MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Registrant Name	MMA CAPITAL HOLDINGS, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Central Index Key	0001003201
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Amendment Flag	false
Entity Common Stock, Shares Outstanding		5,886,724
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 10,590	$ 28,243
Restricted cash	2,503	5,635
Investments in debt securities (includes $85,347 pledged as collateral at December 31, 2018)	35,236	97,190
Investments in partnerships	185,679	155,079
Loans held for investment (includes $80,579 and $67,000 of related party loans at June 30, 2019 and December 31, 2018, respectively)	80,878	67,299
Other assets	10,875	10,940
Total assets	325,761	364,386
LIABILITIES AND EQUITY
Debt	107,868	149,187
Accounts payable and accrued expenses	3,267	2,289
Total liabilities	111,135	151,476
Commitments and contingencies (see Note 10)
Preferred shares:
Preferred shares, no par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2019
Common shareholders' equity:
Common shares, no par value, 50,000,000 shares are authorized (5,778,294 and 5,777,216 shares issued and outstanding and 108,430 and 104,464 non-employee directors' deferred shares issued at June 30, 2019 and December 31, 2018)	201,212	175,213
Accumulated other comprehensive income ("AOCI")	13,414	37,697
Total common shareholders' equity	214,626	212,910
Total liabilities and equity	$ 325,761	$ 364,386

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Bonds available-for-sale, pledged as collateral		$ 85,347
Loans to a related party	$ 80,579	$ 67,000
Preferred shares, shares authorized	5,000,000
Preferred shares, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value	$ 0	$ 0
Common stock, authorized	50,000,000	50,000,000
Common shares, shares issued (in shares)	5,778,294	5,777,216
Common shares, shares outstanding (in shares)	5,778,294	5,777,216
Common shares, non-employee directors' and employee deferred shares (in shares)	108,430	104,464

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest income
Interest on bonds	$ 1,582	$ 2,709	$ 2,625	$ 5,247
Interest on loans and short-term investments	1,295	923	2,230	1,662
Total interest income	2,877	3,632	4,855	6,909
Asset related interest expense
Bond related debt	191	673	428	1,284
Non-bond related debt	56	0	118	0
Total interest expense	247	673	546	1,284
Net interest income	2,630	2,959	4,309	5,625
Non-interest income
Equity in income from unconsolidated funds and ventures	5,643	1,555	9,619	2,382
Net gains on bonds	20,693	0	24,264	0
Net (losses) gains on derivatives	(1,872)	2,053	(3,314)	4,362
Net losses on extinguishment of liabilities	(19)	0	(30)	0
Other income	15	117	32	161
Non-interest income	24,460	3,725	30,571	6,905
Other expenses
Interest expense	1,197	1,151	2,406	2,187
Salaries and benefits	0	(209)	0	1,095
External management fees and reimbursable expenses	2,128	2,184	4,396	4,703
General and administrative	304	356	618	704
Professional fees	251	587	1,218	3,801
Impairments	0	0	0	388
Other expenses	(60)	(20)	70	282
Total other expenses	3,820	4,049	8,708	13,160
Net income (loss) from continuing operations before income taxes	23,270	2,635	26,172	(630)
Income tax (expense) benefit	(50)	(820)	(63)	36
Net income (loss) from continuing operations	23,220	1,815	26,109	(594)
Net (loss) income from discontinued operations, net of tax	(1)	947	(8)	21,696
Net income	$ 23,219	$ 2,762	$ 26,101	$ 21,102
Basic income per common share:
Income (loss) from continuing operations	$ 3.95	$ 0.32	$ 4.44	$ (0.10)
Income from discontinued operations		0.16		3.82
Income per common share	3.95	0.48	4.44	3.72
Diluted income per common share:
Income (loss) from continuing operations (in dollars per share)	3.95	0.26	4.44	(0.10)
Income from discontinued operations (in dollars per share)		0.16		3.82
Income per common share (in dollars per share)	$ 3.95	$ 0.42	$ 4.44	$ 3.72
Weighted-average common shares outstanding:
Basic (in shares)	5,884	5,697	5,883	5,673
Diluted (in shares)	5,884	6,074	5,883	5,673

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 23,219	$ 2,762	$ 26,101	$ 21,102
Bond related changes:
Net unrealized (losses) gains	(370)	4,465	36	1,118
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	(20,693)	0	(24,264)	0
Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as other-than-temporary-impairment ("OTTI")	0	0	0	(135)
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships	0	0	0	9,415
Net change in other comprehensive (loss) income due to bonds	(21,063)	4,465	(24,228)	10,398
Income tax benefit (expense)	0	242	0	(14)
Foreign currency translation adjustment	(80)	(660)	(55)	2,823
Other comprehensive (loss) income	(21,143)	4,047	(24,283)	13,207
Comprehensive income	$ 2,076	$ 6,809	$ 1,818	$ 34,309

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	AOCI	Parent [Member]	Noncontrolling Interest in Consolidated Funds and Ventures (“CFVs”)	Total
Balance at Dec. 31, 2017	$ 96,420	$ 41,153	$ 137,573	$ 89,529	$ 227,102
Balance (in shares) at Dec. 31, 2017	5,617
Net income	$ 18,340		18,340		18,340
Other comprehensive (loss) income		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
Net change due to deconsolidation				(89,529)	(89,529)
Cumulative change due to change in accounting principle	$ 9,206		9,206		9,206
Common shares issued	$ 4,125		4,125		4,125
Common shares issued (in shares)	125
Balance at Mar. 31, 2018	$ 128,100	50,313	178,413		178,413
Balance (in shares) at Mar. 31, 2018	5,745
Balance at Dec. 31, 2017	$ 96,420	41,153	137,573	89,529	227,102
Balance (in shares) at Dec. 31, 2017	5,617
Net income					21,102
Balance at Jun. 30, 2018	$ 132,322	54,360	186,682		186,682
Balance (in shares) at Jun. 30, 2018	5,769
Balance at Dec. 31, 2017	$ 96,420	41,153	137,573	$ 89,529	227,102
Balance (in shares) at Dec. 31, 2017	5,617
Balance at Dec. 31, 2018	$ 175,213	37,697			212,910
Balance (in shares) at Dec. 31, 2018	5,882
Balance at Mar. 31, 2018	$ 128,100	50,313	178,413		178,413
Balance (in shares) at Mar. 31, 2018	5,745
Net income	$ 2,762		2,762		2,762
Other comprehensive (loss) income		4,047	4,047		4,047
Options exercised (value)	$ 784		784		784
Options exercised (shares)	30
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
Common shares issued	$ 4,250		4,250		4,250
Common shares issued (in shares)	125
Options tendered for payment of withholding taxes, value	$ (315)		(315)		(315)
Options tendered for payment of withholding taxes, shares	(13)
Common share repurchases	$ (3,341)		(3,341)		(3,341)
Common share repurchases (in shares)	(121)
Balance at Jun. 30, 2018	$ 132,322	54,360	$ 186,682		186,682
Balance (in shares) at Jun. 30, 2018	5,769
Balance at Dec. 31, 2018	$ 175,213	37,697			212,910
Balance (in shares) at Dec. 31, 2018	5,882
Net income	$ 2,882				2,882
Other comprehensive (loss) income		(3,140)			(3,140)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 82				82
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	2
Cumulative change due to change in accounting principle	$ (267)				(267)
Balance at Mar. 31, 2019	$ 177,910	34,557			212,467
Balance (in shares) at Mar. 31, 2019	5,884
Balance at Dec. 31, 2018	$ 175,213	37,697			212,910
Balance (in shares) at Dec. 31, 2018	5,882
Net income					26,101
Balance at Jun. 30, 2019	$ 201,212	13,414			214,626
Balance (in shares) at Jun. 30, 2019	5,887
Balance at Mar. 31, 2019	$ 177,910	34,557			212,467
Balance (in shares) at Mar. 31, 2019	5,884
Net income	$ 23,219				23,219
Other comprehensive (loss) income		(21,143)			(21,143)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 83				83
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3
Balance at Jun. 30, 2019	$ 201,212	$ 13,414			$ 214,626
Balance (in shares) at Jun. 30, 2019	5,887

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 26,101	$ 21,102
Adjustments to reconcile net income to net cash used in operating activities:
Provisions for credit losses and impairment	0	388
Net equity in income from investments in partnerships	(9,619)	(2,382)
Net gains on bonds	(24,264)	0
Net gains on real estate and other investments	0	(63)
Gain on disposal of discontinued operations	0	(20,420)
Net losses (gains) on derivatives	4,791	(2,856)
Net losses on extinguishment of liabilities	30	0
Advances on, originations and purchases of loans held for sale	0	(9,000)
Distributions received from investments in partnerships	7,417	3,606
Depreciation and amortization	(627)	(642)
Foreign currency gains	(84)	(35)
Stock-based compensation expense	165	1,128
Other, net	695	12
Net cash provided by (used in) operating activities	4,605	(9,162)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment	24,197	6,885
Advances on and originations of loans held for investment	(11,279)	0
Investments in partnerships and real estate	(95,941)	(26,045)
Proceeds from the sale of real estate and other investments	0	63
Cash and restricted cash derecognized in the Disposition	0	(23,009)
Restricted cash related to deconsolidated guaranteed Low-Income Housing Tax Credit ("LIHTC") funds	0	(23,487)
Capital distributions received from investments in partnerships	61,357	17,866
Net cash used in investing activities	(21,666)	(47,727)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	0	12,189
Repayment of borrowings	(3,724)	(17,244)
Repurchase of common shares	0	(3,341)
Options tendered for payment of withholding taxes	0	(315)
Issuance of common shares	0	8,375
Net cash used in financing activities	(3,724)	(336)
Net decrease in cash, cash equivalents and restricted cash	(20,785)	(57,225)
Cash, cash equivalents and restricted cash at beginning of period	33,878	100,186
Cash, cash equivalents and restricted cash at end of period	13,093	42,961
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	3,147	3,672
Income taxes paid	16	281
Non-cash investing and financing activities:
Unrealized (losses) gains included in other comprehensive income	(24,283)	13,207
Debt and liabilities extinguished through sales and collections on bonds	37,606	419
Decrease in bonds and common shareholders' equity due to change in accounting principle	267	0
Increase in loans held for investment and decrease in investment in partnerships due to secured lending	$ 1,873	0
Increase in common shareholders' equity and decrease in other liabilities due to change in accounting principle		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 the 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		784
Net change in assets, liabilities and equity due to deconsolidation of guaranteed LIHTC funds:
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

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Reconciliation) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 10,590	$ 27,045
Restricted cash	2,503	15,916
Total cash, cash equivalents and restricted cash shown in statement of cash flows	$ 13,093	$ 42,961

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	Note 1— Summary of Significant Accounting Policies Organization MMA Capital Holdings, Inc. invests in debt associated with renewable energy infrastructure and real estate. Unless the context otherwise requires, and when used in these Notes, the “ Company ,” “ MMA ,” “ we ,” “ our ” or “ us ” refers to MMA Capital Holdings, Inc. and its subsidiaries. We were originally organized as a Delaware limited liability company in 1996 and converted to a Delaware corporation on January 1, 2019. We focus on investments with attractive risk-adjusted returns that generate positive environmental or social impacts, with an emphasis on renewable energy debt investments. Our assets and liabilities are organized into two portfolios: · Energy Capital – This portfolio consists primarily of investments that we have made through joint ventures with an institutional capital partner in loans that finance renewable energy projects; and · Other Assets and Liabilities (“ OA&L ”) – This portfolio includes our investments in bonds, certain loan receivables, cash, real estate-related investments, subordinated debt and the balance of the Company’s assets and liabilities (investments in bonds and related financings, which were previously identified as their own portfolio in each Quarterly Report on Form 10-Q that was filed in 2018, were reallocated to the OA&L portfolio as of December 31, 2018). In emphasizing renewable energy debt investments, our objective is to grow the Company’s return on equity by recycling equity out of existing investments in the OA&L portfolio that are generating lower returns, into the Energy Capital portfolio, which we believe will generate higher returns. In this regard, we actively seek out ways to support additional growth in the Energy Capital portfolio by optimizing how the Company is capitalized, including, where appropriate, the efficient deployment of leverage. We are externally managed by Hunt Investment Management, LLC (our “ External Manager ”), an affiliate of Hunt Companies, Inc. (Hunt Companies, Inc. and its affiliates are hereinafter referred to as “ Hunt ”). We operate as a single reporting segment. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“ GAAP ”). The Company evaluates subsequent events through the date of filing with the United States (“ U.S. ”) Securities and Exchange Commission (“ SEC ”). Changes in Presentation We have revised the presentation of our Consolidated Statements of Operations for all reporting periods presented by reclassifying “Equity in income from unconsolidated funds and ventures” and all net gains (losses) associated with the Company’s bonds, loans, derivatives, real estate, other investments and the extinguishment of debt obligations as a component of “Non-interest income.” Additionally, the Company reclassified for all reporting periods certain discontinued operations that occurred during the fourth quarter of 2018 as a result of the assignment and settlement of certain agreements completing the Company’s disposition of its LIHTC related assets. Furthermore, we made certain reclassifications to prior year financial statements in order to enhance their comparability with current year 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 made estimates in certain areas, including the determination of fair values for bonds and derivative instruments. Management also made estimates in the determination and measurement of impairment of investments in bonds and real estate. 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 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. Accounting for Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance amends the classification and measurement of financial instruments, including equity investments not accounted for under the equity method of accounting. Although this ASU retains many current requirements, it significantly revised an entity’s accounting related to (i) the classification and measurement of investments in equity securities and (ii) the presentation of certain fair value changes for financial liabilities measured at fair value. Additionally, certain disclosure requirements associated with the fair value of financial instruments were amended. We adopted this new guidance on its effective date of January 1, 2018. Upon adoption of this guidance, the Company assessed that certain of our equity investments did not have a readily determinable fair value, resulting in the Company electing the measurement alternative. As such, during the first quarter of 2018, the Company recognized a $0.4 million impairment within our Consolidated Statements of Operations. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This guidance amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. We adopted this new guidance on its effective date of January 1, 2019. Upon adoption of this guidance, the Company assessed that certain of our bond investments were being held at a premium resulting in a change to the amortization period. As such, during the first quarter of 2019, the Company recognized a cumulative effect adjustment of $0.3 million to retained earnings. 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 “ Tax Act ”) from AOCI to retained earnings and also requires new disclosures. We adopted this new guidance on its effective date of January 1, 2019. 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. 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 ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. We adopted this new guidance on its effective date of January 1, 2019. 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 – Credit Losses 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 United States (“ 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 April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” This guidance is intended to clarify aspects of accounting for credit losses, hedging activities, and financial instruments. 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 May 2019, the FASB issued ASU No. 2019-05, “ Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” This guidance provides transition relief for entities adopting ASU 2016-13. This guidance allows entities to elect the fair value options on certain financial instruments. 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 Financial Instruments – Fair Value Measurement 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.

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	6 Months Ended
	Jun. 30, 2019
INVESTMENTS IN DEBT SECURITIES [Abstract]
Investments in Debt Securities	Note 2—Investments in Debt Securities The Company’s investments in debt securities 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 investment in other real estate-related bonds consists of a single tax-exempt bond at June 30, 2019 and December 31, 2018, that financed the development of infrastructure for a mixed-use town center development and is secured by incremental tax revenues generated from the development and its landowners (this investment is hereinafter referred to as our “ Infrastructure Bond ”). The weighted-average pay rate on the Company’s bond investments was 6.3% and 6.2% at June 30, 2019 and December 31, 2018, 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 June 30, 2019 and December 31, 2018. The following tables provide information about the UPB, amortized cost, gross unrealized gains and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At June 30, 2019 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 7,974 $ 844 $ 9,635 $ 10,479 Infrastructure Bond 27,170 20,995 3,762 24,757 Total $ 35,144 $ 21,839 $ 13,397 $ 35,236 At December 31, 2018 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 65,162 $ 38,653 $ 33,564 $ 72,217 Infrastructure Bond 27,170 20,912 4,061 24,973 Total $ 92,332 $ 59,565 $ 37,625 $ 97,190 (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. See Note 8, “Fair Value,” which describes factors that contributed to the $62.0 million decrease in the reported fair value of the Company’s investments in debt securities for the six months ended June 30, 2019. 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 June 30, 2019, three of the Company’s remaining five bond investments amortize on a scheduled basis and have stated maturity dates between August 2033 and December 2048. The Company’s remaining two bond investments are non-amortizing bonds with principal due in full on November 2044 and August 2048 (the total cost basis and fair value of these bonds were $0.6 million and $8.4 million, respectively, at June 30, 2019). 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 June 30, 2019, as well as stratifies such information for the remainder of the Company’s investments based upon the periods in which such instruments become prepayable at par: (in thousands) UPB Amortized Cost Fair Value June 30, 2019 $ 28,984 $ 21,263 $ 26,869 July 1 through December 31, 2019 ─ ─ ─ 2020 ─ ─ ─ 2021 6,160 576 8,367 2022 ─ ─ ─ 2023 ─ ─ ─ Thereafter ─ ─ ─ Bonds that may not be prepaid ─ ─ ─ Total $ 35,144 $ 21,839 $ 35,236 The weighted-average expected maturity of the Company’s investments in bonds that were not currently prepayable at par at June 30, 2019 was 2.3 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 June 30, December 31, (in thousands) 2019 2018 Total current $ 33,125 $ 84,307 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 2,111 12,883 Total $ 35,236 $ 97,190 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 that is experiencing financial difficulty, the Company will typically assess a modification or other form of concession to represent a troubled debt restructuring (“ TDR ”) for reporting purposes. There were no TDRs for the three and six months ended June 30, 2019 and June 30, 2018. Nonaccrual Bonds The fair value of the Company’s investments in bonds that were on nonaccrual status was $2.1 million and $12.9 million at June 30, 2019 and December 31, 2018, respectively. Interest income on bonds that was recognized on a cash basis for the three months ended June 30, 2019 was de minimis. For the six months ended June 30, 2019, the six months ended June 30, 2018 and the three months ended June 30, 2018, interest income on bonds was $0.1 million, $0.2 million and $0.2 million, respectively. Interest income not recognized on bonds that were on nonaccrual for the three and six months ended June 30, 2019 was de minimis. For the three months ended June 30, 2018 and the six months ended June 30, 2018, such interest income was $0.2 million and $0.3 million, respectively. Bond Sales and Redemptions The Company received cash proceeds in connection with the sale or redemption in full of investments in bonds of $15.5 million and $24.1 million for the three and six months ended June 30, 2019, respectively. There were no sales or full redemption of investments in bonds during the three and six months ended June 30, 2018. On July 23, 2019, the Company’s two remaining non-performing multifamily bond investments were fully redeemed. These bond investments had a UPB and fair value of $1.8 million and $2.1 million at June 30, 2019, respectively. 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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gains recognized at time of sale or redemption $ 20,693 $ ─ $ 24,264 $ ─ OTTI losses recognized on bonds held at each period-end ─ ─ ─ (6) Total net gains (losses) on bonds $ 20,693 $ ─ $ 24,264 $ (6)

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	6 Months Ended
	Jun. 30, 2019
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 June 30, December 31, (in thousands) 2019 2018 Investment in Solar Ventures $ 156,950 $ 126,339 Investments in U.S. real estate partnerships (includes $921 and $898 related VIEs ")) (1) 20,298 19,961 Investment in South Africa Workforce Housing Fund (" SAWHF ") 8,431 8,779 Total investments in partnerships $ 185,679 $ 155,079 (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. Investment in Solar Ventures At June 30, 2019, 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 $58.4 million, $2.5 million and $96.0 million, respectively. The Company held ownership interests of 50.0% in SCL and SPL, and 44.6% in SDL as of June 30, 2019. None of these investees were assessed to constitute VIEs and the Company accounts for all of these investments using the equity method of accounting. During July 2019, the Company and its capital partner in SDL entered into an agreement whereby our capital partner contributed 98% of a $30.0 million capital call and the Company contributed the balance. As a consequence of these capital contributions, our ownership interest in SDL decreased in percentage terms. Further, under such agreement, the Company ceded all loan workout decision making control to its capital partner in SDL until such time that the Company and our capital partner return to equal ownership interests in SDL. Prior to the Company’s buyout of a prior investment partner’s ownership interest in REL, which was effective June 1, 2018, the Company had accounted for its equity investment in Renewable Energy Lending, LLC (“ REL ”) pursuant to the equity method of accounting. However, subsequent to the buyout, the Company became the sole owner of REL and consolidated this entity for reporting purposes in all subsequent reporting periods. As a result, the Company’s equity investment in REL was eliminated for reporting purposes at each subsequent reporting period and REL’s equity investments in SCL and SPL are reported as direct investments of the Company at such reporting date. The $5.1 million purchase price paid by the Company to our prior investment partner on June 1, 2018, was allocated to the net assets acquired based upon their relative fair values. Such allocation resulted in a cumulative basis adjustment of $4.5 million being allocated to the Company’s investments in SCL and SPL, an adjustment which represented the difference between the Company’s acquisition cost basis of its investments and the historical cost basis of the investments at the partnership level. This basis difference is amortized over the remaining investment period of each respective partnership. For the three and six months ended June 30, 2019, the amortization expense related to such basis difference was $0.2 million and $0.4 million, respectively. As of June 30, 2019, the unamortized balance of the Company’s basis difference was $3.6 million. On November 28, 2018, the Company, our remaining investment partner and Hunt entered into an agreement whereby Hunt was admitted as a member of SDL solely for the purpose of an investment in a specific loan. The maximum principal amount of the loan was $58.8 million with Hunt and the Company obligated to contribute 30% and 20%, respectively, and our investment partner was obligated to contribute the remaining 50% of the funding commitment of such loan. On April 1, 2019, the Company acquired Hunt’s ownership in SDL. However, such transfer did not qualify as a purchase for reporting purposes and, as a result, cash consideration paid by the Company was reported as a loan receivable. See Note 13, “Related Party Transactions and Transactions with Affiliates” for more information. The following table provides information about the carrying amount of total assets and liabilities of all investees for which the Company had an equity method investment: At At June 30, December 31, 2019 2018 (in thousands) Total assets $ 360,056 $ 279,960 Other liabilities 25,950 12,833 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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gross revenue $ 11,952 $ 5,932 $ 22,286 $ 12,522 Operating expenses 1,648 1,479 3,543 2,817 Net income and net income attributable to the entity 10,318 5,136 18,809 10,219 Investments in U.S. Real Estate Partnerships At June 30, 2019, $19.4 million of the reported carrying value of investments in U.S. real estate partnerships represented the Company’s 80% ownership interest in a joint venture that owns and operates a mixed-use town center and undeveloped land parcels. The Company has the right to a preferred return on its unreturned capital contributions, as well as the right to share in excess cash flows of the real estate venture. As of June 30, 2019, the Company held a 76.4% economic interest based upon the partnership’s distribution waterfall. This entity was determined not to be a VIE because decision-making rights are shared equally among its members. As such, the Company accounts for this investment using the equity method of accounting. At June 30, 2019, $0.9 million of the reported carrying value of investments in U.S. real estate partnerships related to three limited partner interests in three affordable housing partnerships in which our ownership interest ranged from 74.25% to 74.92%. 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 June 30, 2019 and December 31, 2018, four of the U.S. real estate partnerships in which we have investments were determined to be VIEs. The carrying value of the equity investments in these partnerships was $0.9 million at June 30, 2019 and December 31, 2018. 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. 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 these investments, we measure our maximum exposure to loss based upon the carrying value of these investments. At June 30, 2019 and December 31, 2018, our maximum exposure to loss due to our involvement with these VIEs was $0.9 million. 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 June 30, December 31, 2019 2018 (in thousands) Total assets $ 53,537 $ 56,238 Debt 6,114 6,530 Other liabilities 31,732 32,165 The following table provides information about the gross revenue, operating expenses and net income (loss) of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gross revenue $ 632 $ 694 $ 1,296 $ 1,417 Operating expenses 473 548 942 1,085 Net income (loss) and net income (loss) attributable to the entity 318 (367) (561) (676) Investment in SAWHF At June 30, 2019, the carrying value of the Company’s 11.85% equity investment in SAWHF was $8.4 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 and other liabilities of SAWHF: At At June 30, December 31, 2019 2018 (in thousands) Total assets $ 71,544 $ 74,803 Other liabilities 165 496 The following table provides information about the gross revenue, operating expenses and net income (loss) of SAWHF: For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gross revenue $ 2,569 $ 1,915 $ 2,769 $ 2,305 Operating expenses 156 613 487 1,551 Net income (loss) and net income (loss) attributable to the entity 749 (912) 2,783 1,567

Loans Held for Investment (_HFI

Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”)	6 Months Ended
	Jun. 30, 2019
Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”)
Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”)	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 June 30, December 31, (in thousands) 2019 2018 Loans HFI $ 80,878 $ 67,299 Loans HFS ─ ─ Total loans $ 80,878 $ 67,299 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 allowances for loan losses. 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 June 30, December 31, (in thousands) 2019 2018 UPB $ 81,629 $ 68,050 Cost basis adjustments, net (751) (751) Loans HFI, net $ 80,878 $ 67,299 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 June 30, December 31, (in thousands) 2019 2018 UPB Carrying value UPB Carrying value Total current $ 80,579 $ 80,579 $ 67,000 $ 67,000 30-59 days past due ─ ─ ─ ─ 60-89 days past due ─ ─ ─ ─ 90 days or greater 1,050 299 1,050 299 Total $ 81,629 $ 80,878 $ 68,050 $ 67,299 At June 30, 2019 and December 31, 2018, the Company did not have any loans for which it elected the fair value option (“ FVO ”). At June 30, 2019 and December 31, 2018, the UPB of HFI loans that were placed on nonaccrual status was $1.1 million, while the carrying value of these loans was $0.3 million as of such reporting dates. At June 30, 2019 and December 31, 2018, no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. On April 1, 2019, the Company acquired Hunt’s 5.4% ownership interest in SDL for $11.3 million. Such transaction did not qualify as a purchase for reporting purposes and, as a result, the Company recognized $11.3 million as a loan receivable that is secured by Hunt’s interest in SDL. At June 30, 2019, the UPB and carrying value for this loan receivable was $13.6 million and had an effective interest rate of 17.3%. Refer to Note 13, “Related Party Transactions and Transactions with Affiliates,” for additional information. 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 Statements 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 an increase (reduction) of “Net gains (losses) on loans” up to the amount of previously recognized losses. At June 30, 2019 and December 31, 2018, the cost basis and carrying value of the Company’s HFS loans were $6.0 million and zero, respectively, as of such reporting dates. During the three and six months ended June 30, 2019 and June 30, 2018, 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. Unfunded Loan Commitments The Company had no unfunded loan commitments at June 30, 2019 and December 31, 2018.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2019
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 June 30, December 31, (in thousands) 2019 2018 Other assets: Real estate owned $ 8,369 $ 3,769 Derivative assets 1,008 5,797 Accrued interest receivable 1,051 854 Other assets 447 520 Total other assets $ 10,875 $ 10,940 Real Estate Owned (“REO”) The following table provides information about the carrying value of the Company’s REO held for use, net: At At June 30, December 31, (in thousands) 2019 2018 Building, furniture, fixtures and land improvement $ 5,750 $ 1,150 Land 2,619 2,619 Total $ 8,369 $ 3,769 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 OA&L portfolio includes the Company’s REO, which consists of a parcel of land that is currently in the process of being developed. During the first quarter of 2019, the Company invested $4.4 million for land improvement. As a result of the development activity, no depreciation expense was recognized in connection with this land investment for the three and six months ended June 30, 2019 and June 30, 2018, nor were any impairment losses recognized by the Company during such reporting periods in connection with REO. Derivative Assets At June 30, 2019 and December 31, 2018, the Company recognized $1.0 million and $5.8 million, respectively, of derivative assets. See Note 7, “Derivative Instruments,” for more information.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018: At At June 30, 2019 December 31, 2018 Wtd. Avg. Wtd. Avg. Effective Effective Carrying Interest Carrying Interest (dollars in thousands) Value Rate Value Rate Other Debt Subordinated debt (1) Due within one year 2,214 3.8 2,232 3.7 Due after one year 94,390 3.8 95,490 3.7 Notes payable and other debt (2) Due within one year ─ ─ ─ ─ Due after one year 6,764 14.8 7,210 14.7 Total other debt 103,368 4.5 104,932 4.5 Asset Related Debt Notes Payable and Other Debt Bond related debt (3) Due within one year $ ─ ─ % $ 317 4.0 % Due after one year ─ ─ 38,938 3.7 Non-bond related debt Due within one year 1,550 5.0 1,500 5.0 Due after one year 2,950 5.0 3,500 5.0 Total asset related debt 4,500 5.0 44,255 3.9 Total debt $ 107,868 4.6 $ 149,187 4.3 (1) The subordinated debt balances include net cost basis adjustments of $7.7 million and $7.9 million at June 30, 2019 and December 31, 2018, respectively, that pertain to premiums and debt issuance costs. (2) Included in notes payable and other debt – other debt were unamortized debt issue costs of $0.2 million at June 30, 2019 and December 31, 2018. (3) Included in notes payable and other debt – bond related debt were unamortized debt issuance costs. The balance at December 31, 2018 was de minimis. 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 June 30, 2019: Asset Related Debt (in thousands) and Other Debt 2019 $ 1,887 2020 9,335 2021 1,913 2022 1,879 2023 1,846 Thereafter 83,510 Net premium and debt issue costs 7,498 Total debt $ 107,868 At June 30, 2019, the Company was in compliance with all covenants under its debt obligations. Other Debt Other debt of the Company finances non-interest-bearing assets and other business activities of the Company. The interest expense associated with this debt is classified as “Interest expense” under “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 MMA Financial Holdings, Inc. (“ MFH ”), the Company’s wholly owned subsidiary, and that was outstanding at June 30, 2019: (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFH $ 26,261 $ 2,335 $ 28,596 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 23,879 2,133 26,012 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 13,765 1,137 14,902 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 25,027 2,067 27,094 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 88,932 $ 7,672 $ 96,604 Notes Payable and Other Debt At June 30, 2019, the UPB and carrying value of notes payable and other debt that was used to finance the Company’s 11.85% ownership interest in SAWHF was $6.9 million and $6.8 million, respectively. 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 June 30, 2019, the JIBAR base rate was 7.06%, while the weighted-average effective interest rate of the Company’s debt obligation that was used to finance its ownership in SAWHF was 14.78%. 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. Bond Related Debt These debt obligations pertained to investments in bonds that were classified as available-for-sale and were recognized by the Company in connection with transfers of bond investments that did not qualify as sales for reporting purposes. In most of these cases, debt obligations were recognized when the Company sold bond investments for cash consideration and concurrently executed total return swap (“ TRS ”) agreements with the buyer, which enabled the Company to retain the economic risks and returns of such investments. In cases where a TRS agreement was involved in a conveyance that was not accounted for as a sale, the Company’s counterparty was required to pay the Company an amount equal to the interest payments received on the underlying bonds and the Company was required to pay the counterparty a rate that was based upon the Securities Industry and Financial Markets Association seven-day municipal swap rate (“ SIFMA ”) plus a spread. The Company used the pay rate on executed TRS agreements to accrue interest on its secured borrowing obligations to its counterparty. During the second quarter of 2019, the Company terminated three TRS agreements that financed the Company’s bond investments and derecognized $31.6 million of asset-related debt. Consequently, at June 30, 2019, the Company had no asset-related debt outstanding that financed bond investments. Non-bond Related Debt This debt obligation 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. The UPB and carrying value of this debt obligation was $4.5 million at June 30, 2019. Letters of Credit The Company had no letters of credit outstanding at June 30, 2019 and December 31, 2018.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments
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. Foreign currency forward exchange agreements are used to manage currency risk associated with the financing of our SAWHF equity investment. TRS agreements were used by the Company to obtain, or retain, the economic risks and rewards associated with tax exempt municipal bonds. During the second quarter of 2019, the Company terminated all remaining TRS agreements. 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, changes in fair value of such instruments are recognized in the Consolidated Statements of Operations as a component of “Net (losses) 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 June 30, 2019 December 31, 2018 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ ─ $ ─ $ 1,130 $ ─ Basis swaps 432 ─ 808 ─ Interest rate caps 435 ─ 998 ─ Interest rate swaps 133 ─ 2,674 ─ Foreign currency forward exchange 8 ─ 187 ─ Total carrying value of derivative instruments $ 1,008 $ ─ $ 5,797 $ ─ The following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At June 30, December 31, (in thousands) 2019 2018 Total return swaps $ ─ $ 18,278 Basis swaps 35,000 35,000 Interest rate caps 35,000 80,000 Interest rate swaps 35,000 65,000 Foreign currency forward exchange 4,659 4,331 Total notional amount of derivative instruments $ 109,659 $ 202,609 During the six months ended June 30, 2019, the notional amount of interest rate derivative instruments and total return swaps significantly decreased. The following table attributes the decrease in the total notional amount of such instruments to contract expirations, contract terminations and net cash settlements that occurred during the six months ended June 30, 2019: Notional Amounts Balance, January 1, 2019 $ 198,278 Impact from expirations (46,714) Impact from terminations (46,528) Impact from settlements (36) Balance, June 30, 2019 $ 105,000 The following table provides information about the net (losses) gains that were recognized by the Company in connection with its derivative instruments: For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Total return swaps (1) $ (38) $ 1,092 $ (42) $ 1,638 Basis swaps (2) (180) 315 (253) 507 Interest rate caps (86) 79 (563) 475 Interest rate swaps (3) (1,395) (21) (2,276) 1,395 Foreign currency forward exchange (173) 588 (180) 347 Total net (losses) gains of derivative instruments $ (1,872) $ 2,053 $ (3,314) $ 4,362 (1) The accrual of net interest payments that are made in connection with TRS agreements that are reported as derivative instruments are classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was de minimis for the three months ended June 30, 2019, and $0.6 million for the three months ended June 30, 2018. Net cash received was $0.2 million and $1.2 million for the six months ended June 30, 2019, and June 30, 2018, respectively. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. The net cash received was $0.1 million for the three and six months ended June 30, 2019, while the net cash paid was de minimis for the three and six months ended June 30, 2018. (3) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.1 million for the three months ended June 30, 2019, and June 30, 2018. Net cash received was $0.2 million and $0.1 million for the six months ended June 30, 2019, and June 30, 2018, respectively.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2019
Fair Value
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: At June 30, Fair Value Measurements (in thousands) 2019 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 35,236 $ ─ $ ─ $ 35,236 Derivative instruments 1,008 ─ 1,008 ─ At December 31, Fair Value Measurements (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 97,190 $ ─ $ ─ $ 97,190 Derivative instruments 5,797 ─ 4,667 1,130 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 June 30, 2019, and June 30, 2018, 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 June 30, 2019: Investments in Derivative (in thousands) Debt Securities Assets Balance, April 1, 2019 $ 81,102 $ 776 Net losses included in earnings ─ (42) Net change in AOCI (1) (21,063) ─ Impact from sales/redemptions (24,779) ─ Impact from settlements (2) (24) (734) Balance, June 30, 2019 $ 35,236 $ ─ (1) This amount includes the reclassification into the Consolidated Statements of Operations of $20.7 million of net fair value gains related to bonds that were sold or redeemed during this reporting period and $0.4 million of net unrealized losses 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 gains (losses) that were reported in the Company’s Consolidated Statements of Operations for the three months ended June 30, 2019 related to activity presented in the preceding table: Net gains on Net gains on (in thousands) bonds (1) derivatives (2) Net change in unrealized losses related to assets and liabilities held at April 1, 2019 but settled during the second quarter of 2019 $ ─ $ (42) Additional realized gains recognized 20,693 4 Total net gains (losses) reported in earnings $ 20,693 $ (38) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) 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 June 30, 2018: Investments in Debt Derivative Derivative (in thousands) Securities Assets Liabilities Balance, April 1, 2018 $ 157,824 $ 2,250 $ (48) Net gains included in earnings ─ 497 4 Net change in AOCI (1) 4,465 ─ ─ Impact from settlements (2) (28) ─ ─ Balance, June 30, 2018 $ 162,261 $ 2,747 $ (44) (1) This amount represents $4.5 million of net unrealized holding gains recognized during the period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended June 30, 2018, related to activity presented in the preceding table: Net losses on Net gains on (in thousands) bonds (1) derivatives (2) Change in unrealized gains related to assets and liabilities held at June 30, 2018 $ ─ $ 501 Additional realized gains recognized ─ 591 Total net gains reported in earnings $ ─ $ 1,092 (1) Amounts are classified as “Impairments” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) 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 six months ended June 30, 2019: Investments in Debt Derivative (in thousands) Securities Assets Balance, January 1, 2019 $ 97,190 $ 1,130 Net losses included in earnings ─ (195) Net change in AOCI (1) (24,228) ─ Impact from sales/redemptions (37,369) ─ Impact from settlements (2) (357) (935) Balance, June 30, 2019 $ 35,236 $ ─ (1) This amount includes the reclassification into the Consolidated Statements of Operations of $24.3 million of net fair value 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. Included in this amount is $0.3 million of cumulative transition adjustment to retained earnings that was recognized in connection with the Company’s adoption of ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-10): Premium Amortization on Purchased Callable Debt Securities” on January 1, 2019. The following table provides information about the amount of realized and unrealized gains (losses) that were reported in the Company’s Consolidated Statements of Operations for the six months ended June 30, 2019, related to activity presented in the preceding table: Net gains on Net losses on (in thousands) bonds (1) derivatives (2) Change in unrealized losses related to assets and liabilities held at January 1, 2019, but settled during 2019 $ ─ $ (195) Additional realized gains recognized 24,264 152 Total net gains (losses) reported in earnings $ 24,264 $ (43) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) 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 six months ended June 30, 2018: Investments in Debt Derivative Derivative (in thousands) Securities Assets Liabilities Balance, January 1, 2018 $ 143,604 $ 2,347 $ (46) Net (losses) gains included in earnings (6) 400 2 Net change in AOCI (1) 983 ─ ─ Impact from deconsolidation 17,997 ─ ─ Impact from settlements (2) (317) ─ ─ Balance, June 30, 2018 $ 162,261 $ 2,747 $ (44) (1) This amount represents $1.1 million of net unrealized holding gains recognized during the period, as well as the reclassification into the Consolidated Statements of Operations of $0.1 million of realized bond gains related to a bond that was 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 six months ended June 30, 2018, related to activity presented in the preceding table: Net losses on Net gains on (in thousands) bonds (1) derivatives (2) Change in unrealized (losses) gains related to assets and liabilities held at June 30, 2018 $ (6) $ 402 Additional realized gains recognized ─ 1,236 Total net (losses) gains reported in earnings $ (6) $ 1,638 (1) Amounts are classified as “Impairments” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) gains on derivatives” in the Company’s Consolidated Statements of Operations. Fair Value Measurements of Instruments That Are Classified as Level 3 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 market yield, 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 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 non-performing bonds and subordinate cash flow bonds, the Company’s projection of expected future cash flows reflects internally-generated projections over a 10‑year investment period of future net operating income (“ 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 either quotes received from third parties or contract prices associated with a purchase and sale agreement 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. · For our infrastructure bond investment, 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 the instrument’s specific credit characteristics. Contractually due cash flows are discounted based upon the market yield of such instruments as of such reporting date. Significant unobservable inputs presented in the tables that follow 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 tables below: · Market yield – is a market rate of return used to calculate the present value of 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. · 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. · Contract price – represents a third-party sale agreement executed in connection with the pending sale of an affordable housing property that secures one of the Company’s non-performing bond investments. 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 June 30, 2019 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 Non-performing $ 2,112 Discounted cash flow Contract price $ 4,100 N/A Subordinated cash flow 8,367 Discounted cash flow Market yield 7.4 % N/A Capitalization rate 6.5 N/A NOI annual growth rates 0.6-0.9 0.8 Infrastructure Bond 24,757 Discounted cash flow Market yield 7.3 N/A (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, 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 $ 48,221 Discounted cash flow Market yield 4.4 - 6.8 % 4.8 % Non-performing 12,882 Discounted cash flow Market yield 8.2 N/A Capitalization rate 7.0 N/A Valuation technique • NOI annual growth 0.5 N/A • Contract price $ 13,500 N/A Subordinated cash flow 11,114 Discounted cash flow Market yield 7.4 - 7.6 % 7.5 Capitalization rate 6.2 - 6.5 6.4 NOI annual growth rates 0.6 - 0.7 0.7 Infrastructure Bond 24,973 Discounted cash flow Market yield 7.2 N/A Derivative instruments: Total return swaps 1,130 Discounted cash flow Market yield 4.7 - 4.8 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. Nonrecurring Changes in Fair Value During the six months ended June 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 nonrecurring fair value adjustments recorded for the six months ended June 30, 2019. 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 June 30, 2019 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 10,590 $ 10,590 $ ─ $ ─ Restricted cash 2,503 2,503 ─ ─ Loans held for investment 80,878 ─ ─ 81,824 Liabilities: Notes payable and other debt - non-bond related 11,264 ─ ─ 10,754 Subordinated debt issued by MFH 96,604 ─ ─ 48,296 At December 31, 2018 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,243 $ 28,243 $ ─ $ ─ Restricted cash 5,635 5,635 ─ ─ Loans held for investment 67,299 ─ ─ 66,339 Liabilities: Notes payable and other debt - bond related 39,255 ─ ─ 39,289 Notes payable and other debt - non-bond related 12,210 ─ ─ 11,479 Subordinated debt issued by MFH 97,722 ─ ─ 46,778 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. 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 projected contractual interest payments and contractual principal payments using such instrument’s estimated market yield, which was 11.5% and 13.4% at June 30, 2019 and December 31, 2018, respectively. As outlined in the table above, at June 30, 2019, the aggregate fair value was measured at $48.3 million. At June 30, 2019, the measured fair value of this debt would have been $58.4 million and $40.8 million had its market yield been 9.0% and 14.0%, respectively, as of such reporting date. 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	6 Months Ended
	Jun. 30, 2019
Guarantees and Collateral
Guarantees And Collateral	Note 9—Collateral Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at June 30, 2019 and December 31, 2018: At June 30, 2019 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF $ 1,356 $ ─ $ 8,431 $ 9,787 Other 1,147 ─ ─ 1,147 Total $ 2,503 $ ─ $ 8,431 $ 10,934 At December 31, 2018 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to TRS agreements $ 4,287 $ 85,347 $ ─ $ 89,634 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,340 ─ 8,779 10,119 Other 8 ─ ─ 8 Total $ 5,635 $ 85,347 $ 8,779 $ 99,761

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	Note 10—Commitments and Contingencies Operating Leases During the first quarter of 2018, the Company conveyed all of its operating lease agreements to Hunt. As a result, the Company had no future rental commitments at June 30, 2019. 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 June 30, 2019, 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	6 Months Ended
	Jun. 30, 2019
Equity
Equity	Note 11—Equity Preferred Share Information On January 1, 2019, as part of the Company’s conversion to a corporation, the Company was authorized to issue 5,000,000 of preferred shares, in one or more series, with no par value. The Board of Directors has not authorized any of these shares to be issued and no rights have been established for any of these shares. 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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Net income (loss) from continuing operations $ 23,220 $ 1,815 $ 26,109 $ (594) Net (loss) income from discontinued operations (1) 947 (8) 21,696 Net income $ 23,219 $ 2,762 $ 26,101 $ 21,102 Basic weighted-average shares (1) 5,884 5,697 5,883 5,673 Common stock equivalents (2) ─ 377 ─ ─ Diluted weighted-average shares 5,884 6,074 5,883 5,673 (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. (2) At June 30, 2018, 380,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 377,162 and 381,833 for the three and six months ended June 30, 2018. For the six months ended June 30, 2018, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive. All stock options were exercised as of December 31, 2018. Common Shares On March 9, 2018, the Company issued 125,000 common shares to Hunt for $4.1 million, or $33.00 per share. 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 a Tax Benefits Rights Agreement (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 until the earlier of (i) a period of five years or (ii) 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 the acquisition of 9.9% of the Company’s issued and outstanding shares in any rolling 12‑month period without causing a triggering event. At June 30, 2019, the Company had three shareholders, including one of its executive officers, Michael L. Falcone, who held greater than a 4.9% interest in the Company. In order to facilitate satisfaction of share purchase obligations related to his 2017 bonus award and permitting his stock option awards to be exercised, the Board of Directors named Mr. Falcone an exempt person in accordance with the Rights Plan but only to the extent of settling such share purchase obligations and options. Mr. Falcone satisfied his share purchase obligations and exercised all of his share purchase option awards as of December 31, 2018, and, due to the aforementioned action of the Board of Directors, there was no triggering event for purposes of the Rights Plan. Accumulated Other Comprehensive Income The following table provides information related to the net change in AOCI for the three months ended June 30, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, April 1, 2019 $ 34,460 $ 97 $ 34,557 Net unrealized losses (370) (80) (450) Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (20,693) ─ (20,693) Net change in AOCI (21,063) (80) (21,143) Balance, June 30, 2019 $ 13,397 $ 17 $ 13,414 The following table provides information related to the net change in AOCI for the three months ended June 30, 2018: Income Investments Tax Foreign in Debt (Expense) Currency (in thousands) Securities Benefit Translation AOCI Balance, April 1, 2018 $ 50,392 $ (256) $ 177 $ 50,313 Net unrealized gains (losses) 4,465 ─ (660) 3,805 Income tax benefit ─ 242 ─ 242 Net change in AOCI 4,465 242 (660) 4,047 Balance, June 30, 2018 $ 54,857 $ (14) $ (483) $ 54,360 The following table provides information related to the net change in AOCI for the six months ended June 30, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2019 $ 37,625 $ 72 $ 37,697 Net unrealized gains (losses) 36 (55) (19) Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (24,264) ─ (24,264) Net change in AOCI (24,228) (55) (24,283) Balance, June 30, 2019 $ 13,397 $ 17 $ 13,414 The following table provides information related to the net change in AOCI for the six months ended June 30, 2018: Investments Income Foreign in Debt Tax Currency (in thousands) Securities Expense Translation AOCI Balance, January 1, 2018 $ 44,459 $ ─ $ (3,306) $ 41,153 Net unrealized gains 1,118 ─ 2,823 3,941 Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as OTTI (135) ─ ─ (135) Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships 9,415 ─ ─ 9,415 Income tax expense ─ (14) ─ (14) Net change in AOCI 10,398 (14) 2,823 13,207 Balance, June 30, 2018 $ 54,857 $ (14) $ (483) $ 54,360

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2019
Stock-Based Compensation
Stock-Based Compensation	Note 12—Stock-Based Compensation On January 8, 2018, the Company engaged Hunt through the execution of a management agreement with the External Manager (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 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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Employees’ Stock-Based Compensation Plans $ ─ $ (228) $ ─ $ 964 Non-employee Directors’ Stock-Based Compensation Plans 164 164 328 328 Total $ 164 $ (64) $ 328 $ 1,292 Employees’ Stock-Based Compensation Plans At June 30, 2019, there were 571,066 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 571,066 shares available under the plans, 73,556 are available to be issued in the form of either stock options or shares, while the remaining 497,510 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. 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 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, 2018 410 $ 1.56 3.4 $ 9,322 $ 9,342 Exercised in 2018 (3) (410) 1.56 Outstanding at December 31, 2018 and June 30, 2019 ─ ─ ─ ─ ─ (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. There were 410,000 options at January 1, 2018, that fit this profile. (3) When exercised, stock options were net share settled. For the year ended December 31, 2018, 410,000 stock options were exercised, which resulted in a $9.3 million reduction to the Company’s reported “Other liabilities” within its Consolidated Balance Sheets at December 31, 2018. Of the 410,000 stock options that were exercised, the Company issued 220,279 common shares for the year ended December 31, 2018, and 189,721 stock options were tendered to the Company by their holders for 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 388,532 were available to be issued at June 30, 2019. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares. The Non-employee Directors’ Stock-based Compensation Plans provide 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 six months ended June 30, 2019 and June 30, 2018. 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 June 30, 2019 $ 163,750 1,078 3,966 $ 32.46 ─ $ 327,500 June 30, 2018 163,750 ─ 6,025 27.18 ─ 327,500

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	6 Months Ended
	Jun. 30, 2019
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 Expense Reimbursements On January 8, 2018, the Company sold certain businesses and assets (the “ Disposition ”) and entered into the Management Agreement. At the time of the Disposition, all employees of the Company were hired by the External Manager. In consideration for the management services being provided by the External Manager, the Company pays the External Manager a base management fee, which is payable quarterly in arrears in an amount equal to (i) 0.50% of the Company’s first $500 million of common shareholders’ equity determined in accordance with GAAP in the U.S. on a fully diluted basis, adjusted to exclude the effect of (a) the value of the Company’s net operating loss carryforwards, and (b) any gains or losses attributable to noncontrolling interests (“ GAAP Common Shareholders’ Equity ”); and (ii) 0.25% of the Company’s GAAP Common Shareholders’ Equity in excess of $500 million. Additionally, the Company agreed to pay the External Manager an incentive fee equal to 20% of the total annual return of diluted common shareholders’ equity per share in excess of 7%. The Company also agreed to reimburse the External Manager for certain allocable overhead costs including an allocable share of the costs of (i) noninvestment personnel of the External Manager and an affiliate thereof who spend all or a portion of their time managing the Company’s operations and reporting as a public company (based on their time spent on such matters) and (ii) the Chief Executive Officer (“ CEO ”) and Chief Financial Officer (“ CFO ”) based on the percentage of their time spent managing the Company. Reimbursement of compensation-related expenses is, however, subject to an annual cap of $2.5 million through 2019 and $3.5 million thereafter, until the Company’s GAAP common shareholders’ equity exceeds $500 million. The current term of the Management Agreement extends to December 31, 2022 and automatically renews thereafter for additional two-year terms. Either the Company or the External Manager may, upon written notice, decline to renew or terminate the Management Agreement without cause, effective at the end of the initial term or any renewal term. If the Company declines to renew or terminates the Management Agreement without cause or the External Manager terminates for cause, the Company is required to pay a termination fee to the External Manager equal to three times the sum of the average annual base and incentive management fees, plus one times the sum of the average Energy Capital business expense reimbursements and the employee cost reimbursement expense, in each case, during the prior two-year period. The Company may also terminate the Management Agreement for cause, including in the event of a payment default under the Hunt note which causes the Hunt note to become immediately due and payable. No termination fee is payable upon a termination by the Company for cause or upon a termination by the Manager without cause. For the three and six months ended June 30, 2019 and June 30, 2018, no incentive fee was earned by our External Manager. During the three months ended June 30, 2019 and June 30, 2018, the Company recognized $2.1 million and $2.2 million, respectively, and $4.4 million and $4.7 million for the six months ended June 30, 2019 and June 30, 2018, respectively, of management fees and Loans HFI As consideration for the Disposition, 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 had an initial term of seven years, is prepayable at any time and bears interest at the rate of 5% per annum. On October 4, 2018, the Company’s receivable from Hunt increased to $67.0 million as part of Hunt’s election to take assignment of the Company’s agreements to acquire (i) the LIHTC business of Morrison Grove Management (“ 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 ”). The UPB on the note will amortize in 20 equal quarterly payments of $3.35 million beginning on March 31, 2020. During the three months ended June 30, 2019 and June 30, 2018, the Company recognized $0.8 million and $0.7 million, respectively, and $1.7 million and $1.4 million for the six months ended June 30, 2019 and June 30, 2018, respectively, of interest income associated with this note receivable in the Consolidated Statements of Operations. At June 30, 2019, $0.8 million of accrued interest remains payable by Hunt. There was no accrued interest payable by Hunt at December 31, 2018. On November 28, 2018, the Company, our investment partner and Hunt entered into an agreement whereby Hunt was admitted as a partner of SDL solely for the purpose of a 30% investment in a specific loan. On April 1, 2019, the Company purchased Hunt’s 30% ownership interest for $11.3 million, which represents the price that was projected to cause the Company and Hunt to achieve the same internal rate of return (“ IRR ”) on the amount of capital each had invested in the loan for the period of time that each party was invested in the loan. In this regard, upon full repayment of the loan, a post-purchase true-up payment may be required to be made by one party to the other depending upon the actual IRR achieved on the investment. Such transfer did not qualify as a purchase for reporting purposes and, as a result, cash consideration paid by the Company was reported as a loan receivable that is secured by the interest in SDL that Hunt conveyed to the Company. At June 30, 2019, the carrying value of this loan receivable was $13.6 million and had an effective interest rate of 17.3%. Investment in Debt Securities On April 25, 2019, the Company received $13.1 million of net proceeds from the sale of an affordable housing property that secured one of the Company’s non-performing bond investments. Hunt, as bond servicing agent, waived $0.9 million of servicing fees that were otherwise due and payable in priority to the Company’s bond investment. As a result, the Company received $0.9 million of additional bond redemption proceeds that we otherwise would not have received. 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
Income Taxes
Income Taxes	Note 14—Income Taxes We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets (“ DTAs ”) as of the end of each quarter, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all of the DTAs will not be realized. The weight given to the evidence is commensurate with the extent to which the evidence can be objectively verified. If negative evidence exists, positive evidence is necessary to support a conclusion that a valuation allowance is not required. Our framework for assessing the recoverability of DTAs requires us to weigh all available evidence, including: · The sustai nability of recent profitability required to realize our deferred tax assets; · The cumulative net income or losses in our Consolidated Statement of Operations in recent years; · Forecasts of future book and tax income; · Our access to capital; and · The carryforward periods for net operating losses, capital losses and tax credits. Our consideration of evidence requires significant judgment regarding estimates and assumptions that are inherently uncertain, particularly about our future business structure and financial results. Risks to our forward-looking estimates include, but are not limited to, changes in market rates of return, additional competitors entering the marketplace (which would reduce nominal rates of return from competition for new borrowers), limits on access to investible capital that would limit new investments that could be made by the Company, changes in the law and the Company’s dependence on a small, specialized team of the External Manager for underwriting activities. Refer to our Annual Report on Form 10-K for the year ended December 31, 2018, for more information about the risks to our business. At June 30 , 2019, the Company maintained a full valuation allowance against all of its DTAs, including federal and state net operating loss carryforwards. This treatment reflects the Company’s assessment that, in considering all available evidence, it was not more likely than not at such reporting date that its DTAs would be realized. However, the Company believes there is more than a remote but less than likely chance that, within the next 12 months, the portion of DTAs for which a valuation allowance is maintained could materially change due to potential changes in the Company’s investment strategy and other factors. Should this occur, the release of a portion or all of the valuation allowance would result in the recognition of certain net DTAs and a decrease to income tax expense during the reporting period in which the release is recorded. However, the exact timing and amount of any potential valuation allowance release is based upon future circumstances, such as the level of profitability that the Company objectively expects to achieve, and therefore cannot be predicted at this time.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2019
Discontinued Operations
Discontinued Operations	Note 15—Discontinued Operations As part of the Disposition, the Company sold the following to Hunt: (i) its LIHTC business; (ii) its international asset and investment management business; (iii) the loan origination, servicing and management components of its Energy Capital business; (iv) its bond servicing platform and (v) certain miscellaneous investments. 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 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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest on bonds $ ─ $ ─ $ ─ $ 6 Interest on loans and short-term investments ─ 250 ─ 485 Asset management fee and reimbursements ─ 176 ─ 1,194 Equity in income from unconsolidated funds and ventures ─ ─ ─ 1 Other income ─ ─ ─ 53 Salaries and benefits ─ ─ ─ (53) General and administrative ─ ─ ─ (68) Professional fees (1) ─ (8) (20) Other expenses ─ (164) ─ (361) Gains on sales and operations of real estate, net ─ (2) ─ 61 Income tax expense ─ 619 ─ (22) Net (loss) income from discontinued operations, net of tax (1) 879 (8) 1,276 Disposal: Net gain on disposal of discontinued operations (1) ─ 68 ─ 20,420 Net (loss) income from discontinued operations $ (1) $ 947 $ (8) $ 21,696 (1) Includes $3.4 million of cumulative translation adjustments reclassified out of AOCI and into earnings due to the sale of our international asset and investment management business as part of the Disposition for the six months ended June 30, 2018. 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 six months ended June 30, (in thousands) 2019 2018 Depreciation and amortization $ ─ $ 26 Capital expenditures ─ ─ 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)

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Information [Abstract]
Segment Information	Note 16—Segment Information At June 30, 2019, the Company invests in debt associated with renewable energy infrastructure and real estate and operates as a single reporting segment. Therefore, all required segment information can be found in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“ GAAP ”). The Company evaluates subsequent events through the date of filing with the United States (“ U.S. ”) Securities and Exchange Commission (“ SEC ”).
Changes in Presentation	Changes in Presentation We have revised the presentation of our Consolidated Statements of Operations for all reporting periods presented by reclassifying “Equity in income from unconsolidated funds and ventures” and all net gains (losses) associated with the Company’s bonds, loans, derivatives, real estate, other investments and the extinguishment of debt obligations as a component of “Non-interest income.” Additionally, the Company reclassified for all reporting periods certain discontinued operations that occurred during the fourth quarter of 2018 as a result of the assignment and settlement of certain agreements completing the Company’s disposition of its LIHTC related assets. Furthermore, we made certain reclassifications to prior year financial statements in order to enhance their comparability with current year 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 made estimates in certain areas, including the determination of fair values for bonds and derivative instruments. Management also made estimates in the determination and measurement of impairment of investments in bonds and real estate. 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 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. Accounting for Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance amends the classification and measurement of financial instruments, including equity investments not accounted for under the equity method of accounting. Although this ASU retains many current requirements, it significantly revised an entity’s accounting related to (i) the classification and measurement of investments in equity securities and (ii) the presentation of certain fair value changes for financial liabilities measured at fair value. Additionally, certain disclosure requirements associated with the fair value of financial instruments were amended. We adopted this new guidance on its effective date of January 1, 2018. Upon adoption of this guidance, the Company assessed that certain of our equity investments did not have a readily determinable fair value, resulting in the Company electing the measurement alternative. As such, during the first quarter of 2018, the Company recognized a $0.4 million impairment within our Consolidated Statements of Operations. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This guidance amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. We adopted this new guidance on its effective date of January 1, 2019. Upon adoption of this guidance, the Company assessed that certain of our bond investments were being held at a premium resulting in a change to the amortization period. As such, during the first quarter of 2019, the Company recognized a cumulative effect adjustment of $0.3 million to retained earnings. 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 “ Tax Act ”) from AOCI to retained earnings and also requires new disclosures. We adopted this new guidance on its effective date of January 1, 2019. 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. 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 ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. We adopted this new guidance on its effective date of January 1, 2019. 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 – Credit Losses 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 United States (“ 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 April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” This guidance is intended to clarify aspects of accounting for credit losses, hedging activities, and financial instruments. 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 May 2019, the FASB issued ASU No. 2019-05, “ Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” This guidance provides transition relief for entities adopting ASU 2016-13. This guidance allows entities to elect the fair value options on certain financial instruments. 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 Financial Instruments – Fair Value Measurement 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.

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2019
INVESTMENTS IN DEBT SECURITIES [Abstract]
Schedule of Available-for-sale Securities Reconciliation	At June 30, 2019 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 7,974 $ 844 $ 9,635 $ 10,479 Infrastructure Bond 27,170 20,995 3,762 24,757 Total $ 35,144 $ 21,839 $ 13,397 $ 35,236 At December 31, 2018 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 65,162 $ 38,653 $ 33,564 $ 72,217 Infrastructure Bond 27,170 20,912 4,061 24,973 Total $ 92,332 $ 59,565 $ 37,625 $ 97,190 (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.
Bonds with Prepayment Features	(in thousands) UPB Amortized Cost Fair Value June 30, 2019 $ 28,984 $ 21,263 $ 26,869 July 1 through December 31, 2019 ─ ─ ─ 2020 ─ ─ ─ 2021 6,160 576 8,367 2022 ─ ─ ─ 2023 ─ ─ ─ Thereafter ─ ─ ─ Bonds that may not be prepaid ─ ─ ─ Total $ 35,144 $ 21,839 $ 35,236
Past Due Analysis of Available-for-sale Securities Bonds, Current	At At June 30, December 31, (in thousands) 2019 2018 Total current $ 33,125 $ 84,307 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 2,111 12,883 Total $ 35,236 $ 97,190
Gain (Loss) on Investments	For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gains recognized at time of sale or redemption $ 20,693 $ ─ $ 24,264 $ ─ OTTI losses recognized on bonds held at each period-end ─ ─ ─ (6) Total net gains (losses) on bonds $ 20,693 $ ─ $ 24,264 $ (6)

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	At At June 30, December 31, (in thousands) 2019 2018 Investment in Solar Ventures $ 156,950 $ 126,339 Investments in U.S. real estate partnerships (includes $921 and $898 related VIEs ")) (1) 20,298 19,961 Investment in South Africa Workforce Housing Fund (" SAWHF ") 8,431 8,779 Total investments in partnerships $ 185,679 $ 155,079 (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.
U.S. Real Estate Partnerships
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 June 30, December 31, 2019 2018 (in thousands) Total assets $ 53,537 $ 56,238 Debt 6,114 6,530 Other liabilities 31,732 32,165 The following table provides information about the gross revenue, operating expenses and net income (loss) of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gross revenue $ 632 $ 694 $ 1,296 $ 1,417 Operating expenses 473 548 942 1,085 Net income (loss) and net income (loss) attributable to the entity 318 (367) (561) (676)
Solar Facilities Investment and Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying amount of total assets and liabilities of all investees for which the Company had an equity method investment: At At June 30, December 31, 2019 2018 (in thousands) Total assets $ 360,056 $ 279,960 Other liabilities 25,950 12,833 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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gross revenue $ 11,952 $ 5,932 $ 22,286 $ 12,522 Operating expenses 1,648 1,479 3,543 2,817 Net income and net income attributable to the entity 10,318 5,136 18,809 10,219
SAWHF
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of total assets and other liabilities of SAWHF: At At June 30, December 31, 2019 2018 (in thousands) Total assets $ 71,544 $ 74,803 Other liabilities 165 496 The following table provides information about the gross revenue, operating expenses and net income (loss) of SAWHF: For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Gross revenue $ 2,569 $ 1,915 $ 2,769 $ 2,305 Operating expenses 156 613 487 1,551 Net income (loss) and net income (loss) attributable to the entity 749 (912) 2,783 1,567

Loans Held for Investment (_H_2

Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”) (Tables)	6 Months Ended
	Jun. 30, 2019
Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”)
Schedule of carrying value of Loans held for investment and held for sale	At At June 30, December 31, (in thousands) 2019 2018 Loans HFI $ 80,878 $ 67,299 Loans HFS ─ ─ Total loans $ 80,878 $ 67,299
Schedule of loans Held For Investments	At At June 30, December 31, (in thousands) 2019 2018 UPB $ 81,629 $ 68,050 Cost basis adjustments, net (751) (751) Loans HFI, net $ 80,878 $ 67,299
Schedule of UPB and carrying value of loans that are current and past due with respect to principal or interest payments	At At June 30, December 31, (in thousands) 2019 2018 UPB Carrying value UPB Carrying value Total current $ 80,579 $ 80,579 $ 67,000 $ 67,000 30-59 days past due ─ ─ ─ ─ 60-89 days past due ─ ─ ─ ─ 90 days or greater 1,050 299 1,050 299 Total $ 81,629 $ 80,878 $ 68,050 $ 67,299

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Other Assets [Abstract]
Schedule of Other Assets	At At June 30, December 31, (in thousands) 2019 2018 Other assets: Real estate owned $ 8,369 $ 3,769 Derivative assets 1,008 5,797 Accrued interest receivable 1,051 854 Other assets 447 520 Total other assets $ 10,875 $ 10,940
Schedule Of Real Estate Owned, Held For Use	At At June 30, December 31, (in thousands) 2019 2018 Building, furniture, fixtures and land improvement $ 5,750 $ 1,150 Land 2,619 2,619 Total $ 8,369 $ 3,769

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt [Abstract]
Schedule of Debt	At At June 30, 2019 December 31, 2018 Wtd. Avg. Wtd. Avg. Effective Effective Carrying Interest Carrying Interest (dollars in thousands) Value Rate Value Rate Other Debt Subordinated debt (1) Due within one year 2,214 3.8 2,232 3.7 Due after one year 94,390 3.8 95,490 3.7 Notes payable and other debt (2) Due within one year ─ ─ ─ ─ Due after one year 6,764 14.8 7,210 14.7 Total other debt 103,368 4.5 104,932 4.5 Asset Related Debt Notes Payable and Other Debt Bond related debt (3) Due within one year $ ─ ─ % $ 317 4.0 % Due after one year ─ ─ 38,938 3.7 Non-bond related debt Due within one year 1,550 5.0 1,500 5.0 Due after one year 2,950 5.0 3,500 5.0 Total asset related debt 4,500 5.0 44,255 3.9 Total debt $ 107,868 4.6 $ 149,187 4.3 (1) The subordinated debt balances include net cost basis adjustments of $7.7 million and $7.9 million at June 30, 2019 and December 31, 2018, respectively, that pertain to premiums and debt issuance costs. (2) Included in notes payable and other debt – other debt were unamortized debt issue costs of $0.2 million at June 30, 2019 and December 31, 2018. (3) Included in notes payable and other debt – bond related debt were unamortized debt issuance costs. The balance at December 31, 2018 was de minimis.
Schedule of Maturities of Long-term Debt	Asset Related Debt (in thousands) and Other Debt 2019 $ 1,887 2020 9,335 2021 1,913 2022 1,879 2023 1,846 Thereafter 83,510 Net premium and debt issue costs 7,498 Total debt $ 107,868
Schedule of Subordinate Debt	(dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFH $ 26,261 $ 2,335 $ 28,596 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 23,879 2,133 26,012 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 13,765 1,137 14,902 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 25,027 2,067 27,094 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 88,932 $ 7,672 $ 96,604

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments
Schedule of the Company's Derivative Assets and Liabilities	Fair Value At At June 30, 2019 December 31, 2018 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ ─ $ ─ $ 1,130 $ ─ Basis swaps 432 ─ 808 ─ Interest rate caps 435 ─ 998 ─ Interest rate swaps 133 ─ 2,674 ─ Foreign currency forward exchange 8 ─ 187 ─ Total carrying value of derivative instruments $ 1,008 $ ─ $ 5,797 $ ─
Schedule of Derivative Notional Amounts	Notional Amounts At At June 30, December 31, (in thousands) 2019 2018 Total return swaps $ ─ $ 18,278 Basis swaps 35,000 35,000 Interest rate caps 35,000 80,000 Interest rate swaps 35,000 65,000 Foreign currency forward exchange 4,659 4,331 Total notional amount of derivative instruments $ 109,659 $ 202,609
Schedule of notional amounts of company derivative instruments	Notional Amounts Balance, January 1, 2019 $ 198,278 Impact from expirations (46,714) Impact from terminations (46,528) Impact from settlements (36) Balance, June 30, 2019 $ 105,000
Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments	The following table provides information about the net (losses) gains that were recognized by the Company in connection with its derivative instruments: For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Total return swaps (1) $ (38) $ 1,092 $ (42) $ 1,638 Basis swaps (2) (180) 315 (253) 507 Interest rate caps (86) 79 (563) 475 Interest rate swaps (3) (1,395) (21) (2,276) 1,395 Foreign currency forward exchange (173) 588 (180) 347 Total net (losses) gains of derivative instruments $ (1,872) $ 2,053 $ (3,314) $ 4,362 (1) The accrual of net interest payments that are made in connection with TRS agreements that are reported as derivative instruments are classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was de minimis for the three months ended June 30, 2019, and $0.6 million for the three months ended June 30, 2018. Net cash received was $0.2 million and $1.2 million for the six months ended June 30, 2019, and June 30, 2018, respectively. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. The net cash received was $0.1 million for the three and six months ended June 30, 2019, while the net cash paid was de minimis for the three and six months ended June 30, 2018. (3) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.1 million for the three months ended June 30, 2019, and June 30, 2018. Net cash received was $0.2 million and $0.1 million for the six months ended June 30, 2019, and June 30, 2018, respectively.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	At June 30, Fair Value Measurements (in thousands) 2019 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 35,236 $ ─ $ ─ $ 35,236 Derivative instruments 1,008 ─ 1,008 ─ At December 31, Fair Value Measurements (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 97,190 $ ─ $ ─ $ 97,190 Derivative instruments 5,797 ─ 4,667 1,130
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	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 June 30, 2019: Investments in Derivative (in thousands) Debt Securities Assets Balance, April 1, 2019 $ 81,102 $ 776 Net losses included in earnings ─ (42) Net change in AOCI (1) (21,063) ─ Impact from sales/redemptions (24,779) ─ Impact from settlements (2) (24) (734) Balance, June 30, 2019 $ 35,236 $ ─ (1) This amount includes the reclassification into the Consolidated Statements of Operations of $20.7 million of net fair value gains related to bonds that were sold or redeemed during this reporting period and $0.4 million of net unrealized losses 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 gains (losses) that were reported in the Company’s Consolidated Statements of Operations for the three months ended June 30, 2019 related to activity presented in the preceding table: Net gains on Net gains on (in thousands) bonds (1) derivatives (2) Net change in unrealized losses related to assets and liabilities held at April 1, 2019 but settled during the second quarter of 2019 $ ─ $ (42) Additional realized gains recognized 20,693 4 Total net gains (losses) reported in earnings $ 20,693 $ (38) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) 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 June 30, 2018: Investments in Debt Derivative Derivative (in thousands) Securities Assets Liabilities Balance, April 1, 2018 $ 157,824 $ 2,250 $ (48) Net gains included in earnings ─ 497 4 Net change in AOCI (1) 4,465 ─ ─ Impact from settlements (2) (28) ─ ─ Balance, June 30, 2018 $ 162,261 $ 2,747 $ (44) (1) This amount represents $4.5 million of net unrealized holding gains recognized during the period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended June 30, 2018, related to activity presented in the preceding table: Net losses on Net gains on (in thousands) bonds (1) derivatives (2) Change in unrealized gains related to assets and liabilities held at June 30, 2018 $ ─ $ 501 Additional realized gains recognized ─ 591 Total net gains reported in earnings $ ─ $ 1,092 (1) Amounts are classified as “Impairments” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) 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 six months ended June 30, 2019: Investments in Debt Derivative (in thousands) Securities Assets Balance, January 1, 2019 $ 97,190 $ 1,130 Net losses included in earnings ─ (195) Net change in AOCI (1) (24,228) ─ Impact from sales/redemptions (37,369) ─ Impact from settlements (2) (357) (935) Balance, June 30, 2019 $ 35,236 $ ─ (1) This amount includes the reclassification into the Consolidated Statements of Operations of $24.3 million of net fair value 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. Included in this amount is $0.3 million of cumulative transition adjustment to retained earnings that was recognized in connection with the Company’s adoption of ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-10): Premium Amortization on Purchased Callable Debt Securities” on January 1, 2019. The following table provides information about the amount of realized and unrealized gains (losses) that were reported in the Company’s Consolidated Statements of Operations for the six months ended June 30, 2019, related to activity presented in the preceding table: Net gains on Net losses on (in thousands) bonds (1) derivatives (2) Change in unrealized losses related to assets and liabilities held at January 1, 2019, but settled during 2019 $ ─ $ (195) Additional realized gains recognized 24,264 152 Total net gains (losses) reported in earnings $ 24,264 $ (43) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) 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 six months ended June 30, 2018: Investments in Debt Derivative Derivative (in thousands) Securities Assets Liabilities Balance, January 1, 2018 $ 143,604 $ 2,347 $ (46) Net (losses) gains included in earnings (6) 400 2 Net change in AOCI (1) 983 ─ ─ Impact from deconsolidation 17,997 ─ ─ Impact from settlements (2) (317) ─ ─ Balance, June 30, 2018 $ 162,261 $ 2,747 $ (44) (1) This amount represents $1.1 million of net unrealized holding gains recognized during the period, as well as the reclassification into the Consolidated Statements of Operations of $0.1 million of realized bond gains related to a bond that was 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 six months ended June 30, 2018, related to activity presented in the preceding table: Net losses on Net gains on (in thousands) bonds (1) derivatives (2) Change in unrealized (losses) gains related to assets and liabilities held at June 30, 2018 $ (6) $ 402 Additional realized gains recognized ─ 1,236 Total net (losses) gains reported in earnings $ (6) $ 1,638 (1) Amounts are classified as “Impairments” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) gains on derivatives” in the Company’s Consolidated Statements of Operations.
Fair Value Measurements By Level 3 Valuation Technique	Fair Value Measurement at June 30, 2019 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 Non-performing $ 2,112 Discounted cash flow Contract price $ 4,100 N/A Subordinated cash flow 8,367 Discounted cash flow Market yield 7.4 % N/A Capitalization rate 6.5 N/A NOI annual growth rates 0.6-0.9 0.8 Infrastructure Bond 24,757 Discounted cash flow Market yield 7.3 N/A (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, 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 $ 48,221 Discounted cash flow Market yield 4.4 - 6.8 % 4.8 % Non-performing 12,882 Discounted cash flow Market yield 8.2 N/A Capitalization rate 7.0 N/A Valuation technique • NOI annual growth 0.5 N/A • Contract price $ 13,500 N/A Subordinated cash flow 11,114 Discounted cash flow Market yield 7.4 - 7.6 % 7.5 Capitalization rate 6.2 - 6.5 6.4 NOI annual growth rates 0.6 - 0.7 0.7 Infrastructure Bond 24,973 Discounted cash flow Market yield 7.2 N/A Derivative instruments: Total return swaps 1,130 Discounted cash flow Market yield 4.7 - 4.8 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, by Balance Sheet Grouping	At June 30, 2019 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 10,590 $ 10,590 $ ─ $ ─ Restricted cash 2,503 2,503 ─ ─ Loans held for investment 80,878 ─ ─ 81,824 Liabilities: Notes payable and other debt - non-bond related 11,264 ─ ─ 10,754 Subordinated debt issued by MFH 96,604 ─ ─ 48,296 At December 31, 2018 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,243 $ 28,243 $ ─ $ ─ Restricted cash 5,635 5,635 ─ ─ Loans held for investment 67,299 ─ ─ 66,339 Liabilities: Notes payable and other debt - bond related 39,255 ─ ─ 39,289 Notes payable and other debt - non-bond related 12,210 ─ ─ 11,479 Subordinated debt issued by MFH 97,722 ─ ─ 46,778

Guarantees and Collateral (Tabl

Guarantees and Collateral (Tables)	6 Months Ended
	Jun. 30, 2019
Guarantees and Collateral
Schedule of Financial Instruments Owned and Pledged as Collateral	At June 30, 2019 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF $ 1,356 $ ─ $ 8,431 $ 9,787 Other 1,147 ─ ─ 1,147 Total $ 2,503 $ ─ $ 8,431 $ 10,934 At December 31, 2018 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to TRS agreements $ 4,287 $ 85,347 $ ─ $ 89,634 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,340 ─ 8,779 10,119 Other 8 ─ ─ 8 Total $ 5,635 $ 85,347 $ 8,779 $ 99,761

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
Equity
Summary of Net Income to Common Shareholders	For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Net income (loss) from continuing operations $ 23,220 $ 1,815 $ 26,109 $ (594) Net (loss) income from discontinued operations (1) 947 (8) 21,696 Net income $ 23,219 $ 2,762 $ 26,101 $ 21,102 Basic weighted-average shares (1) 5,884 5,697 5,883 5,673 Common stock equivalents (2) ─ 377 ─ ─ Diluted weighted-average shares 5,884 6,074 5,883 5,673 (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. (2) At June 30, 2018, 380,000 stock options were exercisable and in-the-money and had a potential dilutive share impact of 377,162 and 381,833 for the three and six months ended June 30, 2018. For the six months ended June 30, 2018, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive. All stock options were exercised as of December 31, 2018.
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI for the three months ended June 30, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, April 1, 2019 $ 34,460 $ 97 $ 34,557 Net unrealized losses (370) (80) (450) Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations (20,693) ─ (20,693) Net change in AOCI (21,063) (80) (21,143) Balance, June 30, 2019 $ 13,397 $ 17 $ 13,414 The following table provides information related to the net change in AOCI for the three months ended June 30, 2018: Income Investments Tax Foreign in Debt (Expense) Currency (in thousands) Securities Benefit Translation AOCI Balance, April 1, 2018 $ 50,392 $ (256) $ 177 $ 50,313 Net unrealized gains (losses) 4,465 ─ (660) 3,805 Income tax benefit ─ 242 ─ 242 Net change in AOCI 4,465 242 (660) 4,047 Balance, June 30, 2018 $ 54,857 $ (14) $ (483) $ 54,360 The following table provides information related to the net change in AOCI for the six months ended June 30, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2019 $ 37,625 $ 72 $ 37,697 Net unrealized gains (losses) 36 (55) (19) Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (24,264) ─ (24,264) Net change in AOCI (24,228) (55) (24,283) Balance, June 30, 2019 $ 13,397 $ 17 $ 13,414 The following table provides information related to the net change in AOCI for the six months ended June 30, 2018: Investments Income Foreign in Debt Tax Currency (in thousands) Securities Expense Translation AOCI Balance, January 1, 2018 $ 44,459 $ ─ $ (3,306) $ 41,153 Net unrealized gains 1,118 ─ 2,823 3,941 Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as OTTI (135) ─ ─ (135) Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships 9,415 ─ ─ 9,415 Income tax expense ─ (14) ─ (14) Net change in AOCI 10,398 (14) 2,823 13,207 Balance, June 30, 2018 $ 54,857 $ (14) $ (483) $ 54,360

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2019
Stock-Based Compensation
Summary of Stock-Based Compensation Expense	For the three months ended For the six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Employees’ Stock-Based Compensation Plans $ ─ $ (228) $ ─ $ 964 Non-employee Directors’ Stock-Based Compensation Plans 164 164 328 328 Total $ 164 $ (64) $ 328 $ 1,292
Summary of Option Activity	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, 2018 410 $ 1.56 3.4 $ 9,322 $ 9,342 Exercised in 2018 (3) (410) 1.56 Outstanding at December 31, 2018 and June 30, 2019 ─ ─ ─ ─ ─ (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. There were 410,000 options at January 1, 2018, that fit this profile. (3) When exercised, stock options were net share settled. For the year ended December 31, 2018, 410,000 stock options were exercised, which resulted in a $9.3 million reduction to the Company’s reported “Other liabilities” within its Consolidated Balance Sheets at December 31, 2018. Of the 410,000 stock options that were exercised, the Company issued 220,279 common shares for the year ended December 31, 2018, and 189,721 stock options were tendered to the Company by their holders for 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 six months ended June 30, 2019 and June 30, 2018. 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 June 30, 2019 $ 163,750 1,078 3,966 $ 32.46 ─ $ 327,500 June 30, 2018 163,750 ─ 6,025 27.18 ─ 327,500

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations
Schedule of Discontinued Operations	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 six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest on bonds $ ─ $ ─ $ ─ $ 6 Interest on loans and short-term investments ─ 250 ─ 485 Asset management fee and reimbursements ─ 176 ─ 1,194 Equity in income from unconsolidated funds and ventures ─ ─ ─ 1 Other income ─ ─ ─ 53 Salaries and benefits ─ ─ ─ (53) General and administrative ─ ─ ─ (68) Professional fees (1) ─ (8) (20) Other expenses ─ (164) ─ (361) Gains on sales and operations of real estate, net ─ (2) ─ 61 Income tax expense ─ 619 ─ (22) Net (loss) income from discontinued operations, net of tax (1) 879 (8) 1,276 Disposal: Net gain on disposal of discontinued operations (1) ─ 68 ─ 20,420 Net (loss) income from discontinued operations $ (1) $ 947 $ (8) $ 21,696 (1) Includes $3.4 million of cumulative translation adjustments reclassified out of AOCI and into earnings due to the sale of our international asset and investment management business as part of the Disposition for the six months ended June 30, 2018.
Discontinued Operations, Cash Flow Summary	For the six months ended June 30, (in thousands) 2019 2018 Depreciation and amortization $ ─ $ 26 Capital expenditures ─ ─ 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)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Jan. 01, 2019USD ($)	Jan. 01, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019segment
Number of reportable segments | segment				1
ASU 2017-05
cumulative effect adjustment to retained earnings		$ 9.2
ASU 2016-01
Impairment of equity investments			$ 0.4
ASU 2017-08
cumulative effect adjustment to retained earnings	$ (0.3)

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)item	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)item	Dec. 31, 2018USD ($)item
Schedule of Available-for-sale Securities [Line Items]
Number of municipal bonds | item			1		1
Weighted average pay rate on available-for-sale bonds	6.30%		6.30%		6.20%
Increase (Decrease) in Fair Value Of Bonds			$ 62
Amortized cost after ten years	$ 0.6		0.6
Fair value after ten years	8.4		$ 8.4
Weighted average expected maturity, investments, not currently prepayable at par at period end			2 years 3 months 18 days
Nonaccrual bonds	2.1		$ 2.1		$ 12.9
Non Accrual Bonds Interest Income Cash Basis Method		$ 0.2	0.1	$ 0.2
Interest Income Nonaccrual Bonds Not Recognized		0.2		0.3
Proceeds from sale of investments in bonds	15.5	$ 0	24.1	$ 0
Non-performing Multifamily Bond
Schedule of Available-for-sale Securities [Line Items]
Non performing debt securities unpaid principal balance	1.8		1.8
Non performing debt securities fair value	$ 2.1		$ 2.1
Infrastructure Bonds
Schedule of Available-for-sale Securities [Line Items]
Number of TDRs | item	0	0	0	0

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 35,144
Amortized Cost	21,839
Fair Value	35,236	$ 97,190
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	35,144	92,332
Amortized Cost	21,839	59,565
Gross Unrealized Gains	13,397	37,625
Fair Value	$ 35,236	$ 97,190
FV as a % of UPB	100.00%	105.00%
Multifamily Tax-Exempt Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 7,974	$ 65,162
Amortized Cost	844	38,653
Gross Unrealized Gains	9,635	33,564
Fair Value	$ 10,479	$ 72,217
FV as a % of UPB	131.00%	111.00%
Infrastructure Bonds
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 27,170	$ 27,170
Amortized Cost	20,995	20,912
Gross Unrealized Gains	3,762	4,061
Fair Value	$ 24,757	$ 24,973
FV as a % of UPB	91.00%	92.00%

INVESTMENTS IN DEBT SECURITIE_4

INVESTMENTS IN DEBT SECURITIES (Bonds with Prepayment Features) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Bonds Unpaid Principal Balance [Abstract]
Bonds unpaid principal balance for June 30,2019	$ 28,984
Bonds unpaid principal balance, 2021	6,160
Unpaid principal balance	35,144
Amortized Cost, Bonds that may be prepaid without restrictions
Amortized Cost, June 30,2019	21,263
Amortized Cost, 2021	576
Amortized Cost	21,839
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties
Fair Value, June 30,2019	26,869
Fair Value, 2021	8,367
Fair Value, Total	$ 35,236	$ 97,190

INVESTMENTS IN DEBT SECURITIE_5

INVESTMENTS IN DEBT SECURITIES (Bond Aging Analysis) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
INVESTMENTS IN DEBT SECURITIES [Abstract]
Total current	$ 33,125	$ 84,307
90 days or greater	2,111	12,883
Fair Value, Total	$ 35,236	$ 97,190

INVESTMENTS IN DEBT SECURITIE_6

INVESTMENTS IN DEBT SECURITIES (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INVESTMENTS IN DEBT SECURITIES [Abstract]
OTTI losses recognized on bonds held at each period-end				$ (6)
Gains recognized at time of sale or redemption	$ 20,693	$ 0	$ 24,264	0
Total net gains (losses) on bonds	$ 20,693		$ 24,264	$ (6)

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) $ in Thousands	Apr. 01, 2019USD ($)	Nov. 28, 2018USD ($)	Jun. 01, 2018USD ($)	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)entity	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)entity	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)entity
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 185,679		$ 185,679		$ 155,079
Equity in gains (losses) from equity method investments					5,643	$ 1,555	9,619	$ 2,382
Commitments and Contingencies.
Loans and Leases Receivable, Net Amount, Total					80,878		80,878		67,299
Investment in Partnerships (SDL)
Schedule of Equity Method Investments [Line Items]
Percentage of loan amount contribution		20.00%
Hunt | Investment in Partnerships (SDL)
Schedule of Equity Method Investments [Line Items]
Maximum potential loan contribution		$ 58,800
Percentage of loan amount contribution		30.00%
U.S. Real Estate Partnerships
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 20,298		$ 20,298		$ 19,961
Number of Variable Interest Entities | entity					4		4		4
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net					$ 900		$ 900		$ 900
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount					900		900		900
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 19,400		$ 19,400
Equity method investment, ownership percentage					80.00%		80.00%
Equity method investment, economic interest percentage					76.40%		76.40%
U.S. Real Estate Partnerships formed in Q1 2018 [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 900		$ 900
Solar Facilities Investment and Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					156,950		156,950		126,339
Cumulative basis adjustment			$ 4,500		3,600		3,600
Amortization expense of basis difference					200		400
Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 58,400		$ 58,400
Equity method investment, ownership percentage					50.00%		50.00%
Solar Permanent Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 2,500		$ 2,500
Equity method investment, ownership percentage					50.00%		50.00%
Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 96,000		$ 96,000
Payments to acquire equity method investments	$ 11,300
Equity method investment, ownership percentage	5.40%				44.60%		44.60%
Loans and Leases Receivable, Net Amount, Total	$ 11,300				$ 13,600		$ 13,600
Percentage of loan amount contribution		50.00%
Solar Development Lending, LLC [Member] | Subsequent Events | Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership				$ 30,000
Percentage of call contribution				98.00%
Renewable Energy Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Purchase price paid			$ 5,100
SAWHF
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 8,431		$ 8,431		$ 8,779
Equity method investment, ownership percentage					11.85%		11.85%
Minimum | U.S. Real Estate Partnerships formed in Q1 2018 [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					74.25%		74.25%
Maximum | U.S. Real Estate Partnerships formed in Q1 2018 [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					74.92%		74.92%

INVESTMENTS IN PARTNERSHIPS AND

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 185,679	$ 155,079
Solar Facilities Investment and Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	156,950	126,339
U.S. Real Estate Partnerships
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	20,298	19,961
U.S. Real Estate Partnerships | Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	921	898
SAWHF
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 8,431	$ 8,779

INVESTMENTS IN PARTNERSHIPS A_2

INVESTMENTS IN PARTNERSHIPS AND VENTURES (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Solar Facilities Investment and Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 360,056	$ 279,960
Other Liabilities	25,950	12,833
U.S. Real Estate Partnerships
Schedule of Equity Method Investments [Line Items]
Total assets	53,537	56,238
Debt	6,114	6,530
Other Liabilities	31,732	32,165
SAWHF
Schedule of Equity Method Investments [Line Items]
Total assets	71,544	74,803
Other Liabilities	$ 165	$ 496

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
U.S. Real Estate Partnerships
Schedule of Equity Method Investments [Line Items]
Gross revenue	$ 632	$ 694	$ 1,296	$ 1,417
Operating expenses	473	548	942	1,085
Net income (loss)	318	(367)	(561)	(676)
Solar Facilities Investment and Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	11,952	5,932	22,286	12,522
Operating expenses	1,648	1,479	3,543	2,817
Net income (loss)	10,318	5,136	18,809	10,219
SAWHF
Schedule of Equity Method Investments [Line Items]
Gross revenue	2,569	1,915	2,769	2,305
Operating expenses	156	613	487	1,551
Net income (loss)	$ 749	$ (912)	$ 2,783	$ 1,567

Loans Held for Investment (_H_3

Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”) (Narrative) (Details) - USD ($) $ in Thousands	Apr. 01, 2019	Jun. 30, 2019	Dec. 31, 2018
Held-for-investment loans, nonaccrual status, unpaid principal balance		$ 1,100	$ 1,100
Loans Receivable Held-for-Investment, Carrying Value, Nonaccruing Interest		300	300
Loans Receivable, Held-For-Sale, Cost Basis		6,000	6,000
HFI loans that were 90 days or more past due and still accruing interest		0	0
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group		0	0
Carrying value of Loan receivable		$ 80,878	67,299
Solar Development Lending, LLC [Member]
Equity method investment, ownership percentage	5.40%	44.60%
Payments to acquire equity method investments	$ 11,300
Carrying value of Loan receivable	$ 11,300	$ 13,600
Effective Interest rate of Loan receivable		17.30%
Loan Origination Commitments
Unfunded loan commitments		$ 0	$ 0

Loans Held for Investment (_H_4

Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”) (Carrying Value of Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”)
Loans held for investment	$ 80,878	$ 67,299
Total loans	$ 80,878	$ 67,299

Loans Held for Investment (_H_5

Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”) (Composition of Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”)
UPB	$ 81,629	$ 68,050
Cost basis adjustments, net	(751)	(751)
Loans HFI, net	$ 80,878	$ 67,299

Loans Held for Investment (_H_6

Loans Held for Investment (“HFI”) and Loans Held for Sale (“HFS”) (Loan Aging Analysis) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Recorded Investment, Current	$ 80,579	$ 67,000
Loans Receivable, Unpaid Principal Balance, Current	80,579	67,000
Loans Receivable, Net	80,878	67,299
Loans Receivable, Net, Unpaid Principal Balance	81,629	68,050
90 days or greater
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Recorded Investment, Past Due	299	299
Loans Receivable, Unpaid Principal Balance, Past Due	$ 1,050	$ 1,050

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative Asset, Noncurrent	$ 1,008			$ 1,008		$ 5,797
Impairment losses recognized	0		$ 0	$ 0	$ 0
Buildings
Property, Plant and Equipment, Useful Life				40 years
Land improvements
Property, Plant and Equipment, Useful Life				15 years
Land investment		$ 4,400
Land
Depreciation	$ 0		$ 0	$ 0	$ 0
Minimum | Furniture and fixtures
Property, Plant and Equipment, Useful Life				6 years
Maximum | Furniture and fixtures
Property, Plant and Equipment, Useful Life				7 years

Other Assets (Summary of Other

Other Assets (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other assets:
Real estate owned	$ 8,369	$ 3,769
Derivative assets	1,008	5,797
Accrued interest receivable	1,051	854
Other assets	447	520
Total other assets	$ 10,875	$ 10,940

Other Assets (REO held for use,

Other Assets (REO held for use, net) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Real estate held for use, net	$ 8,369	$ 3,769
Building, furniture, fixtures and land improvement
Investment [Line Items]
Real estate held for use, gross	5,750	1,150
Land
Investment [Line Items]
Real estate held for use, gross	$ 2,619	$ 2,619

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)agreement	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Effective interest rate	4.60%	4.60%	4.30%
Carrying Value	$ 107,868	$ 107,868	$ 149,187
Letters of credit outstanding	$ 0	$ 0	$ 0
TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Number of terminated agreements | agreement	3
Derecognition of asset-related debt	$ 31,600
SAWHF
Debt Instrument [Line Items]
Ownership interest (as a percent)	11.85%	11.85%
Asset Related Debt
Debt Instrument [Line Items]
Effective interest rate	5.00%	5.00%	3.90%
Carrying Value	$ 4,500	$ 4,500	$ 44,255
Notes Payable and Other Debt | SAWHF
Debt Instrument [Line Items]
Weighted average effective interest rates of debt obligations	14.78%	14.78%
Principal amount of debt	$ 6,900	$ 6,900
Carrying Value	$ 6,800	$ 6,800
Ownership interest (as a percent)	11.85%	11.85%
Non-bond related debt
Debt Instrument [Line Items]
Interest rate (as a percent)	5.00%	5.00%
Principal amount of debt	$ 4,500	$ 4,500
Carrying Value	$ 4,500	$ 4,500
Other Debt
Debt Instrument [Line Items]
Effective interest rate	4.50%	4.50%	4.50%
Carrying Value	$ 103,368	$ 103,368	$ 104,932
Johannesburg Interbank Agreed Rate (JIBAR) [Member] | Notes Payable and Other Debt | SAWHF
Debt Instrument [Line Items]
Fixed spread (as a percent)		5.15%
Base rate (as percentage)	7.06%	7.06%

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, Carrying Value	$ 107,868	$ 149,187
Debt Instrument, Interest Rate, Effective Percentage	4.60%	4.30%
Asset Related Debt
Debt Instrument [Line Items]
Debt, Carrying Value	$ 4,500	$ 44,255
Debt Instrument, Interest Rate, Effective Percentage	5.00%	3.90%
Bond related debt
Debt Instrument [Line Items]
Debt, Due within one year		$ 317
Debt, Due after one year		$ 38,938
Debt Instrument, Interest Rate, Effective Percentage, Current Portion		4.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion		3.70%
Non-bond related debt
Debt Instrument [Line Items]
Debt, Due within one year	$ 1,550	$ 1,500
Debt, Due after one year	2,950	$ 3,500
Debt, Carrying Value	$ 4,500
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	5.00%	5.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.00%	5.00%
Other Debt
Debt Instrument [Line Items]
Debt, Carrying Value	$ 103,368	$ 104,932
Debt Instrument, Interest Rate, Effective Percentage	4.50%	4.50%
Subordinated Loan
Debt Instrument [Line Items]
Debt, Due within one year	$ 2,214	$ 2,232
Debt, Due after one year	$ 94,390	$ 95,490
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.80%	3.70%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	3.80%	3.70%
Net Premium and Debt Issuance Costs	$ 7,700	$ 7,900
Notes Payable and Other Debt
Debt Instrument [Line Items]
Debt, Due within one year	0	0
Debt, Due after one year	$ 6,764	$ 7,210
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	0.00%	0.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	14.80%	14.70%
Unamortized debt issue costs	$ 200	$ 200

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt [Abstract]
2019	$ 1,887
2020	9,335
2021	1,913
2022	1,879
2023	1,846
Thereafter	83,510
Net premium and debt issue costs	7,498
Total	$ 107,868	$ 149,187

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Net premium and debt issue costs	$ 7,498
Carrying Value	107,868	$ 149,187
Subordinated Loan | MFH Issue 1 [Member]
Debt Instrument [Line Items]
Principal amount of debt	26,261
Net premium and debt issue costs	2,335
Carrying Value	$ 28,596
Maturity Date	March 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Subordinated Loan | MFH Issue 2 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 23,879
Net premium and debt issue costs	2,133
Carrying Value	$ 26,012
Maturity Date	April 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Subordinated Loan | MFH Issue 3 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 13,765
Net premium and debt issue costs	1,137
Carrying Value	$ 14,902
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Subordinated Loan | MFH Issue 4 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 25,027
Net premium and debt issue costs	2,067
Carrying Value	$ 27,094
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Subordinated Loan | MMA Financial Holdings Inc. Debt [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 88,932
Net premium and debt issue costs	7,672
Carrying Value	$ 96,604

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company's Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1,008	$ 5,797
Total return swaps
Derivatives, Fair Value [Line Items]
Derivative Asset		1,130
Basis swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	432	808
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative Asset	435	998
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	133	2,674
Foreign currency forward exchange
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 8	$ 187

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 109,659	$ 202,609
Total return swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments		18,278
Basis swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	80,000
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	65,000
Foreign currency forward exchange
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 4,659	$ 4,331

DERIVATIVE INSTRUMENTS (Decreas

DERIVATIVE INSTRUMENTS (Decrease in Reported Notional Amount) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Balance, January 1, 2019	$ 202,609
Balance, June 30, 2019	109,659
Interest derivative instruments and total return swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Balance, January 1, 2019	198,278
Impact from expirations	(46,714)
Impact from terminations	(46,528)
Impact from settlements	(36)
Balance, June 30, 2019	$ 105,000

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains of derivative instruments	$ (1,872)	$ 2,053	$ (3,314)	$ 4,362
Total return swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains of derivative instruments	(38)	1,092	(42)	1,638
Net proceeds from derivative instrument		600	200	1,200
Basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains of derivative instruments	(180)	315	(253)	507
Net proceeds from derivative instrument	100		100
Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains of derivative instruments	(86)	79	(563)	475
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains of derivative instruments	(1,395)	(21)	(2,276)	1,395
Net proceeds from derivative instrument	100	100	200	100
Foreign currency forward exchange
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains of derivative instruments	$ (173)	$ 588	$ (180)	$ 347

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment losses		$ 400,000
Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 48,300,000
Minimum | Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	40,800,000
Maximum | Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	$ 58,400,000
Measurement Input, Discount Rate [Member] | Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt measurement input	11.5		13.4
Measurement Input, Discount Rate [Member] | Minimum | Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate	9
Measurement Input, Discount Rate [Member] | Maximum | Subordinated Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate	14

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Fair value of bond investments	$ 35,236	$ 97,190
Derivative assets	1,008	5,797
Level 2
Assets:
Derivative assets	1,008	4,667
Level 3
Assets:
Fair value of bond investments	$ 35,236	97,190
Derivative assets		$ 1,130

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net fair value gains on sold/redeemed bonds	$ 20,693	$ 0	$ 24,264	$ 0
Net unrealized gains (losses) arising during the period	(370)	4,465	36	1,118
ASU 2017-08
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	(300)		(300)
Investments in Debt Securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net fair value gains on sold/redeemed bonds	20,700		24,300
Net unrealized gains (losses) arising during the period	400	4,500
Level 3 | Derivative Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period		(48)		(46)
Net (losses) gains included in earnings		4		2
Balance at ending period		(44)		(44)
Level 3 | Investments in Debt Securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at start of period	81,102	157,824	97,190	143,604
Net (losses) gain included in earnings				(6)
Net change in AOCI (1)	(21,063)	4,465	(24,228)	983
Impact from deconsolidation				17,997
Impacts from sales/redemptions	(24,779)		(37,369)
Impacts from settlements	(24)	(28)	(357)	(317)
Balance at end of period	35,236	162,261	35,236	162,261
Net unrealized gains (losses) arising during the period				1,100
Reclassification of realized losses (gains) to the Consolidated Statements of Operations related to bond investments assessed as other-than-temporary-impairment ("OTTI")				100
Level 3 | Derivative Assets
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period			1,130
Balance at start of period	776	2,250		2,347
Net (losses) gains included in earnings			(195)
Net (losses) gain included in earnings	(42)	497		400
Impact from settlements			$ (935)
Impacts from settlements	$ (734)
Balance at end of period		$ 2,747		$ 2,747

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities held				$ (6)
Additional realized gains recognized	$ 20,693		$ 24,264
Total net (losses) gains reported in earnings	20,693		24,264	(6)
Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities held	(42)	$ 501		402
Change in unrealized losses related to assets and liabilities settled during the period			(195)
Additional realized gains recognized	4	591	152	1,236
Total net (losses) gains reported in earnings	$ (38)	$ 1,092	$ (43)	$ 1,638

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Valuation technique weighting factor for NOI annual growth rate (as percentage)	10.00%
Valuation technique weighting factor for contract price (as percentage)	90.00%
Multifamily tax-exempt bonds, Performing | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 48,221,000
Multifamily tax-exempt bonds, Non-performing
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 2,112,000
NOI annual growth rate		0.50%
Contract price	4,100	$ 13,500,000
Multifamily tax-exempt bonds, Non-performing | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 12,882,000
Debt Securities, Available-for-sale, Measurement Input		8.2
Multifamily tax-exempt bonds, Non-performing | Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7
Multifamily tax-exempt bonds, Subordinated cash flow
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 8,367,000	$ 11,114,000
Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.4
Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	6.5
Infrastructure bonds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 24,757,000	$ 24,973,000
Infrastructure bonds | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.3	7.2
Total return swaps | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 1,130,000
Minimum | Multifamily tax-exempt bonds, Performing | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		4.4
Minimum | Multifamily tax-exempt bonds, Subordinated cash flow
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
NOI annual growth rate	0.60%	0.60%
Minimum | Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7.4
Minimum | Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.2
Minimum | Total return swaps
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Asset, Measurement Input		4.7
Maximum | Multifamily tax-exempt bonds, Performing | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.8
Maximum | Multifamily tax-exempt bonds, Subordinated cash flow
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
NOI annual growth rate	0.90%	0.70%
Maximum | Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7.6
Maximum | Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.5
Maximum | Total return swaps
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Asset, Measurement Input		4.8
Weighted Average | Multifamily tax-exempt bonds, Performing | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		4.8
Weighted Average | Multifamily tax-exempt bonds, Subordinated cash flow
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
NOI annual growth rate	0.80%	0.70%
Weighted Average | Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7.5
Weighted Average | Multifamily tax-exempt bonds, Subordinated cash flow | Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.4
Weighted Average | Total return swaps | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		4.8

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 10,590	$ 28,243
Restricted cash	2,503	5,635
Loans held for investment	80,878	67,299
Level 1
Assets:
Cash and cash equivalents	10,590	28,243
Restricted cash	2,503	5,635
Level 3
Assets:
Loans held for investment	81,824	66,339
Bond Related Debt
Liabilities:
Notes payable and other debt		39,255
Bond Related Debt | Level 3
Liabilities:
Notes payable and other debt		39,289
Non-Bond Related Debt
Liabilities:
Notes payable and other debt	11,264	12,210
Non-Bond Related Debt | Level 3
Liabilities:
Notes payable and other debt	10,754	11,479
Subordinated Loan | MFH
Liabilities:
Subordinated debt	96,604	97,722
Subordinated Loan | Level 3 | MFH
Liabilities:
Subordinated debt	$ 48,296	$ 46,778

Guarantees and Collateral (Coll

Guarantees and Collateral (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 2,503	$ 5,635
Bonds Available-for-Sale		85,347
Investments in partnerships	8,431	8,779
Total Assets Pledged	10,934	99,761
Debt and derivatives | SAWHF
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,356	1,340
Investments in partnerships	8,431	8,779
Total Assets Pledged	$ 9,787	$ 10,119
Ownership interest (as a percent)	11.85%	11.85%
Debt and derivatives TRSs
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash		$ 4,287
Bonds Available-for-Sale		85,347
Total Assets Pledged		89,634
Other
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 1,147	8
Total Assets Pledged	$ 1,147	$ 8

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2019USD ($)
Commitments and Contingencies
Future rental commitments	$ 0

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) $ / shares in Units, $ in Millions	Jun. 26, 2018USD ($)$ / sharesshares	Mar. 09, 2018USD ($)$ / sharesshares	May 05, 2015shares	Jun. 30, 2019shareholderdirectorshares	Jan. 01, 2019$ / sharesshares	Jan. 03, 2018
Class of Stock [Line Items]
Preferred shares, shares authorized				5,000,000	5,000,000
Preferred shares, no par value | $ / shares					$ 0
Maximum percentage of Company stock ownership allowed				9.90%		4.90%
Aggregate Cost of Shares Sold | $	$ 4.3	$ 4.1
Stock Issued During Period, Shares, New Issues	125,000	125,000
Common shares issued (per share) | $ / shares	$ 34	$ 33
Number of rights issued per common stock			1
Tax benefit agreement term			5 years
Number of shareholders held more than 4.9% | shareholder				3
Number of executives held more than 4.9% | director				1
Executive Officer [Member]
Class of Stock [Line Items]
Maximum percentage of Company stock ownership allowed				4.90%

EQUITY (Summary of Net Income t

EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity
Net income (loss) from continuing operations	$ 23,220	$ 1,815	$ 26,109	$ (594)
Net income from discontinued operations	(1)	947	(8)	21,696
Net income	$ 23,219	$ 2,762	$ 26,101	$ 21,102
Basic weighted-average shares	5,884,000	5,697,000	5,883,000	5,673,000
Common stock equivalents		377,000
Diluted weighted-average shares	5,884,000	6,074,000	5,883,000	5,673,000
Common Stock Equivalents Employee Options		380,000		380,000
Incremental Common Shares Attributable to Call Options and Warrants		377,162		381,833

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	$ (20,693)		$ 0		$ (24,264)	$ 0
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships	0		0		0	9,415
Income tax expense						(14)
Net change in AOCI	(21,143)	$ (3,140)	4,047	$ 9,160
Investments in Debt Securities
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	34,460	37,625	50,392	44,459	37,625	44,459
Net unrealized (losses) gains	(370)		4,465		36	1,118
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	(20,693)				(24,264)
Reclassification of credit-related losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI						(135)
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships						9,415
Net change in AOCI	(21,063)		4,465		(24,228)	10,398
Ending Balance	13,397	34,460	54,857	50,392	13,397	54,857
Income Tax (Expense) Benefit
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance			(256)
Income tax expense			242
Net change in AOCI			242
Ending Balance			(14)	(256)		(14)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	97	72	177	(3,306)	72	(3,306)
Net unrealized (losses) gains	(80)		(660)		(55)	2,823
Net change in AOCI	(80)		(660)		(55)	2,823
Ending Balance	17	97	(483)	177	17	(483)
AOCI
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	34,557	37,697	50,313	41,153	37,697	41,153
Net unrealized (losses) gains	(450)		3,805		(19)	3,941
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	(20,693)				(24,264)
Reclassification of credit-related losses to the Consolidated Statements of Operations related to bond investments assessed as OTTI						(135)
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships						9,415
Income tax expense			242			(14)
Net change in AOCI	(21,143)		4,047		(24,283)	13,207
Ending Balance	$ 13,414	$ 34,557	$ 54,360	$ 50,313	$ 13,414	$ 54,360

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued to employees		410,000
Employees' Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	571,066
Employees' Stock-Based Compensation Plans | Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	497,510
Employees' Stock-Based Compensation Plans | Employee Stock Options or Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	73,556
Non-employee Directors' Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	1,130,000
Annual compensation	$ 120,000
Number of shares currently available for issuance	388,532
Compensation paid in cash (as percentage)	50.00%
Compensation paid in shares (as percentage)	50.00%
Audit Committee Chair
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	$ 20,000
Chairman of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	15,000
Other Committee Chairs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	$ 10,000

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 164	$ (64)	$ 328	$ 1,292
Employees' Stock-Based Compensation Plans
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense		(228)		964
Non-employee Directors' Stock-Based Compensation Plans
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 164	$ 164	$ 328	$ 328

STOCK-BASED COMPENSATION (Sum_2

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - Employee Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Number of Options Outstanding at beginning of period	410,000
Exercised	(410,000)
Number of Options Outstanding at end of period		410,000
Weighted-average Exercise Price per Option
Weighted average Exercise Price per Option Outstanding at beginning of period	$ 1.56
Weighted Average Exercise Price per Option, Exercised	$ 1.56
Weighted average Exercise Price per Option Outstanding at end of period		$ 1.56
Additional disclosures
Weighted Average Remaining Contractual Life per Option (in years) Outstanding		3 years 4 months 24 days
Aggregate Intrinsic Value		$ 9,322
Period End Liability		$ 9,342
Reduction in other liabilities	$ 9,300
Common shares issued for exercise of stock options	220,279
Shares tendered in connection with the payment of withholding taxes	189,721

STOCK-BASED COMPENSATION (Sum_3

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - Non-employee Directors' Stock-Based Compensation Plans - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Goods and Nonemployee Services Transaction [Line Items]
Non-employee director compensation, cash	$ 163,750	$ 163,750
Weighted - average Grant Date Share Price	$ 32.46	$ 27.18
Directors' Fees Expense	$ 327,500	$ 327,500
Common Shares
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted	1,078
Deferred Shares
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted	3,966	6,025

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details)	Apr. 25, 2019USD ($)	Apr. 01, 2019USD ($)	Nov. 28, 2018USD ($)	Oct. 04, 2018USD ($)	Jun. 26, 2018USD ($)$ / sharesshares	Mar. 09, 2018USD ($)$ / sharesshares	Jan. 08, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)installment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Base management fee percentage on first $500 million share capital							0.50%
Base management fee percentage in excess of $500 million share capital							0.25%
Annual reimbursement cap until 2019							$ 2,500,000
Annual reimbursement cap after 2019 until share capital exceeds of $500 million							$ 3,500,000
Renewal period of the agreement							2 years
Agreement Violation Termination Fee Includes An Amount Times Sum of Average Annual Base and Incentive Management Fee							3
Agreement Violation Termination Fee Includes An Amount Times Sum of Average Energy Capital Business Expense Reimbursement and Employee Cost Reimbursement Expense							1
Termination fee period							2 years
Aggregate cost of common stock shares issued					$ 4,300,000	$ 4,100,000
Consideration on disposal								$ 57,000,000		$ 57,000,000
Notes receivable								57,000,000		$ 57,000,000
Interest rate for note										5.00%
External management fees and reimbursable expenses								2,128,000	$ 2,184,000	$ 4,396,000	$ 4,703,000
Term of note receivable										7 years
Effective interest rate										1730.00%
Equity Method Investments								185,679,000		$ 185,679,000		$ 155,079,000
Investment in Partnerships (SDL)
Percentage of loan amount contribution			20.00%
Investment in Debt Securities
Net proceeds from sale of affordable house property	$ 13,100,000
Hunt
Loans and leases receivable from related party				$ 67,000,000
Quarterly amortization installments of note receivable										$ 3,350,000
Number of quarterly payments | installment										20
Interest income, related party								800,000	700,000	$ 1,700,000	1,400,000
Interest Receivable								800,000		800,000		0
Carrying value of loan receivable								13,600,000		13,600,000
Hunt | External Management Fees and Expenses Reimbursement
Incentive fee							20.00%
External management fee, contract in excess for incentive fee.							7.00%
Incentive fee								0	0	0	0
External management fees and reimbursable expenses								2,100,000	$ 2,200,000	4,400,000	$ 4,700,000
Hunt | External Management Fees and Expenses Reimbursement | External Manager
Management fees and expense reimbursements payable								$ 2,100,000		$ 2,100,000		$ 1,100,000
Hunt | Investment in Partnerships (SDL)
Maximum potential loan contribution			$ 58,800,000
Percentage of loan amount contribution			30.00%
Hunt | Investment in Debt Securities
Service fees waived by agent	900,000
Hunt | Common shares in disposition
Shares issued (in shares) | shares					125,000	125,000
Shares issued					$ 4,300,000	$ 4,100,000
Purchase price (per share) | $ / shares					$ 34	$ 33
Hunt | Common shares in disposition | Private Placement
Shares issued (in shares) | shares							250,000
Purchase price (per share) | $ / shares							$ 33.50
Hunt | Investment in Debt Securities
Proceeds from redemption of bonds	$ 900,000
Solar Development Lending, LLC [Member] | Hunt
Ownership interest		30.00%
Payments to Acquire Equity Method Investments		$ 11,300,000

Discontinued Operations (Schedu

Discontinued Operations (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Professional fees	$ (1)		$ (8)
Net (loss) income from discontinued operations, net of tax	(1)		(8)
Net (loss) income from discontinued operations	$ (1)	$ 947	$ (8)	$ 21,696
Discontinued Operations, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest on bonds				6
Interest on loans and short-term investments		250		485
Asset management fee and reimbursements		176		1,194
Equity in income from unconsolidated funds and ventures				1
Other income				53
Salaries and benefits				(53)
General and administrative				(68)
Professional fees				(20)
Other expense		(164)		(361)
Gains on sales and operations of real estate, net		(2)		61
Income tax expense		619		(22)
Net (loss) income from discontinued operations, net of tax		879		1,276
Net gain on disposal of discontinued operations		68		20,420
Net (loss) income from discontinued operations		$ 947		21,696
Cumulative translation adjustments				$ 3,400

Discontinued Operations (Cash F

Discontinued Operations (Cash Flows of Discontinued Operations) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ (627)	$ (642)
Non-cash investing and financing activities:
Decrease in debt		6,712
Decrease in noncontrolling interests		83,909
Discontinued Operations, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization		26
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
Increase in accumulated other comprehensive income		(3,404)
Consolidated Funds and Ventures | Discontinued Operations, 2018
Non-cash investing and financing activities:
Decrease in investments in debt securities		(5,450)
Decrease in other assets		24,140
Decrease in debt		6,144
Decrease in other liabilities		480
Decrease in noncontrolling interests		$ 5,620

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Information [Abstract]
Number of reportable segments	1