Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 13, 2018 | Jun. 30, 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-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Common Stock, Shares Outstanding | 5,742,969 | ||
Entity Public Float | $ 123,881,115 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 39,347 | $ 45,525 |
Restricted cash (includes $24,562 and $23,584 related to consolidated funds and ventures ("CFVs")) | 60,839 | 57,504 |
Investments in debt securities (includes $128,902 and $135,614 pledged as collateral | 149,054 | 155,981 |
Investments in partnerships (includes $99,142 and $137,773 related to CFVs) | 232,418 | 244,191 |
Other assets (includes $29,315 and $44,551 related to CFVs) | 50,228 | 70,998 |
Total assets | 531,886 | 574,199 |
LIABILITIES AND EQUITY | ||
Debt (includes $12,855 and $13,029 related to CFVs) | 224,448 | 243,071 |
Accounts payable and accrued expenses | 9,551 | 7,821 |
Unfunded equity commitments to lower tier property partnerships related to CFVs | 8,003 | 8,103 |
Other liabilities (includes $36,330 and $32,582 related to CFVs) | 62,782 | 54,881 |
Total liabilities | 304,784 | 313,876 |
Commitments and contingencies | ||
Equity | ||
Noncontrolling interests in CFVs and IHS Property Management ("IHS PM") | 89,529 | 134,999 |
Common shareholders' equity: | ||
Common shares, no par value (5,525,687 and 5,925,743 shares issued and outstanding and 92,282 and 81,863 non-employee directors' and employee deferred shares issued at December 31, 2017 and 2016, respectively) | 96,420 | 87,506 |
Accumulated other comprehensive income ("AOCI") | 41,153 | 37,818 |
Total common shareholders' equity | 137,573 | 125,324 |
Total equity | 227,102 | 260,323 |
Total liabilities and equity | $ 531,886 | $ 574,199 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted cash (includes $24,562 and $23,584 related to consolidated funds and ventures ("CFVs")) | $ 60,839 | $ 57,504 |
Bonds available-for-sale, pledged as collateral | 134,352 | 135,614 |
Investments in partnerships (includes $99,142 and $137,773 related to CFVs) | 232,418 | 244,191 |
Other assets, pledged as collateral | 29,315 | 44,551 |
Other assets | 50,228 | 70,998 |
Debt | 224,448 | 243,071 |
Other Liabilities | $ 62,782 | $ 54,881 |
Common stock, no par value | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 5,525,687 | 5,925,743 |
Common shares, shares outstanding (in shares) | 5,525,687 | 5,925,743 |
Common shares, non-employee directors' and employee deferred shares (in shares) | 92,282 | 81,863 |
Consolidated Funds and Ventures [Member] | ||
Restricted cash (includes $24,562 and $23,584 related to consolidated funds and ventures ("CFVs")) | $ 24,562 | $ 23,584 |
Bonds available-for-sale, pledged as collateral | 128,902 | 135,614 |
Investments in partnerships (includes $99,142 and $137,773 related to CFVs) | 99,142 | 137,773 |
Other assets | 29,315 | 44,551 |
Debt | 12,855 | 13,029 |
Other Liabilities | $ 36,330 | $ 32,582 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | |||||||||||
Interest on bonds | $ 2,128 | $ 2,212 | $ 2,376 | $ 2,520 | $ 2,305 | $ 3,230 | $ 2,705 | $ 3,254 | $ 9,236 | $ 11,494 | $ 13,611 |
Interest on loans and short-term investments | 183 | 205 | 300 | 417 | 983 | 1,201 | 900 | 451 | 1,105 | 3,535 | 2,652 |
Total interest income | 2,311 | 2,417 | 2,676 | 2,937 | 3,288 | 4,431 | 3,605 | 3,705 | 10,341 | 15,029 | 16,263 |
Interest expense | |||||||||||
Bond related debt | 510 | 471 | 444 | 411 | 443 | 404 | 335 | 295 | 1,836 | 1,477 | 1,336 |
Non-bond related debt | 35 | 181 | 217 | 254 | 687 | 1,002 | |||||
Total interest expense | 510 | 471 | 444 | 411 | 478 | 585 | 552 | 549 | 1,836 | 2,164 | 2,338 |
Net interest income | 1,801 | 1,946 | 2,232 | 2,526 | 2,810 | 3,846 | 3,053 | 3,156 | 8,505 | 12,865 | 13,925 |
Non-interest revenue | |||||||||||
Income on preferred stock investment | 4,353 | ||||||||||
Asset management fees and reimbursements | 5,638 | 7,750 | 6,776 | 4,519 | 2,324 | 2,430 | 2,261 | 1,892 | 24,683 | 8,907 | 6,890 |
Other income | 234 | 805 | 456 | 311 | 258 | 1,109 | 954 | 647 | 1,806 | 2,968 | 2,517 |
Total non-interest revenue | 5,872 | 8,555 | 7,232 | 4,830 | 2,582 | 3,539 | 3,215 | 2,539 | 26,489 | 11,875 | 13,760 |
Total revenues, net of interest expense | 7,673 | 10,501 | 9,464 | 7,356 | 5,392 | 7,385 | 6,268 | 5,695 | 34,994 | 24,740 | 27,685 |
Operating and other expenses | |||||||||||
Interest expense | 1,156 | 1,104 | 1,314 | 1,319 | 1,292 | 1,216 | 1,173 | 1,132 | 4,893 | 4,813 | 7,650 |
Salaries and benefits | 3,820 | 6,252 | 3,421 | 5,870 | 4,826 | 4,288 | 3,919 | 4,080 | 19,363 | 17,113 | 15,733 |
General and administrative | 967 | 691 | 777 | 592 | 805 | 633 | 655 | 700 | 3,027 | 2,793 | 3,223 |
Professional fees | 3,386 | 2,899 | 1,231 | 1,846 | 1,518 | 1,494 | 1,359 | 1,497 | 9,362 | 5,868 | 4,448 |
Impairments | 4,068 | 10,551 | 6,795 | 4,605 | 5,080 | 7,265 | 6,504 | 6,125 | 26,019 | 24,974 | 31,720 |
Asset management fee expense | 2,511 | 1,053 | 1,102 | 1,127 | 1,719 | 1,103 | 1,112 | 1,065 | 5,793 | 4,999 | 4,426 |
Other expenses | 1,169 | 1,401 | 751 | 287 | 996 | 574 | 1,293 | 815 | 3,608 | 3,678 | 7,987 |
Total operating and other expenses | 17,077 | 23,951 | 15,391 | 15,646 | 16,236 | 16,573 | 16,015 | 15,414 | 72,065 | 64,238 | 75,187 |
Gains on sales and operations of real estate, net | 5,856 | 201 | 135 | 45 | 250 | 1,662 | (495) | 87 | 6,237 | 1,504 | 11,928 |
Net gains on bonds | 620 | 9,963 | (69) | 28 | 2,295 | 620 | 12,217 | 6,513 | |||
Net gains (losses) on loans | 805 | (5,335) | (2,595) | 174 | 6 | (4,530) | (2,415) | 150 | |||
Net gains on sale of real estate estate and other investments | 39 | 1,526 | 174 | (16) | 116 | 1,739 | 100 | ||||
Net (losses) gains on derivatives and other assets | (791) | 1,430 | (968) | 2,039 | |||||||
Net gains (losses) on assets and derivatives | 1,953 | 737 | 1,418 | 682 | 1,710 | 4,790 | 9,238 | ||||
Net gains on extinguishment of liabilities | 1,009 | 3,829 | (17) | 4,838 | (17) | 4,175 | |||||
Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure | 10,213 | 4,205 | 11,442 | 25,860 | |||||||
Equity in gains (losses) from equity method investments | (810) | (8,382) | (21,354) | ||||||||
Net gain (loss) from continuing operations before income taxes | (7,169) | (3,157) | (3,777) | (12,881) | 8,092 | (10,166) | (7,175) | 4,137 | (26,984) | (5,112) | (36,321) |
Income tax benefit (expense) | 1,165 | (384) | (424) | 258 | (530) | (43) | (34) | (72) | 615 | (679) | (263) |
Net income from discontinued operations, net of tax | 15 | 280 | 95 | 42 | 81 | 1,285 | 83 | 83 | 432 | 1,532 | 327 |
Net (loss) income | (5,989) | (3,261) | (4,106) | (12,581) | 7,643 | (8,924) | (7,126) | 4,148 | (25,937) | (4,259) | (36,257) |
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | (45,339) | (46,611) | (54,983) | ||||||||
Net income allocable to common shareholders | $ 5,508 | $ 9,921 | $ 7,417 | $ (3,444) | $ 16,442 | $ 4,175 | $ 5,130 | $ 16,605 | $ 19,402 | $ 42,352 | $ 18,726 |
Basic income (loss) per common share: | |||||||||||
(Loss) Income from continuing operations (in dollars per share) | $ 0.94 | $ 1.65 | $ 1.24 | $ (0.59) | $ 2.71 | $ 0.47 | $ 0.80 | $ 2.54 | $ 3.24 | $ 6.53 | $ 2.68 |
Income from discontinued operations (in dollars per share) | 0.04 | 0.02 | 0.01 | 0.01 | 0.21 | 0.01 | 0.01 | 0.07 | 0.24 | 0.04 | |
(Loss) Income per common share (in dollars per share) | 0.94 | 1.69 | 1.26 | (0.58) | 2.72 | 0.68 | 0.81 | 2.55 | 3.31 | 6.77 | 2.72 |
Diluted income (loss) per common share: | |||||||||||
(Loss) Income from continuing operations (in dollars per share) | 0.84 | 1.65 | 1.14 | (0.59) | 2.61 | 0.44 | 0.80 | 2.51 | 3.24 | 6.44 | 2.68 |
Income from discontinued operations (in dollars per share) | 0.04 | 0.02 | 0.01 | 0.01 | 0.20 | 0.01 | 0.01 | 0.07 | 0.23 | 0.04 | |
(Loss) Income per common share (in dollars per share) | $ 0.84 | $ 1.69 | $ 1.16 | $ (0.58) | $ 2.62 | $ 0.64 | $ 0.81 | $ 2.52 | $ 3.31 | $ 6.67 | $ 2.72 |
Weighted-average common shares outstanding: | |||||||||||
Basic (in shares) | 5,838,000 | 5,871,000 | 5,893,000 | 5,937,000 | 6,034 | 6,174 | 6,289 | 6,523 | 5,858,000 | 6,254,000 | 6,881,000 |
Diluted (in shares) | 6,223,000 | 5,871,000 | 6,275,000 | 5,937,000 | 6,408 | 6,549 | 6,289 | 6,882 | 5,858,000 | 6,628,000 | 6,881,000 |
Continuing Operations [Member] | |||||||||||
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | $ 11,497 | $ 13,182 | $ 11,523 | $ 9,137 | $ 8,799 | $ 13,099 | $ 12,256 | $ 12,457 | $ (45,339) | $ (46,611) | $ (54,983) |
Consolidated Funds and Ventures [Member] | |||||||||||
Interest income | |||||||||||
Interest on loans and short-term investments | 3 | 3 | 2 | 3 | 6 | 6 | 14 | 14 | 11 | 40 | 269 |
Non-interest revenue | |||||||||||
Asset management fees and reimbursements | 25 | 47 | 25 | 47 | 83 | ||||||
Other income | 214 | 214 | 0 | 0 | |||||||
Operating and other expenses | |||||||||||
Interest expense | 108 | 121 | 93 | 93 | 94 | 95 | 98 | 90 | 415 | 377 | 357 |
Professional fees | 83 | 487 | 65 | 37 | 75 | 42 | 354 | 62 | 672 | 533 | 481 |
Impairments | 4,003 | 9,671 | 6,795 | 4,605 | 5,080 | 7,265 | 6,504 | 6,125 | 25,074 | 24,974 | 29,394 |
Asset management fee expense | 2,492 | 1,016 | 1,095 | 1,095 | 1,680 | 1,052 | 1,052 | 1,016 | 5,698 | 4,800 | 4,212 |
Other expenses | 457 | 458 | 460 | 461 | 551 | 550 | 547 | 690 | 1,836 | 2,338 | 2,743 |
Gains on sales and operations of real estate, net | 6,180 | 201 | 135 | 45 | 91 | 0 | (568) | (39) | 6,561 | 516 | 348 |
Equity in gains (losses) from equity method investments | (5,422) | (1,863) | (3,879) | (3,383) | (1,638) | (4,944) | (4,716) | (5,227) | 14,547 | 16,525 | 21,688 |
Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses | |||||||||||
Equity in gains (losses) from equity method investments | $ (2,869) | $ 4,702 | $ (1,020) | $ (1,340) | $ (832) | $ (3,465) | $ (2,590) | $ (766) | $ (527) | $ (7,653) | $ (20,823) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net income allocable to common shareholders | $ 19,402 | $ 42,352 | $ 18,726 |
Net loss allocable to noncontrolling interests | (45,339) | (46,611) | (54,983) |
Net loss | (25,937) | (4,259) | (36,257) |
Bond related changes: | |||
Unrealized net gains | 4,216 | 14,553 | 18,374 |
Reversal of net unrealized gains on sold or redeemed bonds | (620) | (12,017) | (4,992) |
Reclassification of unrealized losses to operations due to impairment | (135) | 179 | |
Reclassification of unrealized gains from AOCI to Net Income due to consolidation and foreclosure | (25,860) | ||
Net change in other comprehensive income due to bonds | 3,461 | (23,324) | 13,561 |
Foreign currency translation adjustment | (126) | (67) | (2,481) |
Other comprehensive (loss) income allocable to common shareholders | 3,335 | (23,391) | 11,080 |
Other comprehensive loss allocable to noncontrolling interests: | |||
Foreign currency translation adjustment | 24 | ||
Unrealized net losses | 26 | ||
Other comprehensive income (loss) allocable to noncontrolling interests: | (26) | 24 | |
Comprehensive income to common shareholders | 22,737 | 18,961 | 29,806 |
Comprehensive loss to noncontrolling interests | (45,365) | (46,611) | (54,959) |
Comprehensive loss | $ (22,628) | $ (27,650) | $ (25,153) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | AOCI [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2014 | $ 41,355 | $ 50,129 | $ 91,484 | $ 229,714 | $ 321,198 |
Balance (in shares) at Dec. 31, 2014 | 7,228 | ||||
Net loss | $ 18,726 | 18,726 | (54,983) | (36,257) | |
Other comprehensive income (loss) | 11,080 | 11,080 | 24 | 11,104 | |
Distributions | (106) | (106) | |||
Foreign exchange gains | 2,661 | 2,661 | 2,661 | ||
Purchases of shares in a subsidiary (including price adjustments on prior purchases) | (547) | (547) | (547) | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans | $ 509 | 509 | 509 | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares) | 43 | ||||
Net change due to consolidation | 4,827 | 4,827 | |||
Common share repurchases | $ (7,743) | (7,743) | (7,743) | ||
Common share repurchases (in shares) | (683) | ||||
Balance at Dec. 31, 2015 | $ 54,961 | 61,209 | 116,170 | 180,051 | 296,221 |
Balance (in shares) at Dec. 31, 2015 | 6,588 | ||||
Net loss | $ 42,352 | 42,352 | (46,611) | (4,259) | |
Other comprehensive income (loss) | (23,391) | (23,391) | (23,391) | ||
Distributions | (1,476) | (1,476) | |||
Purchases of shares in a subsidiary (including price adjustments on prior purchases) | (60) | (60) | (60) | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans | $ 308 | 308 | 308 | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares) | 19 | ||||
Net change due to consolidation | 3,035 | 3,035 | |||
Common share repurchases | $ (10,055) | (10,055) | (10,055) | ||
Common share repurchases (in shares) | (600) | ||||
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 | $ 19,402 | 19,402 | (45,339) | (25,937) | |
Other comprehensive income (loss) | 3,335 | 3,335 | (26) | 3,309 | |
Distributions | (40) | (40) | |||
Purchases of shares in a subsidiary (including price adjustments on prior purchases) | (1,134) | (1,134) | (65) | (1,199) | |
Common shares (restricted and deferred) issued under employee and non-employee director share plans | $ 253 | 253 | 253 | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares) | 10 | ||||
Common share repurchases | $ (9,607) | (9,607) | (9,607) | ||
Common share repurchases (in shares) | (400) | ||||
Balance at Dec. 31, 2017 | $ 96,420 | $ 41,153 | $ 137,573 | $ 89,529 | $ 227,102 |
Balance (in shares) at Dec. 31, 2017 | 5,617 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (25,937) | $ (4,259) | $ (36,257) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Provisions for credit losses and impairment | 26,020 | 25,192 | 33,235 |
Net equity in losses from equity investments in partnerships | 810 | 8,382 | 21,354 |
Net gains on bonds | (620) | (12,217) | (6,513) |
Net gains on real estate and other investments | (7,726) | (2,596) | (17,506) |
Net losses (gains) on loans | 4,530 | 2,415 | (150) |
Net losses on derivatives and other assets | 962 | (989) | (286) |
Net gains on extinguishments of liabilities | (4,838) | 17 | (4,175) |
Net gains transferred into net income from AOCI due to real estate consolidation and foreclosure | (25,860) | ||
Interest rate swap termination payments | (851) | ||
Advances on and originations of loans held for sale | (6,752) | ||
Distributions received from investments in partnerships | 6,461 | 9,101 | 660 |
Subordinate debt effective yield amortization and interest accruals | (619) | 105 | 1,431 |
Depreciation and other amortization | 2,650 | 1,493 | 1,660 |
Foreign currency loss | (591) | (786) | 1,440 |
Stock-based compensation expense | 2,428 | 2,066 | 2,300 |
Change in asset management fees payable related to CFVs | 3,467 | 3,544 | (4,020) |
Other | 6,419 | 6,578 | 1,424 |
Net cash (used in) provided by operating activities | 13,416 | 11,335 | (12,155) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Principal payments and sales proceeds received on bonds and loans held for investment | 23,871 | 44,805 | 33,289 |
Advances on and originations of loans held for investment | (15,528) | (43,002) | (6,321) |
Advances on and purchases of bonds | (5,522) | (7,217) | (15,123) |
Investments in property partnerships and real estate | (37,014) | (6,108) | (61,745) |
Proceeds from the sale of real estate and other investments | 24,136 | 29,665 | 37,533 |
Proceeds from the redemption of preferred stock | 11,613 | ||
Proceeds from sale of a subsidiary company | 4,188 | ||
Decrease (increase) in restricted cash and cash of CFVs | (3,199) | (17,551) | 11,538 |
Capital distributions received from investments in property partnerships | 17,037 | 10,832 | 7,218 |
Net cash provided by (used in) investing activities | 3,781 | 15,612 | 18,002 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowing activity | 15,248 | 23,793 | 32,743 |
Repayment of borrowings | (27,419) | (15,527) | (38,790) |
Purchase of treasury stock | (9,607) | (10,055) | (7,743) |
Distributions paid to holders of noncontrolling interests | (40) | (1,476) | |
Purchase of shares in a subsidiary | (1,103) | ||
Other | (454) | 167 | |
Net cash used in financing activities | (23,375) | (3,265) | (13,623) |
Net decrease in cash and cash equivalents | (6,178) | 23,682 | (7,776) |
Cash and cash equivalents at beginning of period | 45,525 | 21,843 | 29,619 |
Cash and cash equivalents at end of period | 39,347 | 45,525 | 21,843 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest paid | 7,577 | 6,467 | 8,883 |
Income taxes paid | 471 | 174 | 227 |
Non-cash investing and financing activities: | |||
Unrealized gains (losses) included in other comprehensive income | 3,309 | (23,391) | 11,104 |
Debt and liabilities extinguished through sales and collections on bonds and loans | 1,841 | 3,697 | 17,280 |
Debt extinguished through redemptions of preferred stock | 25,000 | ||
Decrease in loans receivable and other assets and increase in real estate investments purchase consideration due to TC Fund I Origination Loan | 4,990 | ||
Decrease in debt through net loan paydowns | (6,417) | 741 | |
Increase in real estate assets and decrease in bond assets due to foreclosure or initial consolidation of funds and ventures | 42,079 | ||
Increase in investment in partnerships and decrease in loans held for investment and interest receivable | 27,939 | ||
Increase in net real estate assets and noncontrolling equity due to consolidation | 4,454 | ||
Decrease in loans held for investment and increases in other assets due to investment in derivative assets | 2,600 | ||
Decrease in common equity and increase in liabilities due to purchase of noncontrolling interest | 397 | ||
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 | $ (14,547) | $ (16,525) | $ (21,688) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | MMA Capital Management, LLC NOTES TO CONSOLIDA T ED FINANCIAL STATEMENTS 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. As of December 31, 2017, t he Company operate d 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. Sale of Certain Business Lines and Assets On January 8, 2018, the Company entered into a series of material definitive agreements with affiliates of Hunt Companies, Inc. (collectively, “ Hunt ”), in which the Company sold certain business lines and assets to Hunt and converted to an externally managed business model by engaging Hunt to perform management services for the Company. The Company also agreed to issue, and Hunt agreed to acquire, 250,000 of the Company’s common shares in a private placement at an average price of $33.50 per share. With respect to the sale of business lines and assets, the Company sold to Hunt: (i) its international asset and investment management business; (iii) the loan origination, servicing and management components of its Energy Capital business; (iv) its bond servicing platform; and (v) certain miscellaneous investments (collectively, the “ Disposed Assets ” and the foregoing sale transaction is hereinafter referred to as the “ Disposition ”). The Disposition also included certain management, expense reimbursement and other contractual rights held by the Company with respect to its Energy Capital, LIHTC and International Operations. As a result of the Disposition, the Company’s assets and liabilities will consist primarily of its: (i) investments in bonds and other debt obligations that finance affordable housing and infrastructure in the U.S ; (ii) equity investments; (iii) the $57 million note receivable from Hunt FS Holdings II, LLC (the “ Buyer ”); (iv) derivative financial instruments that are used to hedge interest and foreign currency exchange risks of the Company; and (v) other assets and liabilities, including certain LIHTC assets, the Company’s subordinated debt and $378.9 million of net operating losses (“ NOLs ”) that are subject to a full valuation allowance at December 31, 2017. Refer to Note 17, “Subsequent Events,” for more information about the Disposition and conversion to an externally managed business model. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”). See Note 17, “Subsequent Events,” for more information. Changes in Presentation We have revised the presentation of our Consolidated Statements of Operations for all reporting periods presented by reclassifying all CFV-related income and expenses to be consistent with the classification approach used for other income and expenses of the Company. As a result, the Company no longer classifies CFV-related income and expenses within “Revenue from CFVs,” “Expenses from CFVs,” “Net (losses) gains related to CFVs” or “Equity in losses from lower tier property partnerships of CFVs.” This presentation change had no impact on “Net income allocable to common shareholders.” Furthermore, the Company has reclassified for all reporting periods in the Consolidated Statements of Operations gains or losses on sales of REO from “Net gains on real estate” to “Gains (losses) on sales and operations of real estate, net.” This presentation change had no impact on “Net income allocable to common shareholders.” 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 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 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. Variable Interest Entity (“VIE”) Assessment We have interests in various legal entities that represent VIEs. A VIE is an entity (i) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (ii) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (iii) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (i) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains on real estate and other investments ” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded in our Consolidated Statements of Operations. Consolidated Funds and Ventures Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits, if any. In addition, we must make judgments about discount rates and capitalization rates. As of December 31, 2017, CFVs consisted of (i) 11 LIHTC funds for which we sold our GP interests and agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to minimum yield guarantees that are provided in connection with their investments in such funds (these 11 funds, along with two additional guaranteed LIHTC funds that are not consolidated for financial reporting purposes, are hereinafter referred to as “ Guaranteed Funds ”) and (ii) four partnerships that are consolidated by the Company, three of which own affordable housing properties . Account balances related to CFVs that were reported on our Consolidated Balance Sheets at either December 31, 2017 or 2016 include the following: · Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash of CFVs are reported as restricted cash by the Company. · Guaranteed Funds Investment in Lower Tier Property Partnerships At December 31, 2017, the Company consolidated 11 Guaranteed Funds. The Guaranteed Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“ Lower Tier Property Partnership ” or “LTPP” ) . The GPs of these LTPPs are considered the primary beneficiaries. Therefore, the LIHTC Funds do not consolidate these LTTPs for financial reporting purposes. These LTTPs are accounted for under the equity method as further described below in this Note 1, “Summary of Significant Accounting Policies,” under the sub-heading entitled “Investments in Partnerships.” Unfunded Equity Commitments The Guaranteed Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively. · Property Partnerships At December 31, 2017, the Company consolidated four property partnerships because it is deemed to be the primary beneficiary of the partnerships. The Company holds equity interests in these property partnerships ranging from 0.01% to 1.00%. The assets held by these property partnerships are affordable multifamily housing properties and U.S. Treasury notes . These consolidated affordable multifamily housing propert ies and U.S. Treasury notes are reported in “Other assets” and “Investments in debt securities,” respectively, on the Consolidated Balance Sheets. Cash and Cash Equivalents Cash and cash equivalents is comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash. Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements. Investments in Debt Securities We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities. ” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether such decline in fair value is other-than-temporary. We assess that an impairment is other-than-temporary (“ OTTI ”) if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statement of Operations as a component of “Impairments” for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations as a component of “Impairments” while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. We do not intend to sell bonds that were in an unrealized loss position at December 31, 2017 and 2016, and it is not more likely than not that we will be required to sell such bonds before recovery of the amortized cost of such instruments. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed. Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, “ Equity Method Investments,” to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership's operations. Under the equity method, the Company's investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses from the partnership. The Company's allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company's cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company's investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, unless (i) an imminent return to profitable operations by the partnership is assured, (ii) the Company has guaranteed obligations of the partnership or (iii) the Company has otherwise committed to provide further financial support to the partnership. The Company and its consolidated Guaranteed Funds must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company recognizes impairment-related losses in the Consolidated Statements of Operations as a component of “Impairments.” The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions. Loans Loans Held For Sale (“HFS”) When we originate loans that we intend to sell, we classify such loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“HFI”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. The Company recognizes a provision for loan losses in its Consolidated Statements of Operations as a component of “Other expenses.” Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on nonaccruing loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for financial reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for financial reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Gains (losses) on sales and operations of real estate, net.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “ Gains (losses) on sales and operations of real estate , net .” Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging. ” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of such instruments are reported in our Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.” Guarantees The Company has guaranteed minimum yields on investment to investors in Guaranteed Funds and has agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to those guarantees. Additionally, t he Company has provided a limited guarantee of expected tax credits to be generated by a portfolio of low income housing tax credit partnership interests that was acquired by our LIHTC partnership, known as MMA Capital TC Fund I, LLC (“ TC Fund I ”), which we established in the fourth quarter of 2015. In limited circumstances, the Company has also guaranteed the performance of its consolidated subsidiaries in connection with various performance obligations. At inception of a guarantee to an unconsolidated entity that requires financial statement recognition, we recognize the fair value of our obligation to stand ready to perform over the term of the guarantee in the event that specified triggering events or conditions occur. This liability is classified in Consolidated Balance Sheets as a component of “Other liabilities.” As a practical expedient, we measure the fair value of a guarantee liability based upon either cash compensation that is received at inception or the net present value of expected payments to be received from a guaranteed party over the life of such agreement. The Company will reduce this liability through the use of a systematic and rational method of amortization in which the recognized balance at inception will be evenly amortized over the life of a guarantee. However, guarantee payments made by the Company will be recorded as a reduction of the unamortized balance of a guarantee liability to the extent that the Company’s guarantee liability exceeds the amount of the payment and, in this case, periodic amortization will be prospectively adjusted to reflect a revised amount of amortization that is based upon the-then remaining balance of a guarantee liability and the period to expiry of a guarantee. We also record at the inception of a guarantee to an unconsolidated entity a guarantee asset that is measured based upon the amount of cash compensation that we received at the inception of a guarantee or based upon the net present value of contractual guarantee fees that we expect to collect over the life of a guarantee. Recognized guarantee assets are classified in our Consolidated Balance Sheets as a component of “Other assets.” Subsequent to initial recognition, we account for a guarantee asset at amortized cost. As we collect monthly guarantee fees, we will reduce recognized guarantee assets to reflect cash payments received. We will also assess guarantee assets for other-than-temporary impairment based on changes in our estimate of the cash flows to be received. With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. The Company recognizes guarantee-related losses in the Consolidated Statements of Operations as a component of “Other expenses” while related liabilities are classified in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of such activities is provided in Note 8, “Guarantees and Collateral.” Stock-Based Compensation The Company accounts for previously awarded employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date. Foreign Currency Translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI. When the foreign entity’s functional currency is determined to be the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period. The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. Income Taxes W e are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining Guaranteed Funds, are conducted by entities included in our consolidated corporate federal income tax return. ASC Topic No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets (“ DTA s”) and liabilities (“ DTL s”) for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. In this regard, we recognize DTAs and DTLs based on the differences in the book and tax bases of assets and liabilities. We measure DTAs and DTLs using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. |
BONDS AVAILABLE-FOR-SALE
BONDS AVAILABLE-FOR-SALE | 12 Months Ended |
Dec. 31, 2017 | |
Bonds Available-For-Sale [Abstract] | |
BONDS AVAILABLE-FOR-SALE | N ote 2— Investments in Debt Securities The Company’s investments in debt securities consist of multifamily tax-exempt bonds, other real estate related bond investments and U.S. Treasury notes . These investments are classified as available for sale for reporting purposes and, therefore, are subsequently measured on a fair value basis in our Consolidated Balance Sheets. M ultifamily tax-exempt bonds are issued by state and local governments or their agencies or authorities to finance affordable 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 a mixed-use multifamily housing property. The weighted - average pay rate on the Company’s bond portfolio was 6.2% and 6.1% at December 31, 2017 and 2016, respectively . Weighted - average pay rate represents the cash interest payments collected on the bonds (excluding subordinated cash flow bonds) as a percentage of the bonds’ average unpaid principal balance (“ UPB ”) for the preceding 12 months for the population of bonds at December 31, 2017 and 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 as well as the Company’s investment in U.S. Treasury notes : At December 31, 2017 Gross Gross Amortized Unrealized Unrealized FV as a % (in thousands) UPB Cost (1) Gains Losses (2) FV of UPB Multifamily tax-exempt bonds $ 105,472 $ 67,982 $ 43,587 $ ─ $ 111,569 106% Other real estate related bond investments 37,050 31,163 1,203 (331) 32,035 86% U.S. Treasury notes related to CFVs (3) 5,524 5,477 ─ (27) 5,450 99% Total $ 148,046 $ 104,622 $ 44,790 $ (358) $ 149,054 101% At December 31, 2016 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains 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 4,020 45,954 96% Total $ 154,154 $ 114,983 $ 40,998 $ 155,981 101% (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as OTTI r ecognized in earnings. (2) Except for the Company’s investments in U.S. Treasury notes, this is c omprised of one bond in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $15.0 million and $16.5 million at December 31, 2017 and 2016, respectively. (3) See Note 14, “Consolidated Funds and Ventures,” for more information. See Note 7 , “Fair Value , ” which describes factors that contribut ed to the $12.4 million decrease in the reported fair value of the Company’s bond portfolio for the year ended December 31, 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 December 3 1 , 201 7 , the majority of the Company’s bond investments a mortiz 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 $13.1 million and $29.1 million, respectively, at December 3 1 , 2017). The U.S. Treasury notes have stated maturity dates between December 2017 and August 2020. Investments in Debt Securities with Prepayment Features Except for the Company’s investments in U.S. Treasury notes, t he contractual terms of 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 December 3 1 , 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 December 31, 2017 $ 27,050 $ 21,163 $ 21,824 2018 1,894 243 2,168 2019 ─ ─ ─ 2020 5,210 4,120 5,339 2021 46,276 27,353 50,814 Thereafter 62,092 46,266 63,459 Bonds that may not be prepaid ─ ─ ─ Total $ 142,522 $ 99,145 $ 143,604 The weighted-average expected maturity of the Company’s investments in bonds that were not currently prepayable at par at December 3 1 , 2017 was 4.1 years. Non-Accrual Bonds The fair value of the Company’s investments in bonds that were on non-accrual status was $8.0 million and $7.0 million at December 31, 2017 and 2016 , respectively . The Company recognized interest income on a cash basis of $0.3 million , $0.3 million and $1.7 million for the years ended December 31, 2017, 2016 and 2015, respectively . Interest income not recognized on bonds that were on non-accrual status was $0.6 million , $0.6 m illion and $3.2 million for the years ended December 31, 2017, 2016 and 2015, 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 December 31, December 31, (in thousands) 2017 2016 Total current $ 135,571 $ 148,967 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 8,033 7,014 Total $ 143,604 $ 155,981 B ond Sales and Redemptions The Company recognized cash proceeds in connection with full redemptions of its investments in bonds of $7.4 million, $23.2 million and $15.3 million for the years ended December 3 1 , 2017, 2016 and 2015, respectively . The following table provides information about net realized (losses) gains that were recognized in connection with the Company’s investments in bonds (in the Consolidated Statements of Operations as a component of “Impairments” and “Net gains on bond s” ): For the year ended December 31, (in thousands) 2017 2016 2015 Net impairment recognized on bonds held at each period-end $ (945) $ ─ $ ─ Net impairment recognized on bonds sold or redeemed during each period ─ ─ (179) Gains recognized at time of sale or redemption (1) 620 12,217 6,513 Total net (losses) gains on bonds $ (325) $ 12,217 $ 6,334 |
INVESTMENTS IN PARTNERSHIPS AND
INVESTMENTS IN PARTNERSHIPS AND VENTURES | 12 Months Ended |
Dec. 31, 2017 | |
INVESTMENTS IN PARTNERSHIPS AND VENTURES [Abstract] | |
INVESTMENT IN PARTNERSHIPS AND VENTURES | N ote 3— I nvestments in Partnerships The following table provides information about the carrying value of the Company’s investments in partnerships and ventures. At At December 31, December 31, (in thousands) 2017 2016 Investments in U.S. real estate partnerships (includes $1,046 and $11,138 related to variable interest entities (" VIEs ")) (1) $ 19,114 $ 27,596 Investments in IHS-managed funds (includes $2,122 and $1,955 related to VIEs) (1) 17,151 3,296 Investment in Solar Ventures 97,011 75,526 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 99,142 137,773 Total investments in partnerships $ 232,418 $ 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 1 4 , “Consolidated Funds and Ventures,” for more information. I nvestments in U.S. Real Estate Partnerships A t December 3 1 , 201 7 , $18.1 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 Dece mber 3 1 , 2017, represented a 67.0% 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 . 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. At December 31, 2017, the carrying value for this investment was $0.8 million. 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 $0.2 million at Dece mber 3 1 , 2017. Because 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 December 31, 2017 and 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 $1.0 million and $11.1 million at December 3 1 , 2017 and 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 $1.0 million and $11.1 million at December 3 1 , 2017 and 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 , debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At December 31, December 31, 2017 2016 (in thousands) Total assets $ 57,712 $ 97,659 Debt 7,037 21,927 Other liabilities 22,030 25,220 The following table provides information about the gross revenue, operating expenses and net income (loss) of U.S. real estate partnerships in which the Company had an equity investment: For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 3,814 $ 7,395 $ 9,003 Operating expenses 1,744 4,611 6,374 Net income (loss) and net income (loss) attributable to the entity 10,722 2,952 (1,345) I nvestments in IHS-Managed Funds At December 31, 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 d from a 1.8% to a 14.6% ownership interest in such funds. IHS provide d asset management services to each of these funds in return for asset management fees. For each fund , IHS also ha d 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 were contingent upon the investment returns generated by each investment vehicle. At December 3 1 , 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 $14.5 million, $2.1 million, $0.6 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 account ed 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 $2.1 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 $14.5 million and $13.2 million at December 31, 2017 and 2016, respectively, based upon foreign currency exchange rates as of such reporting dates. The following table provides information about the carrying value of total assets , debt and other liabilities of the IHS-managed funds in which the Company held an equity investment: At At December 31, December 31, 2017 2016 (in thousands) Total assets $ 306,690 $ 261,082 Debt 113,007 106,664 Other liabilities 7,103 3,551 The following table provides information about the gross revenue, operating expenses and net loss of the IHS-managed funds in which the Company had an equity investment. For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 32,175 $ 19,238 $ 22,253 Operating expenses 45,993 24,565 30,274 Net loss and net loss attributable to the entity (4,174) (19,718) (5,646) 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 December 31, 2017, the Company had contributed $22.1 million of capital into SDL and received $3.4 million of capital distributions . 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 , other liabilities and noncontrolling interests of the Solar Ventures in which the Company held an equity investment: At At December 31, December 31, 2017 2016 (in thousands) Total assets $ 399,758 $ 158,365 Other liabilities 5,111 4,905 Noncontrolling interests 87,699 64,472 The following table provides information about the gross revenue, operating expenses and net income of the Solar Ventures in which the Company had an equity investment: For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 29,777 $ 3,089 $ 2,332 Operating expenses 5,870 2,115 1,019 Net income 23,988 1,206 1,313 Net income attributable to the entity 16,227 319 1,313 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 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 December 31, December 31, (in thousands) 2017 2016 Other assets: Loans held for investment $ 968 $ 4,809 Loans held for sale ─ ─ Real estate owned 3,447 3,267 Derivative assets 6,865 7,884 Solar facilities (includes other assets such as cash and other receivables) 1,256 1,733 Accrued interest receivable 1,558 1,822 Asset management fees and reimbursements receivable 2,794 1,406 Other assets 4,025 5,526 Other assets held by CFVs (1) 29,315 44,551 Total other assets $ 50,228 $ 70,998 (1) See Note 1 4 , “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 (losses) gains 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 December 31, December 31, (in thousands) 2017 2016 Amortized cost $ 1,046 $ 9,202 Net losses included in earnings ─ (3,565) Allowance for loan losses (78) (828) Loans held for investment, net $ 968 $ 4,809 At December 31, 2017 and 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 $5.7 million and $7.6 million as of December 31, 2017 and 2016, respectively . At December 31, 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 December 31, 2017 and 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 December 31, 2017 and 2016 . The loan that the Company made to TC Fund I on December 31, 2015 is included among this population of loans. At December 31, 2017 and 2016 , no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. On January 8, 2018, the Company purchased a $9.0 million senior loan from a MGM affiliate. This senior loan, which is secured by assets of MGM, bears interest at 11% payable quarterly . The unpaid principal balance is payable in full in June 2020. 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 (losses) gains on loans” in our Consolidated Statement of Operations. The cost basis for HFS loans was $6.0 million at Dec ember 3 1 , 2017 and 2016 , with a zero carrying value at December 31, 2017 and 2016. During the year ended December 31, 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 December 31, 2017 and 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 December 31, December 31, (in thousands) 2017 2016 Building, furniture, fixtures and land improvement $ 828 $ 648 Land 2,619 2,619 Total $ 3,447 $ 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 years ended December 3 1 , 201 7 and 201 6. D erivative Assets At December 31, 2017 and 2016, the Company had $6.9 million and $9.0 million , respectively , of recogniz ed derivative assets. See Note 6, “Derivative Instruments,” for more information. Solar Facilities At December 31, 2017 and 2016, the Company owned one and two solar facilit ies that were designated as held for use (“ HFU ”) with a total carrying value of $1.1 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 $1.3 million and $1.7 million at December 31, 2017 and 2016, respectively. A sset Management Fees and Reimbursement Receivable At Dec ember 3 1 , 2017 and 2016 , the Company had $2.8 million and $1.4 million of asset management fees and reimb ursement receivable s, respectively, accrued in its Consolidated Balance Sheets, of which $2.1 million and $0.9 million , respectively, w ere due from IHS-managed funds and ventures. At December 31, 2017, the Company had $0.1 million of asset management fees receivable for services previously rendered to TC Fund I. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ 41,767 3.2 % $ 2,892 2.2 % Due after one year 42,071 2.9 79,137 2.1 Total asset related debt $ 83,838 3.1 $ 82,029 2.1 Other Debt (1) Subordinated debt (3) Due within one year $ 2,297 2.6 $ 3,297 3.9 Due after one year 97,700 2.6 125,899 3.4 Notes payable and other debt Due within one year 16,105 2.9 1,948 3.9 Due after one year 11,653 11.5 16,869 2.3 Total other debt $ 127,755 3.5 $ 148,013 3.3 Total asset related debt and other debt $ 211,593 3.3 $ 230,042 2.8 Debt related to CFVs Due within one year $ 6,897 6.5 $ 6,885 5.7 Due after one year 5,958 4.0 6,144 4.0 Total debt related to CFVs $ 12,855 5.3 $ 13,029 4.9 Total debt $ 224,448 3.4 $ 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 December 31, 2016. The balance at December 31, 2017 was de minimis. (3) The subordinated debt balances include net cost basis adjustments of $8.3 m illion and $8.7 million at December 31, 2017 and 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 December 3 1 , 201 7 : Asset Related Debt CFVs (in thousands) and Other Debt Related Debt Total Debt 2018 $ 59,711 $ 6,813 $ 66,524 2019 13,042 109 13,151 2020 37,658 116 37,774 2021 8,710 125 8,835 2022 1,679 134 1,813 Thereafter 82,906 4,733 87,639 Net premium and debt issue costs 7,887 825 8,712 Total $ 211,593 $ 12,855 $ 224,448 At December 31, 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 December 31, 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 $79.5 million with a weighted - average pay rate of 6.5% at December 31, 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 (notional amount of $79.2 million with a weighted - average pay rate of 3.0% at December 3 1 , 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 3.0% at Dece mber 31, 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 December 3 1 , 201 7 : (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFH $ 27,063 $ 2,543 $ 29,606 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 24,609 2,323 26,932 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 14,185 1,236 15,421 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 25,791 2,247 28,038 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 91,648 $ 8,349 $ 99,997 During 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 December 31, 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 $4.9 million, $9.8 million and $2.6 million as of December 31, 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 U.S. Treasury notes 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 Dec ember 3 1 , 2017, this debt had a UPB of $8.7 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 December 31, 2017 and 2016 . |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2017 December 31, 2016 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ 2,347 $ 46 $ 2,327 $ 372 Basis swaps 439 26 176 7 Interest rate caps 788 ─ 1,553 ─ Interest rate swaps 3,291 ─ 3,828 ─ Foreign currency forward exchange ─ 247 ─ ─ Total derivative instruments $ 6,865 $ 319 $ 7,884 $ 379 The following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At December 31, December 31, (in thousands) 2017 2016 Total return swaps $ 72,290 $ 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 4,363 ─ Total dollar-based derivative instruments $ 397,153 $ 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) For the year ended December 31, (in thousands) 2017 2016 2015 Total return swaps (1) $ 3,255 $ 3,463 $ 4,446 Basis swaps (2) 196 161 ─ Interest rate caps (765) 642 (172) Interest rate swaps (3) (726) 3,317 (278) Foreign currency forward exchange (250) ─ ─ Warrant ─ (2,600) ─ Total $ 1,710 $ 4,983 $ 3,996 (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 $3.0 million , $4.1 million and $4.0 million for the years ended Dece mber 3 1 , 2017 , 2016 and 2015 , 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 was $0.1 million and $0.01 million for the years ended Dece mber 3 1 , 2017 and 2016, respectively. (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 $0.3 million for the years ended Decem ber 3 1 , 2017 , 2016 and 2015 . |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 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 December 31, (in thousands) 2017 Level 1 Level 2 Level 3 Assets: Investments in debt securities (1) $ 149,054 $ 5,450 $ ─ $ 143,604 Derivative instruments 6,865 ─ 4,518 2,347 Liabilities: Derivative instruments $ 319 $ ─ $ 273 $ 46 (1) The Level 1 classification pertains to the Company’s investment in U.S. Treasury notes that are related to CFVs . See Note 14, “Consolidated Funds and Ventures,” for more information. Fair Value Measurements At December 31, (in thousands) 2016 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 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 years ended December 31, 2017, 2016 and 2015, 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 year ended Dec ember 3 1 , 2017: (in thousands) Investment in Debt Securities 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 (5,265) (5,335) 20 326 Net change in other comprehensive income (1) 3,461 ─ ─ ─ Impact from purchases ─ 14,028 ─ ─ Impact from loan originations ─ 1,500 ─ ─ Impact from sales/redemptions (6,784) (14,028) ─ ─ Impact from settlements (2) (3,789) ─ ─ ─ Balance, December 31, 2017 $ 143,604 $ ─ $ 2,347 $ (46) (1) This amount includes $ 4.2 million of net unrealized holding gains recognized during 2017, partially offset by the reclassification into the Consolidated Statements of Operations of $0.1 million of unrealized bond gains related to a bond that was other-than-temporarily impaired and $0.6 million of unrealized 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 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 year ended Dec ember 3 1 , 2017: (in thousands) Net losses 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 December 31, 2017 $ (945) $ (4,320) $ ─ $ 346 Change in unrealized losses related to assets and liabilities held at January 1, 2017, but settled during 2017 ─ ─ (5,335) ─ Additional realized gains recognized 620 ─ 805 2,909 Total (losses) gains reported in earnings $ (325) $ (4,320) $ (4,530) $ 3,255 (1) Amounts are reflected through “Impairments” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net (losses) gains 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 year ended Dec ember 3 1 , 2016: (in thousands) Investment in Debt Securities 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 (4,776) (3,391) ─ (3,931) 577 Net change in other comprehensive income (1) 2,536 ─ ─ ─ ─ Impact from purchases 7,217 ─ ─ ─ ─ Impact from loan originations ─ 39,233 4,531 2,600 ─ Impact from sales/redemptions (10,986) (34,285) (8,670) ─ ─ Impact from bonds extinguished due to consolidated or real estate foreclosure (42,079) ─ ─ ─ ─ Impact from settlements (2) (14,370) ─ ─ ─ 764 Transfer from loans HFS to HFI ─ 2,278 (2,278) ─ ─ Balance, December 31, 2016 $ 155,981 $ 3,835 $ ─ $ 2,327 $ (372) (1) This amount represents $ 1 4.5 million of net unrealized holding gains recognized during 2016 , partially offset by the reclassification into the Consolidated Statements of Operations of $ 1 2. 0 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 year ended Dec ember 3 1 , 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 December 31, 2016 $ ─ $ (4,240) $ ─ $ (3,354) Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ (536) ─ ─ Additional realized gains (losses) recognized 12,217 ─ (3,391) 3,805 Total gains (losses) reported in earnings $ 12,217 $ (4,776) $ (3,391) $ 451 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net (losses) gains 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 year ended Dec ember 3 1 , 201 5 : (in thousands) Investment in Debt Securities Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2015 $ 222,899 $ ─ $ 2,539 $ (753) Net (losses) gains included in earnings (5,517) ─ 1,418 (960) Net change in other comprehensive income (1) 13,561 ─ ─ ─ Impact from loan originations ─ 13,373 Impact from purchases 15,123 ─ ─ ─ Impact from sales/redemptions (21,571) (6,956) ─ ─ Impact from settlements (2) (6,056) ─ (299) ─ Balance, December 31, 2015 $ 218,439 $ 6,417 $ 3,658 $ (1,713) (1) This amount represents $18.4 million of net unrealized holding gains recognized during 2015 plus $0.2 million of unrealized bond losses reclassified into the Consolidated Statements of Operations, partially offset by the reclassification into the Consolidated Statements of Operations of $5.0 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 year ended Dec ember 3 1 , 201 5 : (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2015 $ ─ $ (6,093) $ 458 Change in unrealized (losses) gains related to assets and liabilities held at January 1, 2015, but settled during 2015 (179) 755 ─ Additional realized gains recognized 6,513 ─ 3,710 Total gains (losses) reported in earnings $ 6,334 $ (5,338) $ 4,168 (1) Amounts are reflected through “Impairments” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) 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 December 31, 2017 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investment in debt securities: Multifamily tax-exempt bonds Performing $ 90,963 Discounted cash flow Market yield 4.3 - 6.7 % 5.0 % Non-performing 8,033 Discounted cash flow Market yield 7.5 7.5 Capitalization rate 6.4 6.4 Net operating income (" NOI ") annual growth rate (1.2) (1.2) Subordinated cash flow 12,573 Discounted cash flow Market yield 6.7 - 7.0 6.8 Capitalization rate 5.8 - 6.1 5.9 NOI annual growth rate 0.6 - 0.9 0.8 Infrastructure bonds 21,824 Discounted cash flow Market yield 7.1 - 9.2 8.0 Cash flow probability - future incremental tax revenue growth 80 80 Cash flow probability - no future incremental tax revenue growth 20 20 Other bonds 10,211 Discounted cash flow Market yield 4.2 4.2 Derivative instruments: Total return swaps 2,301 Discounted cash flow Market yield 4.1 - 5.3 5.0 (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: Investment in debt 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 raw land and 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. · Cash flow probabilities – represent factors that, in the aggregate, sum to 100% and that are individually applied to two or more cash flow scenarios to arrive at a set of bond cash flows that represents the probability-weighted average of all possible bond cash flows. Changes in probabilities that are assigned to underlying cash flow scenarios would affect the fair value measurement of the Company’s investments in infrastructure bonds. N on-Recurring Changes in Fair Value There were no non-recurring adjustments during 2017. At September 30, 2016, the Company measured one of its loans classified as held for investment at fair value on a non-recurring basis for the purpose of recognizing an impairment loss. The fair value measurement of this loan, which was categorized as Level 3, was determined using a discounted cash flow methodology. Additionally, the Company recognized a $0.2 million lower of cost or market adjustment in the third quarter of 2016 related to one of its solar assets. The fair value measurement of the solar asset, which was categorized as Level 3, was determined using a discounted cash flow methodology. 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 December 31, 2017 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 39,347 $ 39,347 $ ─ $ ─ Restricted cash 36,277 36,277 ─ ─ Restricted cash related to CFVs 24,562 24,562 ─ ─ Asset management fee receivable from TC Fund I 116 ─ ─ 116 Loans held for investment 968 ─ ─ 2,329 Loans held for investment related to CFVs 65 ─ ─ 497 Liabilities: Notes payable and other debt, bond related 83,838 ─ ─ 83,879 Notes payable and other debt, non-bond related 27,758 ─ ─ 28,174 Notes payable and other debt related to CFVs 12,855 ─ ─ 5,885 Subordinated debt issued by MFH 99,997 ─ ─ 43,256 Guarantee obligations (1) 2,840 ─ ─ 10,301 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $7.5 million at Dec ember 3 1 , 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 14.0% and 14.5% at December 31, 2017 and 2016, respectively . As outlined in the table above, at December 31, 2017, the aggregate fair value was measured at $43.3 million. At December 31, 2017 , the measured fair value of this debt would have been $51.2 million and $37.3 million using a market yield of 11.5% and 16.5% , 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 had 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 | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees And Collateral [Abstract] | |
Guarantees And Collateral | Note 8—Guarantees and Collateral Guarantees – LIHTC Business Line At December 31, 2017, the Company had guaranteed minimum yields on investment to investors in 11 consolidated LIHTC funds, along with two additional guaranteed LIHTC funds that were not consolidated for reporting purposes (all 13 LIHTC funds are collectively referred to hereinafter as the “ Guaranteed Funds ”) and ha d agreed to indemnify the purchaser of the GP interests in those Guaranteed Funds from investor claims related to those guarantees . The se arrangements required the Company to stand ready to perform under such guarantees of investor yield for losses that result from the recapture of tax credits due to foreclosure or from 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. At December 31, 2017, only one of the Company’s minimum yield guarantees associated with a nonconsolidated guaranteed LIHTC Funds remained outstanding, a guarantee of which expires on December 31, 2018. At December 31, 2017 and 2016 , the 11 Guaranteed Funds for which the Company ha d provided an indemnification to the purchaser of corresponding GP interests held an aggregate of $15.5 and $14.5 million in reserves , respectively . While these reserves we re 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 h e ld 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 year ended Dece mber 3 1 , 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 December 3 1 , 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 December 31, 2017 and 2016, the Company had $7.5 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, 2018 and December 31, 2022. 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 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 December 3 1 , 2017, the Company had $2.8 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 December 3 1 , 2017 and 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 1 4 , “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 December 31, 2017 December 31, 2016 Maximum Carrying Maximum Carrying (in thousands) Exposure (1) Amount Exposure (1) Amount Guaranteed Funds (2) $ 237,901 $ ─ $ 392,518 $ 186 TC Fund I 108,142 2,840 109,587 3,805 LTPPs ─ ─ 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 $237.9 million and $388.4 million related to the 11 Guaranteed Funds we consolidated at December 31, 2017 and 2016, respectively. See Note 14, “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 December 31, 2017 and 2016. These tables also reflect certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets: At December 31, 2017 Investments Total Restricted in Debt Investment in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt and derivatives related to TRSs $ 9,160 $ 128,902 $ ─ $ ─ $ 138,062 Other (1) 27,117 ─ ─ ─ 27,117 CFVs 24,562 5,450 99,142 29,315 158,469 Total $ 60,839 $ 134,352 $ 99,142 $ 29,315 $ 323,648 (1) The majority of this balance represents collateral pledged by the Company in connection with secured borrowings and various guarantees. At December 31, 2016 Investment Total Restricted in Debt Investment in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674 Other (1) 19,992 5,868 ─ ─ 25,860 CFVs 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 —C ommitments and Contingencies O perating Leases During the fourth quarter of 2017, IHS entered into a new operating lease. As of December 31, 2017, the Company had four non-cancelable operating leases that expire between 2018 and 2024. These leases require the Company to pay property taxes, maintenance and other costs. The Company recognized rental expense of $0.3 million, $ 0.2 million and $0.5 million for the years en ded December 31, 2017, 2016 and 2015, respectively . The following table summarizes the future minimum rental commitments for the Company’s operating leases at December 3 1 , 2017: (in thousands) 2018 $ 319 2019 339 2020 326 2021 340 2022 361 Thereafter 210 Total minimum future rental commitments $ 1,895 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 December 31, 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 | 12 Months Ended |
Dec. 31, 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 year ended December 31, (in thousands) 2017 2016 2015 Net income from continuing operations $ 18,970 $ 40,820 $ 18,399 Net income from discontinued operations 432 1,532 327 Net income to common shareholders $ 19,402 $ 42,352 $ 18,726 Basic weighted-average shares (1) 5,858 6,254 6,881 Common stock equivalents (2), (3), (4), (5) ─ 374 ─ Diluted weighted-average shares 5,858 6,628 6,881 (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 December 31, 2017, 410,000 stock options were exercisable and in - the - money and had a potential dilutive share impact of 382,790 . For the year ended December 31, 2017, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (3) At December 31, 2016, 410,000 stock options were exercisable and in - the - money and had a potential dilutive share impact of 372,194 . In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 2,044 for the year ended December 31, 2016. (4) At December 31, 2015 , 410,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 339,689 . In addition, 9,468 unvested employee deferred shares had a potential dilutive weighted-average share impact of 12,348 for the year ended December 31, 2015. For 2015, the adjustment for the awards used in the earnings dilution calculation resulted in an increase to earnings per share making the option awards anti-dilutive for the period. As a result, there was no adjustment to our weighted average shares outstanding for the period with respect to the outstanding share awards . (5) For the year ended December 31, 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 years ended December 31, 2016 and 2015, the weighted-average number of options excluded from the calculations of diluted earnings per share was 1,663 and 24,211 , respectively , either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingent vesting requirements. 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 2017, the Company purchased 400,056 shares at an average price of $24.01. On March 13, 2018, the Board authorized a 2018 share repurchase plan for the repurchase of up to 125,000 shares. The maximum price at which management is currently authorized to purchase shares is $30.00 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. On January 3, 2018, the Board approved a waiver of the 4.9% ownership limitation for Hunt, increasing it to 9.9% of the Company’s issued and outstanding shares in any rolling 12-month period. Noncontrolling Interests The f ollowing table provides information about the noncontrolling interests in CFVs and IHS PM: At At December 31, December 31, (in thousands) 2017 2016 Guaranteed Funds $ 83,909 $ 128,734 Consolidated Property Partnerships 5,620 6,220 IHS PM ─ 45 Total $ 89,529 $ 134,999 Guaranteed Funds At Dec ember 31, 2017 and 2016 , noncontrolling interest holders were comprised of limited and general partner s in the 11 Guaranteed Funds that are consolidated for reporting purposes . Consolidated Property Partnerships At Dec ember 3 1 , 2017 and 2016, noncontrolling interest holders were comprised of limited and general partners of these partnerships. See Note 14, “Consolidated Funds and Ventures,” for more information. IHS P M 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 year ended Dec ember 3 1 , 2017: Investment Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2017 $ 40,998 $ (3,180) $ 37,818 Unrealized net gains (losses) 4,216 (126) 4,090 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620) Reclassification of unrealized gains to operations due to impairment (135) ─ (135) Net change in AOCI 3,461 (126) 3,335 Balance, December 31, 2017 $ 44,459 $ (3,306) $ 41,153 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the year ended Dec ember 3 1 , 2016: Investment Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209 Unrealized net gains (losses) 14,553 (67) 14,486 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (12,017) ─ (12,017) Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (25,860) ─ (25,860) Net change in AOCI (23,324) (67) (23,391) Balance, December 31, 2016 $ 40,998 $ (3,180) $ 37,818 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the year ended Dec ember 3 1 , 201 5 : Investment Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2015 $ 50,761 $ (632) $ 50,129 Unrealized net gains (losses) 18,374 (2,481) 15,893 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (4,992) ─ (4,992) Reclassification of unrealized losses to operations due to impairment 179 ─ 179 Net change in AOCI 13,561 (2,481) 11,080 Balance, December 31, 2015 $ 64,322 $ (3,113) $ 61,209 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 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 year ended December 31, (in thousands) 2017 2016 2015 Employees’ Stock-Based Compensation Plans $ 2,175 $ 1,903 $ 2,152 Non-employee Directors’ Stock-Based Compensation Plans 505 325 295 Total $ 2,680 $ 2,228 $ 2,447 E mployees’ Stock-Based Compensation Plans At December 31, 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 December 31, 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 December 31, 2017 410 1.56 3.4 9,322 9,342 Number of options that were exercisable at: December 31, 2016 410 1.56 4.4 December 31, 2017 410 1.56 3.4 (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 Decem ber 3 1 , 2017, December 31, 2016 and January 1, 2016, respectively. The value of employee options increased by $2.2 million during the year ended December 31, 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 405,758 were available to be issued at December 31, 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. On August 3, 2017, the Board adopted an amendment to the Non-employee Directors’ Stock-based Compensation Plans providing for directors to be paid $120,000 per year for their services with 50% payable in cash and 50% payable in share based grants . In addition, the Chairman receives an additional $20,000 per year, the Audit Committee Chair receives an additional $15,000 per year and the other committee chairs receive an additional $10,000 per year . The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the years ended December 31, 2017, 2016, and 2015. The directors are fully vested in the deferred shares at the grant date. Common Deferred Weighted-average Shares Shares Grant Date Options Directors' Fees Cash Granted Granted Share Price Vested Expense December 31, 2017 $ 252,500 ─ 10,419 $ 24.23 ─ $ 505,000 December 31, 2016 162,500 ─ 9,387 17.31 ─ 325,000 December 31, 2015 147,500 4,779 7,670 11.85 ─ 295,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12—Income Taxes Provision for Income Taxes The Company is a limited liability company that has elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining LIHTC Funds, are conducted by entities included in our consolidated corporate federal income tax return. The following table summarizes the components of our provision for income taxes for the years ended December 31, 2017, 2016 and 2015: For the year ended December 31, (in thousands) 2017 2016 2015 Federal income tax benefit: Current $ ─ $ ─ $ ─ Deferred ─ ─ ─ State income tax expense: Current 337 (379) (263) Deferred ─ ─ ─ Foreign income tax benefit (expense): Current 278 (300) ─ Deferred ─ ─ ─ Provision for income taxes $ 615 $ (679) $ (263) The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2017, 2016 and 2015: For the year ended December 31, (in thousands) 2017 2016 2015 Loss from continuing operations before income taxes $ (26,984) $ (5,112) $ (36,321) Income tax benefit at federal statutory rate ( 35 %) 9,444 1,789 12,712 Permanent differences: Impact on taxes from entities not subject to tax (16,519) (17,518) (22,214) State income taxes, net of federal tax effect (42) 487 (2,065) Impact from other comprehensive income ─ 9,052 309 State net operating loss adjustment (2,354) 6,620 1,490 Impact from changes in tax law (54,581) ─ ─ Other 1,011 19 1,022 Net decrease (increase) in the valuation allowance 63,656 (1,128) 8,483 Provision for income taxes $ 615 $ (679) $ (263) DTAs and DTLs We recognize DTAs and DTLs for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases. We evaluate our DTAs for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including our historical profitability and projections of future taxable income. At December 31, 2017, we continued to conclude that the negative evidence in favor of non-recoverability of our DTAs outweighed the positive evidence and that it is not more likely than not that our DTAs will be realized. Our framework for assessing the recoverability of DTAs requires us to weigh all available evidence, including, but not limited to: · the sustainability of recent profitability required to realize the DTAs · the cumulative net income or losses in our consolidated statements of operations and comprehensive income in recent years; and · unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years. The following table summarizes the carrying value of our DTAs, net of valuation allowance at December 31, 2017 and 2016: At At December 31, December 31, (in thousands) 2017 2016 Deferred tax assets: Net operating loss, tax credits and other tax carryforwards $ 121,574 $ 179,404 Guaranteed fees 2,829 4,984 Asset management fees 5,470 7,719 Cancellation of subordinated debt 3,581 5,394 Other 6,533 6,293 Total deferred tax assets 139,987 203,794 Less: valuation allowance (139,987) (203,794) Total deferred tax assets, net $ ─ $ ─ The following table summarizes the change in the valuation allowance for the years ended December 31, 2017 and 2016: For the year ended December 31, (in thousands) 2017 2016 Balance, January 1 $ 203,794 $ 203,202 Net reductions due to discontinued operations (151) (536) Net reductions due to continuing operations (63,656) 1,128 Balance, December 31 $ 139,987 $ 203,794 At December 31, 2017 and 2016, the Company determined that it was not more likely than not that its deferred tax assets would be fully realized and, therefore, the Company recorded a deferred tax asset valuation allowance of $140.0 million and $203.8 million, respectively. The Company considered information such as forecasted earnings, future taxable income and tax planning strategies in measuring the required valuation allowance. The Company will continue to assess whether the deferred tax assets are realizable and will adjust the valuation allowance as needed. For the tax year ending December 31, 2017 and 2016, the Company had income taxes payable (net of current taxes receivable) of $0.1 million and $0.3 million, respectively, reported through “Accounts payable and accrued expenses.” At December 31, 2017 and 2016, the Company had pre-tax federal NOLs of $378.9 million and $400.9 million, respectively, which are available to reduce future federal income taxes and begin to expire in 2027. On December 22, 2017, Public Law No. 115-97 (the “ Tax Act ”) was signed into law. The Tax Act introduced significant changes to the Internal Revenue Code. The Tax Act, among other things, contains significant changes to corporate taxation, including a reduction of the corporate tax rate from 35% to 21% . In addition, any federal NOL arising in taxable years beginning after December 31, 2017 will be carried forward indefinitely pursuant to the Ta x Act, though those losses will also be limited to 80% of taxable income in the year they are utilized. There is no change to the carryforward limitations on federal NOL generated in periods ending prior to January 1, 2018 which represents the entirety of our NOL carryforward. Pursuant to the change in corporate tax r ate from 35% to 21% for years during which the deferred tax assets will be realized, the Company reduced its deferred ta x assets and related valuation allowance by approximately $54 million at December 31, 2017. Due to the full valuation allowance, this did not impact our overall deferred tax asset position. In accordance with SEC Staff Accounting Bulletin No. 118, the Company believes it has completed its accounting for the income tax effects of the Tax Act, including reasonable estimates where appropriate. We continue to examine the impact the Tax Act may have on our business. The overall impact of the Tax Act is uncertain and our business and financial condition could be adversely affected. Significant judgment is required in determining and evaluating income tax positions. The Company establishes additional provisions for income taxes when there are certain tax positions that could be challenged and that may not be supportable upon review by taxing authorities. At December 31, 2017, 2016 and 2015, the Company had a liability for uncertain tax positions of $0 million, $0.8 million and $0.8 million, respectively, including potential interest and penalties of $0 million, $0.4 million and $0.4 million, respectively, should the Company’s tax position not be sustained by the applicable reviewing authority. This liability is reported in “Other liabilities” in the consolidated balance sheets. The changes to tax positions that only affect timing are comprised of temporary differences that, if recognized, would increase the amount of the NOL carryforwards and would be subject to the Company’s full valuation allowance; therefore, a liability is not recorded for these uncertain tax positions. A reconciliation of the beginning and ending amount for uncertain tax positions, including amounts that only affect timing, is as follows: For the year ended December 31, (in thousands) 2017 2016 2015 Balance, January 1 $ 2,550 $ 1,984 $ 1,466 Net (decreases) increases for tax positions of prior years (841) 42 42 Net increases due to tax positions that only affect timing 154 524 476 Balance, December 31 $ 1,863 $ 2,550 $ 1,984 The impact of the uncertain tax positions that only affect timing on the carrying amount of the NOL carryforwards in 2018 will decrease by approximately $0.6 million as a result of the decrease in the federal tax rate under the new tax law. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | N ote 1 3 — 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 years ended December 31, 2017, 2016 and 2015 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 year ended December 31, (in thousands) 2017 2016 2015 Other income $ 197 $ 333 $ 333 Other expense (16) (3) (6) Net income before disposal activity 181 330 327 Disposal: Net gains on real estate and other investments ─ 1,202 ─ Net gains on sale of business 251 ─ Net income from discontinued operations $ 432 $ 1,532 $ 327 Loss from discontinued operations allocable to noncontrolling interests ─ ─ ─ Net income to common shareholders from discontinued operations $ 432 $ 1,532 $ 327 |
CONSOLIDATED FUNDS AND VENTURES
CONSOLIDATED FUNDS AND VENTURES | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Funds and Ventures [Abstract] | |
Consolidated Funds and Ventures | N ote 1 4 — 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 December 31, 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 December 31, 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 December 31, December 31, (in thousands) 2017 2016 Cash, cash equivalents and restricted cash $ 24,562 $ 23,584 Investment in debt securities (1) 5,450 ─ Investments in LTPPs 99,142 137,773 Real estate held for use, net 23,944 36,942 Real estate held for sale, net ─ 145 Other assets 5,371 7,464 Total assets of CFVs $ 158,469 $ 205,908 (1) Includes U.S. Treasury notes that secure one of the Company’s bond investments . 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 summarizes the total amount of assets , debt and other liabilities of LTPPs: At At December 31, December 31, (in thousands) 2017 2016 Total assets of the LTPPs (1) $ 1,085,998 $ 1,124,274 Total debt of the LTPPs 771,027 780,180 Total other liabilities of the LTPPs 165,500 157,155 (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt. The following table provides information about the gross revenue, operating expenses and net loss of LTPPs related to CFVs: For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 150,711 $ 146,041 $ 149,478 Operating expenses 88,118 84,743 87,302 Net loss and net loss attributable to entity (23,387) (24,687) (33,063) 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 $237.9 million and $388.4 million at December 31, 2017 and 2016, respectively; while the Company’s maximum exposure to loss related to its investments in bonds was $89.1 million and $87.6 million at December 31, 2017 and 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 December 31, December 31, (in thousands) 2017 2016 Building, furniture and fixtures $ 23,058 $ 33,281 Accumulated depreciation (2,250) (1,085) Land 3,136 4,746 Total $ 23,944 $ 36,942 Depreciation expense was $1.5 million , $1.0 million and $0.1 million for the years ended December 3 1 , 2017 , 2016 and 2015 , 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 years ended December 31, 2017, 2016 and 2015. 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 December 31, December 31, (in thousands) 2017 2016 Cash $ ─ $ 145 Building, furniture and fixtures ─ ─ Accumulated depreciation ─ ─ Land ─ ─ Other assets ─ ─ Total $ ─ $ 145 Liability Summary: The following table summarizes the liabilities of the CFVs: At At December 31, December 31, (in thousands) 2017 2016 Debt (1), (2) $ 12,855 $ 13,029 Unfunded equity commitments to unconsolidated LTPPs 8,003 8,103 Asset management fee payable 31,840 28,373 Other liabilities 4,490 4,209 Total liabilities of CFVs $ 57,188 $ 53,714 (1) At December 31, 2017 and 2016, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.5% and 5.8% , respectively, and was due on demand. (2) At December 31, 2017 and 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. Income Statement Summary: The following section provides more information related to the income statement of the CFVs : For the year ended December 31, (in thousands) 2017 2016 2015 Revenue: Interest and other income related to CFVs $ 250 $ 87 $ 352 Expenses: Interest expense 415 377 357 Professional fees 672 533 481 Asset management fee expense 5,698 4,800 4,212 Other expenses 1,836 2,338 2,743 Impairments 25,074 24,974 29,394 Total expenses related to CFVs 33,695 33,022 37,187 Gains on sales and operations of real estate, net related to CFVs: Rental and other income 5,312 3,150 104 Gains on sales of real estate 6,061 147 854 Depreciation and amortization (1,542) (1,010) (91) Interest expense (256) (197) (27) Other operating expenses (3,014) (2,008) (492) Impairments ─ (598) ─ Gains on sales and operations of real estate, net related to CFVs 6,561 (516) 348 Equity in losses from LTPPs of CFVs (14,547) (16,525) (21,688) Net loss (41,431) (49,976) (58,175) Net losses allocable to noncontrolling interests in CFVs (1) 45,391 46,686 55,014 Net gain (loss) allocable to the common shareholders related to CFVs $ 3,960 $ (3,290) $ (3,161) (1) Excludes $52, $75 and $31 of net gain allocable to the noncontrolling interest holder in IHS PM for the years ended Dec ember 3 1 , 2017 , 2016 and 2015 , 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 gain ( loss ) allocable to the common shareholders related to CFVs: For the year ended December 31, (in thousands) 2017 2016 2015 Guarantee fees $ 1,152 $ 1,238 1,324 Interest income 1,386 502 ─ Equity in losses from LTPPs (4,320) (4,776) (5,338) Equity in income from Consolidated Property Partnerships 43 344 ─ Other expenses ─ (598) ─ Net gain on real estate 5,699 ─ ─ Net gain due to consolidation of CFVs ─ ─ 853 Net gain (loss) allocable to the common shareholders related to CFVs $ 3,960 $ (3,290) $ (3,161) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | N ote 1 5 — S egment Information At December 31, 2017, t he Company operate d 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. We have revised the presentation for the years ended December 31, 2016 and 2015, which had no impact on net income to common shareholders. For the year ended December 31, 2017 U.S. International MMA (in thousands) Operations Operations Corporate Consolidated Total interest income $ 10,047 $ 208 $ 86 $ 10,341 Total interest expense (1,836) ─ ─ (1,836) Net interest income 8,211 208 86 8,505 Total fee and other income 13,874 12,613 2 26,489 Total non-interest revenue 13,874 12,613 2 26,489 Total revenues, net of interest expense 22,085 12,821 88 34,994 Operating and other expenses: Interest expense (773) (340) (3,780) (4,893) Operating expenses (11,151) (11,481) (9,120) (31,752) Other expenses, net (34,693) (600) (127) (35,420) Total operating and other expenses (46,617) (12,421) (13,027) (72,065) Gains on sales and operations of real estate, net 6,237 ─ ─ 6,237 Equity in income from unconsolidated funds and ventures (854) 327 ─ (527) Net (losses) gains on assets, derivatives and extinguishment of liabilities (210) (250) 4,837 4,377 (Loss) income from continuing operations before income taxes (19,359) 477 (8,102) (26,984) Income tax benefit ─ 278 337 615 Income from discontinued operations, net of tax 432 ─ ─ 432 Net (loss) income (18,927) 755 (7,765) (25,937) Loss (income) allocable to noncontrolling interests: Net losses (income) allocable to noncontrolling interests in CFVs: Related to continuing operations 45,391 (52) ─ 45,339 Net income (loss) allocable to common shareholders $ 26,464 $ 703 $ (7,765) $ 19,402 For the year ended December 31, 2016 U.S. International MMA (in thousands) Operations Operations Corporate Consolidated Total interest income $ 14,793 $ 132 $ 104 $ 15,029 Total interest expense (1,870) ─ (294) (2,164) Net interest income 12,923 132 (190) 12,865 Total fee and other income 5,102 6,770 3 11,875 Total non-interest revenue 5,102 6,770 3 11,875 Total revenues, net of interest expense 18,025 6,902 (187) 24,740 Operating and other expenses: Interest expense (502) (2) (4,309) (4,813) Operating expenses (10,269) (8,993) (6,512) (25,774) Other expenses (34,374) 836 (113) (33,651) Total operating and other expenses (45,145) (8,159) (10,934) (64,238) Gains on sales and operations of real estate, net 1,504 ─ ─ 1,504 Equity in loss from unconsolidated funds and ventures (7,158) (495) ─ (7,653) Net gains (losses) on assets, derivatives and extinguishment of liabilities 14,688 1 (14) 14,675 Net gains transferred into net income from AOCI due to real estate foreclosure 25,860 ─ ─ 25,860 Income (loss) from continuing operations before income taxes 7,774 (1,751) (11,135) (5,112) Income tax expense ─ (300) (379) (679) Income from discontinued operations, net of tax 1,532 ─ ─ 1,532 Net income (loss) 9,306 (2,051) (11,514) (4,259) Loss allocable to noncontrolling interests: Net losses (income) allocable to noncontrolling interests in CFVs: Related to continuing operations 46,686 (75) ─ 46,611 Net income (loss) allocable to common shareholders $ 55,992 $ (2,126) $ (11,514) $ 42,352 For the year ended December 31, 2015 U.S. International MMA (in thousands) Operations Operations Corporate Consolidated Total interest income $ 16,113 $ 68 $ 82 $ 16,263 Total interest expense (1,820) ─ (518) (2,338) Net interest income 14,293 68 (436) 13,925 Total fee and other income 7,593 5,679 488 13,760 Total non-interest revenue 7,593 5,679 488 13,760 Total revenues, net of interest expense 21,886 5,747 52 27,685 Operating and other expenses: Interest expense (1,515) (96) (6,039) (7,650) Operating expenses (8,438) (8,974) (5,992) (23,404) Other expenses (38,332) (4,655) (1,146) (44,133) Total operating and other expenses (48,285) (13,725) (13,177) (75,187) Gains on sales and operations of real estate, net estate, net 11,928 ─ ─ 11,928 Equity in loss from unconsolidated funds and ventures (20,786) (37) ─ (20,823) Net gains on assets, derivatives and extinguishment of liabilities 15,901 4,175 ─ 20,076 Loss from continuing operations before income taxes (19,356) (3,840) (13,125) (36,321) Income tax expense (29) ─ (234) (263) Income from discontinued operations, net of tax 327 ─ ─ 327 Net loss (19,058) (3,840) (13,359) (36,257) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations 55,014 (31) ─ 54,983 Net income (loss) allocable to common shareholders $ 35,956 $ (3,871) $ (13,359) $ 18,726 The following table provides information about total assets by segment: December 31, December 31, (in thousands) 2017 2016 ASSETS U.S. Operations (includes $158,469 and $205,908 related to CFVs) $ 462,547 $ 517,286 Corporate Operations 39,555 48,459 International Operations 29,784 8,454 Total MMA consolidated assets $ 531,886 $ 574,199 |
SELECTED QUARTERLY FINANCIAL IN
SELECTED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Information | N ote 1 6 — Selected Quarterly Financial Information (Unaudited) The Company’s consolidated statements of operations for the quarterly periods in 2017 and 2016 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods. Unaudited For the 2017 Quarter Ended (in thousands) March 31 June 30 September 30 December 31 Interest income Interest on bonds $ 2,520 $ 2,376 $ 2,212 $ 2,128 Interest on loans and short-term investments (includes $3 , $2 , $3 and $3 related to CFVs) 417 300 205 183 Total interest income 2,937 2,676 2,417 2,311 Interest expense Bond related debt 411 444 471 510 Non-bond related debt ─ ─ ─ ─ Total interest expense 411 444 471 510 Net interest income 2,526 2,232 1,946 1,801 Non-interest revenue Asset management fees and reimbursements (includes $25 at June 30, 2017 related to CFVs) 4,519 6,776 7,750 5,638 Other income (includes $214 at June 30, 2017 related to CFVs) 311 456 805 234 Total non-interest revenue 4,830 7,232 8,555 5,872 Total revenues, net of interest expense 7,356 9,464 10,501 7,673 Operating and other expenses Interest expense (includes $93 , $93 , $121 and $108 related to CFVs) 1,319 1,314 1,104 1,156 Salaries and benefits 5,870 3,421 6,252 3,820 General and administrative 592 777 691 967 Professional fees (includes $37 , $65 , $487 and $83 related to CFVs) 1,846 1,231 2,899 3,386 Impairment (includes $4,605 , $6,795 , $9,671 and $4,003 related to CFVs) 4,605 6,795 10,551 4,068 Asset management fee expense (includes $1,095 , $1,095 , $1,016 and $2,492 related to CFVs) 1,127 1,102 1,053 2,511 Other expenses (includes $461 , $460 , $458 and $457 related to CFVs) 287 751 1,401 1,169 Total operating and other expenses 15,646 15,391 23,951 17,077 Gains on sales and operations of real estate, net (includes $45 , $135 , $201 and $6,180 related to CFVs) 45 135 201 5,856 Equity in (losses) gains from unconsolidated funds and ventures (includes ( $3,383 ), ( $3,879 ), ( $1,863 ) and ( $5,422 ) related to CFVs (1,340) (1,020) 4,702 (2,869) Net gains on bonds ─ ─ 620 ─ Net (losses) gains on loans (5,335) ─ 805 ─ Net gains on real estate and other investments ─ 174 1,526 39 Net gains (losses) on derivatives and other assets 2,039 (968) 1,430 (791) Net gains on extinguishment of liabilities ─ 3,829 1,009 ─ Net loss from continuing operations before income taxes (12,881) (3,777) (3,157) (7,169) Income tax benefit (expense) 258 (424) (384) 1,165 Net income from discontinued operations, net of tax 42 95 280 15 Net loss (12,581) (4,106) (3,261) (5,989) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs and IHS PM: Related to continuing operations 9,137 11,523 13,182 11,497 Net (loss) income allocable to common shareholders $ (3,444) $ 7,417 $ 9,921 $ 5,508 Unaudited For the 2017 Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 Basic (loss) income per common share: (Loss) income from continuing operations $ (0.59) $ 1.24 $ 1.65 $ 0.94 Income from discontinued operations 0.01 0.02 0.04 ─ (Loss) income per common share $ (0.58) $ 1.26 $ 1.69 $ 0.94 Diluted (loss) income per common share: (Loss) income from continuing operations $ (0.59) $ 1.14 $ 1.65 $ 0.84 Income from discontinued operations 0.01 0.02 0.04 ─ (Loss) income per common share $ (0.58) $ 1.16 $ 1.69 $ 0.84 Weighted-average common shares outstanding: Basic 5,937 5,893 5,871 5,838 Diluted 5,937 6,275 5,871 6,223 Unaudited For the 2016 Quarter Ended (in thousands) March 31 June 30 September 30 December 31 Interest income Interest on bonds $ 3,254 $ 2,705 $ 3,230 $ 2,305 Interest on loans and short-term investments (includes $14 , $14 , $6 and $6 related to CFVs) 451 900 1,201 983 Total interest income 3,705 3,605 4,431 3,288 Interest expense Bond related debt 295 335 404 443 Non-bond related debt 254 217 181 35 Total interest expense 549 552 585 478 Net interest income 3,156 3,053 3,846 2,810 Non-interest revenue Asset management fees and reimbursements (includes $47 at September 30, 2016 related to CFVs) 1,892 2,261 2,430 2,324 Other income 647 954 1,109 258 Total non-interest revenue 2,539 3,215 3,539 2,582 Total revenues, net of interest expense 5,695 6,268 7,385 5,392 Operating and other expenses Interest expense (includes $90 , $98 , $95 and $94 related to CFVs) 1,132 1,173 1,216 1,292 Salaries and benefits 4,080 3,919 4,288 4,826 General and administrative 700 655 633 805 Professional fees (includes $62 , $354 , $42 and $75 related to CFVs) 1,497 1,359 1,494 1,518 Impairment (includes $6,125 , $6,504 , $7,265 and $5,080 related to CFVs) 6,125 6,504 7,265 5,080 Asset management fee expense (includes $1,016 , $1,052 , $1,052 and $1,680 related to CFVs) 1,065 1,112 1,103 1,719 Other expenses (includes $690 , $547 , $550 and $551 related to CFVs) 815 1,293 574 996 Total operating and other expenses 15,414 16,015 16,573 16,236 Gains (losses) on sales and operations of real estate, net (includes ( $39 ), ( $568 ), $0 and $91 related to CFVs) 87 (495) 1,662 250 Equity in losses from unconsolidated funds and ventures (includes ( $5,227 ), ( $4,716 ), ( $4,944 ) and ( $1,638 ) related to CFVs (766) (2,590) (3,465) (832) Net gains (losses) on bonds 2,295 28 (69) 9,963 Net gains (losses) on loans ─ 6 174 (2,595) Net gains (losses) on real estate 116 ─ ─ (16) Net gains on derivatives and other assets 682 1,418 737 1,953 Net losses on extinguishment of liabilities ─ ─ (17) ─ Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 11,442 4,205 ─ 10,213 Net income (loss) from continuing operations before income taxes 4,137 (7,175) (10,166) 8,092 Income tax expense (72) (34) (43) (530) Net income from discontinued operations, net of tax 83 83 1,285 81 Net income (loss) 4,148 (7,126) (8,924) 7,643 Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs and IHS PM: Related to continuing operations 12,457 12,256 13,099 8,799 Net income allocable to common shareholders $ 16,605 $ 5,130 $ 4,175 $ 16,442 Unaudited For the 2016 Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 Basic income per common share: Income from continuing operations $ 2.54 $ 0.80 $ 0.47 $ 2.71 Income from discontinued operations 0.01 0.01 0.21 0.01 Income per common share $ 2.55 $ 0.81 $ 0.68 $ 2.72 Diluted income per common share: Income from continuing operations $ 2.51 $ 0.80 $ 0.44 $ 2.61 Income from discontinued operations 0.01 0.01 0.20 0.01 Income per common share $ 2.52 $ 0.81 $ 0.64 $ 2.62 Weighted-average common shares outstanding: Basic 6,523 6,289 6,174 6,034 Diluted 6,882 6,289 6,549 6,408 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | N ote 1 7 — S ubsequent Events On January 8, 2018, the Company entered into a series of material definitive agreements with affiliates of Hunt Companies, Inc. (collectively, “ Hunt ”) in which the Company sold certain business lines and assets to Hunt and converted to an externally managed business model by engaging Hunt to perform management services for the Company. The Company also agreed to issue, and Hunt agreed to acquire, 250,000 of the Company’s common shares in two equal private placements. In this regard, o n March 9, 2018, the Company issued 125,000 common shares to Hunt for $4.1 million, representing a price per share of $33.00 . Hunt is obligated to purchase the remaining 125,000 shares for $4.3 million, or $34.00 per share, within six months of January 8, 2018. With respect to the sale of business lines and assets, the Company sold to Hunt: (i) its LIHTC business; (ii ) its international asset and investment management business; (iii) the loan origination, servicing and management components of its Energy Capital business; (iv) its bond servicing platform; and (v) certain miscellaneous investments (collectively, the “ Disposed Assets ” and the foregoing sale transaction is hereinafter referred to as the “ Disposition ”). The Disposition also included certain management, expense reimbursement and other contractual rights held by the Company with respect to its Energy Capital, LIHTC and International Operations. As consideration for the Disposition, Hunt agreed to pay the Company $57 million and to assume certain liabilities of the Company. The Company provided seller financing through a $57 million note receivable from the Buyer that has a term of seven years, is prepayable at any time and bears interest at the rate of 5% per annum. The unpaid principal balance on the note will amortize in 20 equal quarterly payments of $2.85 million beginning on March 31, 2020. Additionally, the Company may also receive additional purchase price consideration for the Disposition based on the perform ance of the transferred LIHTC businesses. The Company’s option to purchase the LIHTC business of Morrison Grove Management, LLC (“ MGM ”) was converted to a purchase and sale agreement (the “ MGM PSA ”), pursuant to which the Company agreed to complete the purchase of MGM subject to certain conditions precedent. In addition, the Company signed an agreement to acquire from an affiliate of MGM certain assets pertaining to a specific LIHTC property (the “ Woodside Agreement ” and together with the MGM PSA, the “ MGM Agreements ”). Hunt has the right to elect to take assignment of the MGM Agreements and acquire the MGM LIHTC business and property directly from MGM and its affiliates. As a result of the Disposition, and assuming Hunt elects to, and does, close under the MGM Agreements, the Company’s assets and liabilities will consist primarily of its: (i) investments in bonds and other debt obligations that finance affordable housing and infrastructure in the U.S.; (ii) investments in partnerships, including our investments in renewable energy, U.S. real estate partnerships and our 11.85% ownership interest in SAWHF; (iii) the $57 million note receivable from the Buyer; (iv) derivative financial instruments that are used to hedge interest and foreign currency exchange risks of the Company; and (v) other assets and liabilities, including certain LIHTC assets, the Company’s subordinated debt and $378.9 million of NOLs that are subject to a full valuation allowance at December 31, 2017. As part of the transaction, the Company engaged Hunt to externally manage the Company’s continuing operations (the agreement that governs this engagement is hereinafter referred to as the “ Management Agreement ” while the Hunt entity that will externally manage the Company is hereinafter referred to as the “ External Manager ”). All employees of the Company were hired by the External Manager. In consideration for the external management services, the Company agreed to pay the External Manager (i) a base management fee, which is payable quarterly in arrears and is calculated as a percentage of the Company’s GAAP common shareholders’ equity, with certain annual true-ups, and (ii) an incentive fee equal to 20% of the total annual return of diluted common shareholders’ equity per share in excess of 7% . For the first and second quarters of 2018, the base management fee is fixed at $1 million per quarter, with the percentage of GAAP common shareholders’ equity calculation beginning with the third quarter of 2018. The Company also agreed to reimburse the External Manager for certain allocable overhead costs. The Company will recognize an estimated increase in GAAP common shareholders’ equity of approximately $32 million in connection with the settlement of the Disposition and estimates that it would recognize an additional $14 million increase in GAAP common shareholders’ equity should Hunt decide to take an assignment of the MGM Agreements and, subject to the terms of the MGM Agreements, consummate the acquisition of the MGM LIHTC business. Additionally, the Company will recognize a pproximately a $9 million increase in GAAP common shareholders’ equity on January 1, 2018 in connection with its adoption of ASC 610-20, the transitional impact of which was primarily attributable to contracts of the Company’s conveyed LIHTC business. |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 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 Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”). See Note 17, “Subsequent Events,” for more information. Changes in Presentation We have revised the presentation of our Consolidated Statements of Operations for all reporting periods presented by reclassifying all CFV-related income and expenses to be consistent with the classification approach used for other income and expenses of the Company. As a result, the Company no longer classifies CFV-related income and expenses within “Revenue from CFVs,” “Expenses from CFVs,” “Net (losses) gains related to CFVs” or “Equity in losses from lower tier property partnerships of CFVs.” This presentation change had no impact on “Net income allocable to common shareholders.” Furthermore, the Company has reclassified for all reporting periods in the Consolidated Statements of Operations gains or losses on sales of REO from “Net gains on real estate” to “Gains (losses) on sales and operations of real estate, net.” This presentation change had no impact on “Net income allocable to common shareholders.” |
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 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 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. Variable Interest Entity (“VIE”) Assessment We have interests in various legal entities that represent VIEs. A VIE is an entity (i) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (ii) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (iii) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (i) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains on real estate and other investments ” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded in our Consolidated Statements of Operations. Consolidated Funds and Ventures Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits, if any. In addition, we must make judgments about discount rates and capitalization rates. As of December 31, 2017, CFVs consisted of (i) 11 LIHTC funds for which we sold our GP interests and agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to minimum yield guarantees that are provided in connection with their investments in such funds (these 11 funds, along with two additional guaranteed LIHTC funds that are not consolidated for financial reporting purposes, are hereinafter referred to as “ Guaranteed Funds ”) and (ii) four partnerships that are consolidated by the Company, three of which own affordable housing properties . Account balances related to CFVs that were reported on our Consolidated Balance Sheets at either December 31, 2017 or 2016 include the following: · Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash of CFVs are reported as restricted cash by the Company. · Guaranteed Funds Investment in Lower Tier Property Partnerships At December 31, 2017, the Company consolidated 11 Guaranteed Funds. The Guaranteed Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“ Lower Tier Property Partnership ” or “LTPP” ) . The GPs of these LTPPs are considered the primary beneficiaries. Therefore, the LIHTC Funds do not consolidate these LTTPs for financial reporting purposes. These LTTPs are accounted for under the equity method as further described below in this Note 1, “Summary of Significant Accounting Policies,” under the sub-heading entitled “Investments in Partnerships.” Unfunded Equity Commitments The Guaranteed Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively. · Property Partnerships At December 31, 2017, the Company consolidated four property partnerships because it is deemed to be the primary beneficiary of the partnerships. The Company holds equity interests in these property partnerships ranging from 0.01% to 1.00%. The assets held by these property partnerships are affordable multifamily housing properties and U.S. Treasury notes . These consolidated affordable multifamily housing propert ies and U.S. Treasury notes are reported in “Other assets” and “Investments in debt securities,” respectively, on the Consolidated Balance Sheets. Cash and Cash Equivalents Cash and cash equivalents is comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash. Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements. Investments in Debt Securities We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities. ” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether such decline in fair value is other-than-temporary. We assess that an impairment is other-than-temporary (“ OTTI ”) if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statement of Operations as a component of “Impairments” for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations as a component of “Impairments” while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. We do not intend to sell bonds that were in an unrealized loss position at December 31, 2017 and 2016, and it is not more likely than not that we will be required to sell such bonds before recovery of the amortized cost of such instruments. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed. Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, “ Equity Method Investments,” to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership's operations. Under the equity method, the Company's investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses from the partnership. The Company's allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company's cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company's investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, unless (i) an imminent return to profitable operations by the partnership is assured, (ii) the Company has guaranteed obligations of the partnership or (iii) the Company has otherwise committed to provide further financial support to the partnership. The Company and its consolidated Guaranteed Funds must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company recognizes impairment-related losses in the Consolidated Statements of Operations as a component of “Impairments.” The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions. Loans Loans Held For Sale (“HFS”) When we originate loans that we intend to sell, we classify such loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“HFI”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. The Company recognizes a provision for loan losses in its Consolidated Statements of Operations as a component of “Other expenses.” Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on nonaccruing loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for financial reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for financial reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Gains (losses) on sales and operations of real estate, net.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “ Gains (losses) on sales and operations of real estate , net .” Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging. ” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of such instruments are reported in our Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.” Guarantees The Company has guaranteed minimum yields on investment to investors in Guaranteed Funds and has agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to those guarantees. Additionally, t he Company has provided a limited guarantee of expected tax credits to be generated by a portfolio of low income housing tax credit partnership interests that was acquired by our LIHTC partnership, known as MMA Capital TC Fund I, LLC (“ TC Fund I ”), which we established in the fourth quarter of 2015. In limited circumstances, the Company has also guaranteed the performance of its consolidated subsidiaries in connection with various performance obligations. At inception of a guarantee to an unconsolidated entity that requires financial statement recognition, we recognize the fair value of our obligation to stand ready to perform over the term of the guarantee in the event that specified triggering events or conditions occur. This liability is classified in Consolidated Balance Sheets as a component of “Other liabilities.” As a practical expedient, we measure the fair value of a guarantee liability based upon either cash compensation that is received at inception or the net present value of expected payments to be received from a guaranteed party over the life of such agreement. The Company will reduce this liability through the use of a systematic and rational method of amortization in which the recognized balance at inception will be evenly amortized over the life of a guarantee. However, guarantee payments made by the Company will be recorded as a reduction of the unamortized balance of a guarantee liability to the extent that the Company’s guarantee liability exceeds the amount of the payment and, in this case, periodic amortization will be prospectively adjusted to reflect a revised amount of amortization that is based upon the-then remaining balance of a guarantee liability and the period to expiry of a guarantee. We also record at the inception of a guarantee to an unconsolidated entity a guarantee asset that is measured based upon the amount of cash compensation that we received at the inception of a guarantee or based upon the net present value of contractual guarantee fees that we expect to collect over the life of a guarantee. Recognized guarantee assets are classified in our Consolidated Balance Sheets as a component of “Other assets.” Subsequent to initial recognition, we account for a guarantee asset at amortized cost. As we collect monthly guarantee fees, we will reduce recognized guarantee assets to reflect cash payments received. We will also assess guarantee assets for other-than-temporary impairment based on changes in our estimate of the cash flows to be received. With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. The Company recognizes guarantee-related losses in the Consolidated Statements of Operations as a component of “Other expenses” while related liabilities are classified in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of such activities is provided in Note 8, “Guarantees and Collateral.” Stock-Based Compensation The Company accounts for previously awarded employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date. Foreign Currency Translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI. When the foreign entity’s functional currency is determined to be the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period. The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. Income Taxes W e are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining Guaranteed Funds, are conducted by entities included in our consolidated corporate federal income tax return. ASC Topic No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets (“ DTA s”) and liabilities (“ DTL s”) for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. In this regard, we recognize DTAs and DTLs based on the differences in the book and tax bases of assets and liabilities. We measure DTAs and DTLs using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust DTAs and DTLs for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. We reduce our DTAs by an allowance if, based on the weight of available positive and negative evidence, it is more likely than not (a probability of greater than 50%) that we will not realize some portion, or all, of the DTA. In December 2017, tax legislation was enacted which, among other things, reduced the federal corporate income tax rate from 35% to 21%, effective January 1, 2018. For information on the impact of this legislation on the value of our DTAs, see Note 12, “Income Taxes.” We account for uncertain tax positions using a two-step approach whereby we recognize an income tax benefit if, based on the technical merits of a tax position, it is more likely than not that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation. We then measure the recognized tax benefit based on the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. |
BONDS AVAILABLE-FOR-SALE (Table
BONDS AVAILABLE-FOR-SALE (Tables) | 12 Months Ended |
Dec. 31, 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 as well as the Company’s investment in U.S. Treasury notes : At December 31, 2017 Gross Gross Amortized Unrealized Unrealized FV as a % (in thousands) UPB Cost (1) Gains Losses (2) FV of UPB Multifamily tax-exempt bonds $ 105,472 $ 67,982 $ 43,587 $ ─ $ 111,569 106% Other real estate related bond investments 37,050 31,163 1,203 (331) 32,035 86% U.S. Treasury notes related to CFVs (3) 5,524 5,477 ─ (27) 5,450 99% Total $ 148,046 $ 104,622 $ 44,790 $ (358) $ 149,054 101% At December 31, 2016 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains 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 4,020 45,954 96% Total $ 154,154 $ 114,983 $ 40,998 $ 155,981 101% (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as OTTI r ecognized in earnings. (2) Except for the Company’s investments in U.S. Treasury notes, this is c omprised of one bond in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $15.0 million and $16.5 million at December 31, 2017 and 2016, respectively. (3) See Note 14, “Consolidated Funds and Ventures,” for more information. |
Bonds with Prepayment Features | (in thousands) UPB Amortized Cost Fair Value December 31, 2017 $ 27,050 $ 21,163 $ 21,824 2018 1,894 243 2,168 2019 ─ ─ ─ 2020 5,210 4,120 5,339 2021 46,276 27,353 50,814 Thereafter 62,092 46,266 63,459 Bonds that may not be prepaid ─ ─ ─ Total $ 142,522 $ 99,145 $ 143,604 |
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 December 31, December 31, (in thousands) 2017 2016 Total current $ 135,571 $ 148,967 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 8,033 7,014 Total $ 143,604 $ 155,981 |
Gain (Loss) on Investments | For the year ended December 31, (in thousands) 2017 2016 2015 Net impairment recognized on bonds held at each period-end $ (945) $ ─ $ ─ Net impairment recognized on bonds sold or redeemed during each period ─ ─ (179) Gains recognized at time of sale or redemption (1) 620 12,217 6,513 Total net (losses) gains on bonds $ (325) $ 12,217 $ 6,334 |
INVESTMENTS IN PARTNERSHIPS A27
INVESTMENTS IN PARTNERSHIPS AND VENTURES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, December 31, (in thousands) 2017 2016 Investments in U.S. real estate partnerships (includes $1,046 and $11,138 related to variable interest entities (" VIEs ")) (1) $ 19,114 $ 27,596 Investments in IHS-managed funds (includes $2,122 and $1,955 related to VIEs) (1) 17,151 3,296 Investment in Solar Ventures 97,011 75,526 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 99,142 137,773 Total investments in partnerships $ 232,418 $ 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 1 4 , “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 , debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At December 31, December 31, 2017 2016 (in thousands) Total assets $ 57,712 $ 97,659 Debt 7,037 21,927 Other liabilities 22,030 25,220 The following table provides information about the gross revenue, operating expenses and net income (loss) of U.S. real estate partnerships in which the Company had an equity investment: For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 3,814 $ 7,395 $ 9,003 Operating expenses 1,744 4,611 6,374 Net income (loss) and net income (loss) attributable to the entity 10,722 2,952 (1,345) |
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 , debt and other liabilities of the IHS-managed funds in which the Company held an equity investment: At At December 31, December 31, 2017 2016 (in thousands) Total assets $ 306,690 $ 261,082 Debt 113,007 106,664 Other liabilities 7,103 3,551 The following table provides information about the gross revenue, operating expenses and net loss of the IHS-managed funds in which the Company had an equity investment. For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 32,175 $ 19,238 $ 22,253 Operating expenses 45,993 24,565 30,274 Net loss and net loss attributable to the entity (4,174) (19,718) (5,646) |
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 , other liabilities and noncontrolling interests of the Solar Ventures in which the Company held an equity investment: At At December 31, December 31, 2017 2016 (in thousands) Total assets $ 399,758 $ 158,365 Other liabilities 5,111 4,905 Noncontrolling interests 87,699 64,472 The following table provides information about the gross revenue, operating expenses and net income of the Solar Ventures in which the Company had an equity investment: For the year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 29,777 $ 3,089 $ 2,332 Operating expenses 5,870 2,115 1,019 Net income 23,988 1,206 1,313 Net income attributable to the entity 16,227 319 1,313 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | At At December 31, December 31, (in thousands) 2017 2016 Other assets: Loans held for investment $ 968 $ 4,809 Loans held for sale ─ ─ Real estate owned 3,447 3,267 Derivative assets 6,865 7,884 Solar facilities (includes other assets such as cash and other receivables) 1,256 1,733 Accrued interest receivable 1,558 1,822 Asset management fees and reimbursements receivable 2,794 1,406 Other assets 4,025 5,526 Other assets held by CFVs (1) 29,315 44,551 Total other assets $ 50,228 $ 70,998 (1) See Note 1 4 , “Consolidated Funds and Ventures,” for more information. |
Schedule of Accounts, Notes, Loans and Financing Receivable | At At December 31, December 31, (in thousands) 2017 2016 Amortized cost $ 1,046 $ 9,202 Net losses included in earnings ─ (3,565) Allowance for loan losses (78) (828) Loans held for investment, net $ 968 $ 4,809 |
Schedule Of Real Estate Owned, Held For Use | At At December 31, December 31, (in thousands) 2017 2016 Building, furniture, fixtures and land improvement $ 828 $ 648 Land 2,619 2,619 Total $ 3,447 $ 3,267 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | At At December 31, 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 $ 41,767 3.2 % $ 2,892 2.2 % Due after one year 42,071 2.9 79,137 2.1 Total asset related debt $ 83,838 3.1 $ 82,029 2.1 Other Debt (1) Subordinated debt (3) Due within one year $ 2,297 2.6 $ 3,297 3.9 Due after one year 97,700 2.6 125,899 3.4 Notes payable and other debt Due within one year 16,105 2.9 1,948 3.9 Due after one year 11,653 11.5 16,869 2.3 Total other debt $ 127,755 3.5 $ 148,013 3.3 Total asset related debt and other debt $ 211,593 3.3 $ 230,042 2.8 Debt related to CFVs Due within one year $ 6,897 6.5 $ 6,885 5.7 Due after one year 5,958 4.0 6,144 4.0 Total debt related to CFVs $ 12,855 5.3 $ 13,029 4.9 Total debt $ 224,448 3.4 $ 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 December 31, 2016. The balance at December 31, 2017 was de minimis. (3) The subordinated debt balances include net cost basis adjustments of $8.3 m illion and $8.7 million at December 31, 2017 and 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 2018 $ 59,711 $ 6,813 $ 66,524 2019 13,042 109 13,151 2020 37,658 116 37,774 2021 8,710 125 8,835 2022 1,679 134 1,813 Thereafter 82,906 4,733 87,639 Net premium and debt issue costs 7,887 825 8,712 Total $ 211,593 $ 12,855 $ 224,448 |
Schedule of Subordinate Debt | (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFH $ 27,063 $ 2,543 $ 29,606 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 24,609 2,323 26,932 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 14,185 1,236 15,421 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 25,791 2,247 28,038 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 91,648 $ 8,349 $ 99,997 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments [Abstract] | |
Schedule of the Company's Derivative Assets and Liabilities | Fair Value At At December 31, 2017 December 31, 2016 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ 2,347 $ 46 $ 2,327 $ 372 Basis swaps 439 26 176 7 Interest rate caps 788 ─ 1,553 ─ Interest rate swaps 3,291 ─ 3,828 ─ Foreign currency forward exchange ─ 247 ─ ─ Total derivative instruments $ 6,865 $ 319 $ 7,884 $ 379 |
Schedule of Derivative Notional Amounts | Notional Amounts At At December 31, December 31, (in thousands) 2017 2016 Total return swaps $ 72,290 $ 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 4,363 ─ Total dollar-based derivative instruments $ 397,153 $ 411,550 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements At December 31, (in thousands) 2017 Level 1 Level 2 Level 3 Assets: Investments in debt securities (1) $ 149,054 $ 5,450 $ ─ $ 143,604 Derivative instruments 6,865 ─ 4,518 2,347 Liabilities: Derivative instruments $ 319 $ ─ $ 273 $ 46 (1) The Level 1 classification pertains to the Company’s investment in U.S. Treasury notes that are related to CFVs . See Note 14, “Consolidated Funds and Ventures,” for more information. Fair Value Measurements At December 31, (in thousands) 2016 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 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 year ended Dec ember 3 1 , 2017: (in thousands) Investment in Debt Securities 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 (5,265) (5,335) 20 326 Net change in other comprehensive income (1) 3,461 ─ ─ ─ Impact from purchases ─ 14,028 ─ ─ Impact from loan originations ─ 1,500 ─ ─ Impact from sales/redemptions (6,784) (14,028) ─ ─ Impact from settlements (2) (3,789) ─ ─ ─ Balance, December 31, 2017 $ 143,604 $ ─ $ 2,347 $ (46) (1) This amount includes $ 4.2 million of net unrealized holding gains recognized during 2017, partially offset by the reclassification into the Consolidated Statements of Operations of $0.1 million of unrealized bond gains related to a bond that was other-than-temporarily impaired and $0.6 million of unrealized 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 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 year ended Dec ember 3 1 , 2017: (in thousands) Net losses 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 December 31, 2017 $ (945) $ (4,320) $ ─ $ 346 Change in unrealized losses related to assets and liabilities held at January 1, 2017, but settled during 2017 ─ ─ (5,335) ─ Additional realized gains recognized 620 ─ 805 2,909 Total (losses) gains reported in earnings $ (325) $ (4,320) $ (4,530) $ 3,255 (1) Amounts are reflected through “Impairments” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net (losses) gains 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 year ended Dec ember 3 1 , 2016: (in thousands) Investment in Debt Securities 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 (4,776) (3,391) ─ (3,931) 577 Net change in other comprehensive income (1) 2,536 ─ ─ ─ ─ Impact from purchases 7,217 ─ ─ ─ ─ Impact from loan originations ─ 39,233 4,531 2,600 ─ Impact from sales/redemptions (10,986) (34,285) (8,670) ─ ─ Impact from bonds extinguished due to consolidated or real estate foreclosure (42,079) ─ ─ ─ ─ Impact from settlements (2) (14,370) ─ ─ ─ 764 Transfer from loans HFS to HFI ─ 2,278 (2,278) ─ ─ Balance, December 31, 2016 $ 155,981 $ 3,835 $ ─ $ 2,327 $ (372) (1) This amount represents $ 1 4.5 million of net unrealized holding gains recognized during 2016 , partially offset by the reclassification into the Consolidated Statements of Operations of $ 1 2. 0 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 year ended Dec ember 3 1 , 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 December 31, 2016 $ ─ $ (4,240) $ ─ $ (3,354) Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ (536) ─ ─ Additional realized gains (losses) recognized 12,217 ─ (3,391) 3,805 Total gains (losses) reported in earnings $ 12,217 $ (4,776) $ (3,391) $ 451 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net (losses) gains 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 year ended Dec ember 3 1 , 201 5 : (in thousands) Investment in Debt Securities Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2015 $ 222,899 $ ─ $ 2,539 $ (753) Net (losses) gains included in earnings (5,517) ─ 1,418 (960) Net change in other comprehensive income (1) 13,561 ─ ─ ─ Impact from loan originations ─ 13,373 Impact from purchases 15,123 ─ ─ ─ Impact from sales/redemptions (21,571) (6,956) ─ ─ Impact from settlements (2) (6,056) ─ (299) ─ Balance, December 31, 2015 $ 218,439 $ 6,417 $ 3,658 $ (1,713) (1) This amount represents $18.4 million of net unrealized holding gains recognized during 2015 plus $0.2 million of unrealized bond losses reclassified into the Consolidated Statements of Operations, partially offset by the reclassification into the Consolidated Statements of Operations of $5.0 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 year ended Dec ember 3 1 , 201 5 : (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2015 $ ─ $ (6,093) $ 458 Change in unrealized (losses) gains related to assets and liabilities held at January 1, 2015, but settled during 2015 (179) 755 ─ Additional realized gains recognized 6,513 ─ 3,710 Total gains (losses) reported in earnings $ 6,334 $ (5,338) $ 4,168 (1) Amounts are reflected through “Impairments” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) 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 December 31, 2017 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investment in debt securities: Multifamily tax-exempt bonds Performing $ 90,963 Discounted cash flow Market yield 4.3 - 6.7 % 5.0 % Non-performing 8,033 Discounted cash flow Market yield 7.5 7.5 Capitalization rate 6.4 6.4 Net operating income (" NOI ") annual growth rate (1.2) (1.2) Subordinated cash flow 12,573 Discounted cash flow Market yield 6.7 - 7.0 6.8 Capitalization rate 5.8 - 6.1 5.9 NOI annual growth rate 0.6 - 0.9 0.8 Infrastructure bonds 21,824 Discounted cash flow Market yield 7.1 - 9.2 8.0 Cash flow probability - future incremental tax revenue growth 80 80 Cash flow probability - no future incremental tax revenue growth 20 20 Other bonds 10,211 Discounted cash flow Market yield 4.2 4.2 Derivative instruments: Total return swaps 2,301 Discounted cash flow Market yield 4.1 - 5.3 5.0 (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: Investment in debt 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 December 31, 2017 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 39,347 $ 39,347 $ ─ $ ─ Restricted cash 36,277 36,277 ─ ─ Restricted cash related to CFVs 24,562 24,562 ─ ─ Asset management fee receivable from TC Fund I 116 ─ ─ 116 Loans held for investment 968 ─ ─ 2,329 Loans held for investment related to CFVs 65 ─ ─ 497 Liabilities: Notes payable and other debt, bond related 83,838 ─ ─ 83,879 Notes payable and other debt, non-bond related 27,758 ─ ─ 28,174 Notes payable and other debt related to CFVs 12,855 ─ ─ 5,885 Subordinated debt issued by MFH 99,997 ─ ─ 43,256 Guarantee obligations (1) 2,840 ─ ─ 10,301 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $7.5 million at Dec ember 3 1 , 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 December 31, 2016 Maximum Carrying Maximum Carrying (in thousands) Exposure (1) Amount Exposure (1) Amount Guaranteed Funds (2) $ 237,901 $ ─ $ 392,518 $ 186 TC Fund I 108,142 2,840 109,587 3,805 LTPPs ─ ─ 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 $237.9 million and $388.4 million related to the 11 Guaranteed Funds we consolidated at December 31, 2017 and 2016, respectively. See Note 14, “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. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | (in thousands) 2018 $ 319 2019 339 2020 326 2021 340 2022 361 Thereafter 210 Total minimum future rental commitments $ 1,895 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, (in thousands) 2017 2016 2015 Net income from continuing operations $ 18,970 $ 40,820 $ 18,399 Net income from discontinued operations 432 1,532 327 Net income to common shareholders $ 19,402 $ 42,352 $ 18,726 Basic weighted-average shares (1) 5,858 6,254 6,881 Common stock equivalents (2), (3), (4), (5) ─ 374 ─ Diluted weighted-average shares 5,858 6,628 6,881 (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 December 31, 2017, 410,000 stock options were exercisable and in - the - money and had a potential dilutive share impact of 382,790 . For the year ended December 31, 2017, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (3) At December 31, 2016, 410,000 stock options were exercisable and in - the - money and had a potential dilutive share impact of 372,194 . In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 2,044 for the year ended December 31, 2016. (4) At December 31, 2015 , 410,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 339,689 . In addition, 9,468 unvested employee deferred shares had a potential dilutive weighted-average share impact of 12,348 for the year ended December 31, 2015. For 2015, the adjustment for the awards used in the earnings dilution calculation resulted in an increase to earnings per share making the option awards anti-dilutive for the period. As a result, there was no adjustment to our weighted average shares outstanding for the period with respect to the outstanding share awards . For the year ended December 31, 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 years ended December 31, 2016 and 2015, the weighted-average number of options excluded from the calculations of diluted earnings per share was 1,663 and 24,211 , respectively , either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingent vesting requirements. |
Schedule of Noncontrolling Interest | At At December 31, December 31, (in thousands) 2017 2016 Guaranteed Funds $ 83,909 $ 128,734 Consolidated Property Partnerships 5,620 6,220 IHS PM ─ 45 Total $ 89,529 $ 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 year ended Dec ember 3 1 , 2017: Investment Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2017 $ 40,998 $ (3,180) $ 37,818 Unrealized net gains (losses) 4,216 (126) 4,090 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620) Reclassification of unrealized gains to operations due to impairment (135) ─ (135) Net change in AOCI 3,461 (126) 3,335 Balance, December 31, 2017 $ 44,459 $ (3,306) $ 41,153 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the year ended Dec ember 3 1 , 2016: Investment Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209 Unrealized net gains (losses) 14,553 (67) 14,486 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (12,017) ─ (12,017) Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (25,860) ─ (25,860) Net change in AOCI (23,324) (67) (23,391) Balance, December 31, 2016 $ 40,998 $ (3,180) $ 37,818 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Summary of Stock-Based Compensation Expense | For the year ended December 31, (in thousands) 2017 2016 2015 Employees’ Stock-Based Compensation Plans $ 2,175 $ 1,903 $ 2,152 Non-employee Directors’ Stock-Based Compensation Plans 505 325 295 Total $ 2,680 $ 2,228 $ 2,447 |
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 December 31, 2017 410 1.56 3.4 9,322 9,342 Number of options that were exercisable at: December 31, 2016 410 1.56 4.4 December 31, 2017 410 1.56 3.4 (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 Decem ber 3 1 , 2017, December 31, 2016 and January 1, 2016, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit | The following table summarizes the components of our provision for income taxes for the years ended December 31, 2017, 2016 and 2015: For the year ended December 31, (in thousands) 2017 2016 2015 Federal income tax benefit: Current $ ─ $ ─ $ ─ Deferred ─ ─ ─ State income tax expense: Current 337 (379) (263) Deferred ─ ─ ─ Foreign income tax benefit (expense): Current 278 (300) ─ Deferred ─ ─ ─ Provision for income taxes $ 615 $ (679) $ (263) |
Schedule of Effective Income Tax Rate Reconciliation | The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2017, 2016 and 2015: For the year ended December 31, (in thousands) 2017 2016 2015 Loss from continuing operations before income taxes $ (26,984) $ (5,112) $ (36,321) Income tax benefit at federal statutory rate ( 35 %) 9,444 1,789 12,712 Permanent differences: Impact on taxes from entities not subject to tax (16,519) (17,518) (22,214) State income taxes, net of federal tax effect (42) 487 (2,065) Impact from other comprehensive income ─ 9,052 309 State net operating loss adjustment (2,354) 6,620 1,490 Impact from changes in tax law (54,581) ─ ─ Other 1,011 19 1,022 Net decrease (increase) in the valuation allowance 63,656 (1,128) 8,483 Provision for income taxes $ 615 $ (679) $ (263) |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the carrying value of our DTAs, net of valuation allowance at December 31, 2017 and 2016: At At December 31, December 31, (in thousands) 2017 2016 Deferred tax assets: Net operating loss, tax credits and other tax carryforwards $ 121,574 $ 179,404 Guaranteed fees 2,829 4,984 Asset management fees 5,470 7,719 Cancellation of subordinated debt 3,581 5,394 Other 6,533 6,293 Total deferred tax assets 139,987 203,794 Less: valuation allowance (139,987) (203,794) Total deferred tax assets, net $ ─ $ ─ |
Schedule of Deferred Tax Asset Valuation Allowance Roll Forward | The following table summarizes the change in the valuation allowance for the years ended December 31, 2017 and 2016: For the year ended December 31, (in thousands) 2017 2016 Balance, January 1 $ 203,794 $ 203,202 Net reductions due to discontinued operations (151) (536) Net reductions due to continuing operations (63,656) 1,128 Balance, December 31 $ 139,987 $ 203,794 |
Schedule of Unrecognized Tax Benefits Roll Forward | For the year ended December 31, (in thousands) 2017 2016 2015 Balance, January 1 $ 2,550 $ 1,984 $ 1,466 Net (decreases) increases for tax positions of prior years (841) 42 42 Net increases due to tax positions that only affect timing 154 524 476 Balance, December 31 $ 1,863 $ 2,550 $ 1,984 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Schedule of Discontinued Operations | For the year ended December 31, (in thousands) 2017 2016 2015 Other income $ 197 $ 333 $ 333 Other expense (16) (3) (6) Net income before disposal activity 181 330 327 Disposal: Net gains on real estate and other investments ─ 1,202 ─ Net gains on sale of business 251 ─ Net income from discontinued operations $ 432 $ 1,532 $ 327 Loss from discontinued operations allocable to noncontrolling interests ─ ─ ─ Net income to common shareholders from discontinued operations $ 432 $ 1,532 $ 327 |
CONSOLIDATED FUNDS AND VENTUR38
CONSOLIDATED FUNDS AND VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of More Information Related to Assets Consolidated Fund or Ventures | At At December 31, December 31, (in thousands) 2017 2016 Cash, cash equivalents and restricted cash $ 24,562 $ 23,584 Investment in debt securities (1) 5,450 ─ Investments in LTPPs 99,142 137,773 Real estate held for use, net 23,944 36,942 Real estate held for sale, net ─ 145 Other assets 5,371 7,464 Total assets of CFVs $ 158,469 $ 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 December 31, December 31, (in thousands) 2017 2016 Investments in U.S. real estate partnerships (includes $1,046 and $11,138 related to variable interest entities (" VIEs ")) (1) $ 19,114 $ 27,596 Investments in IHS-managed funds (includes $2,122 and $1,955 related to VIEs) (1) 17,151 3,296 Investment in Solar Ventures 97,011 75,526 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 99,142 137,773 Total investments in partnerships $ 232,418 $ 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 1 4 , “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 December 31, December 31, (in thousands) 2017 2016 Building, furniture and fixtures $ 23,058 $ 33,281 Accumulated depreciation (2,250) (1,085) Land 3,136 4,746 Total $ 23,944 $ 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 December 31, December 31, (in thousands) 2017 2016 Cash $ ─ $ 145 Building, furniture and fixtures ─ ─ Accumulated depreciation ─ ─ Land ─ ─ Other assets ─ ─ Total $ ─ $ 145 |
Schedule of More Information Related to Liabilities Consolidated Fund and Venture | The following table summarizes the liabilities of the CFVs: At At December 31, December 31, (in thousands) 2017 2016 Debt (1), (2) $ 12,855 $ 13,029 Unfunded equity commitments to unconsolidated LTPPs 8,003 8,103 Asset management fee payable 31,840 28,373 Other liabilities 4,490 4,209 Total liabilities of CFVs $ 57,188 $ 53,714 (1) At December 31, 2017 and 2016, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.5% and 5.8% , respectively, and was due on demand. (2) At December 31, 2017 and 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. |
Schedule of Income Statement of Consolidated Funds and Ventures | For the year ended December 31, (in thousands) 2017 2016 2015 Revenue: Interest and other income related to CFVs $ 250 $ 87 $ 352 Expenses: Interest expense 415 377 357 Professional fees 672 533 481 Asset management fee expense 5,698 4,800 4,212 Other expenses 1,836 2,338 2,743 Impairments 25,074 24,974 29,394 Total expenses related to CFVs 33,695 33,022 37,187 Gains on sales and operations of real estate, net related to CFVs: Rental and other income 5,312 3,150 104 Gains on sales of real estate 6,061 147 854 Depreciation and amortization (1,542) (1,010) (91) Interest expense (256) (197) (27) Other operating expenses (3,014) (2,008) (492) Impairments ─ (598) ─ Gains on sales and operations of real estate, net related to CFVs 6,561 (516) 348 Equity in losses from LTPPs of CFVs (14,547) (16,525) (21,688) Net loss (41,431) (49,976) (58,175) Net losses allocable to noncontrolling interests in CFVs (1) 45,391 46,686 55,014 Net gain (loss) allocable to the common shareholders related to CFVs $ 3,960 $ (3,290) $ (3,161) (1) Excludes $52, $75 and $31 of net gain allocable to the noncontrolling interest holder in IHS PM for the years ended Dec ember 3 1 , 2017 , 2016 and 2015 , 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 year ended December 31, (in thousands) 2017 2016 2015 Guarantee fees $ 1,152 $ 1,238 1,324 Interest income 1,386 502 ─ Equity in losses from LTPPs (4,320) (4,776) (5,338) Equity in income from Consolidated Property Partnerships 43 344 ─ Other expenses ─ (598) ─ Net gain on real estate 5,699 ─ ─ Net gain due to consolidation of CFVs ─ ─ 853 Net gain (loss) allocable to the common shareholders related to CFVs $ 3,960 $ (3,290) $ (3,161) |
L I H T C Funds [Member] | |
Schedule of Investments in Partnerships | At At December 31, December 31, (in thousands) 2017 2016 Total assets of the LTPPs (1) $ 1,085,998 $ 1,124,274 Total debt of the LTPPs 771,027 780,180 Total other liabilities of the LTPPs 165,500 157,155 (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 year ended December 31, (in thousands) 2017 2016 2015 Gross revenue $ 150,711 $ 146,041 $ 149,478 Operating expenses 88,118 84,743 87,302 Net loss and net loss attributable to entity (23,387) (24,687) (33,063) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information | We have revised the presentation for the years ended December 31, 2016 and 2015, which had no impact on net income to common shareholders. For the year ended December 31, 2017 U.S. International MMA (in thousands) Operations Operations Corporate Consolidated Total interest income $ 10,047 $ 208 $ 86 $ 10,341 Total interest expense (1,836) ─ ─ (1,836) Net interest income 8,211 208 86 8,505 Total fee and other income 13,874 12,613 2 26,489 Total non-interest revenue 13,874 12,613 2 26,489 Total revenues, net of interest expense 22,085 12,821 88 34,994 Operating and other expenses: Interest expense (773) (340) (3,780) (4,893) Operating expenses (11,151) (11,481) (9,120) (31,752) Other expenses, net (34,693) (600) (127) (35,420) Total operating and other expenses (46,617) (12,421) (13,027) (72,065) Gains on sales and operations of real estate, net 6,237 ─ ─ 6,237 Equity in income from unconsolidated funds and ventures (854) 327 ─ (527) Net (losses) gains on assets, derivatives and extinguishment of liabilities (210) (250) 4,837 4,377 (Loss) income from continuing operations before income taxes (19,359) 477 (8,102) (26,984) Income tax benefit ─ 278 337 615 Income from discontinued operations, net of tax 432 ─ ─ 432 Net (loss) income (18,927) 755 (7,765) (25,937) Loss (income) allocable to noncontrolling interests: Net losses (income) allocable to noncontrolling interests in CFVs: Related to continuing operations 45,391 (52) ─ 45,339 Net income (loss) allocable to common shareholders $ 26,464 $ 703 $ (7,765) $ 19,402 For the year ended December 31, 2016 U.S. International MMA (in thousands) Operations Operations Corporate Consolidated Total interest income $ 14,793 $ 132 $ 104 $ 15,029 Total interest expense (1,870) ─ (294) (2,164) Net interest income 12,923 132 (190) 12,865 Total fee and other income 5,102 6,770 3 11,875 Total non-interest revenue 5,102 6,770 3 11,875 Total revenues, net of interest expense 18,025 6,902 (187) 24,740 Operating and other expenses: Interest expense (502) (2) (4,309) (4,813) Operating expenses (10,269) (8,993) (6,512) (25,774) Other expenses (34,374) 836 (113) (33,651) Total operating and other expenses (45,145) (8,159) (10,934) (64,238) Gains on sales and operations of real estate, net 1,504 ─ ─ 1,504 Equity in loss from unconsolidated funds and ventures (7,158) (495) ─ (7,653) Net gains (losses) on assets, derivatives and extinguishment of liabilities 14,688 1 (14) 14,675 Net gains transferred into net income from AOCI due to real estate foreclosure 25,860 ─ ─ 25,860 Income (loss) from continuing operations before income taxes 7,774 (1,751) (11,135) (5,112) Income tax expense ─ (300) (379) (679) Income from discontinued operations, net of tax 1,532 ─ ─ 1,532 Net income (loss) 9,306 (2,051) (11,514) (4,259) Loss allocable to noncontrolling interests: Net losses (income) allocable to noncontrolling interests in CFVs: Related to continuing operations 46,686 (75) ─ 46,611 Net income (loss) allocable to common shareholders $ 55,992 $ (2,126) $ (11,514) $ 42,352 |
Reconciliation of Assets from Segment to Consolidated | December 31, December 31, (in thousands) 2017 2016 ASSETS U.S. Operations (includes $158,469 and $205,908 related to CFVs) $ 462,547 $ 517,286 Corporate Operations 39,555 48,459 International Operations 29,784 8,454 Total MMA consolidated assets $ 531,886 $ 574,199 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2016 | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Operating Loss Carryforwards | $ | $ 378.9 | $ 400.9 | |
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Non Accrual Bonds | $ 8 | $ 7 | |
Non Accrual Bonds Interest Income Cash Basis Method | 0.3 | 0.3 | $ 1.7 |
Interest Income Non Accrual Bonds Not Recognized | 0.6 | 0.6 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 13.1 | ||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 29.1 | ||
Increase Decrease in Fair Value Of Bonds | (12.4) | ||
Proceeds From Sale or Redemption Of Available For Sale Securities | $ 7.4 | $ 23.2 | $ 15.3 |
Weighted average pay rate on available-for-sale bonds | 6.20% | 6.10% | |
Weighted Average Expected Maturity, Investments, not Currently Prepayable | 4 years 1 month 6 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 | $ 16.5 |
BONDS AVAILABLE-FOR-SALE (Bonds
BONDS AVAILABLE-FOR-SALE (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 142,522 | $ 154,154 |
Amortized Cost | 99,145 | 114,983 |
Gross Unrealized Gains | 40,998 | |
Gross Unrealized Losses | 155,981 | |
Fair Value | 149,054 | $ 155,981 |
FV as a % of UPB | 101.00% | |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | 148,046 | |
Amortized Cost | 104,622 | |
Gross Unrealized Gains | 44,790 | |
Gross Unrealized Losses | (358) | |
Fair Value | $ 149,054 | |
FV as a % of UPB | 101.00% | |
Mortgage Revenue Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 105,472 | $ 106,366 |
Amortized Cost | 67,982 | 73,049 |
Gross Unrealized Gains | 43,587 | 36,978 |
Gross Unrealized Losses | $ 110,027 | |
Fair Value | $ 111,569 | |
FV as a % of UPB | 106.00% | 103.00% |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 37,050 | $ 47,788 |
Amortized Cost | 31,163 | 41,934 |
Gross Unrealized Gains | 1,203 | 4,020 |
Gross Unrealized Losses | (331) | $ 45,954 |
Fair Value | $ 32,035 | |
FV as a % of UPB | 86.00% | 96.00% |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 5,524 | |
Amortized Cost | 5,477 | |
Gross Unrealized Losses | (27) | |
Fair Value | $ 5,450 | |
FV as a % of UPB | 99.00% |
BONDS AVAILABLE-FOR-SALE (Bon43
BONDS AVAILABLE-FOR-SALE (Bonds with Prepayment Features ) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Bonds Unpaid Principal Balance [Abstract] | ||
Bonds unpaid principal balance for, December 31, 2017 | $ 27,050 | |
Bonds unpaid principal balance, 2018 | 1,894 | |
Bonds unpaid principal balance, 2020 | 5,210 | |
Bonds unpaid principal balance, 2021 | 46,276 | |
Bonds unpaid principal balance, thereafter | 62,092 | |
Unpaid principal balance | 142,522 | $ 154,154 |
Amortized Cost, Bonds that may be prepaid without restrictions | ||
Amortized Cost, December 31, 2017 | 21,163 | |
Amortized Cost, 2018 | 243 | |
Amortized Cost, 2020 | 4,120 | |
Amortized Cost, 2021 | 27,353 | |
Amortized Cost, Thereafter | 46,266 | |
Amortized Cost | 99,145 | 114,983 |
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, December 31, 2017 | 21,824 | |
Fair Value, 2018 | 2,168 | |
Fair Value, 2020 | 5,339 | |
Fair Value, 2021 | 50,814 | |
Fair Value, Thereafter | 63,459 | |
Fair Value, Total | 149,054 | 155,981 |
Debt Securities [Member] | ||
Bonds Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance | 148,046 | |
Amortized Cost, Bonds that may be prepaid without restrictions | ||
Amortized Cost | 104,622 | |
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, Total | 149,054 | |
Debt Securites excluding Treasury Securites [Member] | ||
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, Total | 143,604 | |
Mortgage Revenue Bonds [Member] | ||
Bonds Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance | 105,472 | 106,366 |
Amortized Cost, Bonds that may be prepaid without restrictions | ||
Amortized Cost | 67,982 | 73,049 |
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, Total | 111,569 | |
Other Debt Obligations [Member] | ||
Bonds Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance | 37,050 | 47,788 |
Amortized Cost, Bonds that may be prepaid without restrictions | ||
Amortized Cost | 31,163 | $ 41,934 |
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, Total | 32,035 | |
US Treasury Securities [Member] | ||
Bonds Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance | 5,524 | |
Amortized Cost, Bonds that may be prepaid without restrictions | ||
Amortized Cost | 5,477 | |
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, Total | $ 5,450 |
BONDS AVAILABLE-FOR-SALE (Bond
BONDS AVAILABLE-FOR-SALE (Bond Aging Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total current | $ 135,571 | $ 148,967 |
30-59 days past due | ||
60-89 days past due | ||
90 days or greater | 8,033 | 7,014 |
Total | 149,054 | $ 155,981 |
Debt Securities [Member] | ||
Total | 149,054 | |
Mortgage Revenue Bonds [Member] | ||
Total | 111,569 | |
Other Debt Obligations [Member] | ||
Total | 32,035 | |
US Treasury Securities [Member] | ||
Total | 5,450 | |
Debt Securites excluding Treasury Securites [Member] | ||
Total | $ 143,604 |
BONDS AVAILABLE-FOR-SALE (Reali
BONDS AVAILABLE-FOR-SALE (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Bonds Available-For-Sale [Abstract] | ||||||||
Net impairment recognized on bonds held at each period-end | $ (945) | |||||||
Net impairment recognized on bonds sold/redeemed during each period | $ (179) | |||||||
(Losses) gains recognized at time of sale or redemption | $ 620 | $ 9,963 | $ (69) | $ 28 | $ 2,295 | 620 | $ 12,217 | 6,513 |
Total net (losses) gains on bonds | $ (325) | $ 12,217 | $ 6,334 |
INVESTMENTS IN PARTNERSHIPS A46
INVESTMENTS IN PARTNERSHIPS AND VENTURES (Narrative) (Details) $ in Thousands, R in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($)entity | Dec. 31, 2016USD ($)entity | Dec. 31, 2015USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2017USD ($) | Sep. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 244,191 | $ 232,418 | |||||
Equity in gains (losses) from equity method investments | $ (810) | (8,382) | $ (21,354) | ||||
Commitments and Contingencies | |||||||
Loans and Leases Receivable, Net Amount, Total | 4,809 | 968 | |||||
U.S. Real Estate Partnerships [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | $ 27,596 | $ 19,114 | |||||
Payments to acquire equity method investments | $ 8,800 | ||||||
Equity method investment, ownership percentage | 80.00% | 67.00% | 67.00% | 33.00% | |||
Number of Variable Interest Entities | entity | 2 | 3 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 11,100 | $ 1,000 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 11,100 | 1,000 | |||||
U.S. Real Estate Partnerships formed in Q4 2014[Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | 18,100 | ||||||
U.S. Real Estate Partnerships formed in Q3 2017 [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, ownership percentage | 98.99% | ||||||
U.S. Real Estate Partnerships, Other [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | 200 | ||||||
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 | 17,151 | |||||
Equity In Income From SAWHF [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | 14,500 | ||||||
IHS Residential Partners One [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | 2,100 | ||||||
Variable Interest Entity, Maximum Committed Financial or Other Support | R | R 180 | ||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 13,200 | 14,500 | |||||
IHS Fund II SA [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investments | 600 | ||||||
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 | $ 97,011 | |||||
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 | $ 22,100 | ||||||
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 A47
INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 232,418 | $ 244,191 |
U.S. Real Estate Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 19,114 | 27,596 |
IHS Managed Funds and Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 17,151 | 3,296 |
Solar Facilities Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 97,011 | 75,526 |
Lower Tier Property Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 99,142 | 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 | 1,046 | 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 | $ 2,122 | $ 1,955 |
INVESTMENTS IN PARTNERSHIPS A48
INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. Real Estate Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 57,712 | $ 97,659 |
Debt | 7,037 | 21,927 |
Other Liabilities | 22,030 | 25,220 |
IHS Managed Funds and Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 306,690 | 261,082 |
Debt | 113,007 | 106,664 |
Other Liabilities | 7,103 | 3,551 |
Solar Facilities Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 399,758 | 158,365 |
Other Liabilities | 5,111 | 4,905 |
Noncontrolling Interest | $ 87,699 | $ 64,472 |
INVESTMENTS IN PARTNERSHIPS A49
INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Real Estate Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gross Revenue | $ 3,814 | $ 7,395 | $ 9,003 |
Operating expenses | 1,744 | 4,611 | 6,374 |
Net income (loss) | 10,722 | 2,952 | (1,345) |
IHS Managed Funds and Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gross Revenue | 32,175 | 19,238 | 22,253 |
Operating expenses | 45,993 | 24,565 | 30,274 |
Net income (loss) | (4,174) | (19,718) | (5,646) |
Solar Facilities Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gross Revenue | 29,777 | 3,089 | 2,332 |
Operating expenses | 5,870 | 2,115 | 1,019 |
Net income (loss) | 23,988 | 1,206 | 1,313 |
Net income attributable to the entity | $ 16,227 | $ 319 | $ 1,313 |
OTHER ASSETS (Narrative, Loans
OTHER ASSETS (Narrative, Loans Held-for-Investment and Held-for-Sale) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable Unpaid Principal Balance | $ 6,800 | $ 16,800 | $ 6,800 | $ 16,800 | ||||
Loans and Leases Receivable, Deferred Income | 5,700 | 7,600 | 5,700 | 7,600 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 6,400 | 6,400 | 6,400 | 6,400 | ||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 500 | 500 | 500 | 500 | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 0 | 0 | 0 | 0 | ||||
Loans Receivable, Held-For-Sale, Cost Basis | 6,000 | 6,000 | 6,000 | 6,000 | ||||
Net gains on sale of real estate estate and other investments | 39 | $ 1,526 | $ 174 | (16) | $ 116 | 1,739 | 100 | |
MGM Loan [Member] | Subsequent Event [Member] | ||||||||
Loans and Leases Receivable Unpaid Principal Balance | $ 9,000 | |||||||
Financing Receivable, Interest Rate | 11.00% | |||||||
Fair Value Option Loan [Member] | ||||||||
Loans and Leases Receivable Unpaid Principal Balance | 10,000 | 10,000 | ||||||
Fair Value, Option, Fair Value | 3,800 | 3,800 | ||||||
Solar Facilities [Member] | ||||||||
Property, Plant and Equipment, Net | 1,100 | 1,300 | 1,100 | 1,300 | ||||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 1,300 | $ 1,700 | $ 1,300 | $ 1,700 |
OTHER ASSETS (Narrative, Remain
OTHER ASSETS (Narrative, Remainder) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset management fees and reimbursements | $ 5,638 | $ 7,750 | $ 6,776 | $ 4,519 | $ 2,324 | $ 2,430 | $ 2,261 | $ 1,892 | $ 24,683 | $ 8,907 | $ 6,890 |
Net (losses) gains on derivatives and other assets | (791) | 1,430 | (968) | $ 2,039 | |||||||
Gains (Losses) on Sales of Other Real Estate | 39 | $ 1,526 | $ 174 | (16) | $ 116 | 1,739 | 100 | ||||
Accrued Fees and Other Revenue Receivable | 2,794 | 1,406 | 2,794 | 1,406 | |||||||
Derivative Asset, Noncurrent | 6,865 | 7,884 | 6,865 | 7,884 | |||||||
Derivative Asset | 6,865 | 7,884 | 6,865 | 7,884 | |||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |||||||||
IHS Funds and Ventures [Member] | |||||||||||
Accrued Fees and Other Revenue Receivable | 2,100 | 900 | 2,100 | 900 | |||||||
TC Fund I [Member] | |||||||||||
Asset management fees and reimbursements | 100 | ||||||||||
Loan Origination Commitments [Member] | |||||||||||
Unfunded Loan Origination Commitments | $ 0 | $ 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 | Dec. 31, 2017 | Dec. 31, 2016 |
Other assets: | ||
Loan receivable held-for-investment | $ 968 | $ 4,809 |
Real estate owned | 3,447 | 3,267 |
Derivative assets | 6,865 | 7,884 |
Accrued interest and dividends receivable | 1,558 | 1,822 |
Asset management fees receivable | 2,794 | 1,406 |
Other assets | 4,025 | 5,526 |
Total other assets | 50,228 | 70,998 |
Consolidated Funds and Ventures [Member] | ||
Other assets: | ||
Total other assets | 29,315 | 44,551 |
Solar Facilities Investment [Member] | ||
Other assets: | ||
Total other assets | $ 1,256 | $ 1,733 |
OTHER ASSETS (Loans Held for In
OTHER ASSETS (Loans Held for Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Amortized cost | $ 9,202 | $ 1,046 |
Net losses included in earnings | (3,565) | |
Allowance for loan losses | (828) | (78) |
Loans held for investment, net | $ 4,809 | $ 968 |
OTHER ASSETS (REO held for use,
OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Other assets | $ 50,228 | $ 70,998 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 24,562 | 23,584 |
Other assets | 5,371 | 7,464 |
Real estate held for use, net | 23,944 | 36,942 |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | 23,944 | 36,942 |
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, gross | 23,058 | 33,281 |
Accumulated depreciation | (2,250) | (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 | 3,447 | 3,267 |
REO held for use, net [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, gross | 828 | 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 | 12 Months Ended | ||||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | $ 1,009 | $ 3,829 | $ (17) | $ 4,838 | $ (17) | $ 4,175 |
Letters of Credit Outstanding, Amount | 0 | 0 | ||||
Notes Payable and Other Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Excluding Current Maturities, Total | 11,653 | 16,869 | ||||
Subordinated Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Excluding Current Maturities, Total | 97,700 | 125,899 | ||||
Debt Instrument, Repurchased Face Amount | 26,400 | |||||
Principal | 91,648 | |||||
Notes Payable and Other Debt - Bond Related [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Excluding Current Maturities, Total | 42,071 | $ 79,137 | ||||
Notes Payable and Other Debt - Bond Related, Bond One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 4,900 | |||||
Notes Payable and Other Debt - Bond Related, Bond Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 9,800 | |||||
Notes Payable and Other Debt - Bond Related, Bond Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 2,600 | |||||
TRS Financing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Underlying Bond Notional Amount | $ 79,500 | |||||
Underlying Bond Interest Rate | 6.50% | |||||
Long-term Debt, Gross | $ 79,200 | |||||
Derivative, Variable Interest Rate | 3.00% | |||||
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 | $ 8,700 | |||||
Percentage Of Ownership Acquired | 11.85% | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 4,700 | |||||
London Interbank Offered Rate (LIBOR) [Member] | TRS Financing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 3.00% |
DEBT (Outstanding Debt Balances
DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 224,448 | $ 243,071 |
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | 3.00% |
Asset Related Debt And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 211,593 | $ 230,042 |
Debt Instrument, Interest Rate, Effective Percentage | 3.30% | 2.80% |
Asset Related Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 83,838 | $ 82,029 |
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | 2.10% |
Notes Payable and Other Debt - Bond Related [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 41,767 | $ 2,892 |
Debt, Due after one year | $ 42,071 | $ 79,137 |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 3.20% | 2.20% |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 2.90% | 2.10% |
Unamortized Debt Issuance Expense | $ 100 | |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 127,755 | $ 148,013 |
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | 3.30% |
Notes Payable and Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 16,105 | $ 1,948 |
Debt, Due after one year | $ 11,653 | $ 16,869 |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 2.90% | 3.90% |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 11.50% | 2.30% |
Subordinated Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 2,297 | $ 3,297 |
Debt, Due after one year | 97,700 | $ 125,899 |
Debt, Carrying Value | $ 99,997 | |
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 | $ 8,300 | $ 8,700 |
Debt Related To Consolidated Funds and Ventures [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | 6,897 | 6,885 |
Debt, Due after one year | 5,958 | 6,144 |
Debt, Carrying Value | $ 12,855 | $ 13,029 |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 6.50% | 5.70% |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 4.00% | 4.00% |
Debt Instrument, Interest Rate, Effective Percentage | 5.30% | 4.90% |
DEBT (Principal Commitments) (D
DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 66,524 | |
2,019 | 13,151 | |
2,020 | 37,774 | |
2,021 | 8,835 | |
2,022 | 1,813 | |
Thereafter | 87,639 | |
Net premium and debt issue costs | 8,712 | |
Total | 224,448 | $ 243,071 |
Consolidated Funds and Ventures [Member] | ||
Debt Instrument [Line Items] | ||
Total | 12,855 | 13,029 |
Asset Related Debt And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 59,711 | |
2,019 | 13,042 | |
2,020 | 37,658 | |
2,021 | 8,710 | |
2,022 | 1,679 | |
Thereafter | 82,906 | |
Net premium and debt issue costs | 7,887 | |
Total | 211,593 | 230,042 |
Debt Related To Consolidated Funds and Ventures [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 6,813 | |
2,019 | 109 | |
2,020 | 116 | |
2,021 | 125 | |
2,022 | 134 | |
Thereafter | 4,733 | |
Net premium and debt issue costs | 825 | |
Total | $ 12,855 | $ 13,029 |
DEBT (Subordinate Debt) (Detail
DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Net Premium and Debt Issuance Costs | $ 8,712 | |
Carrying Value | 224,448 | $ 243,071 |
Subordinated Loan [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 91,648 | |
Net Premium and Debt Issuance Costs | 8,349 | |
Carrying Value | 99,997 | |
Subordinated Loan [Member] | Mfh Issue 1 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 27,063 | |
Net Premium and Debt Issuance Costs | 2,543 | |
Carrying Value | $ 29,606 | |
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 | $ 24,609 | |
Net Premium and Debt Issuance Costs | 2,323 | |
Carrying Value | $ 26,932 | |
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 | $ 14,185 | |
Net Premium and Debt Issuance Costs | 1,236 | |
Carrying Value | $ 15,421 | |
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 | $ 25,791 | |
Net Premium and Debt Issuance Costs | 2,247 | |
Carrying Value | $ 28,038 | |
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 | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 6,865 | $ 7,884 |
Derivative Liability | 319 | 379 |
Total Return Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 2,347 | 2,327 |
Derivative Liability | 46 | 372 |
Basis Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 439 | 176 |
Derivative Liability | 26 | 7 |
Interest rate cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 788 | 1,553 |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3,291 | $ 3,828 |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 247 |
DERIVATIVE INSTRUMENTS (Sched60
DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | $ 397,153 |
Total Return Swap [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | 72,290 |
Basis Swap [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | 100,500 |
Interest rate cap [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | 80,000 |
Interest rate swap [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | 140,000 |
Foreign Exchange Forward [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | $ 4,363 |
DERIVATIVE INSTRUMENTS (Summary
DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ 1,710 | $ 4,983 | $ 3,996 |
Total Return Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 3,255 | 3,463 | 4,446 |
Payments For Proceeds From Derivative Instrument Operating Activities | 3,000 | 4,100 | |
Basis Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 196 | 161 | |
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 | (765) | 642 | (172) |
Interest rate swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | (726) | 3,317 | $ (278) |
Foreign Exchange Forward [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (250) | ||
Warrant [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (2,600) |
FAIR VALUE (Narrative) (Details
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Net unrealized gains (losses) arising during the period | $ 4,216 | $ 14,553 | $ 18,374 | ||||||||
Reversal of net unrealized gains on sold/redeemed bonds | 620 | 12,017 | 4,992 | ||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | (135) | 179 | |||||||||
Asset Impairment Charges, Total | $ 4,068 | $ 10,551 | $ 6,795 | $ 4,605 | $ 5,080 | $ 7,265 | $ 6,504 | $ 6,125 | $ 26,019 | $ 24,974 | $ 31,720 |
Subordinated Debt Obligations [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Fair Value Inputs, Discount Rate | 14.00% | 14.50% | |||||||||
Subordinated Debt Obligations, Fair Value Disclosure | 43,300 | $ 43,300 | |||||||||
Minimum [Member] | Subordinated Debt Obligations [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Fair Value Inputs, Discount Rate | 11.50% | ||||||||||
Subordinated Debt Obligations, Fair Value Disclosure | 37,300 | $ 37,300 | |||||||||
Maximum [Member] | Subordinated Debt Obligations [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Fair Value Inputs, Discount Rate | 16.50% | ||||||||||
Subordinated Debt Obligations, Fair Value Disclosure | $ 51,200 | $ 51,200 |
FAIR VALUE (Fair Value of Asset
FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Derivative assets | $ 6,865 | $ 7,884 |
Liabilities: | ||
Derivative liabilities | 319 | 379 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Loans held for investment | 2,329 | 1,106 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investments in bonds | 149,054 | 155,981 |
Loans held-for-sale | 3,835 | |
Derivative assets | 6,865 | 7,884 |
Liabilities: | ||
Derivative liabilities | 319 | 379 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investments in bonds | 5,450 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative assets | 4,518 | 5,557 |
Liabilities: | ||
Derivative liabilities | 273 | 7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments in bonds | 143,604 | 155,981 |
Loans held-for-sale | 3,835 | |
Derivative assets | 2,347 | 2,327 |
Liabilities: | ||
Derivative liabilities | $ 46 | $ 372 |
FAIR VALUE (Activity for Assets
FAIR VALUE (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | $ 155,981 | $ 218,439 | $ 222,899 |
Net (losses) gains included in earnings | (5,265) | (4,776) | (5,517) |
Net change in other comprehensive income | 3,461 | 2,536 | 13,561 |
Impact from purchases | 7,217 | 15,123 | |
Impact from sales/redemptions | (6,784) | (10,986) | (21,571) |
Impact from bonds extinguished due to consolidation or real estate foreclosure | (42,079) | ||
Impact from settlements | (3,789) | (14,370) | (6,056) |
Balance at ending period | 143,604 | 155,981 | 218,439 |
Loans Receivable [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | 3,835 | ||
Net (losses) gains included in earnings | (5,335) | (3,391) | |
Impact from purchases | 14,028 | ||
Impact from originations | 1,500 | 39,233 | |
Impact from sales/redemptions | (14,028) | (34,285) | |
Transfer from loans HFS to loans HFI | 2,278 | ||
Balance at ending period | 3,835 | ||
Loans Held-for-sale [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | 3,835 | 6,417 | |
Impact from originations | 4,531 | 13,373 | |
Impact from sales/redemptions | (8,670) | (6,956) | |
Transfer from loans HFS to loans HFI | (2,278) | ||
Balance at ending period | 3,835 | 6,417 | |
Derivative Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | 2,327 | 3,658 | 2,539 |
Net (losses) gains included in earnings | 20 | (3,931) | 1,418 |
Impact from loan originations | 2,600 | ||
Impact from settlements | (299) | ||
Balance at ending period | 2,347 | 2,327 | 3,658 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | (372) | (1,713) | (753) |
Net (losses) gains included in earnings | 326 | 577 | (960) |
Impact from settlements | 764 | ||
Balance at ending period | $ (46) | $ (372) | $ (1,713) |
FAIR VALUE (Amount of Activity
FAIR VALUE (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ (945) | ||
Change in unrealized losses related to assets and liabilities settled during the period | $ (179) | ||
Additional realized gains (losses) recognized | 620 | 12,217 | 6,513 |
Total gains (losses) reported in earnings | (325) | 12,217 | 6,334 |
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 | (4,320) | (4,240) | (6,093) |
Change in unrealized losses related to assets and liabilities settled during the period | (536) | 755 | |
Total gains (losses) reported in earnings | (4,320) | (4,776) | (5,338) |
Loans Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in unrealized losses related to assets and liabilities settled during the period | (5,335) | ||
Additional realized gains (losses) recognized | 805 | (3,391) | |
Total gains (losses) reported in earnings | (4,530) | (3,391) | |
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 | 346 | (3,354) | 458 |
Additional realized gains (losses) recognized | 2,909 | 3,805 | 3,710 |
Total gains (losses) reported in earnings | $ 3,255 | $ 451 | $ 4,168 |
FAIR VALUE (Fair Value Measurem
FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 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 | $ 90,963 | $ 93,082 | |
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 8,033 | 7,015 | |
Market yield | 7.50% | ||
Capitalization rate | 6.40% | ||
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 | $ 12,573 | 9,930 | |
Available-for-sale, Infrastructure Bonds [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 21,824 | 25,145 | |
Cash Flow Probability Of Futre Tax Revenue Growth | 80.00% | ||
Cash Flow Probability Of No Future Tax Revenue Growth | 20.00% | ||
Other Debt Obligations [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 10,211 | 20,809 | |
Market yield | 4.20% | ||
Loans Held-for-sale [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 3,835 | $ 6,417 | |
Total Return Swap [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) | $ 2,301 | $ 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 | 4.30% | 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 | 6.70% | 7.30% | |
Capitalization rate | 5.80% | 6.00% | |
NOI annual growth rate | 0.60% | 0.40% | |
Minimum [Member] | Available-for-sale, Infrastructure Bonds [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Market yield | 7.30% | ||
Capitalization rate | 7.10% | ||
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 | 4.10% | 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 | 6.70% | 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 | 7.00% | 7.40% | |
Capitalization rate | 6.10% | 6.40% | |
NOI annual growth rate | 0.90% | 0.80% | |
Maximum [Member] | Available-for-sale, Infrastructure Bonds [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Market yield | 9.20% | 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 | 5.30% | 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 | 5.00% | 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 | 7.50% | 8.10% | |
Capitalization rate | 6.40% | 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 | 6.80% | 7.40% | |
Capitalization rate | 5.90% | 6.20% | |
NOI annual growth rate | 0.80% | 0.50% | |
Weighted Average [Member] | Available-for-sale, Infrastructure Bonds [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Market yield | 8.00% | 8.00% | |
Cash Flow Probability Of Futre Tax Revenue Growth | 80.00% | ||
Cash Flow Probability Of No Future Tax Revenue Growth | 20.00% | ||
Weighted Average [Member] | Other Debt Obligations [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Market yield | 4.20% | 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 | 5.00% | 5.00% |
FAIR VALUE (Carrying Amounts an
FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities: | ||
Guarantor Obligations, Unamortized Fees | $ 7,500 | $ 8,600 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 39,347 | 45,525 |
Restricted cash | 36,277 | 33,920 |
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds and Ventures [Member] | ||
Assets: | ||
Restricted cash | 24,562 | 23,584 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Asset management fee receivable | 2,947 | |
Loans held for investment | 2,329 | 1,106 |
Liabilities: | ||
Guarantee obligations | 10,301 | 12,616 |
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member] | ||
Assets: | ||
Loans held for investment | 497 | 488 |
Fair Value, Inputs, Level 3 [Member] | TC Fund I [Member] | ||
Assets: | ||
Asset management fee receivable | 116 | |
Guarantee fee receivable | 1,348 | |
Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Notes payable and other debt | 83,879 | 82,118 |
Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Notes payable and other debt | 28,174 | 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 | 5,885 | 5,956 |
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFH [Member] | ||
Liabilities: | ||
Subordinated debt | 43,256 | 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 | 39,347 | 45,525 |
Restricted cash | 36,277 | 33,920 |
Loans held for investment | 968 | 974 |
Liabilities: | ||
Guarantee obligations | 2,840 | 4,003 |
Reported Value Measurement [Member] | Consolidated Funds and Ventures [Member] | ||
Assets: | ||
Restricted cash | 24,562 | 23,584 |
Loans held for investment | 65 | 65 |
Reported Value Measurement [Member] | TC Fund I [Member] | ||
Assets: | ||
Asset management fee receivable | 116 | |
Guarantee fee receivable | 1,348 | |
Reported Value Measurement [Member] | Bond Related Debt [Member] | ||
Liabilities: | ||
Notes payable and other debt | 83,838 | 82,029 |
Reported Value Measurement [Member] | Non Bond Related Debt [Member] | ||
Liabilities: | ||
Notes payable and other debt | 27,758 | 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 | 12,855 | 13,029 |
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFH [Member] | ||
Liabilities: | ||
Subordinated debt | $ 99,997 | 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 | 12 Months Ended | ||
Nov. 30, 2016 | Sep. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)agreement | Dec. 31, 2016USD ($) | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Guarantor Obligations, Unamortized Fees | $ 7,500 | $ 8,600 | |||
Guaranteed Funds [Member] | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Guaranteed Funds | agreement | 11 | ||||
Guarantor Obligations, Reserves | 15,500 | ||||
Guarantor Obligations, Payment | $ 900 | ||||
Guarantor Obligations, Unamortized Fees | $ 7,500 | 8,600 | |||
Maximum Exposure | 237,901 | 392,518 | |||
Carrying Amount | 186 | ||||
Ownership percentage | 0.01% | ||||
TC Fund I [Member] | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Guarantor Obligations, Unamortized Fees | $ 2,800 | 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 | $ 108,142 | 109,587 | |||
Carrying Amount | 2,840 | 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 | 25,600 | |||
Maximum Exposure | $ 388,400 |
GUARANTEES AND COLLATERAL (Summ
GUARANTEES AND COLLATERAL (Summary of Guarantees) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Guaranteed Funds [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | $ 237,901 | $ 392,518 |
Carrying Amount | 186 | |
Eleven Guaranteed Funds [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 237,900 | |
TC Fund I [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 108,142 | 109,587 |
Carrying Amount | $ 2,840 | 3,805 |
Lower Tier Property Partnerships [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 536 | |
Carrying Amount | $ 12 |
GUARANTEES AND COLLATERAL (Coll
GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | $ 60,839 | $ 57,504 |
Bonds Available-for-Sale | 134,352 | 135,614 |
Investments in partnerships | 99,142 | 137,773 |
Other Assets | 29,315 | 44,551 |
Total Assets Pledged | 323,648 | 375,442 |
Debt and derivatives TRSs [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 9,160 | 13,928 |
Bonds Available-for-Sale | 128,902 | 129,746 |
Total Assets Pledged | 138,062 | 143,674 |
Other, Pledged or Restricted [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 27,117 | 19,992 |
Bonds Available-for-Sale | 5,868 | |
Total Assets Pledged | 27,117 | 25,860 |
Consolidated Funds and Ventures [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 24,562 | 23,584 |
Bonds Available-for-Sale | 5,450 | |
Investments in partnerships | 99,142 | 137,773 |
Other Assets | 29,315 | 44,551 |
Total Assets Pledged | $ 158,469 | $ 205,908 |
COMMITMENTS AND CONTINGENCIES71
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 0.3 | $ 0.2 | $ 0.5 |
COMMITMENTS AND CONTINGENCIES72
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 319 |
2,019 | 339 |
2,020 | 326 |
2,021 | 340 |
2,022 | 361 |
Thereafter | 210 |
Total minimum future rental commitments | $ 1,895 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 580,000 | ||
Held By Third Party | 4.90% | ||
Stock Repurchase Program [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased During Period, Shares | 400,056 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 24.01 | ||
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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||||||||||
Net income (loss) from continuing operations | $ 18,970 | $ 40,820 | $ 18,399 | ||||||||
Net income from discontinued operations | 432 | 1,532 | 327 | ||||||||
Net income to common shareholders | $ 5,508 | $ 9,921 | $ 7,417 | $ (3,444) | $ 16,442 | $ 4,175 | $ 5,130 | $ 16,605 | $ 19,402 | $ 42,352 | $ 18,726 |
Basic weighted-average shares | 5,838,000 | 5,871,000 | 5,893,000 | 5,937,000 | 6,034 | 6,174 | 6,289 | 6,523 | 5,858,000 | 6,254,000 | 6,881,000 |
Common stock equivalents | 374,000 | ||||||||||
Diluted weighted-average shares | 6,223,000 | 5,871,000 | 6,275,000 | 5,937,000 | 6,408 | 6,549 | 6,289 | 6,882 | 5,858,000 | 6,628,000 | 6,881,000 |
Common Stock Equivalents Employee Options | 410,000 | 410,000 | 410,000 | 410,000 | 410,000 | ||||||
Incremental Common Shares Attributable to Call Options and Warrants | 382,790 | 372,194 | 339,689 | ||||||||
Unvested Employee Deferred Shares | 9,468 | 9,468 | |||||||||
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends | 2,044 | 12,348 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,663 | 24,211 |
EQUITY (Noncontrolling Interest
EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||
Minority Interest | $ 89,529 | $ 134,999 |
L I H T C Funds [Member] | ||
Noncontrolling Interest [Line Items] | ||
Minority Interest | 83,909 | 128,734 |
Consolidated Property Partnerships [Member] | ||
Noncontrolling Interest [Line Items] | ||
Minority Interest | $ 5,620 | 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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract] | |||
Beginning Balance | $ 37,818 | ||
Unrealized net gains (losses) | 4,090 | $ 14,486 | $ 15,893 |
Reversal of net unrealized gains on sold or redeemed bonds | (620) | (12,017) | (4,992) |
Reclassification of unrealized losses to operations due to impairment | (135) | 179 | |
Reclassification of unrealized gains from AOCI to Net Income due to consolidation and foreclosure | (25,860) | ||
Other | 3,335 | ||
Ending Balance | 41,153 | 37,818 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance | 37,818 | 61,209 | 50,129 |
Net change in AOCI | 3,309 | (23,391) | 11,104 |
Other Comprehensive Income, Other, Net of Tax | 11,080 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 12,017 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | 3,335 | (23,391) | 11,080 |
Ending Balance | 41,153 | 37,818 | 61,209 |
Bonds Avialable for-sale | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract] | |||
Beginning Balance | 40,998 | 64,322 | 50,761 |
Unrealized net gains (losses) | 4,216 | 14,553 | 18,374 |
Reversal of net unrealized gains on sold or redeemed bonds | (620) | (12,017) | (4,992) |
Reclassification of unrealized losses to operations due to impairment | (135) | 179 | |
Reclassification of unrealized gains from AOCI to Net Income due to consolidation and foreclosure | (25,860) | ||
Ending Balance | 44,459 | 40,998 | 64,322 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net change AOCI, before tax | 3,461 | (23,324) | 13,561 |
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 | (3,180) | (3,113) | (632) |
Unrealized net gains (losses) | (67) | (2,481) | |
Ending Balance | (3,180) | (3,113) | |
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | |||
Beginning Balance | (3,180) | ||
Income tax (expense), benefit | (126) | ||
Ending Balance | $ (3,306) | (3,180) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net change AOCI, before tax | $ (67) | $ (2,481) |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 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 | $ 2,200 | ||
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] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 120 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,130,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | |||
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued | 405,758 | ||
Rate Of Cash Based Compensation | 50.00% | ||
Board Of Directors Chairman [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional Stock based Compensation | $ 20 | ||
Audit Committee Chair [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional Stock based Compensation | 15 | ||
Other Committee Chairs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional Stock based Compensation | $ 10 |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 2,680 | $ 2,228 | $ 2,447 |
Employees' Stock-Based Compensation Plans [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 2,175 | 1,903 | 2,152 |
Non-employee Directors' Stock-Based Compensation Plans [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 505 | $ 325 | $ 295 |
STOCK-BASED COMPENSATION (Sum79
STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 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 4 months 24 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 4 months 24 days | 4 years 4 months 24 days | |
Aggregate Intrinsic Value | $ 9,322 | $ 7,149 | $ 5,283 |
Period End Liability | $ 9,342 | $ 7,166 | $ 5,282 |
STOCK-BASED COMPENSATION (Sum80
STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Cash | $ 3,820,000 | $ 6,252,000 | $ 3,421,000 | $ 5,870,000 | $ 4,826,000 | $ 4,288,000 | $ 3,919,000 | $ 4,080,000 | $ 19,363,000 | $ 17,113,000 | $ 15,733,000 |
Non-employee Directors' Stock-Based Compensation Plans [Member] | |||||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Cash | $ 252,500 | $ 162,500 | $ 147,500 | ||||||||
Weighted - average Grant Date Share Price | $ 24.23 | $ 17.31 | $ 11.85 | ||||||||
Options Vested | |||||||||||
Directors' Fees Expense | $ 505,000 | $ 325,000 | $ 295,000 | ||||||||
Non-employee Directors' Stock-Based Compensation Plans [Member] | Common Shares [Member] | |||||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Granted | 4,779 | ||||||||||
Non-employee Directors' Stock-Based Compensation Plans [Member] | Deferred Shares [Member] | |||||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Granted | 10,419 | 9,387 | 7,670 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Deferred Tax Assets, Valuation Allowance | $ 139,987 | $ 203,794 | $ 203,202 |
Taxes Payable | $ 100 | 300 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 54,000 | ||
Operating Loss Carryforwards | 378,900 | 400,900 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | 800 | 800 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | $ 400 | $ 400 |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 600 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||||||||
State income tax (expense) benefit, Current | $ 337 | $ (379) | $ (263) | ||||||||
Foreign income tax (expense) benefit, Current | 278 | (300) | |||||||||
Income tax (expense) benefit | $ 1,165 | $ (384) | $ (424) | $ 258 | $ (530) | $ (43) | $ (34) | $ (72) | $ 615 | $ (679) | $ (263) |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss from continuing operations before income taxes | $ (26,984) | $ (5,112) | $ (36,321) | |||||||||
Income tax benefit at federal statutory rate (35%) | 9,444 | 1,789 | 12,712 | |||||||||
Impact on taxes from entities not subject to tax | (16,519) | (17,518) | (22,214) | |||||||||
State income taxes, net of federal tax effect | (42) | 487 | (2,065) | |||||||||
Impact from other comprehensive income | 9,052 | 309 | ||||||||||
State net operating loss adjustment | (2,354) | 6,620 | 1,490 | |||||||||
Impact from changes to tax law | (54,581) | |||||||||||
Other | 1,011 | 19 | 1,022 | |||||||||
Net decrease in the valuation allowance | 63,656 | (1,128) | 8,483 | |||||||||
Income tax (expense) benefit | $ 1,165 | $ (384) | $ (424) | $ 258 | $ (530) | $ (43) | $ (34) | $ (72) | $ 615 | $ (679) | $ (263) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||||||||
Scenario, Plan [Member] | ||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | |||
Net operating loss, tax credits and other tax carryforwards | $ 121,574 | $ 179,404 | |
Guaranteed fees | 2,829 | 4,984 | |
Asset management fees | 5,470 | 7,719 | |
Cancellation of subordinated debt | 3,581 | 5,394 | |
Other | 6,533 | 6,293 | |
Total deferred tax assets | 139,987 | 203,794 | |
Less: valuation allowance | (139,987) | (203,794) | $ (203,202) |
Total deferred tax assets, net |
INCOME TAXES (Schedule of Def85
INCOME TAXES (Schedule of Deferred Tax Asset Valuation Allowance Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Beginning Balance | $ 203,794 | $ 203,202 |
Net reductions due to discontinued operations | (151) | (536) |
Net reductions due to continuing operations | (63,656) | 1,128 |
Ending Balance | $ 139,987 | $ 203,794 |
INCOME TAXES (Schedule of Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Beginning Balance | $ 2,550 | $ 1,984 | $ 1,466 |
Net increases (reductions) for tax positions of prior years | (841) | 42 | 42 |
Net increases due to tax positions that only affect timing | 154 | 524 | 476 |
Ending Balance | $ 1,863 | $ 2,550 | $ 1,984 |
DISCONTINUED OPERATIONS (Schedu
DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |||||||||||
Other income | $ 197 | $ 333 | $ 333 | ||||||||
Other expense | (16) | (3) | (6) | ||||||||
Net income (loss) before disposal activity | 181 | 330 | 327 | ||||||||
Net gains on disposal | 251 | 1,202 | |||||||||
Net income from discontinued operations | $ 15 | $ 280 | $ 95 | $ 42 | $ 81 | $ 1,285 | $ 83 | $ 83 | 432 | 1,532 | 327 |
Net income to common shareholders from discontinued operations | $ 432 | $ 1,532 | $ 327 |
CONSOLIDATED FUNDS AND VENTUR88
CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from sale of a subsidiary company | $ 4,188 | ||
Lower Tier Property Partnerships Real Estate Held For Use [Member] | |||
Bond Investment in Lower Tier Property Partnerships | $ 89,100 | 87,600 | |
L I H T C Funds [Member] | |||
Real Estate Held-For-Sale | $ 145 | ||
L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member] | |||
Debt, Weighted Average Interest Rate and Cost | 6.50% | 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% | |
Portion of Debt Carrying Value | $ 6,200 | $ 6,300 | |
Related Face Amount to Carrying Value | 5,300 | 5,400 | |
Eleven Guaranteed Funds [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 237,900 | 388,400 | |
Consolidated Funds and Ventures [Member] | |||
Income (Loss) Attributable To Noncontrolling Interest | 45,391 | 46,686 | $ 55,014 |
Depreciation | 1,500 | 1,000 | $ 100 |
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 | |
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 VENTUR89
CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Investments in debt securites | $ 149,054 | $ 155,981 |
Investments in Lower Tier Property Partnerships | 232,418 | 244,191 |
Other assets | 50,228 | 70,998 |
Total assets | 531,886 | 574,199 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 24,562 | 23,584 |
Investments in debt securites | 5,450 | |
Investments in Lower Tier Property Partnerships | 99,142 | 137,773 |
Real estate held for use, net | 23,944 | 36,942 |
Real estate held-for-sale, net | 145 | |
Other assets | 5,371 | 7,464 |
Total assets | 158,469 | 205,908 |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | $ 23,944 | $ 36,942 |
CONSOLIDATED FUNDS AND VENTUR90
CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - Lower Tier Property Partnerships Real Estate Held For Use [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Total assets of Lower Tier Property Partnerships | $ 1,085,998 | $ 1,124,274 |
Debt | 771,027 | 780,180 |
Other Liabilities | $ 165,500 | $ 157,155 |
CONSOLIDATED FUNDS AND VENTUR91
CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-use of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | $ 23,944 | $ 36,942 |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | 23,944 | 36,942 |
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, gross | 23,058 | 33,281 |
Accumulated depreciation | (2,250) | (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 VENTUR92
CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-sale of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Other assets | $ 50,228 | $ 70,998 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 24,562 | 23,584 |
Property, Plant and Equipment, Net | 23,944 | 36,942 |
Other assets | 5,371 | 7,464 |
Real estate held-for-sale, net | 145 | |
Lower Tier Property Partnerships Real Estate Held For Sale [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 145 | |
Real estate held-for-sale, net | 145 | |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Property, Plant and Equipment, Net | 23,944 | 36,942 |
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Accumulated depreciation | 2,250 | 1,085 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 2,250 | $ 1,085 |
CONSOLIDATED FUNDS AND VENTUR93
CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | |||||||||||
Debt | $ 224,448 | $ 243,071 | $ 224,448 | $ 243,071 | |||||||
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships | 8,003 | 8,103 | 8,003 | 8,103 | |||||||
Other liabilities | 62,782 | 54,881 | 62,782 | 54,881 | |||||||
Total liabilities | 304,784 | 313,876 | 304,784 | 313,876 | |||||||
Net loss | (5,989) | $ (3,261) | $ (4,106) | $ (12,581) | 7,643 | $ (8,924) | $ (7,126) | $ 4,148 | (25,937) | (4,259) | $ (36,257) |
Consolidated Funds and Ventures [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Debt | 12,855 | 13,029 | 12,855 | 13,029 | |||||||
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships | 8,003 | 8,103 | 8,003 | 8,103 | |||||||
Asset management fee payable | 31,840 | 28,373 | 31,840 | 28,373 | |||||||
Other liabilities | 4,490 | 4,209 | 4,490 | 4,209 | |||||||
Total liabilities | $ 57,188 | $ 53,714 | 57,188 | 53,714 | |||||||
Gross Revenue | 150,711 | 146,041 | 149,478 | ||||||||
Operating expenses | 88,118 | 84,743 | 87,302 | ||||||||
Net loss | (41,431) | (49,976) | (58,175) | ||||||||
Net income (loss) | $ (23,387) | $ (24,687) | $ (33,063) |
CONSOLIDATED FUNDS AND VENTUR94
CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses: | |||||||||||
Interest expense | $ 510 | $ 471 | $ 444 | $ 411 | $ 478 | $ 585 | $ 552 | $ 549 | $ 1,836 | $ 2,164 | $ 2,338 |
Professional fees | 3,386 | 2,899 | 1,231 | 1,846 | 1,518 | 1,494 | 1,359 | 1,497 | 9,362 | 5,868 | 4,448 |
Asset management fee expense | 2,511 | 1,053 | 1,102 | 1,127 | 1,719 | 1,103 | 1,112 | 1,065 | 5,793 | 4,999 | 4,426 |
Asset impairments | 4,068 | 10,551 | 6,795 | 4,605 | 5,080 | 7,265 | 6,504 | 6,125 | 26,019 | 24,974 | 31,720 |
Total expenses from CFVs | 17,077 | 23,951 | 15,391 | 15,646 | 16,236 | 16,573 | 16,015 | 15,414 | 72,065 | 64,238 | 75,187 |
Net gains (losses) related to CFVs: | |||||||||||
Net gains (losses) on assets and derivatives | 1,953 | 737 | 1,418 | 682 | 1,710 | 4,790 | 9,238 | ||||
Gains on sales and operations of real estate, net | 5,856 | 201 | 135 | 45 | 250 | 1,662 | (495) | 87 | 6,237 | 1,504 | 11,928 |
Equity in losses from Lower Tier Property Partnerships of CFVs | (810) | (8,382) | (21,354) | ||||||||
Net loss | $ (5,989) | $ (3,261) | $ (4,106) | $ (12,581) | $ 7,643 | $ (8,924) | $ (7,126) | $ 4,148 | (25,937) | (4,259) | (36,257) |
IHS PM [Member] | |||||||||||
Net gains (losses) related to CFVs: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs | 52 | 75 | |||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Revenue: | |||||||||||
Interest and other income | 250 | 87 | 352 | ||||||||
Expenses: | |||||||||||
Interest expense | 415 | 377 | 357 | ||||||||
Professional fees | 672 | 533 | 481 | ||||||||
Asset management fee expense | 5,698 | 4,800 | 4,212 | ||||||||
Other operating expenses | 1,836 | 2,338 | 2,743 | ||||||||
Asset impairments | 25,074 | 24,974 | 29,394 | ||||||||
Total expenses from CFVs | 33,695 | 33,022 | 37,187 | ||||||||
Net gains (losses) related to CFVs: | |||||||||||
Rental and other income | 5,312 | 3,150 | 104 | ||||||||
Gains on sales of real estate | 6,061 | 147 | 854 | ||||||||
Depreciation and amortization | (1,542) | (1,010) | (91) | ||||||||
Interest ezpense | (256) | (197) | (27) | ||||||||
Other operating expense | (3,014) | (2,008) | (492) | ||||||||
Impairments | (598) | ||||||||||
Gains on sales and operations of real estate, net | 6,561 | (516) | 348 | ||||||||
Equity in losses from Lower Tier Property Partnerships of CFVs | (14,547) | (16,525) | (21,688) | ||||||||
Net loss | (41,431) | (49,976) | (58,175) | ||||||||
Net losses allocable to noncontrolling interests in CFVs | 45,391 | 46,686 | 55,014 | ||||||||
Net (loss) income allocable to the common shareholders related to CFVs | $ 3,960 | $ (3,290) | $ (3,161) |
CONSOLIDATED FUNDS AND VENTUR95
CONSOLIDATED FUNDS AND VENTURES (Net (Loss) Income Related to CFVs Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | |||||||||||
Asset management fees and reimbursements | $ 5,638 | $ 7,750 | $ 6,776 | $ 4,519 | $ 2,324 | $ 2,430 | $ 2,261 | $ 1,892 | $ 24,683 | $ 8,907 | $ 6,890 |
Interest income | 2,311 | 2,417 | 2,676 | 2,937 | 3,288 | 4,431 | 3,605 | 3,705 | 10,341 | 15,029 | 16,263 |
Equity in income (losses) | (810) | (8,382) | (21,354) | ||||||||
Other expense | $ 1,169 | $ 1,401 | $ 751 | $ 287 | $ 996 | $ 574 | $ 1,293 | $ 815 | 3,608 | 3,678 | 7,987 |
Consolidated Funds and Ventures [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Guarantee fees | 1,152 | 1,238 | 1,324 | ||||||||
Interest income | 1,386 | 502 | |||||||||
Equity in income (losses) | (14,547) | (16,525) | (21,688) | ||||||||
Other expense | (598) | ||||||||||
Net Gain on Real Estate | 5,699 | ||||||||||
Net gain due to consolidation of CFVs | 853 | ||||||||||
Net (loss) income allocable to the common shareholders related to CFVs | 3,960 | (3,290) | (3,161) | ||||||||
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Equity in income (losses) | (4,320) | (4,776) | $ (5,338) | ||||||||
Consolidated Funds and Ventures [Member] | Consolidated Property Partnerships [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Equity in income (losses) | $ 43 | $ 344 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | $ 2,311 | $ 2,417 | $ 2,676 | $ 2,937 | $ 3,288 | $ 4,431 | $ 3,605 | $ 3,705 | $ 10,341 | $ 15,029 | $ 16,263 |
Total interest expense | (510) | (471) | (444) | (411) | (478) | (585) | (552) | (549) | (1,836) | (2,164) | (2,338) |
Net interest income | 1,801 | 1,946 | 2,232 | 2,526 | 2,810 | 3,846 | 3,053 | 3,156 | 8,505 | 12,865 | 13,925 |
Total fee and other income | 26,489 | 11,875 | 13,760 | ||||||||
Total non-interest revenue | 5,872 | 8,555 | 7,232 | 4,830 | 2,582 | 3,539 | 3,215 | 2,539 | 26,489 | 11,875 | 13,760 |
Total revenues, net of interest expense | 7,673 | 10,501 | 9,464 | 7,356 | 5,392 | 7,385 | 6,268 | 5,695 | 34,994 | 24,740 | 27,685 |
Operating and other expenses: | |||||||||||
Interest expense | (1,156) | (1,104) | (1,314) | (1,319) | (1,292) | (1,216) | (1,173) | (1,132) | (4,893) | (4,813) | (7,650) |
Operating expenses | (31,752) | (25,774) | (23,404) | ||||||||
Other expenses, net | (1,169) | (1,401) | (751) | (287) | (996) | (574) | (1,293) | (815) | (3,608) | (3,678) | (7,987) |
Other Expense, Other | 35,420 | 33,651 | 44,133 | ||||||||
Total operating and other expenses | (17,077) | (23,951) | (15,391) | (15,646) | (16,236) | (16,573) | (16,015) | (15,414) | (72,065) | (64,238) | (75,187) |
Gains on sales and operations of real estate, net | 5,856 | 201 | 135 | 45 | 250 | 1,662 | (495) | 87 | 6,237 | 1,504 | 11,928 |
Net gains on assets, derivatives and extinguishment of liabilities | 4,377 | 14,675 | 20,076 | ||||||||
Net gains transferred into net income from AOCI due to real estate foreclosure | 10,213 | 4,205 | 11,442 | 25,860 | |||||||
Equity in (losses) income from unconsolidated funds and ventures | (810) | (8,382) | (21,354) | ||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (20,823) | ||||||||||
Income (loss) from continuing operations before income taxes | (7,169) | (3,157) | (3,777) | (12,881) | 8,092 | (10,166) | (7,175) | 4,137 | (26,984) | (5,112) | (36,321) |
Income tax benefit (expense) | 1,165 | (384) | (424) | 258 | (530) | (43) | (34) | (72) | 615 | (679) | (263) |
Income (loss) from discontinued operations, net of tax | 15 | 280 | 95 | 42 | 81 | 1,285 | 83 | 83 | 432 | 1,532 | 327 |
Net income (loss) | (5,989) | (3,261) | (4,106) | (12,581) | 7,643 | (8,924) | (7,126) | 4,148 | (25,937) | (4,259) | (36,257) |
Net losses allocable to noncontrolling interests in CFVs: | 45,339 | 46,611 | 54,983 | ||||||||
Net income (loss) to common shareholders | 5,508 | 9,921 | 7,417 | (3,444) | 16,442 | 4,175 | 5,130 | 16,605 | 19,402 | 42,352 | 18,726 |
Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | (2,869) | 4,702 | (1,020) | (1,340) | (832) | (3,465) | (2,590) | (766) | (527) | (7,653) | (20,823) |
Consolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Interest expense | (108) | (121) | (93) | (93) | (94) | (95) | (98) | (90) | (415) | (377) | (357) |
Other expenses, net | (457) | (458) | (460) | (461) | (551) | (550) | (547) | (690) | (1,836) | (2,338) | (2,743) |
Gains on sales and operations of real estate, net | 6,180 | 201 | 135 | 45 | 91 | 0 | (568) | (39) | 6,561 | 516 | 348 |
Equity in (losses) income from unconsolidated funds and ventures | (5,422) | (1,863) | (3,879) | (3,383) | (1,638) | (4,944) | (4,716) | (5,227) | 14,547 | 16,525 | 21,688 |
Continuing Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | $ (11,497) | $ (13,182) | $ (11,523) | $ (9,137) | $ (8,799) | $ (13,099) | $ (12,256) | $ (12,457) | 45,339 | 46,611 | 54,983 |
U.S. Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 10,047 | 14,793 | 16,113 | ||||||||
Total interest expense | (1,836) | (1,870) | (1,820) | ||||||||
Net interest income | 8,211 | 12,923 | 14,293 | ||||||||
Total fee and other income | 13,874 | 5,102 | 7,593 | ||||||||
Total non-interest revenue | 13,874 | 5,102 | 7,593 | ||||||||
Total revenues, net of interest expense | 22,085 | 18,025 | 21,886 | ||||||||
Operating and other expenses: | |||||||||||
Interest expense | (773) | (502) | (1,515) | ||||||||
Operating expenses | (11,151) | (10,269) | (8,438) | ||||||||
Other Expense, Other | 34,693 | 34,374 | 38,332 | ||||||||
Total operating and other expenses | (46,617) | (45,145) | (48,285) | ||||||||
Gains on sales and operations of real estate, net | 6,237 | 1,504 | 11,928 | ||||||||
Net gains on assets, derivatives and extinguishment of liabilities | (210) | 14,688 | 15,901 | ||||||||
Net gains transferred into net income from AOCI due to real estate foreclosure | 25,860 | ||||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (20,786) | ||||||||||
Income (loss) from continuing operations before income taxes | (19,359) | 7,774 | (19,356) | ||||||||
Income tax benefit (expense) | (29) | ||||||||||
Income (loss) from discontinued operations, net of tax | 432 | 1,532 | 327 | ||||||||
Net income (loss) | (18,927) | 9,306 | (19,058) | ||||||||
Net income (loss) to common shareholders | 26,464 | 55,992 | 35,956 | ||||||||
U.S. Operations [Member] | Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | (854) | (7,158) | |||||||||
U.S. Operations [Member] | Continuing Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | 45,391 | 46,686 | 55,014 | ||||||||
International Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 208 | 132 | 68 | ||||||||
Net interest income | 208 | 132 | 68 | ||||||||
Total fee and other income | 12,613 | 6,770 | 5,679 | ||||||||
Total non-interest revenue | 12,613 | 6,770 | 5,679 | ||||||||
Total revenues, net of interest expense | 12,821 | 6,902 | 5,747 | ||||||||
Operating and other expenses: | |||||||||||
Interest expense | (340) | (2) | (96) | ||||||||
Operating expenses | (11,481) | (8,993) | (8,974) | ||||||||
Other Expense, Other | 600 | (836) | 4,655 | ||||||||
Total operating and other expenses | (12,421) | (8,159) | (13,725) | ||||||||
Net gains on assets, derivatives and extinguishment of liabilities | (250) | 1 | 4,175 | ||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (37) | ||||||||||
Income (loss) from continuing operations before income taxes | 477 | (1,751) | (3,840) | ||||||||
Income tax benefit (expense) | 278 | (300) | |||||||||
Net income (loss) | 755 | (2,051) | (3,840) | ||||||||
Net income (loss) to common shareholders | 703 | (2,126) | (3,871) | ||||||||
International Operations [Member] | Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | 327 | (495) | |||||||||
International Operations [Member] | Continuing Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | (52) | (75) | (31) | ||||||||
Corporate Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 86 | 104 | 82 | ||||||||
Total interest expense | (294) | (518) | |||||||||
Net interest income | 86 | (190) | (436) | ||||||||
Total fee and other income | 2 | 3 | 488 | ||||||||
Total non-interest revenue | 2 | 3 | 488 | ||||||||
Total revenues, net of interest expense | 88 | (187) | 52 | ||||||||
Operating and other expenses: | |||||||||||
Interest expense | (3,780) | (4,309) | (6,039) | ||||||||
Operating expenses | (9,120) | (6,512) | (5,992) | ||||||||
Other Expense, Other | 127 | 113 | 1,146 | ||||||||
Total operating and other expenses | (13,027) | (10,934) | (13,177) | ||||||||
Net gains on assets, derivatives and extinguishment of liabilities | 4,837 | (14) | |||||||||
Income (loss) from continuing operations before income taxes | (8,102) | (11,135) | (13,125) | ||||||||
Income tax benefit (expense) | 337 | (379) | (234) | ||||||||
Net income (loss) | (7,765) | (11,514) | (13,359) | ||||||||
Net income (loss) to common shareholders | (7,765) | (11,514) | (13,359) | ||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 1,386 | 502 | |||||||||
Total interest expense | (415) | (377) | (357) | ||||||||
Operating and other expenses: | |||||||||||
Other expenses, net | 598 | ||||||||||
Total operating and other expenses | (33,695) | (33,022) | (37,187) | ||||||||
Gains on sales and operations of real estate, net | 6,561 | (516) | 348 | ||||||||
Equity in (losses) income from unconsolidated funds and ventures | (14,547) | (16,525) | (21,688) | ||||||||
Net income (loss) | (41,431) | (49,976) | (58,175) | ||||||||
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | $ (4,320) | $ (4,776) | $ (5,338) |
SEGMENT INFORMATION (Reconcilia
SEGMENT INFORMATION (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | $ 531,886 | $ 574,199 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 531,886 | 574,199 |
U.S. Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 462,547 | 517,286 |
U.S. Operations [Member] | Consolidated Funds and Ventures [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 158,469 | 205,908 |
Corporate Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 39,555 | 48,459 |
International Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | $ 29,784 | $ 8,454 |
SELECTED QUARTERLY FINANCIAL 98
SELECTED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | |||||||||||
Interest on bonds | $ 2,128 | $ 2,212 | $ 2,376 | $ 2,520 | $ 2,305 | $ 3,230 | $ 2,705 | $ 3,254 | $ 9,236 | $ 11,494 | $ 13,611 |
Interest on loans and short-term investments | 183 | 205 | 300 | 417 | 983 | 1,201 | 900 | 451 | 1,105 | 3,535 | 2,652 |
Total interest income | 2,311 | 2,417 | 2,676 | 2,937 | 3,288 | 4,431 | 3,605 | 3,705 | 10,341 | 15,029 | 16,263 |
Interest expense | |||||||||||
Bond related debt | 510 | 471 | 444 | 411 | 443 | 404 | 335 | 295 | 1,836 | 1,477 | 1,336 |
Non-bond related debt | 35 | 181 | 217 | 254 | 687 | 1,002 | |||||
Total interest expense | 510 | 471 | 444 | 411 | 478 | 585 | 552 | 549 | 1,836 | 2,164 | 2,338 |
Net interest income | 1,801 | 1,946 | 2,232 | 2,526 | 2,810 | 3,846 | 3,053 | 3,156 | 8,505 | 12,865 | 13,925 |
Non-interest revenue | |||||||||||
Income on preferred stock investment | 4,353 | ||||||||||
Asset management fees and reimbursements | 5,638 | 7,750 | 6,776 | 4,519 | 2,324 | 2,430 | 2,261 | 1,892 | 24,683 | 8,907 | 6,890 |
Other income | 234 | 805 | 456 | 311 | 258 | 1,109 | 954 | 647 | 1,806 | 2,968 | 2,517 |
Total non-interest revenue | 5,872 | 8,555 | 7,232 | 4,830 | 2,582 | 3,539 | 3,215 | 2,539 | 26,489 | 11,875 | 13,760 |
Total revenues, net of interest expense | 7,673 | 10,501 | 9,464 | 7,356 | 5,392 | 7,385 | 6,268 | 5,695 | 34,994 | 24,740 | 27,685 |
Operating and other expenses | |||||||||||
Interest expense | 1,156 | 1,104 | 1,314 | 1,319 | 1,292 | 1,216 | 1,173 | 1,132 | 4,893 | 4,813 | 7,650 |
Salaries and benefits | 3,820 | 6,252 | 3,421 | 5,870 | 4,826 | 4,288 | 3,919 | 4,080 | 19,363 | 17,113 | 15,733 |
General and administrative | 967 | 691 | 777 | 592 | 805 | 633 | 655 | 700 | 3,027 | 2,793 | 3,223 |
Professional fees | 3,386 | 2,899 | 1,231 | 1,846 | 1,518 | 1,494 | 1,359 | 1,497 | 9,362 | 5,868 | 4,448 |
Impairments | 4,068 | 10,551 | 6,795 | 4,605 | 5,080 | 7,265 | 6,504 | 6,125 | 26,019 | 24,974 | 31,720 |
Asset management fee expense | 2,511 | 1,053 | 1,102 | 1,127 | 1,719 | 1,103 | 1,112 | 1,065 | 5,793 | 4,999 | 4,426 |
Other expenses | 1,169 | 1,401 | 751 | 287 | 996 | 574 | 1,293 | 815 | 3,608 | 3,678 | 7,987 |
Total operating and other expenses | 17,077 | 23,951 | 15,391 | 15,646 | 16,236 | 16,573 | 16,015 | 15,414 | 72,065 | 64,238 | 75,187 |
Gains on sales and operations of real estate, net | 5,856 | 201 | 135 | 45 | 250 | 1,662 | (495) | 87 | 6,237 | 1,504 | 11,928 |
Net gains on bonds | 620 | 9,963 | (69) | 28 | 2,295 | 620 | 12,217 | 6,513 | |||
Net gains (losses) on loans | 805 | (5,335) | (2,595) | 174 | 6 | (4,530) | (2,415) | 150 | |||
Net gains on sale of real estate estate and other investments | 39 | 1,526 | 174 | (16) | 116 | 1,739 | 100 | ||||
Net (losses) gains on derivatives and other assets | (791) | 1,430 | (968) | 2,039 | |||||||
Net gains on extinguishment of liabilities | 1,009 | 3,829 | (17) | 4,838 | (17) | 4,175 | |||||
Net gains (losses) on assets and derivatives | 1,953 | 737 | 1,418 | 682 | 1,710 | 4,790 | 9,238 | ||||
Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure | 10,213 | 4,205 | 11,442 | 25,860 | |||||||
Equity in gains (losses) from equity method investments | (810) | (8,382) | (21,354) | ||||||||
Net gain (loss) from continuing operations before income taxes | (7,169) | (3,157) | (3,777) | (12,881) | 8,092 | (10,166) | (7,175) | 4,137 | (26,984) | (5,112) | (36,321) |
Income tax benefit (expense) | 1,165 | (384) | (424) | 258 | (530) | (43) | (34) | (72) | 615 | (679) | (263) |
Net income from discontinued operations, net of tax | 15 | 280 | 95 | 42 | 81 | 1,285 | 83 | 83 | 432 | 1,532 | 327 |
Net (loss) income | (5,989) | (3,261) | (4,106) | (12,581) | 7,643 | (8,924) | (7,126) | 4,148 | (25,937) | (4,259) | (36,257) |
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | (45,339) | (46,611) | (54,983) | ||||||||
Net income allocable to common shareholders | $ 5,508 | $ 9,921 | $ 7,417 | $ (3,444) | $ 16,442 | $ 4,175 | $ 5,130 | $ 16,605 | $ 19,402 | $ 42,352 | $ 18,726 |
Basic income (loss) per common share: | |||||||||||
(Loss) Income from continuing operations (in dollars per share) | $ 0.94 | $ 1.65 | $ 1.24 | $ (0.59) | $ 2.71 | $ 0.47 | $ 0.80 | $ 2.54 | $ 3.24 | $ 6.53 | $ 2.68 |
Income from discontinued operations (in dollars per share) | 0.04 | 0.02 | 0.01 | 0.01 | 0.21 | 0.01 | 0.01 | 0.07 | 0.24 | 0.04 | |
(Loss) Income per common share (in dollars per share) | 0.94 | 1.69 | 1.26 | (0.58) | 2.72 | 0.68 | 0.81 | 2.55 | 3.31 | 6.77 | 2.72 |
Diluted income (loss) per common share: | |||||||||||
(Loss) Income from continuing operations (in dollars per share) | 0.84 | 1.65 | 1.14 | (0.59) | 2.61 | 0.44 | 0.80 | 2.51 | 3.24 | 6.44 | 2.68 |
Income from discontinued operations (in dollars per share) | 0.04 | 0.02 | 0.01 | 0.01 | 0.20 | 0.01 | 0.01 | 0.07 | 0.23 | 0.04 | |
(Loss) Income per common share (in dollars per share) | $ 0.84 | $ 1.69 | $ 1.16 | $ (0.58) | $ 2.62 | $ 0.64 | $ 0.81 | $ 2.52 | $ 3.31 | $ 6.67 | $ 2.72 |
Weighted-average common shares outstanding: | |||||||||||
Basic (in shares) | 5,838,000 | 5,871,000 | 5,893,000 | 5,937,000 | 6,034 | 6,174 | 6,289 | 6,523 | 5,858,000 | 6,254,000 | 6,881,000 |
Diluted (in shares) | 6,223,000 | 5,871,000 | 6,275,000 | 5,937,000 | 6,408 | 6,549 | 6,289 | 6,882 | 5,858,000 | 6,628,000 | 6,881,000 |
Continuing Operations [Member] | |||||||||||
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | $ 11,497 | $ 13,182 | $ 11,523 | $ 9,137 | $ 8,799 | $ 13,099 | $ 12,256 | $ 12,457 | $ (45,339) | $ (46,611) | $ (54,983) |
Consolidated Funds and Ventures [Member] | |||||||||||
Interest income | |||||||||||
Interest on loans and short-term investments | 3 | 3 | 2 | 3 | 6 | 6 | 14 | 14 | 11 | 40 | 269 |
Non-interest revenue | |||||||||||
Asset management fees and reimbursements | 25 | 47 | 25 | 47 | 83 | ||||||
Other income | 214 | 214 | 0 | 0 | |||||||
Operating and other expenses | |||||||||||
Interest expense | 108 | 121 | 93 | 93 | 94 | 95 | 98 | 90 | 415 | 377 | 357 |
Professional fees | 83 | 487 | 65 | 37 | 75 | 42 | 354 | 62 | 672 | 533 | 481 |
Impairments | 4,003 | 9,671 | 6,795 | 4,605 | 5,080 | 7,265 | 6,504 | 6,125 | 25,074 | 24,974 | 29,394 |
Asset management fee expense | 2,492 | 1,016 | 1,095 | 1,095 | 1,680 | 1,052 | 1,052 | 1,016 | 5,698 | 4,800 | 4,212 |
Other expenses | 457 | 458 | 460 | 461 | 551 | 550 | 547 | 690 | 1,836 | 2,338 | 2,743 |
Gains on sales and operations of real estate, net | 6,180 | 201 | 135 | 45 | 91 | 0 | (568) | (39) | 6,561 | 516 | 348 |
Equity in gains (losses) from equity method investments | (5,422) | (1,863) | (3,879) | (3,383) | (1,638) | (4,944) | (4,716) | (5,227) | 14,547 | 16,525 | 21,688 |
Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses | |||||||||||
Equity in gains (losses) from equity method investments | $ (2,869) | $ 4,702 | $ (1,020) | $ (1,340) | $ (832) | $ (3,465) | $ (2,590) | $ (766) | $ (527) | $ (7,653) | $ (20,823) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2018 | Jan. 08, 2018 | Jun. 30, 2018 | Jun. 30, 2018 |
Scenario, Forecast [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 4,300 | $ 4,300 | ||
Shares Issued in Private Placement | 125,000 | 250,000 | ||
Consideration, Shares Transfered, Price per Share | $ 33 | |||
Subsequent Event [Member] | ||||
Aggregate Cost of Shares Sold | $ 4,100 | |||
Shares Issued in Private Placement | 125,000 | |||
Consideration, Shares Transfered, Price per Share | $ 34 | |||
Disposal Group, Consideration, Note Receiveable | $ 57,000 | |||
Disposal Group, Consideration, Note Receiveable, Interest Rate | 5.00% | |||
Disposal Group, Consideration, Note Receiveable, Quarterly Installment | $ 2,850 | |||
Disposal Group, Consideration, Contract Terms, Incentive Fee | 20.00% | |||
Disposal Group, Consideration, Contract Terms, Excess Returns | 7.00% | |||
Subsequent Event [Member] | MGM, Disposition [Member] | ||||
Disposal Group, Change in Common Shareholders' Equity | $ 32,000 | |||
Subsequent Event [Member] | MGM, Disposition, Hunt Assignment [Member] | ||||
Disposal Group, Change in Common Shareholders' Equity | 14,000 | |||
Subsequent Event [Member] | Conveyed LIHTC business [Member] | ||||
Disposal Group, Change in Common Shareholders' Equity | $ 9,000 |