MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q9 Nov 182018 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2018	Nov. 01, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	MMA CAPITAL MANAGEMENT, LLC
Entity Central Index Key	1,003,201
Entity Filer Category	Accelerated Filer
Trading Symbol	mmac
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018
Entity Common Stock, Shares Outstanding		5,846,269

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 15,556	$ 35,693
Restricted cash (includes $23,495 related to consolidated funds and ventures ("CFVs") at December 31, 2017)	10,944	44,766
Investments in debt securities (includes $122,811 and $128,902 pledged as collateral)	147,808	143,604
Investments in partnerships (includes $99,142 related to CFVs at December 31, 2017)	146,104	227,962
Loans held for investment	58,299	736
Loans held for sale	9,000
Other assets (includes $5,175 related to CFVs at December 31, 2017)	16,187	17,905
Assets of discontinued operations		61,220
Total assets	403,898	531,886
LIABILITIES AND EQUITY
Debt (includes $6,712 related to CFVs at December 31, 2017)	187,172	216,139
Accounts payable and accrued expenses	3,166	6,098
Unfunded equity commitments to lower tier property partnerships related to CFVs		8,003
Other liabilities (includes $35,850 related to CFVs at December 31, 2017)	20,013	57,332
Liabilities of discontinued operations		17,212
Total liabilities	210,351	304,784
Commitments and contingencies (see Note 10)
Equity
Noncontrolling interests in CFVs		89,529
Common shareholders' equity:
Common shares, no par value (5,728,838 and 5,525,687 shares issued and outstanding and 101,320 and 92,282 non-employee directors' deferred shares issued at September 30, 2018 and December 31, 2017, respectively)	142,562	96,420
Accumulated other comprehensive income ("AOCI")	50,985	41,153
Total common shareholders' equity	193,547	137,573
Total equity	193,547	227,102
Total liabilities and equity	$ 403,898	$ 531,886

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Restricted cash (includes $23,495 related to consolidated funds and ventures ("CFVs") at December 31, 2017)	$ 10,944	$ 44,766
Bonds available-for-sale, pledged as collateral	122,811	128,902
Investments in partnerships (includes $99,142 related to CFVs at December 31, 2017)	146,104	227,962
Other assets	16,187	17,905
Debt	187,172	216,139
Other Liabilities	$ 20,013	$ 57,332
Common stock, no par value	$ 0	$ 0
Common shares, shares issued (in shares)	5,728,838	5,525,687
Common shares, shares outstanding (in shares)	5,728,838	5,525,687
Common shares, non-employee directors' and employee deferred shares (in shares)	101,320	92,282
Consolidated Funds and Ventures [Member]
Restricted cash (includes $23,495 related to consolidated funds and ventures ("CFVs") at December 31, 2017)		$ 23,495
Investments in partnerships (includes $99,142 related to CFVs at December 31, 2017)		99,142
Other assets		5,175
Debt		6,712
Other Liabilities		$ 35,850

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest income
Interest on bonds	$ 2,178	$ 2,194	$ 7,425	$ 7,049
Interest on loans and short-term investments (includes $3 and $8 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	1,055	94	3,196	646
Total interest income	3,233	2,288	10,621	7,695
Interest expense
Asset related debt	630	471	1,914	1,326
Total interest expense	630	471	1,914	1,326
Net interest income	2,603	1,817	8,707	6,369
Non-interest revenue
Other income (includes $239 related to CFVs for the nine months ended September 30, 2017)	204	793	717	1,541
Total non-interest revenue	204	793	717	1,541
Total revenues, net of interest expense	2,807	2,610	9,424	7,910
Operating and other expenses
Interest expense (includes $121 and $307 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	1,166	1,074	3,353	3,638
Salaries and benefits	33	4,204	1,128	9,471
External management fees and reimbursable expenses	1,059		5,762
General and administrative	328	411	1,032	1,184
Professional fees (includes $487 and $589 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	1,230	2,564	5,031	4,997
Impairments (includes $9,671 and $21,071 related to CFVs for the three months and nine months ended September 30, 2017, respectively)		10,551	388	21,951
Asset management fee expense (includes $1,016 and $3,206 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	19	1,053	62	3,281
Other expenses (includes $459 and $1,370 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	772	783	1,343	2,049
Total operating and other expenses	4,607	20,640	18,099	46,571
Equity in income from unconsolidated funds and ventures (includes ($1,863) and ($9,125) related to CFVs for the three months and nine months ended September 30, 2017, respectively)			5,655	2,047
Net gains on bonds	5,080	620	5,080	620
Net gains (losses) on loans		805		(4,530)
Net gains on real estate estate and other investments	1,092	1,526	1,092	1,700
Net gains on derivatives	1,102	1,430	5,464	2,501
Net (losses) gains on extinguishment of liabilities	(14)	1,009	(14)	4,838
Net income (losses) from continuing operations before income taxes	8,733	(7,972)	8,602	(31,185)
Income tax (expense) benefit	(122)	(384)	(86)	(550)
Net income from discontinued operations, net of tax	13	5,095	21,210	11,787
Net income (loss)	8,624	(3,261)	29,726	(19,948)
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests		(13,182)		(33,842)
Net income allocable to common shareholders	$ 8,624	$ 9,921	$ 29,726	$ 13,894
Basic income (loss) per common share:
Income (loss) from continuing operations	$ 1.48	$ 0.74	$ 1.49	$ 0.10
Income from discontinued operations	0.01	0.95	3.71	2.26
Income per common share	1.49	1.69	5.20	2.36
Diluted income (loss) per common share:
Income (loss) from continuing operations (in dollars per share)	1.41	0.74	1.49	0.10
Income from discontinued operations (in dollars per share)		0.95	3.71	2.26
Income per common share (in dollars per share)	$ 1.41	$ 1.69	$ 5.20	$ 2.36
Weighted-average common shares outstanding:
Basic (in shares)	5,804	5,871	5,717	5,890
Diluted (in shares)	6,087	5,871	5,717	5,890
Continuing Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests		$ (12,717)		$ (32,327)
Discontinued Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests		465		1,515
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in income from unconsolidated funds and ventures (includes ($1,863) and ($9,125) related to CFVs for the three months and nine months ended September 30, 2017, respectively)	$ 3,273	$ 4,668	$ 5,655	$ 2,347

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Interest income
Interest on loans and short-term investments (includes $3 and $8 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	$ 94	$ 646
Non-interest revenue
Other income (includes $239 related to CFVs for the nine months ended September 30, 2017)	793	1,541
Operating and other expenses
Interest expense (includes $121 and $307 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	1,074	3,638
Professional fees (includes $487 and $589 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	2,564	4,997
Impairments (includes $9,671 and $21,071 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	10,551	21,951
Asset management fee expense (includes $1,016 and $3,206 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	1,053	3,281
Other expenses (includes $459 and $1,370 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	783	2,049
Equity in income from unconsolidated funds and ventures (includes ($1,863) and ($9,125) related to CFVs for the three months and nine months ended September 30, 2017, respectively)		2,047
Consolidated Funds and Ventures [Member]
Interest income
Interest on loans and short-term investments (includes $3 and $8 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	3	8
Non-interest revenue
Other income (includes $239 related to CFVs for the nine months ended September 30, 2017)		239
Operating and other expenses
Interest expense (includes $121 and $307 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	121	307
Professional fees (includes $487 and $589 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	487	589
Impairments (includes $9,671 and $21,071 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	9,671	21,071
Asset management fee expense (includes $1,016 and $3,206 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	1,016	3,206
Other expenses (includes $459 and $1,370 related to CFVs for the three months and nine months ended September 30, 2017, respectively)	459	1,370
Equity in income from unconsolidated funds and ventures (includes ($1,863) and ($9,125) related to CFVs for the three months and nine months ended September 30, 2017, respectively)	$ (1,863)	$ (9,125)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net income allocable to common shareholders	$ 8,624	$ 9,921	$ 29,726	$ 13,894
Net loss allocable to noncontrolling interests		(13,182)		(33,842)
Net income (loss)	8,624	(3,261)	29,726	(19,948)
Bond related changes:
Net unrealized gains	1,025	623	2,143	1,969
Realized losses reclassified out of AOCI in connection with investments assessed as other than temporarily impaired	141	39	6	39
Reinstatement of unrealized bond gains due to deconsolidation of Consolidated Lower Tier Property Partnerships			9,415
Net change in other comprehensive income due to bonds	(3,914)	42	6,484	1,388
Income tax benefit	14
Foreign currency translation adjustment	525	19	3,348	(207)
Other comprehensive (loss) income allocable to common shareholders	(3,375)	61	9,832	1,181
Comprehensive income to common shareholders	5,249	9,982	39,558	15,075
Comprehensive loss to noncontrolling interests		(13,182)		(33,842)
Comprehensive income (loss)	$ 5,249	$ (3,200)	$ 39,558	$ (18,767)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	AOCI [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2016	$ 87,506	$ 37,818	$ 125,324	$ 134,999	$ 260,323
Balance (in shares) at Dec. 31, 2016	6,007,000
Net income (loss)	$ (3,444)		(3,444)	(9,137)	(12,581)
Other comprehensive income (loss)		352	352		352
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(207)		(207)		(207)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 44		44		44
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	2,000
Common share repurchases	$ (1,770)		(1,770)		(1,770)
Common share repurchases (in shares)	(88,000)
Balance at Mar. 31, 2017	$ 82,129	38,170	120,299	125,862	246,161
Balance (in shares) at Mar. 31, 2017	5,921,000
Balance at Dec. 31, 2016	$ 87,506	37,818	125,324	134,999	260,323
Balance (in shares) at Dec. 31, 2016	6,007,000
Net income (loss)					(19,948)
Balance at Sep. 30, 2017	$ 96,727	38,999	135,726	101,052	236,778
Balance (in shares) at Sep. 30, 2017	5,835,000
Balance at Mar. 31, 2017	$ 82,129	38,170	120,299	125,862	246,161
Balance (in shares) at Mar. 31, 2017	5,921,000
Net income (loss)	$ 7,417		7,417	(11,523)	(4,106)
Other comprehensive income (loss)		768	768		768
Distributions				(30)	(30)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 45		45		45
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	2,000
Common share repurchases	$ (982)		(982)		(982)
Common share repurchases (in shares)	(42,000)
Balance at Jun. 30, 2017	$ 88,609	38,938	127,547	114,309	241,856
Balance (in shares) at Jun. 30, 2017	5,881,000
Net income (loss)	$ 9,921		9,921	(13,182)	(3,261)
Other comprehensive income (loss)		61	61		61
Distributions				(10)	(10)
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(724)		(724)	(65)	(789)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 82		82		82
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3,000
Common share repurchases	$ (1,161)		(1,161)		(1,161)
Common share repurchases (in shares)	(49,000)
Balance at Sep. 30, 2017	$ 96,727	38,999	135,726	101,052	236,778
Balance (in shares) at Sep. 30, 2017	5,835,000
Balance at Dec. 31, 2017	$ 96,420	41,153	137,573	89,529	227,102
Balance (in shares) at Dec. 31, 2017	5,617,000
Net income (loss)	$ 18,340		18,340		18,340
Other comprehensive income (loss)		9,160	9,160		9,160
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(73)		(73)		(73)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 82		82		82
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3,000
Net change due to deconsolidation				(89,529)	(89,529)
Cumulative change due to change in accounting principles	$ 9,206		9,206		9,206
Common shares issued, shares	125,000
Common shares issued, value	$ 4,125		4,125		4,125
Balance at Mar. 31, 2018	$ 128,100	50,313	178,413		178,413
Balance (in shares) at Mar. 31, 2018	5,745,000
Balance at Dec. 31, 2017	$ 96,420	41,153	137,573	$ 89,529	227,102
Balance (in shares) at Dec. 31, 2017	5,617,000
Net income (loss)					$ 29,726
Options exercised (shares)					188,000
Balance at Sep. 30, 2018	$ 142,562	50,985	193,547		$ 193,547
Balance (in shares) at Sep. 30, 2018	5,830,000
Balance at Mar. 31, 2018	$ 128,100	50,313	178,413		178,413
Balance (in shares) at Mar. 31, 2018	5,745,000
Net income (loss)	$ 2,762		2,762		2,762
Other comprehensive income (loss)		4,047	4,047		4,047
Options exercised (shares)	30,000
Options exercised (value)	$ 784		784		784
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 82		82		82
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3,000
Common shares issued, shares	125,000
Common shares issued, value	$ 4,250		4,250		4,250
Options tendered for payment of withholding taxes, value	$ (315)		(315)		(315)
Options tendered for payment of withholding taxes, shares	(13,000)
Common share repurchases	$ (3,341)		(3,341)		(3,341)
Common share repurchases (in shares)	(121,000)
Balance at Jun. 30, 2018	$ 132,322	54,360	186,682		186,682
Balance (in shares) at Jun. 30, 2018	5,769,000
Net income (loss)	$ 8,624		8,624		8,624
Other comprehensive income (loss)		(3,375)	(3,375)		(3,375)
Options exercised (shares)	158,000
Options exercised (value)	$ 4,057		4,057		4,057
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 82		82		82
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3,000
Options tendered for payment of withholding taxes, value	$ (1,751)		(1,751)		(1,751)
Options tendered for payment of withholding taxes, shares	(72,000)
Common share repurchases	$ (772)		(772)		$ (772)
Common share repurchases (in shares)	(28,000)				(28,473)
Balance at Sep. 30, 2018	$ 142,562	$ 50,985	$ 193,547		$ 193,547
Balance (in shares) at Sep. 30, 2018	5,830,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 29,726	$ (19,948)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provisions for credit losses and impairment	388	21,951
Net equity in income from investments in partnerships	(5,655)	(2,047)
Net gains on bonds	(5,080)	(620)
Net gains on real estate and other investments	(1,157)	(1,962)
Gain on disposal of discontinued operations	(20,420)
Net losses on loans		4,530
Net gains on derivatives	(3,208)	(515)
Net losses (gains) on extinguishment of liabilities	14	(4,838)
(Advances on) and proceeds received on loans held for sale	(9,000)	805
Distributions received from investments in partnerships	7,810	4,487
Subordinated debt effective yield amortization and interest accruals	(238)	(500)
Depreciation and other amortization	(516)	1,960
Foreign currency losses	531	132
Stock-based compensation expense	1,176	2,651
Decrease (increase) in asset management fees receivable	275	(6,167)
Increase in asset management fees payable		1,269
Other, net	1,360	2,508
Net cash (used in) provided by operating activities	(3,994)	3,696
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment	7,466	23,828
Advances on and originations of loans held for investment	(1,000)	(15,528)
Investments in partnerships and real estate	(49,611)	(26,197)
Proceeds from the sale of real estate and other investments	1,678	6,213
Cash and restricted cash derecognized in the Disposition	(23,009)
Restricted cash related to deconsolidated guaranteed LIHTC funds	(23,487)
Capital distributions received from investments in partnerships	21,595	12,663
Net cash (used in) provided by investing activities	(66,368)	979
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	12,189	15,248
Repayment of borrowings	(17,709)	(26,495)
Purchase of treasury stock	(4,113)	(3,913)
Options tendered for payment of withholding taxes	(2,066)
Issuance of treasury stock	8,375
Other, net		(1,363)
Net cash used in financing activities	(3,324)	(16,523)
Net decrease in cash, cash equivalents and restricted cash	(73,686)	(11,848)
Cash, cash equivalents and restricted cash at beginning of period	100,186	103,029
Cash, cash equivalents and restricted cash at end of period	26,500	91,181
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	5,547	5,804
Income taxes paid	281	260
Non-cash investing and financing activities:
Unrealized gains included in other comprehensive income	9,832	1,181
Debt and liabilities extinguished through sales and collections on bonds and loans	15,578	1,641
Increase in common shareholders' equity and decrease in other liabilities due to change in accounting principles	9,206
Increase in loans from the Disposition	57,000
Increase in investments in debt securities from the Disposition	17,986
Increase in other assets from the Disposition	2,142
Increase in deferred revenue from Disposition	(13,000)
Increase in accumulated other comprehensive income from the Disposition	(9,415)
Increase in loans held for investment, interest receivable and other liabilities and decrease in investment in partnerships	6,138
Increase in common shareholders' equity and decrease in other liabilities due to stock options exercised	4,841
Net decrease in investment in partnerships	(98,760)
Decrease in other assets	(5,174)
Decrease in debt	6,712
Decrease in unfunded equity commitments to lower tier property partnerships	8,003
Decrease in other liabilities	35,850
Decrease in noncontrolling interests	83,909
Cash and cash equivalents	15,556	29,356
Restricted cash	10,944	42,723
Assets of discontinuted operations		19,102
Total cash, cash equivalents and restricted cash shown in statement of cash flows	$ 15,556
Consolidated Funds and Ventures [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(35,421)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net equity in income from investments in partnerships		$ 9,125

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Dec. 31, 2017USD ($)
Statement Of Cash Flows [Abstract]
Cash, cash equivalents and restricted cash at beginning of period, assets of discontinued operations	$ 19,727

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2018
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 invests in debt associated with renewable energy infrastructure and real estate. We focus on investments with attractive risk-adjusted returns that generate positive environmental or social impacts. Our investments, other assets and liabilities are organized into three portfolios: · Energy Capital – This portfolio includes investments that we have made directly or through joint ventures with an institutional capital partner in loans that finance renewable energy projects; · Leveraged Bonds – This portfolio primarily includes tax-exempt mortgage revenue bonds that are leveraged; and · Other Assets and Liabilities – This portfolio includes certain loan receivables, cash, real estate-related investments, subordinated debt and the balance of the Company’s assets and liabilities. Commencing on January 8, 2018, we became externally managed by Hunt Investment Management, LLC, an investment adviser registered with the SEC (our “ External Manager ”). In conjunction with this change, and as further discussed in the 2017 Annual Report, we completed the sale of the following businesses and assets to Hunt (Hunt Companies, Inc. and/or its affiliates are herein referred to as “ Hunt ” and this sale transaction is hereinafter referred to as the “ Disposition ”): · our Low Income Housing Tax Credit (“ LIHTC ”) business; · our international asset and investment management business; · the loan origination, servicing and management components of our Energy Capital business (including certain management, expense reimbursement and other contractual rights that were held by the Company with respect to this business line); · our bond servicing platform; and · certain miscellaneous investments. Given these changes to our business model and effective the first quarter of 2018, we operate as a single reporting segment. As a result, we no longer operate, or present the results of our operations, through three reportable segments that, as of December 31, 2017, included United States (“ U.S. ”) Operations, International Operations and Corporate Operations. Proposed Conversion to a Corporation On August 7, 2018, the Board of Directors (“ Board ”) approved the conversion of our legal form of organization from a limited liability company to a corporation. Since its inception, the Company has followed a corporate form of governance and, in July 2013, elected to be taxed as a corporation. The proposed conversion would conform our legal form of organization to that of our tax and governance attributes. If the conversion is approved by our shareholders, our common shares will be converted on a one-for-one basis from common shares of a limited liability company to common shares of a corporation and our current governance framework, including Board of Directors, will remain in place. Similarly, the measurement of our assets, liabilities and other tax, financial and accounting attributes for financial reporting purposes will be unchanged. However, upon conversion, we will be governed by the Delaware General Corporation Law (the “ DGCL ”) and a new certificate of incorporation instead of by the Delaware Limited Liability Company Act (the “ LLC Act ”) and our current limited liability company operating agreement. The proposed conversion of the Company’s legal form to that of a corporation is subject to the approval of our shareholders. Accordingly, the Company will hold a special shareholders’ meeting on November 20, 2018 at which shareholders will be provided an opportunity to vote on the Company’s proposed conversion. The Company filed a proxy statement with the SEC on September 28, 2018 that provides more information about the Company’s proposed conversion including the differences between the DGCL and our proposed corporate documents as compared with the LLC Act and our current limited liability company operating agreement. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. The unaudited interim consolidated financial statements as of, and for the three months and nine months ended September 30, 2018, should be read in conjunction with our audited consolidated financial statements and related notes included in our 2017 Annual Report. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”) . Changes in Presentation We have revised the presentation of our Consolidated Balance Sheets and Consolidated Statements of Operations for all reporting periods presented as a result of certain discontinued operations occurring in the first quarter of 2018 as a result of the Dispositi on. We have also made certain reclassifications to the prior year’s financial statements to enhance comparability with the current year’s financial statements. 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 in prior periods 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. New Accounting Guidance Adoption of New Accounting Standards Accounting for Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ ASU ”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” as modified by subsequently issued ASUs 2015-14, 2016-08, 2016-10, 2016-12 and 2016-20 (collectively “ Topic 606 ”). Topic 606 superseded existing revenue recognition standards with a single model unless those contracts are within the scope of other accounting standards. The revenue recognition principle in Topic 606 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Only our asset management fee revenue is subject to Topic 606, which represents an insignificant portion of the Company’s total revenue. The adoption of Topic 606 did not have a material impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date or for the three or nine months ended September 30, 2018. Accounting for Derecognition of Nonfinancial Assets In February 2017, ASU No. 2017-05, “ Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ” was issued. This guidance clarifies that the derecognition of all businesses should be accounted for in accordance with the derecognition and deconsolidation guidance of Topic 810-10 – Consolidations . In addition, this guidance eliminates the scope exception in authoritative literature that governs transfers of financial assets related to transfers of investments (including equity method investments) in real estate entities and supersedes guidance related to the exchange of a nonfinancial asset for a noncontrolling ownership interest as set forth in Topic 845 – Nonmonetary Transactions . The effective date of ASU 2017-05 is aligned with Topic 606. We adopted ASU No. 2017-05 in conjunction with our adoption of Topic 606 as of January 1, 2018 and we recognized a cumulative effect adjustment of $9.2 million to retained earnings on January 1, 2018. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) . The objective of this update was to provide additional guidance and reduce diversity in practice when classifying certain transactions within the statement of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This new standard requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted these new accounting standards on their effective date of January 1, 2018 utilizing the retrospective transition method. These new standards resulted in presentation changes of restricted cash within our Consolidated Statements of Cash Flows and in certain tables within our “Liquidity and Capital Resources” discussion in Item 2 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Accounting for Business Combinations In January 2017, ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” was issued. This guidance clarifies the definition of a business and provides guidance to assist reporting entities in the evaluation as to whether a transaction should be accounted for as an asset acquisition or business combination. We adopted this new guidance on its effective date of January 1, 2018. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date or for the nine months ended September 30, 2018. Accounting for Stock Compensation In May 2017, ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting” was issued. This guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718, “ Compensation – Stock Compensation .” Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. We adopted this new guidance on its effective date of January 1, 2018. The adoption of Topic 718 did not have an impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date or for the nine months ended September 30, 2018. Accounting for Financial Instruments In February 2018, the FASB issued ASU No. 2018-03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance makes technical corrections to certain aspects of ASU 2016-01. We adopted this new guidance on its effective date of June 30, 2018. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Issued Accounting Standards Not Yet Adopted Accounting for Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” This guidance is intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. This guidance establishes an impairment methodology that reflects lifetime expected credit losses rather than incurred losses. This guidance requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This new guidance is effective for us on January 1, 2020, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This guidance eliminates certain disclosure requirements for fair value measurements, requires public entities to disclose certain new information and modifies some disclosure requirements. This new guidance is effective for us on January 1, 2020, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements Accounting for Income Taxes In February 2018, the FASB issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This new guidance permits companies to reclassify stranded tax effects caused by the Tax Cuts and Jobs Act of 2017 (the “ Act ”) from AOCI to retained earnings. This new guidance, which also requires new disclosures, is effective for us on January 1, 2019, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. Accounting for Stock Compensation In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This guidance expands the scope of Accounting Standards Codification (“ ASC ”) Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. This new guidance is effective for us on January 1, 2019, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements .

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	9 Months Ended
INVESTMENTS IN DEBT SECURITIES	Sep. 30, 2018
Investments in Debt Securities [Abstract]
Investments in Debt Securities	Note 2—Investments in Debt Securities The Company’s investments in debt securities primarily consist of multifamily tax-exempt bonds and other real estate-related bond investments. These investments are classified as available for sale for reporting purposes and are measured on a fair value basis in our Consolidated Balance Sheets. Multifamily 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 consists of municipal bonds that finance the development of infrastructure for a mixed-use town center development and are secured by incremental tax revenues generated from the development. The weighted-average pay rate on the Company’s bond portfolio was 6.4% and 6.2% at September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017. The following tables provide information about the UPB, amortized cost, gross unrealized gains, gross unrealized losses and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At September 30, 2018 Gross Gross Amortized Unrealized Unrealized FV as a % (in thousands) UPB Cost (1) Gains Losses (2) FV of UPB Multifamily tax-exempt bonds $ 116,870 $ 75,976 $ 50,256 $ ─ $ 126,232 108% Other real estate-related bond investments 26,825 20,889 750 (63) 21,576 80% Total $ 143,695 $ 96,865 $ 51,006 $ (63) $ 147,808 103% 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% Total $ 142,522 $ 99,145 $ 44,790 $ (331) $ 143,604 101% (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as net OTTI recognized in “Impairments” in our Consolidated Statements of Operations. (2) Includes one bond that was in a gross unrealized loss position for more than 12 consecutive months and that had a fair value of $15.0 million at September 30, 2018 and December 31, 2017. See Note 8, “Fair Value,” which describes factors that contributed to the $4.2 million increase in the reported fair value of the Company’s bond portfolio for the nine months ended September 30, 2018. Maturity Principal payments on the Company’s investments in bonds are based on contractual terms that are set forth in the contractual documents governing such investments. If principal payments are not required to be made prior to the contractual maturity of a bond, its UPB is required to be paid in a lump sum payment at contractual maturity or at such earlier time as may be provided under the governing documents. At September 30, 2018, the majority of the Company’s bond investments amortize on a scheduled basis and have stated maturity dates between March 2032 and March 2049. The Company also had four 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 $3.1 million and $17.0 million, respectively, at September 30, 2018). Investments in Debt Securities with Prepayment Features The 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 their stated maturity date. The following table provides information about the UPB, amortized cost and fair value of the Company’s investments in bonds that were prepayable at par at September 30, 2018 and stratifies such information for the remainder of the Company’s investments based upon the periods in which such instruments become prepayable at par: (in thousands) UPB Amortized Cost Fair Value September 30, 2018 $ 26,825 $ 20,889 $ 21,576 October 1 through December 31, 2018 1,855 262 2,113 2019 5,170 4,080 5,222 2020 12,045 8,485 12,496 2021 46,001 27,140 49,715 2022 51,799 36,009 56,686 Thereafter ─ ─ ─ Bonds that may not be prepaid ─ ─ ─ Total $ 143,695 $ 96,865 $ 147,808 The weighted-average expected maturity of the Company’s investments in bonds that were not currently prepayable at par at September 30, 2018 was 3.0 years. Bond Aging Analysis The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments: At At September 30, December 31, (in thousands) 2018 2017 Total current (1) $ 134,842 $ 135,571 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 12,966 8,033 Total $ 147,808 $ 143,604 (1) Includes one bond that was placed on non-accrual during the second quarter of 2018, as collection of principal and interest was not reasonably assured, that had a fair value of $6.6 million at September 30, 2018. Troubled Debt Restructurings The Company may periodically agree to modify the contractual terms of its investments in debt securities in the interest of attempting to obtain more cash or other value from a debtor than it otherwise would, or to increase the probability of receipt, by granting a concession to a borrower. If the Company makes an economic concession to a borrower who is experiencing financial difficulty, the Company will typically assess a modification or other form of concession to represent a troubled debt restructuring (“ TDR ”) for financial reporting purposes. On August 27, 2018, the Company agreed to extend the scheduled payment date associated with one of its infrastructure bonds, which had a UPB of $10.7 million at September 30, 2018, from September 1, 2018 to November 1, 2018. This extension provided the debtor and the Company more time to negotiate a comprehensive restructuring of both of the Company’s infrastructure bond investments, which was completed on October 30, 2018. Refer to Note 17, “Subsequent Events,” for additional information. There were no TDRs completed during the year ended December 31, 2017. Non -Accrual Bonds The fair value of the Company’s investments in bonds that were on non-accrual status was $19.5 million and $8.0 million at September 30, 2018 and December 31, 2017, respectively. The Company recognized interest income on a cash basis of $0.1 million for the three months ended September 30, 2018 and September 30, 2017, and $0.3 million and $0.2 million for the nine months ended September 30, 2018 and September 30, 2017, respectively. Interest income not recognized on bonds that were on non-accrual status was $0.3 million and $0.2 million for the three months ended September 30, 2018 and September 30, 2017, respectively, and $0.8 million and $0.5 million for the nine months ended September 30, 2018 and September 30, 2017, respectively. Bond Sales and Redemptions The Company recognized cash proceeds in connection with sales or full redemptions of its investments in bonds of $0.5 million for the three months and nine months ended September 30, 2018 and $7.4 million for the three months and nine months ended September 30, 2017. The following table provides information about gains or losses that were recognized in the Consolidated Statements of Operations in connection with the Company’s investments in bonds: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 OTTI losses recognized on bonds held at each period-end $ ─ $ (880) $ (6) $ (880) Gains recognized at time of sale or redemption 5,080 620 5,080 620 Total net gains (losses) on bonds $ 5,080 $ (260) $ 5,074 $ (260)

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	9 Months Ended
INVESTMENTS IN PARTNERSHIPS	Sep. 30, 2018
INVESTMENTS IN PARTNERSHIPS [Abstract]
Investment in Partnerships	Note 3—Investments in Partnerships The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At September 30, December 31, (in thousands) 2018 2017 Investments in U.S. real estate partnerships (includes $928 and $1,046 related to variable interest entities (" VIEs ")) (1) $ 19,878 $ 19,114 Investment in SAWHF 10,703 12,695 Investment in Solar Ventures 115,523 97,011 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) ─ 99,142 Total investments in partnerships $ 146,104 $ 227,962 (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 15, “Consolidated Funds and Ventures,” for more information. Investments in U.S. Real Estate Partnerships At September 30, 2018, $18.9 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. The Company made an initial capital contribution of $8.8 million, which represented 80% of the real estate venture’s initial capital. The Company has the right to a preferred return on its capital contribution, as well as the right to share in excess cash flows of the real estate venture. As of September 30, 2018, the Company held a 71.2% economic interest based upon the partnership’s distribution waterfall. This entity was determined not to be a VIE and because decision-making rights are shared equally among its members, the Company accounts for this investment using the equity method of accounting. During the first quarter of 2018, the Company acquired three limited partner interests in three affordable housing partnerships in which our ownership interest ranged from 74.25% to 74.92% for $3.3 million. While these entities were deemed to be VIEs, the Company was not deemed to be their primary beneficiary. Therefore, the Company did not consolidate these entities and accounts for these investments using the equity method of accounting. At September 30, 2018, the carrying value of these investments was $0.9 million. At September 30, 2018, four of the U.S. real estate partnerships in which we have investments were determined to be VIEs while, at December 31, 2017, two of the U.S. real estate partnerships in which we had investments were determined to be VIEs. The carrying value of the equity investments in these partnerships was $0.9 million and $1.0 million at September 30, 2018 and December 31, 2017, respectively. For one of the Company’s VIEs, because the underlying real estate was sold during the fourth quarter of 2017, the Company does not expect to make additional contributions to that investment. Our maximum exposure to loss due to our involvement with these VIEs was $0.9 million and $1.0 million at September 30, 2018 and December 31, 2017, 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 these 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 September 30, December 31, 2018 2017 (in thousands) Total assets $ 56,883 $ 57,712 Debt 5,863 7,037 Other liabilities 32,538 22,030 The following table provides information about the gross revenue, operating expenses and net (loss) income of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ 543 $ 12,017 $ 1,722 $ 13,469 Operating expenses 487 317 1,377 1,425 Net (loss) income and net (loss) income attributable to the entity (582) 11,028 (1,300) 10,150 Investment in SAWHF At September 30, 2018, the carrying value of the Company’s 11.85% equity investment in SAWHF was $10.7 million. As SAWHF was determined not to be a VIE, the Company accounts for this investment using the equity method of accounting. The following table provides information about the carrying value of total assets, debt and other liabilities of SAWHF: At At September 30, December 31, 2018 2017 (in thousands) Total assets $ 90,621 $ 123,187 Debt ─ 15,712 Other liabilities 69 100 The following table provides information about the gross revenue, operating expenses and net (loss) income of SAWHF: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ 1,693 $ (2,238) $ 3,998 $ 4,626 Operating expenses 376 (1,591) 1,927 6,412 Net (loss) income and net (loss) income attributable to the entity (4,463) 2,021 (2,896) 5,092 Investment in Solar Ventures The carrying value of the Company’s equity investments in Solar Construction Lending, LLC (“ SCL ”), Solar Permanent Lending, LLC (“ SPL ”) and Solar Development Lending , LLC (“ SDL ”) was $101.1 million, $2.9 million and $11.5 million, respectively, at September 30, 2018 . None of these investees were assessed to constitute VIEs and the Company accounts for all of these investments using the equity method of accounting. At December 31, 2017, the Company accounted for its equity investment in Renewable Energy Lending (“ REL ”) pursuant to the equity method of accounting. However, by acquiring its investment partner’s ownership interest in REL and becoming the sole owner of such investee on June 1, 2018, the Company began to consolidate REL for reporting purposes in the second quarter of 2018. The following table provides information about the carrying amount of total assets, other liabilities and noncontrolling interests of all investees for which the Company had an equity method investment: At At September 30, December 31, 2018 2017 (in thousands) Total assets $ 226,416 $ 399,758 Other liabilities 3,546 5,111 Noncontrolling interests ─ 87,699 The following table provides information about the gross revenue, operating expenses and net income of all investees for which the Company had an equity method investment: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ 6,118 $ 8,493 $ 18,639 $ 19,257 Operating expenses 1,290 1,194 4,107 4,022 Net income 4,755 7,208 14,974 15,604 Net income attributable to the entity 4,755 5,404 14,974 10,253

LOANS

LOANS	9 Months Ended
LOANS	Sep. 30, 2018
Loans [Abstract]
Loans	Note 4—Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”) The following table provides information about the carrying value of the Company’s loans: At At September 30, December 31, (in thousands) 2018 2017 Loans HFI $ 58,299 $ 736 Loans HFS 9,000 ─ Total loans $ 67,299 $ 736 Loans HFI We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowance for loan losses. However, such loans are reported at fair value to the extent the Company has elected the fair value option (“ FVO ”) for such instruments and, as a result, such assets are subsequently measured on a fair value basis in our Consolidated Statement of Operations as a component of “Net gains (losses) on loans.” The following table provides information about the UPB and cost basis adjustments that were recognized in the Company’s Consolidated Balance Sheets related to loans that it classified as HFI: At At September 30, December 31, (in thousands) 2018 2017 UPB $ 59,140 $ 1,487 Cost basis adjustments, net (841) (751) Loans HFI, net $ 58,299 $ 736 The following table provides information about the UPB and amortized cost of loans that are current with respect to principal and interest payments, as well as information about the UPB of loans that are past due with respect to principal or interest payments : At At September 30, December 31, (in thousands) 2018 2017 UPB Carrying value UPB Carrying value Total current $ 58,090 $ 58,000 $ 437 $ 437 30-59 days past due ─ ─ ─ ─ 60-89 days past due ─ ─ ─ ─ 90 days or greater 1,050 299 1,050 299 Total $ 59,140 $ 58,299 $ 1,487 $ 736 At September 30, 2018 and December 31, 2017, the Company did not have any loans for which it elected the FVO. At September 30, 2018 and December 31, 2017, the UPB of HFI loans that were placed on non-accrual status was $1.1 million while the carrying value of these loans was $0.3 million as of such reporting dates. At September 30, 2018 and December 31, 2017, no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. Loans HFS We report the carrying value of HFS loans at the lower of cost or fair value. In this regard, if a loan’s amortized cost exceeds its fair value at a reporting date, the Company will establish a valuation allowance and recognize a related provision for loan loss in our Consolidated Statement of Operations as a component of “Net gains (losses) on loans.” Subsequent increases in the fair value of an HFS loan for which a valuation allowance was established will be recognized in the Consolidated Statements of Operations as a reduction of “Net gains (losses) on loans” up to the amount of previously recognized losses. The cost basis for HFS loans was $15.0 million and $6.0 million at September 30, 2018 and December 31, 2017, respectively, with $9.0 million and zero carrying value at September 30, 2018 and December 31, 2017, respectively. During the three months and nine months ended September 30, 2018 and September 30, 2017, 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. Refer to Note 17, “Subsequent Events,” for additional information. Unfunded Loan Commitments There were no unfunded loan commitments at September 30, 2018 and December 31, 2017.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
OTHER ASSETS	Sep. 30, 2018
Other Assets [Abstract]
Other Assets	Note 5—Other Assets The following table provides information related to the carrying value of the Company’s other assets: At At September 30, December 31, (in thousands) 2018 2017 Other assets: Derivative assets $ 9,653 $ 6,865 Real estate owned 3,719 3,447 Accrued interest receivable 1,928 1,558 Other assets 887 860 Other assets held by CFVs (1) ─ 5,175 Total other assets $ 16,187 $ 17,905 (1) See Note 15, “Consolidated Funds and Ventures,” for more information. Derivative Assets At September 30, 2018 and December 31, 2017, the Company had $9.7 million and $6.9 million, respectively, of derivative assets. See Note 7, “Derivative Instruments,” for more information. Real Estate Owned (“REO”) The following table provides information about the carrying value of the Company’s REO held for use, net: At At September 30, December 31, (in thousands) 2018 2017 Building, furniture, fixtures and land improvement $ 1,100 $ 828 Land 2,619 2,619 Total $ 3,719 $ 3,447 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 Other Assets and Other Liabilities portfolio includes the Company’s REO that represents a parcel of land that is currently in the process of being developed. As a result, no depreciation expense was recognized in connection with this land investment for the three months and nine months ended September 30, 2018 and September 30, 2017. Additionally, the Company did no t recognize any impairment losses for such reporting periods.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2018
Debt [Abstract]
Debt	Note 6—Debt The table below provides information about the carrying values and weighted-average effective interest rates of the Company’s debt obligations that were outstanding: At At September 30, 2018 December 31, 2017 Weighted-Average Weighted-Average Carrying Effective Interest Carrying Effective Interest (dollars in thousands) Value Rate Value Rate Asset Related Debt Notes payable and other debt – bond related (1) Due within one year $ 35,022 2.9 % $ 41,767 3.2 % Due after one year 46,392 3.0 42,071 2.9 Total asset related debt 81,414 3.0 83,838 3.1 Other Debt Subordinated debt (2) Due within one year 2,244 3.5 2,297 2.6 Due after one year 96,041 3.5 97,700 2.6 Notes payable and other debt Due within one year ─ ─ 14,733 2.8 Due after one year 7,473 14.7 10,859 12.1 Total other debt 105,758 4.3 125,589 3.5 Total asset related debt and other debt 187,172 3.7 209,427 3.3 Debt related to CFVs Due within one year ─ ─ 6,712 6.5 Total debt related to CFVs ─ ─ 6,712 6.5 Total debt $ 187,172 3.7 $ 216,139 3.4 (1) Included in notes payable and other debt – bond related were unamortized debt issuance costs. The balance at September 30, 2018 and December 31, 2017 was de minimis. (2) The subordinated debt balances include net cost basis adjustments of $8.0 m illion and $8.3 million at September 30, 2018 and December 31, 2017, respectively, that pertain to premiums and debt issuance costs. Covenant Compliance and Debt Maturities The following table provides information about scheduled principal payments associated with the Company’s debt agreements that were outstanding at September 30, 2018: Asset Related Debt (in thousands) and Other Debt 2018 $ 35,185 2019 2,194 2020 36,720 2021 20,804 2022 1,679 Thereafter 82,906 Net premium and debt issue costs 7,684 Total debt $ 187,172 At September 30, 2018, the Company was in compliance with all covenants under its debt obligations. Asset Related Debt Asset related debt is debt that finances interest-bearing assets. The interest expense associated with this debt is included within “Net interest income” on the Consolidated Statements of Operations. 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 conveys its interest in bonds to a counterparty in exchange for cash consideration while simultaneously executing TRS agreements with the same counterparty for purposes of retaining the economic risks and returns of such investments. The conveyance of the Company’s interest in bonds was treated for reporting purposes as a secured borrowing while TRS agreements that were executed simultaneously with such conveyance did not receive financial statement recognition since such derivative instruments caused the conveyance of the Company’s interest in these bonds not to qualify for sale accounting treatment. At September 30, 2018, under 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 $76.2 million with a weighted-average pay rate of 6.6% at September 30, 2018). For the majority of the TRS agreements, the 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 $74.2 million with a weighted-average pay rate of 2.9% at September 30, 2018) 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 $7.2 million with a weighted-average pay rate of 3.7% at September 30, 2018). The Company uses the pay rate on executed TRS agreements to accrue interest on its secured borrowing obligations to its counterparty. Other Debt Other debt is debt that finances non-interest-bearing assets and other business activities of the Company. The interest expense associated with this debt is included within “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. Subordinated Debt The table below provides information about the key terms of the subordinated debt that was issued by the Company’s wholly owned subsidiary MMA Financial Holdings, Inc. (“ MFH ”) and that was outstanding at September 30, 2018: (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFH $ 26,659 $ 2,437 $ 29,096 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 24,241 2,227 26,468 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 13,973 1,186 15,159 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 25,407 2,155 27,562 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 90,280 $ 8,005 $ 98,285 Notes Payable and Other Debt At September 30, 2018, the UPB and carrying value was $7.8 million and $7.5 million, respectively, of notes payable and other debt used to finance the Company’s 11.85% ownership interest in SAWHF. Such debt, which is denominated in South African rand, 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 fixed spread of 5.15% . At September 30, 2018, the JIBAR base rate was 7.03% . Letters of Credit The Company had no letters of credit outstanding at September 30, 2018 and December 31, 2017.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
DERIVATIVE INSTRUMENTS	Sep. 30, 2018
Derivative Instruments [Abstract]
Derivative Instruments	Note 7—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 the financing of our SAWHF equity investment. 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 .” Derivative assets are presented in the Consolidated Balance Sheets as a component of “Other assets” and derivative liabilities are presented in the Consolidated Balance Sheets as a component of “Other liabilities.” The following table provides information about the carrying value of the Company’s derivative instruments: Fair Value At At September 30, 2018 December 31, 2017 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ 2,589 $ 70 $ 2,347 $ 46 Basis swaps 1,112 15 439 26 Interest rate caps 1,400 ─ 788 ─ Interest rate swaps 4,376 ─ 3,291 ─ Foreign currency forward exchange 176 ─ ─ 247 Total derivative instruments $ 9,653 $ 85 $ 6,865 $ 319 The following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At September 30, December 31, (in thousands) 2018 2017 Total return swaps $ 71,616 $ 72,290 Basis swaps 84,500 100,500 Interest rate caps 80,000 80,000 Interest rate swaps 130,000 140,000 Foreign currency forward exchange 4,399 4,363 Total dollar-based derivative instruments $ 370,515 $ 397,153 The following table provides information about the net gains that were recognized by the Company in connection with its derivative instruments: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Total return swaps (1) $ 422 $ 1,522 $ 2,060 $ 4,100 Basis swaps (2) 208 14 715 5 Interest rate caps 137 (116) 612 (598) Interest rate swaps (3) 327 (162) 1,722 (1,178) Foreign currency forward exchange 8 172 355 172 Total derivative gains $ 1,102 $ 1,430 $ 5,464 $ 2,501 (1) The accrual of net interest payments that are made in connection with TRS agreements are reported as derivative instruments and is classified as “Net gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.7 million for the three months ended September 30, 2018 and September 30, 2017. Net cash received was $1.9 million and $2.3 million for the nine months ended September 30, 2018 and September 30, 2017, respectively. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as “Net gains on derivatives” on the Consolidated Statements of Operations. The net cash paid was de minimis for the three months ended September 30, 2018 and September 30, 2017, and for the nine months ended September 30, 2018. The net cash paid for the nine months ended September 30, 2017 was $0.1 million. (3) The accrual of net interest payments that are made in connection with interest rate swaps is classified as “Net gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.1 million and $0.3 million for the three months and nine months ended September 30, 2018, respectively. During the three months and nine months ended September 30, 2018, the Company also received $0.3 million to amend two interest rate swaps and recorded $0.3 million through “Other assets” on the Consolidated Balance Sheets. The amount recorded to “Net gains on derivatives” on the Consolidated Statements of Operations was de minimis. Net cash paid was $0.1 million and $0.3 million for the three months and nine months ended September 30, 2017, respectively.

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2018
Fair Value [Abstract]
Fair Value	Note 8—Fair 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. Fair 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 quoted prices in active markets for identical instruments. · Level 2: Valuation is based upon quoted 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. Recurring Changes in Fair Value The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of such assets and liabilities are categorized : Fair Value Measurements At September 30, (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 147,808 $ ─ $ ─ $ 147,808 Derivative instruments 9,653 ─ 7,064 2,589 Liabilities: Derivative instruments $ 85 $ ─ $ 15 $ 70 Fair Value Measurements At December 31, (in thousands) 2017 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 143,604 $ ─ $ ─ $ 143,604 Derivative instruments 6,865 ─ 4,518 2,347 Liabilities: Derivative instruments $ 319 $ ─ $ 273 $ 46 Changes in Fair Value Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes, but is not limited to, quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2 and Level 3. For the three months ended September 30, 2018 and September 30, 2017, there were no individually significant transfers between Levels 1 and 2, or between Levels 2 and 3. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2018: (in thousands) Investments in Debt Securities Derivative Assets Derivative Liabilities Balance, July 1, 2018 $ 162,261 $ 2,747 $ (44) Net losses included in earnings ─ (158) (26) Net change in AOCI (1) (3,914) ─ ─ Impact from sales/redemptions (10,364) ─ ─ Impact from settlements (2) (175) ─ ─ Balance, September 30, 2018 $ 147,808 $ 2,589 $ (70) (1) This amount includes the reclassification into the Consolidated Statements of Operations of $5.1 million of realized bond gains related to bonds that were sold or redeemed. This decline was partially offset by $1.0 million of net unrealized holding gains recognized during this reporting period, as well as by $0.1 million of realized losses that were reclassified out of AOCI and into the Consolidated Statements of Operations in connection with one of the Company’s bond investments that was assessed as OTTI. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended September 30, 2018 related to activity presented in the preceding table: (in thousands) Net gains on bonds (1) Net gains on derivatives (2) Net change in unrealized losses related to assets and liabilities still held at September 30, 2018 $ ─ $ (184) Additional realized gains recognized 5,080 605 Total gains reported in earnings $ 5,080 $ 421 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2017: (in thousands) Investments in Debt Securities Loans Held for Investment Derivative Assets Derivative Liabilities Balance, July 1, 2017 $ 151,662 $ 3,899 $ 3,405 $ (399) Net (losses) gains included in earnings (1,777) ─ 413 399 Net change in AOCI (1) 42 ─ ─ ─ Impact from sales/redemptions (6,784) (3,899) ─ ─ Impact from settlements (2) (192) ─ ─ ─ Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─ (1) This amount includes $0.6 million of net unrealized holding gains recognized during this reporting period, an increase of which was mostly offset by the reclassification into the Consolidated Statements of Operations of $0.6 million of realized gains related to bonds that were sold or redeemed during such reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended September 30, 2017 related to activity presented in the preceding table: (in thousands) Net losses on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3) Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2017 $ (880) $ (897) $ ─ $ 812 Additional realized gains recognized 620 ─ 805 710 Total (losses) gains reported in earnings $ (260) $ (897) $ 805 $ 1,522 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains (losses) on loans” in the Company’s Consolidated Statements of Operations. (3) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2018: (in thousands) Investments in Debt Securities Derivative Assets Derivative Liabilities Balance, January 1, 2018 $ 143,604 $ 2,347 $ (46) Net (losses) gains included in earnings (6) 242 (24) Net change in AOCI (1) (2,931) ─ ─ Impact from deconsolidation 17,997 ─ ─ Impact from sales/redemptions (10,364) ─ ─ Impact from settlements (2) (492) ─ ─ Balance, September 30, 2018 $ 147,808 $ 2,589 $ (70) (1) This amount includes the reclassification into the Consolidated Statements of Operations of $5.1 million of net realized gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $2.1 million of net un realized gains recognized during this reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the nine months ended September 30, 2018 related to activity presented in the preceding table : (in thousands) Net gains on bonds (1) Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2018 $ (6) $ 218 Additional realized gains recognized 5,080 1,842 Total gains reported in earnings $ 5,074 $ 2,060 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2017: (in thousands) Investments 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 (3,984) (5,335) 1,491 372 Net change in AOCI (1) 1,388 ─ ─ ─ Impact from purchases ─ 14,028 ─ ─ Impact from loan originations ─ 1,500 ─ ─ Impact from sales/redemptions (6,784) (14,028) ─ ─ Impact from settlements (2) (3,650) ─ ─ ─ Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─ (1) This amount represents $ 2.0 million of net unrealized holding gains recognized during the period, an amount of which was partially offset by the reclassification into the Consolidated Statements of Operations of $0.6 million of realized gains related to bonds that were sold or redeemed during this reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the nine months ended September 30, 2017 related to activity presented in the preceding table: (in thousands) Net gains on bonds (1) Equity in losses from LTPPs Net losses on loans (2) Net gains on derivatives (3) Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2017 $ (880) $ (3,104) $ ─ $ 1,863 Change in unrealized losses related to assets and liabilities held at January 1, 2017, but settled during 2017 ─ ─ (5,335) ─ Additional realized gains recognized 620 ─ 805 2,237 Total (losses) gains reported in earnings $ (260) $ (3,104) $ (4,530) $ 4,100 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains (losses) on loans” in the Company’s Consolidated Statements of Operations. (3) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Fair Value Measurements of Instruments That Are Classified as Level 3 The tables that follow provide quantitative information about the valuation techniques and the range and weighted-average of significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model to measure fair value. The significant unobservable inputs for Level 3 assets and liabilities that are valued using dealer pricing are not included in the table, as the specific inputs applied are not provided by the dealer. Fair Value Measurement at September 30, 2018 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments in debt securities: Multifamily tax-exempt bonds Performing $ 102,593 Discounted cash flow Market yield 4.3 - 6.7 % 4.8 % Non-performing 12,965 Discounted cash flow Market yield 8.1 N/A Capitalization rate 6.9 N/A Net operating income (" NOI ") annual growth rate 0.1 N/A Property bids $ 13,162 - 13,557 $ 13,404 Valuation technique weighting factors 10 - 90 % N/A % Subordinated cash flow 10,674 Discounted cash flow Market yield 7.4 N/A Capitalization rate 6.2 - 6.3 6.3 NOI annual growth rate 0.4 - 0.5 0.5 Infrastructure bonds 21,576 Discounted cash flow Market yield 7.3 - 9.9 8.4 Cash flow probability - future incremental tax revenue growth 75 N/A Cash flow probability - no future incremental tax revenue growth 25 N/A Derivative instruments: Total return swaps 2,519 Discounted cash flow Market yield 4.6 - 5.4 4.8 (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, 2017 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments 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 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. 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 generally 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. For purposes of projecting expected future cash flows associated with non-performing bonds, the Company may also consider quotes received from third parties related to underlying properties that serve as collateral for our instruments. In instances where the Company uses more than one valuation technique to measure the fair value of underlying properties, the results (respective indications of fair value) are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. 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 flows 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 could potentially have significant impacts on the fair value measurement of the Company’s investments in infrastructure bonds. · Valuation technique weighting factors – represent factors that, in the aggregate, sum to 100% and that are individually applied to two or more indications of fair value considering the reasonableness of the range indicated by those results. · Property bids – represent the average of bids, net of closing costs, received from third parties in connection with the pending sale of affordable housing properties that secure non-performing bond investments. Non-Recurring Changes in Fair Value During the nine months ended September 30, 2018, the Company recognized $0.4 million of impairment losses associated with certain equity investments based upon the fair value of such instruments. Fair value measurements of these instruments, which were categorized as Level 3 in the fair value hierarchy, were completed using a discounted cash flow methodology. There were no non-recurring fair value adjustments recorded for the nine months ended September 30, 2017. Additional Disclosures Related To The Fair Value of Financial Instruments That Are Not Carried On The Consolidated Balance Sheets at Fair Value The tables 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. Assets and liabilities that do not represent financial instruments ( e.g. , premises and equipment) are excluded from these disclosures. At September 30, 2018 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 15,556 $ 15,556 $ ─ $ ─ Restricted cash 10,944 10,944 ─ ─ Asset management fees and reimbursements receivable 288 ─ ─ ─ Loans held for investment 58,299 ─ ─ 59,399 Loans held for sale 9,000 ─ ─ 9,408 Liabilities: Notes payable and other debt, bond related 81,414 ─ ─ 81,452 Notes payable and other debt, non-bond related 7,473 ─ ─ 7,755 Subordinated debt issued by MFH 98,285 ─ ─ 52,088 At December 31, 2017 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 35,693 $ 35,693 $ ─ $ ─ Restricted cash 21,271 21,271 ─ ─ Restricted cash related to CFVs 23,495 23,495 ─ ─ Asset management fee receivable from TC Fund I 116 ─ ─ 116 Loans held for investment 736 ─ ─ 1,754 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 25,592 ─ ─ 26,014 Notes payable and other debt related to CFVs 6,712 ─ ─ ─ Subordinated debt issued by MFH 99,997 ─ ─ 43,256 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 – 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. 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 credit risks. 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 – The Company measures the fair value of the subordinated debt by discounting contractual cash flows based upon its estimated market yield, which was 12.5% and 14.0% at September 30, 2018 and December 31, 2017, respectively. As outlined in the table above, at September 30, 2018, the aggregate fair value was measured at $52.1 million. At September 30, 2018, the measured fair value of this debt would have been $62.0 million and $44.7 million using a market yield of 10.0% and 15.0% , 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.

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	9 Months Ended
GUARANTEES AND COLLATERAL	Sep. 30, 2018
Guarantees And Collateral [Abstract]
Guarantees And Collateral	Note 9—Guarantees and Collateral Guarantees At September 30, 2018, the Company had one minimum yield guarantee associated with a nonconsolidated guaranteed LIHTC fund that expires on December 31, 2018. In this case, the Company agreed to indemnify the purchaser of the general partner interest in that guaranteed LIHTC fund from investor claims related to that guarantee. This arrangement requires the Company to stand ready to perform under such guarantee 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 regulation with respect to the LTPP in which the guaranteed LIHTC fund is invested. Prior to December 31, 2017 , the guaranteed LIHTC fund had delivered all tax credits to its investors resulting in no additional future exposure to the Company as the tax credit recapture risk is not significant enough to reduce the guaranteed LIHTC fund yield below its guaranteed yield for the remaining two LTPPs in which the guaranteed LIHTC fund is invested that are within their tax credit compliance period. As a result, the Company has measured the maximum exposure and the carrying value of this guarantee to be zero at September 30, 2018 and December 31, 2017. The Company also has agreed to indemnify specific investors in non-guaranteed LIHTC funds related to the performance on two LTPPs. If a third party fails to perform on its financial obligation relating to the property’s performance, the Company would be required to indemnify impacted investors. Such indemnities will expire on December 31, 2018 and December 31, 2022. At September 30, 2018 and December 31, 2017, the Company had a maximum exposure of $0.1 million related to one of these LTPP indemnifications and the remaining LTPP indemnification had no financial limit as the specific guarantee requires the guarantor to unconditionally fund any operating deficits of the LTPP. However, the Company does not believe it will be required to perform under this indemnification or incur any losses based upon the current operations of the LTPP. Based upon the foregoing, the Company has measured the maximum exposure to be $0.1 million and the carrying value of these indemnifications to be zero at September 30, 2018 and December 31, 2017. Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at September 30, 2018 and December 31, 2017. For prior periods, these tables also reflect certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets: At September 30, 2018 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to TRS agreements $ 4,263 $ 122,811 $ ─ $ 127,074 Notes payable and other debt (1) 6,673 ─ 10,703 17,376 Other 8 ─ ─ 8 Total $ 10,944 $ 122,811 $ 10,703 $ 144,458 (1) The majority of this balance represents collateral pledged by the Company in connection with the debt that finances its 11.85% ownership interest in SAWHF. At December 31, 2017 Investments Total Restricted in Debt Investments in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt and derivatives related to TRS agreements $ 9,160 $ 128,902 $ ─ $ ─ $ 138,062 Notes payable and other debt (1) 5,991 ─ 12,695 ─ 18,686 Other (2) 6,120 ─ ─ ─ 6,120 CFVs 23,495 ─ 99,142 5,175 127,812 Total $ 44,766 $ 128,902 $ 111,837 $ 5,175 $ 290,680 (1) This balance represents collateral pledged by the Company in connection with the debt that finances its 11.85% ownership interest in SAWHF. (2) The majority of this balance represents collateral pledged by the Company in connection with the tax credit guarantee .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies Operating Leases During the first quarter of 2018, the Company conveyed all its operating lease agreements to Hunt. As a result, t he Company had no future rental commitments at September 30, 2018. Litigation and Other Legal Matters In the ordinary course of business , the Company and its subsidiaries are named from time to time as defendants in various litigation matters or may have other claims made against them. Such legal proceedings may include claims for substantial or indeterminate compensatory, consequential or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters or other loss contingencies when a loss is probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained. At September 30, 2018, we had no significant litigation matters and we were not aware of any other claims that we believe would have a material adverse impact on our financial condition or results of operations.

EQUITY

EQUITY	9 Months Ended
EQUITY	Sep. 30, 2018
Equity [Abstract]
Equity	Note 11—Equity Common Share Information The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Net income from continuing operations $ 8,611 $ 4,361 $ 8,516 $ 592 Net income from discontinued operations 13 5,560 21,210 13,302 Net income to common shareholders $ 8,624 $ 9,921 $ 29,726 $ 13,894 Basic weighted-average shares (1) 5,804 5,871 5,717 5,890 Common stock equivalents (2), (3) 283 ─ ─ ─ Diluted weighted-average shares 6,087 5,871 5,717 5,890 (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) The weighted average potential dilutive shares outstanding, inclusive of the options exercised during the year based on the exercise date, had a potential dilutive share impact of 282,597 and 348,403 for the three months and nine months ended September 30, 2018, respectively. For the nine months ended September 30, 2018, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. At September 30, 2018, 222,000 stock options were exercisable and in-the-money. (3) At September 30, 2017, 410,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 383,299 and 382,088 for the three months and nine months ended September 30, 2017, respectively. For the three months and nine months ended September 30, 2017, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. Common Shares On March 13, 2018, the Board authorized a 2018 share repurchase program (“ 2018 Plan ”) for up to 125,000 common shar es, at a maximum price of $30.00 per share. The Company then adopted a Rule 10b5-1 plan implementing the Board’s authorization. On August 7, 2018, the Board amended the 2018 Plan to increase (i) the total shares authorized for repurchase to 187,500 and (ii) the maximum authorized share repurchase price per share to $31.50 . Furthermore, on November 6, 2018, the Board authorized the amend ment of the 2018 Plan to increase (i) the total shares authorized for repurchase to 218,750 and (ii) the maximum authorized share repurchase price per share to $32.96 , which represents the Company’s diluted common shareholders’ equity per share at September 30, 2018 . In the third quarter of 2018, the Company purchased 28,473 common shares at an average price of $27.11 . Between October 1, 2018 and November 1, 2018, the Company repurchased 34,350 common shares at an average price of $26.26 . After taking into consideration the number of shares purcha sed through November 1, 2018, the number of shares that remain available for purchase under the amended 2018 Plan is 34,900 . On March 9, 2018, the Company issued 125,000 common shares to Hunt for $4.1 million, representing a price per share of $33.00 . On June 26, 2018, the Company issued an additional 125,000 shares to Hunt for $4.3 million, or $34.00 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 remain in effect the earlier of (i) a period of five years, (ii) or until the Board determines the plan is no longer required. On January 3, 2018, the Board approved a waiver of the 4.9% ownership limitation for Hunt, increasing such limitation to 9.9% of the Company’s issued and outstanding shares in any rolling 12-month period. At September 30, 2018, we had two shareholders with a greater than a 4.9% stake in the Company. Additionally, as of September 30, 2018, two of the Company’s executive officers, Michael L. Falcone and Gary A. Mentesana could each have a greater than 4.9% stake in the Company for purposes of the Rights Plan following their prospective exercise of their vested option awards. In anticipation of these officers becoming greater than 4.9% shareholders, the Board of Directors has named each of them as an exempted person in accordance with the Rights Plan and determined that the exercise of the options and the required share award purchases will not, in and of themselves, constitute a triggering event for purposes of our Rights Plan. Noncontrolling Interests The following table provides information about the noncontrolling interests in CFVs: At At September 30, December 31, (in thousands) 2018 2017 Guaranteed LIHTC Funds $ ─ $ 83,909 Consolidated Property Partnerships ─ 5,620 Total $ ─ $ 89,529 Guaranteed LIHTC Funds At September 30, 2018, the Company did not consolidate any guaranteed LIHTC funds for financial reporting purposes. As a result, noncontrolling interests in such funds were not recognized in the Company’s financial statements as of such reporting date. At December 31, 2017, noncontrolling interest holders were comprised of limited and general partners in the 11 guaranteed LIHTC funds that were consolidated for reporting purposes. See Note 15, “Consolidated Funds and Ventures,” for more information. Consolidated Property Partnerships At September 30, 2018, the Company did not consolidate any property partnerships for financial reporting purposes. As a result, noncontrolling interests in such entities were not recognized in the Company’s financial statements as of such reporting date. At December 31, 2017, noncontrolling interest holders were comprised of limited and general partners of these partnerships. See Note 15, “Consolidated Funds and Ventures,” for more information. Accumulated Other Comprehensive Income Allocable to Common Shareholders The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2018: Investments Income Foreign in Debt Tax Currency (in thousands) Securities Expense Translation AOCI Balance, July 1, 2018 $ 54,857 $ (14) $ (483) $ 54,360 Net unrealized gains 1,025 ─ 525 1,550 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (5,080) ─ ─ (5,080) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 141 ─ ─ 141 Income tax benefit ─ 14 ─ 14 Net change in AOCI (3,914) 14 525 (3,375) Balance, September 30, 2018 $ 50,943 $ ─ $ 42 $ 50,985 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2017: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, July 1, 2017 $ 42,344 $ (3,406) $ 38,938 Net unrealized gains 623 19 642 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 39 ─ 39 Net change in AOCI 42 19 61 Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2018: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2018 $ 44,459 $ (3,306) $ 41,153 Net unrealized gains 2,143 3,348 5,491 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (5,080) ─ (5,080) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 6 ─ 6 Recognition of unrealized holding gains on bond investments due to deconsolidation of LTPPs 9,415 ─ 9,415 Income tax expense ─ ─ ─ Net change in AOCI 6,484 3,348 9,832 Balance, September 30, 2018 $ 50,943 $ 42 $ 50,985 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2017: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2017 $ 40,998 $ (3,180) $ 37,818 Net unrealized gains (losses) 1,969 (207) 1,762 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 39 ─ 39 Net change in AOCI 1,388 (207) 1,181 Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2018
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 12—Stock-Based Compensation On January 8, 2018, the Company engaged Hunt through the execution of the Management Agreement to externally manage the Company’s operations. All employees of the Company were hired by the External Manager. 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 its former employees (“ Employees’ Stock-Based Compensation Plans ”). The following table provides information related to total compensation expense that was recorded for these Plans: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Employees’ Stock-Based Compensation Plans $ (34) $ 902 $ 930 $ 2,481 Non-employee Directors’ Stock-Based Compensation Plans 163 164 491 341 Total $ 129 $ 1,066 $ 1,421 $ 2,822 Employees’ Stock-Based Compensation Plans At September 30, 2018, there were 466,694 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 466,694 shares available under the plans, 54,505 are available to be issued in the form of either stock options or shares, while the remaining 412,189 shares available for issuance must be issued in the form of stock options. Employee Common Stock Options The Company measures the fair value of unvested options with time-based vesting and all vested options (both time-based and performance based) using a lattice model for purposes of recognizing compensation expense. The Company believes the lattice model provides a better estimate of the fair value of these options as, according to FASB’s Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” Because options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company. The Company believes a Monte Carlo simulation provides a better estimate of the fair value for unvested options granted with specific stock price targets as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes. All options were vested as of September 30, 2018. 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, 2017 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 Exercised in 2018 (3) (188) 1.29 Forfeited/Expired in 2018 ─ Outstanding at September 30, 2018 222 1.80 3.5 5,413 5,431 Number of options that were exercisable at: December 31, 2017 410 1.56 3.4 September 30, 2018 222 1.80 3.5 (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 222,000 at September 30, 2018 and 410,000 at both December 31, 2017 and January 1, 2017. (3) When exercised, stock options were net share settled . For the nine months ended September 30, 2018, 188,000 stock options were exercised, which resulted in a $4.8 million reduction to Other liabilities at September 30, 2018. Of the 188,000 stock options that were exercised, the Company issued 102,651 common shares for the nine months ended September 30, 2018, a nd 85 ,3 49 stock options were tendered to the Company by their holders in connection with the payment of related withholding taxes and exercise price . 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 396,720 were available to be issued at September 30, 2018. 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. 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. Under this plan, 50% of such compensation is paid in cash and the remaining sum through common share-based grants. The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the nine months ended September 30, 2018 and September 30, 2017. 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 September 30, 2018 $ 245,625 ─ 9,038 $ 27.18 ─ $ 491,250 September 30, 2017 170,625 ─ 7,210 23.67 ─ 341,250

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	9 Months Ended
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	Sep. 30, 2018
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES [Abstract]
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	Note 13—Related Party Transactions and Transactions with Affiliates Transactions with Hunt External Management Fees and Expenses Reimbursement Commencing on January 8, 2018, we became externally managed pursuant to a management agreement between us and the External Manager (the “ Management Agreement ”). At the time of the Disposition, 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. Additionally, pursuant to the Management Agreement, the Company agreed to reimburse the External Manager for certain allocable overhead costs, including certain salaries and benefits, subject to a cap. During the three months and nine months ended September 30, 2018, the Company recognized $1.1 million and $5.8 million , respectively, of management fees and expense reimbursements in our Consolidated Statements of Operations. At September 30, 2018, $1.1 million of management fees and expense reimbursements is payable to the External Manager. Loan HFI As consideration for the Disposition (refer to Note 1, “Summary of Significant Accounting Policies” for more information), Hunt agreed to pay the Company $57.0 million and to assume certain liabilities of the Company. The Company provided seller financing through a $57.0 million note receivable from Hunt 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. During the three months and nine months ended September 30, 2018, the Company recognized $0.7 million and $2.1 million, respectively, of interest income associated with this note receivable in the Consolidated Statements of Operations. At September 30, 2018, $0.7 million of interest remains payable by Hunt. Common Shares In conjunction with the Disposition, the Company agreed to issue, and Hunt agreed to acquire, 250,000 of the Company’s common shares in a private placement at an average purchase price of $33.50 per share. On March 9, 2018, the Company issued 125,000 common shares to Hunt for $4.1 million, representing a price per share of $33.00 . On June 26, 2018, the Company issued the remaining 125,000 shares to Hunt for $4.3 million, or $34.00 per share.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
DISCONTINUED OPERATIONS	Sep. 30, 2018
Discontinued Operations [Abstract]
Discontinued Operations	Note 14—Discontinued Operations On January 8, 2018, the Company entered into a series of material definitive agreements with affiliates of 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 sold the following to Hunt as part of the Disposition: (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. This sale transaction also included certain management, expense reimbursement and other contractual rights held by the Company with respect to its Energy Capital, LIHTC and International Operations. The 11 guaranteed LIHTC funds that were deconsolidated in connection with the Disposition have been excluded from discontinued operations because such funds were not conveyed to Hunt as part of the Disposition. As a result of the Disposition, the Company’s continuing operations consist primarily of its: (i) investments in debt securities; (ii) equity investments in renewable energy lending ventures and SAWHF; (iii) the $57.0 million note receivable from Hunt; (iv) derivative financial instruments that are used to hedge interest rate and foreign currency risk of the Company; and (v) other assets and liabilities, including certain real estate-related investments and the Company’s subordinated debt. The table below summarizes the Company’s assets and liabilities related to discontinued operations reported in its Consolidated Balance Sheets: At At September 30, December 31, (in thousands) 2018 2017 ASSETS Cash and cash equivalents $ ─ $ 3,654 Restricted cash ─ 16,073 Investments in debt securities ─ 5,450 Investments in partnerships ─ 4,456 Real estate, net ─ 23,944 Other assets ─ 7,643 Total assets of discontinued operations $ ─ $ 61,220 LIABILITIES Debt $ ─ $ 8,308 Accounts payable and accrued expenses ─ 3,454 Other liabilities ─ 5,450 Total liabilities of discontinued operations $ ─ $ 17,212 The table below provides information about income and expenses related to the Company’s discontinued operations reported in its Consolidated Statements of Operations: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Interest on bonds $ ─ $ 19 $ 6 $ 60 Interest on loans and short-term investments ─ 110 6 276 Asset management fee and reimbursements ─ 7,537 842 18,408 Other income ─ 254 53 835 Interest expense ─ (31) ─ (100) Salaries and benefits ─ (2,048) (53) (6,072) General and administrative ─ (279) (68) (875) Professional fees (11) (336) (31) (982) Other expenses ─ (616) (29) (379) Gains on sales and operations of real estate, net 2 201 63 370 Equity in income from unconsolidated funds and ventures ─ 33 1 (5) Income tax benefit 22 ─ ─ ─ Net income from discontinued operations, net of tax 13 4,844 790 11,536 Disposal: Net gain on sale of business ─ 251 ─ 251 Net gain on disposal of discontinued operations ─ ─ 20,420 ─ Net income from discontinued operations 13 5,095 $ 21,210 $ 11,787 Loss from discontinued operations allocable to noncontrolling interests ─ 465 ─ 1,515 Net income to common shareholders from discontinued operations $ 13 $ 5,560 $ 21,210 $ 13,302 The table below provides information about operating and investing cash flows related to the Company’s discontinued operations reported in its Consolidated Statements of Cash Flows: For the nine months ended September 30, (in thousands) 2018 2017 Depreciation and amortization $ 29 $ 990 Capital expenditures ─ (108) Net change in assets, liabilities and equity due to sale of business: Decrease in investments in debt securities related to CFVs (5,450) ─ Decrease in loans (231) ─ Decrease in other assets ( $24,140 related to CFVs) (35,715) ─ Decrease in debt ( $6,144 related to CFVs) 8,308 ─ Decrease in accounts payable and accrued expenses 7,201 ─ Decrease in other liabilities ( $480 related to CFVs) 5,333 ─ Decrease in noncontrolling interests in CFVs 5,620 ─ Increase in accumulated other comprehensive income (3,404) ─

CONSOLIDATED FUNDS AND VENTURES

CONSOLIDATED FUNDS AND VENTURES	9 Months Ended
CONSOLIDATED FUNDS AND VENTURES	Sep. 30, 2018
Consolidated Funds and Ventures [Abstract]
Consolidated Funds and Ventures	Note 15—Consolidated Funds and Ventures In instances where the Company had 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 Consolidated Balance Sheets and Consolidated Statements of Operations. Third-party ownership in these CFVs is recorded in equity as “Noncontrolling interests in CFVs.” Guaranteed LIHTC Funds At December 31, 2017, the Company consolidated 11 guaranteed LIHTC funds for reporting purposes. During the first quarter of 2018, the Company assigned to Hunt, and Hunt assumed, the Company’s guarantee obligations associated with these 11 guaranteed LIHTC funds in connection with the Disposition. Consequently, the Company deconsolidated these guaranteed LIHTC funds upon settlement of the Disposition. The primary assets of the guaranteed LIHTC funds were equity investments in LTPPs. These investments were accounted for by the guaranteed LIHTC funds using the equity method of accounting. Asset Summary: The following table summarizes the assets of the CFVs: At At September 30, December 31, (in thousands) 2018 2017 Cash, cash equivalents and restricted cash $ ─ $ 23,495 Investments in LTPPs ─ 99,142 Other assets ─ 5,175 Total assets of CFVs $ ─ $ 127,812 The assets of the CFVs were restricted for use by the specific owner entity and were not available for the Company’s general use. Investments in LTPPs The guaranteed LIHTC funds’ limited partner investments in LTPPs were 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 September 30, December 31, (in thousands) 2018 2017 Total assets of the LTPPs (1) $ ─ $ 1,085,998 Total debt of the LTPPs ─ 771,027 Total other liabilities of the LTPPs ─ 165,500 (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 three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ ─ $ 37,682 $ ─ $ 113,047 Operating expenses ─ 22,062 ─ 66,187 Net loss and net loss attributable to entity ─ (4,927) ─ (18,163) Prior to the Disposition, the Company’s exposure to loss related to the guaranteed LIHTC funds and the underlying LTPPs had two elements: (i) exposure to loss associated with our financial guarantees as described above and (ii) exposure to loss related to the Company’s investments in bonds that were dependent upon repayment by certain LTPPs within the guaranteed LIHTC funds. Liability Summary: The following table summarizes the liabilities of the CFVs: At At September 30, December 31, (in thousands) 2018 2017 Debt (1) $ ─ $ 6,712 Unfunded equity commitments to unconsolidated LTPPs ─ 8,003 Asset management fee payable ─ 31,840 Other liabilities ─ 4,010 Total liabilities of CFVs $ ─ $ 50,565 (1) At December 31, 2017, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.5% , and was due on demand. Income Statement Summary: The following section provides more information related to the income statement of the CFVs: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Revenue: Interest and other income related to CFVs $ ─ $ 3 $ ─ $ 247 Expenses: Interest expense ─ 121 ─ 307 Professional fees ─ 487 ─ 589 Asset management fee expense ─ 1,016 ─ 3,206 Other expenses ─ 459 ─ 1,370 Impairments ─ 9,671 ─ 21,071 Total expenses related to CFVs ─ 11,754 ─ 26,543 Equity in losses from LTPPs of CFVs ─ (1,863) ─ (9,125) Net loss ─ (13,614) ─ (35,421) Net losses allocable to noncontrolling interests in CFVs from continuing operations ─ 12,717 ─ 32,327 Net loss allocable to the common shareholders related to CFVs from continuing operations $ ─ $ (897) $ ─ $ (3,094) The following table provides details of net loss allocable to the common shareholders related to CFVs: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Equity in losses from LTPPs $ ─ $ (897) $ ─ $ (3,104) Equity in income from Consolidated Property Partnerships ─ ─ ─ 10 Net loss allocable to the common shareholders related to CFVs from continuing operations $ ─ $ (897) $ ─ $ (3,094)

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
SEGMENT INFORMATION	Sep. 30, 2018
Segment Information [Abstract]
Segment Information	Note 16—Segment Information At September 30, 2018, the Company primarily invests in debt associated with real estate and infrastructure and operates as a single reporting segment. As discussed in Note 1, “Summary of Significant Accounting Policies,” as a result of the Disposition the Company no longer operates, or present the results of its operations, through three reportable segments that, as of December 31, 2017, included U.S. Operations, International Operations and Corporate Operations. Therefore, all required segment information can be found in the consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 17—Subsequent Events Assignment of Purchase Agreements On October 4, 2018, Hunt exercised its option as set forth in the Master Transaction Agreement dated January 8, 2018, between the Company and Hunt to take assignment of the Company’s agreements to acquire (i) the LIHTC business of Morrison Grove Management, LLC (“ MGM ”) and (ii) certain assets pertaining to a specific LIHTC property from affiliates of MGM (these agreements are collectively referred hereinafter to as the “ MGM Agreements ”). As a result of the assignment of the MGM Agreements and Hunt’s closing thereunder, the Company expects to recognize an increase in common shareholders’ equity of approximately $14.2 million in the fourth quarter of 2018, or approximately $2.35 per share based upon diluted shares outstanding at September 30, 2018. In connection with the closing of the MGM Agreements, the Company executed a series of additional transactions completing the Company’s disposition of its MGM and LIHTC related assets. Those additional transactions included the acquisition by Hunt of the Company’s $9.0 million HFS loan for $9.4 million, that the Company had previously acquired from an affiliate of MGM, and the Company’s remaining general partner interests in two nonconsolidated LIHTC funds. In addition, the Company acquired $10.0 million in Hunt notes from the MGM principals for $5.0 million in cash and $5.0 million in a Company note. This purchase increased the aggregate principal balance of the Company’s existing $57.0 million note from Hunt to $67.0 million. The Company’s $5.0 million note to the MGM principals bears interest at 5.0% , is payable quarterly in arrears and has a varying amortization schedule that fully amortizes the note by its maturity date of January 1, 2026 . Restructuring of Infrastructure Bond Investments On October 30 , 2018, the Company agreed to restructure two municipal bonds that financed the development of infrastructure for a mixed-use town center development and that are secured by incremental tax revenues generated from the development. At September 30, 2018, these two bond investments had a combined UPB , amortized cost and fair value of $26.8 million , $20.9 million and $21.6 million, respectively, bore interest at a rate of 6.75% and had a weighted average maturity of 15.4 years. Under the terms of the restructured bond investment, a single tax-exempt bond was issued, that has a UPB of $27.2 million , bears a coupon of 6.30% and has a contractual term of 30.1 years. As part of this restructuring transaction, the community development district (“ CDD ”) in which the mixed-use development is located will assess owners of undeveloped land parcels an undeveloped land license fee that will supplement tax revenues that are generated from the mixed-use town center development, thereby increasing the amount of funds available to the CDD to make principal and interest payments to the Company on its infrastructure bond. At the time of restructuring, the real estate venture that develops the mixed-use town center development and in which the Company has an 80% ownership interest was the owner of all undev eloped land parcels in the CDD. Members of the venture will make capital contributions in order for the venture to satisfy its financial obligations associated with undeveloped land license fees. However, through amendments to the real estate venture's operating agreement that effectively reimburse the Company’s venture partner for its share of undeveloped land license fees, the Company bears 100% of the economic burden of incremental license fees associated with land that is owned by the venture . For financial reporting purposes, the restructuring of the Company’s infrastructure bond investments was deemed to be a TDR. In this regard, the Company will carry forward the amortized cost basis of its infrastructure bond investments as of the date of restructuring and will measure the fair value of its restructured bond investment prospectively based upon its amended terms. Further, in accounting for its equity investment in the real estate venture, the Company will continue to record its share of the development’s net operations as a component of equity in income from unconsolidated funds and ventures, inclusive of 100% of the newly assessed undeveloped land license fees, until such time that the land parcels are sold to third parties.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Sep. 30, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. The unaudited interim consolidated financial statements as of, and for the three months and nine months ended September 30, 2018, should be read in conjunction with our audited consolidated financial statements and related notes included in our 2017 Annual Report. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”) .
Changes in Presentation	Changes in Presentation We have revised the presentation of our Consolidated Balance Sheets and Consolidated Statements of Operations for all reporting periods presented as a result of certain discontinued operations occurring in the first quarter of 2018 as a result of the Dispositi on. We have also made certain reclassifications to the prior year’s financial statements to enhance comparability with the current year’s financial statements.
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 in prior periods 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.
New Accounting Guidance	New Accounting Guidance Adoption of New Accounting Standards Accounting for Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ ASU ”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” as modified by subsequently issued ASUs 2015-14, 2016-08, 2016-10, 2016-12 and 2016-20 (collectively “ Topic 606 ”). Topic 606 superseded existing revenue recognition standards with a single model unless those contracts are within the scope of other accounting standards. The revenue recognition principle in Topic 606 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Only our asset management fee revenue is subject to Topic 606, which represents an insignificant portion of the Company’s total revenue. The adoption of Topic 606 did not have a material impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date or for the three or nine months ended September 30, 2018. Accounting for Derecognition of Nonfinancial Assets In February 2017, ASU No. 2017-05, “ Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ” was issued. This guidance clarifies that the derecognition of all businesses should be accounted for in accordance with the derecognition and deconsolidation guidance of Topic 810-10 – Consolidations . In addition, this guidance eliminates the scope exception in authoritative literature that governs transfers of financial assets related to transfers of investments (including equity method investments) in real estate entities and supersedes guidance related to the exchange of a nonfinancial asset for a noncontrolling ownership interest as set forth in Topic 845 – Nonmonetary Transactions . The effective date of ASU 2017-05 is aligned with Topic 606. We adopted ASU No. 2017-05 in conjunction with our adoption of Topic 606 as of January 1, 2018 and we recognized a cumulative effect adjustment of $9.2 million to retained earnings on January 1, 2018. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) . The objective of this update was to provide additional guidance and reduce diversity in practice when classifying certain transactions within the statement of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This new standard requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted these new accounting standards on their effective date of January 1, 2018 utilizing the retrospective transition method. These new standards resulted in presentation changes of restricted cash within our Consolidated Statements of Cash Flows and in certain tables within our “Liquidity and Capital Resources” discussion in Item 2 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Accounting for Business Combinations In January 2017, ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” was issued. This guidance clarifies the definition of a business and provides guidance to assist reporting entities in the evaluation as to whether a transaction should be accounted for as an asset acquisition or business combination. We adopted this new guidance on its effective date of January 1, 2018. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date or for the nine months ended September 30, 2018. Accounting for Stock Compensation In May 2017, ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting” was issued. This guidance amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718, “ Compensation – Stock Compensation .” Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. We adopted this new guidance on its effective date of January 1, 2018. The adoption of Topic 718 did not have an impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date or for the nine months ended September 30, 2018. Accounting for Financial Instruments In February 2018, the FASB issued ASU No. 2018-03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance makes technical corrections to certain aspects of ASU 2016-01. We adopted this new guidance on its effective date of June 30, 2018. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Issued Accounting Standards Not Yet Adopted Accounting for Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” This guidance is intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. This guidance establishes an impairment methodology that reflects lifetime expected credit losses rather than incurred losses. This guidance requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This new guidance is effective for us on January 1, 2020, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This guidance eliminates certain disclosure requirements for fair value measurements, requires public entities to disclose certain new information and modifies some disclosure requirements. This new guidance is effective for us on January 1, 2020, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements Accounting for Income Taxes In February 2018, the FASB issued ASU No. 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This new guidance permits companies to reclassify stranded tax effects caused by the Tax Cuts and Jobs Act of 2017 (the “ Act ”) from AOCI to retained earnings. This new guidance, which also requires new disclosures, is effective for us on January 1, 2019, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. Accounting for Stock Compensation In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This guidance expands the scope of Accounting Standards Codification (“ ASC ”) Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. This new guidance is effective for us on January 1, 2019, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	9 Months Ended
INVESTMENTS IN DEBT SECURITIES (Tables)	Sep. 30, 2018
Investments in Debt Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables provide information about the UPB, amortized cost, gross unrealized gains, gross unrealized losses and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At September 30, 2018 Gross Gross Amortized Unrealized Unrealized FV as a % (in thousands) UPB Cost (1) Gains Losses (2) FV of UPB Multifamily tax-exempt bonds $ 116,870 $ 75,976 $ 50,256 $ ─ $ 126,232 108% Other real estate-related bond investments 26,825 20,889 750 (63) 21,576 80% Total $ 143,695 $ 96,865 $ 51,006 $ (63) $ 147,808 103% 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% Total $ 142,522 $ 99,145 $ 44,790 $ (331) $ 143,604 101% (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as net OTTI recognized in “Impairments” in our Consolidated Statements of Operations. (2) Includes one bond that was in a gross unrealized loss position for more than 12 consecutive months and that had a fair value of $15.0 million at September 30, 2018 and December 31, 2017.
Bonds with Prepayment Features	(in thousands) UPB Amortized Cost Fair Value September 30, 2018 $ 26,825 $ 20,889 $ 21,576 October 1 through December 31, 2018 1,855 262 2,113 2019 5,170 4,080 5,222 2020 12,045 8,485 12,496 2021 46,001 27,140 49,715 2022 51,799 36,009 56,686 Thereafter ─ ─ ─ Bonds that may not be prepaid ─ ─ ─ Total $ 143,695 $ 96,865 $ 147,808
Past Due Analysis of Available-for-sale Securities Bonds, Current	The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments: At At September 30, December 31, (in thousands) 2018 2017 Total current (1) $ 134,842 $ 135,571 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 12,966 8,033 Total $ 147,808 $ 143,604 (1) Includes one bond that was placed on non-accrual during the second quarter of 2018, as collection of principal and interest was not reasonably assured, that had a fair value of $6.6 million at September 30, 2018. Troubled Debt Restructurings
Gain (Loss) on Investments	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 OTTI losses recognized on bonds held at each period-end $ ─ $ (880) $ (6) $ (880) Gains recognized at time of sale or redemption 5,080 620 5,080 620 Total net gains (losses) on bonds $ 5,080 $ (260) $ 5,074 $ (260)

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	9 Months Ended
INVESTMENTS IN PARTNERSHIPS (Tables)	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At September 30, December 31, (in thousands) 2018 2017 Investments in U.S. real estate partnerships (includes $928 and $1,046 related to variable interest entities (" VIEs ")) (1) $ 19,878 $ 19,114 Investment in SAWHF 10,703 12,695 Investment in Solar Ventures 115,523 97,011 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) ─ 99,142 Total investments in partnerships $ 146,104 $ 227,962 (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 15, “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 September 30, December 31, 2018 2017 (in thousands) Total assets $ 56,883 $ 57,712 Debt 5,863 7,037 Other liabilities 32,538 22,030 The following table provides information about the gross revenue, operating expenses and net (loss) income of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ 543 $ 12,017 $ 1,722 $ 13,469 Operating expenses 487 317 1,377 1,425 Net (loss) income and net (loss) income attributable to the entity (582) 11,028 (1,300) 10,150
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 SAWHF: At At September 30, December 31, 2018 2017 (in thousands) Total assets $ 90,621 $ 123,187 Debt ─ 15,712 Other liabilities 69 100 The following table provides information about the gross revenue, operating expenses and net (loss) income of SAWHF: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ 1,693 $ (2,238) $ 3,998 $ 4,626 Operating expenses 376 (1,591) 1,927 6,412 Net (loss) income and net (loss) income attributable to the entity (4,463) 2,021 (2,896) 5,092
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 all investees for which the Company had an equity method investment: At At September 30, December 31, 2018 2017 (in thousands) Total assets $ 226,416 $ 399,758 Other liabilities 3,546 5,111 Noncontrolling interests ─ 87,699 The following table provides information about the gross revenue, operating expenses and net income of all investees for which the Company had an equity method investment: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ 6,118 $ 8,493 $ 18,639 $ 19,257 Operating expenses 1,290 1,194 4,107 4,022 Net income 4,755 7,208 14,974 15,604 Net income attributable to the entity 4,755 5,404 14,974 10,253

LOANS HELD FOR INVESTMENT ("HFI

LOANS HELD FOR INVESTMENT ("HFI") AND LOANS HELD FOR SALE ("HFS") (Tables)	9 Months Ended
	Sep. 30, 2018
Loans [Abstract]
Carrying Value of Loans Held for Investment and Held for Sale	At At September 30, December 31, (in thousands) 2018 2017 Loans HFI $ 58,299 $ 736 Loans HFS 9,000 ─ Total loans $ 67,299 $ 736
Schedule of Loans Held For Investment [Table Text Block]	At At September 30, December 31, (in thousands) 2018 2017 UPB $ 59,140 $ 1,487 Cost basis adjustments, net (841) (751) Loans HFI, net $ 58,299 $ 736
Past Due Financing Receivables [Table Text Block]	At At September 30, December 31, (in thousands) 2018 2017 UPB Carrying value UPB Carrying value Total current $ 58,090 $ 58,000 $ 437 $ 437 30-59 days past due ─ ─ ─ ─ 60-89 days past due ─ ─ ─ ─ 90 days or greater 1,050 299 1,050 299 Total $ 59,140 $ 58,299 $ 1,487 $ 736

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
OTHER ASSETS (Tables)	Sep. 30, 2018
Other Assets [Abstract]
Schedule of Other Assets	At At September 30, December 31, (in thousands) 2018 2017 Other assets: Derivative assets $ 9,653 $ 6,865 Real estate owned 3,719 3,447 Accrued interest receivable 1,928 1,558 Other assets 887 860 Other assets held by CFVs (1) ─ 5,175 Total other assets $ 16,187 $ 17,905 (1) See Note 15, “Consolidated Funds and Ventures,” for more information.
Schedule Of Real Estate Owned, Held For Use	At At September 30, December 31, (in thousands) 2018 2017 Building, furniture, fixtures and land improvement $ 1,100 $ 828 Land 2,619 2,619 Total $ 3,719 $ 3,447

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2018
Debt [Abstract]
Schedule of Debt	The table below provides information about the carrying values and weighted-average effective interest rates of the Company’s debt obligations that were outstanding: At At September 30, 2018 December 31, 2017 Weighted-Average Weighted-Average Carrying Effective Interest Carrying Effective Interest (dollars in thousands) Value Rate Value Rate Asset Related Debt Notes payable and other debt – bond related (1) Due within one year $ 35,022 2.9 % $ 41,767 3.2 % Due after one year 46,392 3.0 42,071 2.9 Total asset related debt 81,414 3.0 83,838 3.1 Other Debt Subordinated debt (2) Due within one year 2,244 3.5 2,297 2.6 Due after one year 96,041 3.5 97,700 2.6 Notes payable and other debt Due within one year ─ ─ 14,733 2.8 Due after one year 7,473 14.7 10,859 12.1 Total other debt 105,758 4.3 125,589 3.5 Total asset related debt and other debt 187,172 3.7 209,427 3.3 Debt related to CFVs Due within one year ─ ─ 6,712 6.5 Total debt related to CFVs ─ ─ 6,712 6.5 Total debt $ 187,172 3.7 $ 216,139 3.4 (1) Included in notes payable and other debt – bond related were unamortized debt issuance costs. The balance at September 30, 2018 and December 31, 2017 was de minimis. The subordinated debt balances include net cost basis adjustments of $8.0 m illion and $8.3 million at September 30, 2018 and December 31, 2017, respectively, that pertain to premiums and debt issuance costs.
Schedule of Maturities of Long-term Debt	Asset Related Debt (in thousands) and Other Debt 2018 $ 35,185 2019 2,194 2020 36,720 2021 20,804 2022 1,679 Thereafter 82,906 Net premium and debt issue costs 7,684 Total debt $ 187,172
Schedule of Subordinate Debt	(dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFH $ 26,659 $ 2,437 $ 29,096 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 24,241 2,227 26,468 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 13,973 1,186 15,159 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 25,407 2,155 27,562 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 90,280 $ 8,005 $ 98,285

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Sep. 30, 2018
Derivative Instruments [Abstract]
Schedule of the Company's Derivative Assets and Liabilities	Fair Value At At September 30, 2018 December 31, 2017 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ 2,589 $ 70 $ 2,347 $ 46 Basis swaps 1,112 15 439 26 Interest rate caps 1,400 ─ 788 ─ Interest rate swaps 4,376 ─ 3,291 ─ Foreign currency forward exchange 176 ─ ─ 247 Total derivative instruments $ 9,653 $ 85 $ 6,865 $ 319
Schedule of Derivative Notional Amounts	Notional Amounts At At September 30, December 31, (in thousands) 2018 2017 Total return swaps $ 71,616 $ 72,290 Basis swaps 84,500 100,500 Interest rate caps 80,000 80,000 Interest rate swaps 130,000 140,000 Foreign currency forward exchange 4,399 4,363 Total dollar-based derivative instruments $ 370,515 $ 397,153
Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments	The following table provides information about the net gains that were recognized by the Company in connection with its derivative instruments: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Total return swaps (1) $ 422 $ 1,522 $ 2,060 $ 4,100 Basis swaps (2) 208 14 715 5 Interest rate caps 137 (116) 612 (598) Interest rate swaps (3) 327 (162) 1,722 (1,178) Foreign currency forward exchange 8 172 355 172 Total derivative gains $ 1,102 $ 1,430 $ 5,464 $ 2,501 (1) The accrual of net interest payments that are made in connection with TRS agreements are reported as derivative instruments and is classified as “Net gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.7 million for the three months ended September 30, 2018 and September 30, 2017. Net cash received was $1.9 million and $2.3 million for the nine months ended September 30, 2018 and September 30, 2017, respectively. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as “Net gains on derivatives” on the Consolidated Statements of Operations. The net cash paid was de minimis for the three months ended September 30, 2018 and September 30, 2017, and for the nine months ended September 30, 2018. The net cash paid for the nine months ended September 30, 2017 was $0.1 million. The accrual of net interest payments that are made in connection with interest rate swaps is classified as “Net gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.1 million and $0.3 million for the three months and nine months ended September 30, 2018, respectively. During the three months and nine months ended September 30, 2018, the Company also received $0.3 million to amend two interest rate swaps and recorded $0.3 million through “Other assets” on the Consolidated Balance Sheets. The amount recorded to “Net gains on derivatives” on the Consolidated Statements of Operations was de minimis. Net cash paid was $0.1 million and $0.3 million for the three months and nine months ended September 30, 2017, respectively.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2018
Fair Value [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value Measurements At September 30, (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 147,808 $ ─ $ ─ $ 147,808 Derivative instruments 9,653 ─ 7,064 2,589 Liabilities: Derivative instruments $ 85 $ ─ $ 15 $ 70 Fair Value Measurements At December 31, (in thousands) 2017 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 143,604 $ ─ $ ─ $ 143,604 Derivative instruments 6,865 ─ 4,518 2,347 Liabilities: Derivative instruments $ 319 $ ─ $ 273 $ 46
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended September 30, 2018 related to activity presented in the preceding table: (in thousands) Net gains on bonds (1) Net gains on derivatives (2) Net change in unrealized losses related to assets and liabilities still held at September 30, 2018 $ ─ $ (184) Additional realized gains recognized 5,080 605 Total gains reported in earnings $ 5,080 $ 421 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended September 30, 2017: (in thousands) Investments in Debt Securities Loans Held for Investment Derivative Assets Derivative Liabilities Balance, July 1, 2017 $ 151,662 $ 3,899 $ 3,405 $ (399) Net (losses) gains included in earnings (1,777) ─ 413 399 Net change in AOCI (1) 42 ─ ─ ─ Impact from sales/redemptions (6,784) (3,899) ─ ─ Impact from settlements (2) (192) ─ ─ ─ Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─ (1) This amount includes $0.6 million of net unrealized holding gains recognized during this reporting period, an increase of which was mostly offset by the reclassification into the Consolidated Statements of Operations of $0.6 million of realized gains related to bonds that were sold or redeemed during such reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended September 30, 2017 related to activity presented in the preceding table: (in thousands) Net losses on bonds (1) Equity in Losses from LTPPs Net gains on loans (2) Net gains on derivatives (3) Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2017 $ (880) $ (897) $ ─ $ 812 Additional realized gains recognized 620 ─ 805 710 Total (losses) gains reported in earnings $ (260) $ (897) $ 805 $ 1,522 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains (losses) on loans” in the Company’s Consolidated Statements of Operations. (3) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2018: (in thousands) Investments in Debt Securities Derivative Assets Derivative Liabilities Balance, January 1, 2018 $ 143,604 $ 2,347 $ (46) Net (losses) gains included in earnings (6) 242 (24) Net change in AOCI (1) (2,931) ─ ─ Impact from deconsolidation 17,997 ─ ─ Impact from sales/redemptions (10,364) ─ ─ Impact from settlements (2) (492) ─ ─ Balance, September 30, 2018 $ 147,808 $ 2,589 $ (70) (1) This amount includes the reclassification into the Consolidated Statements of Operations of $5.1 million of net realized gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $2.1 million of net un realized gains recognized during this reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the nine months ended September 30, 2018 related to activity presented in the preceding table : (in thousands) Net gains on bonds (1) Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2018 $ (6) $ 218 Additional realized gains recognized 5,080 1,842 Total gains reported in earnings $ 5,074 $ 2,060 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the nine months ended September 30, 2017: (in thousands) Investments 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 (3,984) (5,335) 1,491 372 Net change in AOCI (1) 1,388 ─ ─ ─ Impact from purchases ─ 14,028 ─ ─ Impact from loan originations ─ 1,500 ─ ─ Impact from sales/redemptions (6,784) (14,028) ─ ─ Impact from settlements (2) (3,650) ─ ─ ─ Balance, September 30, 2017 $ 142,951 $ ─ $ 3,818 $ ─ (1) This amount represents $ 2.0 million of net unrealized holding gains recognized during the period, an amount of which was partially offset by the reclassification into the Consolidated Statements of Operations of $0.6 million of realized gains related to bonds that were sold or redeemed during this reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the nine months ended September 30, 2017 related to activity presented in the preceding table: (in thousands) Net gains on bonds (1) Equity in losses from LTPPs Net losses on loans (2) Net gains on derivatives (3) Change in unrealized (losses) gains related to assets and liabilities still held at September 30, 2017 $ (880) $ (3,104) $ ─ $ 1,863 Change in unrealized losses related to assets and liabilities held at January 1, 2017, but settled during 2017 ─ ─ (5,335) ─ Additional realized gains recognized 620 ─ 805 2,237 Total (losses) gains reported in earnings $ (260) $ (3,104) $ (4,530) $ 4,100 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net gains (losses) on loans” in the Company’s Consolidated Statements of Operations. (3) Amounts are classified as “Net gains on derivatives” in the Company’s Consolidated Statements of Operations.
Fair Value Measurements By Level 3 Valuation Technique	Fair Value Measurement at September 30, 2018 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments in debt securities: Multifamily tax-exempt bonds Performing $ 102,593 Discounted cash flow Market yield 4.3 - 6.7 % 4.8 % Non-performing 12,965 Discounted cash flow Market yield 8.1 N/A Capitalization rate 6.9 N/A Net operating income (" NOI ") annual growth rate 0.1 N/A Property bids $ 13,162 - 13,557 $ 13,404 Valuation technique weighting factors 10 - 90 % N/A % Subordinated cash flow 10,674 Discounted cash flow Market yield 7.4 N/A Capitalization rate 6.2 - 6.3 6.3 NOI annual growth rate 0.4 - 0.5 0.5 Infrastructure bonds 21,576 Discounted cash flow Market yield 7.3 - 9.9 8.4 Cash flow probability - future incremental tax revenue growth 75 N/A Cash flow probability - no future incremental tax revenue growth 25 N/A Derivative instruments: Total return swaps 2,519 Discounted cash flow Market yield 4.6 - 5.4 4.8 (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, 2017 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments 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 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, by Balance Sheet Grouping	At September 30, 2018 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 15,556 $ 15,556 $ ─ $ ─ Restricted cash 10,944 10,944 ─ ─ Asset management fees and reimbursements receivable 288 ─ ─ ─ Loans held for investment 58,299 ─ ─ 59,399 Loans held for sale 9,000 ─ ─ 9,408 Liabilities: Notes payable and other debt, bond related 81,414 ─ ─ 81,452 Notes payable and other debt, non-bond related 7,473 ─ ─ 7,755 Subordinated debt issued by MFH 98,285 ─ ─ 52,088 At December 31, 2017 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 35,693 $ 35,693 $ ─ $ ─ Restricted cash 21,271 21,271 ─ ─ Restricted cash related to CFVs 23,495 23,495 ─ ─ Asset management fee receivable from TC Fund I 116 ─ ─ 116 Loans held for investment 736 ─ ─ 1,754 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 25,592 ─ ─ 26,014 Notes payable and other debt related to CFVs 6,712 ─ ─ ─ Subordinated debt issued by MFH 99,997 ─ ─ 43,256

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	9 Months Ended
GUARANTEES AND COLLATERAL (Tables)	Sep. 30, 2018
Guarantees And Collateral [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral	The following tables summarize assets that are either pledged or restricted for the Company’s use at September 30, 2018 and December 31, 2017. For prior periods, these tables also reflect certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets: At September 30, 2018 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to TRS agreements $ 4,263 $ 122,811 $ ─ $ 127,074 Notes payable and other debt (1) 6,673 ─ 10,703 17,376 Other 8 ─ ─ 8 Total $ 10,944 $ 122,811 $ 10,703 $ 144,458 (1) The majority of this balance represents collateral pledged by the Company in connection with the debt that finances its 11.85% ownership interest in SAWHF. At December 31, 2017 Investments Total Restricted in Debt Investments in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt and derivatives related to TRS agreements $ 9,160 $ 128,902 $ ─ $ ─ $ 138,062 Notes payable and other debt (1) 5,991 ─ 12,695 ─ 18,686 Other (2) 6,120 ─ ─ ─ 6,120 CFVs 23,495 ─ 99,142 5,175 127,812 Total $ 44,766 $ 128,902 $ 111,837 $ 5,175 $ 290,680 (1) This balance represents collateral pledged by the Company in connection with the debt that finances its 11.85% ownership interest in SAWHF. The majority of this balance represents collateral pledged by the Company in connection with the tax credit guarantee

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
EQUITY (Tables)	Sep. 30, 2018
Equity [Abstract]
Summary of Net Income to Common Shareholders	The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Net income from continuing operations $ 8,611 $ 4,361 $ 8,516 $ 592 Net income from discontinued operations 13 5,560 21,210 13,302 Net income to common shareholders $ 8,624 $ 9,921 $ 29,726 $ 13,894 Basic weighted-average shares (1) 5,804 5,871 5,717 5,890 Common stock equivalents (2), (3) 283 ─ ─ ─ Diluted weighted-average shares 6,087 5,871 5,717 5,890 (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) The weighted average potential dilutive shares outstanding, inclusive of the options exercised during the year based on the exercise date, had a potential dilutive share impact of 282,597 and 348,403 for the three months and nine months ended September 30, 2018, respectively. For the nine months ended September 30, 2018, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. At September 30, 2018, 222,000 stock options were exercisable and in-the-money. At September 30, 2017, 410,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 383,299 and 382,088 for the three months and nine months ended September 30, 2017, respectively. For the three months and nine months ended September 30, 2017, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive.
Schedule of Noncontrolling Interest	At At September 30, December 31, (in thousands) 2018 2017 Guaranteed LIHTC Funds $ ─ $ 83,909 Consolidated Property Partnerships ─ 5,620 Total $ ─ $ 89,529
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2018: Investments Income Foreign in Debt Tax Currency (in thousands) Securities Expense Translation AOCI Balance, July 1, 2018 $ 54,857 $ (14) $ (483) $ 54,360 Net unrealized gains 1,025 ─ 525 1,550 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (5,080) ─ ─ (5,080) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 141 ─ ─ 141 Income tax benefit ─ 14 ─ 14 Net change in AOCI (3,914) 14 525 (3,375) Balance, September 30, 2018 $ 50,943 $ ─ $ 42 $ 50,985 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the three months ended September 30, 2017: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, July 1, 2017 $ 42,344 $ (3,406) $ 38,938 Net unrealized gains 623 19 642 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 39 ─ 39 Net change in AOCI 42 19 61 Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2018: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2018 $ 44,459 $ (3,306) $ 41,153 Net unrealized gains 2,143 3,348 5,491 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (5,080) ─ (5,080) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 6 ─ 6 Recognition of unrealized holding gains on bond investments due to deconsolidation of LTPPs 9,415 ─ 9,415 Income tax expense ─ ─ ─ Net change in AOCI 6,484 3,348 9,832 Balance, September 30, 2018 $ 50,943 $ 42 $ 50,985 The following table provides information related to the net change in AOCI that was allocable to common shareholders for the nine months ended September 30, 2017: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2017 $ 40,998 $ (3,180) $ 37,818 Net unrealized gains (losses) 1,969 (207) 1,762 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (620) ─ (620) Reclassification of realized losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI 39 ─ 39 Net change in AOCI 1,388 (207) 1,181 Balance, September 30, 2017 $ 42,386 $ (3,387) $ 38,999

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2018
Stock-Based Compensation [Abstract]
Summary of Stock-Based Compensation Expense	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Employees’ Stock-Based Compensation Plans $ (34) $ 902 $ 930 $ 2,481 Non-employee Directors’ Stock-Based Compensation Plans 163 164 491 341 Total $ 129 $ 1,066 $ 1,421 $ 2,822
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, 2017 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 Exercised in 2018 (3) (188) 1.29 Forfeited/Expired in 2018 ─ Outstanding at September 30, 2018 222 1.80 3.5 5,413 5,431 Number of options that were exercisable at: December 31, 2017 410 1.56 3.4 September 30, 2018 222 1.80 3.5 (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 222,000 at September 30, 2018 and 410,000 at both December 31, 2017 and January 1, 2017. (3) When exercised, stock options were net share settled . For the nine months ended September 30, 2018, 188,000 stock options were exercised, which resulted in a $4.8 million reduction to Other liabilities at September 30, 2018. Of the 188,000 stock options that were exercised, the Company issued 102,651 common shares for the nine months ended September 30, 2018, a nd 85 ,3 49 stock options were tendered to the Company by their holders in connection with the payment of related withholding taxes and exercise price .
Summary of Nonemployee Director Stock Award Activity	The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the nine months ended September 30, 2018 and September 30, 2017. 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 September 30, 2018 $ 245,625 ─ 9,038 $ 27.18 ─ $ 491,250 September 30, 2017 170,625 ─ 7,210 23.67 ─ 341,250

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
DISCONTINUED OPERATIONS (Tables)	Sep. 30, 2018
Discontinued Operations [Abstract]
Schedule of Discontinued Operations	The table below summarizes the Company’s assets and liabilities related to discontinued operations reported in its Consolidated Balance Sheets: At At September 30, December 31, (in thousands) 2018 2017 ASSETS Cash and cash equivalents $ ─ $ 3,654 Restricted cash ─ 16,073 Investments in debt securities ─ 5,450 Investments in partnerships ─ 4,456 Real estate, net ─ 23,944 Other assets ─ 7,643 Total assets of discontinued operations $ ─ $ 61,220 LIABILITIES Debt $ ─ $ 8,308 Accounts payable and accrued expenses ─ 3,454 Other liabilities ─ 5,450 Total liabilities of discontinued operations $ ─ $ 17,212 The table below provides information about income and expenses related to the Company’s discontinued operations reported in its Consolidated Statements of Operations: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Interest on bonds $ ─ $ 19 $ 6 $ 60 Interest on loans and short-term investments ─ 110 6 276 Asset management fee and reimbursements ─ 7,537 842 18,408 Other income ─ 254 53 835 Interest expense ─ (31) ─ (100) Salaries and benefits ─ (2,048) (53) (6,072) General and administrative ─ (279) (68) (875) Professional fees (11) (336) (31) (982) Other expenses ─ (616) (29) (379) Gains on sales and operations of real estate, net 2 201 63 370 Equity in income from unconsolidated funds and ventures ─ 33 1 (5) Income tax benefit 22 ─ ─ ─ Net income from discontinued operations, net of tax 13 4,844 790 11,536 Disposal: Net gain on sale of business ─ 251 ─ 251 Net gain on disposal of discontinued operations ─ ─ 20,420 ─ Net income from discontinued operations 13 5,095 $ 21,210 $ 11,787 Loss from discontinued operations allocable to noncontrolling interests ─ 465 ─ 1,515 Net income to common shareholders from discontinued operations $ 13 $ 5,560 $ 21,210 $ 13,302
Discontinued Operations, Cash Flow Summary	The table below provides information about operating and investing cash flows related to the Company’s discontinued operations reported in its Consolidated Statements of Cash Flows: For the nine months ended September 30, (in thousands) 2018 2017 Depreciation and amortization $ 29 $ 990 Capital expenditures ─ (108) Net change in assets, liabilities and equity due to sale of business: Decrease in investments in debt securities related to CFVs (5,450) ─ Decrease in loans (231) ─ Decrease in other assets ( $24,140 related to CFVs) (35,715) ─ Decrease in debt ( $6,144 related to CFVs) 8,308 ─ Decrease in accounts payable and accrued expenses 7,201 ─ Decrease in other liabilities ( $480 related to CFVs) 5,333 ─ Decrease in noncontrolling interests in CFVs 5,620 ─ Increase in accumulated other comprehensive income (3,404) ─

CONSOLIDATED FUNDS AND VENTUR_2

CONSOLIDATED FUNDS AND VENTURES (Tables)	9 Months Ended
CONSOLIDATED FUNDS AND VENTURES (Tables)	Sep. 30, 2018
Schedule of More Information Related to Assets Consolidated Fund or Ventures	At At September 30, December 31, (in thousands) 2018 2017 Cash, cash equivalents and restricted cash $ ─ $ 23,495 Investments in LTPPs ─ 99,142 Other assets ─ 5,175 Total assets of CFVs $ ─ $ 127,812
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At September 30, December 31, (in thousands) 2018 2017 Investments in U.S. real estate partnerships (includes $928 and $1,046 related to variable interest entities (" VIEs ")) (1) $ 19,878 $ 19,114 Investment in SAWHF 10,703 12,695 Investment in Solar Ventures 115,523 97,011 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) ─ 99,142 Total investments in partnerships $ 146,104 $ 227,962 (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 15, “Consolidated Funds and Ventures,” for more information.
Schedule of More Information Related to Liabilities Consolidated Fund and Venture	The following table summarizes the liabilities of the CFVs: At At September 30, December 31, (in thousands) 2018 2017 Debt (1) $ ─ $ 6,712 Unfunded equity commitments to unconsolidated LTPPs ─ 8,003 Asset management fee payable ─ 31,840 Other liabilities ─ 4,010 Total liabilities of CFVs $ ─ $ 50,565 (1) At December 31, 2017, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.5% , and was due on demand.
Schedule of Income Statement of Consolidated Funds and Ventures	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Revenue: Interest and other income related to CFVs $ ─ $ 3 $ ─ $ 247 Expenses: Interest expense ─ 121 ─ 307 Professional fees ─ 487 ─ 589 Asset management fee expense ─ 1,016 ─ 3,206 Other expenses ─ 459 ─ 1,370 Impairments ─ 9,671 ─ 21,071 Total expenses related to CFVs ─ 11,754 ─ 26,543 Equity in losses from LTPPs of CFVs ─ (1,863) ─ (9,125) Net loss ─ (13,614) ─ (35,421) Net losses allocable to noncontrolling interests in CFVs from continuing operations ─ 12,717 ─ 32,327 Net loss allocable to the common shareholders related to CFVs from continuing operations $ ─ $ (897) $ ─ $ (3,094)
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Equity in losses from LTPPs $ ─ $ (897) $ ─ $ (3,104) Equity in income from Consolidated Property Partnerships ─ ─ ─ 10 Net loss allocable to the common shareholders related to CFVs from continuing operations $ ─ $ (897) $ ─ $ (3,094)
L I H T C Funds [Member]
Schedule of Investments in Partnerships	At At September 30, December 31, (in thousands) 2018 2017 Total assets of the LTPPs (1) $ ─ $ 1,085,998 Total debt of the LTPPs ─ 771,027 Total other liabilities of the LTPPs ─ 165,500 (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 three months ended For the nine months ended September 30, September 30, (in thousands) 2018 2017 2018 2017 Gross revenue $ ─ $ 37,682 $ ─ $ 113,047 Operating expenses ─ 22,062 ─ 66,187 Net loss and net loss attributable to entity ─ (4,927) ─ (18,163)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018segment	Dec. 31, 2017USD ($)segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of reportable segments \| segment	1	3
Cumulative Effect on Retained Earnings, Net of Tax \| $		$ 9.2

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)security	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)security	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Schedule of Available-for-sale Securities [Line Items]
Non Accrual Bonds	$ 19,500		$ 19,500		$ 8,000
Non Accrual Bonds Interest Income Cash Basis Method	100	$ 100	300	$ 200
Interest Income Non Accrual Bonds Not Recognized	300	200	800	500
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	3,100		3,100
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	17,000		17,000
Increase (Decrease) in Fair Value Of Bonds			4,200
Proceeds From Sale or Redemption Of Available For Sale Securities	$ 500	$ 7,400	$ 500	$ 7,400
Weighted average pay rate on available-for-sale bonds	6.40%		6.40%		6.20%
Weighted Average Expected Maturity, Investments, not Currently Prepayable			3 years
Available For Sale Securities Debt Securities Un Paid Principal Balance	$ 143,695		$ 143,695
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available For Sale Securities Debt Securities Un Paid Principal Balance	143,695		143,695		$ 142,522
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available For Sale Securities Debt Securities Un Paid Principal Balance	$ 116,870		$ 116,870		105,472
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year \| security	1		1
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	$ 15,000		$ 15,000		15,000
Available For Sale Securities Debt Securities Un Paid Principal Balance	26,825		26,825		$ 37,050
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Available For Sale Securities Debt Securities Un Paid Principal Balance	$ 10,700		$ 10,700

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 143,695
Amortized Cost	96,865
Fair Value	147,808	$ 143,604
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	143,695	142,522
Amortized Cost	96,865	99,145
Gross Unrealized Gains	51,006	44,790
Gross Unrealized Losses	(63)	(331)
Fair Value	$ 147,808	$ 143,604
FV as a % of UPB	103.00%	101.00%
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 116,870	$ 105,472
Amortized Cost	75,976	67,982
Gross Unrealized Gains	50,256	43,587
Fair Value	$ 126,232	$ 111,569
FV as a % of UPB	108.00%	106.00%
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 26,825	$ 37,050
Amortized Cost	20,889	31,163
Gross Unrealized Gains	750	1,203
Gross Unrealized Losses	(63)	(331)
Fair Value	$ 21,576	$ 32,035
FV as a % of UPB	80.00%	86.00%

INVESTMENTS IN DEBT SECURITIE_4

INVESTMENTS IN DEBT SECURITIES (Bonds with Prepayment Features) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Bonds Unpaid Principal Balance [Abstract]
Bonds unpaid principal balance for September 30, 2018	$ 26,825
Bonds unpaid principal balance, October 1 through December 31, 2018	1,855
Bonds unpaid principal balance, 2019	5,170
Bonds unpaid principal balance, 2020	12,045
Bonds unpaid principal balance, 2021	46,001
Bonds unpaid principal balance, 2022	51,799
Unpaid principal balance	143,695
Amortized Cost, Bonds that may be prepaid without restrictions
Amortized Cost, September 30, 2018	20,889
Amortized Cost, October 1 through December 31, 2018	262
Amortized Cost, 2019	4,080
Amortized Cost, 2020	8,485
Amortized Cost, 2021	27,140
Amortized Cost, 2022	36,009
Amortized Cost	96,865
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties
Fair Value, September 30, 2018	21,576
Fair Value, October 1 through December 31, 2018	2,113
Fair Value, 2019	5,222
Fair Value, 2020	12,496
Fair Value, 2021	49,715
Fair Value, 2022	56,686
Fair Value, Total	147,808	$ 143,604
Debt Securities Excluding Treasury Securities [Member]
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties
Fair Value, Total	$ 147,808

INVESTMENTS IN DEBT SECURITIE_5

INVESTMENTS IN DEBT SECURITIES (Bond Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Total current	$ 134,842	$ 135,571
30-59 days past due
60-89 days past due
90 days or greater	12,966	8,033
Investments in debt securities	147,808	143,604
Nonaccrual bonds	19,500	$ 8,000
Debt Securities Excluding Treasury Securities [Member]
Investments in debt securities	147,808
One Bond [Member]
Nonaccrual bonds	$ 6,600

BONDS AVAILABLE-FOR-SALE (Reali

BONDS AVAILABLE-FOR-SALE (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investments in Debt Securities [Abstract]
Net impairment recognized on bonds held at each period-end		$ (880)	$ (6)	$ (880)
Gains recognized at time of sale or redemption	$ 5,080	620	5,080	620
Total net gains (losses) on bonds	$ 5,080	$ (260)	$ 5,074	$ (260)

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2018USD ($)entity	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)entity	Oct. 30, 2018
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 146,104		$ 227,962
Equity in gains (losses) from equity method investments			5,655	$ 2,047
Commitments and Contingencies
Loans and Leases Receivable, Net Amount, Total			58,299		736
Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						80.00%
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 19,878		$ 19,114
Payments to acquire equity method investments		$ 8,800
Equity method investment, ownership percentage		80.00%	71.20%
Number of Variable Interest Entities \| entity			4		2
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net			$ 900		$ 1,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			900		1,000
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			18,900
U.S. Real Estate Partnerships formed in Q1 2018 [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			900
Payments to acquire equity method investments	$ 3,300
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			10,703		12,695
Equity In Income From SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			10,700
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 115,523		$ 97,011
SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			11.85%		11.85%
Solar Construction Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 101,100
Solar Permanent Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			2,900
Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 11,500
Minimum [Member] \| U.S. Real Estate Partnerships formed in Q1 2018 [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	74.25%
Maximum [Member] \| U.S. Real Estate Partnerships formed in Q1 2018 [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	74.92%

INVESTMENTS IN PARTNERSHIPS AND

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 146,104	$ 227,962
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	19,878	19,114
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	10,703	12,695
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	115,523	97,011
Lower Tier Property Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		99,142
Variable Interest Entity, Not Primary Beneficiary, Disclosure [Member] \| U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 928	$ 1,046

INVESTMENTS IN PARTNERSHIPS A_2

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 56,883	$ 57,712
Debt	5,863	7,037
Other Liabilities	32,538	22,030
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	90,621	123,187
Debt		15,712
Other Liabilities	69	100
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	226,416	399,758
Other Liabilities	$ 3,546	5,111
Noncontrolling Interest		$ 87,699

INVESTMENTS IN PARTNERSHIPS A_3

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Gross Revenue	$ 543	$ 12,017	$ 1,722	$ 13,469
Operating expenses	487	317	1,377	1,425
Net income (loss)	(582)	11,028	(1,300)	10,150
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Gross Revenue	6,118	8,493	18,639	19,257
Operating expenses	1,290	1,194	4,107	4,022
Net income (loss)	4,755	7,208	14,974	15,604
Net income attributable to the entity	4,755	5,404	14,974	10,253
SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Gross Revenue	1,693	(2,238)	3,998	4,626
Operating expenses	376	(1,591)	1,927	6,412
Net income (loss)	$ (4,463)	$ 2,021	$ (2,896)	$ 5,092

LOANS HELD FOR INVESTMENT ("H_2

LOANS HELD FOR INVESTMENT ("HFI") AND LOANS HELD FOR SALE ("HFS") (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Loans Receivable Held-for-Investment, Carrying Value, Not Accruing Interest	$ 0.3	$ 0.3
Held-for-investment loans, non-accrual status, unpaid principal balance	1.1	1.1
Loans Receivable, Held-For-Sale, Cost Basis	15	6
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	9	0
Loan Origination Commitments [Member]
Unfunded Loan Origination Commitments	$ 0	$ 0

LOANS HELD FOR INVESTMENT ("H_3

LOANS HELD FOR INVESTMENT ("HFI") AND LOANS HELD FOR SALE ("HFS") (Schedule of Loans) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other Assets [Abstract]
Loans and Leases Receivable, Net Amount, Total	$ 58,299	$ 736
Loans Receivable Held-for-sale, Amount	9,000
Loans Receivable Held-for-investment and Held-for-sale, Amount	$ 67,299	$ 736

LOANS HELD FOR INVESTMENT ("H_4

LOANS HELD FOR INVESTMENT ("HFI") AND LOANS HELD FOR SALE ("HFS") (Composition of Loans) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Loans [Abstract]
Loans receivable, unpaid principal balance	$ 59,140	$ 1,487
Cost basis adjustments, net	(841)	(751)
Loans and Leases Receivable, Net Amount, Total	$ 58,299	$ 736

LOANS HELD FOR INVESTMENT ("H_5

LOANS HELD FOR INVESTMENT ("HFI") AND LOANS HELD FOR SALE ("HFS") (Loan Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Current	$ 58,000	$ 437
Financing Receivable, Unpaid Principal Balance, Current	58,090	437
Financing Receivable, Net	58,299	736
Financing Receivable, Net, Unpaid Principal Balance	59,140	1,487
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due	299	299
Financing Receivable, Unpaid Principal Balance, Past Due	$ 1,050	$ 1,050

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Derivative Asset, Noncurrent	$ 9,653		$ 9,653		$ 6,865
Impairment of Long-Lived Assets Held-for-use	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
Land [Member]
Depreciation	$ 0	$ 0	$ 0	$ 0
Minimum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			6 years
Maximum [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life			7 years

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other assets, total:
Derivative assets	$ 9,653	$ 6,865
Real estate owned	3,719	3,447
Accrued interest receivable	1,928	1,558
Other assets	887	860
Total other assets	$ 16,187	17,905
Consolidated Funds and Ventures [Member]
Other assets, total:
Total other assets		$ 5,175

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - REO held for use, net [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment [Line Items]
Real estate held for use, net	$ 3,719	$ 3,447
Building, Furniture and Fixtures [Member]
Investment [Line Items]
Real estate held for use, gross	1,100	828
Land [Member]
Investment [Line Items]
Real estate held for use, gross	$ 2,619	$ 2,619

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
DEBT (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Gains (Losses) on Extinguishment of Debt	$ (14)	$ 1,009	$ (14)	$ 4,838
Letters of Credit Outstanding, Amount	0		0		$ 0
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	7,473		7,473		10,859
Subordinated Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	96,041		96,041		97,700
Principal	90,280		90,280
Notes Payable and Other Debt - Bond Related [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	46,392		46,392		$ 42,071
TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Underlying Bond Notional Amount	$ 76,200		$ 76,200
Underlying Bond Interest Rate	6.60%		6.60%
Long-term Debt, Gross	$ 74,200		$ 74,200
Derivative, Variable Interest Rate	2.90%		2.90%
SAWHF [Member]
Debt Instrument [Line Items]
Principal	$ 7,800		$ 7,800
Carrying amount of notes payable and other debt	7,500		$ 7,500
Percentage Of Ownership Acquired			11.85%
London Interbank Offered Rate (LIBOR) [Member] \| TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 7,200		$ 7,200
Derivative, Variable Interest Rate	3.70%		3.70%
Johannesburg Interbank Agreed Rate (JIBAR) [Member] \| SAWHF [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			5.15%
Base rate for notes payable and other debt	7.03%		7.03%

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt, Carrying Value	$ 187,172	$ 216,139
Debt Instrument, Interest Rate, Effective Percentage	3.70%	3.40%
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 187,172	$ 209,427
Debt Instrument, Interest Rate, Effective Percentage	3.70%	3.30%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 81,414	$ 83,838
Debt Instrument, Interest Rate, Effective Percentage	3.00%	3.10%
Notes Payable and Other Debt - Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 35,022	$ 41,767
Debt, Due after one year	$ 46,392	$ 42,071
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	2.90%	3.20%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	3.00%	2.90%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 105,758	$ 125,589
Debt Instrument, Interest Rate, Effective Percentage	4.30%	3.50%
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year		$ 14,733
Debt, Due after one year	$ 7,473	$ 10,859
Debt Instrument, Interest Rate, Effective Percentage, Current Portion		2.80%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	14.70%	12.10%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 2,244	$ 2,297
Debt, Due after one year	96,041	$ 97,700
Debt, Carrying Value	$ 98,285
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.50%	2.60%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	3.50%	2.60%
Net Premium and Debt Issuance Costs	$ 8,000	$ 8,300
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Debt, Due within one year		6,712
Debt, Carrying Value		$ 6,712
Debt Instrument, Interest Rate, Effective Percentage, Current Portion		6.50%
Debt Instrument, Interest Rate, Effective Percentage		6.50%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total	$ 187,172	$ 216,139
Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Total		6,712
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2,018	35,185
2,019	2,194
2,020	36,720
2,021	20,804
2,022	1,679
Thereafter	82,906
Net premium and debt issue costs	7,684
Total	$ 187,172	209,427
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Total		$ 6,712

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Carrying Value	$ 187,172	$ 216,139
Subordinated Loan [Member]
Debt Instrument [Line Items]
Principal	90,280
Net Premium and Debt Issuance Costs	8,005
Carrying Value	98,285
Subordinated Loan [Member] \| Mfh Issue 1 [Member]
Debt Instrument [Line Items]
Principal	26,659
Net Premium and Debt Issuance Costs	2,437
Carrying Value	$ 29,096
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	$ 24,241
Net Premium and Debt Issuance Costs	2,227
Carrying Value	$ 26,468
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	$ 13,973
Net Premium and Debt Issuance Costs	1,186
Carrying Value	$ 15,159
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	$ 25,407
Net Premium and Debt Issuance Costs	2,155
Carrying Value	$ 27,562
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company's Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 9,653	$ 6,865
Derivative Liability	85	319
Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	2,589	2,347
Derivative Liability	70	46
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	1,112	439
Derivative Liability	15	26
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	1,400	788
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	4,376	3,291
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 176
Derivative Liability		$ 247

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 370,515	$ 397,153
Total Return Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	71,616	72,290
Basis Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	84,500	100,500
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	80,000	80,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	130,000	140,000
Foreign Exchange Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 4,399	$ 4,363

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 1,102	$ 1,430	$ 5,464	$ 2,501
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	422	1,522	2,060	4,100
Payments For Proceeds From Derivative Instrument Operating Activities			1,900	2,300	$ 700
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	208	14	715	5
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	137	(116)	612	(598)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	327	(162)	1,722	(1,178)
Payments For Proceeds From Derivative Instrument Operating Activities	100	100	300	300
Interest rate swap [Member] \| Other Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments For Proceeds From Derivative Instrument Operating Activities			300
Two Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments For Proceeds From Derivative Instrument Operating Activities	300
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 8	$ 172	$ 355	$ 172

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains (losses) arising during the period	$ 1,025	$ 623	$ 2,143	$ 1,969
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax	141	39	6	39
Asset Impairment Charges, Total		$ 10,551	$ 388	$ 21,951
Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			12.50%		14.00%
Subordinated Debt Obligations, Fair Value Disclosure	52,100		$ 52,100
Minimum [Member] \| Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			10.00%
Subordinated Debt Obligations, Fair Value Disclosure	44,700		$ 44,700
Maximum [Member] \| Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			15.00%
Subordinated Debt Obligations, Fair Value Disclosure	$ 62,000		$ 62,000

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Loans held-for-sale	$ 9,000
Derivative assets	9,653	$ 6,865
Liabilities:
Derivative liabilities	85	319
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans held for investment	59,399	1,754
Fair Value, Measurements, Recurring [Member]
Assets:
Investments in debt securities	147,808	143,604
Derivative assets	9,653	6,865
Liabilities:
Derivative liabilities	85	319
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative assets	7,064	4,518
Liabilities:
Derivative liabilities	15	273
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Investments in debt securities	147,808	143,604
Derivative assets	2,589	2,347
Liabilities:
Derivative liabilities	$ 70	$ 46

FAIR VALUE (Activity for Assets

FAIR VALUE (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period	$ 1,025	$ 623	$ 2,143	$ 1,969
Realized losses reclassified out of AOCI in connection with investments assessed as other than temporarily impaired	141	39	6	39
Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	162,261	151,662	143,604	155,981
Net (losses) gains included in earnings		(1,777)	(6)	(3,984)
Net change in other comprehensive income		42	(2,931)	1,388
Net change in AOCI	(3,914)
Impact from sales/redemptions	(10,364)	(6,784)	(10,364)	(6,784)
Impact from deconsolidation			17,997
Impact from settlements	(175)	(192)	(492)	(3,650)
Balance at ending period	147,808	142,951	147,808	142,951
Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period		3,899		3,835
Net (losses) gains included in earnings				(5,335)
Impact from purchases				14,028
Impact from originations				1,500
Impact from sales/redemptions		(3,899)		(14,028)
Derivative Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net (losses) gains included in earnings, derivative assets and liabilities	(158)	413	242	1,491
Balance at beginning period	2,747	3,405	2,347	2,327
Balance at ending period	2,589	3,818	2,589	3,818
Derivative Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net (losses) gains included in earnings, derivative assets and liabilities	(26)	399	(24)	372
Balance at beginning period	(44)	(399)	(46)	(372)
Balance at ending period	(70)		(70)
Bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net realized gains on sold/redeemed bonds	5,100	600	5,100	600
Net unrealized gains (losses) arising during the period	1,000	$ 600	$ 2,100	$ 2,000
Realized losses reclassified out of AOCI in connection with investments assessed as other than temporarily impaired	$ 100

FAIR VALUE (Amount of Activity

FAIR VALUE (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held		$ (880)	$ (6)	$ (880)
Additional realized gains (losses) recognized	$ 5,080	620	5,080	620
Total gains (losses) reported in earnings	5,080	(260)	5,074	(260)
Equity Method Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held		(897)		(3,104)
Total gains (losses) reported in earnings		(897)		(3,104)
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		805
Total gains (losses) reported in earnings		805		(4,530)
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	(184)	812	218	1,863
Additional realized gains (losses) recognized	605	710	1,842	2,237
Total gains (losses) reported in earnings	$ 421	$ 1,522	$ 2,060	$ 4,100

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 102,593	$ 90,963
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 12,965	$ 8,033
Market yield	8.10%	7.50%
Capitalization rate	6.90%	6.40%
NOI annual growth rate	0.10%	(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	$ 10,674	$ 12,573
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 21,576	$ 21,824
Fair value assumptions, cash flow probability - future incremental tax growth	75.00%	80.00%
Fair value assumptions, cash flow probability - no future incremental tax growth	25.00%	20.00%
Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 10,211
Market yield		4.20%
Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Net Derivative Asset (Liability)	$ 2,519	$ 2,301
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]
Property bids	$ 13,162
Valuation technique weighting factors	10.00%
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%
Capitalization rate	6.20%	5.80%
NOI annual growth rate	0.40%	0.60%
Minimum [Member] \| Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.30%	7.10%
Minimum [Member] \| Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.60%	4.10%
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%	6.70%
Maximum [Member] \| Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Property bids	$ 13,557
Valuation technique weighting factors	90.00%
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%
Capitalization rate	6.30%	6.10%
NOI annual growth rate	0.50%	0.90%
Maximum [Member] \| Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	9.90%	9.20%
Maximum [Member] \| Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.40%	5.30%
Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Property bids	$ 13,404
Weighted Average [Member] \| Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.80%	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%
Capitalization rate		6.40%
NOI annual growth rate		(1.20%)
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%
Capitalization rate	6.30%	5.90%
NOI annual growth rate	0.50%	0.80%
Weighted Average [Member] \| Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	8.40%	8.00%
Fair value assumptions, cash flow probability - future incremental tax growth		80.00%
Fair value assumptions, cash flow probability - no future incremental tax growth		20.00%
Weighted Average [Member] \| Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		4.20%
Weighted Average [Member] \| Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.80%	5.00%

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Loans held for sale	$ 9,000
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	15,556	$ 35,693
Restricted cash	10,944	21,271
Fair Value, Inputs, Level 1 [Member] \| Consolidated Funds and Ventures [Member]
Assets:
Restricted cash		23,495
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans held for sale	9,408
Asset management fee receivable		116
Loans held for investment	59,399	1,754
Fair Value, Inputs, Level 3 [Member] \| Consolidated Funds and Ventures [Member]
Assets:
Loans held for investment		497
Bond Related Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Liabilities:
Notes payable and other debt	81,452	83,879
Non Bond Related Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Liabilities:
Notes payable and other debt	7,755	26,014
Subordinated Loan [Member] \| Fair Value, Inputs, Level 3 [Member] \| MFH [Member]
Liabilities:
Subordinated debt	52,088	43,256
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	15,556	35,693
Restricted cash	10,944	21,271
Loans held for sale	9,000
Asset management fees and reimbursements receivable	288
Asset management fee receivable		116
Loans held for investment	58,299	736
Reported Value Measurement [Member] \| Consolidated Funds and Ventures [Member]
Assets:
Restricted cash		23,495
Loans held for investment		65
Reported Value Measurement [Member] \| Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	81,414	83,838
Reported Value Measurement [Member] \| Non Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	7,473	25,592
Reported Value Measurement [Member] \| Debt Related To Consolidated Funds and Ventures [Member] \| Consolidated Funds and Ventures [Member]
Liabilities:
Notes payable and other debt		6,712
Reported Value Measurement [Member] \| Subordinated Loan [Member] \| MFH [Member]
Liabilities:
Subordinated debt	$ 98,285	$ 99,997

GUARANTEES AND COLLATERAL (Narr

GUARANTEES AND COLLATERAL (Narrative) (Details)	Sep. 30, 2018USD ($)agreement	Dec. 31, 2017USD ($)
Guaranteed LIHTC Fund [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guaranteed Funds \| agreement	1
Maximum Exposure	$ 0	$ 0
Carrying Amount	0	0
Non-Guaranteed LIHTC Funds Pertaining to LTTP One of Two [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Maximum Exposure	100,000	100,000
Non-Guaranteed LIHTC Funds Related to Two LTPPs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Maximum Exposure	100,000	100,000
Carrying Amount	$ 0	$ 0

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 10,944	$ 44,766
Bonds Available-for-Sale	122,811	128,902
Investments in partnerships	10,703	111,837
Other Assets		5,175
Total Assets Pledged	$ 144,458	$ 290,680
SAWHF [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Equity method investment, ownership percentage	11.85%	11.85%
Debt and derivatives TRSs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 4,263	$ 9,160
Bonds Available-for-Sale	122,811	128,902
Total Assets Pledged	127,074	138,062
Notes Payable and Other Debt [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	6,673	5,991
Investments in partnerships	10,703	12,695
Total Assets Pledged	17,376	18,686
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	8	6,120
Total Assets Pledged	$ 8	6,120
Consolidated Funds and Ventures [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash		23,495
Investments in partnerships		99,142
Other Assets		5,175
Total Assets Pledged		$ 127,812

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 06, 2018	Aug. 07, 2018	Jun. 26, 2018	Jun. 26, 2018	Mar. 13, 2018	Mar. 09, 2018	Jan. 08, 2018	Jan. 03, 2018	Nov. 01, 2018	Sep. 30, 2018	Sep. 30, 2018	Nov. 02, 2018
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		187,500			125,000					125,000	125,000
Stock Repurchase Program, Price of Shares Authorized to be Repurchased		$ 31.50
Treasury Stock, Shares, Acquired										28,473
Stock Repurchase Program, Price of Shares Repurchased										$ 27.11
Maximum Percentage of Company Stock Ownership Allowed								4.90%			9.90%
Minority interest held by third parties										4.90%	4.90%
Disposal Group, Consideration, Shares Transfered, Price per Share			$ 34			$ 33
Consideration, common stock shares issued				125,000		125,000	250,000
Aggregate Cost of Shares Sold				$ 4.3		$ 4.1
Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	218,750											34,900
Stock Repurchase Program, Price of Shares Authorized to be Repurchased	$ 32.96
Treasury Stock, Shares, Acquired									34,350
Stock Repurchase Program, Price of Shares Repurchased									$ 26.26
Maximum [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Price of Shares Repurchased					$ 30

EQUITY (Summary of Net Income t

EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Equity [Abstract]
Net income from discontinued operations	$ 13	$ 5,560	$ 21,210	$ 13,302
Net income to common shareholders	$ 8,624	$ 9,921	$ 29,726	$ 13,894
Basic weighted-average shares	5,804,000	5,871,000	5,717,000	5,890,000
Diluted weighted-average shares	6,087,000	5,871,000	5,717,000	5,890,000
Common Stock Equivalents Employee Options	222,000	410,000	222,000	410,000
Incremental Common Shares Attributable to Call Options and Warrants	282,597	383,299	348,403	382,088

EQUITY (Noncontrolling Interest

EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Minority Interest		$ 89,529
L I H T C Funds [Member]
Noncontrolling Interest [Line Items]
Minority Interest		83,909
Consolidated Property Partnerships [Member]
Noncontrolling Interest [Line Items]
Minority Interest		$ 5,620

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs							$ 9,415
Net change in AOCI	$ (3,375)	$ 4,047	$ 9,160	$ 61	$ 768	$ 352
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Income tax (expense), benefit	14
Net change in AOCI	(3,375)	4,047	9,160	61	768	352
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance			41,153				41,153
Income tax (expense), benefit	14
Net change in AOCI	(3,375)	4,047	9,160	61	768	352
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs							9,415
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(3,375)			61			9,832	$ 1,181
Ending Balance	50,985						50,985
Investments in Debt Securities [Member]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	54,857		44,459	42,344		40,998	44,459	40,998
Net unrealized gains (losses)	1,025			623			2,143	1,969
Reversal of net realized gains on sold or redeemed bonds	(5,080)			(620)			(5,080)	(620)
Reclassification of realized losses related to bond investments assessed as OTTI	141			39			6	39
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs							9,415
Net change in AOCI							6,484
Net change AOCI, before tax	(3,914)			42				1,388
Ending Balance	50,943	54,857		42,386	42,344		50,943	42,386
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Net change in AOCI							6,484
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net unrealized gains (losses)	1,025			623			2,143	1,969
Net change AOCI, before tax	(3,914)			42				1,388
Net change in AOCI							6,484
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs							9,415
Income Tax Expense [Member]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Net change in AOCI	14
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance	(14)
Income tax (expense), benefit	(14)
Net change in AOCI	14
Ending Balance		(14)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Income tax (expense), benefit	(14)
Net change in AOCI	14
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	(483)					(3,180)		(3,180)
Net unrealized gains (losses)	525			19				(207)
Net change in AOCI				19
Net change AOCI, before tax	525							207
Ending Balance	42	(483)		(3,387)			42	(3,387)
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance			(3,306)	3,406			(3,306)
Income tax (expense), benefit							3,348
Net change in AOCI				19
Ending Balance	42			3,387	3,406		42	3,387
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net unrealized gains (losses)	525			19				(207)
Net change AOCI, before tax	525							207
Income tax (expense), benefit							3,348
Net change in AOCI				19
Accumulated Other Comprehensive Income Loss [Member]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance			$ 41,153	38,938			41,153
Net unrealized gains (losses)	1,550			642			5,491	1,762
Reversal of net realized gains on sold or redeemed bonds	(5,080)			(620)			(5,080)	(620)
Reclassification of realized losses related to bond investments assessed as OTTI	141			39			6	39
Net change in AOCI	(3,375)						9,832
Net change AOCI, before tax				61
Ending Balance	50,985			38,999	$ 38,938		50,985	38,999
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance	54,360
Income tax (expense), benefit	(14)
Net change in AOCI	(3,375)						9,832
Ending Balance		$ 54,360
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance						$ 37,818		37,818
Net unrealized gains (losses)	1,550			642			5,491	1,762
Net change AOCI, before tax				61
Income tax (expense), benefit	(14)
Net change in AOCI	(3,375)						9,832
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total								1,181
Ending Balance	$ 50,985			$ 38,999			$ 50,985	$ 38,999

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued to employees	188,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	466,694
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	222,000		410,000	410,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	412,189
Shares Issued Net of Shares Withheld for Taxes [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued to employees	102,651
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	54,505
Non-employee Directors' Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual compensation	$ 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	396,720
Rate Of Cash Based Compensation	50.00%
Rate of share-based compensation	50.00%
Audit Committee Chair [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	$ 15
Chairman of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	20
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	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 129	$ 1,066	$ 1,421	$ 2,822
Employees' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	(34)	902	930	2,481
Non-employee Directors' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 163	$ 164	$ 491	$ 341

STOCK-BASED COMPENSATION (Sum_2

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock-Based Compensation [Abstract]
Number of Options Outstanding at beginning of period	410,000	410,000
Exercised in 2018	(188,000)
Number of Options Outstanding at end of period	222,000	410,000	410,000
Number of options that were exercisable	222,000	410,000
Weighted average Exercise Price per Option Outstanding at beginning of period	$ 1.56	$ 1.56
Weighted Average Exercise Price per Option, Exercised	1.29
Weighted average Exercise Price per Option, Forfeited/Expired
Weighted average Exercise Price per Option Outstanding at end of period	1.80	1.56	$ 1.56
Weighted average Exercise Price per Option Exercisable	$ 1.80	$ 1.56
Weighted Average Remaining Contractual Life per Option (in years) Outstanding	3 years 6 months	3 years 4 months 24 days	4 years 4 months 24 days
Weighted average Remaining Contractual Life per Option (in years) Exercisable	3 years 6 months	3 years 4 months 24 days
Aggregate Intrinsic Value	$ 5,413	$ 9,322	$ 7,149
Period End Liability	$ 5,431	$ 9,342	$ 7,166
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	188,000
Increase (decrease) in Other Liabilities pursuant to exercise of options	$ 4,800
Shares tendered in connection with the payment of withholding taxes	85,349

STOCK-BASED COMPENSATION (Sum_3

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - Non-employee Directors' Stock-Based Compensation Plans [Member] - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Share-based Goods and Nonemployee Services Transaction [Line Items]
Non-employee director compensation, cash	$ 245,625	$ 170,625
Weighted - average Grant Date Share Price	$ 27.18	$ 23.67
Options Vested
Directors' Fees Expense	$ 491,250	$ 341,250
Common Shares [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted
Deferred Shares [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted	9,038	7,210

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 26, 2018	Jun. 26, 2018	Mar. 09, 2018	Jan. 08, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Oct. 04, 2018
Incentive fee								20.00%
Aggregate cost of common stock shares issued		$ 4,300	$ 4,100
Consideration, common stock shares issued		125,000	125,000	250,000
Disposal Group, Consideration, Shares Transfered, Price per Share	$ 34		$ 33
Consideration, common stock shares issued, price per share		$ 34	$ 33	$ 33.50
Base quarterly external management fee						$ 1,000	$ 1,000
Disposal Group, Consideration, Note Receiveable					$ 57,000			$ 57,000
Disposal Group, Consideration, Note Receiveable, Interest Rate								5.00%
Disposal Group, Consideration, Note Receiveable, Quarterly Installment								$ 2,850
Disposal Group, Consideration, Note Receiveable, Interest Recognized					700			2,100
External management fees and reimbursable expenses					1,059			$ 5,762
External management fee, contract terms for incentive fee								7.00%
External Manager [Member]
Management fees and expense reimbursements payable					1,100			$ 1,100
Subsequent Event [Member]
Disposal Group, Consideration, Note Receiveable									$ 67,000
Hunt Companies [Member]
Interest Receivable					$ 700			$ 700
Term of note receivable								7 years

DISCONTINUED OPERATIONS (Assets

DISCONTINUED OPERATIONS (Assets and Liabilities of Discontinued Operations) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 15,556	$ 35,693
Restricted cash	10,944	44,766
Investments in debt securities	147,808	143,604
Investments in partnerships	146,104	227,962
Other assets	16,187	17,905
Total assets	403,898	531,886
Debt	187,172	216,139
Accounts payable and accrued expenses	3,166	6,098
Other liabilities	20,013	57,332
Total liabilities	210,351	304,784
Disposal Group, Consideration, Note Receiveable	$ 57,000
Discontinued Operations, 2018 [Member]
ASSETS
Cash and cash equivalents		3,654
Restricted cash		16,073
Investments in debt securities		5,450
Investments in partnerships		4,456
Real Estate Investments, Net		23,944
Other assets		7,643
Total assets		61,220
Debt		8,308
Accounts payable and accrued expenses		3,454
Other liabilities		5,450
Total liabilities		$ 17,212

DISCONTINUED OPERATIONS (Schedu

DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Discontinued Operations [Abstract]
Interest on bonds		$ 19	$ 6	$ 60
Interest on loans and short-term investments		110	6	276
Asset management fee and reimbursements		7,537	842	18,408
Other income		254	53	835
Interest expense		(31)		(100)
Salaries and benefits		(2,048)	(53)	(6,072)
General and administrative		(279)	(68)	(875)
Professional fees	$ (11)	(336)	(31)	(982)
Other expense		(616)	(29)	(379)
Gains on sales and operations of real estate, net	2	201	63	370
Equity in income (loss) from unconsolidated funds and ventures		33	1	(5)
Income tax benefit (expense)	22
Net income (loss) before disposal activity	13	4,844	790	11,536
Net gain on sale of business		251		251
Net gains on disposal			20,420
Net income from discontinued operations	13	5,095	21,210	11,787
Loss from discontinued operations allocable to noncontrolling interests		465		1,515
Net income to common shareholders from discontinued operations	$ 13	$ 5,560	$ 21,210	$ 13,302

DISCONTINUED OPERATIONS (Cash F

DISCONTINUED OPERATIONS (Cash Flows of Discontinued Operations) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ (516)	$ 1,960
Non-cash investing and financing activities:
Decrease in debt	6,712
Net decrease in noncontrolling interests	83,909
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	29	990
Capital expenditures		$ (108)
Non-cash investing and financing activities:
Decrease in loans	(231)
Decrease in other assets	(35,715)
Decrease in debt	8,308
Decrease in accounts payable and accrued expenses	7,201
Decrease in other liabilities	5,333
Net increase in accumulated other comprehensive income	(3,404)
Consolidated Funds and Ventures [Member] \| Discontinued Operations [Member]
Non-cash investing and financing activities:
Decrease in investments in debt securities	(5,450)
Net decrease in noncontrolling interests	5,620
Consolidated Funds and Ventures [Member] \| Discontinued Operations, 2018 [Member]
Non-cash investing and financing activities:
Decrease in other assets	(24,140)
Decrease in debt	6,144
Decrease in other liabilities	$ 480

CONSOLIDATED FUNDS AND VENTUR_3

CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
L I H T C Funds [Member]
Debt, Weighted Average Interest Rate and Cost					6.50%
Consolidated Funds and Ventures [Member]
Income (Loss) Attributable To Noncontrolling Interest		$ 12,717		$ 32,327
Consolidated Funds and Ventures [Member] \| Face Amount Equal to Carrying Value [Member]
Portion of Debt Carrying Value					$ 6,700
Building [Member]
Property, Plant and Equipment, Useful Life			40 years
Land [Member]
Depreciation	$ 0	$ 0	$ 0	$ 0
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

CONSOLIDATED FUNDS AND VENTUR_4

CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment [Line Items]
Investments in debt securites	$ 147,808	$ 143,604
Investments in Lower Tier Property Partnerships	146,104	227,962
Other assets	16,187	17,905
Total assets	403,898	531,886
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash		23,495
Investments in Lower Tier Property Partnerships		99,142
Other assets		5,175
Total assets		127,812
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Investments in Lower Tier Property Partnerships		99,142
Other assets		$ 5,175

CONSOLIDATED FUNDS AND VENTUR_5

CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - Lower Tier Property Partnerships Real Estate [Member] $ in Thousands	Dec. 31, 2017USD ($)
Investment [Line Items]
Total assets of Lower Tier Property Partnerships	$ 1,085,998
Debt	771,027
Other Liabilities	$ 165,500

CONSOLIDATED FUNDS AND VENTUR_6

CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-sale of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment [Line Items]
Other assets	$ 16,187	$ 17,905
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash		23,495
Other assets		$ 5,175

CONSOLIDATED FUNDS AND VENTUR_7

CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investment [Line Items]
Debt	$ 187,172						$ 187,172		$ 216,139
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships									8,003
Total liabilities	210,351						210,351		$ 304,784
Net loss	$ 8,624	$ 2,762	$ 18,340	$ (3,261)	$ (4,106)	$ (12,581)	$ 29,726	$ (19,948)
L I H T C Funds [Member]
Investment [Line Items]
Debt, Weighted Average Interest Rate and Cost									6.50%
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Debt									$ 6,712
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships									8,003
Asset management fee payable									31,840
Other liabilities, consolidated									4,010
Total liabilities									$ 50,565
Gross Revenue				37,682				113,047
Operating expenses				22,062				66,187
Net loss				(13,614)				(35,421)
Net income (loss)				$ (4,927)				$ (18,163)

CONSOLIDATED FUNDS AND VENTUR_8

CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Expenses:
Interest expense	$ 630			$ 471			$ 1,914	$ 1,326
Professional fees	1,230			2,564			5,031	4,997
Asset management fee expense	19			1,053			62	3,281
Asset impairments				10,551			388	21,951
Total expenses from CFVs	4,607			20,640			18,099	46,571
Equity in losses from Lower Tier Property Partnerships of CFVs							5,655	2,047
Net loss	$ 8,624	$ 2,762	$ 18,340	(3,261)	$ (4,106)	$ (12,581)	$ 29,726	(19,948)
Consolidated Funds and Ventures [Member]
Revenue:
Interest and other income				3				247
Expenses:
Interest expense				121				307
Professional fees				487				589
Asset management fee expense				1,016				3,206
Other operating expenses				459				1,370
Asset impairments				9,671				21,071
Total expenses from CFVs				11,754				26,543
Equity in losses from Lower Tier Property Partnerships of CFVs				(1,863)				(9,125)
Net loss				(13,614)				(35,421)
Net losses allocable to noncontrolling interests in CFVs				12,717				32,327
Net (loss) income allocable to the common shareholders related to CFVs				(897)				(3,094)
Consolidated Property Partnerships [Member]
Expenses:
Equity in losses from Lower Tier Property Partnerships of CFVs								10
Lower Tier Property Partnerships [Member]
Expenses:
Equity in losses from Lower Tier Property Partnerships of CFVs				$ (897)				$ (3,104)

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - segment	9 Months Ended	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details) - segment	Sep. 30, 2018	Dec. 31, 2017
Segment Information [Abstract]
Number of reportable segments	1	3

(SUBSEQUENT EVENTS) (Narrative)

(SUBSEQUENT EVENTS) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 30, 2018	Oct. 04, 2018	Sep. 30, 2018	Dec. 31, 2017
Aggregate principal balance of note			$ 57,000
Interest rate for note			5.00%
Unpaid principal balance of bond investments			$ 143,695
Amortized cost of bond investments			96,865
Fair value of bond investments			$ 147,808	$ 143,604
Interest rate on bond investments			6.40%	6.20%
Subsequent Event [Member]
Increase in common shareholders' equity		$ 14,200
Increase in common shareholders' equity, per share		$ 2.35
Aggregate principal balance of note		$ 67,000
Equity method investment, ownership percentage	80.00%
Incremental license fee responsibility	100.00%
Percent of newly assesed undeveloped land recorded as equity income from unconsolidated funds and ventures	100.00%
Subsequent Event [Member] \| MGM Loan [Member]
Aggregate principal balance of note		$ 5,000
Interest rate for note		5.00%
Notes payable maturity date		Jan. 1, 2026
MGM, Disposition [Member] \| Subsequent Event [Member]
HFS loan acquired by Hunt		$ 9,000
Price of loan acquired by Hunt		9,400
Notes acquired pursuant to purchase agreement transactions		10,000
Cash payments to acquire note receivable		5,000
Company note to acquire notes receivable		$ 5,000
Infrastructure Bonds [Member]
Unpaid principal balance of bond investments			$ 26,800
Amortized cost of bond investments			20,900
Fair value of bond investments			$ 21,600
Interest rate on bond investments			6.75%
Weighted-average maturity of bond investments			15 years 4 months 24 days
Infrastructure Bonds [Member] \| Subsequent Event [Member]
Unpaid principal balance of bond investments	$ 27,200
Interest rate on bond investments	6.30%
Contractual term of bond investments	30 years 1 month 6 days