MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity Registrant Name	MMA CAPITAL HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11981
Entity Tax Identification Number	52-1449733
Entity Address, Address Line One	3600 O’Donnell Street, Suite 600
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21224
City Area Code	443
Local Phone Number	263-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Central Index Key	0001003201
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Amendment Flag	false
Entity Common Stock, Shares Outstanding		5,743,570
Entity Shell Company	false
Common Shares
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	MMAC
Security Exchange Name	NASDAQ
Common Stock Purchase Rights [Member]
Title of 12(b) Security	Common Stock Purchase Rights
Trading Symbol	MMAC
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 17,032	$ 28,644
Restricted cash	15,423	17,617
Investments in debt securities (includes $24,709 and $24,741 pledged as collateral at June 30, 2021, and December 31, 2020, respectively)	24,709	31,038
Investments in partnerships (includes $342,310 and $364,990 pledged as collateral at June 30, 2021, and December 31, 2020, respectively)	354,055	376,198
Deferred tax assets, net	63,812	59,083
Other assets (includes $17,934 and $17,973 pledged as collateral at June 30, 2021, and December 31, 2020, respectively)	20,002	20,482
Total assets	495,033	533,062
LIABILITIES AND EQUITY
Debt	212,081	237,805
Accounts payable and accrued expenses	3,951	2,845
Other liabilities	1,568	2,528
Total liabilities	217,600	243,178
Commitments and contingencies (see Note 9)
Preferred shares:
Preferred shares, no par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2021, and December 31, 2020
Common shareholders' equity:
Common shares, no par value, 50,000,000 shares are authorized (5,743,570 and 5,708,920 shares issued and outstanding and 80,422 and 111,032 non-employee directors' deferred shares issued at June 30, 2021, and December 31, 2020, respectively)	274,377	282,227
Accumulated other comprehensive income ("AOCI")	3,056	7,657
Total shareholders' equity	277,433	289,884
Total liabilities and equity	$ 495,033	$ 533,062

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Bonds available-for-sale, pledged as collateral	$ 24,709	$ 24,741
Investments in partnerships, used as collateral	342,310	364,990
Other assets pledged as collateral	$ 17,934	$ 17,973
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)	5,743,570	5,708,920
Common shares, shares outstanding (in shares)	5,743,570	5,708,920
Common shares, non-employee directors' and employee deferred shares (in shares)	80,422	111,032

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income
Interest on bonds	$ 485	$ 556	$ 3,336	$ 1,024
Interest on loans and short-term investments	8	45	21	136
Total interest income	493	601	3,357	1,160
Asset related interest expense
Bond related debt	164	47	327	47
Total interest expense	164	47	327	47
Net interest income	329	554	3,030	1,113
Non-interest income
Equity in income (losses) from unconsolidated funds and ventures	1,824	13,351	(7,856)	17,499
Net gains on bonds	4,080		4,080
Net (losses) gains on derivatives	(859)	(584)	756	(2,295)
Net losses on other assets	(164)	(201)	(222)	(201)
Net gains on loan		20		11
Other income	228	1	231	2
Non-interest income (loss)	5,109	12,587	(3,011)	15,016
Other expenses
Interest expense	1,878	2,418	3,867	4,687
External management fees and reimbursable expenses	1,975	2,449	4,276	5,209
General and administrative	360	372	761	731
Professional fees	1,190	624	2,191	1,333
Impairment losses		8,972		8,972
Other expenses	(156)	(146)	(105)	994
Total other expenses	5,247	14,689	10,990	21,926
Net income (loss) before income taxes	191	(1,548)	(10,971)	(5,797)
Income tax (expense) benefit	(53)	(1,960)	3,026	(769)
Net income (loss)	$ 138	$ (3,508)	$ (7,945)	$ (6,566)
Basic and diluted loss per common share:
Income (loss) per common share	$ 0.02	$ (0.60)	$ (1.36)	$ (1.13)
Weighted-average common shares outstanding:
Basic and diluted	5,824	5,807	5,822	5,806

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 138	$ (3,508)	$ (7,945)	$ (6,566)
Bond related changes:
Net unrealized income (losses)	[1]	224	467	(2,106)	(1,296)
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations		(4,080)		(4,080)
Income tax benefit (expense)		1,059	(128)	1,699	356
Net change in other comprehensive (loss) income due to bonds, net of taxes		(2,797)	339	(4,487)	(940)
Foreign currency translation adjustment		(164)	(110)	(114)	716
Other comprehensive (loss) income		(2,961)	229	(4,601)	(224)
Comprehensive loss		$ (2,823)	$ (3,279)	$ (12,546)	$ (6,790)
[1]	During the six months ended June 30, 2021, net unrealized income (losses) include $2.4 million of net fair value gains that were realized in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Multifamily Tax-Exempt Bond [Member]
Reclassification of net fair value gains on bond investment	$ 2.4

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares	AOCI	Total
Balance at Dec. 31, 2019	$ 273,492	$ 7,633	$ 281,125
Balance (in shares) at Dec. 31, 2019	5,805
Net income (loss)	$ (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
Balance at Dec. 31, 2019	$ 273,492	7,633	281,125
Balance (in shares) at Dec. 31, 2019	5,805
Net income (loss)			(6,566)
Balance at Jun. 30, 2020	$ 267,078	7,409	274,487
Balance (in shares) at Jun. 30, 2020	5,811
Balance at Mar. 31, 2020	$ 270,489	7,180	277,669
Balance (in shares) at Mar. 31, 2020	5,807
Net income (loss)	$ (3,508)		(3,508)
Other comprehensive loss		229	229
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 97		97
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	4
Balance at Jun. 30, 2020	$ 267,078	7,409	274,487
Balance (in shares) at Jun. 30, 2020	5,811
Balance at Dec. 31, 2020	$ 282,227	7,657	289,884
Balance (in shares) at Dec. 31, 2020	5,820
Net income (loss)	$ (8,083)		(8,083)
Other comprehensive loss		(1,640)	(1,640)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 95		95
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	4
Balance at Mar. 31, 2021	$ 274,239	6,017	280,256
Balance (in shares) at Mar. 31, 2021	5,824
Balance at Dec. 31, 2020	$ 282,227	7,657	289,884
Balance (in shares) at Dec. 31, 2020	5,820
Net income (loss)			(7,945)
Balance at Jun. 30, 2021	$ 274,377	3,056	277,433
Balance (in shares) at Jun. 30, 2021	5,824
Balance at Mar. 31, 2021	$ 274,239	6,017	280,256
Balance (in shares) at Mar. 31, 2021	5,824
Net income (loss)	$ 138		138
Other comprehensive loss		(2,961)	(2,961)
Balance at Jun. 30, 2021	$ 274,377	$ 3,056	$ 277,433
Balance (in shares) at Jun. 30, 2021	5,824

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (7,945,000)	$ (6,566,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses and impairment		8,972,000
Net equity in losses (income) from investments in partnerships	7,856,000	(17,499,000)
Net gains on bonds	(4,080,000)
Net losses on other assets and loans	222,000	190,000
Net (gains) losses on derivatives	(1,000,000)	2,291,000
Current and deferred federal income tax expense	(3,088,000)	777,000
Distributions received from investments in partnerships	14,720,000	14,823,000
Depreciation and amortization	367,000	277,000
Foreign currency (gains) losses	(112,000)	994,000
Stock-based compensation expense	95,000	193,000
Other, net	1,259,000	1,923,000
Net cash provided by operating activities	8,294,000	6,375,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes zero and $53,600 from a related party)	4,108,000	53,770,000
Advances on and originations of loans held for investment		(702,000)
Investments in partnerships and real estate	(74,729,000)	(114,651,000)
Capital distributions received from investments in partnerships	74,176,000	39,639,000
Net cash provided by (used in) investing activities	3,555,000	(21,944,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	348,000	112,272,000
Repayment of borrowings	(25,885,000)	(66,890,000)
Debt issuance costs	(118,000)	(723,000)
Repurchase of common shares		(41,000)
Net cash (used in) provided by financing activities	(25,655,000)	44,618,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,806,000)	29,049,000
Cash, cash equivalents and restricted cash at beginning of period	46,261,000	12,805,000
Cash, cash equivalents and restricted cash at end of period	32,455,000	41,854,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	4,041,000	4,313,000
Income taxes paid	82,000
Non-cash investing and financing activities:
Unrealized losses included in other comprehensive loss	(4,601,000)	(224,000)
Debt and liabilities extinguished through sales and collections on bonds	207,000
Hunt Companies [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes zero and $53,600 from a related party)	$ 0	$ 53,600,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Reconciliation) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 17,032	$ 28,644
Restricted cash	15,423	17,617
Total cash, cash equivalents and restricted cash shown in statement of cash flows	$ 32,455	$ 46,261

CONSOLIDATED STATEMENTs OF CA_3

CONSOLIDATED STATEMENTs OF CASH FLOWS (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Principal payments and sales proceeds received on bonds and loans held for investment	$ 4,108,000	$ 53,770,000
Advances on and originations of loans held for investment		702,000
Hunt Companies [Member]
Principal payments and sales proceeds received on bonds and loans held for investment	$ 0	$ 53,600,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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. Unless the context otherwise requires, and when used in these Notes, the “ Company MMA we our us External Manager Hunt Our 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. In addition to renewable energy investments, we continue to own a limited number of bond investments and real estate-related investments, and we continue to have subordinated debt with beneficial economic terms. Further, we have significant net operating loss carryforwards (“ NOLs DTAs We operate as a single Merger and Termination Agreements ​ On May 24, 2021, the Company entered into an Agreement and Plan of Merger (the “ Merger Agreement Parent Merger Sub Termination Agreement ​ Merger Agreement ​ Under the terms of the Merger Agreement, and subject to the terms and conditions thereof, the Company will merge with and into Merger Sub (the “ Merger Effective Time Company Common Stock Merger Consideration DGCL ​ The obligations of the parties to consummate the Merger are subject to the satisfaction or waiver of closing conditions set forth in the Merger Agreement, including, among others, (i) the approval of the Company’s shareholders, (ii) the expiration or termination of any waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “ HSR Act Assignment Agreement ​ Termination Agreement ​ The Company is externally managed by the External Manager pursuant to a Management Agreement dated January 8, 2018 (as amended, the “ Management Agreement ​ Special Meeting of the Company’s Shareholders ​ A special meeting of the shareholders of the Company will be held at 9:00 a.m. on August 10, 2021. At the special meeting, holders of the Company’s common stock entitled to vote at the meeting will be asked to consider and vote upon: ​ ● a proposal to adopt the Merger Agreement, pursuant to which, subject to the terms and conditions of the Merger Agreement, the Company will merge with and into Merger Sub, with Merger Sub continuing as the surviving entity and a wholly owned subsidiary of Parent (the “ Merger Proposal ”); and ​ ● a proposal to approve one or more adjournments of the special meeting to a later date or dates, if necessary or appropriate, including to solicit additional proxies if there are insufficient votes at the time of the special meeting or any adjournment or postponement of the special meeting to approve the Merger Proposal (the “ Adjournment Proposal ”). ​ The Company’s board of directors (the “ Board ​ 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 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 are 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 – Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“ FASB ASU “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” Accounting for Financial Instruments – Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “ .” This guidance is elective and is provided for contract modifications that meet certain Codification topics and subtopics. 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. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification.” discounting transition ​ Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “ .” 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. The adoption of this guidance 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.” In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” 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.” In May 2019, the FASB issued ASU No. 2019-05, “ Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” In November 2019, the FASB issued ASU No. 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” 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).” Accounting for Financial Instruments – General In March 2020, the FASB issued ASU No. 2020-03, “ Codification Improvements to Financial Instruments.”

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	6 Months Ended
	Jun. 30, 2021
INVESTMENTS IN DEBT SECURITIES [Abstract]
Investments in Debt Securities	Note 2—Investments in Debt Securities At June 30, 2021, and December 31, 2020, the Company’s investments in debt securities consisted of one tax-exempt infrastructure bond, while at December 31, 2020, the Company also owned one multifamily tax-exempt mortgage revenue bond. These investments were 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 a mortgage on the underlying property. On May 3, 2021, the Company sold its tax-exempt multifamily bond to a third party for $4.1 million. 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 The following tables provide information about the unpaid principal balance (“ UPB FV ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ June 30, 2021 ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ ​ ​ FV as a % (in thousands) UPB Cost (1) Gains ​ FV of UPB Infrastructure Bond ​ $ 26,205 ​ $ 20,389 ​ $ 4,320 ​ $ 24,709 ​ ​ 94% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ December 31, 2020 ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ ​ ​ ​ FV as a % (in thousands) UPB Cost (1) Gains FV ​ of UPB Infrastructure Bond ​ $ 26,440 ​ $ 20,532 ​ $ 4,209 ​ $ 24,741 ​ ​ 94% Multifamily tax-exempt bond ​ ​ 4,000 ​ ​ — ​ ​ 6,297 ​ ​ 6,297 ​ ​ 157% Total ​ $ 30,440 ​ $ 20,532 ​ $ 10,506 ​ $ 31,038 ​ ​ 102% (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary-impairment (“ OTTI ”) recognized in “Impairments” in our Consolidated Statements of Operations. ​ See Note 7, “Fair Value,” which describes factors that contributed to the $6.3 million decrease in the reported fair value of the Company’s investments in debt securities for the six months ended June 30, 2021. Nonaccrual Bonds At June 30, 2021, and December 31, 2020, the Company had no bonds that were on nonaccrual status. Bond Sales and Redemptions The Company recognized cash proceeds in connection with sales or full redemption of its investments in bonds of $4.1 million for the three months and six months ended June 30, 2021. There were no sales or redemptions in full of investments in bonds during the three months and six months ended June 30, 2020.

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	6 Months Ended
	Jun. 30, 2021
INVESTMENTS IN PARTNERSHIPS [Abstract]
Investment in Partnerships	Note 3—Investments in Partnerships The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Investment in Solar Ventures $ 340,847 $ 363,157 Investments in U.S. real estate partnerships ​ ​ 11,745 ​ ​ 11,208 Investment in South Africa Workforce Housing Fund (" SAWHF ​ ​ 1,463 ​ ​ 1,833 Total investments in partnerships ​ $ 354,055 ​ $ 376,198 ​ Investments Related to the Solar Ventures At June 30, 2021, we were a 50% investor member in the joint ventures through which we invest in renewable energy projects though we may periodically have a minority economic interest as a result of non-pro rata capital contributions made by our capital partner pursuant to a non-pro rata funding agreement between the Company and our capital partner. Distributions from such ventures are generally made in proportion to the members’ respective economic interests but may be made disproportionately to our capital partner, when our capital partner has made non-pro rata capital contributions, until such time that the amount of equity invested by the Company and its capital partner have come back into equal balance. At June 30, 2021, the Company held a minority economic interest of 33.5%, 45.0% and 34.7% in Solar Construction Lending, LLC (“ SCL SPL SDL Solar Ventures REL At June 30, 2021, the carrying value of the Company’s equity investments in SCL, SPL and SDL was $73.0 million, $87.2 million and $180.6 million, respectively. None of these investees were assessed to constitute a Variable Interest Entity (“ VIE 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. The amortization expense related to the Company’s basis difference was $0.2 million for the three months ended June 30, 2021, and June 30, 2020, and $0.4 million for the six months ended June 30, 2021, and June 30, 2020. At June 30, 2021, and December 31, 2020, the unamortized balance of the Company’s basis difference was $1.8 million and $2.2 million, respectively. During the period from June 30, 2021, through August 2, 2021, the Company and its capital partner in SCL and SDL funded various non-pro rata capital contributions, whereby our capital partner contributed $20.0 million of $30.0 million in SCL capital calls, while the Company contributed the balance of these capital calls, or $10.0 million. Additionally, our capital partner contributed the full $63.4 million in SDL capital calls, while the Company received the full $10.0 million of distributions from SDL. As a consequence of these non-pro rata capital contributions and distributions, at August 2, 2021, our economic interest in SDL decreased to 29.7%. There was no change in our economic interest in SCL and SPL during the period from June 30, 2021, through August 2, 2021. The aforementioned non-pro rata capital contributions and distributions made during such period resulted in an overall weighted-average investment in the Solar Ventures of 33.6% at August 2, 2021. 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 ​ ​ June 30, ​ December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ Total assets (1) ​ $ 929,271 ​ $ 831,077 Other liabilities (2) ​ ​ 2,598 ​ ​ 4,059 ​ (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 (loss) of all renewable energy related investees in which the Company had an equity method investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Gross revenue ​ $ 16,329 ​ $ 24,596 ​ $ 29,822 ​ $ 46,417 Operating expenses ​ ​ 2,005 ​ ​ 1,521 ​ ​ 3,949 ​ ​ 3,542 Net income (loss) and net income (loss) attributable to the entities (1) ​ ​ 9,685 ​ ​ 32,005 ​ ​ (10,632) ​ ​ 42,831 ​ (1) Net income includes $4.6 million and $36.5 million of net fair value losses for the three and six months ended June 30, 2021, respectively, and excludes $17.7 million and $33.6 million of interest income given the nonaccrual treatment of certain loans for the three and six months ended June 30, 2021, respectively. Net income for the three months ended June 30, 2020, includes $8.9 million of net fair value gains related to loans funded by the Solar Ventures. Net fair value gains related to funded loans that were recognized during the six months ended June 30, 2020, were immaterial. ​ Investments in U.S. Real Estate Partnerships At June 30, 2021, the $11.7 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 following table provides information about the total assets, debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ Total assets ​ $ 46,829 ​ $ 47,632 Debt ​ ​ 6,987 ​ ​ 6,644 Other liabilities ​ ​ 9,167 ​ ​ 9,612 ​ 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 ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Gross revenue ​ $ 401 ​ $ 549 ​ $ 923 ​ $ 1,191 Operating expenses ​ ​ 432 ​ ​ 392 ​ ​ 961 ​ ​ 1,107 Net loss and net loss attributable to the entity ​ ​ (713) ​ ​ (645) ​ ​ (1,229) ​ ​ (1,400) ​ Investment in SAWHF SAWHF was determined not to be a VIE, and therefore, the Company accounts for this investment using the equity method of accounting. At June 30, 2021, the carrying value of the Company’s 11.85% equity investment in SAWHF was $1.5 million. The following table provides information about the carrying value of total assets and other liabilities of SAWHF: ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ Total assets ​ $ 12,717 ​ $ 15,861 Other liabilities ​ ​ 126 ​ ​ 150 ​ The following table provides information about the gross revenue, operating expenses and net income of SAWHF: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Gross revenue ​ $ 357 ​ $ 405 ​ $ 366 ​ $ 1,517 Operating expenses ​ ​ 101 ​ ​ 145 ​ ​ 218 ​ ​ 636 Net income and net income attributable to the entity ​ ​ 118 ​ ​ 1,045 ​ ​ 458 ​ ​ 1,121 ​

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2021
OTHER ASSETS [Abstract]
Other Assets	Note 4—Other Assets The following table provides information related to the carrying value of the Company’s other assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Other assets: ​ ​ ​ ​ ​ ​ Real estate owned ​ $ 15,632 ​ $ 15,510 Debt issue costs ​ ​ 1,417 ​ ​ 2,004 Equity investments ​ ​ 2,302 ​ ​ 2,463 Derivative assets ​ ​ 242 ​ ​ 61 Accrued interest receivable ​ ​ 138 ​ ​ 139 Other assets ​ ​ 271 ​ ​ 305 Total other assets ​ $ 20,002 ​ $ 20,482 ​ Real Estate Owned (“REO”) The following table provides information about the carrying value of the Company’s REO held for use, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Land improvements ​ $ 13,013 ​ $ 12,891 Land ​ ​ 2,619 ​ ​ 2,619 Total ​ $ 15,632 ​ $ 15,510 ​ 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. Since the Company’s REO has not been placed in service, no depreciation expense was recognized in connection with this land investment for the three months and six months ended June 30, 2021, and June 30, 2020, nor were any impairment losses recognized by the Company during these periods in connection with our REO. Debt Issuance Costs The Company incurred, but deferred in the Consolidated Balance Sheets, $3.4 million of debt issuance costs in connection with the execution by MMA Energy Holdings, LLC (“ MEH Borrower Equity Investments On May 22, 2020, the Company received a $2.9 million pro rata distribution from SAWHF of 7.2 million shares of a residential real estate investment trust (“ REIT ”) that are listed on the Main Board of the Johannesburg Stock Exchange (“ JSE ”). These REIT shares, which trade under the trading symbol “TPF,” are reported at their fair value and are denominated in South African rand. These shares are pledged as collateral to the SAWHF debt included within notes payable and other debt. At June 30, 2021, the carrying value of these shares was $2.3 million. See Note 5, “Debt,” Note 7, “Fair Value,” and Note 8, “Guarantees and Collateral” for more information. Derivative Assets At June 30, 2021, and December 31, 2020, the Company recognized $0.2 million and $0.1 million, respectively, of derivative assets. See Note 6, “Derivative Instruments,” for more information. Loans Held For Investment On January 3, 2020, the UPB of $53.6 million of the Hunt Note was repaid and on December 30, 2020, the UPB of $1.3 million of the Company’s renewable energy-related loan was repaid. The Company had no unfunded loan commitments at June 30, 2021, and December 31, 2020.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
DEBT [Abstract]
Debt	Note 5—Debt The table below provides information about the carrying values and weighted-average effective interest rates of the Company’s debt obligations that were outstanding at June 30, 2021, and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ At ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ Effective ​ ​ ​ Carrying ​ Interest ​ ​ Carrying ​ Interest ​ (dollars in thousands) Value (4) Rate (4) Value (4) Rate (4) ​ Other Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated debt (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ $ 2,198 ​ 1.5 % ​ $ 2,217 ​ 1.5 % Due after one year ​ ​ 89,899 ​ 1.5 ​ ​ ​ 90,995 ​ 1.5 ​ Revolving credit facility debt obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ ​ — ​ — ​ ​ ​ — ​ — ​ Due after one year ​ ​ 79,150 ​ 6.1 ​ ​ ​ 103,700 ​ 5.6 ​ Notes payable and other debt (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ ​ 4,159 ​ 14.7 ​ ​ ​ 4,206 ​ 13.7 ​ Due after one year ​ ​ 13,688 ​ 5.2 ​ ​ ​ 13,533 ​ 5.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other debt ​ ​ 189,094 ​ 4.0 ​ ​ ​ 214,651 ​ 4.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Related Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Payable and Other Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bond related debt (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ ​ 22,987 ​ 2.5 ​ ​ ​ 242 ​ 2.5 ​ Due after one year ​ ​ — ​ ​ ​ ​ ​ 22,912 ​ 2.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total asset related debt ​ ​ 22,987 ​ 2.5 ​ ​ ​ 23,154 ​ 2.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 212,081 ​ 3.8 % ​ $ 237,805 ​ 3.8 % (1) The subordinated debt balances include net cost basis adjustments of $6.7 million and $6.9 million at June 30, 2021, and December 31, 2020, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issuance costs of $0.2 million at June 30, 2021, and December 31, 2020. (3) Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs of $0.1 million at June 30, 2021, and December 31, 2020. (4) 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 is reset. Covenant Compliance and Debt Maturities The following table provides information about scheduled principal payments associated with the Company’s debt agreements that were outstanding at June 30, 2021: ​ ​ ​ ​ ​ ​ ​ Asset Related Debt (in thousands) and Other Debt 2021 $ 1,115 2022 ​ ​ 107,940 2023 ​ ​ 11,568 2024 ​ ​ 1,813 2025 ​ ​ 3,131 Thereafter ​ ​ 80,066 Net premium and debt issue costs ​ ​ 6,448 Total debt ​ $ 212,081 ​ On February 24, 2021, a prospective purchaser filed a special litigation lien, known as a Lis Pendens, on the entire 150-acre property of our direct investment in real estate. The Company intends to vigorously defend against these claims and pursue available remedies. The Company has filed its own slander of title lawsuit against the prospective purchaser for wrongly filing the Lis Pendens on the entire 150-acre property rather than the 26-acres in dispute. Although the Company has filed motions to dismiss the lawsuit and the Lis Pendens, unless and until dismissed, the Lis Pendens constitutes a default under the Company’s financing of this property. The Company has been in communication with the lender and does not expect the lender to take any action in respect of the default in light of the lender’s first lien position but can provide no assurance that the lender will not take any action. At June 30, 2021, the UPB of this note payable was $9.7 million. Refer to Note 9, “Commitments and Contingencies,” for more information. At June 30, 2021, the Company was in compliance with all other covenants under its debt arrangements. Other Debt Other debt of the Company finances non-interest-bearing assets and other business activities of the Company. The interest expense associated with this debt is classified as “Interest expense” under “Other expenses” on the Consolidated Statements of Operations. Subordinated Debt The table below provides information about the key terms of the subordinated debt that was issued by MMA Financial Holdings, Inc. (“ MFH ”), the Company’s wholly owned subsidiary, and that was outstanding at June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Net Premium ​ ​ ​ ​ Interim ​ ​ ​ ​ ​ ​ ​ ​ ​ and Debt ​ Carrying ​ Principal ​ ​ ​ ​ Issuer UPB Issuance Costs Value Payments (1) Maturity Date Coupon MFH $ 25,229 $ 2,035 $ 27,264 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH ​ ​ 22,941 ​ ​ 1,847 ​ ​ 24,788 ​ Amortizing ​ April 30, 2035 ​ three-month LIBOR plus 2.0% MFH ​ ​ 13,224 ​ ​ 985 ​ ​ 14,209 ​ Amortizing ​ July 30, 2035 ​ three-month LIBOR plus 2.0% MFH ​ ​ 24,043 ​ ​ 1,793 ​ ​ 25,836 ​ Amortizing ​ July 30, 2035 ​ three-month LIBOR plus 2.0% Total ​ $ 85,437 ​ $ 6,660 ​ $ 92,097 ​ ​ ​ ​ ​ ​ (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 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 At June 30, 2021, the UPB Notes Payable and Other Debt At June 30, 2021, 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 $4.0 million. This debt, which is denominated in South African rand, has a maturity date of January 18, 2022, and requires the Company to pay its counterparty a rate equal to the Johannesburg Interbank Agreed Rate (“ JIBAR At June 30, 2021, the UPB MGM Principals At June 30, 2021, and December 31, 2020, $9.6 million and $9.4 million, respectively, of notes payable and other debt obligations relates to financing that was obtained to finance the development of our direct investment in real estate. This debt obligation is secured by our REO and is guaranteed by the Company. The contractual maturity date of this facility is June 1, 2023, although the facility is subject to three extension options (at the discretion of the borrower and lender): (i) the first extension term would expire on November 1, 2023; (ii) the second extension term would expire on May 1, 2024, and (iii) the final amortized term would expire three years after the initial term, first extension term and second extension term, as applicable. Amounts drawn from this debt facility are repayable on an interest only basis at a rate of 4.85% with all outstanding principal due at maturity during the initial term, first extension term and second extension term. However, during the final extension term the debt bears interest at a rate of three-month LIBOR plus 3.0% per annum, subject to a 5.0% floor with principal amortization required monthly over the three-year extension term. At June 30, 2021, the UPB of this debt obligation was $9.7 million. 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. At June 30, 2021, and December 31, 2020, the carrying value of $23.0 million and $23.2 million, respectively, of asset related debt was recognized in connection with the conveyance of our Infrastructure Bond in the second quarter of 2020 to our counterparty for a total return swap (“ TRS At June 30, 2021, under the terms of this TRS agreement, which has a maturity date of June 6, 2022, the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bond (UPB of $26.2 million with a pay rate of 6.3% at June 30, 2021). The Company is required to pay the counterparty a rate that is based upon the Securities Industry and Financial Markets Association (“ SIFMA Letters of Credit The Company had no letters of credit outstanding at June 30, 2021, and December 31, 2020.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
DERIVATIVE INSTRUMENTS [Abstract]
Derivative Instruments	Note 6—Derivative Instruments The Company uses derivative instruments for various purposes. Pay-fixed interest rate swaps, interest rate basis swaps and interest rate caps are used to manage interest rate risk. Foreign currency forward exchange agreements are used to manage currency risk associated with the financing of our SAWHF equity investment. On July 28, 2021, the Company terminated its foreign currency hedge positions. 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) gains on derivatives.” Derivative assets are presented in the Consolidated Balance Sheets as a component of “Other assets” and derivative liabilities are presented in the Consolidated Balance Sheets as a component of “Other liabilities.” The following table provides information about the carrying value of the Company’s derivative instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ At ​ At ​ ​ June 30, 2021 ​ December 31, 2020 (in thousands) Assets Liabilities Assets Liabilities Basis swaps ​ $ — ​ $ 133 ​ $ — ​ $ 542 Interest rate caps ​ ​ 242 ​ ​ — ​ ​ 61 ​ ​ — Interest rate swaps ​ ​ — ​ ​ 999 ​ ​ — ​ ​ 1,665 Foreign currency forward exchange ​ ​ — ​ ​ 298 ​ ​ — ​ ​ 86 Gain share arrangement (1) ​ ​ — ​ ​ 138 ​ ​ — ​ ​ 96 Total carrying value of derivative instruments ​ $ 242 ​ $ 1,568 ​ $ 61 ​ $ 2,389 ​ (1) Refer to Note 5, “Debt” for more information. ​ The following table provides information about the notional amounts of the Company’s derivative instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Amounts ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Basis swaps ​ $ 35,000 ​ $ 35,000 Interest rate caps ​ ​ 35,000 ​ ​ 35,000 Interest rate swaps ​ ​ 35,000 ​ ​ 35,000 Foreign currency forward exchange ​ ​ 4,606 ​ ​ 4,494 Total notional amount of derivative instruments ​ $ 109,606 ​ $ 109,494 ​ 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 ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Basis swaps (1) ​ ​ (148) ​ ​ 143 ​ $ 371 ​ $ (936) Interest rate caps ​ ​ (131) ​ ​ (18) ​ ​ 181 ​ ​ (154) Interest rate swaps (2) ​ ​ (268) ​ ​ (466) ​ ​ 461 ​ ​ (2,044) Foreign currency forward exchange ​ ​ (215) ​ ​ (207) ​ ​ (213) ​ ​ 875 Gain share arrangement ​ ​ (97) ​ ​ (36) ​ ​ (44) ​ ​ (36) Total net (losses) gains of derivative instruments ​ $ (859) ​ $ (584) ​ $ 756 ​ $ (2,295) (1) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash paid was de minimis for the three months ended June 30, 2021, and June 30, 2020. Net cash paid was de minimis for the six months ended June 30, 2021, and net cash received was de minimis for the six months ended June 30, 2020. (2) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash paid was $0.1 million and $0.2 million for the three months and six months ended June 30, 2021. Net cash received was de minimis for the three months and six months ended June 30, 2020.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2021
FAIR VALUE [Abstract]
Fair Value	Note 7—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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ Fair Value Measurements (in thousands) 2021 Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in debt securities ​ $ 24,709 ​ $ — ​ $ — ​ $ 24,709 Equity investments ​ ​ 2,302 ​ ​ 2,302 ​ ​ — ​ ​ — Derivative instruments ​ ​ 242 ​ ​ — ​ ​ 242 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ 1,568 ​ $ — ​ $ 1,568 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Fair Value Measurements (in thousands) 2020 Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in debt securities ​ $ 31,038 ​ $ — ​ $ — ​ $ 31,038 Equity investments ​ ​ 2,463 ​ ​ 2,463 ​ ​ — ​ ​ — Derivative instruments ​ ​ 61 ​ ​ — ​ ​ 61 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ 2,389 ​ $ — ​ $ 2,389 ​ $ — ​ Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended June 30, 2021: ​ ​ ​ ​ ​ ​ Investments in (in thousands) Debt Securities Balance, April 1, 2021 ​ $ 28,753 Net gains included in earnings (1) ​ ​ 4,080 Net change in AOCI (2) ​ ​ (3,855) Impact from sales or redemptions ​ ​ (4,080) Impact from settlements (3) ​ ​ (189) Balance, June 30, 2021 ​ $ 24,709 (1) This amount represents $4.1 million of net fair value gains that were realized during this reporting period in connection with the sale of the Company’s tax-exempt multifamily bond investment. (2) This amount represents the reclassification into the Consolidated Statements of Operations of $4.1 million of net fair value gains related to the Company’s tax-exempt multifamily bond investment that was sold during this period. This decline was partially offset by $0.2 million of net unrealized gains recognized during this reporting period in connection with the Company’s bond investment. (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 June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ ​ ​ in Debt ​ Loans Held for ​ Derivative (in thousands) Securities Investment ​ Liabilities Balance, April 1, 2020 ​ $ 29,645 ​ $ 1,271 ​ $ — Net losses included in earnings (1) ​ ​ — ​ ​ 20 ​ ​ (36) Net change in AOCI (2) ​ ​ 467 ​ ​ — ​ ​ — Impact from sales or redemptions ​ ​ — ​ ​ ​ ​ ​ — Impact from settlements (3) ​ ​ (124) ​ ​ — ​ ​ — Balance, June 30, 2020 ​ $ 29,988 ​ $ 1,291 ​ $ (36) (1) This amount represents $20 thousand of unrealized gains recognized during this reporting period in connection with the Company’s loan investment held at June 30, 2020. This amount is classified as “Net gains on loans” in the Company’s Consolidated Statement of Operations. In addition, the Company recognized $36 thousand of unrealized losses during this reporting period related to the gain share arrangement that is classified as “Net (losses) gains on derivatives” in the Company’s Statement of Operations. (2) This amount represents $0.5 million of net unrealized gains 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 six months ended June 30, 2021: ​ ​ ​ ​ ​ Investments ​ ​ in Debt (in thousands) Securities Balance, January 1, 2021 ​ $ 31,038 Net gains included in earnings (1) ​ ​ 4,080 Net change in AOCI (2) ​ ​ (6,186) Impact from sales or redemptions ​ ​ (4,080) Impact from settlements (3) ​ ​ (143) Balance, June 30, 2021 ​ $ 24,709 (1) This amount represents $4.1 million of net fair value gains that were realized during this reporting period in connection with the sale of the Company’s tax-exempt multifamily bond investment. (2) This amount represents the reclassification into the Consolidated Statements of Operations of $4.1 million of net fair value gains related to the Company’s tax-exempt multifamily bond investment during this period and $2.1 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 six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ in Debt ​ Loans Held for ​ Derivative (in thousands) Securities Investment Liabilities Balance, January 1, 2020 ​ $ 31,365 ​ $ 500 ​ $ — Net losses included in earnings (1) ​ ​ — ​ ​ 11 ​ ​ (36) Net change in AOCI (2) ​ ​ (1,296) ​ ​ — ​ ​ — Impact from loan originations ​ ​ — ​ ​ 780 ​ ​ — Impact from settlements (3) ​ ​ (81) ​ ​ — ​ ​ — Balance, June 30, 2020 ​ $ 29,988 ​ $ 1,291 ​ $ (36) (4) This amount represents $11 thousand of unrealized losses recognized during this reporting period in connection with the Company’s loan investment held at June 30, 2020. This amount is classified as “Net gains on loans” in the Company’s Consolidated Statement of Operations. In addition, the Company recognized $36 thousand of unrealized losses during this reporting period related to the gain share arrangement that is classified as “Net (losses) gains on derivatives” in the Company’s Statement of Operations. (5) This amount represents $1.3 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. (6) This impact considers the effect of principal payments received and amortization of cost basis adjustments. 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, Municipal Market Data or SIFMA index rates, 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 net operating income 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. 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 June 30, 2021 ​ ​ ​ ​ ​ 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 $ 24,709 ​ Discounted cash flow ​ Market yield ​ ​ 7.02 % ​ 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, 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 $ 24,741 ​ Discounted cash flow ​ Market yield ​ ​ 7.1 % ​ N/A ​ Multifamily tax-exempt bond ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated cash flow ​ 6,297 ​ Discounted cash flow ​ Market yield ​ ​ 6.9 ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ Capitalization rate ​ ​ 6.4 ​ ​ 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. Nonrecurring Changes in Fair Value There were no nonrecurring fair value adjustments recognized by the Company during the three months and six months ended June 30, 2021. At June 30, 2020, the Company’s equity investment in SF Venture was assessed to be other-than-temporarily impaired. Consequently, the Company adjusted the carrying value of such investment to its fair value as of such reporting date, which was estimated by determining the Company’s share of the net asset value (“ NAV Venture at June 30, 2020, where the assets and liabilities of the SF Venture were adjusted to their fair values as of such reporting date and a discount for lack of marketability was then applied to the Company’s share of the measured NAV of the SF Venture. The Company recognized a $9.0 million impairment loss in adjusting this investment’s carrying value to its measured fair value at June 30, 2020. Because of the limited observability of certain valuation inputs that were used to measure the fair value of this equity investment, it was classified as level 3 in the fair value hierarchy at June 30, 2020. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ June 30, 2021 ​ ​ Carrying ​ Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 17,032 ​ $ 17,032 ​ $ — ​ $ — Restricted cash ​ ​ 15,423 ​ ​ 15,423 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable and other debt - bond related ​ ​ 22,987 ​ ​ — ​ ​ — ​ ​ 23,060 Notes payable and other debt - non-bond related ​ ​ 17,847 ​ ​ — ​ ​ — ​ ​ 17,790 Revolving credit facility obligations ​ ​ 79,150 ​ ​ — ​ ​ — ​ ​ 79,150 Subordinated debt issued by MFH ​ ​ 92,097 ​ ​ — ​ ​ — ​ ​ 63,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ December 31, 2020 ​ ​ Carrying ​ Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 28,644 ​ $ 28,644 ​ $ — ​ $ — Restricted cash ​ ​ 17,617 ​ ​ 17,617 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable and other debt - bond related ​ ​ 23,154 ​ ​ — ​ ​ — ​ ​ 23,267 Notes payable and other debt - non-bond related ​ ​ 17,739 ​ ​ — ​ ​ — ​ ​ 17,552 Revolving credit facility obligations ​ ​ 103,700 ​ ​ — ​ ​ — ​ ​ 103,700 Subordinated debt issued by MFH ​ ​ 93,212 ​ ​ — ​ ​ — ​ ​ 53,204 ​ Valuation Techniques Cash and cash equivalents and restricted cash Notes payable and other debt Subordinated debt 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

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	6 Months Ended
	Jun. 30, 2021
GUARANTEES AND COLLATERAL [Abstract]
GUARANTEES AND COLLATERAL	Note 8—Guarantees and Collateral Guarantees The Company has guaranteed the performance of payment obligations of certain of its subsidiaries under various debt agreements to third parties. The Company has guaranteed all MFH payment obligations and performance under the terms of the Company’s subordinated debt. However, the Company’s guarantee of the subordinated debt is subordinated to repayment of any senior debt of the Company. Additionally, 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. Furthermore, the Company agreed to guarantee all payment and performance obligations of the borrower associated with financing obtained in the second quarter of 2020 related to our direct investment in real estate that is in process of development. Currently, the Company expects that it will not need to make any payments under these guarantees. Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at June 30, 2021, and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ June 30, 2021 ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ Total ​ ​ Restricted ​ in Debt ​ Investments in ​ ​ Other ​ Assets (in thousands) Cash ​ Securities Partnerships ​ ​ Assets ​ Pledged Debt related to the revolving credit facility ​ $ 1,011 ​ $ — ​ $ 340,847 ​ $ — ​ $ 341,858 Debt related to the Infrastructure Bond investment ​ ​ 9,827 ​ ​ 24,709 ​ ​ — ​ ​ — ​ ​ 34,536 Debt related to the Company's REO ​ ​ 250 ​ ​ — ​ ​ — ​ ​ 15,632 ​ ​ 15,882 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF ​ ​ 1,375 ​ ​ — ​ ​ 1,463 ​ ​ 2,302 ​ ​ 5,140 Interest rate swaps ​ ​ 2,960 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,960 Total ​ $ 15,423 ​ $ 24,709 ​ $ 342,310 ​ $ 17,934 ​ $ 400,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ December 31, 2020 ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Restricted ​ in Debt ​ Investments in ​ Other ​ Assets (in thousands) Cash ​ Securities Partnerships ​ Assets ​ Pledged Debt related to the revolving credit facility ​ $ 1,502 ​ $ — ​ $ 363,157 ​ $ — ​ $ 364,659 Debt related to the Infrastructure Bond investment ​ ​ 10,020 ​ ​ 24,741 ​ ​ — ​ ​ — ​ ​ 34,761 Debt related to the Company's REO ​ ​ 250 ​ ​ — ​ ​ — ​ ​ 15,510 ​ ​ 15,760 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF ​ ​ 1,374 ​ ​ — ​ ​ 1,833 ​ ​ 2,463 ​ ​ 5,670 Interest rate swaps ​ ​ 4,463 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,463 Other ​ ​ 8 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8 Total ​ $ 17,617 ​ $ 24,741 ​ $ 364,990 ​ $ 17,973 ​ $ 425,321 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and Contingencies	Note 9—Commitments and Contingencies Operating Leases The Company had no future rental commitments at June 30, 2021. The Company engaged our External Manager to manage the Company’s continuing operations on January 8, 2018, and conveyed all its operating lease agreements to Hunt at such time. 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. On February 11, 2021, SAH 2001 Fund III MM, Inc. (“ SAH Jolt TC Fund I Fund MTA The Company and a prospective purchaser of a 26-acre portion of the Company’s one direct investment in real estate in Virginia are engaged in a dispute over the prospective purchaser’s option to acquire such portion of the property. The prospective purchaser has filed a lawsuit seeking, among other things, to compel the sale to the prospective purchaser and filed a special litigation lien, known as a Lis Pendens, on the entire 150-acre property. The Company intends to vigorously defend against these claims and pursue available remedies. The Company has filed its own slander of title lawsuit against the prospective purchaser for wrongly filing the Lis Pendens on the entire 150-acre property rather than the 26-acres in dispute. Although the Company has filed motions to dismiss the lawsuit and the Lis Pendens, unless and until dismissed, the Lis Pendens constitutes a default under the Company’s financing for the property. The Company has been in communication with the lender and does not expect the lender to take any action in respect of the default in light of the lender’s first lien position but can provide no assurance that the lender will not take any action. At June 30, 2021, the UPB of this note payable was $9.7 million. On May 24, 2021, the Company, the Parent and the Merger Sub entered into a Merger Agreement, pursuant to which the Company will merge with and into Merger Sub. Upon completion of the Merger, Merger Sub will be the surviving entity, continuing as a wholly owned subsidiary of Parent, and the separate corporate existence of the Company will cease. The Company filed with the SEC on July 13, 2021, its definitive proxy statement relating to the proposed transaction (the “ Proxy Statement After the Company filed the Proxy Statement, various plaintiffs filed lawsuits related to the proposed transaction. Six plaintiffs filed individual actions in federal courts, alleging violations of the Securities Exchange Act of 1934 (“ Exchange Act Beraud v. MMA Capital Holdings, Inc., et al. Ciccotelli v. MMA Capital Holdings, Inc., et al. Morgan v. MMA Capital Holdings, Inc., et al. Ryan v. MMA Capital Holdings, Inc., et al. Whitfield v. MMA Capital Holdings, Inc., et al. ; and Reinhardt v. MMA Capital Holdings, Inc., et al, “ Defendants In a seventh case, Cohen v. Michael Falcone, et al. While the Company believes that the disclosures in connection with the proposed transaction, including those set forth in the Proxy Statement, comply fully with applicable law, the Company has voluntarily supplemented the Proxy Statement with the supplemental disclosures set forth in a Current Report on Form 8-K filed with the SEC on August 3, 2021 (the “ Supplemental Disclosures Plaintiffs’ counsel have agreed in six of the seven cases that the Supplemental Disclosures render their respective lawsuits moot. The Company has not heard from counsel in the seventh case, Beraud v. MMA Capital Holdings, Inc., et al. At June 30, 2021, we had no other 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 We continue to monitor the economic impact of the COVID-19 pandemic on the performance of our other investments and underlying real estate values. Although we have not recognized impairment charges during the first quarter of 2021, we believe it is reasonably possible that we may be required to recognize one or more material impairment charges over the next 12 months, particularly if underlying economic conditions deteriorate. Because any such impairment charge will be based on future circumstances, we cannot predict at this time whether we will be required to recognize any further impairment charges and, if required, the timing or amount of any impairment charge. With respect to recognized DTAs, 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 June 30, 2021. Given such uncertainty and other factors pertaining to the Company’s exposure to loans made by the Solar Ventures to renewable energy projects that are located in the Electric Reliability Council of Texas (“ ERCOT

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2021
EQUITY [Abstract]
Equity	Note 10—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 June 30, 2021, 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 June 30, 2021, 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 ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Net income (loss) ​ $ 138 ​ $ (3,508) ​ $ (7,945) ​ $ (6,566) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted-average shares (1) ​ ​ 5,824 ​ ​ 5,807 ​ ​ 5,822 ​ ​ 5,806 (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 NOLs 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 needed, whichever comes first. Subsequently, shareholders ratified the Board’s decision to extend the Rights Plan at the Company’s 2020 annual meeting of shareholders. On May 24, 2021, prior to the execution of the Merger Agreement, the Company amended its Rights Plan to provide that neither Parent nor Merger Sub nor any of their affiliates or associates will be deemed to be or become (i) an “Acquiring Person” as a result of the approval, adoption, execution, delivery and/or amendment of the Merger Agreement or the various voting agreements, (ii) a “Beneficial Owner” of, or have “Beneficial Ownership” of, or to “beneficially own” any shares of Company common stock under the Rights Plan; and (iii) neither a “Distribution Date” nor a “Stock Acquisition Date” under the Rights Plan will occur or be deemed to have occurred as a result of the approval, adoption, execution, delivery, and/or amendment of the Merger Agreement or various voting agreements; (iv) the rights issued under the Rights Plan will expire immediately prior to the effective time under the Merger Agreement, if the effective time occurs, and (v) nothing in the Rights Plan will be construed to give holders of rights certificates (or holders of Company Common Stock prior to the distribution date of the rights) under the Rights Plan any rights, remedies or claims as a result of the approval, adoption, execution, delivery, and/or amendment of the Merger Agreement or the various voting agreements. Such amendment will terminate automatically and will have no force or effect upon a termination of the Merger Agreement. A copy of the third amendment to the Rights Plan was included as an exhibit to a Form 8-K that the Company filed with the SEC on May 24, 2021 and incorporated by reference in this Report. 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 June 30, 2021, the Company had two shareholders who held greater than a 4.9% interest in the Company, one of whom is its former Chief Executive Officer and current Chairman of the Board, Michael L. Falcone. Upon Mr. Falcone’s resignation as Chief Executive Officer on August 12, 2020, he became eligible for Board compensation. Pursuant to the policy of our Governance Committee, each Board member receives one-half of his or her Board compensation in common shares. On November 5, 2020, the Board adopted an Amended and Restated 2012 Non-Employee Directors’ Compensation Plan to coordinate elements of the Rights Plan and share compensation for directors. In addition, the Board named Mr. Falcone an exempted person in accordance with the Rights Plan for purposes of his share-based Board compensation. Accumulated Other Comprehensive Income The following table provides information related to the net change in AOCI for the three months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ ​ in Debt ​ Currency ​ ​ ​ (in thousands) Securities Translation AOCI Balance, April 1, 2021 ​ $ 5,931 ​ $ 86 ​ $ 6,017 Net unrealized gains (losses) ​ ​ 224 ​ ​ (164) ​ ​ 60 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations ​ ​ (4,080) ​ ​ — ​ ​ (4,080) Income tax benefit ​ ​ 1,059 ​ ​ — ​ ​ 1,059 Net change in AOCI ​ ​ (2,797) ​ ​ (164) ​ ​ (2,961) Balance, June 30, 2021 ​ $ 3,134 ​ $ (78) ​ $ 3,056 ​ The following table provides information related to the net change in AOCI for the three months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ ​ in Debt ​ Currency ​ ​ ​ (in thousands) Securities Translation ​ AOCI Balance, April 1, 2020 ​ $ 6,387 ​ $ 793 ​ $ 7,180 Net unrealized gains (losses) ​ ​ 467 ​ ​ (110) ​ ​ 357 Income tax expense ​ ​ (128) ​ ​ — ​ ​ (128) Net change in AOCI ​ ​ 339 ​ ​ (110) ​ ​ 229 Balance, June 30, 2020 ​ $ 6,726 ​ $ 683 ​ $ 7,409 The following table provides information related to the net change in AOCI for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ ​ in Debt ​ Currency ​ ​ ​ (in thousands) Securities Translation AOCI Balance, January 1, 2021 ​ $ 7,621 ​ $ 36 ​ $ 7,657 Net unrealized losses ​ ​ (2,106) ​ ​ (114) ​ ​ (2,220) Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations ​ ​ (4,080) ​ ​ — ​ ​ (4,080) Income tax benefit ​ ​ 1,699 ​ ​ — ​ ​ 1,699 Net change in AOCI ​ ​ (4,487) ​ ​ (114) ​ ​ (4,601) Balance, June 30, 2021 ​ $ 3,134 ​ $ (78) ​ $ 3,056 ​ The following table provides information related to the net change in AOCI for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ in Debt ​ Currency ​ ​ (in thousands) Securities Translation AOCI Balance, January 1, 2020 ​ $ 7,666 ​ $ (33) ​ $ 7,633 Net unrealized (losses) gains ​ ​ (1,296) ​ ​ 716 ​ ​ (580) Income tax benefit ​ ​ 356 ​ ​ — ​ ​ 356 Net change in AOCI ​ ​ (940) ​ ​ 716 ​ ​ (224) Balance, June 30, 2020 ​ $ 6,726 ​ $ 683 ​ $ 7,409 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION [Abstract]
Stock-Based Compensation	Note 11—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 Plans Non-employee Directors’ Stock-Based Compensation Plans Employees’ Stock-Based Compensation Plans The following table provides information related to total compensation expense that was recorded for these Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Non-employee Directors’ Stock-Based Compensation Plans ​ $ 194 ​ $ 194 ​ $ 418 ​ $ 388 ​ Employees’ Stock-Based Compensation Plans At June 30, 2021, 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 363,883 were available to be issued at June 30, 2021. 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 The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the six months ended June 30, 2021, and June 30, 2020. The directors are fully vested in the deferred shares at the grant date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Deferred ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Shares ​ Grant Date ​ Options ​ Directors' Fees ​ ​ Cash Granted Granted Share Price Vested Expense June 30, 2021 (1) $ 323,125 ​ ​ 1,284 ​ 2,756 $ 23.36 — $ 417,500 June 30, 2020 (2) ​ 193,750 ​ ​ 3,668 ​ ​ 3,813 ​ ​ 25.90 ​ ​ — ​ ​ 387,500 ​ ​ ​ (1) During the first quarter of 2021, one of the Company’s directors retired. All compensation in the second quarter of 2021 was paid in cash. (2) During the first quarter of 2020, the Board approved the addition of two independent directors and during the third quarter of 2020, our former Chief Executive Officer became a non-employee director. ​

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES [Abstract]
Related Party Transactions and Transactions with Affiliates	Note 12—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 GAAP Common Shareholders’ Equity CEO CFO 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 and six months ended June 30, 2021, and June 30, 2020, no incentive fee was earned by our External Manager. During the three months ended June 30, 2021, and June 30, 2020, the Company recognized $2.0 million and $2.4 million, respectively, and $4.3 million and $5.2 million for the six months ended June 30, 2021, and June 30, 2020, respectively, of management fees and expense reimbursements payable to our External Manager in its Consolidated Statements of Operations. At June 30, 2021, and December 31, 2020, $2.0 million and $1.2 million, respectively, of management fees and expense reimbursements was payable to the External Manager. Termination Agreement ​ As further discussed in Note 1, Summary of Significant Accounting Policies, the Company entered into a Termination Agreement with the External Manager. The Parent requires as a condition of the Merger that the Company terminate the Management Agreement immediately prior to the Effective Time. The External Manager has agreed to terminate the Management Agreement upon payment of the termination fee in order to allow the Merger to proceed. The termination fee shall be comprised of (i) an amount in cash equal to $16.5 million and (ii) the assignment by the Company to the External Manager of the Company’s South African assets, which were agreed to by the parties to have a value of $3.9 million. ​ 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 Morrison Grove Management, LLC (these agreements are collectively referred hereinafter to as the “ MGM Agreements

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
SEGMENT INFORMATION [Abstract]
Segment Information	Note 13—Segment Information At June 30, 2021, and December 31, 2020, 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)	6 Months Ended
	Jun. 30, 2021
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
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 are 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 – Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“ FASB ASU “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” Accounting for Financial Instruments – Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “ .” This guidance is elective and is provided for contract modifications that meet certain Codification topics and subtopics. 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. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification.” discounting transition ​ Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “ .” 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. The adoption of this guidance 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.” In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” 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.” In May 2019, the FASB issued ASU No. 2019-05, “ Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” In November 2019, the FASB issued ASU No. 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” 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).” Accounting for Financial Instruments – General In March 2020, the FASB issued ASU No. 2020-03, “ Codification Improvements to Financial Instruments.”

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2021
INVESTMENTS IN DEBT SECURITIES [Abstract]
Schedule of Available-for-sale Securities Reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ June 30, 2021 ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ ​ ​ FV as a % (in thousands) UPB Cost (1) Gains ​ FV of UPB Infrastructure Bond ​ $ 26,205 ​ $ 20,389 ​ $ 4,320 ​ $ 24,709 ​ ​ 94% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ December 31, 2020 ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ ​ ​ ​ FV as a % (in thousands) UPB Cost (1) Gains FV ​ of UPB Infrastructure Bond ​ $ 26,440 ​ $ 20,532 ​ $ 4,209 ​ $ 24,741 ​ ​ 94% Multifamily tax-exempt bond ​ ​ 4,000 ​ ​ — ​ ​ 6,297 ​ ​ 6,297 ​ ​ 157% Total ​ $ 30,440 ​ $ 20,532 ​ $ 10,506 ​ $ 31,038 ​ ​ 102% (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary-impairment (“ OTTI ”) recognized in “Impairments” in our Consolidated Statements of Operations. ​

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2021
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 ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Investment in Solar Ventures $ 340,847 $ 363,157 Investments in U.S. real estate partnerships ​ ​ 11,745 ​ ​ 11,208 Investment in South Africa Workforce Housing Fund (" SAWHF ​ ​ 1,463 ​ ​ 1,833 Total investments in partnerships ​ $ 354,055 ​ $ 376,198
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 ​ ​ June 30, ​ December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ Total assets (1) ​ $ 929,271 ​ $ 831,077 Other liabilities (2) ​ ​ 2,598 ​ ​ 4,059 ​ (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 (loss) of all renewable energy related investees in which the Company had an equity method investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Gross revenue ​ $ 16,329 ​ $ 24,596 ​ $ 29,822 ​ $ 46,417 Operating expenses ​ ​ 2,005 ​ ​ 1,521 ​ ​ 3,949 ​ ​ 3,542 Net income (loss) and net income (loss) attributable to the entities (1) ​ ​ 9,685 ​ ​ 32,005 ​ ​ (10,632) ​ ​ 42,831 ​ (1) Net income includes $4.6 million and $36.5 million of net fair value losses for the three and six months ended June 30, 2021, respectively, and excludes $17.7 million and $33.6 million of interest income given the nonaccrual treatment of certain loans for the three and six months ended June 30, 2021, respectively. Net income for the three months ended June 30, 2020, includes $8.9 million of net fair value gains related to loans funded by the Solar Ventures. Net fair value gains related to funded loans that were recognized during the six months ended June 30, 2020, were immaterial. ​
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 ​ ​ June 30, ​ December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ Total assets ​ $ 46,829 ​ $ 47,632 Debt ​ ​ 6,987 ​ ​ 6,644 Other liabilities ​ ​ 9,167 ​ ​ 9,612 ​ 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 ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Gross revenue ​ $ 401 ​ $ 549 ​ $ 923 ​ $ 1,191 Operating expenses ​ ​ 432 ​ ​ 392 ​ ​ 961 ​ ​ 1,107 Net loss and net loss attributable to the entity ​ ​ (713) ​ ​ (645) ​ ​ (1,229) ​ ​ (1,400)
SAWHF
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of total assets and other liabilities of SAWHF: ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ Total assets ​ $ 12,717 ​ $ 15,861 Other liabilities ​ ​ 126 ​ ​ 150 ​ The following table provides information about the gross revenue, operating expenses and net income of SAWHF: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Gross revenue ​ $ 357 ​ $ 405 ​ $ 366 ​ $ 1,517 Operating expenses ​ ​ 101 ​ ​ 145 ​ ​ 218 ​ ​ 636 Net income and net income attributable to the entity ​ ​ 118 ​ ​ 1,045 ​ ​ 458 ​ ​ 1,121

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
OTHER ASSETS [Abstract]
Schedule of Other Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Other assets: ​ ​ ​ ​ ​ ​ Real estate owned ​ $ 15,632 ​ $ 15,510 Debt issue costs ​ ​ 1,417 ​ ​ 2,004 Equity investments ​ ​ 2,302 ​ ​ 2,463 Derivative assets ​ ​ 242 ​ ​ 61 Accrued interest receivable ​ ​ 138 ​ ​ 139 Other assets ​ ​ 271 ​ ​ 305 Total other assets ​ $ 20,002 ​ $ 20,482
Schedule Of Real Estate Owned, Held For Use	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Land improvements ​ $ 13,013 ​ $ 12,891 Land ​ ​ 2,619 ​ ​ 2,619 Total ​ $ 15,632 ​ $ 15,510

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
DEBT [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ At ​ ​ ​ June 30, 2021 ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ Effective ​ ​ ​ Carrying ​ Interest ​ ​ Carrying ​ Interest ​ (dollars in thousands) Value (4) Rate (4) Value (4) Rate (4) ​ Other Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated debt (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ $ 2,198 ​ 1.5 % ​ $ 2,217 ​ 1.5 % Due after one year ​ ​ 89,899 ​ 1.5 ​ ​ ​ 90,995 ​ 1.5 ​ Revolving credit facility debt obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ ​ — ​ — ​ ​ ​ — ​ — ​ Due after one year ​ ​ 79,150 ​ 6.1 ​ ​ ​ 103,700 ​ 5.6 ​ Notes payable and other debt (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ ​ 4,159 ​ 14.7 ​ ​ ​ 4,206 ​ 13.7 ​ Due after one year ​ ​ 13,688 ​ 5.2 ​ ​ ​ 13,533 ​ 5.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other debt ​ ​ 189,094 ​ 4.0 ​ ​ ​ 214,651 ​ 4.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Related Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Payable and Other Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bond related debt (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ ​ 22,987 ​ 2.5 ​ ​ ​ 242 ​ 2.5 ​ Due after one year ​ ​ — ​ ​ ​ ​ ​ 22,912 ​ 2.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total asset related debt ​ ​ 22,987 ​ 2.5 ​ ​ ​ 23,154 ​ 2.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 212,081 ​ 3.8 % ​ $ 237,805 ​ 3.8 % (1) The subordinated debt balances include net cost basis adjustments of $6.7 million and $6.9 million at June 30, 2021, and December 31, 2020, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issuance costs of $0.2 million at June 30, 2021, and December 31, 2020. (3) Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs of $0.1 million at June 30, 2021, and December 31, 2020. (4) 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 is reset.
Schedule of Maturities of Long-term Debt	​ ​ ​ ​ ​ ​ ​ Asset Related Debt (in thousands) and Other Debt 2021 $ 1,115 2022 ​ ​ 107,940 2023 ​ ​ 11,568 2024 ​ ​ 1,813 2025 ​ ​ 3,131 Thereafter ​ ​ 80,066 Net premium and debt issue costs ​ ​ 6,448 Total debt ​ $ 212,081
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 $ 25,229 $ 2,035 $ 27,264 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH ​ ​ 22,941 ​ ​ 1,847 ​ ​ 24,788 ​ Amortizing ​ April 30, 2035 ​ three-month LIBOR plus 2.0% MFH ​ ​ 13,224 ​ ​ 985 ​ ​ 14,209 ​ Amortizing ​ July 30, 2035 ​ three-month LIBOR plus 2.0% MFH ​ ​ 24,043 ​ ​ 1,793 ​ ​ 25,836 ​ Amortizing ​ July 30, 2035 ​ three-month LIBOR plus 2.0% Total ​ $ 85,437 ​ $ 6,660 ​ $ 92,097 ​ ​ ​ ​ ​ ​ (1) The subordinated principal amortizes 2.0% per annum.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
DERIVATIVE INSTRUMENTS [Abstract]
Schedule of the Company's Derivative Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ At ​ At ​ ​ June 30, 2021 ​ December 31, 2020 (in thousands) Assets Liabilities Assets Liabilities Basis swaps ​ $ — ​ $ 133 ​ $ — ​ $ 542 Interest rate caps ​ ​ 242 ​ ​ — ​ ​ 61 ​ ​ — Interest rate swaps ​ ​ — ​ ​ 999 ​ ​ — ​ ​ 1,665 Foreign currency forward exchange ​ ​ — ​ ​ 298 ​ ​ — ​ ​ 86 Gain share arrangement (1) ​ ​ — ​ ​ 138 ​ ​ — ​ ​ 96 Total carrying value of derivative instruments ​ $ 242 ​ $ 1,568 ​ $ 61 ​ $ 2,389 ​ (1) Refer to Note 5, “Debt” for more information.
Schedule of Derivative Notional Amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Amounts ​ ​ At ​ At ​ ​ June 30, ​ December 31, (in thousands) 2021 2020 Basis swaps ​ $ 35,000 ​ $ 35,000 Interest rate caps ​ ​ 35,000 ​ ​ 35,000 Interest rate swaps ​ ​ 35,000 ​ ​ 35,000 Foreign currency forward exchange ​ ​ 4,606 ​ ​ 4,494 Total notional amount of derivative instruments ​ $ 109,606 ​ $ 109,494
Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments	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 ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Basis swaps (1) ​ ​ (148) ​ ​ 143 ​ $ 371 ​ $ (936) Interest rate caps ​ ​ (131) ​ ​ (18) ​ ​ 181 ​ ​ (154) Interest rate swaps (2) ​ ​ (268) ​ ​ (466) ​ ​ 461 ​ ​ (2,044) Foreign currency forward exchange ​ ​ (215) ​ ​ (207) ​ ​ (213) ​ ​ 875 Gain share arrangement ​ ​ (97) ​ ​ (36) ​ ​ (44) ​ ​ (36) Total net (losses) gains of derivative instruments ​ $ (859) ​ $ (584) ​ $ 756 ​ $ (2,295) (1) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash paid was de minimis for the three months ended June 30, 2021, and June 30, 2020. Net cash paid was de minimis for the six months ended June 30, 2021, and net cash received was de minimis for the six months ended June 30, 2020. (2) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash paid was $0.1 million and $0.2 million for the three months and six months ended June 30, 2021. Net cash received was de minimis for the three months and six months ended June 30, 2020.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ Fair Value Measurements (in thousands) 2021 Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in debt securities ​ $ 24,709 ​ $ — ​ $ — ​ $ 24,709 Equity investments ​ ​ 2,302 ​ ​ 2,302 ​ ​ — ​ ​ — Derivative instruments ​ ​ 242 ​ ​ — ​ ​ 242 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ 1,568 ​ $ — ​ $ 1,568 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Fair Value Measurements (in thousands) 2020 Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in debt securities ​ $ 31,038 ​ $ — ​ $ — ​ $ 31,038 Equity investments ​ ​ 2,463 ​ ​ 2,463 ​ ​ — ​ ​ — Derivative instruments ​ ​ 61 ​ ​ — ​ ​ 61 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ 2,389 ​ $ — ​ $ 2,389 ​ $ —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended June 30, 2021: ​ ​ ​ ​ ​ ​ Investments in (in thousands) Debt Securities Balance, April 1, 2021 ​ $ 28,753 Net gains included in earnings (1) ​ ​ 4,080 Net change in AOCI (2) ​ ​ (3,855) Impact from sales or redemptions ​ ​ (4,080) Impact from settlements (3) ​ ​ (189) Balance, June 30, 2021 ​ $ 24,709 (1) This amount represents $4.1 million of net fair value gains that were realized during this reporting period in connection with the sale of the Company’s tax-exempt multifamily bond investment. (2) This amount represents the reclassification into the Consolidated Statements of Operations of $4.1 million of net fair value gains related to the Company’s tax-exempt multifamily bond investment that was sold during this period. This decline was partially offset by $0.2 million of net unrealized gains recognized during this reporting period in connection with the Company’s bond investment. (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 June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ ​ ​ in Debt ​ Loans Held for ​ Derivative (in thousands) Securities Investment ​ Liabilities Balance, April 1, 2020 ​ $ 29,645 ​ $ 1,271 ​ $ — Net losses included in earnings (1) ​ ​ — ​ ​ 20 ​ ​ (36) Net change in AOCI (2) ​ ​ 467 ​ ​ — ​ ​ — Impact from sales or redemptions ​ ​ — ​ ​ ​ ​ ​ — Impact from settlements (3) ​ ​ (124) ​ ​ — ​ ​ — Balance, June 30, 2020 ​ $ 29,988 ​ $ 1,291 ​ $ (36) (1) This amount represents $20 thousand of unrealized gains recognized during this reporting period in connection with the Company’s loan investment held at June 30, 2020. This amount is classified as “Net gains on loans” in the Company’s Consolidated Statement of Operations. In addition, the Company recognized $36 thousand of unrealized losses during this reporting period related to the gain share arrangement that is classified as “Net (losses) gains on derivatives” in the Company’s Statement of Operations. (2) This amount represents $0.5 million of net unrealized gains 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 six months ended June 30, 2021: ​ ​ ​ ​ ​ Investments ​ ​ in Debt (in thousands) Securities Balance, January 1, 2021 ​ $ 31,038 Net gains included in earnings (1) ​ ​ 4,080 Net change in AOCI (2) ​ ​ (6,186) Impact from sales or redemptions ​ ​ (4,080) Impact from settlements (3) ​ ​ (143) Balance, June 30, 2021 ​ $ 24,709 (1) This amount represents $4.1 million of net fair value gains that were realized during this reporting period in connection with the sale of the Company’s tax-exempt multifamily bond investment. (2) This amount represents the reclassification into the Consolidated Statements of Operations of $4.1 million of net fair value gains related to the Company’s tax-exempt multifamily bond investment during this period and $2.1 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 six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ in Debt ​ Loans Held for ​ Derivative (in thousands) Securities Investment Liabilities Balance, January 1, 2020 ​ $ 31,365 ​ $ 500 ​ $ — Net losses included in earnings (1) ​ ​ — ​ ​ 11 ​ ​ (36) Net change in AOCI (2) ​ ​ (1,296) ​ ​ — ​ ​ — Impact from loan originations ​ ​ — ​ ​ 780 ​ ​ — Impact from settlements (3) ​ ​ (81) ​ ​ — ​ ​ — Balance, June 30, 2020 ​ $ 29,988 ​ $ 1,291 ​ $ (36) (4) This amount represents $11 thousand of unrealized losses recognized during this reporting period in connection with the Company’s loan investment held at June 30, 2020. This amount is classified as “Net gains on loans” in the Company’s Consolidated Statement of Operations. In addition, the Company recognized $36 thousand of unrealized losses during this reporting period related to the gain share arrangement that is classified as “Net (losses) gains on derivatives” in the Company’s Statement of Operations. (5) This amount represents $1.3 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. (6) This impact considers the effect of principal payments received and amortization of cost basis adjustments.
Fair Value Measurements By Level 3 Valuation Technique	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at June 30, 2021 ​ ​ ​ ​ ​ 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 $ 24,709 ​ Discounted cash flow ​ Market yield ​ ​ 7.02 % ​ 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, 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 $ 24,741 ​ Discounted cash flow ​ Market yield ​ ​ 7.1 % ​ N/A ​ Multifamily tax-exempt bond ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated cash flow ​ 6,297 ​ Discounted cash flow ​ Market yield ​ ​ 6.9 ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ Capitalization rate ​ ​ 6.4 ​ ​ 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, by Balance Sheet Grouping	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ June 30, 2021 ​ ​ Carrying ​ Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 17,032 ​ $ 17,032 ​ $ — ​ $ — Restricted cash ​ ​ 15,423 ​ ​ 15,423 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable and other debt - bond related ​ ​ 22,987 ​ ​ — ​ ​ — ​ ​ 23,060 Notes payable and other debt - non-bond related ​ ​ 17,847 ​ ​ — ​ ​ — ​ ​ 17,790 Revolving credit facility obligations ​ ​ 79,150 ​ ​ — ​ ​ — ​ ​ 79,150 Subordinated debt issued by MFH ​ ​ 92,097 ​ ​ — ​ ​ — ​ ​ 63,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ December 31, 2020 ​ ​ Carrying ​ Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 28,644 ​ $ 28,644 ​ $ — ​ $ — Restricted cash ​ ​ 17,617 ​ ​ 17,617 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable and other debt - bond related ​ ​ 23,154 ​ ​ — ​ ​ — ​ ​ 23,267 Notes payable and other debt - non-bond related ​ ​ 17,739 ​ ​ — ​ ​ — ​ ​ 17,552 Revolving credit facility obligations ​ ​ 103,700 ​ ​ — ​ ​ — ​ ​ 103,700 Subordinated debt issued by MFH ​ ​ 93,212 ​ ​ — ​ ​ — ​ ​ 53,204

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	6 Months Ended
	Jun. 30, 2021
GUARANTEES AND COLLATERAL [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ June 30, 2021 ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ Total ​ ​ Restricted ​ in Debt ​ Investments in ​ ​ Other ​ Assets (in thousands) Cash ​ Securities Partnerships ​ ​ Assets ​ Pledged Debt related to the revolving credit facility ​ $ 1,011 ​ $ — ​ $ 340,847 ​ $ — ​ $ 341,858 Debt related to the Infrastructure Bond investment ​ ​ 9,827 ​ ​ 24,709 ​ ​ — ​ ​ — ​ ​ 34,536 Debt related to the Company's REO ​ ​ 250 ​ ​ — ​ ​ — ​ ​ 15,632 ​ ​ 15,882 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF ​ ​ 1,375 ​ ​ — ​ ​ 1,463 ​ ​ 2,302 ​ ​ 5,140 Interest rate swaps ​ ​ 2,960 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,960 Total ​ $ 15,423 ​ $ 24,709 ​ $ 342,310 ​ $ 17,934 ​ $ 400,376 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At ​ ​ December 31, 2020 ​ ​ ​ ​ Investments ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Restricted ​ in Debt ​ Investments in ​ Other ​ Assets (in thousands) Cash ​ Securities Partnerships ​ Assets ​ Pledged Debt related to the revolving credit facility ​ $ 1,502 ​ $ — ​ $ 363,157 ​ $ — ​ $ 364,659 Debt related to the Infrastructure Bond investment ​ ​ 10,020 ​ ​ 24,741 ​ ​ — ​ ​ — ​ ​ 34,761 Debt related to the Company's REO ​ ​ 250 ​ ​ — ​ ​ — ​ ​ 15,510 ​ ​ 15,760 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF ​ ​ 1,374 ​ ​ — ​ ​ 1,833 ​ ​ 2,463 ​ ​ 5,670 Interest rate swaps ​ ​ 4,463 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,463 Other ​ ​ 8 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8 Total ​ $ 17,617 ​ $ 24,741 ​ $ 364,990 ​ $ 17,973 ​ $ 425,321

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
EQUITY [Abstract]
Summary of Net (Loss) Income to Common Shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Net income (loss) ​ $ 138 ​ $ (3,508) ​ $ (7,945) ​ $ (6,566) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted-average shares (1) ​ ​ 5,824 ​ ​ 5,807 ​ ​ 5,822 ​ ​ 5,806 (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 June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ ​ in Debt ​ Currency ​ ​ ​ (in thousands) Securities Translation AOCI Balance, April 1, 2021 ​ $ 5,931 ​ $ 86 ​ $ 6,017 Net unrealized gains (losses) ​ ​ 224 ​ ​ (164) ​ ​ 60 Reclassification of realized gains on sold or redeemed bonds into the Consolidated Statements of Operations ​ ​ (4,080) ​ ​ — ​ ​ (4,080) Income tax benefit ​ ​ 1,059 ​ ​ — ​ ​ 1,059 Net change in AOCI ​ ​ (2,797) ​ ​ (164) ​ ​ (2,961) Balance, June 30, 2021 ​ $ 3,134 ​ $ (78) ​ $ 3,056 ​ The following table provides information related to the net change in AOCI for the three months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ ​ in Debt ​ Currency ​ ​ ​ (in thousands) Securities Translation ​ AOCI Balance, April 1, 2020 ​ $ 6,387 ​ $ 793 ​ $ 7,180 Net unrealized gains (losses) ​ ​ 467 ​ ​ (110) ​ ​ 357 Income tax expense ​ ​ (128) ​ ​ — ​ ​ (128) Net change in AOCI ​ ​ 339 ​ ​ (110) ​ ​ 229 Balance, June 30, 2020 ​ $ 6,726 ​ $ 683 ​ $ 7,409 The following table provides information related to the net change in AOCI for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ ​ in Debt ​ Currency ​ ​ ​ (in thousands) Securities Translation AOCI Balance, January 1, 2021 ​ $ 7,621 ​ $ 36 ​ $ 7,657 Net unrealized losses ​ ​ (2,106) ​ ​ (114) ​ ​ (2,220) Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations ​ ​ (4,080) ​ ​ — ​ ​ (4,080) Income tax benefit ​ ​ 1,699 ​ ​ — ​ ​ 1,699 Net change in AOCI ​ ​ (4,487) ​ ​ (114) ​ ​ (4,601) Balance, June 30, 2021 ​ $ 3,134 ​ $ (78) ​ $ 3,056 ​ The following table provides information related to the net change in AOCI for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments ​ Foreign ​ ​ ​ ​ in Debt ​ Currency ​ ​ (in thousands) Securities Translation AOCI Balance, January 1, 2020 ​ $ 7,666 ​ $ (33) ​ $ 7,633 Net unrealized (losses) gains ​ ​ (1,296) ​ ​ 716 ​ ​ (580) Income tax benefit ​ ​ 356 ​ ​ — ​ ​ 356 Net change in AOCI ​ ​ (940) ​ ​ 716 ​ ​ (224) Balance, June 30, 2020 ​ $ 6,726 ​ $ 683 ​ $ 7,409

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION [Abstract]
Summary of Stock-Based Compensation Expense	The following table provides information related to total compensation expense that was recorded for these Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, (in thousands) 2021 2020 2021 2020 Non-employee Directors’ Stock-Based Compensation Plans ​ $ 194 ​ $ 194 ​ $ 418 ​ $ 388
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 June 30, 2021 (1) $ 323,125 ​ ​ 1,284 ​ 2,756 $ 23.36 — $ 417,500 June 30, 2020 (2) ​ 193,750 ​ ​ 3,668 ​ ​ 3,813 ​ ​ 25.90 ​ ​ — ​ ​ 387,500 ​ ​ ​ (1) During the first quarter of 2021, one of the Company’s directors retired. All compensation in the second quarter of 2021 was paid in cash. (2) During the first quarter of 2020, the Board approved the addition of two independent directors and during the third quarter of 2020, our former Chief Executive Officer became a non-employee director.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021segment	Dec. 31, 2020segment	May 24, 2021USD ($)$ / shares
Number of reportable segments | segment	1	1
Termination fees payable in cash			$ 16.5
SOUTH AFRICA
Termination fees payable, value of assets			$ 3.9
Merger Sub [Member]
Merger Consideration | $ / shares			$ 27.77

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES (Narrative) (Details)	May 03, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Schedule of Available-for-sale Securities [Line Items]
Increase (Decrease) in Fair Value Of Bonds			$ (6,300,000)
Nonaccrual bonds		$ 0	0	$ 0
Investments in debt securities		24,709,000	24,709,000	31,038,000
Unpaid principal balance of bond investments				30,440,000
Multifamily Tax-Exempt Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of investments in bonds	$ 4,100,000	4,100,000	$ 4,100,000
Investments in debt securities				6,297,000
Unpaid principal balance of bond investments				$ 4,000,000
Subordinated Multifamily Tax-Exempt Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of municipal bonds classified as available for sale | security				1
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of municipal bonds classified as available for sale | security			1	1
Investments in debt securities		24,709,000	$ 24,709,000	$ 24,741,000
Unpaid principal balance of bond investments		$ 26,205,000	$ 26,205,000	$ 26,440,000

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments		$ 30,440
Amortized Cost		20,532
Gross Unrealized Gains		10,506
Fair Value	$ 24,709	$ 31,038
FV as a % of UPB		102.00%
Multifamily Tax-Exempt Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments		$ 4,000
Gross Unrealized Gains		6,297
Fair Value		$ 6,297
FV as a % of UPB		157.00%
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	26,205	$ 26,440
Amortized Cost	20,389	20,532
Gross Unrealized Gains	4,320	4,209
Fair Value	$ 24,709	$ 24,741
FV as a % of UPB	94.00%	94.00%

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 01, 2018	Aug. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 354,055		$ 354,055		$ 376,198
Purchase price paid	$ 5,100
Distributions received from investments in partnerships					14,720	$ 14,823
Impairment losses, other than temporary						9,000
Additional advance amount					348	112,272
Subsequent Event [Member] | Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 30,000
Subsequent Event [Member] | Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 63,400
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			11,745		11,745		11,208
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 11,700		$ 11,700
Equity method investment, ownership percentage			80.00%		80.00%
Equity method investment, economic interest percentage			79.80%		79.80%
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 340,847		$ 340,847		363,157
Cumulative basis adjustment	$ 4,500		1,800		1,800		$ 2,200
Amortization expense of basis difference			$ 200	$ 200	$ 400	$ 400
Equity method investment, ownership percentage			50.00%		50.00%
Unfunded loan commitments to borrowers			$ 62,900		$ 62,900
Weighted average economic interest percentage on equity method investees			36.60%		36.60%
Loan related interest income losses not recognized			$ 17,700		$ 33,600
Solar Ventures Investment [Member] | Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments to borrowers			373,900		373,900
Solar Ventures Investment [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Weighted average economic interest percentage on equity method investees		33.60%
Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 73,000		$ 73,000
Equity method investment, economic interest percentage			33.50%		33.50%		45.20%
Solar Construction Lending LLC [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 10,000
Solar Construction Lending LLC [Member] | Subsequent Event [Member] | Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 20,000
Solar Permanent Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 87,200		$ 87,200
Equity method investment, economic interest percentage			45.00%		45.00%		45.00%
Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 180,600		$ 180,600
Equity method investment, economic interest percentage			34.70%		34.70%		42.30%
Solar Development Lending, LLC [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, economic interest percentage		29.70%
Solar Development Lending, LLC [Member] | Subsequent Event [Member] | Capital Partner
Schedule of Equity Method Investments [Line Items]
Distributions received from investments in partnerships		$ 10,000
SAWHF
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments			$ 1,463		$ 1,463		$ 1,833
Equity method investment, ownership percentage			11.85%		11.85%

INVESTMENTS IN PARTNERSHIPS (Sc

INVESTMENTS IN PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 354,055	$ 376,198
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	340,847	363,157
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	11,745	11,208
SAWHF
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 1,463	$ 1,833

INVESTMENTS IN PARTNERSHIPS (_2

INVESTMENTS IN PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total assets	$ 495,033	$ 533,062
Debt	212,081	237,805
Other liabilities	1,568	2,528
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	929,271	831,077
Other liabilities	2,598	4,059
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	46,829	47,632
Debt	6,987	6,644
Other liabilities	9,167	9,612
SAWHF
Schedule of Equity Method Investments [Line Items]
Total assets	12,717	15,861
Other liabilities	$ 126	$ 150

INVESTMENTS IN PARTNERSHIPS (_3

INVESTMENTS IN PARTNERSHIPS (Schedule of Income (Loss) in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Operating expenses	$ 5,247		$ 14,689		$ 10,990	$ 21,926
Net income (loss)	138	$ (8,083)	(3,508)	$ (3,058)	(7,945)	(6,566)
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	401		549		923	1,191
Operating expenses	432		392		961	1,107
Net income (loss)	(713)		(645)		(1,229)	(1,400)
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	16,329		24,596		29,822	46,417
Operating expenses	2,005		1,521		3,949	3,542
Net income (loss)	9,685		32,005		(10,632)	42,831
Realized loan net fair value gain (loss)	(4,600)		8,900		(36,500)
Loan related interest income losses not recognized	17,700				33,600
SAWHF
Schedule of Equity Method Investments [Line Items]
Gross revenue	357		405		366	1,517
Operating expenses	101		145		218	636
Net income (loss)	$ 118		$ 1,045		$ 458	$ 1,121

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) shares in Millions	Dec. 30, 2020	Jan. 03, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	May 22, 2020	Sep. 19, 2019
Derivative assets			$ 242,000		$ 242,000		$ 61,000
Derivative assets			242,000		242,000		61,000
Debt issue costs			1,417,000		1,417,000		2,004,000
Interest expense, debt			1,878,000	$ 2,418,000	3,867,000	$ 4,687,000
Repayment of notes		$ 53,600,000
Unfunded loan origination commitments			0		0		0
Repayment of loan	$ 1,300,000
SAWHF
Equity investment distribution fair value			2,300,000		2,300,000			$ 2,900,000
Equity investment distribution shares received								7.2
Revolving Credit Facility [Member]
Debt issuance costs, gross			3,400,000		3,400,000
Interest expense, debt			300,000	300,000	600,000	500,000
Unamortized debt issue costs			1,400,000		$ 1,400,000		$ 2,000,000
Debt instrument, term					3 years
Borrowing capacity			175,000,000		$ 175,000,000
Revolving Credit Facility [Member] | Facility Amount [Member] | Subsidiaries [Member]
Borrowing capacity									$ 125,000,000
Revolving Credit Facility [Member] | Committed Amount [Member]
Borrowing capacity			120,000,000		$ 120,000,000				$ 100,000,000
Land improvements
Property, Plant and Equipment, Useful Life					15 years
Depreciation			$ 0	$ 0	$ 0	$ 0

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other assets:
Real estate owned	$ 15,632	$ 15,510
Debt issue costs	1,417	2,004
Equity investments	2,302	2,463
Derivative assets	242	61
Accrued interest receivable	138	139
Other assets	271	305
Other Assets, Total	$ 20,002	$ 20,482

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate held for use, net	$ 15,632	$ 15,510
Land
Real estate held for use, net	2,619	2,619
Land improvements
Real estate held for use, net	$ 13,013	$ 12,891

DEBT (Narrative) (Details)

DEBT (Narrative) (Details)	Jun. 01, 2020USD ($)item	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)installment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 19, 2019USD ($)
Debt Instrument [Line Items]
Effective interest rate		3.80%		3.80%		3.80%
Carrying Value		$ 212,081,000		$ 212,081,000		$ 237,805,000
Letters of credit outstanding		0		0		0
Interest expense, debt		1,878,000	$ 2,418,000	3,867,000	$ 4,687,000
Derivative, notional amount		$ 109,606,000		$ 109,606,000		$ 109,494,000
Other Debt [Member]
Debt Instrument [Line Items]
Effective interest rate		4.00%		4.00%		4.00%
Carrying Value		$ 189,094,000		$ 189,094,000		$ 214,651,000
Construction Loan [Member[
Debt Instrument [Line Items]
Carrying Value		9,600,000		9,600,000		9,400,000
Principal amount of debt		$ 9,700,000		$ 9,700,000
Construction Loan [Member[ | Initial Term, First and Second Extension [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	4.85%	4.85%		4.85%
Construction Loan [Member[ | Final Extension [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	3.00%			3.00%
Debt instrument floor interest rate	$ 5	$ 5		$ 5
SAWHF
Debt Instrument [Line Items]
Ownership interest (as a percent)		11.85%		11.85%
Notes Payable and Other Debt [Member] | SAWHF
Debt Instrument [Line Items]
Weighted average effective interest rates of debt obligations		14.09%		14.09%
Carrying Value		$ 4,000,000		$ 4,000,000
Ownership interest (as a percent)		11.85%		11.85%
Bond Related Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Underlying bond notional amount		$ 26,200,000		$ 26,200,000
Carrying Value		$ 23,000,000		$ 23,000,000		$ 23,200,000
Underlying Bond Interest Rate		6.30%		6.30%
Long-term Debt, Gross		$ 23,100,000		$ 23,100,000
Fixed spread (as a percent)				2.00%
Debt instrument floor interest rate		$ 0.5		$ 0.5
Debt instrument average interest rate		2.50%		2.50%
NonBond Related Notes Payable and Other Debt [Member] | Construction Loan [Member[
Debt Instrument [Line Items]
Number of extensions related to debt instrument | item	3
NonBond Related Notes Payable and Other Debt [Member] | Morrison Grove Management LLC [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)		5.00%		5.00%
Principal amount of debt		$ 4,300,000		$ 4,300,000
Notes Payable		4,300,000		4,300,000
NonBond Related Notes Payable and Other Debt [Member] | Morrison Grove Management LLC [Member] | Debt Obligations Mature In 2026
Debt Instrument [Line Items]
Notes Payable		2,800,000		2,800,000
NonBond Related Notes Payable and Other Debt [Member] | Morrison Grove Management LLC [Member] | Debt Obligations Mature In 2027
Debt Instrument [Line Items]
Notes Payable		$ 1,500,000		$ 1,500,000
Number of installments for amortization of debt | installment				3
Total Return Swap [Member]
Debt Instrument [Line Items]
Percentage of increase in fair value of referenced bond entitled to counterparty		10.00%		10.00%
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)		3.68%		3.68%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Effective interest rate		6.10%		6.10%
Carrying Value		$ 79,100,000		$ 79,100,000
Fixed spread (as a percent)				2.75%
Principal amount of debt		79,100,000		$ 79,100,000
Borrowing capacity		175,000,000		$ 175,000,000
Debt instrument, maturity date				Sep. 19, 2022
Line of credit facility extension period				12 months
Interest expense, debt		$ 300,000	$ 300,000	$ 600,000	$ 500,000
Debt instrument base rate plus fixed spread percentage rate		4.25%		4.25%
Line of credit facility, maximum borrowing capacity		$ 175,000,000		$ 175,000,000
Revolving Credit Facility [Member] | Committed Amount [Member]
Debt Instrument [Line Items]
Borrowing capacity		120,000,000		120,000,000			$ 100,000,000
Line of credit facility, maximum borrowing capacity		$ 120,000,000		$ 120,000,000			$ 100,000,000
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							$ 125,000,000
Line of credit facility, maximum borrowing capacity							$ 125,000,000

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, Carrying Value	$ 212,081	$ 237,805
Debt Instrument, Interest Rate, Effective Percentage	3.80%	3.80%
Debt issuance costs, net	$ 1,417	$ 2,004
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	212,081
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 22,987	$ 23,154
Debt Instrument, Interest Rate, Effective Percentage	2.50%	2.50%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 189,094	$ 214,651
Debt Instrument, Interest Rate, Effective Percentage	4.00%	4.00%
NonBond Related Notes Payable and Other Debt [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 4,159	$ 4,206
Debt, Due after one year	$ 13,688	$ 13,533
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	14.70%	13.70%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.20%	5.20%
Notes Payable and Other Debt [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issue costs	$ 200	$ 200
Bond Related Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	23,000	23,200
Bond Related Notes Payable and Other Debt [Member] | Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 22,987	242
Debt, Due after one year		$ 22,912
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	2.50%	2.50%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion		2.50%
Unamortized debt issue costs	$ 100	$ 100
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	92,097
Net Premium and Debt Issuance Costs	6,700	6,900
Subordinated Loan [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	2,198	2,217
Debt, Due after one year	$ 89,899	$ 90,995
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	1.50%	1.50%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	1.50%	1.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 79,100
Debt Instrument, Interest Rate, Effective Percentage	6.10%
Unamortized debt issue costs	$ 1,400	$ 2,000
Revolving Credit Facility [Member] | Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due after one year	$ 79,150	$ 103,700
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	6.10%	5.60%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 212,081	$ 237,805
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2021	1,115
2022	107,940
2023	11,568
2024	1,813
2025	3,131
Thereafter	80,066
Net premium and debt issue costs	6,448
Total	$ 212,081

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Value	$ 212,081	$ 237,805
Subordinated principal (as percent)	2.00%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 85,437
Net premium and debt issue costs	6,660
Carrying Value	92,097
Subordinated Loan [Member] | MFH Issue 1 [Member]
Debt Instrument [Line Items]
Principal amount of debt	25,229
Net premium and debt issue costs	2,035
Carrying Value	$ 27,264
Maturity Date	March 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 1 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%
Subordinated Loan [Member] | MFH Issue 2 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 22,941
Net premium and debt issue costs	1,847
Carrying Value	$ 24,788
Maturity Date	April 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%
Subordinated Loan [Member] | MFH Issue 3 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 13,224
Net premium and debt issue costs	985
Carrying Value	$ 14,209
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 3 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%
Subordinated Loan [Member] | MFH Issue 4 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 24,043
Net premium and debt issue costs	1,793
Carrying Value	$ 25,836
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] | MFH Issue 4 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company's Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 242	$ 61
Derivative Liability	1,568	2,389
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	133	542
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	242	61
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	999	1,665
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	298	86
Gain Share Arrangement [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 138	$ 96

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 109,606	$ 109,494
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	$ 4,606	$ 4,494

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	$ (859)	$ (584)	$ 756	$ (2,295)
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	(148)	143	371	(936)
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	(131)	(18)	181	(154)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	(268)	(466)	461	(2,044)
Payments For Proceeds From Derivative Instrument Operating Activities	100		200
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	(215)	(207)	(213)	875
Gain Share Arrangement [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	$ (97)	$ (36)	$ (44)	$ (36)

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment losses, other than temporary	$ 9,000,000
Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value		$ 63,100,000
Minimum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation		51,500,000
Maximum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation		$ 78,600,000
Measurement Input, Discount Rate [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt measurement input		7.1	8.4
Measurement Input, Discount Rate [Member] | Minimum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate		4.6
Measurement Input, Discount Rate [Member] | Maximum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate		9.6

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Fair value of bond investments	$ 24,709	$ 31,038
Derivative assets	242	61
Liabilities:
Derivative liabilities	1,568	2,389
Fair Value, Measurements, Recurring [Member]
Assets:
Fair value of bond investments	24,709	31,038
Equity investments	2,302	2,463
Derivative assets	242	61
Liabilities:
Derivative liabilities	1,568	2,389
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Equity investments	2,302	2,463
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets:
Derivative assets	242	61
Liabilities:
Derivative liabilities	1,568	2,389
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets:
Fair value of bond investments	$ 24,709	$ 31,038

FAIR VALUE (Activity for Assets

FAIR VALUE (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period	[1]	$ 224	$ 467	$ (2,106)	$ (1,296)
Net losses (gain) on derivatives		859	584	(756)	2,295
Reclassification of net fair value gains on bond investment		4,080		4,080
Derivative Liabilities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net losses (gain) on derivatives			36		36
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			500		(1,300)
Investments in Debt Securities | Multifamily Tax-Exempt Bonds Redeemed [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net fair value gains on bond investment		4,100		4,100
Debt securities, realized gain (loss)		4,100		4,100
Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains on loans and extinguishment of liabilities			20		(11)
Bonds Available For Sale [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period		200		2,100
Level 3 [Member] | Derivative Liabilities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net (losses) gains included in earnings			(36)		(36)
Balance at ending period			(36)		(36)
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		28,753	29,645	31,038	31,365
Net (losses) gain included in earnings		4,080		4,080
Net change in AOCI		(3,855)	467	(6,186)	(1,296)
Impacts from sales/redemptions		(4,080)		(4,080)
Impacts from settlements		(189)	(124)	(143)	(81)
Balance at end of period		$ 24,709	29,988	$ 24,709	29,988
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			1,271		500
Net (losses) gain included in earnings			20		11
Impact from loan originations /advances					780
Balance at end of period			$ 1,291		$ 1,291
[1]	During the six months ended June 30, 2021, net unrealized income (losses) include $2.4 million of net fair value gains that were realized in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period.

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments in debt securities	$ 24,709,000	$ 31,038,000
Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.4
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, asset		$ 6,297,000
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		6.9
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, asset	$ 24,709,000	$ 24,741,000
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	7.02	7.1

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Level 1 [Member]
Assets:
Cash and cash equivalents	$ 17,032	$ 28,644
Restricted cash	15,423	17,617
Bond Related Notes Payable and Other Debt [Member] | Level 3 [Member]
Liabilities:
Notes payable and other debt	23,060	23,267
NonBond Related Notes Payable and Other Debt [Member] | Level 3 [Member]
Liabilities:
Notes payable and other debt	17,790	17,552
Subordinated Loan [Member] | Level 3 [Member] | MFH [Member]
Liabilities:
Subordinated debt	63,083	53,204
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	17,032	28,644
Restricted cash	15,423	17,617
Reported Value Measurement [Member] | Bond Related Notes Payable and Other Debt [Member]
Liabilities:
Notes payable and other debt	22,987	23,154
Reported Value Measurement [Member] | NonBond Related Notes Payable and Other Debt [Member]
Liabilities:
Notes payable and other debt	17,847	17,739
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFH [Member]
Liabilities:
Subordinated debt	92,097	93,212
Revolving Credit Facility [Member] | Level 3 [Member]
Liabilities:
Revolving credit facility obligations	79,150	103,700
Revolving Credit Facility [Member] | Reported Value Measurement [Member]
Liabilities:
Revolving credit facility obligations	$ 79,150	$ 103,700

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 15,423	$ 17,617
Bonds Available-for-Sale	24,709	24,741
Investments in partnerships	342,310	364,990
Other Assets	17,934	17,973
Total Assets Pledged	400,376	425,321
Interest rate swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	2,960	4,463
Total Assets Pledged	$ 2,960	$ 4,463
Debt and derivatives | SAWHF [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Ownership interest (as a percent)	11.85%	11.85%
Debt and derivatives TRSs [Member] | SAWHF [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 1,375	$ 1,374
Investments in partnerships	1,463	1,833
Other Assets	2,302	2,463
Total Assets Pledged	5,140	5,670
Debt Related to Real Estate Owned [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	250	250
Other Assets	15,632	15,510
Total Assets Pledged	15,882	15,760
Infrastructure Bond [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	9,827	10,020
Bonds Available-for-Sale	24,709	24,741
Total Assets Pledged	34,536	34,761
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash		8
Total Assets Pledged		8
Revolving Credit Facility [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,011	1,502
Investments in partnerships	340,847	363,157
Total Assets Pledged	$ 341,858	$ 364,659

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Feb. 11, 2021	Jun. 30, 2021
Future rental commitments		$ 0
Loss contingency, damages sought, value	$ 1,800
Construction Loan [Member[
Principal amount of debt		$ 9,700

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021directorshareholder$ / sharesshares	Dec. 31, 2020$ / 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	5,743,570	5,708,920
Common stock, shares authorized	50,000,000	50,000,000
Common stock ownership percentage benchmark	4.90%
Executive Officer [Member]
Class of Stock [Line Items]
Maximum percentage of Company stock ownership allowed	4.90%

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
EQUITY [Abstract]
Net income (loss)	$ 138	$ (8,083)	$ (3,508)	$ (3,058)	$ (7,945)	$ (6,566)
Basic and diluted weighted-average shares	5,824		5,807		5,822	5,806

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance	$ 280,256	$ 277,669	$ 289,884	$ 281,125
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net change AOCI	(2,961)	229	(4,601)	(224)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit (expense)	1,059	(128)	1,699	356
Balance	277,433	274,487	277,433	274,487
AOCI
Balance	6,017	7,180	7,657	7,633
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	60	357	(2,220)	(580)
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	(4,080)		(4,080)
Net change AOCI	(2,961)	229	(4,601)	(224)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit (expense)	1,059	(128)	1,699	356
Balance	3,056	7,409	3,056	7,409
Investments in Debt Securities [Member]
Balance	5,931	6,387	7,621	7,666
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	224	467	(2,106)	(1,296)
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	(4,080)		(4,080)
Net change AOCI	(2,797)	339	(4,487)	(940)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit (expense)	1,059	(128)	1,699	356
Balance	3,134	6,726	3,134	6,726
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	86	793	36	(33)
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	(164)	(110)	(114)	716
Net change AOCI	(164)	(110)	(114)	716
Other Comprehensive Income (Loss), Tax [Abstract]
Balance	$ (78)	$ 683	$ (78)	$ 683

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021USD ($)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	363,883
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Non-employee Directors' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 194	$ 194	$ 418	$ 388

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, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-employee director compensation, cash	$ 323,125	$ 193,750
Weighted - average Grant Date Share Price	$ 23.36	$ 25.90
Directors' Fees Expense	$ 417,500	$ 387,500
Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	1,284	3,668
Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	2,756	3,813

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details) - USD ($)	Jan. 03, 2020	Dec. 20, 2019	Oct. 04, 2018	Jan. 08, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 24, 2021	Dec. 31, 2020
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		57,000,000
Notes receivable					57,000,000		$ 57,000,000
Interest rate for note							5.00%
Termination fee payable upon termination of Management Agreement					0		$ 0
External management fees and reimbursable expenses					1,975,000	$ 2,449,000	$ 4,276,000	$ 5,209,000
Term of note receivable							7 years
Equity Method Investments					354,055,000		$ 354,055,000			$ 376,198,000
Reimbursement of compensation related expenses shareholders equity benchmark amount					500,000,000		500,000,000
Investments in partnerships (includes $342,310 and $364,990 pledged as collateral at June 30, 2021, and December 31, 2020, respectively)					354,055,000		354,055,000			376,198,000
Termination fees payable in cash									$ 16,500,000
Hunt Companies [Member]
Loans and leases receivable from related party			$ 67,000,000
External management fees and reimbursable expenses							4,300,000	5,200,000
Proceeds from loans receivable	$ 53,600,000	$ 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	0	$ 0
External management fees and reimbursable expenses					2,000,000	$ 2,400,000
Hunt Companies [Member] | External Management Fees and Expenses Reimbursement | External Manager [Member]
Management fees and expense reimbursements payable					$ 2,000,000		$ 2,000,000			$ 1,200,000
SOUTH AFRICA
Termination fees payable, value of assets									$ 3,900,000

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
SEGMENT INFORMATION [Abstract]
Number of reportable segments	1	1