assets $ 328,169 $ 158,365  Total liabilities 3,343 4,905  The following table provides information about the net income of the Solar Ventures in which the Company had an equity investment:      For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income $ 7,208 $ 2,958 $ 15,604 $ 8,515 

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2017
Other Assets [Abstract]
Other Assets	N ote 4—O ther Assets The following table provides information related to the carrying value of the Company’s other assets:     At At  September 30, December 31,  (in thousands) 2017 2016  Other assets:  Loans held for investment $ 969 $ 4,809  Loans held for sale ─ ─  Real estate owned 3,444 3,267  Derivative assets 8,077 7,884  Solar facilities (includes other assets such as cash and other receivables) 1,452 1,733  Accrued interest receivable 1,029 1,822  Asset management fees and reimbursements receivable 7,573 1,406  Other assets 4,622 5,526  Other assets held by CFVs (1) 41,954 44,551  Total other assets $ 69,120 $ 70,998  (1) See Note 13, “Consolidated Funds and Ventures,” for more information.  L oans Held For Investment (“HFI”) We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowance for loan losses . However, such loans are reported at fair value to the extent the Company has elected the fair value option (“ FVO ”) for such instruments and, as a result, such assets are subsequently measured on a fair value basis in our Consolidated Statement of Operations as a component of “Net gains (losses) on loans.” The following table provides information about the amortized cost and allowance for loan losses that were recognized in the Company’s Consolidated Balance Sheets related to loans tha t it classified as HFI:     At At  September 30, December 31,  (in thousands) 2017 2016  Amortized cost $ 1,797 $ 9,202  Net losses included in earnings ─ (3,565)  Allowance for loan losses (828) (828)  Loans held for investment, net $ 969 $ 4,809  At September 30, 2017 and December 31, 2016 , HFI loans had UPB of $6.8 million and $16.8 million, respectively. These loans had d eferred fees and other basis adjustments of $5.0 million and $7.6 million as of September 30, 2017 and December 31, 2016, respectively . At September 30, 2017, the Company did not have any loans for which it elected FVO while, at December 31, 2016, the Company had one HFI loan, which had a UPB of $10.0 million and a fair value of $3.8 million , for which it elected the FVO so as to minimize certain operational challenges associated with accounting for this loan. During the third quarter of 2017, the Company charged off a subordinate loan receivable from a residential solar provider that filed for bankruptcy protection on March 13, 2017 that had a UPB of $11.5 million and no carrying value on the basis that further collection of this receivable was deemed remote. At September 30, 2017 and December 31, 2016 , of the remaining HFI loans, impaired loans had a UPB of $6.4 million and were not accruing interest. We report impairment on HFI loans as “Other expenses” in our Consolidated Statement of Operations. The carrying value for HFI loans on non-accrual status was $0.5 million at September 30, 2017 and December 31, 2016 . The loan that the Company made to TC Fund I on December 31, 2015 is included among this population of loans. At September 30, 2017 and December 31, 2016 , no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. Loans Held For Sale (“HFS”) We report the carrying value of HFS loans at the lower of cost or fair value with the excess of the loan’s cost over its fair value recognized as a valuation allowance within “Net gains (losses) on loans” in our Consolidated Statement of Operations. The cost basis for HFS loans was $6.0 million at September 30, 2017 and Dec ember 3 1 , 2016 with a zero carrying value at September 30, 2017 and December 31, 2016.  During the three months and nine months ended September 30, 2017 and 2016, the Company did not recognize any lower of cost or market adjustments associated with any HFS loans that were recognized in the Consolidated Balance Sheets. U nfunded Loan Commitments There were no unfunded loan commitments at September 30, 2017 and December 31, 2016. Real Estate Owned (“REO ”) The following table provides information about the carrying value of the Company’s REO held for use, net:       At At  September 30, December 31,  (in thousands) 2017 2016  Building, furniture, fixtures and land improvement $ 825 $ 648  Land 2,619 2,619  Total $ 3,444 $ 3,267  Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years and land improvements are depreciated over a period of 15 years. The Company’s REO is represented by land that is currently in process of being developed. As a result, no depreciation expense was recognized in connection with this land investment. Additionally, t he Company did no t recognize any impairment losses for the three months and nine months ended September 3 0 , 201 7 and 201 6. D erivative Assets At September 30, 2017 and Dec ember 3 1, 2016, the Company had $ 8.1 million and $ 9.0 million, respectively , of recogniz ed derivative assets. See Note 6, “Derivative Instruments,” for more information. Solar Facilities At September 30, 2017 and Dec ember 3 1 , 2016, the Company owned one and two solar facilit ies that were designated as held for use (“ HFU ”) with a total carrying value of $1.2 million and $1.3 million, respectively. These facilities generate energy that is sold under long-term power purchase agreements to the owner or lessee of the properties on which the projects are built. The solar facilities had accumulated depreciation of $1.2 million and $1.7 million at September 30, 2017 and December 31, 2016, respectively. A sset Management Fees and Reimbursement Receivable At September 30, 2017 and Dec ember 3 1 , 2016 , the Company had $ 7.6 million and $1. 4 million of asset management fees and reimb ursement receivable s, respectively, accrued in its Consolidated Balance Sheets, of which $0.8 million and $0.9 million , respectively, w ere due from IHS-managed funds and ventures. At September 30, 2017, the Company had $6.3 million of asset management fees receivable for services previously rendered to TC Fund I.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	N ote 5—D ebt The table below provides information about the carrying values and weighted- average effective interest rate s of the Company’s debt obligations that were outstanding :     At At  September 30, 2017 December 31, 2016  Weighted-Average Weighted-Average  Carrying Effective Interest Carrying Effective Interest  (dollars in thousands) Value Rate Value Rate  Asset Related Debt (1)  Notes payable and other debt – bond related (2)  Due within one year $ 16,862 2.6 % $ 2,892 2.2 %  Due after one year 67,106 2.3 79,137 2.1   Total asset related debt $ 83,968 2.4 $ 82,029 2.1   Other Debt (1)  Subordinated debt (3)  Due within one year $ 2,308 2.6 $ 3,297 3.9  Due after one year 98,269 2.6 125,899 3.4  Notes payable and other debt  Due within one year 1,735 3.9 1,948 3.9  Due after one year 25,545 6.1 16,869 2.3   Total other debt $ 127,857 3.3 $ 148,013 3.3   Total asset related debt and other debt $ 211,825 2.9 $ 230,042 2.8   Debt related to CFVs  Due within one year $ 6,896 6.2 $ 6,885 5.7  Due after one year 6,005 4.0 6,144 4.0  Total debt related to CFVs $ 12,901 5.2 $ 13,029 4.9   Total debt $ 224,726 3.1 $ 243,071 3.0  (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. (2) Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at September 30, 2017 and December 31, 2016. (3) The subordinated debt balances include net cost basis adjustments of $8.5 m illion and $8.7 million at September 30, 2017 and December 31, 2016, respectively, that pertain to premiums and debt issuance costs. C ovenant Compliance and Debt Maturities The following table provides information about scheduled principal payment s associated with the Company’s debt agreements that were outstanding at September 3 0 , 201 7 :     Asset Related Debt CFVs  (in thousands) and Other Debt Related Debt Total Debt  2017 $ 1,099 $ 6,736 $ 7,835  2018 59,711 102 59,813  2019 13,041 109 13,150  2020 36,676 116 36,792  2021 8,710 125 8,835  Thereafter 84,585 4,867 89,452  Net premium and debt issue costs 8,003 846 8,849  Total $ 211,825 $ 12,901 $ 224,726  At September 30, 2017 , the Company was in compliance with all covenants under its debt obligations .  A sset Related Debt Notes Payable and Other Debt – Bond Related These debt obligations pertain to bonds that are classified as available-for-sale and that were financed by the Company through total return swap (“ TRS ”) agreements . In such transactions, the Company convey s its interest in bonds to a counterparty in exchange for cash consideration while simultaneously executing TRS agreements with the same counterparty for purposes of retaining the economic risks and returns of such investments. The conveyance of the Company’s interest in bonds was treated for reporting purposes as a secured borrowing while TRS agreements that were executed simultaneously with such conveyance did not receive financial statement recognition since such derivative instruments caused the conveyance of the Company’s interest in these bonds not to qualify for sale accounting treatment. At September 30, 2017, u nder the terms of these TRS agreements , the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (UPB of $79.7 million with a weighted - average pay rate of 6.5% at September 30, 2017 ). For the majority of the TRS agreements, t he Company is required to pay the counterparty a rate that is based upon the Securities Industry and Financial Markets Association seven -day municipal swap rate (“ SIFMA ”) plus a spread on the TRS agreements (notional amount of $79.3 million with a weighted - average pay rate of 2.2% at September 3 0 , 201 7 ) and for the remaining TRS agreements, the Company is required to pay the counterparty a rate of 1-month London Interbank Offered Rate (“ LIBOR ”) plus a spread (notional amount of $4.7 million with a weighted-average pay rate of 2.8% at September 30, 2017) . The Company uses th e pay rate on executed TRS agreements to accrue interest on its secured borrowing obligations to its counterparty. O ther Debt Subordinated Debt The table below provides information about the key terms of the subordinate d debt that was issued by the Company’s wholly owned subsidiary MMA Financial Holdings, Inc. (“ MFH ”) and that was outstanding at September 3 0 , 201 7 :    (dollars in thousands) Net Premium Interim  and Debt Principal  Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon  MFH $ 27,199 $ 2,580 $ 29,779 Amortizing March 30, 2035 3-month LIBOR plus 2.0%  MFH 24,732 2,357 27,089 Amortizing April 30, 2035 3-month LIBOR plus 2.0%  MFH 14,256 1,253 15,509 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  MFH 25,921 2,279 28,200 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  Total $ 92,108 $ 8,469 $ 100,577  During the first nine months of 2017, the Company completed discounted purchase s of $26.4 million of its fixed rate subordinated debt in which $4.8 million of extinguishment gains were recognized in the Consolidated Statements of Operations as a component of “Net gains on extinguishment of liabilities.” Notes Payable and Other Debt At September 30, 2017, the Company had three outstanding debt obligations that it recognized in connection with the conveyance of two bonds to a buyer with which the Company executed three TRS agreements. In this case, the transfer of the bonds did not qualify as a sale and, as a result, the proceeds received from the buyer were recognized as three distinct debt obligations that have UPBs of $9.8 million, $5.0 million and $2.5 million as of September 30, 2017 and require the Company to pay its counterparty a rate that is based upon SIFMA or LIBOR plus a spread . One of these debt obligations has a contractual maturity date of June 21, 2021, while the balance of such obligations will mature on December 30, 2018. The bonds were debt obligations of two partnerships that own affordable multifamily properties and that were consolidated by the Company. During the third quarter of 2017, the Company financed a portion of the cost of acquiring an additional 11.85% ownership interest in SAWHF. At September 30, 2017, this debt had a UPB of $7.8 million, has a contractual maturity date of September 8, 2020 and requires the Company to pay its counterparty a rate that is based upon the Johannesburg Interbank Agreed Rate (“ JIBAR ”) plus a spread. Letters of Credit The Company had no letters of credit outstanding at September 30, 2017 and December 31, 2016 .

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2017
Derivative Instruments [Abstract]
Derivative Instruments	Note 6—Derivative Instruments The Company uses derivative instruments for various purposes. Pay-fixed interest rate swaps, interest rate basis swaps and interest rate caps are used to manage interest rate risk. TRS agreements are used by the Company to obtain, or retain, the economic risks and rewards associated with tax exempt municipal bonds. Foreign currency forward exchange agreements are used to manage currency risk associated with debt within our International Operations segment . Derivative instruments that are recognized in the Consolidated Balance Sheets are measured on a fair value basis. Because the Company does not designate any of its derivative instruments as fair value or cash flow hedges, c hanges in fair value of such instruments are recognized in the Consolidated Statements of Operations as a component of “Net gains on derivatives and other assets .” Derivative assets are presented in the Consolidated Balance Sheets as a component of “Other assets” and derivative liabilities are presented in the Consolidated Balance Sheets as a component of “Other liabilities.” The following table provides information about the carrying value of the Company’s derivative instruments:      Fair Value  At At  September 30, 2017 December 31, 2016  (in thousands) Assets Liabilities Assets Liabilities  Total return swaps $ 3,818 $ ─ $ 2,327 $ 372  Basis swaps 274 56 176 7  Interest rate caps 955 ─ 1,553 ─  Interest rate swaps 2,858 ─ 3,828 ─  Foreign currency forward exchange agreement 172 ─ ─ ─  Total derivative instruments $ 8,077 $ 56 $ 7,884 $ 379 The following table provides information about the notional amounts of the Company’s derivative instruments:      Notional Amounts  At At  September 30, December 31,  (in thousands) 2017 2016  Total return swaps $ 72,507 $ 91,050  Basis swaps 100,500 100,500  Interest rate caps 80,000 80,000  Interest rate swaps 140,000 140,000  Foreign currency forward exchange agreement 3,991 ─  Total dollar-based derivative instruments $ 396,998 $ 411,550  The following table provides information about the net gains (losses) that were recognized by the Company in connection with its derivative instruments:     Gains (Losses) Gains (Losses)  For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Total return swaps (1) $ 1,522 $ 799 $ 4,100 $ 3,119  Basis swaps (2) 14 207 5 207  Interest rate caps (116) 2 (598) (12)  Interest rate swaps (3) (162) (63) (1,178) (285)  Foreign currency forward exchange agreement 172 ─ 172 ─  Total $ 1,430 $ 945 $ 2,501 $ 3,029  (1) The cash paid and received on TRS agreements that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. Net cash received was $0.7 million and $1.0 million for the three months ended September 30, 2017 and 2016, respectively. Net cash received was $2.3 million and $3.2 million for the nine months ended September 30, 2017 and 2016, respectively. (2) The cash paid and received on the basis swaps is settled on a net basis and recorded through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. The net cash paid for the nine months ended September 30, 2017 was $0.1 million. The net cash paid for the three months ended September 30, 2017 was de minimis. (3) The cash paid and received on the interest rate swaps is settled on a net basis and recorded through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. Net cash paid was $0.1 million for the three months ended September 30, 2017 and 2016. Net cash paid was $0.3 million and $0.2 million for the nine months ended September 30, 2017 and 2016, respectively. 

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2017
Fair Value [Abstract]
Fair Value	N ote 7 — F air Value We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in the first table below in this Note. From time to time, we may be required to measure at fair value other assets on a nonrecurring basis such as certain loans held for investment or investments in partnerships. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets.  F air Value Hierarchy The Company measures the fair value of its assets and liabilities based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in such measurements. · Level 1: Valuation is based upon q uoted prices in active markets for identical instruments.  · Level 2: Valuation is based upon q uoted prices for similar instruments in active markets , quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets.  · Level 3: Valuation is generated from techniques that use significant assumptions that are not observable in the market . These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.  R ecurring Changes in Fair Value The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of such assets and liabilities are categorized .     Fair Value Measurements  At  September 30,  (in thousands) 2017 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 142,951 $ ─ $ ─ $ 142,951  Derivative instruments 8,077 ─ 4,259 3,818   Liabilities:  Derivative instruments $ 56 $ ─ $ 56 $ ─      Fair Value Measurements  At  December 31,  (in thousands) 2016 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 155,981 $ ─ $ ─ $ 155,981  Loans held for investment 3,835 ─ ─ 3,835  Derivative instruments 7,884 ─ 5,557 2,327   Liabilities:  Derivative instruments $ 379 $ ─ $ 7 $ 372 C hanges in Fair Value Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes, but is not limited to, quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2 and Level 3. For the three months ended September 30, 2017 and 2016, there were no individually significant transfers between Levels 1 and 2, or between Levels 2 and 3. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2017:    (in thousands) Bonds Available-for-sale Loans Held for Investment Derivative Assets Derivative Liabilities  Balance, July 1, 2017 $ 151,662 $ 3,899 $ 3,405 $ (399)  Net (losses) gains included in earnings (1,777) ─ 413 399  Net change in other comprehensive income (1) 42 ─ ─ ─  Impact from sales/redemptions (6,784) (3,899) ─ ─  Impact from settlements (2) (192) ─ ─ ─  Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─  (1) This amount includes $0.6 million of unrealized net holding gains arising during the period.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments.  The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the three months ended September 30, 2017:      (in thousands) Net losses on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3)  Change in unrealized losses related to assets and liabilities still held at September 30, 2017 $ (880) $ (897) $ ─ $ 812  Additional realized gains recognized 620 ─ 805 710  Total (losses) gains reported in earnings $ (260) $ (897) $ 805 $ 1,522  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations.  (2) Amounts are reflected through “Net gains (losses) on loans on the Consolidated Statements of Operations  (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations.  Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2016:     (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, July 1, 2016 $ 182,831 $ 23,700 $ 2,742 $ 3,980 $ (2,038)  Net (losses) gains included in earnings (1,337) 173 ─ (633) 433  Net change in other comprehensive income (1) 6,871 ─ ─ ─ ─  Impact from purchases 7,217 ─ ─ ─ ─  Impact from loan originations ─ 15,512 216 2,600 ─  Impact from sales/redemptions (7,217) ─ (680) ─ ─  Impact from settlements (2) (8,930) ─ ─ ─ ─  Transfer from loans HFS to loans HFI ─ 2,278 (2,278) ─ ─  Balance, September 30, 2016 $ 179,435 $ 41,663 $ ─ $ 5,947 $ (1,605)  (1) This amount includes $6.9 million of unrealized net holding gains arising during the period.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the three months ended September 30, 2016:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3)  Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2016 $ ─ $ (1,337) $ 173 $ (200)  Additional realized (losses) gains recognized (69) ─ ─ 936  Total (losses) gains reported in earnings $ (69) $ (1,337) $ 173 $ 736  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains (losses) on loans on the Consolidated Statements of Operations. (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2017:     (in thousands) Bonds Available-for-sale Loans Held for Investment Derivative Assets Derivative Liabilities  Balance, January 1, 2017 $ 155,981 $ 3,835 $ 2,327 $ (372)  Net (losses) gains included in earnings (3,984) (5,335) 1,491 372  Net change in other comprehensive income (1) 1,388 ─ ─ ─  Impact from purchases ─ 14,028 ─ ─  Impact from loan originations ─ 1,500 ─ ─  Impact from sales/redemptions (6,784) (14,028) ─ ─  Impact from settlements (2) (3,650) ─ ─ ─  Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─  (1) This amount includes $2.0 million of unrealized net holding gains arising during the period.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the nine months ended September 30, 2017:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net losses on loans (2) Net gains on derivatives (3)  Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2017 $ (880) $ (3,104) $ ─ $ 1,863  Change in unrealized losses related to assets and liabilities held at January 1, 2017, but settled during 2017 ─ ─ (5,335) ─  Additional realized gains (losses) recognized 620 ─ 805 2,237  Total (losses) gains reported in earnings $ (260) $ (3,104) $ (4,530) $ 4,100  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations.  (2) Amounts are reflected through “Net gains (losses) on loans on the Consolidated Statements of Operations.  (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations.  Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2016:     (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, January 1, 2016 $ 218,439 $ ─ $ 6,417 $ 3,658 $ (1,713)  Net (losses) gains included in earnings (3,820) 173 ─ (311) 108  Net change in other comprehensive income (1) 13,067 ─ ─ ─ ─  Impact from purchases 7,217 ─ ─ ─ ─  Impact from loan originations ─ 39,212 4,531 2,600 ─  Impact from sales/redemptions (10,986) ─ (8,670) ─ ─  Impact from bonds extinguished due to consolidated or real estate foreclosure (30,300) ─ ─ ─ ─  Impact from settlements (2) (14,182) ─ ─ ─ ─  Transfer from loans HFS to HFI ─ 2,278 (2,278) ─ ─  Balance, September 30, 2016 $ 179,435 $ 41,663 $ ─ $ 5,947 $ (1,605)  (1) This amount represents $ 15.1 million of unrealized net holding gains arising during the period, partially offset by the reversal of $ 2.1 million of unrealized bond gains related to bonds that were sold or redeemed.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments.  The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the nine months ended September 30, 2016:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3)  Change in unrealized losses related to assets and liabilities still held at September 30, 2016 $ ─ $ (3,770) $ 173 $ (203)  Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ (50) ─ ─  Additional realized gains recognized 2,254 ─ ─ 3,038  Total gains (losses) reported in earnings $ 2,254 $ (3,820) $ 173 $ 2,835  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains (losses) on loans” on the Consolidated Statements of Operations. (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations.    Fair Value Measurements of Instruments That Are Classified as Level 3 The tables that follow provide quantitative information about the valuation techniques and the range and weighted-average of significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model to measure fair value. The significant unobservable inputs for Level 3 assets and liabilities that are valued using dealer pricing are not included in the table, as the specific inputs applied are not provided by the dealer.     Fair Value Measurement at September 30, 2017  Significant Significant  Valuation Unobservable Weighted  (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 93,033 Discounted cash flow Market yield 3.9 - 4.8 % 4.5 %  Non-performing 7,340 Discounted cash flow Market yield 7.9 7.9  Capitalization rate 6.9 6.9  Net operating income (" NOI ") annual growth rate (1.2) (1.2)  Subordinated cash flow 9,717 Discounted cash flow Market yield 7.2 - 7.5 7.3  Capitalization rate 6.1 - 6.4 6.2  NOI annual growth rate 0.4 - 0.6 0.5  Infrastructure bonds 22,405 Discounted cash flow Market yield 6.9 - 8.7 7.6  Other bonds 10,456 Discounted cash flow Market yield 3.8 3.8  Derivative instruments:  Total return swaps 3,818 Discounted cash flow Market yield 3.5 - 5.1 4.6  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.     Fair Value Measurement at December 31, 2016  Significant Significant  Valuation Unobservable Weighted  (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 93,082 Discounted cash flow Market yield 4.3 - 5.7 % 5.0 %  Non-performing 7,015 Discounted cash flow Market yield 8.1 8.1  Capitalization rate 6.9 6.9  NOI annual growth rate (0.9) (0.9)  Subordinated cash flow 9,930 Discounted cash flow Market yield 7.3 - 7.4 7.4  Capitalization rate 6.0 - 6.4 6.2  NOI annual growth rate 0.4 - 0.8 0.5  Infrastructure bonds 25,145 Discounted cash flow Market yield 7.3 - 9.0 8.0  Other bonds 20,809 Discounted cash flow Market yield 3.7 - 5.5 4.6  Loans held for investment 3,835 Discounted cash flow Market yield 19.2 19.2  Derivative instruments:  Total return swaps 2,327 Discounted cash flow Market yield 3.9 - 5.5 5.0  (372) Discounted cash flow Market yield 7.2 7.2  Capitalization rate 8.5 8.5  NOI annual growth rate 2.5 2.5  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. For our Level 3 assets and liabilities, we use a discounted cash flow valuation technique to measure fair value. This type of valuation technique involves developing a projection of expected future cash flows of an instrument and then discounting such cash flows using discount factors that consider the relative risk of the cash flows and the time value of money. In applying this technique , the rate of return, or discount rate, that is utilized for such purposes reflects specific characteristics of an instrument including, but not limited to the expected term of the instrument, its debt service coverage ratio or credit quality, geographic location, investment size and other attributes : · For performing multifamily bonds and certain TRS derivatives, the Company’s projection of expected future cash flows reflects cash flows that are contractually due over the life of an instrument. Such projected cash flows are discounted based upon the market yield of such instruments. For such instruments, the Company determines market yield by generally utilizing the AAA Municipal Market Data tax-exempt rate (" MMD ") for each instrument’s specific term and applies a market rate risk premium spread that reflects that instrument’s specific credit characteristics, such as size, debt service coverage, state or bond type.  · For infrastructure bonds, the Company’s projection of expected future cash flows reflects a probability-weighted assessment of the expected future incremental tax revenues that would be generated through existing and future development of the mixed-use town center that support the debt service payments on the Company’s bonds. Such projected cash flows are discounted based upon the market yield of such instruments. For such instruments, the Company determines market yield by generally utilizing the AAA MMD tax-exempt rate for each infrastructure bond’s specific term and applies a market rate risk premium spread that reflects each instrument’s specific credit characteristics.  · For non-performing bonds, subordinate cash flow bonds and certain TRS derivatives, the Company’s projection of expected future cash flows reflects internally-generated projections over a 10-year investment period of future NOI from the underlying properties that serve as collateral for our instruments. A terminal value, less estimated costs of sale, is then added to the projected discounted projection to reflect the remaining value that is expected to be generated at the end of the projection period. The Company utilizes geographic and sector specific discount rates that are published by an independent real estate research organization.  Significant unobservable inputs presented in the preceding tables are those we consider significant to the fair value of the Level 3 asset or liability. We consider unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 asset or liability would be impacted by a predetermined percentage change, or based on qualitative factors, such as nature of the instrument, type of valuation technique used and the significance of the unobservable inputs relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs that are referenced in the table:  · Market yield – is a market rate of return used to present value the future expected cash flow to arrive at the fair value of an instrument. The market yield typically consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, MMD or SIFMA, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instrument ’ s cash flows resulting from risks such as credit and liquidity. A significant decrease in this input in isolation would result in a significantly higher fair value measurement.  · Capitalization rate – is calculated as the ratio between the NOI produced by a commercial real estate property and the price for such asset. A significant decrease in this input in isolation would result in a significantly higher fair value measurement.  · NOI annual growth rate – is the amount of future growth in NOI that the Company projects each property to generate on an annual basis over the 10-year projection period . These annual growth estimates take into account the Company’s expectation about the future increases, or decreases, in rental rates, vacancy rates, bad debt expense, concessions and operating expenses for each property. Generally, an increase in NOI will result in an increase to the fair value of the property.  N on-Recurring Changes in Fair Value There were no non-recurring adjustments during the three months ended September 3 0 , 2017. A dditional Disclosures Related To The Fair Value of Financial Instruments That Are Not Carried On The Consolidated Balance Sheets at Fair Value The t ables that follow provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes such information based upon the level of the fair value hierarchy within which fair value measurements are categorized. We have not included in such tables assets and liabilities that are not financial instruments ( e.g. , premises and equipment).    At  September 30, 2017  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 32,341 $ 32,341 $ ─ $ ─  Restricted cash 35,303 35,303 ─ ─  Restricted cash related to CFVs 23,537 23,537 ─ ─  Asset management fee receivable from TC Fund I 6,340 ─ ─ 6,340  Loans held for investment 969 ─ ─ 1,898  Loans held for investment related to CFVs 65 ─ ─ 501   Liabilities:  Notes payable and other debt, bond related 83,968 ─ ─ 84,022  Notes payable and other debt, non-bond related 27,280 ─ ─ 27,694  Notes payable and other debt related to CFVs 12,901 ─ ─ 5,948  Subordinated debt issued by MFH 100,577 ─ ─ 40,436  Guarantee obligations (1) 2,953 ─ ─ 10,702 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $7.7 million at September 30, 2017, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.      At  December 31, 2016  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 45,525 $ 45,525 $ ─ $ ─  Restricted cash 33,920 33,920 ─ ─  Restricted cash related to CFVs 23,584 23,584 ─ ─  Asset management fee receivable from TC Fund I ─ ─ ─ 2,947  Guarantee fee receivable from TC Fund I 1,348 ─ ─ 1,348  Loans held for investment 974 ─ ─ 1,106  Loans held for investment related to CFVs 65 ─ ─ 488   Liabilities:  Notes payable and other debt, bond related 82,029 ─ ─ 82,118  Notes payable and other debt, non-bond related 18,817 ─ ─ 18,817  Notes payable and other debt related to CFVs 13,029 ─ ─ 5,956  Subordinated debt issued by MFH 102,338 ─ ─ 41,327  Subordinated debt issued by MFI 26,858 ─ ─ 20,139  Guarantee obligations (1) 4,003 ─ ─ 12,616  (1) Certain of the Company’s guarantee obligations, which had a carrying value of $8.6 million as of December 31, 2016, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.  Valuation Techniques Cash and cash equivalents and restricted cash – The carrying value of these assets approximate fair value due to the short-term nature and negligible credit risk inherent in them. Accrued interest and accounts receivable – The carrying value of these assets approximate fair value due to the short-term nature and negligible credit risk inherent in them. Asset management fee receivable from TC Fund I – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments from actual or anticipated residual events are discounted based upon a market yield. Guarantee fee receivable – The carrying value of this receivable approximates fair value due to the short-term nature and negligible credit risk inherent in such receivables . Loans held for investment – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments are discounted based upon market yields for similar loans. Notes payable and other debt – Fair value is measured by discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting the debt arrangement, taking into account credit risk. Subordinated debt – T he Company measures the fair value of the subordinate d debt by discounting contractual cash flows based upon its estimated market yield, which was 15.0% and 14.5% at September 30 , 2017 and December 31, 2016, respectively . As outlined in the table above, at September 30, 2017, the aggregate fair value was measured at $40.4 million. At September 30, 2017 , the measured fair value of this debt would have been $47.5 million and $35.1 million using a market yield of 12.5% and 17.5% , respectively. The measured fair value of this debt is inherently judgmental and based on management’s assumption of market yields. There can be no assurance that the Company could repurchase the remaining subordinated debt at the measured fair values reflected in the table above or that the debt would trade at that price. Guarantee obligations – The fair value of these obligations represents an estimate of what we would pay to transfer such obligations to a third party in an orderly transaction at the measurement date . The carrying value of these obligations, which reflects the unamortized balance of deferred guarantee fees received by the Company (a systematic and rational method of amortization is used to subsequently measure such liabilities for reporting purposes), approximate s their fair value. However, a s further discussed in Note 8, “Guarantees and Collateral,” the Company has guaranteed minimum yields on investment to investors in 11 LIHTC funds that are consolidated for financial reporting purposes. As a result, the unamortized balance of deferred guarantee fees associated with such funds is eliminated for financial reporting purposes. Therefore, such amounts are not included in the carrying value of the Company’s guarantee obligations as reported in the preceding tables. Nonetheless, the Company believes that, in measuring the fair value of these guarantees, market participants would assume that the unamortized balance of deferred guarantee fees is a reasonable proxy for what the Company would be expected to pay to assign its guarantee obligations to a third party. Accordingly, the unamortized balance of deferred guarantee fees associated with such guarantees, while not included in the reported carrying value of the Company's guarantee obligations, is included in the disclosed fair value of the Company's guarantee obligations.

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	9 Months Ended
	Sep. 30, 2017
Guarantees And Collateral [Abstract]
Guarantees And Collateral	Note 8—Guarantees and Collateral  Guarantees – LIHTC Business Line The Company has guaranteed minimum yields on investment to investors in 11 consolidated LIHTC funds, along with two additional guaranteed LIHTC funds that are not consolidated for reporting purposes (all 13 LIHTC funds are collectively referred to hereinafter as the “ Guaranteed Funds ”) and has agreed to indemnify the purchaser of the GP interests in those Guaranteed Funds from investor claims related to those guarantees. The Company may have to perform under such guarantees of investor yield for losses resulting from recapture of tax credits due to foreclosure or difficulties in maintaining occupancy levels as mandated by LIHTC compliance regulations with respect to the LTPPs in which the Guaranteed Funds are invested. Guarantees and i ndemnifications that relate to the 11 Guaranteed Funds that the Company consolidated for reporting purposes will expire in full by the end of 2027 , while the balance of the Company’s indemnifications associated with Guaranteed Funds will expire by December 31, 2017. At September 30, 2017 and December 31, 2016 , the 11 Guaranteed Funds for which the Company has provided an indemnification to the purchaser of corresponding GP interests held an aggregate of $14.8 million and $14.5 million in reserves, respectively. While these reserves are not cross collateralized, they could be utilized by each Guaranteed Fund to bring projected investor yield to its guaranteed minimum. This could mitigate, or reduce, the amount that the Company could otherwise be required to pay under its contractual obligations. Additionally, because the Company holds a first mortgage revenue bond from certain LTPPs in certain Guaranteed Funds, we have control over the exercise of default remedies (such as foreclosure) for certain LTPPs, thereby controlling potential exposure that we have under our guarantee and indemnification agreements. As bondholder of a defaulted LTPP in which one of the 11 Guaranteed Funds is an LP investor, the Company foreclosed on, and subsequently sold, the property of the defaulted LTPP in the first quarter of 2016. This sale caused the redemption of our bond investment, as well as a loss of future tax credits and the recapture of tax credits previously taken. As a result, the Company made a guarantee payment of $0.9 million during the second quarter of 2016 . The Company made no guarantee payments associated with the Guaranteed Funds for the nine months ended September 30, 2017. The Company does not have any recourse provisions that would enable it to recover from third parties any of the amounts that would be required to be paid under either of the aforementioned types of indemnifications. At September 30, 2017, the Company concluded there were no expected tax credit deficiencies that were both probable and estimable that would require it to make a payment related to these indemnification agreements. At September 30, 2017 and December 31, 2016, the Company had $7.7 million and $8.6 million, respectively, of unamortized fees related to indemnifications associated with the 11 Guaranteed Funds. These unamortized fees are included in the Company’s measurement of its common shareholders’ equity. However, for presentation purposes, these unamortized fees are eliminated in consolidation against the 11 Guaranteed Funds’ prepaid guarantee fee asset . The Company has agreed to indemnify specific investors in non-Guaranteed Funds related to the performance on certain LTPPs . If a third party fails to perform on its financial obligation relating to the property’s performance, the Company will be required to indemnify impacted investors. Such indemnities will expire by December 31, 2017. On December 29, 2015, as part of TC Fund I’s acquisition of a portfolio of limited partnership investments, TEI agreed to make mandatory loans to TC Fund I for distribution to the investor involved in this transaction in the amount of 95% of the excess, if any, of the projected tax credits for years 2016 to 2020 over the tax credits actually allocated to the investor. In addition, until December 31, 2025, TEI agreed to make mandatory loans to TC Fund I for distribution to the investor in the amount of tax credits previously claimed from 2016 to 2020 that are subsequently recaptured or otherwise reduced or lost, together with associated costs. Mandatory loans are limited in amount to 70% of projected tax credits in any year ( $109.6 million of total maximum exposure) and may be subject to certain other limitations. In addition to these limitations, the investor will absorb 5% of any loss of tax credits. On this basis, the Company recognized a $4.2 million liability in connection with TEI’s mandatory loan performance obligation . At September 30, 2017, the Company had $2.9 million of unamortized fees related to the mandatory loan performance obligation. However, if the Company were ever required to make a mandatory loan to TC Fund I, the Company would have the right to recover such payment to the extent there were available cash flows from TC Fund I to provide for such reimbursement. During the third quarter of 2017, the Company made a mandatory loan to TC Fund I of $0.6 million that was fully repaid by TC Fund I during such reporting period. At September 30, 2017 and December 31, 2016, the Company had $20.0 million and $25.6 million, respectively, of collateral that was primarily pledged towards the guarantee exposure associated with the 11 Guaranteed Funds and TC Fund I. If we are required to perform under our guarantees, we could, subject to third party consent, access or be reimbursed from this collateral. On November 10, 2016, the Company acquired a 0.01% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. This property is an investment included within the 11 consolidated Guaranteed Funds. As part of this acquisition, the Company guaranteed the GP’s performance in connection with its obligations under the partnership agreement, which requires the GP to pay the limited partner any potential difference caused by the actual tax credits delivered being less than projected (including recapture of credits previously taken if caused by the actions of the GP). This performance guarantee does not increase maximum exposure amounts that are disclosed in the table below associated with indemnification agreements that the Company executed in connection with the Guaranteed Funds. Refer to Notes to Consolidated Financial Statements – Note 13, “Consolidated Funds and Ventures,” for additional information. The following table provides information about the maximum exposure associated with the Company’s guarantee and indemnification agreements that we executed in connection with the Guaranteed Funds, TC Fund I and certain LTPPs:     At At  September 30, 2017 December 31, 2016  Maximum Carrying Maximum Carrying  (in thousands) Exposure (1) Amount Exposure (1) Amount  Guaranteed Funds (2) $ 392,518 $ 27 $ 392,518 $ 186  TC Fund I 109,587 2,923 109,587 3,805  LTPPs 536 3 536 12  (1) The Company’s maximum exposure represents the maximum loss the Company could incur under such agreements but is not indicative of the likelihood of expected loss under such agreements. (2) The maximum exposure includes $388.4 million related to the 11 Guaranteed Funds we consolidated at September 30, 2017 and December 31, 2016. See Note 13, “Consolidated Funds and Ventures,” for more information.  Guarantees – Energy Capital Business Line On November 7, 2016, as part of the formation of REL, the Company agreed to guarantee all payment and performance obligations of its subsidiary, MEC, to the venture. Performance under this guaranty would be required by a breach of terms under the management agreement entered into by MEC. Because the Company controls MEC, it does not expect that it would, under any circumstance, ever have to perform under this guarantee. As a result, the Company believes that there are no potential future payments to make under this guarantee. Refer to Notes to Consolidated Financial Statements – Note 3, “Investments in Partnerships and Ventures,” for more information about our Solar Ventures. Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at September 30, 2017 and December 31, 2016. These tables also reflect certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets:     At  September 30, 2017  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 9,135 $ 131,080 $ ─ $ ─ $ 140,215  Other (1) 26,168 ─ ─ ─ 26,168  CFVs (2) 23,537 ─ 108,309 41,954 173,800  Total $ 58,840 $ 131,080 $ 108,309 $ 41,954 $ 340,183  (1) The majority of this balance represents collateral pledged by the Company in connection with secured borrowings and various guarantees. (2) These are assets held by CFVs.     At  December 31, 2016  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674  Other (1) 19,992 5,868 ─ ─ 25,860  CFVs (2) 23,584 ─ 137,773 44,551 205,908  Total $ 57,504 $ 135,614 $ 137,773 $ 44,551 $ 375,442  (1) The majority of this balance represents collateral pledged by the Company in connection with secured borrowings and various guarantees. (2) These are assets held by CFVs .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 —C ommitments and Contingencies  O perating Leases On September 30, 2017, the Company had four non-cancelable operating leases that expire in 2017, 2020 and 2024. These leases require the Company to pay property taxes, maintenance and other costs. The Company recognized rental expense of $0.1 mill ion for the three months ended September 30, 2017 and 2016, and $ 0.2 million for the nine months en ded September 30, 2017 and 2016 . The following table summarizes the future minimum rental commitments for the Company’s operating leases at September 30, 2017:     (in thousands)  2017 $ 72  2018 294  2019 309  2020 183  2021 129  Thereafter 304  Total minimum future rental commitments $ 1,291  Litigation and Other Matters In the ordinary course of business , the Company and its subsidiaries are named as defendants in various litigation matters or may have other claims made against it . Such legal proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters or other loss contingencies when a loss is probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained. At September 30, 2017, we had no significant litigation matters and we were not aware of any other claims that we believe would have a material adverse impact on our financial condition or results of operations. 

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Equity	N ote 1 0 — E quity C ommon Share Information The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations:      For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income from continuing operations $ 9,641 $ 2,890 $ 13,477 $ 24,459  Net income from discontinued operations 280 1,285 417 1,451  Net income to common shareholders $ 9,921 $ 4,175 $ 13,894 $ 25,910   Basic weighted-average shares (1) 5,871 6,174 5,890 6,328  Common stock equivalents (2), (3), (4) ─ 375 ─ 3  Diluted weighted-average shares 5,871 6,549 5,890 6,331  (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. (2) At September 30, 2017, 410,000 stock options were in the money and had a potential dilutive share impact of 383,299 and 382,088 for the three months and nine months ended September 30, 2017, respectively. For the nine months ended September 30, 2017, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (3) At September 30, 2016, 410,000 stock options were in the money and had a potential dilutive share impact of 375,001 and 371,523 for the three months and nine months ended September 30, 2016, respectively. In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 2,730 for the nine months ended September 30, 2016. There was no dilutive impact for the three months ended September 30, 2016. For the nine months ended September 30, 2016, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (4) For the three months and nine months ended September 30, 2017, all options were vested and in the money as of January 1, 2017 and thus none were excluded from the calculations of diluted earnings per share. For the nine months ended September 30, 2016, the weighted-average number of options excluded from the calculations of diluted earnings per share was 2,222 , either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingent vesting requirements. No options were excluded from the calculations of diluted earnings per share for the three months ended September 30, 2016.  Common Shares On D ecember 1, 2016, the Board authorized a 2017 share repurchase program (“ 2017 Plan ”) for up to 580,000 shares and the Company adopted a further Rule 10b5-1 Plan implementing the Board’s authorization. During the third quarter of 2017, the Company purchased 48,956 shares at an average price of $23.73 . Between October 1, 2017 and November 2, 2017, the Company repurchased 21,000 shares at an average price of $ 24.85 . Effective at the filing of this Report and until mod ified by further action by the B oard, the maximum price at which management is currently authorized to purchase shares is $26.75 per share. Effective May 5, 2015, the Company adopted the Rights Plan to help preserve the Company’s net operating losses (“ NOLs ”) . In connection with adopting the Rights Plan, the Company declared a distribution of one right per common share to shareholders of record as of May 15, 2015. The rights do not trade apart from the current common shares until the distribution date, as defined in the Rights Plan. Under the Rights Plan, the acquisition by an investor (or group of related investors) of greater than a 4.9 % stake in the Company, could result in all existing shareholders other than the new 4.9% holder having the right to acquire new shares for a nominal cost, thereby significantly diluting the ownership interest of the acquiring person. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first.  Noncontrolling Interests The f ollowing table provides information about the noncontrolling interests in CFVs and IHS PM:     At At  September 30, December 31,  (in thousands) 2017 2016  Guaranteed Funds $ 95,543 $ 128,734  Consolidated Property Partnerships 5,509 6,220  IHS PM ─ 45  Total $ 101,052 $ 134,999  Guaranteed Funds At September 30, 2017 and Dec ember 31, 2016 , the noncontrolling interest holders were comprised of the limited partners as well as the general partner in the 11 Guaranteed Funds that are consolidated for reporting purposes . Consolidated Property Partnerships At September 30, 2017 and Dec ember 3 1 , 2016, the noncontrolling interest holders were comprised of the limited partners as well as the general partner of the partnerships. See Note 13, “Consolidated Funds and Ventures,” for more information. IHS P M During the second quarter of 2015, we formed a company in South Africa, IHS PM, to provide property management services to the properties of IHS- managed funds. At December 31, 2016, the Company own ed 60 % of IHS PM and the third party property manager own ed the remaining 40% . During the third quarter of 2017, the Company purchased the remaining 40% interest in IHS PM from a third party for $0.7 million . Accumulated Other Comprehensive Income Allocable to Common Shareholders  The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2017:      Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, July 1, 2017 $ 42,344 $ (3,406) $ 38,938  Unrealized net gains 623 19 642  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620)  Reclassification of unrealized losses to operations due to impairment 39 ─ 39  Net change in AOCI 42 19 61  Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999  The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2016:      Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, July 1, 2016 $ 54,871 $ (3,082) $ 51,789  Unrealized net gains 6,871 59 6,930  Net change in AOCI 6,871 59 6,930  Balance, September 30, 2016 $ 61,742 $ (3,023) $ 58,719 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2017:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2017 $ 40,998 $ (3,180) $ 37,818  Unrealized net gains (losses) 1,969 (207) 1,762  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620)  Reclassification of unrealized losses to operations due to impairment 39 ─ 39  Net change in AOCI 1,388 (207) 1,181  Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999  The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2016:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209  Unrealized net gains 15,122 90 15,212  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (2,055) ─ (2,055)  Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (15,647) ─ (15,647)  Net change in AOCI (2,580) 90 (2,490)  Balance, September 30, 2016 $ 61,742 $ (3,023) $ 58,719 

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2017
Stock-Based Compensation [Abstract]
Stock-Based Compensation	N ote 1 1 — S tock-Based Compensation  The Company has stock-based compensation plans (“ Plans ”) for Non-employee Directors (“ Non-employee Directors’ Stock-Based Compensation Plans ”) and stock-based incentive compensation plans for employees (“ Employees’ Stock-Based Compensation Plans ”).  The following table provides information related to t otal compensation expense that was recorded for these Plans:     For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Employees’ Stock-Based Compensation Plans $ 902 $ 30 $ 2,481 $ 1,579  Non-employee Directors’ Stock-Based Compensation Plans 164 89 341 236  Total $ 1,066 $ 119 $ 2,822 $ 1,815  E mployees’ Stock-Based Compensation Plans At September 30, 2017 , there were 381,345 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Company’s Board of Directors, not all of the Plans have been approved by the Company’s shareholders. The Plans that have not been approved by the Company’s shareholders are currently restricted to the issuance of only stock options. As a result, of the 381,345 shares available under the plans, only 17,205 are available to be issued in the form of either stock options or shares; all remaining share awards must be issued in the form of stock options. E mployee Common Stock Options The Company measures the fair value of unvested options with time-based vesting and all vested options (both time-based and performance based) using a lattice model for purposes of recognizing compensation expense. The Company believes the lattice model provides a better estimate of the fair value of these options as, according to FASB’s Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” Because options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company. The Company believes a Monte Carlo simulation provides a better estimate of the fair value for unvested options granted with specific stock price targets as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes. All options were vested as of September 30, 2017. The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans:     Weighted-average  Remaining  Weighted-average Contractual Aggregate  Number of Exercise Price Life per option Intrinsic Period End  (in thousands, except per option data) Options per Option (in years) Value (1) Liability (2)  Outstanding at January 1, 2016 416 $ 3.52 5.3 $ 5,283 $ 5,282  Forfeited/Expired in 2016 (6) 132.50  Outstanding at December 31, 2016 410 1.56 4.4 7,149 7,166  Forfeited/Expired in 2017 ─  Outstanding at September 30, 2017 410 1.56 3.7 9,629 9,647   Number of options that were exercisable at:  December 31, 2016 410 1.56 4.4  September 30, 2017 410 1.56 3.7  (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 410,000 ; 410,000 ; and 416,211 ; at September 30, 2017, December 31, 2016 and January 1, 2016, respectively. The value of employee options increased by $2.5 million during the nine months ended September 30, 2017, due to the increase in market value of our stock price. This increase was recognized as additional compensation expense. Employee Deferred Shares All of the Company’s employee deferred shares were vested and issued. Non-Employee Directors’ Stock-Based Compensation Plans The Non -employee Directors’ Stock-based Compensation Plans authorize a total of 1,130,000 shares for issuance , of which 408,967 were available to be issued at September 30, 2017 . The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2017
Discontinued Operations [Abstract]
Discontinued Operations	N ote 1 2 — D iscontinued Operations The table below provides information about income and expenses related to the Company’s discontinued operations. The discontinued operations activity reported during the three months and nine months ended September 30, 2017 and 2016 relates to operations that were disposed of prior to the Company’s adoption of Accounting Standards Update No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) ─ Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.”     For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Other income $ 29 $ 83 $ 167 $ 250  Other expense ─ ─ (1) (1)  Net income before disposal activity 29 83 166 249  Disposal:  Net gains on real estate and other investments ─ 1,202 ─ 1,202  Net gains on sale of business 251 ─ 251 ─  Net income from discontinued operations 280 1,285 $ 417 $ 1,451  Loss from discontinued operations allocable to noncontrolling interests ─ ─ ─ ─  Net income to common shareholders from discontinued operations $ 280 $ 1,285 $ 417 $ 1,451  

CONSOLIDATED FUNDS AND VENTURES

CONSOLIDATED FUNDS AND VENTURES	9 Months Ended
	Sep. 30, 2017
Consolidated Funds and Ventures [Abstract]
Consolidated Funds and Ventures	N ote 1 3 — C onsolidated Funds and Ventures Due to the Company generally having a minimal ownership interest in certain consolidated entities, the assets, liabilities, revenues, expenses, equity in losses from those entities’ unconsolidated LTPPs and the losses allocated to the noncontrolling interests of the consolidated entities have been separately identified in our C onsolidated B alance S heets and Consolidated S tatements of O perations. Third-party ownership in these CFVs is recorded in equity as “Noncontrolling interests in CFVs and IHS PM .” G uaranteed Funds As further discussed in Note 8 , “Guarantees and Collateral,” the Company has guaranteed minimum yields on investment to investors in 11 Guaranteed Funds that are consolidated by the Company for reporting purposes. The Guaranteed Funds’ primary assets are their investments in LTPPs, which are the owners of the affordable housing properties (see Investments in LTPPs in the Asset Summary below). The Guaranteed Funds account for these investments using the equity method of accounting. C onsolidated Property Partnerships At September 30, 2017, the Company is the general partner in four LTPPs in which it holds equity interests ranging from 0.01 % - 1.00% . Because the Company was determined to be the primary beneficiary, the four entities have been consolidated by the Company for financial reporting purposes at September 30, 2017. The investors in these consolidated entities have no recourse against the assets of the Company. Asset Summary: The following table summarizes the assets of the CFVs:     At At  September 30, December 31,  (in thousands) 2017 2016  Cash, cash equivalents and restricted cash $ 23,537 $ 23,584  Investments in LTPPs 108,309 137,773  Real estate held for use, net 24,180 36,942  Real estate held for sale, net 11,991 145  Other assets 5,783 7,464  Total assets of CFVs $ 173,800 $ 205,908  T he assets of the CFVs are restricted for use by the specific owner entity and are not available for the Company’s general use.  Investments in LTPPs The Guaranteed Funds’ limited partner investments in LTPPs are accounted for using the equity method of accounting . The following table provides the assets and liabilities of the LTPPs:     At At  September 30, December 31,  (in thousands) 2017 2016  Total assets of the LTPPs (1) $ 1,145,634 $ 1,124,274  Total liabilities of the LTPPs (1) 928,262 937,335  (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.  The following table provides information about the net loss of the LTPPs related to CFVs:      For the nine months ended  September 30,  (in thousands) 2017 2016  Net loss $ (18,163) $ (18,981)  The Company’s exposure to loss related to the Guaranteed Funds and the underlying LTPPs has two elements: (i) exposure to loss associated with our financial guarantee s as described above and (ii) exposure to loss related to the Company’s investments in bonds that are dependent upon repayment by certain LTPPs within the Guaranteed Funds. Although the Company does not anticipate having to perform under its guarantees, the Company’s maximum exposure to loss associated with our guarantees was $388.4 million at September 30, 2017 and December 31, 2016; while the Company’s maximum exposure to loss related to its investments in bonds was $88.8 million and $87.6 million at September 30, 2017 and December 31, 2016 , respectively. Real estate held for use, net The following provides information about the assets of the consolidated property partnerships that were classified as held for use as of the specified reporting dates:    At At  September 30, December 31,  (in thousands) 2017 2016  Building, furniture and fixtures $ 22,975 $ 33,281  Accumulated depreciation (1,931) (1,085)  Land 3,136 4,746  Total $ 24,180 $ 36,942  Depreciation expense was $0.3 million for the three months ended September 30, 2017 and 2016 and $1.2 million and $0.6 million for the nine months ended September 30, 2017 and 2016, respectively. Buildings are depreciate d over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years. The Company did not recognize any impairment losses for the three months and nine months ended September 30, 2017 and 2016. Real estate held for sale, net The following provides information about the assets of the consolidated property partnership that was classified as held for sale as of the specified reporting dates:      At At  September 30, December 31,  (in thousands) 2017 2016  Cash $ 376 $ 145  Building, furniture and fixtures 10,306 ─  Accumulated depreciation (359) ─  Land 1,610 ─  Other assets 58 ─  Total $ 11,991 $ 145  During the second quarter of 2017, the Company redesignated one of the properties within its consolidated property partnerships from real estate held for use to real estate held for sale. The Company began marketing the property for sale during the second quarter of 2017, with the expected disposal to be completed by December 31, 2017.  Liability Summary: The following table summarizes the liabilities of the CFVs:     At At  September 30, December 31,  (in thousands) 2017 2016  Debt (1), (2) $ 12,901 $ 13,029  Unfunded equity commitments to unconsolidated LTPPs 8,003 8,103  Asset management fee payable 29,642 28,373  Other liabilities (3) 4,440 4,209  Total liabilities of CFVs $ 54,986 $ 53,714  (1) At September 30, 2017 and December 31, 2016, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.3% and 5.8% , respectively, and was due on demand. (2) At September 30, 2017 and December 31, 2016, $6.2 million and $6.3 million, respectively, of this debt was related to two consolidated property partnerships and had a UPB of $5.3 million and $5.4 million, respectively, and weighted-average effective interest rate of 4.0% with various maturity dates through March 11, 2029. (3) At September 30, 2017, $0.1 million of other liabilities is associated with the consolidated property partnership designated as held for sale.   Income Statement Summary: The following section provides more information related to the income statement of the CFVs :      For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Revenue:  Rental and other income from real estate $ 1,327 $ 943 $ 3,960 $ 1,727  Interest and other income 189 220 808 981  Total revenue from CFVs 1,516 1,163 4,768 2,708   Expenses:  Depreciation and amortization 779 851 2,590 2,219  Interest expense 185 128 501 387  Other operating expenses 2,320 1,821 6,245 4,807  Asset impairments 9,671 7,265 21,071 20,034  Total expenses from CFVs 12,955 10,065 30,407 27,447   Net losses related to CFVs:  Investment gains (losses) ─ ─ 10 (598)  Equity in losses from LTPPs of CFVs (1,973) (4,993) (9,421) (15,616)  Net loss (13,412) (13,895) (35,050) (40,953)  Net losses allocable to noncontrolling interests in CFVs (1) 13,182 13,101 33,894 37,923  Net loss allocable to the common shareholders related to CFVs $ (230) $ (794) $ (1,156) $ (3,030)  (1) Excludes $2 of net gain allocable to the noncontrolling interest holder in IHS PM for the three months ended September 30, 2016. Excludes $52 and $111 of net gain allocable to the noncontrolling interest holder in IHS PM for the nine months ended September 30, 2017 and 2016, respectively. These amounts are excluded from this presentation because IHS PM and its related activity are not included within CFV income statement activity above.  The details of Net loss allocable to the common shareholders related to CFVs:         For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Guarantee fees $ 288 $ 288 $ 864 $ 950  Interest income 379 192 1,043 257  Equity in losses from LTPPs (897) (1,337) (3,104) (3,820)  Equity in income from Consolidated Property Partnerships ─ 63 41 181  Other expenses ─ ─ ─ (598)  Net loss allocable to the common shareholders related to CFVs $ (230) $ (794) $ (1,156) $ (3,030)  

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2017
Segment Information [Abstract]
Segment Information	 N ote 1 4 — S egment Information The Company operates through three reportable segments: U.S. Operations, International Operations and Corporate Operations . The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs.     For the three months ended September 30, 2017  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 2,709 $ 61 $ 23 $ (379) (1) $ 2,414  Total interest expense (471) ─ ─ ─ (471)  Net interest income 2,238 61 23 (379) 1,943   Total fee and other income 5,822 3,021 ─ (288) (2) 8,555  Revenue from CFVs 1,516 ─ ─ ─ 1,516  Total non-interest revenue 7,338 3,021 ─ (288) 10,071  Total revenues, net of interest expense 9,576 3,082 23 (667) 12,014  Operating and other expenses:  Interest expense (99) (75) (809) ─ (983)  Operating expenses (3,313) (2,920) (3,122) ─ (9,355)  Other expenses, net (1,291) (540) (29) ─ (1,860)  Expenses from CFVs (13,622) ─ ─ 667 (1), (2) (12,955)  Total operating and other expenses (18,325) (3,535) (3,960) 667 (25,153)  Net gains on assets and derivatives 4,209 172 1,009 ─ 5,390  Equity in income from unconsolidated funds and ventures 6,070 495 ─ ─ 6,565  Equity in losses from Lower Tier Property Partnerships of CFVs (1,973) ─ ─ ─ (1,973)  Loss from continuing operations before income taxes (443) 214 (2,928) ─ (3,157)  Income tax expense ─ ─ (384) ─ (384)  Income from discontinued operations, net of tax 280 ─ ─ ─ 280  Net loss (163) 214 (3,312) ─ (3,261)  Loss allocable to noncontrolling  interests:  Net losses allocable to noncontrolling  interests in CFVs:  Related to continuing operations 13,182 ─ ─ ─ 13,182  Net income (loss) allocable to common shareholders $ 13,019 $ 214 $ (3,312) $ ─ $ 9,921    (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.4 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the third quarter of 2017 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.      For the three months ended September 30, 2016  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 4,573 $ 35 $ 9 $ (192) (1) $ 4,425  Total interest expense (500) ─ (85) ─ (585)  Net interest income 4,073 35 (76) (192) 3,840   Total fee and other income 2,011 1,744 25 (288) (2) 3,492  Revenue from CFVs 1,163 ─ ─ ─ 1,163  Total non-interest revenue 3,174 1,744 25 (288) 4,655  Total revenues, net of interest expense 7,247 1,779 (51) (480) 8,495  Operating and other expenses:  Interest expense (47) (1) (1,073) ─ (1,121)  Operating expenses (2,610) (2,406) (1,357) ─ (6,373)  Other expenses (503) 538 (32) ─ 3  Expenses from CFVs (10,608) ─ ─ 543 (1), (2) (10,065)  Total operating and other expenses (13,768) (1,869) (2,462) 543 (17,556)  Net gains on assets, derivatives and extinguishment of liabilities 2,427 1 (18) ─ 2,410  Equity in income (losses) from unconsolidated funds and ventures 1,712 (171) ─ (63) 1,478  Equity in losses from Lower Tier Property Partnerships of CFVs (4,993) ─ ─ ─ (4,993)  Loss from continuing operations before income taxes (7,375) (260) (2,531) ─ (10,166)  Income tax expense ─ ─ (43) ─ (43)  Income from discontinued operations, net of tax 1,285 ─ ─ ─ 1,285  Net (loss) income (6,090) (260) (2,574) ─ (8,924)  Loss (income) allocable to  noncontrolling interests:  Net losses (income) allocable to  noncontrolling interests in CFVs:  Related to continuing operations 13,101 (2) ─ ─ 13,099  Net income (loss) allocable to common shareholders $ 7,011 $ (262) $ (2,574) $ ─ $ 4,175  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.2 million was reflected in total interest for U.S. Operations.  (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the third quarter of 2016 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.       For the nine months ended September 30, 2017  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 8,848 $ 152 $ 65 $ (1,043) (1) $ 8,022  Total interest expense (1,326) ─ ─ ─ (1,326)  Net interest income 7,522 152 65 (1,043) 6,696   Total fee and other income 12,214 9,028 ─ (864) (2) 20,378  Revenue from CFVs 4,768 ─ ─ ─ 4,768  Total non-interest revenue 16,982 9,028 ─ (864) 25,146  Total revenues, net of interest expense 24,504 9,180 65 (1,907) 31,842  Operating and other expenses:  Interest expense (256) (76) (3,098) ─ (3,430)  Operating expenses (8,607) (7,928) (6,455) ─ (22,990)  Other expenses, net (1,775) (152) (89) ─ (2,016)  Expenses from CFVs (32,345) ─ ─ 1,938 (1), (2) (30,407)  Total operating and other expenses (42,983) (8,156) (9,642) 1,938 (58,843)  Net gains on assets, derivatives and extinguishment of liabilities 119 172 4,838 ─ 5,129  Equity in income (losses) from unconsolidated funds and ventures 11,052 457 ─ (41) 11,468  Net gains related to CFVs ─ ─ ─ 10 10  Equity in losses from Lower Tier Property Partnerships of CFVs (9,421) ─ ─ ─ (9,421)  (Loss) income from continuing operations before income taxes (16,729) 1,653 (4,739) ─ (19,815)  Income tax expense ─ ─ (550) ─ (550)  Income from discontinued operations, net of tax 417 ─ ─ ─ 417  Net (loss) income (16,312) 1,653 (5,289) ─ (19,948)  Loss (income) allocable to  noncontrolling interests:  Net losses (income) allocable to  noncontrolling interests in CFVs:  Related to continuing operations 33,894 (52) ─ ─ 33,842  Net income (loss) allocable to common shareholders $ 17,582 $ 1,601 $ (5,289) $ ─ $ 13,894  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.0 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the first nine months of 2017 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.     For the nine months ended September 30, 2016  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 11,836 $ 91 $ 37 $ (257) (1) $ 11,707  Total interest expense (1,391) ─ (295) − (1,686)  Net interest income 10,445 91 (258) (257) 10,021   Total fee and other income 5,118 5,025 53 (950) (2) 9,246  Revenue from CFVs 2,708 ─ ─ − 2,708  Total non-interest revenue 7,826 5,025 53 (950) 11,954  Total revenues, net of interest expense 18,271 5,116 (205) (1,207) 21,975  Operating and other expenses:  Interest expense (61) (1) (3,176) ─ (3,238)  Operating expenses (6,982) (6,434) (4,751) ─ (18,167)  Other expenses (1,955) 658 (81) 598 (3) (780)  Expenses from CFVs (28,237) ─ ─ 790 (1), (2), (3) (27,447)  Total operating and other expenses (37,235) (5,777) (8,008) 1,388 (49,632)  Net gains on assets, derivatives and extinguishment of liabilities 6,968 1 (14) ─ 6,955  Net gains transferred into net income from AOCI due to real estate foreclosure 15,647 ─ ─ ─ 15,647  Equity in income (loss) from unconsolidated funds and ventures 8,637 (391) ─ (181) 8,065  Net losses related to CFVs (598) ─ ─ ─ (598)  Equity in losses from Lower Tier Property Partnerships of CFVs (15,616) ─ ─ ─ (15,616)  Income (loss) from continuing operations before income taxes (3,926) (1,051) (8,227) ─ (13,204)  Income tax expense ─ ─ (149) ─ (149)  Income from discontinued operations, net of tax 1,451 ─ ─ ─ 1,451  Net income (loss) (2,475) (1,051) (8,376) ─ (11,902)  Loss allocable to noncontrolling interests:  Net losses (income) allocable to  noncontrolling interests in CFVs:  Related to continuing operations 37,923 (111) ─ ─ 37,812  Net income (loss) allocable to common shareholders $ 35,448 $ (1,162) $ (8,376) $ ─ $ 25,910  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the first nine months of 2016 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. (3) Represents a lower of cost or market adjustment on a property held for sale that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purpose of the table above, the $0.6 million was reflected in other expenses for U.S. Operations. The following table provides information about total assets by segment:            September 30, December 31,  (in thousands) 2017 2016  ASSETS  U.S. Operations (includes $173,800 and $205,908 related to CFVs) $ 475,533 $ 517,286  Corporate Operations 33,284 48,459  International Operations 26,679 8,454  Total MMA consolidated assets $ 535,496 $ 574,199 

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	9 Months Ended
	Sep. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. The unaudited interim consolidated financial statements as of, and for the three months and nine months ended September 30, 2017, should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 (“ 2016 Form 10-K ”). The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”).
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative instruments, guarantee obligations, and certain assets and liabilities of CFVs. Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting.

BONDS AVAILABLE-FOR-SALE (Table

BONDS AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 2017
Bonds Available-For-Sale [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables provide information about the UPB, amortized cost, gross unrealized gains, gross unrealized losses and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale:     At  September 30, 2017  Gross Gross  Amortized Unrealized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains Losses (2), (3) FV of UPB  Multifamily tax-exempt bonds $ 105,668 $ 69,354 $ 40,735 $ ─ $ 110,089 104%  Other real estate related bond investments 37,050 31,211 1,808 (157) 32,862 89%  Total $ 142,718 $ 100,565 $ 42,543 $ (157) $ 142,951 100%       At  December 31, 2016  Gross Gross  Amortized Unrealized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains Losses (2), (3) FV of UPB  Multifamily tax-exempt bonds $ 106,366 $ 73,049 $ 36,978 $ ─ $ 110,027 103%  Other real estate related bond investments 47,788 41,934 4,449 (429) 45,954 96%  Total $ 154,154 $ 114,983 $ 41,427 $ (429) $ 155,981 101%  (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. (2) These unrealized losses relate to investments in bonds that were not assessed as OTTI. The presentation of unrealized losses in the table above at December 31, 2016 was conformed in this Report to the presentation adopted during the first quarter of 2017 to separately disclose such amounts as gross unrealized losses. Such amounts were previously included in our 2016 Form 10-K within gross unrealized gains. (3) Comprised of one bond in a gross unrealized loss position for 12 consecutive months that had a fair value of $15.3 million and $16.5 million at September 30, 2017 and December 31, 2016, respectively. 
Bonds with Prepayment Features	     (in thousands) UPB Amortized Cost Fair Value  September 30, 2017 $ 27,050 $ 21,211 $ 22,405  October 1 through December 31, 2017 ─ ─ ─  2018 1,907 266 2,196  2019 ─ ─ ─  2020 5,210 4,211 5,436  2021 46,364 27,993 50,526  Thereafter 62,187 46,884 62,388  Bonds that may not be prepaid ─ ─ ─  Total $ 142,718 $ 100,565 $ 142,951 
Past Due Analysis of Available-for-sale Securities Bonds, Current	The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments:     At At  September 30, December 31,  (in thousands) 2017 2016  Total current $ 135,611 $ 148,967  30-59 days past due ─ ─  60-89 days past due ─ ─  90 days or greater 7,340 7,014  Total $ 142,951 $ 155,981 
Gain (Loss) on Investments	   For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net impairment recognized on bonds held at each period-end $ (880) $ ─ $ (880) $ ─  Gains (losses) recognized at time of sale or redemption (1) 620 (69) 620 2,254  Total net (losses) gains on bonds $ (260) $ (69) $ (260) $ 2,254 

INVESTMENTS IN PARTNERSHIPS A24

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures.     At At  September 30, December 31,  (in thousands) 2017 2016  Investments in U.S. real estate partnerships (includes $867 and $11,138 related to variable interest entities (" VIEs ") (1) $ 18,653 $ 27,596  Investments in IHS-managed funds (includes $1,896 and $1,955 related to VIEs) (1) 15,817 3,296  Investment in Solar Ventures 89,465 75,526  Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 108,309 137,773  Total investments in partnerships $ 232,244 $ 244,191  (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE because the Company was deemed not to be the primary beneficiary.  See Note 13, “Consolidated Funds and Ventures,” for more information.
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment:     At At  September 30, December 31,  2017 2016  (in thousands)  Total assets $ 59,715 $ 97,659  Total liabilities 31,633 47,147  The following table provides information about the net income (loss) of U.S. real estate partnerships in which the Company had an equity investment:     For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income (loss) $ 11,028 $ (688) $ 10,150 $ 4,936 
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of total assets and liabilities of the IHS-managed funds in which the Company held an equity investment:      At At  September 30, December 31,  2017 2016  (in thousands)  Total assets $ 284,175 $ 261,082  Total liabilities 112,720 110,214  The following table provides information about the net income (loss) of the IHS-managed funds in which the Company had an equity investment.       For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income (loss) $ 204 $ (7,207) $ (1,995) $ (15,919) 
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying amount of total assets and liabilities of the Solar Ventures in which the Company held an equity investment:     At At  September 30, December 31,  2017 2016  (in thousands)  Total assets $ 328,169 $ 158,365  Total liabilities 3,343 4,905  The following table provides information about the net income of the Solar Ventures in which the Company had an equity investment:      For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income $ 7,208 $ 2,958 $ 15,604 $ 8,515 

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	   At At  September 30, December 31,  (in thousands) 2017 2016  Other assets:  Loans held for investment $ 969 $ 4,809  Loans held for sale ─ ─  Real estate owned 3,444 3,267  Derivative assets 8,077 7,884  Solar facilities (includes other assets such as cash and other receivables) 1,452 1,733  Accrued interest receivable 1,029 1,822  Asset management fees and reimbursements receivable 7,573 1,406  Other assets 4,622 5,526  Other assets held by CFVs (1) 41,954 44,551  Total other assets $ 69,120 $ 70,998  (1) See Note 13, “Consolidated Funds and Ventures,” for more information.
Schedule of Accounts, Notes, Loans and Financing Receivable	   At At  September 30, December 31,  (in thousands) 2017 2016  Amortized cost $ 1,797 $ 9,202  Net losses included in earnings ─ (3,565)  Allowance for loan losses (828) (828)  Loans held for investment, net $ 969 $ 4,809 
Schedule Of Real Estate Owned, Held For Use	   At At  September 30, December 31,  (in thousands) 2017 2016  Building, furniture, fixtures and land improvement $ 825 $ 648  Land 2,619 2,619  Total $ 3,444 $ 3,267 

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	   At At  September 30, 2017 December 31, 2016  Weighted-Average Weighted-Average  Carrying Effective Interest Carrying Effective Interest  (dollars in thousands) Value Rate Value Rate  Asset Related Debt (1)  Notes payable and other debt – bond related (2)  Due within one year $ 16,862 2.6 % $ 2,892 2.2 %  Due after one year 67,106 2.3 79,137 2.1   Total asset related debt $ 83,968 2.4 $ 82,029 2.1   Other Debt (1)  Subordinated debt (3)  Due within one year $ 2,308 2.6 $ 3,297 3.9  Due after one year 98,269 2.6 125,899 3.4  Notes payable and other debt  Due within one year 1,735 3.9 1,948 3.9  Due after one year 25,545 6.1 16,869 2.3   Total other debt $ 127,857 3.3 $ 148,013 3.3   Total asset related debt and other debt $ 211,825 2.9 $ 230,042 2.8   Debt related to CFVs  Due within one year $ 6,896 6.2 $ 6,885 5.7  Due after one year 6,005 4.0 6,144 4.0  Total debt related to CFVs $ 12,901 5.2 $ 13,029 4.9   Total debt $ 224,726 3.1 $ 243,071 3.0  (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. (2) Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at September 30, 2017 and December 31, 2016. (3) The subordinated debt balances include net cost basis adjustments of $8.5 m illion and $8.7 million at September 30, 2017 and December 31, 2016, respectively, that pertain to premiums and debt issuance costs.
Schedule of Maturities of Long-term Debt	   Asset Related Debt CFVs  (in thousands) and Other Debt Related Debt Total Debt  2017 $ 1,099 $ 6,736 $ 7,835  2018 59,711 102 59,813  2019 13,041 109 13,150  2020 36,676 116 36,792  2021 8,710 125 8,835  Thereafter 84,585 4,867 89,452  Net premium and debt issue costs 8,003 846 8,849  Total $ 211,825 $ 12,901 $ 224,726 
Schedule of Subordinate Debt	   (dollars in thousands) Net Premium Interim  and Debt Principal  Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon  MFH $ 27,199 $ 2,580 $ 29,779 Amortizing March 30, 2035 3-month LIBOR plus 2.0%  MFH 24,732 2,357 27,089 Amortizing April 30, 2035 3-month LIBOR plus 2.0%  MFH 14,256 1,253 15,509 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  MFH 25,921 2,279 28,200 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  Total $ 92,108 $ 8,469 $ 100,577 

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments [Abstract]
Schedule of the Company’s Derivative Assets and Liabilities	   Fair Value  At At  September 30, 2017 December 31, 2016  (in thousands) Assets Liabilities Assets Liabilities  Total return swaps $ 3,818 $ ─ $ 2,327 $ 372  Basis swaps 274 56 176 7  Interest rate caps 955 ─ 1,553 ─  Interest rate swaps 2,858 ─ 3,828 ─  Foreign currency forward exchange agreement 172 ─ ─ ─  Total derivative instruments $ 8,077 $ 56 $ 7,884 $ 379 
Schedule of Derivative Notional Amounts	   Notional Amounts  At At  September 30, December 31,  (in thousands) 2017 2016  Total return swaps $ 72,507 $ 91,050  Basis swaps 100,500 100,500  Interest rate caps 80,000 80,000  Interest rate swaps 140,000 140,000  Foreign currency forward exchange agreement 3,991 ─  Total dollar-based derivative instruments $ 396,998 $ 411,550 
Schedule of Derivatives Not Designated as Hedging Instruments	The following table provides information about the net gains (losses) that were recognized by the Company in connection with its derivative instruments:     Gains (Losses) Gains (Losses)  For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Total return swaps (1) $ 1,522 $ 799 $ 4,100 $ 3,119  Basis swaps (2) 14 207 5 207  Interest rate caps (116) 2 (598) (12)  Interest rate swaps (3) (162) (63) (1,178) (285)  Foreign currency forward exchange agreement 172 ─ 172 ─  Total $ 1,430 $ 945 $ 2,501 $ 3,029  (1) The cash paid and received on TRS agreements that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. Net cash received was $0.7 million and $1.0 million for the three months ended September 30, 2017 and 2016, respectively. Net cash received was $2.3 million and $3.2 million for the nine months ended September 30, 2017 and 2016, respectively. (2) The cash paid and received on the basis swaps is settled on a net basis and recorded through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. The net cash paid for the nine months ended September 30, 2017 was $0.1 million. The net cash paid for the three months ended September 30, 2017 was de minimis. (3) The cash paid and received on the interest rate swaps is settled on a net basis and recorded through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. Net cash paid was $0.1 million for the three months ended September 30, 2017 and 2016. Net cash paid was $0.3 million and $0.2 million for the nine months ended September 30, 2017 and 2016, respectively.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	   Fair Value Measurements  At  September 30,  (in thousands) 2017 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 142,951 $ ─ $ ─ $ 142,951  Derivative instruments 8,077 ─ 4,259 3,818   Liabilities:  Derivative instruments $ 56 $ ─ $ 56 $ ─      Fair Value Measurements  At  December 31,  (in thousands) 2016 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 155,981 $ ─ $ ─ $ 155,981  Loans held for investment 3,835 ─ ─ 3,835  Derivative instruments 7,884 ─ 5,557 2,327   Liabilities:  Derivative instruments $ 379 $ ─ $ 7 $ 372 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2017:    (in thousands) Bonds Available-for-sale Loans Held for Investment Derivative Assets Derivative Liabilities  Balance, July 1, 2017 $ 151,662 $ 3,899 $ 3,405 $ (399)  Net (losses) gains included in earnings (1,777) ─ 413 399  Net change in other comprehensive income (1) 42 ─ ─ ─  Impact from sales/redemptions (6,784) (3,899) ─ ─  Impact from settlements (2) (192) ─ ─ ─  Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─  (1) This amount includes $0.6 million of unrealized net holding gains arising during the period.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments.  The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the three months ended September 30, 2017:      (in thousands) Net losses on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3)  Change in unrealized losses related to assets and liabilities still held at September 30, 2017 $ (880) $ (897) $ ─ $ 812  Additional realized gains recognized 620 ─ 805 710  Total (losses) gains reported in earnings $ (260) $ (897) $ 805 $ 1,522  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations.  (2) Amounts are reflected through “Net gains (losses) on loans on the Consolidated Statements of Operations  (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations.  Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2016:     (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, July 1, 2016 $ 182,831 $ 23,700 $ 2,742 $ 3,980 $ (2,038)  Net (losses) gains included in earnings (1,337) 173 ─ (633) 433  Net change in other comprehensive income (1) 6,871 ─ ─ ─ ─  Impact from purchases 7,217 ─ ─ ─ ─  Impact from loan originations ─ 15,512 216 2,600 ─  Impact from sales/redemptions (7,217) ─ (680) ─ ─  Impact from settlements (2) (8,930) ─ ─ ─ ─  Transfer from loans HFS to loans HFI ─ 2,278 (2,278) ─ ─  Balance, September 30, 2016 $ 179,435 $ 41,663 $ ─ $ 5,947 $ (1,605)  (1) This amount includes $6.9 million of unrealized net holding gains arising during the period.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the three months ended September 30, 2016:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3)  Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2016 $ ─ $ (1,337) $ 173 $ (200)  Additional realized (losses) gains recognized (69) ─ ─ 936  Total (losses) gains reported in earnings $ (69) $ (1,337) $ 173 $ 736  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains (losses) on loans on the Consolidated Statements of Operations. (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2017:     (in thousands) Bonds Available-for-sale Loans Held for Investment Derivative Assets Derivative Liabilities  Balance, January 1, 2017 $ 155,981 $ 3,835 $ 2,327 $ (372)  Net (losses) gains included in earnings (3,984) (5,335) 1,491 372  Net change in other comprehensive income (1) 1,388 ─ ─ ─  Impact from purchases ─ 14,028 ─ ─  Impact from loan originations ─ 1,500 ─ ─  Impact from sales/redemptions (6,784) (14,028) ─ ─  Impact from settlements (2) (3,650) ─ ─ ─  Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─  (1) This amount includes $2.0 million of unrealized net holding gains arising during the period.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the nine months ended September 30, 2017:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net losses on loans (2) Net gains on derivatives (3)  Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2017 $ (880) $ (3,104) $ ─ $ 1,863  Change in unrealized losses related to assets and liabilities held at January 1, 2017, but settled during 2017 ─ ─ (5,335) ─  Additional realized gains (losses) recognized 620 ─ 805 2,237  Total (losses) gains reported in earnings $ (260) $ (3,104) $ (4,530) $ 4,100  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations.  (2) Amounts are reflected through “Net gains (losses) on loans on the Consolidated Statements of Operations.  (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations.  Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2016:     (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, January 1, 2016 $ 218,439 $ ─ $ 6,417 $ 3,658 $ (1,713)  Net (losses) gains included in earnings (3,820) 173 ─ (311) 108  Net change in other comprehensive income (1) 13,067 ─ ─ ─ ─  Impact from purchases 7,217 ─ ─ ─ ─  Impact from loan originations ─ 39,212 4,531 2,600 ─  Impact from sales/redemptions (10,986) ─ (8,670) ─ ─  Impact from bonds extinguished due to consolidated or real estate foreclosure (30,300) ─ ─ ─ ─  Impact from settlements (2) (14,182) ─ ─ ─ ─  Transfer from loans HFS to HFI ─ 2,278 (2,278) ─ ─  Balance, September 30, 2016 $ 179,435 $ 41,663 $ ─ $ 5,947 $ (1,605)  (1) This amount represents $ 15.1 million of unrealized net holding gains arising during the period, partially offset by the reversal of $ 2.1 million of unrealized bond gains related to bonds that were sold or redeemed.  (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments.  The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the nine months ended September 30, 2016:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3)  Change in unrealized losses related to assets and liabilities still held at September 30, 2016 $ ─ $ (3,770) $ 173 $ (203)  Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ (50) ─ ─  Additional realized gains recognized 2,254 ─ ─ 3,038  Total gains (losses) reported in earnings $ 2,254 $ (3,820) $ 173 $ 2,835  (1) Amounts are reflected through “Net gains (losses) on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains (losses) on loans” on the Consolidated Statements of Operations. (3) Amounts are reflected through “Net gains on derivatives and other assets” on the Consolidated Statements of Operations.   
Fair Value Measurements By Level 3 Valuation Technique	   Fair Value Measurement at September 30, 2017  Significant Significant  Valuation Unobservable Weighted  (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 93,033 Discounted cash flow Market yield 3.9 - 4.8 % 4.5 %  Non-performing 7,340 Discounted cash flow Market yield 7.9 7.9  Capitalization rate 6.9 6.9  Net operating income (" NOI ") annual growth rate (1.2) (1.2)  Subordinated cash flow 9,717 Discounted cash flow Market yield 7.2 - 7.5 7.3  Capitalization rate 6.1 - 6.4 6.2  NOI annual growth rate 0.4 - 0.6 0.5  Infrastructure bonds 22,405 Discounted cash flow Market yield 6.9 - 8.7 7.6  Other bonds 10,456 Discounted cash flow Market yield 3.8 3.8  Derivative instruments:  Total return swaps 3,818 Discounted cash flow Market yield 3.5 - 5.1 4.6  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.     Fair Value Measurement at December 31, 2016  Significant Significant  Valuation Unobservable Weighted  (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 93,082 Discounted cash flow Market yield 4.3 - 5.7 % 5.0 %  Non-performing 7,015 Discounted cash flow Market yield 8.1 8.1  Capitalization rate 6.9 6.9  NOI annual growth rate (0.9) (0.9)  Subordinated cash flow 9,930 Discounted cash flow Market yield 7.3 - 7.4 7.4  Capitalization rate 6.0 - 6.4 6.2  NOI annual growth rate 0.4 - 0.8 0.5  Infrastructure bonds 25,145 Discounted cash flow Market yield 7.3 - 9.0 8.0  Other bonds 20,809 Discounted cash flow Market yield 3.7 - 5.5 4.6  Loans held for investment 3,835 Discounted cash flow Market yield 19.2 19.2  Derivative instruments:  Total return swaps 2,327 Discounted cash flow Market yield 3.9 - 5.5 5.0  (372) Discounted cash flow Market yield 7.2 7.2  Capitalization rate 8.5 8.5  NOI annual growth rate 2.5 2.5  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Fair Value, by Balance Sheet Grouping	    At  September 30, 2017  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 32,341 $ 32,341 $ ─ $ ─  Restricted cash 35,303 35,303 ─ ─  Restricted cash related to CFVs 23,537 23,537 ─ ─  Asset management fee receivable from TC Fund I 6,340 ─ ─ 6,340  Loans held for investment 969 ─ ─ 1,898  Loans held for investment related to CFVs 65 ─ ─ 501   Liabilities:  Notes payable and other debt, bond related 83,968 ─ ─ 84,022  Notes payable and other debt, non-bond related 27,280 ─ ─ 27,694  Notes payable and other debt related to CFVs 12,901 ─ ─ 5,948  Subordinated debt issued by MFH 100,577 ─ ─ 40,436  Guarantee obligations (1) 2,953 ─ ─ 10,702 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $7.7 million at September 30, 2017, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.      At  December 31, 2016  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 45,525 $ 45,525 $ ─ $ ─  Restricted cash 33,920 33,920 ─ ─  Restricted cash related to CFVs 23,584 23,584 ─ ─  Asset management fee receivable from TC Fund I ─ ─ ─ 2,947  Guarantee fee receivable from TC Fund I 1,348 ─ ─ 1,348  Loans held for investment 974 ─ ─ 1,106  Loans held for investment related to CFVs 65 ─ ─ 488   Liabilities:  Notes payable and other debt, bond related 82,029 ─ ─ 82,118  Notes payable and other debt, non-bond related 18,817 ─ ─ 18,817  Notes payable and other debt related to CFVs 13,029 ─ ─ 5,956  Subordinated debt issued by MFH 102,338 ─ ─ 41,327  Subordinated debt issued by MFI 26,858 ─ ─ 20,139  Guarantee obligations (1) 4,003 ─ ─ 12,616  (1) Certain of the Company’s guarantee obligations, which had a carrying value of $8.6 million as of December 31, 2016, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	9 Months Ended
	Sep. 30, 2017
Guarantees And Collateral [Abstract]
Schedule of Guarantor Obligations	The following table provides information about the maximum exposure associated with the Company’s guarantee and indemnification agreements that we executed in connection with the Guaranteed Funds, TC Fund I and certain LTPPs:     At At  September 30, 2017 December 31, 2016  Maximum Carrying Maximum Carrying  (in thousands) Exposure (1) Amount Exposure (1) Amount  Guaranteed Funds (2) $ 392,518 $ 27 $ 392,518 $ 186  TC Fund I 109,587 2,923 109,587 3,805  LTPPs 536 3 536 12  (1) The Company’s maximum exposure represents the maximum loss the Company could incur under such agreements but is not indicative of the likelihood of expected loss under such agreements. (2) The maximum exposure includes $388.4 million related to the 11 Guaranteed Funds we consolidated at September 30, 2017 and December 31, 2016. See Note 13, “Consolidated Funds and Ventures,” for more information.  Guarantees – Energy Capital Business Line On November 7, 2016, as part of the formation of REL, the Company agreed to guarantee all payment and performance obligations of its subsidiary, MEC, to the venture. Performance under this guaranty would be required by a breach of terms under the management agreement entered into by MEC. Because the Company controls MEC, it does not expect that it would, under any circumstance, ever have to perform under this guarantee. As a result, the Company believes that there are no potential future payments to make under this guarantee. Refer to Notes to Consolidated Financial Statements – Note 3, “Investments in Partnerships and Ventures,” for more information about our Solar Ventures.
Schedule of Financial Instruments Owned and Pledged as Collateral	The following tables summarize assets that are either pledged or restricted for the Company’s use at September 30, 2017 and December 31, 2016. These tables also reflect certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets:     At  September 30, 2017  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 9,135 $ 131,080 $ ─ $ ─ $ 140,215  Other (1) 26,168 ─ ─ ─ 26,168  CFVs (2) 23,537 ─ 108,309 41,954 173,800  Total $ 58,840 $ 131,080 $ 108,309 $ 41,954 $ 340,183  (1) The majority of this balance represents collateral pledged by the Company in connection with secured borrowings and various guarantees. (2) These are assets held by CFVs.     At  December 31, 2016  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674  Other (1) 19,992 5,868 ─ ─ 25,860  CFVs (2) 23,584 ─ 137,773 44,551 205,908  Total $ 57,504 $ 135,614 $ 137,773 $ 44,551 $ 375,442  (1) The majority of this balance represents collateral pledged by the Company in connection with secured borrowings and various guarantees. These are assets held by CFVs

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	   (in thousands)  2017 $ 72  2018 294  2019 309  2020 183  2021 129  Thereafter 304  Total minimum future rental commitments $ 1,291 

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Summary of Net Income to Common Shareholders	The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations:      For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Net income from continuing operations $ 9,641 $ 2,890 $ 13,477 $ 24,459  Net income from discontinued operations 280 1,285 417 1,451  Net income to common shareholders $ 9,921 $ 4,175 $ 13,894 $ 25,910   Basic weighted-average shares (1) 5,871 6,174 5,890 6,328  Common stock equivalents (2), (3), (4) ─ 375 ─ 3  Diluted weighted-average shares 5,871 6,549 5,890 6,331  (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. (2) At September 30, 2017, 410,000 stock options were in the money and had a potential dilutive share impact of 383,299 and 382,088 for the three months and nine months ended September 30, 2017, respectively. For the nine months ended September 30, 2017, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (3) At September 30, 2016, 410,000 stock options were in the money and had a potential dilutive share impact of 375,001 and 371,523 for the three months and nine months ended September 30, 2016, respectively. In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 2,730 for the nine months ended September 30, 2016. There was no dilutive impact for the three months ended September 30, 2016. For the nine months ended September 30, 2016, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (4) For the three months and nine months ended September 30, 2017, all options were vested and in the money as of January 1, 2017 and thus none were excluded from the calculations of diluted earnings per share. For the nine months ended September 30, 2016, the weighted-average number of options excluded from the calculations of diluted earnings per share was 2,222 , either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingent vesting requirements. No options were excluded from the calculations of diluted earnings per share for the three months ended September 30, 2016.
Schedule of Noncontrolling Interest	   At At  September 30, December 31,  (in thousands) 2017 2016  Guaranteed Funds $ 95,543 $ 128,734  Consolidated Property Partnerships 5,509 6,220  IHS PM ─ 45  Total $ 101,052 $ 134,999 
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2017:      Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, July 1, 2017 $ 42,344 $ (3,406) $ 38,938  Unrealized net gains 623 19 642  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620)  Reclassification of unrealized losses to operations due to impairment 39 ─ 39  Net change in AOCI 42 19 61  Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999  The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2016:      Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, July 1, 2016 $ 54,871 $ (3,082) $ 51,789  Unrealized net gains 6,871 59 6,930  Net change in AOCI 6,871 59 6,930  Balance, September 30, 2016 $ 61,742 $ (3,023) $ 58,719 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2017:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2017 $ 40,998 $ (3,180) $ 37,818  Unrealized net gains (losses) 1,969 (207) 1,762  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620)  Reclassification of unrealized losses to operations due to impairment 39 ─ 39  Net change in AOCI 1,388 (207) 1,181  Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999  The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2016:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209  Unrealized net gains 15,122 90 15,212  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (2,055) ─ (2,055)  Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (15,647) ─ (15,647)  Net change in AOCI (2,580) 90 (2,490)  Balance, September 30, 2016 $ 61,742 $ (3,023) $ 58,719 

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
Stock-Based Compensation [Abstract]
Summary of Stock-Based Compensation Expense	   For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Employees’ Stock-Based Compensation Plans $ 902 $ 30 $ 2,481 $ 1,579  Non-employee Directors’ Stock-Based Compensation Plans 164 89 341 236  Total $ 1,066 $ 119 $ 2,822 $ 1,815 
Summary of Option Activity	The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans:     Weighted-average  Remaining  Weighted-average Contractual Aggregate  Number of Exercise Price Life per option Intrinsic Period End  (in thousands, except per option data) Options per Option (in years) Value (1) Liability (2)  Outstanding at January 1, 2016 416 $ 3.52 5.3 $ 5,283 $ 5,282  Forfeited/Expired in 2016 (6) 132.50  Outstanding at December 31, 2016 410 1.56 4.4 7,149 7,166  Forfeited/Expired in 2017 ─  Outstanding at September 30, 2017 410 1.56 3.7 9,629 9,647   Number of options that were exercisable at:  December 31, 2016 410 1.56 4.4  September 30, 2017 410 1.56 3.7  (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 410,000 ; 410,000 ; and 416,211 ; at September 30, 2017, December 31, 2016 and January 1, 2016, respectively.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations [Abstract]
Schedule of Discontinued Operations	   For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Other income $ 29 $ 83 $ 167 $ 250  Other expense ─ ─ (1) (1)  Net income before disposal activity 29 83 166 249  Disposal:  Net gains on real estate and other investments ─ 1,202 ─ 1,202  Net gains on sale of business 251 ─ 251 ─  Net income from discontinued operations 280 1,285 $ 417 $ 1,451  Loss from discontinued operations allocable to noncontrolling interests ─ ─ ─ ─  Net income to common shareholders from discontinued operations $ 280 $ 1,285 $ 417 $ 1,451 

CONSOLIDATED FUNDS AND VENTUR34

CONSOLIDATED FUNDS AND VENTURES (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of More Information Related to Assets Consolidated Fund or Ventures	   At At  September 30, December 31,  (in thousands) 2017 2016  Cash, cash equivalents and restricted cash $ 23,537 $ 23,584  Investments in LTPPs 108,309 137,773  Real estate held for use, net 24,180 36,942  Real estate held for sale, net 11,991 145  Other assets 5,783 7,464  Total assets of CFVs $ 173,800 $ 205,908 
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures.     At At  September 30, December 31,  (in thousands) 2017 2016  Investments in U.S. real estate partnerships (includes $867 and $11,138 related to variable interest entities (" VIEs ") (1) $ 18,653 $ 27,596  Investments in IHS-managed funds (includes $1,896 and $1,955 related to VIEs) (1) 15,817 3,296  Investment in Solar Ventures 89,465 75,526  Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 108,309 137,773  Total investments in partnerships $ 232,244 $ 244,191  (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE because the Company was deemed not to be the primary beneficiary.  See Note 13, “Consolidated Funds and Ventures,” for more information.
Schedule of More Information Related to Real Estate Consolidated Fund and Ventures	The following provides information about the assets of the consolidated property partnerships that were classified as held for use as of the specified reporting dates:    At At  September 30, December 31,  (in thousands) 2017 2016  Building, furniture and fixtures $ 22,975 $ 33,281  Accumulated depreciation (1,931) (1,085)  Land 3,136 4,746  Total $ 24,180 $ 36,942 
Schedule of More Information Related to Real Estate Held-for-Sale Consolidated Fund and Ventures	The following provides information about the assets of the consolidated property partnership that was classified as held for sale as of the specified reporting dates:      At At  September 30, December 31,  (in thousands) 2017 2016  Cash $ 376 $ 145  Building, furniture and fixtures 10,306 ─  Accumulated depreciation (359) ─  Land 1,610 ─  Other assets 58 ─  Total $ 11,991 $ 145 
Schedule of More Information Related to Liabilities Consolidated Fund and Venture	The following table summarizes the liabilities of the CFVs:     At At  September 30, December 31,  (in thousands) 2017 2016  Debt (1), (2) $ 12,901 $ 13,029  Unfunded equity commitments to unconsolidated LTPPs 8,003 8,103  Asset management fee payable 29,642 28,373  Other liabilities (3) 4,440 4,209  Total liabilities of CFVs $ 54,986 $ 53,714  (1) At September 30, 2017 and December 31, 2016, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.3% and 5.8% , respectively, and was due on demand. (2) At September 30, 2017 and December 31, 2016, $6.2 million and $6.3 million, respectively, of this debt was related to two consolidated property partnerships and had a UPB of $5.3 million and $5.4 million, respectively, and weighted-average effective interest rate of 4.0% with various maturity dates through March 11, 2029. (3) At September 30, 2017, $0.1 million of other liabilities is associated with the consolidated property partnership designated as held for sale.  
Schedule of Income Statement of Consolidated Funds and Ventures	    For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Revenue:  Rental and other income from real estate $ 1,327 $ 943 $ 3,960 $ 1,727  Interest and other income 189 220 808 981  Total revenue from CFVs 1,516 1,163 4,768 2,708   Expenses:  Depreciation and amortization 779 851 2,590 2,219  Interest expense 185 128 501 387  Other operating expenses 2,320 1,821 6,245 4,807  Asset impairments 9,671 7,265 21,071 20,034  Total expenses from CFVs 12,955 10,065 30,407 27,447   Net losses related to CFVs:  Investment gains (losses) ─ ─ 10 (598)  Equity in losses from LTPPs of CFVs (1,973) (4,993) (9,421) (15,616)  Net loss (13,412) (13,895) (35,050) (40,953)  Net losses allocable to noncontrolling interests in CFVs (1) 13,182 13,101 33,894 37,923  Net loss allocable to the common shareholders related to CFVs $ (230) $ (794) $ (1,156) $ (3,030)  (1) Excludes $2 of net gain allocable to the noncontrolling interest holder in IHS PM for the three months ended September 30, 2016. Excludes $52 and $111 of net gain allocable to the noncontrolling interest holder in IHS PM for the nine months ended September 30, 2017 and 2016, respectively. These amounts are excluded from this presentation because IHS PM and its related activity are not included within CFV income statement activity above. 
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures	   For the three months ended For the nine months ended  September 30, September 30,  (in thousands) 2017 2016 2017 2016  Guarantee fees $ 288 $ 288 $ 864 $ 950  Interest income 379 192 1,043 257  Equity in losses from LTPPs (897) (1,337) (3,104) (3,820)  Equity in income from Consolidated Property Partnerships ─ 63 41 181  Other expenses ─ ─ ─ (598)  Net loss allocable to the common shareholders related to CFVs $ (230) $ (794) $ (1,156) $ (3,030) 
L I H T C Funds [Member]
Schedule of Investments in Partnerships	   At At  September 30, December 31,  (in thousands) 2017 2016  Total assets of the LTPPs (1) $ 1,145,634 $ 1,124,274  Total liabilities of the LTPPs (1) 928,262 937,335  (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures	   For the nine months ended  September 30,  (in thousands) 2017 2016  Net loss $ (18,163) $ (18,981) 

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Information [Abstract]
Schedule of Segment Reporting Information	    For the three months ended September 30, 2017  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 2,709 $ 61 $ 23 $ (379) (1) $ 2,414  Total interest expense (471) ─ ─ ─ (471)  Net interest income 2,238 61 23 (379) 1,943   Total fee and other income 5,822 3,021 ─ (288) (2) 8,555  Revenue from CFVs 1,516 ─ ─ ─ 1,516  Total non-interest revenue 7,338 3,021 ─ (288) 10,071  Total revenues, net of interest expense 9,576 3,082 23 (667) 12,014  Operating and other expenses:  Interest expense (99) (75) (809) ─ (983)  Operating expenses (3,313) (2,920) (3,122) ─ (9,355)  Other expenses, net (1,291) (540) (29) ─ (1,860)  Expenses from CFVs (13,622) ─ ─ 667 (1), (2) (12,955)  Total operating and other expenses (18,325) (3,535) (3,960) 667 (25,153)  Net gains on assets and derivatives 4,209 172 1,009 ─ 5,390  Equity in income from unconsolidated funds and ventures 6,070 495 ─ ─ 6,565  Equity in losses from Lower Tier Property Partnerships of CFVs (1,973) ─ ─ ─ (1,973)  Loss from continuing operations before income taxes (443) 214 (2,928) ─ (3,157)  Income tax expense ─ ─ (384) ─ (384)  Income from discontinued operations, net of tax 280 ─ ─ ─ 280  Net loss (163) 214 (3,312) ─ (3,261)  Loss allocable to noncontrolling  interests:  Net losses allocable to noncontrolling  interests in CFVs:  Related to continuing operations 13,182 ─ ─ ─ 13,182  Net income (loss) allocable to common shareholders $ 13,019 $ 214 $ (3,312) $ ─ $ 9,921    (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.4 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the third quarter of 2017 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.      For the three months ended September 30, 2016  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 4,573 $ 35 $ 9 $ (192) (1) $ 4,425  Total interest expense (500) ─ (85) ─ (585)  Net interest income 4,073 35 (76) (192) 3,840   Total fee and other income 2,011 1,744 25 (288) (2) 3,492  Revenue from CFVs 1,163 ─ ─ ─ 1,163  Total non-interest revenue 3,174 1,744 25 (288) 4,655  Total revenues, net of interest expense 7,247 1,779 (51) (480) 8,495  Operating and other expenses:  Interest expense (47) (1) (1,073) ─ (1,121)  Operating expenses (2,610) (2,406) (1,357) ─ (6,373)  Other expenses (503) 538 (32) ─ 3  Expenses from CFVs (10,608) ─ ─ 543 (1), (2) (10,065)  Total operating and other expenses (13,768) (1,869) (2,462) 543 (17,556)  Net gains on assets, derivatives and extinguishment of liabilities 2,427 1 (18) ─ 2,410  Equity in income (losses) from unconsolidated funds and ventures 1,712 (171) ─ (63) 1,478  Equity in losses from Lower Tier Property Partnerships of CFVs (4,993) ─ ─ ─ (4,993)  Loss from continuing operations before income taxes (7,375) (260) (2,531) ─ (10,166)  Income tax expense ─ ─ (43) ─ (43)  Income from discontinued operations, net of tax 1,285 ─ ─ ─ 1,285  Net (loss) income (6,090) (260) (2,574) ─ (8,924)  Loss (income) allocable to  noncontrolling interests:  Net losses (income) allocable to  noncontrolling interests in CFVs:  Related to continuing operations 13,101 (2) ─ ─ 13,099  Net income (loss) allocable to common shareholders $ 7,011 $ (262) $ (2,574) $ ─ $ 4,175  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.2 million was reflected in total interest for U.S. Operations.  (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the third quarter of 2016 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.       For the nine months ended September 30, 2017  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 8,848 $ 152 $ 65 $ (1,043) (1) $ 8,022  Total interest expense (1,326) ─ ─ ─ (1,326)  Net interest income 7,522 152 65 (1,043) 6,696   Total fee and other income 12,214 9,028 ─ (864) (2) 20,378  Revenue from CFVs 4,768 ─ ─ ─ 4,768  Total non-interest revenue 16,982 9,028 ─ (864) 25,146  Total revenues, net of interest expense 24,504 9,180 65 (1,907) 31,842  Operating and other expenses:  Interest expense (256) (76) (3,098) ─ (3,430)  Operating expenses (8,607) (7,928) (6,455) ─ (22,990)  Other expenses, net (1,775) (152) (89) ─ (2,016)  Expenses from CFVs (32,345) ─ ─ 1,938 (1), (2) (30,407)  Total operating and other expenses (42,983) (8,156) (9,642) 1,938 (58,843)  Net gains on assets, derivatives and extinguishment of liabilities 119 172 4,838 ─ 5,129  Equity in income (losses) from unconsolidated funds and ventures 11,052 457 ─ (41) 11,468  Net gains related to CFVs ─ ─ ─ 10 10  Equity in losses from Lower Tier Property Partnerships of CFVs (9,421) ─ ─ ─ (9,421)  (Loss) income from continuing operations before income taxes (16,729) 1,653 (4,739) ─ (19,815)  Income tax expense ─ ─ (550) ─ (550)  Income from discontinued operations, net of tax 417 ─ ─ ─ 417  Net (loss) income (16,312) 1,653 (5,289) ─ (19,948)  Loss (income) allocable to  noncontrolling interests:  Net losses (income) allocable to  noncontrolling interests in CFVs:  Related to continuing operations 33,894 (52) ─ ─ 33,842  Net income (loss) allocable to common shareholders $ 17,582 $ 1,601 $ (5,289) $ ─ $ 13,894  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.0 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the first nine months of 2017 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.     For the nine months ended September 30, 2016  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 11,836 $ 91 $ 37 $ (257) (1) $ 11,707  Total interest expense (1,391) ─ (295) − (1,686)  Net interest income 10,445 91 (258) (257) 10,021   Total fee and other income 5,118 5,025 53 (950) (2) 9,246  Revenue from CFVs 2,708 ─ ─ − 2,708  Total non-interest revenue 7,826 5,025 53 (950) 11,954  Total revenues, net of interest expense 18,271 5,116 (205) (1,207) 21,975  Operating and other expenses:  Interest expense (61) (1) (3,176) ─ (3,238)  Operating expenses (6,982) (6,434) (4,751) ─ (18,167)  Other expenses (1,955) 658 (81) 598 (3) (780)  Expenses from CFVs (28,237) ─ ─ 790 (1), (2), (3) (27,447)  Total operating and other expenses (37,235) (5,777) (8,008) 1,388 (49,632)  Net gains on assets, derivatives and extinguishment of liabilities 6,968 1 (14) ─ 6,955  Net gains transferred into net income from AOCI due to real estate foreclosure 15,647 ─ ─ ─ 15,647  Equity in income (loss) from unconsolidated funds and ventures 8,637 (391) ─ (181) 8,065  Net losses related to CFVs (598) ─ ─ ─ (598)  Equity in losses from Lower Tier Property Partnerships of CFVs (15,616) ─ ─ ─ (15,616)  Income (loss) from continuing operations before income taxes (3,926) (1,051) (8,227) ─ (13,204)  Income tax expense ─ ─ (149) ─ (149)  Income from discontinued operations, net of tax 1,451 ─ ─ ─ 1,451  Net income (loss) (2,475) (1,051) (8,376) ─ (11,902)  Loss allocable to noncontrolling interests:  Net losses (income) allocable to  noncontrolling interests in CFVs:  Related to continuing operations 37,923 (111) ─ ─ 37,812  Net income (loss) allocable to common shareholders $ 35,448 $ (1,162) $ (8,376) $ ─ $ 25,910  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during the first nine months of 2016 through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. (3) Represents a lower of cost or market adjustment on a property held for sale that the Company recognized through an allocation of income (see Note 13, “Consolidated Funds and Ventures”) and for purpose of the table above, the $0.6 million was reflected in other expenses for U.S. Operations.
Reconciliation of Assets from Segment to Consolidated	   September 30, December 31,  (in thousands) 2017 2016  ASSETS  U.S. Operations (includes $173,800 and $205,908 related to CFVs) $ 475,533 $ 517,286  Corporate Operations 33,284 48,459  International Operations 26,679 8,454  Total MMA consolidated assets $ 535,496 $ 574,199 

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - segment	1 Months Ended	9 Months Ended
	Nov. 30, 2016	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments		3
Guaranteed Funds [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	0.01%

BONDS AVAILABLE-FOR-SALE (Narra

BONDS AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Non Accrual Bonds	$ 7.3		$ 7.3		$ 7
Non Accrual Bonds Interest Income Cash Basis Method		$ 0.1	0.2	$ 0.6
Interest Income Non Accrual Bonds Not Recognized	0.2	$ 0.4	0.5	1.3
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	13.3		13.3
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	$ 26.7		26.7
Increase Decrease in Fair Value Of Bonds			$ (13)
Proceeds From Sale or Redemption Of Available For Sale Securities				$ 7.4
Weighted average pay rate on available-for-sale bonds	6.20%		6.20%		6.10%
Weighted Average Expected Maturity, Investments, not Currently Prepayable			4 years 4 months 24 days
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	$ 15.3		$ 15.3		$ 16.5

BONDS AVAILABLE-FOR-SALE (Bonds

BONDS AVAILABLE-FOR-SALE (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 142,718	$ 154,154
Amortized Cost	100,565	114,983
Gross Unrealized Gains	42,543	41,427
Gross Unrealized Losses	(157)	(429)
Fair Value	$ 142,951	$ 155,981
FV as a % of UPB	100.00%	101.00%
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 105,668	$ 106,366
Amortized Cost	69,354	73,049
Gross Unrealized Gains	40,735	36,978
Fair Value	$ 110,089	$ 110,027
FV as a % of UPB	104.00%	103.00%
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 37,050	$ 47,788
Amortized Cost	31,211	41,934
Gross Unrealized Gains	1,808	4,449
Gross Unrealized Losses	(157)	(429)
Fair Value	$ 32,862	$ 45,954
FV as a % of UPB	89.00%	96.00%

BONDS AVAILABLE-FOR-SALE (Bon39

BONDS AVAILABLE-FOR-SALE (Bonds with Prepayment Features ) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Bonds Unpaid Principal Balance [Abstract]
Bonds unpaid principal balance for, September 30, 2017	$ 27,050
Bonds unpaid principal balance, 2018	1,907
Bonds unpaid principal balance, 2020	5,210
Bonds unpaid principal balance, 2021	46,364
Bonds unpaid principal balance, thereafter	62,187
Unpaid principal balance	142,718	$ 154,154
Amortized Cost, Bonds that may be prepaid without restrictions
Amortized Cost, September 30, 2017	21,211
Amortized Cost, 2018	266
Amortized Cost, 2020	4,211
Amortized Cost, 2021	27,993
Amortized Cost, Thereafter	46,884
Amortized Cost	100,565	114,983
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties
Fair Value, September 30, 2017	22,405
Fair Value, 2018	2,196
Fair Value, 2020	5,436
Fair Value, 2021	50,526
Fair Value, Thereafter	62,388
Fair Value, Total	$ 142,951	$ 155,981

BONDS AVAILABLE-FOR-SALE (Bond

BONDS AVAILABLE-FOR-SALE (Bond Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Bonds Available-For-Sale [Abstract]
Total current	$ 135,611	$ 148,967
30-59 days past due
60-89 days past due
90 days or greater	7,340	7,014
Total	$ 142,951	$ 155,981

BONDS AVAILABLE-FOR-SALE (Reali

BONDS AVAILABLE-FOR-SALE (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Bonds Available-For-Sale [Abstract]
Net impairment recognized on bonds held at each period-end	$ (880)		$ (880)
(Losses) gains recognized at time of sale or redemption	620	$ (69)	620	$ 2,254
Total net (losses) gains on bonds	$ (260)	$ (69)	$ (260)	$ 2,254

INVESTMENTS IN PARTNERSHIPS A42

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Narrative) (Details) $ in Thousands, ZAR in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2017USD ($)entity	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)entity	Sep. 30, 2017ZAR	Sep. 30, 2017USD ($)	Jul. 28, 2017ZAR	Jul. 28, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					$ 244,191		$ 232,244
Equity in gains (losses) from equity method investments			$ 2,047	$ (7,551)
Commitments and Contingencies
Loans and Leases Receivable, Net Amount, Total					4,809		969
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					$ 27,596		$ 18,653
Payments to acquire equity method investments		$ 8,800
Equity method investment, ownership percentage		80.00%				33.00%	33.00%
Number of Variable Interest Entities | entity			2		3
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net					$ 11,100		$ 900
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount					11,100		900
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							$ 17,800
U.S. Real Estate Partnerships formed in Q3 2017 [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						98.99%	98.99%
U.S. Real Estate Partnerships, Other [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							$ 100
Equity in gains (losses) from equity method investments			$ 3,800
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					3,296		15,817
Equity In Income From SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							13,400
IHS Residential Partners One [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							1,900
Variable Interest Entity, Maximum Committed Financial or Other Support | ZAR						ZAR 180
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount					13,200		13,300
IHS Fund II SA [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							500
IHS Fund II SSA [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments							0
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					75,526		$ 89,465
Payments to acquire equity method investments					$ 75,000
Solar Facilities Investment [Member] | Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 11,400
SAWHF [Member] | IHS Managed Funds and Ventures [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Aggregate Cost								ZAR 153.1	$ 11,800
Equity method investment, ownership percentage								11.85%	11.85%
Minimum [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						1.80%	1.80%
Maximum [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						14.60%	14.60%

INVESTMENTS IN PARTNERSHIPS A43

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 232,244	$ 244,191
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	18,653	27,596
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	15,817	3,296
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	89,465	75,526
Lower Tier Property Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	108,309	137,773
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	867	11,138
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 1,896	$ 1,955

INVESTMENTS IN PARTNERSHIPS A44

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 59,715	$ 97,659
Total liabilities	31,633	47,147
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	284,175	261,082
Total liabilities	112,720	110,214
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	328,169	158,365
Total liabilities	$ 3,343	$ 4,905

INVESTMENTS IN PARTNERSHIPS A45

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ 11,028	$ (688)	$ 10,150	$ 4,936
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	204	(7,207)	(1,995)	(15,919)
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ 7,208	$ 2,958	$ 15,604	$ 8,515

OTHER ASSETS (Narrative, Loans

OTHER ASSETS (Narrative, Loans Held-for-Investment and Held-for-Sale) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Loans and Leases Receivable Unpaid Principal Balance	$ 6,800		$ 6,800		$ 16,800
Loans and Leases Receivable, Deferred Income	5,000		5,000		7,600
Impaired Financing Receivable, Unpaid Principal Balance	6,400		6,400		6,400
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest	500		500		500
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	0		0		0
Loans Receivable, Held-For-Sale, Cost Basis	6,000		6,000		6,000
Net gains on sale of real estate estate and other investments	1,526	$ 1,585	1,700	$ 1,701
Fair Value Option Loan [Member]
Loans and Leases Receivable Unpaid Principal Balance					10,000
Fair Value, Option, Fair Value					3,800
Solar Facilities [Member]
Property, Plant and Equipment, Net	1,200		1,200		1,300
Property, Plant, and Equipment, Owned, Accumulated Depreciation	1,200		1,200		$ 1,700
One solar construction loan [Member]
Impaired Financing Receivable, Unpaid Principal Balance	11,500		11,500
Financing Receivable, Recorded Investment, Nonaccrual Status	$ 0		$ 0

OTHER ASSETS (Narrative, Remain

OTHER ASSETS (Narrative, Remainder) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Asset management fees and reimbursements	$ 7,750	$ 2,383	$ 19,020	$ 6,536
Gains (Losses) on Sales of Other Real Estate	1,526	1,585	1,700	1,701
Accrued Fees and Other Revenue Receivable	7,573		7,573		$ 1,406
Derivative Asset, Noncurrent	8,077		8,077		7,884
Derivative Asset	8,077		8,077		7,884
Impairment of Long-Lived Assets to be Disposed of	0	$ 0	0	$ 0
IHS Funds and Ventures [Member]
Accrued Fees and Other Revenue Receivable	800		800		900
TC Fund I [Member]
Asset management fees and reimbursements	6,300
Loan Origination Commitments [Member]
Unfunded Loan Origination Commitments	$ 0		$ 0		$ 0
Building [Member]
Property, Plant and Equipment, Useful Life			40 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life			15 years
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			6 years
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			7 years

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Other assets:
Loan receivable held-for-investment	$ 969	$ 4,809
Real estate owned	3,444	3,267
Derivative assets	8,077	7,884
Accrued interest and dividends receivable	1,029	1,822
Asset management fees receivable	7,573	1,406
Other assets	4,622	5,526
Total other assets	69,120	70,998
Consolidated Funds and Ventures [Member]
Other assets:
Total other assets	41,954	44,551
Solar Facilities Investment [Member]
Other assets:
Total other assets	$ 1,452	$ 1,733

OTHER ASSETS (Loans Held for In

OTHER ASSETS (Loans Held for Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortized cost	$ 9,202	$ 1,797
Net losses included in earnings	(3,565)
Allowance for loan losses	(828)	(828)
Loans held for investment, net	$ 4,809	$ 969

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment [Line Items]
Other assets	$ 69,120	$ 70,998
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	23,537	23,584
Other assets	5,783	7,464
Real estate held for use, net	24,180	36,942
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Real estate held for use, net	24,180	36,942
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Real estate held for use, gross	22,975	33,281
Accumulated depreciation	(1,931)	(1,085)
Consolidated Funds and Ventures [Member] | Land [Member]
Investment [Line Items]
Real estate held for use, gross	3,136	4,746
REO held for use, net [Member]
Investment [Line Items]
Real estate held for use, net	3,444	3,267
REO held for use, net [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Real estate held for use, gross	825	648
REO held for use, net [Member] | Land [Member]
Investment [Line Items]
Real estate held for use, gross	$ 2,619	$ 2,619

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Gains (Losses) on Extinguishment of Debt	$ 1,009	$ (17)	$ 4,838	$ (17)
Letters of Credit Outstanding, Amount	0		0		$ 0
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	25,545		25,545		16,869
Subordinated Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	98,269		98,269		125,899
Debt Instrument, Repurchased Face Amount	26,400		26,400
Principal	92,108		92,108
Notes Payable and Other Debt – Bond Related [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	67,106		67,106		$ 79,137
Notes Payable and Other Debt – Bond Related, Bond One [Member]
Debt Instrument [Line Items]
Principal	9,800		9,800
Notes Payable and Other Debt – Bond Related, Bond Two [Member]
Debt Instrument [Line Items]
Principal	5,000		5,000
Notes Payable and Other Debt – Bond Related, Bond Three [Member]
Debt Instrument [Line Items]
Principal	2,500		2,500
TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Underlying Bond Notional Amount	$ 79,700		$ 79,700
Underlying Bond Interest Rate	6.50%		6.50%
Long-term Debt, Gross	$ 79,300		$ 79,300
Derivative, Variable Interest Rate	2.20%		2.20%
MMA Financial, Inc [Member] | Subordinated Loan [Member]
Debt Instrument [Line Items]
Gains (Losses) on Extinguishment of Debt	$ 4,800
SAWHF [Member]
Debt Instrument [Line Items]
Principal	7,800		$ 7,800
Percentage Of Ownership Acquired			11.85%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 4,700		$ 4,700
London Interbank Offered Rate (LIBOR) [Member] | TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Derivative, Variable Interest Rate	2.80%		2.80%

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt, Carrying Value	$ 224,726	$ 243,071
Debt Instrument, Interest Rate, Effective Percentage	3.10%	3.00%
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 211,825	$ 230,042
Debt Instrument, Interest Rate, Effective Percentage	2.90%	2.80%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 83,968	$ 82,029
Debt Instrument, Interest Rate, Effective Percentage	2.40%	2.10%
Notes Payable and Other Debt – Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 16,862	$ 2,892
Debt, Due after one year	$ 67,106	$ 79,137
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	2.60%	2.20%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.30%	2.10%
Unamortized Debt Issuance Expense	$ 100	$ 100
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 127,857	$ 148,013
Debt Instrument, Interest Rate, Effective Percentage	3.30%	3.30%
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 1,735	$ 1,948
Debt, Due after one year	$ 25,545	$ 16,869
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.90%	3.90%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	6.10%	2.30%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 2,308	$ 3,297
Debt, Due after one year	98,269	$ 125,899
Debt, Carrying Value	$ 100,577
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	2.60%	3.90%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.60%	3.40%
Net Premium and Debt Issuance Costs	$ 8,500	$ 8,700
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Debt, Due within one year	6,896	6,885
Debt, Due after one year	6,005	6,144
Debt, Carrying Value	$ 12,901	$ 13,029
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	6.20%	5.70%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	4.00%	4.00%
Debt Instrument, Interest Rate, Effective Percentage	5.20%	4.90%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2,017	$ 7,835
2,018	59,813
2,019	13,150
2,020	36,792
2,021	8,835
Thereafter	89,452
Net premium and debt issue costs	8,849
Total	224,726	$ 243,071
Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Total	12,901	13,029
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2,017	1,099
2,018	59,711
2,019	13,041
2,020	36,676
2,021	8,710
Thereafter	84,585
Net premium and debt issue costs	8,003
Total	211,825	230,042
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
2,017	6,736
2,018	102
2,019	109
2,020	116
2,021	125
Thereafter	4,867
Net premium and debt issue costs	846
Total	$ 12,901	$ 13,029

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Net Premium and Debt Issuance Costs	$ 8,849
Carrying Value	224,726	$ 243,071
Subordinated Loan [Member]
Debt Instrument [Line Items]
Principal	92,108
Net Premium and Debt Issuance Costs	8,469
Carrying Value	100,577
Subordinated Loan [Member] | Mfh Issue 1 [Member]
Debt Instrument [Line Items]
Principal	27,199
Net Premium and Debt Issuance Costs	2,580
Carrying Value	$ 29,779
Maturity Date	March 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 2 [Member]
Debt Instrument [Line Items]
Principal	$ 24,732
Net Premium and Debt Issuance Costs	2,357
Carrying Value	$ 27,089
Maturity Date	April 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 3 [Member]
Debt Instrument [Line Items]
Principal	$ 14,256
Net Premium and Debt Issuance Costs	1,253
Carrying Value	$ 15,509
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 4 [Member]
Debt Instrument [Line Items]
Principal	$ 25,921
Net Premium and Debt Issuance Costs	2,279
Carrying Value	$ 28,200
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company’s Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 8,077	$ 7,884
Derivative Liability	56	379
Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	3,818	2,327
Derivative Liability		372
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	274	176
Derivative Liability	56	7
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	955	1,553
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	2,858	$ 3,828
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 172

DERIVATIVE INSTRUMENTS (Sched56

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 396,998	$ 411,550
Total Return Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	72,507	91,050
Basis Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	100,500	100,500
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	80,000	80,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	140,000	$ 140,000
Foreign Exchange Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 3,991

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 1,430	$ 945	$ 2,501	$ 3,029
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	1,522	799	4,100	3,119
Payments For Proceeds From Derivative Instrument Operating Activities	700	1,000	2,300	3,200
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	14	207	5	207
Payments For Proceeds From Derivative Instrument Operating Activities			(100)
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(116)	2	(598)	(12)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(162)	(63)	(1,178)	(285)
Payments For Proceeds From Derivative Instrument Operating Activities	(100)	$ (100)	(300)	$ (200)
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 172		$ 172

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains (losses) arising during the period	$ 623	$ 6,871	$ 1,969	$ 15,122
Reversal of net unrealized gains on sold/redeemed bonds	620		620	$ 2,055
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax	39		$ 39
Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			15.00%		14.50%
Subordinated Debt Obligations, Fair Value Disclosure	40,400		$ 40,400
Minimum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			12.50%
Subordinated Debt Obligations, Fair Value Disclosure	35,100		$ 35,100
Maximum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			17.50%
Subordinated Debt Obligations, Fair Value Disclosure	$ 47,500		$ 47,500

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Derivative assets	$ 8,077	$ 7,884
Liabilities:
Derivative liabilities	56	379
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans held for investment	1,898	1,106
Fair Value, Measurements, Recurring [Member]
Assets:
Investments in bonds	142,951	155,981
Loans held-for-sale		3,835
Derivative assets	8,077	7,884
Liabilities:
Derivative liabilities	56	379
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative assets	4,259	5,557
Liabilities:
Derivative liabilities	56	7
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investments in bonds	142,951	155,981
Loans held-for-sale		3,835
Derivative assets	$ 3,818	2,327
Liabilities:
Derivative liabilities		$ 372

FAIR VALUE (Activity for Assets

FAIR VALUE (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	$ 151,662	$ 182,831	$ 155,981	$ 218,439
Net (losses) gains included in earnings	(1,777)	(1,337)	(3,984)	(3,820)
Net change in other comprehensive income	42	6,871	1,388	13,067
Impact from purchases		7,217		7,217
Impact from sales/redemptions	(6,784)	(7,217)	(6,784)	(10,986)
Impact from bonds extinguished due to consolidation or real estate foreclosure				(30,300)
Impact from settlements	(192)	(8,930)	(3,650)	(14,182)
Balance at ending period	142,951	179,435	142,951	179,435
Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	3,899	23,700	3,835
Net (losses) gains included in earnings		173	(5,335)	173
Impact from purchases			14,028
Impact from originations		15,512	1,500	39,212
Impact from sales/redemptions	(3,899)		(14,028)
Transfer from loans HFS to loans HFI		2,278		2,278
Balance at ending period		41,663		41,663
Loans Held-for-sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period		2,742	3,835	6,417
Impact from originations		216		4,531
Impact from sales/redemptions		(680)		(8,670)
Transfer from loans HFS to loans HFI		(2,278)		(2,278)
Derivative Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	3,405	3,980	2,327	3,658
Net (losses) gains included in earnings	413	(633)	1,491	(311)
Impact from loan originations		2,600		2,600
Balance at ending period	3,818	5,947	3,818	5,947
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	(399)	(2,038)	(372)	(1,713)
Net (losses) gains included in earnings	$ 399	433	$ 372	108
Balance at ending period		$ (1,605)		$ (1,605)

FAIR VALUE (Amount of Activity

FAIR VALUE (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total gains (losses) reported in earnings					$ (3,565)
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held	$ (880)		$ (880)
Additional realized gains (losses) recognized	620	$ (69)	620	$ 2,254
Total gains (losses) reported in earnings	(260)	(69)	(260)	2,254
Equity Method Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held	(897)	(1,337)	(3,104)	(3,770)
Change in unrealized losses related to assets and liabilities settled during the period				(50)
Total gains (losses) reported in earnings	(897)	(1,337)	(3,104)	(3,820)
Loans Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held		173		173
Change in unrealized losses related to assets and liabilities settled during the period			(5,335)
Additional realized gains (losses) recognized	805		805
Total gains (losses) reported in earnings	805	173	(4,530)	173
Derivative Asset / Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held	812	(200)	1,863	(203)
Additional realized gains (losses) recognized	710	936	2,237	3,038
Total gains (losses) reported in earnings	$ 1,522	$ 736	$ 4,100	$ 2,835

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Net Derivative Asset (Liability)		$ (372)
Market yield		7.20%
Capitalization rate		8.50%
NOI annual growth rate		2.50%
Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 93,033	$ 93,082
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 7,340	7,015
Market yield	7.90%
Capitalization rate	6.90%
NOI annual growth rate	(1.20%)
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 9,717	9,930
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	22,405	25,145
Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 10,456	20,809
Market yield	3.80%
Loans Held-for-sale [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		3,835	$ 2,742	$ 6,417
Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Net Derivative Asset (Liability)	$ 3,818	$ 2,327
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	3.90%	4.30%
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		8.10%
Capitalization rate		6.90%
NOI annual growth rate		(0.90%)
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.20%	7.30%
Capitalization rate	6.10%	6.00%
NOI annual growth rate	0.40%	0.40%
Minimum [Member] | Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	6.90%	7.30%
Minimum [Member] | Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		3.70%
Minimum [Member] | Loans Held-for-sale [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		19.20%
Minimum [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	3.50%	3.90%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.80%	5.70%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.50%	7.40%
Capitalization rate	6.40%	6.40%
NOI annual growth rate	0.60%	0.80%
Maximum [Member] | Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	8.70%	9.00%
Maximum [Member] | Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		5.50%
Maximum [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.10%	5.50%
Weighted Average [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		7.20%
Capitalization rate		8.50%
NOI annual growth rate		2.50%
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.50%	5.00%
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.90%	8.10%
Capitalization rate	6.90%	6.90%
NOI annual growth rate	(1.20%)	(0.90%)
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.30%	7.40%
Capitalization rate	6.20%	6.20%
NOI annual growth rate	0.50%	0.50%
Weighted Average [Member] | Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.60%	8.00%
Weighted Average [Member] | Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	3.80%	4.60%
Weighted Average [Member] | Loans Held-for-sale [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		19.20%
Weighted Average [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.60%	5.00%

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Liabilities:
Guarantor Obligations, Unamortized Fees	$ 7,700	$ 8,600
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	32,341	45,525
Restricted cash	35,303	33,920
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds and Ventures [Member]
Assets:
Restricted cash	23,537	23,584
Fair Value, Inputs, Level 3 [Member]
Assets:
Asset management fee receivable		2,947
Loans held for investment	1,898	1,106
Liabilities:
Guarantee obligations	10,702	12,616
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member]
Assets:
Loans held for investment	501	488
Fair Value, Inputs, Level 3 [Member] | TC Fund I [Member]
Assets:
Asset management fee receivable	6,340
Guarantee fee receivable		1,348
Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Notes payable and other debt	84,022	82,118
Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Notes payable and other debt	27,694	18,817
Debt Related To Consolidated Funds and Ventures [Member] | Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member]
Liabilities:
Notes payable and other debt	5,948	5,956
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFH [Member]
Liabilities:
Subordinated debt	40,436	41,327
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFI [Member]
Liabilities:
Subordinated debt		20,139
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	32,341	45,525
Restricted cash	35,303	33,920
Loans held for investment	969	974
Liabilities:
Guarantee obligations	2,953	4,003
Reported Value Measurement [Member] | Consolidated Funds and Ventures [Member]
Assets:
Restricted cash	23,537	23,584
Loans held for investment	65	65
Reported Value Measurement [Member] | TC Fund I [Member]
Assets:
Asset management fee receivable	6,340
Guarantee fee receivable		1,348
Reported Value Measurement [Member] | Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	83,968	82,029
Reported Value Measurement [Member] | Non Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	27,280	18,817
Reported Value Measurement [Member] | Debt Related To Consolidated Funds and Ventures [Member] | Consolidated Funds and Ventures [Member]
Liabilities:
Notes payable and other debt	12,901	13,029
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFH [Member]
Liabilities:
Subordinated debt	$ 100,577	102,338
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFI [Member]
Liabilities:
Subordinated debt		$ 26,858

GUARANTEES AND COLLATERAL (Narr

GUARANTEES AND COLLATERAL (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)agreement	Dec. 31, 2016USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guaranteed Funds | agreement				13
Guarantor Obligations, Unamortized Fees		$ 7,700		$ 7,700	$ 8,600
Guaranteed Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guaranteed Funds | agreement				11
Guarantor Obligations, Reserves		14,800		$ 14,800	14,500
Guarantor Obligations, Payment			$ 900
Guarantor Obligations, Unamortized Fees		7,700		7,700	8,600
Maximum Exposure		392,518		392,518	392,518
Carrying Amount		27		27	186
Ownership percentage	0.01%
TC Fund I [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guarantor Obligations, Unamortized Fees		2,900		$ 2,900	4,200
Guarantor Obligations, Mandatory Loans		600
Guarantor Obligations, Liquidation Proceeds, Percentage				70.00%
Percentage in excess of projected tax credits				95.00%
Guarantor Obligations, Bank Loss Absorption Rate, Percentage				5.00%
Maximum Exposure		109,587		$ 109,587	109,587
Carrying Amount		2,923		2,923	3,805
11 Guaranteed Funds and TC Fund I [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guarantor Obligations, Collateral Pledged		$ 20,000		$ 20,000	$ 25,600

GUARANTEES AND COLLATERAL (Summ

GUARANTEES AND COLLATERAL (Summary of Guarantees) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Guaranteed Funds [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	$ 392,518	$ 392,518
Carrying Amount	27	186
Eleven Guaranteed Funds [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	388,400	388,400
TC Fund I [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	109,587	109,587
Carrying Amount	2,923	3,805
Lower Tier Property Partnerships [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	536	536
Carrying Amount	$ 3	$ 12

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 58,840	$ 57,504
Bonds Available-for-Sale	131,080	135,614
Investments in partnerships	108,309	137,773
Other Assets	41,954	44,551
Total Assets Pledged	340,183	375,442
Debt and derivatives TRSs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	9,135	13,928
Bonds Available-for-Sale	131,080	129,746
Total Assets Pledged	140,215	143,674
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	26,168	19,992
Bonds Available-for-Sale		5,868
Total Assets Pledged	26,168	25,860
Consolidated Funds and Ventures [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	23,537	23,584
Investments in partnerships	108,309	137,773
Other Assets	41,954	44,551
Total Assets Pledged	$ 173,800	$ 205,908

COMMITMENTS AND CONTINGENCIES67

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Rent Expense, Net	$ 0.1	$ 0.1	$ 0.2	$ 0.2

COMMITMENTS AND CONTINGENCIES68

COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) $ in Thousands	Sep. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 72
2,018	294
2,019	309
2,020	183
2,021	129
Thereafter	304
Total minimum future rental commitments	$ 1,291

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 02, 2017	Sep. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		580,000
Treasury Stock To Be Acquired Maximum Costs Per Share		$ 26.75
Held By Third Party		4.90%
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares		48,956
Treasury Stock Acquired, Average Cost Per Share		$ 23.73
Stock Repurchase Program [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	21,000
Treasury Stock Acquired, Average Cost Per Share	$ 24.85
IHS PM [Member]
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			40.00%
Ownership percentage			60.00%
Percentage Of Ownership Acquired		40.00%
Payments to Noncontrolling Interests		$ 0.7

EQUITY (Summary of Net Income t

EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Net income (loss) from continuing operations	$ 9,641	$ 2,890	$ 13,477	$ 24,459
Net income from discontinued operations	280	1,285	417	1,451
Net income to common shareholders	$ 9,921	$ 4,175	$ 13,894	$ 25,910
Basic weighted-average shares	5,871,000	6,174,000	5,890,000	6,328,000
Common stock equivalents		375,000		3,000
Diluted weighted-average shares	5,871,000	6,549,000	5,890,000	6,331,000
Common Stock Equivalents Employee Options	410,000	410,000	410,000	410,000
Incremental Common Shares Attributable to Call Options and Warrants	383,299	375,001	382,088	371,523
Unvested Employee Deferred Shares				9,468
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends				2,730
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				2,222

EQUITY (Noncontrolling Interest

EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Minority Interest	$ 101,052	$ 134,999
L I H T C Funds [Member]
Noncontrolling Interest [Line Items]
Minority Interest	95,543	128,734
Consolidated Property Partnerships [Member]
Noncontrolling Interest [Line Items]
Minority Interest	$ 5,509	6,220
IHS PM [Member]
Noncontrolling Interest [Line Items]
Minority Interest		$ 45

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	$ 38,938		$ 37,818
Unrealized net gains (losses)	642	$ 6,930	1,762
Reversal of net unrealized gains on sold or redeemed bonds	(620)		(620)	$ (2,055)
Reclassification of unrealized losses to operations due to impairment	39		39
Reclassification of unrealized gains from AOCI to Net Income due to consolidation and foreclosure				(15,647)
Other			1,181
Ending Balance	38,999		38,999
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance		51,789	37,818	61,209
Net change in AOCI	61	6,930	1,181	15,212
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent				2,055
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	61	6,930	1,181	(2,490)
Ending Balance	38,999	58,719	38,999	58,719
Bonds Avialable for-sale
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	42,344	54,871	40,998	64,322
Unrealized net gains (losses)	623	6,871	1,969	15,122
Reversal of net unrealized gains on sold or redeemed bonds	(620)		(620)	(2,055)
Reclassification of unrealized losses to operations due to impairment	39		39
Reclassification of unrealized gains from AOCI to Net Income due to consolidation and foreclosure				(15,647)
Ending Balance	42,386	61,742	42,386	61,742
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net change AOCI, before tax	42	6,871	1,388	(2,580)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	(3,406)			(3,113)
Unrealized net gains (losses)	19	59		90
Ending Balance	(3,387)	(3,023)	(3,387)	(3,023)
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance		(3,082)	(3,180)
Income tax (expense), benefit			(207)
Ending Balance	(3,387)	(3,023)	$ (3,387)	(3,023)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net change AOCI, before tax	$ 19	$ (59)		$ 90

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	381,345
Additional Stock based Compensation	$ 2.5
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	410,000	410,000	416,211
Employee Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	17,205
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,130,000
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued	408,967

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 1,066	$ 119	$ 2,822	$ 1,815
Employees’ Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	902	30	2,481	1,579
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 164	$ 89	$ 341	$ 236

STOCK-BASED COMPENSATION (Sum75

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-Based Compensation [Abstract]
Number of Options Outstanding at beginning of period	410	416
Number of Options Forfeited/Expired		(6)
Number of Options Outstanding at end of period	410	410	416
Number of options that were exercisable	410	410
Weighted average Exercise Price per Option Outstanding at beginning of period	$ 1.56	$ 3.52
Weighted average Exercise Price per Option, Forfeited/Expired		132.50
Weighted average Exercise Price per Option Outstanding at end of period	1.56	1.56	$ 3.52
Weighted average Exercise Price per Option Exercisable	$ 1.56	$ 1.56
Weighted Average Remaining Contractual Life per Option (in years) Outstanding	3 years 8 months 12 days	4 years 4 months 24 days	5 years 3 months 18 days
Weighted average Remaining Contractual Life per Option (in years) Exercisable	3 years 8 months 12 days	4 years 4 months 24 days
Aggregate Intrinsic Value	$ 9,629	$ 7,149	$ 5,283
Period End Liability	$ 9,647	$ 7,166	$ 5,282

DISCONTINUED OPERATIONS (Schedu

DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Discontinued Operations [Abstract]
Other income	$ 29	$ 83	$ 167	$ 250
Other expense			(1)	(1)
Net income (loss) before disposal activity	29	83	166	249
Net gains on disposal	251	1,202	251	1,202
Net income from discontinued operations	280	1,285	417	1,451
Net income to common shareholders from discontinued operations	$ 280	$ 1,285	$ 417	$ 1,451

CONSOLIDATED FUNDS AND VENTUR77

CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Other liabilities Held-for-sale	$ 100		$ 100
Lower Tier Property Partnerships Real Estate Held For Use [Member]
Bond Investment in Lower Tier Property Partnerships	88,800		88,800		$ 87,600
L I H T C Funds [Member]
Real Estate Held-For-Sale	$ 11,991		$ 11,991		$ 145
L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member]
Debt, Weighted Average Interest Rate and Cost	6.30%		6.30%		5.80%
Consolidated Property Partnershps [Member] | Face Amount Not Equal to Carrying Value [Member]
Debt, Weighted Average Interest Rate and Cost	4.00%		4.00%		4.00%
Portion of Debt Carrying Value	$ 6,200		$ 6,200		$ 6,300
Related Face Amount to Carrying Value			5,300		5,400
Eleven Guaranteed Funds [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	388,400		388,400		388,400
Consolidated Funds and Ventures [Member]
Income (Loss) Attributable To Noncontrolling Interest	13,182	$ 13,101	33,894	$ 37,923
Depreciation	300	$ 300	1,200	$ 600
Consolidated Funds and Ventures [Member] | L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member]
Portion of Debt Carrying Value	$ 6,700		$ 6,700		$ 6,700
Building [Member]
Property, Plant and Equipment, Useful Life			40 years
Minimum [Member] | Consolidated Property Partnershps [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			0.01%
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			6 years
Maximum [Member] | Consolidated Property Partnershps [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			1.00%
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			7 years

CONSOLIDATED FUNDS AND VENTUR78

CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment [Line Items]
Investments in Lower Tier Property Partnerships	$ 232,244	$ 244,191
Other assets	69,120	70,998
Total assets	535,496	574,199
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	23,537	23,584
Investments in Lower Tier Property Partnerships	108,309	137,773
Real estate held for use, net	24,180	36,942
Real estate held-for-sale, net	11,991	145
Other assets	5,783	7,464
Total assets	173,800	205,908
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Real estate held for use, net	$ 24,180	$ 36,942

CONSOLIDATED FUNDS AND VENTUR79

CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - Lower Tier Property Partnerships Real Estate Held For Use [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment [Line Items]
Total assets of Lower Tier Property Partnerships	$ 1,145,634	$ 1,124,274
Total liabilities of Lower Tier Property Partnerships	$ 928,262	$ 937,335

CONSOLIDATED FUNDS AND VENTUR80

CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-use of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
L I H T C Funds [Member]
Investment [Line Items]
Real estate held for use, net	$ 24,180	$ 36,942
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Real estate held for use, net	24,180	36,942
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Real estate held for use, gross	22,975	33,281
Accumulated depreciation	(1,931)	(1,085)
Consolidated Funds and Ventures [Member] | Land [Member]
Investment [Line Items]
Real estate held for use, gross	$ 3,136	$ 4,746

CONSOLIDATED FUNDS AND VENTUR81

CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-sale of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment [Line Items]
Other assets	$ 69,120	$ 70,998
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	23,537	23,584
Property, Plant and Equipment, Net	24,180	36,942
Other assets	5,783	7,464
Real estate held-for-sale, net	11,991	145
Lower Tier Property Partnerships Real Estate Held For Sale [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	376	145
Accumulated depreciation	(359)
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(359)
Other assets	58
Real estate held-for-sale, net	11,991	145
Lower Tier Property Partnerships Real Estate Held For Sale [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Long Lived Assets Held For Sale	10,306
Lower Tier Property Partnerships Real Estate Held For Sale [Member] | Land [Member]
Investment [Line Items]
Long Lived Assets Held For Sale	1,610
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Property, Plant and Equipment, Net	24,180	36,942
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Accumulated depreciation	1,931	1,085
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,931	$ 1,085

CONSOLIDATED FUNDS AND VENTUR82

CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Investment [Line Items]
Debt	$ 224,726		$ 224,726		$ 243,071
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,003		8,003		8,103
Other liabilities	58,408		58,408		54,881
Total liabilities	298,718		298,718		313,876
Net loss	(3,261)	$ (8,924)	(19,948)	$ (11,902)
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Debt	12,901		12,901		13,029
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,003		8,003		8,103
Asset management fee payable	29,642		29,642		28,373
Other liabilities	4,440		4,440		4,209
Total liabilities	54,986		54,986		$ 53,714
Net loss	$ (13,412)	$ (13,895)	(35,050)	(40,953)
Consolidated Funds and Ventures [Member] | L I H T C Funds [Member]
Investment [Line Items]
Net income (loss)			$ (18,163)	$ (18,981)

CONSOLIDATED FUNDS AND VENTUR83

CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Expenses:
Interest expense	$ 471	$ 585	$ 1,326	$ 1,686
Total expenses from CFVs	25,153	17,556	58,843	49,632
Net gains (losses) related to CFVs:
Net gains (losses) on assets and derivatives	1,430	737	2,501	2,837
Equity in losses from Lower Tier Property Partnerships of CFVs			2,047	(7,551)
Net loss	(3,261)	(8,924)	(19,948)	(11,902)
IHS PM [Member]
Net gains (losses) related to CFVs:
Net losses allocable to noncontrolling interests in CFVs		2	52	111
Consolidated Funds and Ventures [Member]
Revenue:
Rental and other income from real estate	1,327	943	3,960	1,727
Interest and other income	189	220	808	981
Total revenue from CFVs	1,516	1,163	4,768	2,708
Expenses:
Depreciation and amortization	779	851	2,590	2,219
Interest expense	185	128	501	387
Other operating expenses	2,320	1,821	6,245	4,807
Asset impairments	9,671	7,265	21,071	20,034
Total expenses from CFVs	12,955	10,065	30,407	27,447
Net gains (losses) related to CFVs:
Investment (loss) gains			10	(598)
Equity in losses from Lower Tier Property Partnerships of CFVs	(1,973)	(4,993)	(9,421)	(15,616)
Net loss	(13,412)	(13,895)	(35,050)	(40,953)
Net losses allocable to noncontrolling interests in CFVs	13,182	13,101	33,894	37,923
Net (loss) income allocable to the common shareholders related to CFVs	$ (230)	$ (794)	$ (1,156)	$ (3,030)

CONSOLIDATED FUNDS AND VENTUR84

CONSOLIDATED FUNDS AND VENTURES (Net (Loss) Income Related to CFVs Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investment [Line Items]
Asset management fees and reimbursements	$ 7,750	$ 2,383	$ 19,020	$ 6,536
Interest income	2,414	4,425	8,022	11,707
Equity in income (losses)			2,047	(7,551)
Other expense	1,860	(3)	2,016	780
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Guarantee fees	288	288	864	950
Interest income	379	192	1,043	257
Equity in income (losses)	(1,973)	(4,993)	(9,421)	(15,616)
Other expense				(598)
Net (loss) income allocable to the common shareholders related to CFVs	(230)	(794)	(1,156)	(3,030)
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Investment [Line Items]
Equity in income (losses)	$ (897)	(1,337)	(3,104)	(3,820)
Consolidated Funds and Ventures [Member] | Consolidated Property Partnerships [Member]
Investment [Line Items]
Equity in income (losses)		$ 63	$ 41	$ 181

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Total interest income	$ 2,414	$ 4,425	$ 8,022	$ 11,707
Total interest expense	(471)	(585)	(1,326)	(1,686)
Net interest income	1,943	3,840	6,696	10,021
Total fee and other income	8,555	3,492	20,378	9,246
Total non-interest revenue	10,071	4,655	25,146	11,954
Total revenues, net of interest expense	12,014	8,495	31,842	21,975
Operating and other expenses:
Interest expense	(983)	(1,121)	(3,430)	(3,238)
Operating expenses	(9,355)	(6,373)	(22,990)	(18,167)
Other expenses, net	(1,860)	3	(2,016)	(780)
Expenses from CFVs	(12,955)	(10,065)	(30,407)	(27,447)
Total operating and other expenses	(25,153)	(17,556)	(58,843)	(49,632)
Net gains on assets, derivatives and extinguishment of liabilities	5,390	2,410	5,129	6,955
Net gains transferred into net income from AOCI due to real estate foreclosure				15,647
Equity in (losses) income from unconsolidated funds and ventures			2,047	(7,551)
Net gains (losses) related to CFVs			10	(598)
Income (loss) from continuing operations before income taxes	(3,157)	(10,166)	(19,815)	(13,204)
Income tax benefit (expense)	(384)	(43)	(550)	(149)
Income (loss) from discontinued operations, net of tax	280	1,285	417	1,451
Net income (loss)	(3,261)	(8,924)	(19,948)	(11,902)
Net losses allocable to noncontrolling interests in CFVs:	13,182	13,099	33,842	37,812
Net income (loss) to common shareholders	9,921	4,175	13,894	25,910
Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	6,565	1,478	11,468	8,065
Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Revenue from CFVs	1,516	1,163	4,768	2,708
Operating and other expenses:
Expenses from CFVs	(12,955)	(10,065)	(30,407)	(27,447)
Equity in (losses) income from unconsolidated funds and ventures	(1,973)	(4,993)	(9,421)	(15,616)
Net gains (losses) related to CFVs			10	(598)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs	(1,973)	(4,993)	(9,421)	(15,616)
Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	(13,182)	(13,099)	(33,842)	(37,812)
U.S. Operations [Member]
Segment Reporting Information [Line Items]
Total interest income	2,709	4,573	8,848	11,836
Total interest expense	(471)	(500)	(1,326)	(1,391)
Net interest income	2,238	4,073	7,522	10,445
Total fee and other income	5,822	2,011	12,214	5,118
Total non-interest revenue	7,338	3,174	16,982	7,826
Total revenues, net of interest expense	9,576	7,247	24,504	18,271
Operating and other expenses:
Interest expense	(99)	(47)	(256)	(61)
Operating expenses	(3,313)	(2,610)	(8,607)	(6,982)
Other expenses, net	(1,291)	(503)	(1,775)	(1,955)
Total operating and other expenses	(18,325)	(13,768)	(42,983)	(37,235)
Net gains on assets, derivatives and extinguishment of liabilities	4,209	2,427	119	6,968
Net gains transferred into net income from AOCI due to real estate foreclosure				15,647
Income (loss) from continuing operations before income taxes	(443)	(7,375)	(16,729)	(3,926)
Income (loss) from discontinued operations, net of tax	280	1,285	417	1,451
Net income (loss)	(163)	(6,090)	(16,312)	(2,475)
Net income (loss) to common shareholders	13,019	7,011	17,582	35,448
U.S. Operations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	6,070	1,712	11,052	8,637
U.S. Operations [Member] | Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Revenue from CFVs	1,516	1,163	4,768	2,708
Operating and other expenses:
Expenses from CFVs	(13,622)	(10,608)	(32,345)	(28,237)
Net gains (losses) related to CFVs				(598)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs	(1,973)	(4,993)	(9,421)	(15,616)
U.S. Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	(13,182)	(13,101)	(33,894)	(37,923)
International Operations [Member]
Segment Reporting Information [Line Items]
Total interest income	61	35	152	91
Net interest income	61	35	152	91
Total fee and other income	3,021	1,744	9,028	5,025
Total non-interest revenue	3,021	1,744	9,028	5,025
Total revenues, net of interest expense	3,082	1,779	9,180	5,116
Operating and other expenses:
Interest expense	(75)	(1)	(76)	(1)
Operating expenses	(2,920)	(2,406)	(7,928)	(6,434)
Other expenses, net	(540)	538	(152)	658
Total operating and other expenses	(3,535)	(1,869)	(8,156)	(5,777)
Net gains on assets, derivatives and extinguishment of liabilities	172	1	172	1
Income (loss) from continuing operations before income taxes	214	(260)	1,653	(1,051)
Net income (loss)	214	(260)	1,653	(1,051)
Net income (loss) to common shareholders	214	(262)	1,601	(1,162)
International Operations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	495	(171)	457	(391)
International Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:		2	52	111
Corporate Operations [Member]
Segment Reporting Information [Line Items]
Total interest income	23	9	65	37
Total interest expense		(85)		(295)
Net interest income	23	(76)	65	(258)
Total fee and other income		25		53
Total non-interest revenue		25		53
Total revenues, net of interest expense	23	(51)	65	(205)
Operating and other expenses:
Interest expense	(809)	(1,073)	(3,098)	(3,176)
Operating expenses	(3,122)	(1,357)	(6,455)	(4,751)
Other expenses, net	(29)	(32)	(89)	(81)
Total operating and other expenses	(3,960)	(2,462)	(9,642)	(8,008)
Net gains on assets, derivatives and extinguishment of liabilities	1,009	(18)	4,838	(14)
Income (loss) from continuing operations before income taxes	(2,928)	(2,531)	(4,739)	(8,227)
Income tax benefit (expense)	(384)	(43)	(550)	(149)
Net income (loss)	(3,312)	(2,574)	(5,289)	(8,376)
Net income (loss) to common shareholders	(3,312)	(2,574)	(5,289)	(8,376)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total interest income	(379)	(192)	(1,043)	(257)
Net interest income	(379)	(192)	(1,043)	(257)
Total fee and other income	(288)	(288)	(864)	(950)
Total non-interest revenue	(288)	(288)	(864)	(950)
Total revenues, net of interest expense	(667)	(480)	(1,907)	(1,207)
Operating and other expenses:
Other expenses, net				598
Total operating and other expenses	667	543	1,938	1,388
Intersegment Eliminations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures		(63)	(41)	(181)
Intersegment Eliminations [Member] | Consolidated Funds and Ventures [Member]
Operating and other expenses:
Expenses from CFVs	667	543	1,938	790
Net gains (losses) related to CFVs			10
Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Total interest income	379	192	1,043	257
Total interest expense	(185)	(128)	(501)	(387)
Revenue from CFVs	1,516	1,163	4,768	2,708
Operating and other expenses:
Other expenses, net				598
Total operating and other expenses	(12,955)	(10,065)	(30,407)	(27,447)
Equity in (losses) income from unconsolidated funds and ventures	(1,973)	(4,993)	(9,421)	(15,616)
Net income (loss)	(13,412)	(13,895)	(35,050)	(40,953)
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	$ (897)	$ (1,337)	$ (3,104)	$ (3,820)

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	$ 535,496	$ 574,199
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	535,496	574,199
U.S. Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	475,533	517,286
U.S. Operations [Member] | Consolidated Funds and Ventures [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	173,800	205,908
Corporate Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	33,284	48,459
International Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	$ 26,679	$ 8,454