MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	MMA CAPITAL HOLDINGS, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	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	Q1
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Common Stock, Shares Outstanding		5,700,646
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 23,164	$ 8,555
Restricted cash	7,009	4,250
Investments in debt securities	29,645	31,365
Investments in partnerships (includes $349,362 and $296,855 pledged as collateral at March 31, 2020 and December 31, 2019, respectively)	368,598	316,677
Deferred tax assets, net	59,394	57,711
Loans held for investment (includes zero and $53,600 of related party loans at March 31, 2020 and December 31, 2019)	1,271	54,100
Other assets	18,991	12,984
Total assets	508,072	485,642
LIABILITIES AND EQUITY
Debt	223,653	201,816
Accounts payable and accrued expenses	4,300	2,527
Other liabilities	2,450	174
Total liabilities	230,403	204,517
Commitments and contingencies (see Note 10)
Preferred shares:
Preferred shares, no par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019
Common shareholders' equity:
Common shares, no par value, 50,000,000 shares are authorized (5,702,423 and 5,701,946 shares issued and outstanding and 104,916 and 103,069 non-employee directors' deferred shares issued at March 31, 2020 and December 31, 2019, respectively)	270,489	273,492
Accumulated other comprehensive income ("AOCI")	7,180	7,633
Total shareholders’ equity	277,669	281,125
Total liabilities and equity	$ 508,072	$ 485,642

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Investments in partnerships, used as collateral	$ 349,362	$ 296,855
Loans to a related party	$ 0	$ 53,600
Preferred shares, no par value	$ 0	$ 0
Preferred shares, shares authorized	5,000,000	5,000,000
Preferred shares, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0	$ 0
Common stock, authorized	50,000,000	50,000,000
Common shares, shares issued (in shares)	5,702,423	5,701,946
Common shares, shares outstanding (in shares)	5,702,423	5,701,946
Common shares, non-employee directors' and employee deferred shares (in shares)	104,916	103,069

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income
Interest on bonds	$ 468	$ 1,043
Interest on loans and short-term investments	91	935
Total interest income	559	1,978
Asset related interest expense
Bond related debt	0	237
Non-bond related debt	0	62
Total interest expense	0	299
Net interest income	559	1,679
Non-interest income
Equity in income from unconsolidated funds and ventures	4,148	3,976
Net gains on bonds	0	3,571
Net losses on derivatives	(1,711)	(1,442)
Net losses on loans and extinguishment of liabilities	(9)	(11)
Other income	1	17
Non-interest income	2,429	6,111
Other expenses
Interest expense	2,269	1,209
External management fees and reimbursable expenses	2,760	2,268
General and administrative	359	314
Professional fees	709	967
Other expenses	1,140	130
Total other expenses	7,237	4,888
Net (loss) income from continuing operations before income taxes	(4,249)	2,902
Income tax benefit (expense)	1,191	(13)
Net (loss) income from continuing operations	(3,058)	2,889
Net loss from discontinued operations, net of tax	0	(7)
Net (loss) income	$ (3,058)	$ 2,882
Basic and diluted income per common share:
(Loss) income from continuing operations	$ (0.53)	$ 0.49
Earnings Per Share, Basic and Diluted, Total	$ (0.53)	$ 0.49
Weighted-average common shares outstanding:
Basic and diluted	5,804	5,882

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (3,058)	$ 2,882
Bond related changes:
Net unrealized (losses) gains	(1,763)	406
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	0	(3,571)
Income tax benefit	484	0
Net change in other comprehensive loss due to bonds, net of taxes	(1,279)	(3,165)
Foreign currency translation adjustment	826	25
Other comprehensive loss	(453)	(3,140)
Comprehensive loss	$ (3,511)	$ (258)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	AOCI	Total
Balance at Dec. 31, 2018	$ 175,213	$ 37,697	$ 212,910
Balance (in shares) at Dec. 31, 2018	5,882
Net (loss) income	$ 2,882		2,882
Other comprehensive loss		(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
Balance at Mar. 31, 2019	$ 177,910	34,557	212,467
Balance (in shares) at Mar. 31, 2019	5,884
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (267)		(267)
Balance at Dec. 31, 2019	$ 273,492	7,633	281,125
Balance (in shares) at Dec. 31, 2019	5,805
Net (loss) income	$ (3,058)		(3,058)
Other comprehensive loss		(453)	(453)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 96		96
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3
Common share repurchases	$ (41)		(41)
Common share repurchases (in shares)	(1)
Balance at Mar. 31, 2020	$ 270,489	$ 7,180	$ 277,669
Balance (in shares) at Mar. 31, 2020	5,807

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (3,058)	$ 2,882
Adjustments to reconcile net income to net cash provided by operating activities:
Net equity in income from investments in partnerships	(4,148)	(3,976)
Net gains on bonds	0	(3,571)
Net losses on derivatives	1,736	1,923
Net losses on loans and extinguishment of liabilities	9	11
Current and deferred federal income tax benefit (expense)	(1,183)	50
Distributions received from investments in partnerships	6,564	1,615
Depreciation and amortization	122	(96)
Foreign currency losses	1,140	44
Stock-based compensation expense	96	82
Other, net	2,136	387
Net cash provided by (used in) operating activities	3,414	(649)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes $53,600 and zero from a related party)	53,600	8,640
Advances on and originations of loans held for investment	(702)	0
Investments in partnerships and real estate	(88,939)	(56,447)
Capital distributions received from investments in partnerships	27,224	50,216
Net cash (used in) provided by investing activities	(8,817)	2,409
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	79,500	0
Repayment of borrowings	(56,236)	(1,197)
Debt issuance costs	(452)	0
Repurchase of common shares	(41)	0
Net cash provided by (used in) financing activities	22,771	(1,197)
Net decrease in cash, cash equivalents and restricted cash	17,368	563
Cash, cash equivalents and restricted cash at beginning of period	12,805	33,878
Cash, cash equivalents and restricted cash at end of period	30,173	34,441
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	2,118	1,593
Income taxes paid		0
Non-cash investing and financing activities:
Unrealized losses included in other comprehensive income	(453)	(3,140)
Debt and liabilities extinguished through sales and collections on bonds and loans		7,624
Decrease in investments in debt securities and common shareholders' equity due to change in accounting principle		266
Hunt Companies [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes $53,600 and zero from a related party)	$ 53,600	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Reconciliation) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 23,164	$ 28,773
Restricted cash	7,009	5,668
Total cash, cash equivalents and restricted cash shown in statement of cash flows	$ 30,173	$ 34,441

CONSOLIDATED STATEMENTs OF CA_3

CONSOLIDATED STATEMENTs OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Principal payments and sales proceeds received on bonds and loans held for investment	$ 53,600	$ 8,640
Advances on and originations of loans held for investment	702	0
Hunt Companies [Member]
Principal payments and sales proceeds received on bonds and loans held for investment	$ 53,600	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	Note 1— Summary of Significant Accounting Policies Organization MMA Capital Holdings, Inc. focuses on infrastructure-related investments that generate positive environmental and social impacts and deliver attractive risk-adjusted total returns to our shareholders, with an emphasis on debt associated with renewable energy projects and infrastructure. 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, converted to a Delaware corporation on January 1, 2019, and 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 ”). Our current objective is to produce attractive risk adjusted returns by investing in the large, growing and fragmented renewable energy market in the United States (“ U.S ”). We believe that we are well positioned to take advantage of these investment opportunities because of our External Manager’s origination network built off of extensive relationships and credit expertise gathered through years of experience. We also seek to increase the Company’s return on equity by prudently deploying debt and recycling equity out of lower yielding investments that are unrelated to renewable energy. In addition to renewable energy investments, we continue to own a limited number of bond investments and real estate-related investments, as well as have subordinated debt with beneficial economic terms. Further, we have significant net operating loss carryforwards (“ NOLs ”) that may be used to offset future federal income tax obligations, a portion of which were reported as deferred tax assets (“ DTAs ”) in our Consolidated Balance Sheets at March 31, 2020 and December 31, 2019. Effective December 31, 2019, we no longer organize our assets and liabilities into discrete portfolios (in each Quarterly Report on Form 10-Q that was filed in 2019, assets and liabilities of the Company were allocated to one of two portfolios, “Energy Capital” and “Other Assets and Liabilities”). 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 of America (“ GAAP ”). The Company evaluates subsequent events through the date of filing with the U.S. Securities and Exchange Commission (“ SEC ”). Changes in Presentation We have 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 the Company’s valuation allowance established against its DTAs as well as in the fair value measurement of bonds and derivative instruments. Actual results could differ materially from these estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company 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. Accounting Guidance Adoption of Accounting Standards Accounting for Financial Instruments In March 2017, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ 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 the 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 reduction in amortization periods used for interest income recognition. Accordingly, during the first quarter of 2019, the Company recognized a cumulative effect adjustment of $0.3 million charge 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 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 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. Accounting for Financial Instruments – Fair Value Measurement In August 2018, the FASB issued ASU No. 2018‑13, “Fair Value Measurement (Topic 820): Disclosure This guidance eliminates certain disclosure requirements for fair value measurements, requires public entities to disclose certain new information and modifies some disclosure requirements. We adopted this guidance on its effective date of January 1, 2020. The adoption of this guidance did not impact the Accounting for Financial Instruments – Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” This guidance is elective and is provided for contract modifications that meet certain Codification topics and subtopics. The optional amendment of this new guidance is effective March 12, 2020 through December 31, 2022. We did not make any elections provided by this new guidance and, therefore, the adoption of these accounting principles did not impact the Company’s 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 November 2019, the FASB issued ASU No. 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates.” This guidance gives private companies, not-for-profit organizations, and certain smaller reporting companies additional time to implement FASB standards on credit losses, leases, derivatives and hedging and intangible-goodwill and other (ASC 350). Because the Company is a smaller reporting company the following “credit loss” ASUs will become effective for the Company on January 1, 2023. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” This guidance is intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. This guidance establishes an impairment methodology that reflects lifetime expected credit losses rather than incurred losses. This guidance requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This new guidance is effective on January 1, 2023, 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 on January 1, 2023, 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. 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 on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” This guidance amends certain aspects of the FASB’s new credit losses standard, including an amendment requiring entities to include certain expected recoveries in the amortized cost basis in the allowance for credit losses for purchased credit deteriorated assets. This new guidance is effective on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In February 2020, the FASB issued ASU No. 2020-02, “ Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update).” This guidance updates certain SEC guidance in the Codification for the issuance of SEC Staff Accounting Bulletin 119 and effective date related to the leases standard. This new guidance is effective upon issuance on February 6, 2020. However, because the Company is a smaller reporting company the ASU will become effective for the Company on January 1, 2023. We are currently evaluating the potential impact of this new guidance on our consolidated financial statements. Accounting for Financial Instruments – General In March 2020, the FASB issued ASU No. 2020-03, “ Codification Improvements to Financial Instruments.” This guidance amends certain topics including fair value option disclosures and credit losses. This guidance is effective upon issuance on March 9, 2020 for some topics and on January 1, 2023 for topics relating to credit loss. The adoption of this guidance that is effective upon issuance did not impact the Company’s Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows. For those aspects of the new guidance that are not effective until January 1, 2023, we are evaluating the potential impact of the new guidance on our consolidated financial statements. Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. We are evaluating the potential impact of the new guidance on our consolidated financial statements.

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	3 Months Ended
	Mar. 31, 2020
INVESTMENTS IN DEBT SECURITIES [Abstract]
Investments in Debt Securities	Note 2—Investments in Debt Securities At March 31, 2020 and December 31, 2019, the Company’s investments in debt securities consist of one subordinate multifamily tax-exempt mortgage revenue bond and one tax-exempt infrastructure bond. 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 property. The Company’s non-amortizing subordinated cash flow bond principal is due in full on November 2044. The Company’s infrastructure bond financed the development of infrastructure for a mixed-use town center development in Spanish Fort, Alabama and is secured by incremental tax revenues generated from the development and its landowners (this investment is hereinafter referred to as our “ Infrastructure Bond ”). At March 31, 2020, the Company’s Infrastructure Bond amortizes on a scheduled basis and has a stated maturity date of December 2048. The following tables provide information about the unpaid principal balance (“ 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 March 31, 2020 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,885 $ 20,840 $ 2,691 $ 23,531 Multifamily tax-exempt bonds 4,000 ─ 6,114 6,114 Total $ 30,885 $ 20,840 $ 8,805 $ 29,645 At December 31, 2019 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,885 $ 20,797 $ 4,542 $ 25,339 Multifamily tax-exempt bonds 4,000 ─ 6,026 6,026 Total $ 30,885 $ 20,797 $ 10,568 $ 31,365 (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as OTTI recognized in “Impairments” in our Consolidated Statements of Operations. See Note 8, “Fair Value,” which describes factors that contributed to the $1.7 million decrease in the reported fair value of the Company’s investments in debt securities for the three months ended March 31, 2020. Nonaccrual Bonds At March 31, 2020 and December 31, 2019, the Company had no bonds that were on nonaccrual status. Interest income on bonds that was recognized on a cash basis for the three months ended March 31, 2019 was $0.1 million. Interest income not recognized on bond investments that were on nonaccrual status for the three months ended March 31, 2019 was $0.1 million. Bond Sales and Redemptions There were no sales or redemption in full of investments in bonds during the three months ended March 31, 2020. The Company received cash proceeds in connection with the sale or redemption in full of investments in bonds of $8.6 million for the three months ended March 31, 2019. The following table provides information about gains or losses that were recognized in the Company’s Consolidated Statements of Operations in connection with the Company’s investments in bonds: For the three months ended March 31, (in thousands) 2020 2019 Gains recognized at time of sale or redemption $ ─ $ 3,571

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	3 Months Ended
	Mar. 31, 2020
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 March 31, December 31, (in thousands) 2020 2019 Investment in Solar Ventures $ 344,601 $ 289,123 Investments in U.S. real estate partnerships 19,236 19,822 Investment in South Africa Workforce Housing Fund (" SAWHF ") 4,761 7,732 Total investments in partnerships $ 368,598 $ 316,677 Investments Related to the Solar Ventures At March 31, 2020, the Company held 44.5%, 50.0%, 44.5% and 100% equity interests in Solar Construction Lending, LLC (“ SCL ”), Solar Permanent Lending, LLC (“ SPL ”), Solar Development Lending, LLC (“ SDL ”) and Renewable Energy Lending, LLC (“ REL ”), respectively (collectively referred to as the “ Solar Ventures ”). At March 31, 2020, the carrying value of the Company’s equity investments in SCL, SPL and SDL was $231.1 million, zero and $113.5 million, respectively. None of these investees were assessed to constitute a Variable Interest Entity (“ VIE ”) and the Company accounts for all of these investments using the equity method of accounting. At March 31, 2020, these joint ventures had $434.2 million of unfunded loan commitments that required borrowers to meet various conditions set forth in governing loan agreements in order for funding to occur. The unfunded loan commitments that qualified for funding, were anticipated to be funded primarily by capital within the joint ventures through a combination of existing loan redemptions and idle capital. To the extent capital within the joint ventures is not sufficient to meet their funding obligations additional capital contributions by the members would be required. During the three months ended March 31, 2020, the Company and its capital partner in SDL and SCL executed various non-pro rata funding agreements pursuant to which our capital partner in SDL contributed in total $36.5 million of $83.0 million in capital calls and our capital partner in SCL contributed in total $61.0 million of $97.5 million in capital calls, while the Company contributed the balance. In addition, our capital partner in SDL and SCL received distributions of $32.0 million and $37.5 million, respectively, while the Company received $15.0 million and $10.5 million, respectively. As a consequence of these non-pro rata capital contributions and distributions during the first quarter of 2020, our ownership interest in these ventures increased in percentage terms from December 31, 2019. The Company paid $5.1 million for the buyout of our prior investment partner’s ownership interest in REL, on June 1, 2018, which was allocated to the net assets acquired based upon their relative fair values. This allocation resulted in a cumulative basis adjustment of $4.5 million to the Company’s investments that is amortized over the remaining investment period of SCL. For the three months ended March 31, 2020 and March 31, 2019, the amortization expense related to the Company’s basis difference was $0.2 million. At March 31, 2020 and December 31, 2019, the unamortized balance of the Company’s basis difference was $2.9 million and $3.1 million, respectively. The following table provides information about the carrying amount of total assets and liabilities of all renewable energy related investees in which the Company had an equity method investment: At At March 31, December 31, 2020 2019 (in thousands) Total assets (1) $ 781,734 $ 706,792 Other liabilities (2) 14,360 22,135 (1) Assets of these ventures are primarily comprised of loans that are carried at fair value. (2) Other liabilities of these ventures are primarily comprised of interest reserves. The following table provides information about the gross revenue, operating expenses and net income of all renewable energy related investees in which the Company had an equity method investment: For the three months ended March 31, (in thousands) 2020 2019 Gross revenue $ 21,821 $ 10,334 Operating expenses 2,021 1,894 Net income and net income attributable to the entities (1) 10,825 8,492 (1) Net income includes $9.0 million net fair value loan losses and $0.1 million of net fair value loan gains recognized as of March 31, 2020 and March 31, 2019, respectively. Investments in U.S. Real Estate Partnerships At March 31, 2020, the $19.2 million 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 in Spanish Fort, Alabama (“ SF Venture ”). 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 March 31, 2020, the Company held an 80% 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. Accordingly, the Company accounts for this investment using the equity method of accounting. 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 March 31, December 31, 2020 2019 (in thousands) Total assets $ 51,237 $ 51,718 Debt 6,657 6,426 Other liabilities 20,536 20,493 The following table provides information about the gross revenue, operating expenses and net loss of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended March 31, (in thousands) 2020 2019 Gross revenue $ 642 $ 664 Operating expenses 715 470 Net loss and net loss attributable to the entities (755) (879) Refer to Note 10, “Commitments and Contingencies,” for more information about risks and uncertainties that existed at March 31, 2020, that could significantly affect the amounts reported in the near term related to the Company’s equity investment in the SF Venture. Investment in SAWHF At March 31, 2020, the carrying value of the Company’s 11.85% equity investment in SAWHF was $4.8 million, which reflects a $3.0 million decline from December 31, 2019 due to investment dispositions and foreign currency translation losses due to the weakening of the rand against the U.S. dollar in the first quarter of 2020. The SAWHF was determined not to be a VIE, and therefore, 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 March 31, December 31, 2020 2019 (in thousands) Total assets $ 32,890 $ 56,356 Other liabilities 339 130 The following table provides information about the gross revenue, operating expenses and net income of SAWHF: For the three months ended March 31, (in thousands) 2020 2019 Gross revenue $ 1,112 $ 199 Operating expenses 491 331 Net income and net income attributable to the entity 76 2,034

LOANS HELD FOR INVESTMENT (_HFI

LOANS HELD FOR INVESTMENT (“HFI”)	3 Months Ended
	Mar. 31, 2020
LOANS HELD FOR INVESTMENT (“HFI”) [Abstract]
Loans Held for Investment (“HFI”)	Note 4—Loans Held for Investment (“HFI”) We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowances for loan losses, except in instances where we have elected the fair value option as further discussed below. The following table provides information about the UPB and fair value adjustments that were recognized in the Company’s Consolidated Balance Sheets related to loans that it classified as HFI: At At March 31, December 31, (in thousands) 2020 2019 UPB $ 1,280 $ 54,100 Fair value adjustments (9) ─ Loans HFI, net $ 1,271 $ 54,100 On January 3, 2020, the entire $53.6 million UPB of the Hunt Note was fully repaid. At March 31, 2020 and December 31, 2019, the Company had one and two HFI loans, respectively, that had a combined UPB and fair value of $1.3 million and $54.1 million, respectively. The Company elected the fair value option for one of its HFI loans that had a UPB and fair value of $1.3 million and $0.5 million at March 31, 2020 and December 31, 2019, respectively. The fair value option was elected upon its recognition so as to minimize certain operational challenges associated with accounting for this loan. At March 31, 2020 and December 31, 2019, the Company had no HFI loans that were on nonaccrual status or that were past due in scheduled principal or interest payments and still accruing interest. Unfunded Loan Commitments At March 31, 2020 and December 31, 2019, the Company, through its wholly owned subsidiary of REL, had $0.8 million and $1.6 million, respectively, of unfunded loan commitments.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2020
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 March 31, December 31, (in thousands) 2020 2019 Other assets: Real estate owned $ 14,341 $ 8,397 Debt issue costs 2,879 2,675 Derivative assets 924 597 Accrued interest receivable 612 853 Other assets 235 462 Total other assets $ 18,991 $ 12,984 Real Estate Owned (“REO”) The following table provides information about the carrying value of the Company’s REO held for use, net: At At March 31, December 31, (in thousands) 2020 2019 Land improvements $ 11,722 $ 5,778 Land 2,619 2,619 Total $ 14,341 $ 8,397 Land improvements are depreciated over a period of 15 years. The Company’s investments include 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 2020, the Company invested $5.9 million in additional land improvements that were capitalized as part of our investment balance. Since the asset has not been placed in service, no depreciation expense was recognized in connection with this land investment for the three months ended March 31, 2020 and March 31, 2019, nor were any impairment losses recognized by the Company during these periods in connection with REO. Debt Issuance Costs During the first quarter of 2020, the Company incurred, but deferred in the Consolidated Balance Sheets, $0.5 million of additional debt issuance costs in connection with the execution by MMA Energy Holdings, LLC (“ MEH ” or “ Borrower ”), a wholly owned subsidiary of the Company, of a credit agreement for a revolving credit facility with various lenders. These additional costs were due to the joinder of an additional lender and an increase in commitment by one of the existing lenders. These costs are being amortized ratably over the three-year term of the revolving credit facility. During the three months ended March 31, 2020, the Company recognized $0.2 million of interest expense in the Company’s Consolidated Statements of Operations related to the amortization of debt issuance costs for the revolving credit facility. At March 31, 2020 and December 31, 2019, the unamortized balance of debt issuance costs was $2.9 million and $2.7 million, respectively. See Note 6, “Debt,” for more information. Derivative Assets At March 31, 2020 and December 31, 2019, the Company recognized $0.9 million and $0.6 million, respectively, of derivative assets. See Note 7, “Derivative Instruments,” for more information.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019: At At March 31, 2020 December 31, 2019 Wtd. Avg. Wtd. Avg. Effective Effective Carrying Interest Carrying Interest (dollars in thousands) Value (3) Rate (3) Value (3) Rate (3) Other Debt Subordinated debt (1) Due within one year 2,206 3.1 2,212 3.2 Due after one year 92,717 3.1 93,276 3.2 Revolving credit facility debt obligations Due within one year ─ ─ ─ ─ Due after one year 120,000 5.3 94,500 5.6 Notes payable and other debt (2) Due within one year 4,430 14.3 6,828 14.7 Due after one year 4,300 5.0 1,500 5.0 Total other debt 223,653 4.5 198,316 4.8 Asset Related Debt Notes Payable and Other Debt Non-bond related debt Due within one year $ ─ ─ % $ 650 5.0 % Due after one year ─ ─ 2,850 5.0 Total asset related debt ─ ─ 3,500 5.0 Total debt $ 223,653 4.5 $ 201,816 4.8 (1) The subordinated debt balances include net cost basis adjustments of $7.3 million and $7.4 million at March 31, 2020 and December 31, 2019, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issue costs of $0.1 million at December 31, 2019. The balance at March 31, 2020 was de minimis. (3) Carrying value amounts and weighted-average interest rates reported in this table include the effects of any discounts, premiums and other cost basis adjustments. An effective interest rate represents an internal rate of return of a debt instrument that makes the net present value of all cash flows, inclusive of cash flows that give rise to cost basis adjustments, equal zero and in the case of (i) fixed rate instruments, is measured as of an instrument’s issuance date and (ii) variable rate instruments, is measured as of each date that a reference interest rate resets. 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 March 31, 2020: Asset Related Debt (in thousands) and Other Debt 2020 $ 5,733 2021 1,913 2022 121,879 2023 1,846 2024 1,813 Thereafter 83,197 Net premium and debt issue costs 7,272 Total debt $ 223,653 At March 31, 2020, 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 March 31, 2020: (dollars in thousands) Net Premium Interim and Debt Carrying Principal Issuer UPB Issuance Costs Value Payments (1) Maturity Date Coupon MFH $ 25,869 $ 2,229 $ 28,098 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH 23,523 2,034 25,557 Amortizing April 30, 2035 three-month LIBOR plus 2.0% MFH 13,559 1,084 14,643 Amortizing July 30, 2035 three-month LIBOR plus 2.0% MFH 24,654 1,971 26,625 Amortizing July 30, 2035 three-month LIBOR plus 2.0% Total $ 87,605 $ 7,318 $ 94,923 (1) The subordinated principal amortizes 2.0% per annum. Revolving Credit Facility Debt Obligations On September 19, 2019, MEH entered into a $125.0 million (the “ Facility Amount ”) revolving credit agreement with various lenders. During the first quarter of 2020, the maximum Facility Amount increased to $175.0 million and the committed amount of the revolving credit facility increased from $100.0 million to $120.0 million upon the joinder of an additional lender and an increase in commitment by one of the existing lenders. Obligations associated with the revolving credit facility are guaranteed by the Company and are secured by specified assets of the Borrower and a pledge of all of the Company’s equity interest in the Borrower, which holds the equity interests in the Solar Ventures, through pledge and security documentation. Availability and amounts advanced under the revolving credit facility are subject to compliance with a borrowing base comprised of assets that comply with certain eligibility criteria, and includes late-stage development, construction and permanent loans to finance renewable energy projects and cash. The revolving credit facility contains affirmative and negative covenants binding on the Borrower that are customary for credit facilities of this type. Additionally, the credit agreement includes collateral performance tests and the following financial covenants of the Company and its consolidated subsidiaries: minimum debt service coverage ratio, maximum debt to net worth, minimum consolidated net worth and minimum consolidated net income. Borrowing under the revolving credit facility bears interest at the one-month London Interbank Offered Rate (“ LIBOR ”), adjusted for statutory reserve requirements (subject to a 1.5% floor), plus a fixed spread of 2.75% per annum. At March 31, 2020, the LIBOR base rate plus the fixed spread was 4.3%. At March 31, 2020, the weighted-average effective interest rate of the Company’s obligation was 5.3%. The Borrower has also agreed to pay certain customary fees and expenses and to provide certain indemnities. In certain circumstances where the interest rate is unable to be determined, including in the event LIBOR ceases to be published, the administrative agent to the credit agreement will select a new rate in its reasonable judgment, including any adjustment to the replacement rate to reflect a different credit spread. The maturity date of the credit agreement is September 19, 2022, subject to a 12-month extension solely to allow refinancing or orderly repayment of the facility. At March 31, 2020, the UPB and carrying value of amounts borrowed from the revolving credit facility was $120.0 million. The Company recognized $1.3 million of related interest expense in the Consolidated Statements of Operations for the three months ended March 31, 2020. Notes Payable and Other Debt At March 31, 2020, 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 $4.3 million and $4.2 million, respectively. This 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 equal to the Johannesburg Interbank Agreed Rate (“ JIBAR ”) plus a fixed spread of 5.15%. At March 31, 2020, the JIBAR base rate was 6.48%, while the weighted-average effective interest rate of the Company’s debt obligation that was used to finance its ownership in SAWHF was 14.7%. At March 31, 2020, the UPB and carrying value of notes payable and other debt obligations to the Morrison Grove Management, LLC (“ MGM ”) principals was $4.5 million. This debt bears interest at 5.0%. The $3.0 million debt obligation amortizes over its contractual life and is due to mature on January 1, 2026. The $1.5 million debt obligation pays interest only until March 31, 2026 and then amortizes in three equal installments until its maturity date of January 1, 2027. Asset Related Debt Asset related debt is debt that finances interest-bearing assets of the Company. The interest expense associated with this debt is included within “Net interest income” on the Consolidated Statements of Operations. Non-bond Related Debt During the first quarter of 2020, this $3.5 million debt obligation to MGM was reclassified to Other Debt upon the full repayment of the Hunt Note. Letters of Credit The Company had no letters of credit outstanding at March 31, 2020 and December 31, 2019.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
DERIVATIVE INSTRUMENTS [Abstract]
Derivative Instruments	Note 7—Derivative Instruments The Company uses derivative instruments for various purposes. Pay-fixed interest rate swaps, interest rate basis swaps and interest rate caps are used to manage interest rate risk. 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 these instruments are recognized in the Consolidated Statements of Operations as a component of “Net losses 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 March 31, 2020 December 31, 2019 (in thousands) Assets Liabilities Assets Liabilities Basis swaps $ ─ $ 750 $ 318 $ ─ Interest rate caps 91 ─ 227 ─ Interest rate swaps ─ 1,562 52 ─ Foreign currency forward exchange 833 ─ ─ 117 Total carrying value of derivative instruments $ 924 $ 2,312 $ 597 $ 117 The following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At March 31, December 31, (in thousands) 2020 2019 Basis swaps $ 35,000 $ 35,000 Interest rate caps 35,000 35,000 Interest rate swaps 35,000 35,000 Foreign currency forward exchange 3,677 4,685 Total notional amount of derivative instruments $ 108,677 $ 109,685 The following table provides information about the net losses that were recognized by the Company in connection with its derivative instruments: For the three months ended March 31, (in thousands) 2020 2019 Total return swaps (1) $ ─ $ (4) Basis swaps (2) (1,079) (73) Interest rate caps (136) (477) Interest rate swaps (3) (1,578) (881) Foreign currency forward exchange 1,082 (7) Total net losses of derivative instruments $ (1,711) $ (1,442) (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 on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.2 million for the three months ended March 31, 2019. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. The net cash received was de minimis for the three months ended March 31, 2020 and March 31, 2019. (3) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash paid was de minimis for the three months ended March 31, 2020, while the net cash received was $0.1 million for the three months ended March 31, 2019, respectively.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
FAIR VALUE [Abstract]
Fair Value	Note 8—Fair Value We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in the first table below in this Note. From time to time, we may be required to measure at fair value other assets on a nonrecurring basis such as certain loans held for investment or investments in partnerships. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. Fair Value Hierarchy The Company measures the fair value of its assets and liabilities based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in the fair value 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 our assets and liabilities are categorized: At March 31, Fair Value Measurements (in thousands) 2020 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 29,645 $ ─ $ ─ $ 29,645 Loans held for investment 1,271 ─ ─ 1,271 Derivative instruments 924 ─ 924 ─ Liabilities: Derivative instruments $ 2,312 $ ─ $ 2,312 $ ─ At December 31, Fair Value Measurements (in thousands) 2019 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 31,365 $ ─ $ ─ $ 31,365 Loans held for investment 500 ─ ─ 500 Derivative instruments 597 ─ 597 ─ Liabilities: Derivative instruments $ 117 $ ─ $ 117 $ ─ Changes in Fair Value 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 March 31, 2020: Investments in Debt Loans Held for (in thousands) Securities Investment Balance, January 1, 2020 $ 31,365 $ 500 Net losses included in earnings (1) ─ (9) Net change in AOCI (2) (1,763) ─ Impact from loan originations / advances ─ 780 Impact from settlements (3) 43 ─ Balance, March 31, 2020 $ 29,645 $ 1,271 (1) This amount represents $9 thousand of unrealized losses recognized during this reporting period in connection with the Company’s loan investment held at March 31, 2020. This amount is classified as “net losses on loans and extinguishment of liabilities” in the Company’s Consolidated Statement of Operations. (2) This amount represents $1.8 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. (3) This impact considers the effect of principal payments received and amortization of cost basis adjustments. 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 March 31, 2019: Investments in Debt Derivative (in thousands) Securities Assets Balance, January 1, 2019 $ 97,190 $ 1,130 Net losses included in earnings ─ (152) Net change in AOCI (1) (3,165) ─ Impact from sales or redemptions (12,590) ─ Impact from settlements (2) (333) (202) Balance, March 31, 2019 $ 81,102 $ 776 (1) This amount represents the reclassification into the Consolidated Statements of Operations of $3.6 million of net fair value gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $0.4 million of net unrealized holding gains recognized during the period in connection with the Company’s bond investments. (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 (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended March 31, 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 March 31, 2019 $ ─ $ (72) Change in unrealized losses related to assets and liabilities held at January 1, 2019, but settled during 2019 ─ (80) Additional realized gains recognized 3,571 148 Total net gains (losses) reported in earnings $ 3,571 $ (4) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net losses on derivatives” in the Company’s Consolidated Statements of Operations. Fair Value Measurements of Instruments That Are Classified as Level 3 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 the 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 or bid prices – represents a third-party sale agreement or purchase offer executed in connection with the pending sale of an affordable housing property that secures one of the Company’s bond investments. In instances where multiple purchase offers have been received an average of the offers received is utilized. Estimated proceeds from the sale, or average offers, of such property that are determined to be allocable to a bond investment are used to measure the investment’s fair value at a given reporting date. 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 tables, as the specific inputs applied are not provided by the dealer. Fair Value Measurement at March 31, 2020 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average Recurring Fair Value Measurements: Investments in debt securities: Infrastructure Bond $ 23,531 Discounted cash flow Market yield 7.8 % N/A Multifamily tax-exempt bonds Subordinated cash flow 6,114 Discounted cash flow Market yield 7.2 N/A Capitalization rate 6.2 N/A Loans held for investment 1,271 Discounted cash flow Market yield 8.4 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. Fair Value Measurement at December 31, 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: Infrastructure Bond $ 25,339 Discounted cash flow Market yield 7.0 % N/A Multifamily tax-exempt bonds Subordinated cash flow 6,026 Discounted cash flow Market yield 7.3 N/A Capitalization rate 6.2 N/A Valuation technique weighting factors: • NOI annual growth rate (50% weighting factor) 0.7 N/A • Bid price (50% weighting factor) $ 16,611 N/A Loans held for investment 500 Discounted cash flow Market yield 8.0 8.0 % (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. Nonrecurring Changes in Fair Value There were no nonrecurring fair value adjustments recorded for the three months ended March 31, 2020 and March 31, 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 the 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 March 31, 2020 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 23,164 $ 23,164 $ ─ $ ─ Restricted cash 7,009 7,009 ─ ─ Liabilities: Notes payable and other debt - non-bond related 8,730 ─ ─ 7,304 Revolving credit facility obligations 120,000 ─ ─ 120,000 Subordinated debt issued by MFH 94,923 ─ ─ 30,773 At December 31, 2019 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 8,555 $ 8,555 $ ─ $ ─ Restricted cash 4,250 4,250 ─ ─ Loans held for investment 53,600 ─ ─ 54,276 Liabilities: Notes payable and other debt - non-bond related 11,828 ─ ─ 10,888 Revolving credit facility obligations 94,500 ─ ─ 94,500 Subordinated debt issued by MFH 95,488 ─ ─ 46,934 Valuation Techniques Cash and cash equivalents and restricted cash – The carrying value of these assets approximated 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 a debt arrangement, taking into account credit risk. Subordinated debt – Fair value is measured by discounting projected contractual payments of principal and interest using the instrument’s estimated market yield, which was 15.6% and 11.7% at March 31, 2020 and December 31, 2019, respectively. As outlined in the table above, at March 31, 2020, the aggregate fair value was measured at $30.8 million. At March 31, 2020, the measured fair value of this debt would have been $39.0 million and $25.2 million had its market yield been 12.1% and 19.1%, respectively. The measured fair value of this debt is inherently judgmental and based on management’s assumption of market yields. There can be no assurance that the Company could repurchase the remaining subordinated debt at the measured fair values reflected in the table above or that the debt would trade at that price. Revolving credit facility debt obligations – Fair value of these debt obligations is measured by discounting projected contractual payments of interest and principal using an estimated market yield.

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	3 Months Ended
	Mar. 31, 2020
GUARANTEES AND COLLATERAL [Abstract]
GUARANTEES AND COLLATERAL	Note 9—Guarantees and Collateral Guarantees Contemporaneously with the execution of the revolving credit facility, the Company agreed to guarantee all payment and performance obligations of MEH under the credit agreement to the lenders. Currently, the Company expects that it will not need to make any payments under this guarantee. Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at March 31, 2020 and December 31, 2019: At March 31, 2020 Total Restricted Investments in Assets (in thousands) Cash Partnerships Pledged Debt related to the revolving credit facility $ 1,726 $ 344,601 $ 346,327 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,374 4,761 6,135 Interest rate swaps 3,901 ─ 3,901 Other 8 ─ 8 Total $ 7,009 $ 349,362 $ 356,371 At December 31, 2019 Total Restricted Investments in Assets (in thousands) Cash Partnerships Pledged Debt related to the revolving credit facility $ 1,070 $ 289,123 $ 290,193 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,369 7,732 9,101 Interest rate swaps 1,803 ─ 1,803 Other 8 ─ 8 Total $ 4,250 $ 296,855 $ 301,105

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies Operating Leases The Company had no future rental commitments at March 31, 2020. 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. These 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 March 31, 2020, 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. Other Risks and Uncertainties With respect to the equity investment in the SF Venture, the downturn in the economy that stems from the coronavirus pandemic (“ COVID-19 ”) is expected to reduce the underlying real estate value. In this regard, we anticipate that we will continue to recognize equity in losses from the SF Venture related to our equity investment and that such losses may increase, possibly significantly, as the SF Venture consists of hotel tenants, retail tenants and undeveloped land parcels. However, the severity and duration of expected losses cannot be currently quantified due to uncertainty about the duration of COVID-19. Nonetheless, we believe that it is reasonably possible that, within the next 12 months, a loss that is material to the Company’s financial statements could be recognized due to the residual economic effects of the measures taken to combat COVID-19, which could weigh on the performance of the development and underlying real estate value. However, the exact timing and amount of loss recognition is based upon future circumstances and, therefore, cannot be predicted at this time. With respect to recognized DTA, the Company’s assessment of the likelihood of realizing tax benefits related to DTAs recognized in the fourth quarter of 2019 did not change in the first quarter of 2020. That is, while COVID-19 caused a sharp deterioration in macro-economic conditions, the potential amount and permanence of long-term impacts of those conditions on the Company’s business was uncertain at March 31, 2020. Consequently, the Company did not make an adjustment in the first quarter to the carrying value of DTAs that were recognized at December 31, 2019. Nonetheless, given such uncertainty, we believe it is reasonably possible that, within the next 12 months, a reduction to the carrying value of recognized DTAs that is material to the Company’s financial statements could be recognized. However, the exact timing and amount of loss recognition depends upon future circumstances and, therefore, cannot be predicted at this time.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2020
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. As of March 31, 2020, the Board of Directors (“ Board ”) has not authorized any of these shares to be issued and no rights have been established for any of these shares. Common Share Information As of March 31, 2020, the Company was authorized to issue 50,000,000 common shares. The following table provides information about net (loss) 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 March 31, (in thousands) 2020 2019 Net (loss) income from continuing operations $ (3,058) $ 2,889 Net loss from discontinued operations ─ (7) Net (loss) income $ (3,058) $ 2,882 Basic and diluted weighted-average shares (1) 5,804 5,882 (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. Common Shares 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. On March 11, 2020, the Board approved an extension of the original five-year term of the Rights Plan until May 5, 2023, or until the Board determines the plan is no longer required, whichever comes first. The Board has asked shareholders for an advisory vote to ratify its decision to extend the Rights Plan at the Company’s 2020 annual meeting of shareholders. On January 3, 2018, the Board approved a waiver of the 4.9% ownership limitation for Hunt, increasing this 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 March 31, 2020, the Company had two shareholders, including one of its executive officers, Michael L. Falcone, who held greater than a 4.9% interest in the Company. Accumulated Other Comprehensive Income The following table provides information related to the net change in AOCI for the three months ended March 31, 2020: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2020 $ 7,666 $ (33) $ 7,633 Net unrealized (losses) gains (1,763) 826 (937) Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations ─ ─ ─ Income tax benefit 484 ─ 484 Net change in AOCI (1,279) 826 (453) Balance, March 31, 2020 $ 6,387 $ 793 $ 7,180 The following table provides information related to the net change in AOCI for the three months ended March 31, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2019 $ 37,625 $ 72 $ 37,697 Net unrealized gains 406 25 431 Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (3,571) ─ (3,571) Net change in AOCI (3,165) 25 (3,140) Balance, March 31, 2019 $ 34,460 $ 97 $ 34,557

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2020
STOCK-BASED COMPENSATION [Abstract]
Stock-Based Compensation	Note 12—Stock-Based Compensation On January 8, 2018, the Company engaged the External Manager through the execution of a management agreement with the External Manager (the “ Management Agreement ”) to externally manage the Company’s operations. In connection therewith, 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 March 31, (in thousands) 2020 2019 Non-employee Directors’ Stock-Based Compensation Plans $ 194 $ 164 Employees’ Stock-Based Compensation Plans At March 31, 2020, 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 Board, 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. Since the Company has no employees, the Company does not expect to issue any of these shares or options. 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 380,536 were available to be issued at March 31, 2020. 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 three months ended March 31, 2020 and March 31, 2019. 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 March 31, 2020 (1) $ 96,875 1,777 1,847 $ 26.73 ─ $ 193,750 March 31, 2019 81,875 560 2,060 31.26 ─ 163,750 (1) During the first quarter of 2020, the Board approved the addition of two independent directors.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	3 Months Ended
	Mar. 31, 2020
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 carrying value of the Company’s DTAs, 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%, which excludes the effects of the Company’s DTAs. 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 these 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 renewable energy 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. No termination fee is payable upon a termination by the Company for cause or upon a termination by the External Manager without cause. For the three months ended March 31, 2020 and March 31, 2019, no incentive fee was earned by our External Manager. During the three months ended March 31, 2020 and March 31, 2019, the Company recognized $2.8 million and $2.3 million, respectively, of management fees and Loans HFI and Investment in Partnerships 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, prepayable at any time and bearing 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 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 ”). On December 20, 2019, Hunt prepaid $13.4 million of the note receivable and as a result, the UPB of the note was $53.6 million at December 31, 2019. On January 3, 2020, the note receivable was fully repaid. Interest income recognized during the three months ended March 31, 2020 was de minimis, while during the three months ended March 31, 2019, the Company recognized $0.8 million of interest income associated with this note receivable in the Consolidated Statements of Operations. There was no accrued interest payable by Hunt at March 31, 2020. At December 31, 2019, $0.7 million of accrued interest was payable by Hunt. On April 1, 2019, the Company purchased Hunt’s 30% ownership interest in SDL that pertained to an investment in a specific loan 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 have been required to be made by one party to the other depending upon the actual IRR achieved by each party on the investment. Due to continuing involvement by Hunt as the transferor, the 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. On December 20, 2019, the Company and Hunt terminated all obligations relating to the post-purchase true-up payment and, as a result, the Company derecognized this loan receivable and increased its investment in partnership in SDL. On December 20, 2019, the Company sold to Hunt a loan and three limited partner interests in partnerships that own affordable housing and in which our ownership interest ranged from 74.25% to 74.92%. This loan had a UPB and carrying value of $1.1 million and $0.3 million, respectively, while the three limited partner interests had a carrying value of $0.9 million at the time of sale. The Company received $3.1 million in sales proceed and recognized $1.9 million of gains in the Consolidated Statements of Operations. 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
SEGMENT INFORMATION [Abstract]
Segment Information	Note 14—Segment Information At March 31, 2020 and December 31, 2019, the Company operates as a single reporting segment. Therefore, all required segment information can be found in our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	3 Months Ended
	Mar. 31, 2020
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 of America (“ GAAP ”). The Company evaluates subsequent events through the date of filing with the U.S. Securities and Exchange Commission (“ SEC ”).
Changes in Presentation	Changes in Presentation We have 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 the Company’s valuation allowance established against its DTAs as well as in the fair value measurement of bonds and derivative instruments. Actual results could differ materially from these estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting.
New Accounting Guidance	Accounting Guidance Adoption of Accounting Standards Accounting for Financial Instruments In March 2017, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ 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 the 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 reduction in amortization periods used for interest income recognition. Accordingly, during the first quarter of 2019, the Company recognized a cumulative effect adjustment of $0.3 million charge 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 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 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. Accounting for Financial Instruments – Fair Value Measurement In August 2018, the FASB issued ASU No. 2018‑13, “Fair Value Measurement (Topic 820): Disclosure This guidance eliminates certain disclosure requirements for fair value measurements, requires public entities to disclose certain new information and modifies some disclosure requirements. We adopted this guidance on its effective date of January 1, 2020. The adoption of this guidance did not impact the Accounting for Financial Instruments – Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” This guidance is elective and is provided for contract modifications that meet certain Codification topics and subtopics. The optional amendment of this new guidance is effective March 12, 2020 through December 31, 2022. We did not make any elections provided by this new guidance and, therefore, the adoption of these accounting principles did not impact the Company’s 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 November 2019, the FASB issued ASU No. 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates.” This guidance gives private companies, not-for-profit organizations, and certain smaller reporting companies additional time to implement FASB standards on credit losses, leases, derivatives and hedging and intangible-goodwill and other (ASC 350). Because the Company is a smaller reporting company the following “credit loss” ASUs will become effective for the Company on January 1, 2023. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” This guidance is intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. This guidance establishes an impairment methodology that reflects lifetime expected credit losses rather than incurred losses. This guidance requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This new guidance is effective on January 1, 2023, 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 on January 1, 2023, 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. 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 on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” This guidance amends certain aspects of the FASB’s new credit losses standard, including an amendment requiring entities to include certain expected recoveries in the amortized cost basis in the allowance for credit losses for purchased credit deteriorated assets. This new guidance is effective on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In February 2020, the FASB issued ASU No. 2020-02, “ Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update).” This guidance updates certain SEC guidance in the Codification for the issuance of SEC Staff Accounting Bulletin 119 and effective date related to the leases standard. This new guidance is effective upon issuance on February 6, 2020. However, because the Company is a smaller reporting company the ASU will become effective for the Company on January 1, 2023. We are currently evaluating the potential impact of this new guidance on our consolidated financial statements. Accounting for Financial Instruments – General In March 2020, the FASB issued ASU No. 2020-03, “ Codification Improvements to Financial Instruments.” This guidance amends certain topics including fair value option disclosures and credit losses. This guidance is effective upon issuance on March 9, 2020 for some topics and on January 1, 2023 for topics relating to credit loss. The adoption of this guidance that is effective upon issuance did not impact the Company’s Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows. For those aspects of the new guidance that are not effective until January 1, 2023, we are evaluating the potential impact of the new guidance on our consolidated financial statements. Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. We are evaluating the potential impact of the new guidance on our consolidated financial statements.

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2020
INVESTMENTS IN DEBT SECURITIES [Abstract]
Schedule of Available-for-sale Securities Reconciliation	At March 31, 2020 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,885 $ 20,840 $ 2,691 $ 23,531 Multifamily tax-exempt bonds 4,000 ─ 6,114 6,114 Total $ 30,885 $ 20,840 $ 8,805 $ 29,645 At December 31, 2019 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,885 $ 20,797 $ 4,542 $ 25,339 Multifamily tax-exempt bonds 4,000 ─ 6,026 6,026 Total $ 30,885 $ 20,797 $ 10,568 $ 31,365 (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as OTTI recognized in “Impairments” in our Consolidated Statements of Operations.
Gain (Loss) on Investments	For the three months ended March 31, (in thousands) 2020 2019 Gains recognized at time of sale or redemption $ ─ $ 3,571

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	3 Months Ended
	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At March 31, December 31, (in thousands) 2020 2019 Investment in Solar Ventures $ 344,601 $ 289,123 Investments in U.S. real estate partnerships 19,236 19,822 Investment in South Africa Workforce Housing Fund (" SAWHF ") 4,761 7,732 Total investments in partnerships $ 368,598 $ 316,677
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the total assets, debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At March 31, December 31, 2020 2019 (in thousands) Total assets $ 51,237 $ 51,718 Debt 6,657 6,426 Other liabilities 20,536 20,493 The following table provides information about the gross revenue, operating expenses and net loss of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended March 31, (in thousands) 2020 2019 Gross revenue $ 642 $ 664 Operating expenses 715 470 Net loss and net loss attributable to the entities (755) (879)
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying amount of total assets and liabilities of all renewable energy related investees in which the Company had an equity method investment: At At March 31, December 31, 2020 2019 (in thousands) Total assets (1) $ 781,734 $ 706,792 Other liabilities (2) 14,360 22,135 (1) Assets of these ventures are primarily comprised of loans that are carried at fair value. (2) Other liabilities of these ventures are primarily comprised of interest reserves. The following table provides information about the gross revenue, operating expenses and net income of all renewable energy related investees in which the Company had an equity method investment: For the three months ended March 31, (in thousands) 2020 2019 Gross revenue $ 21,821 $ 10,334 Operating expenses 2,021 1,894 Net income and net income attributable to the entities (1) 10,825 8,492 (1) Net income includes $9.0 million net fair value loan losses and $0.1 million of net fair value loan gains recognized as of March 31, 2020 and March 31, 2019, respectively.
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 March 31, December 31, 2020 2019 (in thousands) Total assets $ 32,890 $ 56,356 Other liabilities 339 130 The following table provides information about the gross revenue, operating expenses and net income of SAWHF: For the three months ended March 31, (in thousands) 2020 2019 Gross revenue $ 1,112 $ 199 Operating expenses 491 331 Net income and net income attributable to the entity 76 2,034

LOANS HELD FOR INVESTMENT (_H_2

LOANS HELD FOR INVESTMENT (“HFI”) (Tables)	3 Months Ended
	Mar. 31, 2020
LOANS HELD FOR INVESTMENT (“HFI”) [Abstract]
Schedule of loans Held For Investments	At At March 31, December 31, (in thousands) 2020 2019 UPB $ 1,280 $ 54,100 Fair value adjustments (9) ─ Loans HFI, net $ 1,271 $ 54,100

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
OTHER ASSETS [Abstract]
Schedule of Other Assets	At At March 31, December 31, (in thousands) 2020 2019 Other assets: Real estate owned $ 14,341 $ 8,397 Debt issue costs 2,879 2,675 Derivative assets 924 597 Accrued interest receivable 612 853 Other assets 235 462 Total other assets $ 18,991 $ 12,984
Schedule Of Real Estate Owned, Held For Use	At At March 31, December 31, (in thousands) 2020 2019 Land improvements $ 11,722 $ 5,778 Land 2,619 2,619 Total $ 14,341 $ 8,397

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
DEBT [Abstract]
Schedule of Debt	At At March 31, 2020 December 31, 2019 Wtd. Avg. Wtd. Avg. Effective Effective Carrying Interest Carrying Interest (dollars in thousands) Value (3) Rate (3) Value (3) Rate (3) Other Debt Subordinated debt (1) Due within one year 2,206 3.1 2,212 3.2 Due after one year 92,717 3.1 93,276 3.2 Revolving credit facility debt obligations Due within one year ─ ─ ─ ─ Due after one year 120,000 5.3 94,500 5.6 Notes payable and other debt (2) Due within one year 4,430 14.3 6,828 14.7 Due after one year 4,300 5.0 1,500 5.0 Total other debt 223,653 4.5 198,316 4.8 Asset Related Debt Notes Payable and Other Debt Non-bond related debt Due within one year $ ─ ─ % $ 650 5.0 % Due after one year ─ ─ 2,850 5.0 Total asset related debt ─ ─ 3,500 5.0 Total debt $ 223,653 4.5 $ 201,816 4.8 (1) The subordinated debt balances include net cost basis adjustments of $7.3 million and $7.4 million at March 31, 2020 and December 31, 2019, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issue costs of $0.1 million at December 31, 2019. The balance at March 31, 2020 was de minimis. (3) Carrying value amounts and weighted-average interest rates reported in this table include the effects of any discounts, premiums and other cost basis adjustments. An effective interest rate represents an internal rate of return of a debt instrument that makes the net present value of all cash flows, inclusive of cash flows that give rise to cost basis adjustments, equal zero and in the case of (i) fixed rate instruments, is measured as of an instrument’s issuance date and (ii) variable rate instruments, is measured as of each date that a reference interest rate resets.
Schedule of Maturities of Long-term Debt	Asset Related Debt (in thousands) and Other Debt 2020 $ 5,733 2021 1,913 2022 121,879 2023 1,846 2024 1,813 Thereafter 83,197 Net premium and debt issue costs 7,272 Total debt $ 223,653
Schedule of Subordinate Debt	(dollars in thousands) Net Premium Interim and Debt Carrying Principal Issuer UPB Issuance Costs Value Payments (1) Maturity Date Coupon MFH $ 25,869 $ 2,229 $ 28,098 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH 23,523 2,034 25,557 Amortizing April 30, 2035 three-month LIBOR plus 2.0% MFH 13,559 1,084 14,643 Amortizing July 30, 2035 three-month LIBOR plus 2.0% MFH 24,654 1,971 26,625 Amortizing July 30, 2035 three-month LIBOR plus 2.0% Total $ 87,605 $ 7,318 $ 94,923 (1) The subordinated principal amortizes 2.0% per annum.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
DERIVATIVE INSTRUMENTS [Abstract]
Schedule of the Company's Derivative Assets and Liabilities	Fair Value At At March 31, 2020 December 31, 2019 (in thousands) Assets Liabilities Assets Liabilities Basis swaps $ ─ $ 750 $ 318 $ ─ Interest rate caps 91 ─ 227 ─ Interest rate swaps ─ 1,562 52 ─ Foreign currency forward exchange 833 ─ ─ 117 Total carrying value of derivative instruments $ 924 $ 2,312 $ 597 $ 117
Schedule of Derivative Notional Amounts	Notional Amounts At At March 31, December 31, (in thousands) 2020 2019 Basis swaps $ 35,000 $ 35,000 Interest rate caps 35,000 35,000 Interest rate swaps 35,000 35,000 Foreign currency forward exchange 3,677 4,685 Total notional amount of derivative instruments $ 108,677 $ 109,685
Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments	For the three months ended March 31, (in thousands) 2020 2019 Total return swaps (1) $ ─ $ (4) Basis swaps (2) (1,079) (73) Interest rate caps (136) (477) Interest rate swaps (3) (1,578) (881) Foreign currency forward exchange 1,082 (7) Total net losses of derivative instruments $ (1,711) $ (1,442) (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 on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.2 million for the three months ended March 31, 2019. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. The net cash received was de minimis for the three months ended March 31, 2020 and March 31, 2019. (3) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash paid was de minimis for the three months ended March 31, 2020, while the net cash received was $0.1 million for the three months ended March 31, 2019, respectively.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2020
FAIR VALUE [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	At March 31, Fair Value Measurements (in thousands) 2020 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 29,645 $ ─ $ ─ $ 29,645 Loans held for investment 1,271 ─ ─ 1,271 Derivative instruments 924 ─ 924 ─ Liabilities: Derivative instruments $ 2,312 $ ─ $ 2,312 $ ─ At December 31, Fair Value Measurements (in thousands) 2019 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 31,365 $ ─ $ ─ $ 31,365 Loans held for investment 500 ─ ─ 500 Derivative instruments 597 ─ 597 ─ Liabilities: Derivative instruments $ 117 $ ─ $ 117 $ ─
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 March 31, 2020: Investments in Debt Loans Held for (in thousands) Securities Investment Balance, January 1, 2020 $ 31,365 $ 500 Net losses included in earnings (1) ─ (9) Net change in AOCI (2) (1,763) ─ Impact from loan originations / advances ─ 780 Impact from settlements (3) 43 ─ Balance, March 31, 2020 $ 29,645 $ 1,271 (1) This amount represents $9 thousand of unrealized losses recognized during this reporting period in connection with the Company’s loan investment held at March 31, 2020. This amount is classified as “net losses on loans and extinguishment of liabilities” in the Company’s Consolidated Statement of Operations. (2) This amount represents $1.8 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. (3) This impact considers the effect of principal payments received and amortization of cost basis adjustments. 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 March 31, 2019: Investments in Debt Derivative (in thousands) Securities Assets Balance, January 1, 2019 $ 97,190 $ 1,130 Net losses included in earnings ─ (152) Net change in AOCI (1) (3,165) ─ Impact from sales or redemptions (12,590) ─ Impact from settlements (2) (333) (202) Balance, March 31, 2019 $ 81,102 $ 776 (1) This amount represents the reclassification into the Consolidated Statements of Operations of $3.6 million of net fair value gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $0.4 million of net unrealized holding gains recognized during the period in connection with the Company’s bond investments. (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 (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the three months ended March 31, 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 March 31, 2019 $ ─ $ (72) Change in unrealized losses related to assets and liabilities held at January 1, 2019, but settled during 2019 ─ (80) Additional realized gains recognized 3,571 148 Total net gains (losses) reported in earnings $ 3,571 $ (4) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net losses on derivatives” in the Company’s Consolidated Statements of Operations.
Fair Value Measurements By Level 3 Valuation Technique	Fair Value Measurement at March 31, 2020 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average Recurring Fair Value Measurements: Investments in debt securities: Infrastructure Bond $ 23,531 Discounted cash flow Market yield 7.8 % N/A Multifamily tax-exempt bonds Subordinated cash flow 6,114 Discounted cash flow Market yield 7.2 N/A Capitalization rate 6.2 N/A Loans held for investment 1,271 Discounted cash flow Market yield 8.4 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. Fair Value Measurement at December 31, 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: Infrastructure Bond $ 25,339 Discounted cash flow Market yield 7.0 % N/A Multifamily tax-exempt bonds Subordinated cash flow 6,026 Discounted cash flow Market yield 7.3 N/A Capitalization rate 6.2 N/A Valuation technique weighting factors: • NOI annual growth rate (50% weighting factor) 0.7 N/A • Bid price (50% weighting factor) $ 16,611 N/A Loans held for investment 500 Discounted cash flow Market yield 8.0 8.0 % (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Fair Value, by Balance Sheet Grouping	At March 31, 2020 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 23,164 $ 23,164 $ ─ $ ─ Restricted cash 7,009 7,009 ─ ─ Liabilities: Notes payable and other debt - non-bond related 8,730 ─ ─ 7,304 Revolving credit facility obligations 120,000 ─ ─ 120,000 Subordinated debt issued by MFH 94,923 ─ ─ 30,773 At December 31, 2019 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 8,555 $ 8,555 $ ─ $ ─ Restricted cash 4,250 4,250 ─ ─ Loans held for investment 53,600 ─ ─ 54,276 Liabilities: Notes payable and other debt - non-bond related 11,828 ─ ─ 10,888 Revolving credit facility obligations 94,500 ─ ─ 94,500 Subordinated debt issued by MFH 95,488 ─ ─ 46,934

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	3 Months Ended
	Mar. 31, 2020
GUARANTEES AND COLLATERAL [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral	At March 31, 2020 Total Restricted Investments in Assets (in thousands) Cash Partnerships Pledged Debt related to the revolving credit facility $ 1,726 $ 344,601 $ 346,327 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,374 4,761 6,135 Interest rate swaps 3,901 ─ 3,901 Other 8 ─ 8 Total $ 7,009 $ 349,362 $ 356,371 At December 31, 2019 Total Restricted Investments in Assets (in thousands) Cash Partnerships Pledged Debt related to the revolving credit facility $ 1,070 $ 289,123 $ 290,193 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,369 7,732 9,101 Interest rate swaps 1,803 ─ 1,803 Other 8 ─ 8 Total $ 4,250 $ 296,855 $ 301,105

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
EQUITY
Summary of Net (Loss) Income to Common Shareholders	For the three months ended March 31, (in thousands) 2020 2019 Net (loss) income from continuing operations $ (3,058) $ 2,889 Net loss from discontinued operations ─ (7) Net (loss) income $ (3,058) $ 2,882 Basic and diluted weighted-average shares (1) 5,804 5,882 (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.
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI for the three months ended March 31, 2020: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2020 $ 7,666 $ (33) $ 7,633 Net unrealized (losses) gains (1,763) 826 (937) Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations ─ ─ ─ Income tax benefit 484 ─ 484 Net change in AOCI (1,279) 826 (453) Balance, March 31, 2020 $ 6,387 $ 793 $ 7,180 The following table provides information related to the net change in AOCI for the three months ended March 31, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2019 $ 37,625 $ 72 $ 37,697 Net unrealized gains 406 25 431 Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (3,571) ─ (3,571) Net change in AOCI (3,165) 25 (3,140) Balance, March 31, 2019 $ 34,460 $ 97 $ 34,557

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
STOCK-BASED COMPENSATION [Abstract]
Summary of Stock-Based Compensation Expense	For the three months ended March 31, (in thousands) 2020 2019 Non-employee Directors’ Stock-Based Compensation Plans $ 194 $ 164
Summary of Nonemployee Director Stock Award Activity	Common Deferred Weighted-average Shares Shares Grant Date Options Directors' Fees Cash Granted Granted Share Price Vested Expense March 31, 2020 (1) $ 96,875 1,777 1,847 $ 26.73 ─ $ 193,750 March 31, 2019 81,875 560 2,060 31.26 ─ 163,750 (1) During the first quarter of 2020, the Board approved the addition of two independent directors.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020segment	Dec. 31, 2019segment	Jan. 01, 2019USD ($)
Number of reportable segments | segment	1	1
ASU 2017-08 | Restatement Adjustment [Member]
Retained earnings | $			$ (0.3)

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Increase (Decrease) in Fair Value Of Bonds	$ (1,700)
Non Accrual Bonds Interest Income Cash Basis Method		$ 100
Interest Income Nonaccrual Bonds Not Recognized		100
Proceeds from sale of investments in bonds		$ 8,600
Investments in debt securities	29,645		$ 31,365
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments in debt securities	29,645		31,365
Unpaid principal balance of bond investments	30,885		30,885
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments in debt securities	23,531		25,339
Unpaid principal balance of bond investments	26,885		26,885
Multifamily Tax-Exempt Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments in debt securities	6,114		6,026
Unpaid principal balance of bond investments	$ 4,000		$ 4,000

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 29,645	$ 31,365
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	30,885	30,885
Amortized Cost	20,840	20,797
Gross Unrealized Gains	8,805	10,568
Fair Value	$ 29,645	$ 31,365
FV as a % of UPB	96.00%	102.00%
Multifamily Tax-Exempt Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 4,000	$ 4,000
Gross Unrealized Gains	6,114	6,026
Fair Value	$ 6,114	$ 6,026
FV as a % of UPB	153.00%	151.00%
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 26,885	$ 26,885
Amortized Cost	20,840	20,797
Gross Unrealized Gains	2,691	4,542
Fair Value	$ 23,531	$ 25,339
FV as a % of UPB	88.00%	94.00%

INVESTMENTS IN DEBT SECURITIE_4

INVESTMENTS IN DEBT SECURITIES (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
INVESTMENTS IN DEBT SECURITIES [Abstract]
Gains recognized at time of sale or redemption	$ 0	$ 3,571

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 01, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 368,598		$ 316,677
Purchase price paid	$ 5,100
Distributions received from investments in partnerships		6,564	$ 1,615
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		19,236		19,822
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 19,200
Equity method investment, ownership percentage		80.00%
Equity method investment, economic interest percentage		80.00%
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 344,601		289,123
Cumulative basis adjustment	$ 4,500	2,900		3,100
Amortization expense of basis difference		200	200
Unfunded loan commitments to borrowers		434,200
Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		97,500
Carrying value of equity investments		$ 231,100
Equity method investment, ownership percentage		44.50%
Distributions received from investments in partnerships		$ 10,500
Solar Construction Lending LLC [Member] | Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		61,000
Distributions received from investments in partnerships		37,500
Solar Permanent Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 0
Equity method investment, ownership percentage		50.00%
Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 83,000
Carrying value of equity investments		$ 113,500
Equity method investment, ownership percentage		44.50%
Distributions received from investments in partnerships		$ 15,000
Solar Development Lending, LLC [Member] | Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		36,500
Distributions received from investments in partnerships		$ 32,000
Renewable Energy Lending, LLC [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Schedule of Equity Method Investments [Line Items]
Venture equity percentage of ownership		100.00%
SAWHF
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 4,761		$ 7,732
Equity method investment, ownership percentage		11.85%
Equity method investment increase (decrease) in carrying value			$ 3,000

INVESTMENTS IN PARTNERSHIPS (Sc

INVESTMENTS IN PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 368,598	$ 316,677
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	344,601	289,123
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	19,236	19,822
SAWHF
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 4,761	$ 7,732

INVESTMENTS IN PARTNERSHIPS (_2

INVESTMENTS IN PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 781,734	$ 706,792
Other Liabilities	14,360	22,135
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	51,237	51,718
Debt	6,657	6,426
Other Liabilities	20,536	20,493
SAWHF
Schedule of Equity Method Investments [Line Items]
Total assets	32,890	56,356
Other Liabilities	$ 339	$ 130

INVESTMENTS IN PARTNERSHIPS (_3

INVESTMENTS IN PARTNERSHIPS (Schedule of Income (Loss) in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	$ 642	$ 664
Operating expenses	715	470
Net income (loss)	(755)	(879)
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	21,821	10,334
Operating expenses	2,021	1,894
Net income (loss)	10,825	8,492
Realized loan net fair value gain (loss)	(9,000)	100
SAWHF
Schedule of Equity Method Investments [Line Items]
Gross revenue	1,112	199
Operating expenses	491	331
Net income (loss)	$ 76	$ 2,034

LOANS HELD FOR INVESTMENT (_H_3

LOANS HELD FOR INVESTMENT (“HFI”) (Narrative) (Details)	Jan. 03, 2020USD ($)	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Number of loans held for investment		1	2
UPB		$ 1,280,000	$ 54,100,000
Financing receivable UPB and fair value		$ 1,300,000	$ 54,100,000
Number of loans held for investment on non accrual status | loan		0	0
Repayment of hunt notes	$ 53,600,000
Unfunded loan commitments		$ 800,000	$ 1,600,000
Carrying value of Loan receivable		1,271,000	54,100,000
Finance Receivable Fair Value Option Elected [Member]
Financing receivable UPB and fair value		$ 1,300,000	$ 500,000
Solar Development Lending, LLC [Member]
Equity method investment, ownership percentage		44.50%

LOANS HELD FOR INVESTMENT (_H_4

LOANS HELD FOR INVESTMENT (“HFI”) (Composition of Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
LOANS HELD FOR INVESTMENT (“HFI”) [Abstract]
UPB	$ 1,280	$ 54,100
Fair value adjustments	(9)
Financing Receivable, Net	$ 1,271	$ 54,100

LOANS HELD FOR INVESTMENT (_H_5

LOANS HELD FOR INVESTMENT (“HFI”) (Loan Aging Analysis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
LOANS HELD FOR INVESTMENT (“HFI”) [Abstract]
Loans Receivable, Net	$ 1,271	$ 54,100
Loans Receivable, Net, Unpaid Principal Balance	$ 1,280	$ 54,100

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Jan. 15, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Sep. 19, 2019
Derivative Asset, Noncurrent		$ 924		$ 597
Debt issue costs		2,879		2,675
Interest expense, debt		2,269	$ 1,209
Impairment losses recognized		0	0
Revolving Credit Facility [Member]
Debt issuance costs, gross		500
Interest expense, debt		1,300
Unamortized debt issue costs		$ 2,900		$ 2,700
Debt instrument, term		3 years
Borrowing capacity		$ 175,000
Amortization expense		200
Revolving Credit Facility [Member] | Facility Amount [Member] | Subsidiaries [Member]
Borrowing capacity					$ 125,000
Revolving Credit Facility [Member] | Committed Amount [Member]
Borrowing capacity		$ 120,000			$ 100,000
Land improvements
Property, Plant and Equipment, Useful Life		15 years
Land investment	$ 5,900
Depreciation		$ 0	$ 0
Property, Plant and Equipment, Additions	$ 5,900

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other assets:
Real estate owned	$ 14,341	$ 8,397
Debt issue costs	2,879	2,675
Derivative assets	924	597
Accrued interest receivable	612	853
Other assets	235	462
Other Assets, Total	$ 18,991	$ 12,984

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate held for use, net	$ 14,341	$ 8,397
Land
Real estate held for use, net	2,619	2,619
Land improvements
Real estate held for use, net	$ 11,722	$ 5,778

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)installment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Sep. 19, 2019USD ($)
Debt Instrument [Line Items]
Effective interest rate	4.50%		4.80%
Carrying Value	$ 223,653		$ 201,816
Letters of credit outstanding	0		$ 0
Interest expense, debt	$ 2,269	$ 1,209
Other Debt [Member]
Debt Instrument [Line Items]
Effective interest rate	4.50%		4.80%
Carrying Value	$ 223,653		$ 198,316
SAWHF
Debt Instrument [Line Items]
Ownership interest (as a percent)	11.85%
Morrison Grove Management LLC [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Notes Payable	$ 3,500
Notes Payable and Other Debt [Member] | SAWHF
Debt Instrument [Line Items]
Weighted average effective interest rates of debt obligations	14.70%
Carrying Value	$ 4,200
Ownership interest (as a percent)	11.85%
Principal amount of debt	$ 4,300
Bond Related Notes Payable and Other Debt [Member] | Morrison Grove Management LLC [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	5.00%
Principal amount of debt	$ 4,500
Notes Payable	4,500
Bond Related Notes Payable and Other Debt [Member] | Morrison Grove Management LLC [Member] | Debt Obligations Mature In 2026
Debt Instrument [Line Items]
Notes Payable	3,000
Bond Related Notes Payable and Other Debt [Member] | Morrison Grove Management LLC [Member] | Debt Obligations Mature In 2027
Debt Instrument [Line Items]
Notes Payable	$ 1,500
Number of installments for amortization of debt | installment	3
Johannesburg Interbank Agreed Rate (JIBAR) [Member] | Notes Payable and Other Debt [Member] | SAWHF
Debt Instrument [Line Items]
Fixed spread (as a percent)	5.15%
Base rate (as percentage)	6.48%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Effective interest rate	5.30%
Carrying Value	$ 120,000
Fixed spread (as a percent)	2.75%
Principal amount of debt	$ 120,000
Borrowing capacity	$ 175,000
Debt instrument, maturity date	Sep. 19, 2022
Line of credit facility extension period	12 months
Interest expense, debt	$ 1,300
Debt instrument base rate plus fixed spread percentage rate	4.30%
Revolving Credit Facility [Member] | Committed Amount [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 120,000			$ 100,000
Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)				1.50%
Subsidiaries [Member] | Revolving Credit Facility [Member] | Facility Amount [Member]
Debt Instrument [Line Items]
Borrowing capacity				$ 125,000

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt, Carrying Value	$ 223,653	$ 201,816
Debt Instrument, Interest Rate, Effective Percentage	4.50%	4.80%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 0	$ 3,500
Debt Instrument, Interest Rate, Effective Percentage	0.00%	5.00%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 223,653	$ 198,316
Debt Instrument, Interest Rate, Effective Percentage	4.50%	4.80%
NonBond Related Notes Payable and Other Debt [Member] | Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year		$ 650
Debt, Due after one year		$ 2,850
Debt Instrument, Interest Rate, Effective Percentage, Current Portion		5.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion		5.00%
Notes Payable and Other Debt [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 4,430	$ 6,828
Debt, Due after one year	$ 4,300	$ 1,500
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	14.30%	14.70%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.00%	5.00%
Unamortized debt issue costs		$ 100
Subordinated Loan [Member]
Debt Instrument [Line Items]
Net Premium and Debt Issuance Costs	$ 7,300	7,400
Subordinated Loan [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	2,206	2,212
Debt, Due after one year	$ 92,717	$ 93,276
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.10%	3.20%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	3.10%	3.20%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 120,000
Debt Instrument, Interest Rate, Effective Percentage	5.30%
Unamortized debt issue costs	$ 2,900	$ 2,700
Revolving Credit Facility [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due after one year	$ 120,000	$ 94,500
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.30%	5.60%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
DEBT [Abstract]
2020	$ 5,733
2021	1,913
2022	121,879
2023	1,846
2024	1,813
Thereafter	83,197
Net premium and debt issue costs	(7,272)
Total	$ 223,653	$ 201,816

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net premium and debt issue costs	$ 7,272
Carrying Value	$ 223,653	$ 201,816
Subordinated principal (as percent)	2.00%
Subordinated Loan [Member] | MMA Financial Holdings Inc. Debt [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 87,605
Net premium and debt issue costs	7,318
Carrying Value	94,923
Subordinated Loan [Member] | MFH Issue 1 [Member]
Debt Instrument [Line Items]
Principal amount of debt	25,869
Net premium and debt issue costs	2,229
Carrying Value	$ 28,098
Maturity Date	March 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 2 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 23,523
Net premium and debt issue costs	2,034
Carrying Value	$ 25,557
Maturity Date	April 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 3 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 13,559
Net premium and debt issue costs	1,084
Carrying Value	$ 14,643
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 4 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 24,654
Net premium and debt issue costs	1,971
Carrying Value	$ 26,625
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company's Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 924	$ 597
Derivative Liability	2,312	117
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		318
Derivative Liability	750
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	91	227
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		52
Derivative Liability	1,562
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 833
Derivative Liability		$ 117

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 108,677	$ 109,685
Basis Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Foreign Exchange Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 3,677	$ 4,685

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ (1,711)	$ (1,442)
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total		(4)
Net proceeds from derivative instrument		200
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(1,079)	(73)
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(136)	(477)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(1,578)	(881)
Net proceeds from derivative instrument		100
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 1,082	$ (7)

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) - Subordinated Debt Obligations [Member] - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 30,800,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	25,200,000
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	$ 39,000,000
Measurement Input, Discount Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt measurement input	15.6	11.7
Measurement Input, Discount Rate [Member] | Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate	12.1
Measurement Input, Discount Rate [Member] | Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate	19.1

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Fair value of bond investments	$ 29,645	$ 31,365
Loans held for investment	1,271	500
Derivative assets	924	597
Liabilities:
Derivative liabilities	2,312	117
Level 2 [Member]
Assets:
Derivative assets	924	597
Liabilities:
Derivative liabilities	2,312	117
Level 3 [Member]
Assets:
Fair value of bond investments	29,645	31,365
Loans held for investment	$ 1,271	$ 500

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
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2019
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	$ 0	$ 3,571
Net unrealized gains (losses) arising during the period	(1,763)	406
Investments in Debt Securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period	1,800
Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at start of period	500
Balance at end of period	1,271
Level 3 [Member] | Investments in Debt Securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at start of period	31,365	97,190
Net change in AOCI (1)	(1,763)	(3,165)
Impacts from sales/redemptions		(12,590)
Impacts from settlements	43	(333)
Balance at end of period	29,645	81,102
Reclassification of net fair value gains on sold/redeemed bonds		3,600
Level 3 [Member] | Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at start of period	500
Net (losses) gain included in earnings	(9)
Impact from loan originations / advances	780
Balance at end of period	$ 1,271
Level 3 [Member] | Derivative Assets [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period		1,130
Net (losses) gains included in earnings		(152)
Impact from settlements		(202)
Balance at ending period		$ 776
Restatement Adjustment [Member] | ASU 2017-08
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Retained earnings			$ (300)

FAIR VALUE (Amount of Activity

FAIR VALUE (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Additional realized gains recognized	$ 3,571
Total net (losses) gains reported in earnings	3,571
Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities held	(72)
Change in unrealized losses related to assets and liabilities settled during the period	(80)
Additional realized gains recognized	148
Total net (losses) gains reported in earnings	$ (4)

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments in debt securities	$ 29,645,000	$ 31,365,000
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 6,114,000	$ 6,026,000
NOI annual growth rate		50.00%
Property bids		$ 50
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.2	7.3
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	6.2	6.2
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | Measurement Input, NOI Annual Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.7
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | Measurement Input, Contract Price [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		16,611,000
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 23,531,000	$ 25,339,000
Available-for-sale, Infrastructure Bonds [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.8	7
Loans Held for Investment
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 1,271,000	$ 500,000
Loans Held for Investment | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable, measurement input	8.4	8
Weighted Average [Member] | Loans Held for Investment | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable, measurement input		8

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Loans held for investment	$ 1,271	$ 500
Level 1 [Member] | Fair Value, Nonrecurring [Member]
Assets:
Cash and cash equivalents	23,164	8,555
Restricted cash	7,009	4,250
Level 3 [Member]
Assets:
Loans held for investment	1,271	500
Level 3 [Member] | Fair Value, Nonrecurring [Member]
Assets:
Loans held for investment		54,276
Liabilities:
Revolving credit facility obligations	120,000	94,500
Non Bond Related Debt [Member] | Level 3 [Member] | Fair Value, Nonrecurring [Member]
Liabilities:
Notes payable and other debt	7,304	10,888
Subordinated Loan [Member] | Level 3 [Member] | MFH [Member] | Fair Value, Nonrecurring [Member]
Liabilities:
Subordinated debt	30,773	46,934
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	23,164	8,555
Restricted cash	7,009	4,250
Loans held for investment		53,600
Liabilities:
Revolving credit facility obligations	120,000	94,500
Reported Value Measurement [Member] | Non Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	8,730	11,828
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFH [Member]
Liabilities:
Subordinated debt	$ 94,923	$ 95,488

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 7,009	$ 4,250
Investments in partnerships	349,362	296,855
Total Assets Pledged	356,371	301,105
Interest rate swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	3,901	1,803
Total Assets Pledged	3,901	1,803
Debt and derivatives | SAWHF [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,374	1,369
Investments in partnerships	4,761	7,732
Total Assets Pledged	$ 6,135	$ 9,101
Ownership interest (as a percent)	11.85%	11.85%
Debt and derivatives TRSs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash		$ 1,070
Investments in partnerships		289,123
Total Assets Pledged		290,193
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 8	8
Total Assets Pledged	8	$ 8
Revolving Credit Facility [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,726
Investments in partnerships	344,601
Total Assets Pledged	$ 346,327

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2020USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Future rental commitments	$ 0

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details)	Mar. 11, 2020shares	Mar. 31, 2020shareholderdirector$ / sharesshares	Dec. 31, 2019$ / sharesshares	Jan. 01, 2019$ / sharesshares	Jan. 03, 2018	May 05, 2015shares
Class of Stock [Line Items]
Preferred shares, shares authorized		5,000,000	5,000,000	5,000,000
Preferred shares, no par value | $ / shares		$ 0	$ 0	$ 0
Maximum percentage of Company stock ownership allowed		9.90%			4.90%
Number of rights issued per common stock						1
Tax benefit agreement term		5 years
Number of shareholders held more than 4.9% | shareholder		2
Number of executives held more than 4.9% | director		1
Common stock, shares, issued		5,702,423	5,701,946
Common stock, shares authorized		50,000,000	50,000,000
Executive Officer [Member]
Class of Stock [Line Items]
Maximum percentage of Company stock ownership allowed		4.90%
Additional authorization of share purchase by exempt person	7,500

EQUITY (Summary of Net (Loss) I

EQUITY (Summary of Net (Loss) Income to Common Shareholders) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
EQUITY
Net income from continuing operations	$ (3,058)	$ 2,889
Net income (loss) from discontinued operations		(7)
Net (loss) income	$ (3,058)	$ 2,882
Basic and diluted weighted-average shares	5,804	5,882

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Balance	$ 281,125	$ 212,910
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net change AOCI	(453)	(3,140)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit	484	0
Balance	277,669	212,467
AOCI
Balance	7,633	37,697
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	(937)	431
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations		3,571
Net change AOCI	(453)	(3,140)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit	484
Balance	7,180	34,557
Investments in Debt Securities [Member]
Balance	7,666	37,625
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	(1,763)	406
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations		3,571
Net change AOCI	(1,279)	(3,165)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit	484
Balance	6,387	34,460
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(33)	72
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	826	25
Net change AOCI	826	25
Other Comprehensive Income (Loss), Tax [Abstract]
Balance	$ 793	$ 97

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)shares
Employees' Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	571,066
Employees' Stock-Based Compensation Plans [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	497,510
Employees' Stock-Based Compensation Plans [Member] | 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 [Member]
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	380,536
Compensation paid in cash (as percentage)	50.00%
Compensation paid in shares (as percentage)	50.00%
Non-employee Directors' Stock-Based Compensation Plans [Member] | Audit Committee Chair [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation | $	$ 15,000
Non-employee Directors' Stock-Based Compensation Plans [Member] | Board Of Directors Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation | $	20,000
Non-employee Directors' Stock-Based Compensation Plans [Member] | Other Committee [Member]
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
	Mar. 31, 2020	Mar. 31, 2019
Non-employee Directors' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 194	$ 164

STOCK-BASED COMPENSATION (Sum_2

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - Non-employee Directors' Stock-Based Compensation Plans [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-employee director compensation, cash	$ 96,875	$ 81,875
Weighted - average Grant Date Share Price	$ 26.73	$ 31.26
Directors' Fees Expense	$ 193,750	$ 163,750
Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	1,777	560
Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	1,847	2,060

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details)	Dec. 20, 2019USD ($)	Apr. 25, 2019USD ($)	Apr. 01, 2019USD ($)	Oct. 04, 2018USD ($)	Jan. 08, 2018USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
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
Consideration on disposal							$ 57,000,000
Notes receivable							$ 57,000,000
Interest rate for note							5.00%
HFS loan acquired by Hunt						$ 54,100,000	$ 1,271,000
Termination fee payable upon termination of Management Agreement							0
External management fees and reimbursable expenses							$ 2,760,000	$ 2,268,000
Term of note receivable							7 years
Equity Method Investments						316,677,000	$ 368,598,000
Reimbursement of compensation related expenses shareholders equity benchmark amount							500,000,000
Financing Receivable, Net, Unpaid Principal Balance						54,100,000	1,280,000
Carrying value of Loan receivable						54,100,000	1,271,000
Investments in partnerships (includes $349,362 and $296,855 pledged as collateral at March 31, 2020 and December 31, 2019, respectively)						316,677,000	368,598,000
Investment in Debt Securities
Net proceeds from sale of affordable house property		$ 13,100,000
Hunt Companies [Member]
Loans and leases receivable from related party				$ 67,000,000		53,600,000
Interest income, related party								800,000
Interest Receivable						700,000	0
Financing Receivable, Net, Unpaid Principal Balance	$ 1,100,000
Carrying value of Loan receivable	300,000
Investments in partnerships (includes $349,362 and $296,855 pledged as collateral at March 31, 2020 and December 31, 2019, respectively)	900,000
Proceeds from the sale of real estate and other investments	3,100,000
Gain (loss) on sale of loans and real estate related investments	1,900,000
Proceeds from loans receivable	$ 13,400,000
Hunt Companies [Member] | External Management Fees and Expenses Reimbursement
Incentive fee					20.00%
External management fee, contract in excess for incentive fee.					7.00%
Related party incentive fee expense							0	0
External management fees and reimbursable expenses							2,800,000	$ 2,300,000
Hunt Companies [Member] | External Management Fees and Expenses Reimbursement | External Manager [Member]
Management fees and expense reimbursements payable						$ 1,200,000	$ 2,800,000
Hunt Companies [Member] | Investment in Debt Securities
Service fees waived by agent		900,000
Hunt Companies [Member] | Investment in Debt Securities
Proceeds from redemption of bonds		$ 900,000
Solar Development Lending, LLC [Member] | Hunt Companies [Member]
Ownership interest			30.00%
Payments to Acquire Equity Method Investments			$ 11,300,000
Minimum [Member] | Hunt Companies [Member] | Affordable Housing Partnerships [Member]
Ownership interest	74.25%
Maximum [Member] | Hunt Companies [Member] | Affordable Housing Partnerships [Member]
Ownership interest	74.92%

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
SEGMENT INFORMATION [Abstract]
Number of reportable segments	1	1