MMA Capital (Trading Symbol(s) MMAC MMAC) 10-K12 Mar 202019 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2019	Mar. 05, 2020	Jun. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	MMA CAPITAL HOLDINGS, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Central Index Key	0001003201
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Amendment Flag	false
Entity Common Stock, Shares Outstanding		5,700,091
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 163,426,211

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 8,555	$ 28,243
Restricted cash	4,250	5,635
Investments in debt securities (includes $85,347 pledged as collateral at December 31, 2018)	31,365	97,190
Investments in partnerships (includes $289,123 and $8,779 pledged as collateral at December 31, 2019 and 2018, respectively)	316,677	155,079
Deferred tax assets	57,711
Loans held for investment (includes $53,600 and $67,000 of related party loans at December 31, 2019 and 2018, respectively)	54,100	67,299
Other assets	12,984	10,940
Total assets	485,642	364,386
LIABILITIES AND EQUITY
Debt	201,816	149,187
Accounts payable and accrued expenses	2,527	2,289
Other liabilities	174
Total liabilities	204,517	151,476
Commitments and contingencies (see Note 10)
Preferred shares:
Preferred shares, no par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2019
Common shareholders' equity:
Common shares, no par value, 50,000,000 shares are authorized (5,701,946 and 5,777,216 shares issued and outstanding and 103,069 and 104,464 non-employee directors' deferred shares issued at December 31, 2019 and 2018, respectively)	273,492	175,213
Accumulated other comprehensive income ("AOCI")	7,633	37,697
Total shareholders’ equity	281,125	212,910
Total liabilities and equity	$ 485,642	$ 364,386

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Bonds available-for-sale, pledged as collateral		$ 85,347
Investments in partnerships	$ 296,855	8,779
Loans to a related party	$ 53,600	$ 67,000
Preferred shares, shares authorized	5,000,000
Preferred shares, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value	$ 0	$ 0
Common stock, authorized	50,000,000	50,000,000
Common shares, shares issued (in shares)	5,701,946	5,777,216
Common shares, shares outstanding (in shares)	5,701,946	5,777,216
Common shares, non-employee directors' and employee deferred shares (in shares)	103,069	104,464

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest income
Interest on bonds	$ 3,576	$ 9,430
Interest on loans and short-term investments	5,781	3,362
Total interest income	9,357	12,792
Asset related interest expense
Bond related debt	428	2,496
Non-bond related debt	213	61
Total interest expense	641	2,557
Net interest income	8,716	10,235
Non-interest income
Equity in income from unconsolidated funds and ventures	21,904	7,673
Net gains on bonds	28,606	21,875
Net gains on loans	489	311
Net gains on real estate and other investments	1,148	2,344
Net (losses) gains on derivatives	(3,723)	4,587
Net losses on extinguishment of liabilities	(30)	(14)
Other income	424	352
Non-interest income	48,818	37,128
Other expenses
Interest expense	5,774	4,528
Salaries and benefits	0	1,237
External management fees and reimbursable expenses	7,248	6,869
General and administrative	1,304	1,558
Professional fees	2,472	6,072
Impairments	0	388
Other expenses	233	1,033
Total other expenses	17,031	21,685
Net income from continuing operations before income taxes	40,503	25,678
Income tax expense	60,482	(32)
Net income from continuing operations	100,985	25,646
Net (loss) income from discontinued operations, net of tax	(8)	35,356
Net income	$ 100,977	$ 61,002
Basic income per common share:
Income from continuing operations	$ 17.18	$ 4.46
Income from discontinued operations		6.14
Income per common share	17.18	10.60
Diluted income per common share:
Income from continuing operations (in dollars per share)	17.18	4.25
Income from discontinued operations (in dollars per share)		5.85
Income per common share (in dollars per share)	$ 17.18	$ 10.10
Weighted-average common shares outstanding:
Basic (in shares)	5,877	5,753
Diluted (in shares)	5,877	6,037

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 100,977	$ 61,002
Bond related changes:
Net unrealized gains	1,244	5,620
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	(28,301)	(21,875)
Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as other-than-temporary-impairment ("OTTI")	0	6
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships	0	9,415
Income tax expense	(2,902)	0
Net change in other comprehensive loss due to bonds, net of taxes	(29,959)	(6,834)
Foreign currency translation adjustment	(105)	3,378
Other comprehensive loss	(30,064)	(3,456)
Comprehensive income	$ 70,913	$ 57,546

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	AOCI	Parent	Noncontrolling Interest	Total
Balance at Dec. 31, 2017	$ 96,420	$ 41,153	$ 137,573	$ 89,529	$ 227,102
Balance (in shares) at Dec. 31, 2017	5,617
Net income	$ 61,002		61,002		61,002
Other comprehensive loss		(3,456)	(3,456)		(3,456)
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(73)		(73)		(73)
Options exercised (value)	$ 10,303		10,303		10,303
Options exercised (shares)	410
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 328		328		328
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	12
Net change due to deconsolidation				$ (89,529)	(89,529)
Cumulative change due to change in accounting principle	$ 9,206		9,206		9,206
Common shares issued	$ 8,375		8,375		8,375
Common shares issued (in shares)	250
Options tendered for payment of withholding taxes, value	$ (4,425)		(4,425)		(4,425)
Options tendered for payment of withholding taxes, shares	(190)
Common share repurchases	$ (5,923)		(5,923)		(5,923)
Common share repurchases (in shares)	(217)
Balance at Dec. 31, 2018	$ 175,213	37,697	212,910		212,910
Balance (in shares) at Dec. 31, 2018	5,882
Net income	$ 100,977		100,977		100,977
Other comprehensive loss		(30,064)	(30,064)		(30,064)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 299		299		299
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	9
Cumulative change due to change in accounting principle	$ (267)		(267)		(267)
Common share repurchases	$ (2,730)		(2,730)		(2,730)
Common share repurchases (in shares)	(86)
Balance at Dec. 31, 2019	$ 273,492	$ 7,633	$ 281,125		$ 281,125
Balance (in shares) at Dec. 31, 2019	5,805

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 100,977	$ 61,002
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses and impairment	0	388
Net equity in income from investments in partnerships	(21,904)	(7,673)
Net gains on bonds	(28,606)	(21,875)
Net gains on real estate and other investments	(1,148)	(2,409)
Gain on disposal of discontinued operations	0	(33,410)
Net gains on loans	(489)	(711)
Net losses (gains) on derivatives	4,241	(1,606)
Net losses on extinguishment of liabilities	30	14
Current and deferred federal income taxes	(60,476)	(265)
Proceeds received on loans held for sale (includes $0 and $9,400 from a related party)	0	9,400
Advances on, originations and purchases of loans held for sale	0	(9,000)
Derivative terminations	1,071	2,436
Distributions received from investments in partnerships	17,324	9,903
Depreciation and amortization	(2,456)	(891)
Foreign currency (losses) gains	(104)	585
Stock-based compensation expense	299	1,288
Other, net	142	1,895
Net cash provided by operating activities	8,901	9,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes $15,107 and $0 from a related party)	45,796	21,159
Advances on and originations of loans held for investment (includes $11,279 and $0 from a related party)	(11,729)	(6,000)
Investments in partnerships and real estate	(248,911)	(66,181)
Proceeds from the sale of real estate and other investments	2,080	1,725
Cash and restricted cash derecognized in the Disposition	0	(23,009)
Restricted cash related to deconsolidated guaranteed Low-Income Housing Tax Credit ("LIHTC") funds	0	(23,487)
Capital distributions received from investments in partnerships	98,102	28,925
Net cash used in investing activities	(114,662)	(66,868)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	108,000	12,189
Repayment of borrowings	(17,651)	(18,727)
Debt issuance costs	(2,931)	0
Repurchase of common shares	(2,730)	(5,923)
Options tendered for payment of withholding taxes	0	(4,425)
Issuance of common shares	0	8,375
Net cash provided by (used in) financing activities	84,688	(8,511)
Net decrease in cash, cash equivalents and restricted cash	(21,073)	(66,308)
Cash, cash equivalents and restricted cash at beginning of period	33,878	100,186
Cash, cash equivalents and restricted cash at end of period	12,805	33,878
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	6,224	7,516
Income taxes paid	32	313
Non-cash investing and financing activities:
Unrealized losses included in other comprehensive income	(30,064)	(3,456)
Debt and liabilities extinguished through sales and collections on bonds and loans	37,606	57,360
Decrease in investments in debt securities and common shareholders' equity due to change in accounting principle	267	0
Increase in loans held for investment and decrease in investment in partnerships due to secured lending	17,050	0
Decrease in loans held for investment and increase in investment in partnership due to derecognition of secured lending receivable	28,654	0
Increase in common shareholders' equity and decrease in other liabilities due to change in accounting principle		9,206
Increase in loans held for investment and debt		5,000
Increase in loans from the Disposition		57,000
Increase in investments in debt securities from the Disposition		17,986
Increase in other assets from the Disposition		2,142
Increase in deferred revenue from the Disposition		(13,000)
Increase in accumulated other comprehensive income from the Disposition		(9,415)
Increase in loans held for investment, interest receivable and other liabilities and decrease in investment in partnerships		6,138
Increase in common shareholders' equity and decrease in other liabilities due to stock options exercised		10,303
Net change in assets, liabilities and equity due to deconsolidation of guaranteed LIHTC funds:
Net decrease in investment in partnerships, LIHTC fund		(98,760)
Decrease in other assets, LIHTC fund		(5,174)
Decrease in debt, LIHTC fund		6,712
Decrease in unfunded equity commitments to lower tier property partnerships, LIHTC fund		8,003
Decrease in other liabilities, LIHTC fund		35,850
Decrease in noncontrolling interests, LIHTC fund		83,909
Hunt Companies [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Proceeds received on loans held for sale (includes $0 and $9,400 from a related party)	0	9,400
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes $15,107 and $0 from a related party)	15,107	0
Advances on and originations of loans held for investment (includes $11,279 and $0 from a related party)	$ (11,279)	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Reconciliation) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 8,555	$ 28,243
Restricted cash	4,250	5,635
Total cash, cash equivalents and restricted cash shown in statement of cash flows	$ 12,805	$ 33,878

CONSOLIDATED STATEMENTs OF CA_3

CONSOLIDATED STATEMENTs OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Principal payments and sales proceeds received on bonds and loans held for investment	$ 45,796	$ 21,159
Proceeds received on loans held for sale from a related party	0	9,400
Advances on and originations of loans held for investment	11,729	6,000
Hunt Companies [Member]
Principal payments and sales proceeds received on bonds and loans held for investment	15,107	0
Proceeds received on loans held for sale from a related party	0	9,400
Advances on and originations of loans held for investment	$ 11,279	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	Note 1— Summary of Significant Accounting Policies Organization MMA Capital Holdings, Inc. focuses on investments that generate positive environmental and social impacts and deliver attractive risk-adjusted total returns to our shareholders, with an emphasis on debt associated with renewable energy projects and infrastructure. Unless the context otherwise requires, and when used in these Notes, the “ Company ,” “ MMA ,” “ we ,” “ our ” or “ us ” refers to MMA Capital Holdings, Inc. and its subsidiaries. We were originally organized as a Delaware limited liability company in 1996, converted to a Delaware corporation on January 1, 2019, and are externally managed by Hunt Investment Management, LLC (our “ External Manager ”), an affiliate of Hunt Companies, Inc. (Hunt Companies, Inc. and its affiliates are hereinafter referred to as “ Hunt ”). Our objective is to produce attractive risk adjusted returns by investing in the large, growing and fragmented renewable energy market in the United States (“ U.S ”). We believe that we are well positioned to take advantage of these investment opportunities because of our External Manager’s origination network built off of extensive relationships and credit expertise gathered through years of experience. We also seek to increase the Company’s return on equity by prudently deploying debt and recycling equity out of lower yielding investments that are unrelated to renewable energy. In addition to renewable energy investments, we continue to own a limited number of bond investments, loan receivables and real estate-related investments, as well as have subordinated debt with beneficial economic terms. Further, we have significant net operating loss carryforwards (“ NOLs ”) that may be used to offset future federal income tax obligations, a portion of which were reported as deferred tax assets (“ DTAs ”) in our Consolidated Balance Sheets at December 31, 2019. We do not anticipate growing investments that are unrelated to renewable energy given current market conditions and, effective December 31, 2019, the assets and liabilities of the Company are no longer organized into discrete portfolios (at December 31, 2018 and in each Quarterly Report on Form 10-Q that was filed in 2019, assets and liabilities of the Company were allocated to one of two portfolios, “Energy Capital” and “Other Assets and Liabilities”). We operate as a single reporting segment. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“ GAAP ”). The Company evaluates subsequent events through the date of filing with the U.S. Securities and Exchange Commission (“ SEC ”). Changes in Presentation We have revised the presentation of our Consolidated Statements of Operations for all reporting periods presented by reclassifying “Equity in income from unconsolidated funds and ventures” and all net gains (losses) associated with the Company’s bonds, loans, derivatives, real estate, other investments and the extinguishment of debt obligations as a component of “Non-interest income.” Additionally, the Company made certain reclassifications to prior year financial statements in order to enhance their comparability with current year financial statements. Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management made estimates in certain areas, including the determination of the Company’s valuation allowance established against its deferred tax assets (“ DTAs ”) as well as in the fair value measurement of bonds and derivative instruments. Actual results could differ materially from these estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Variable Interest Entity (“ VIE ”) Assessment We had interests in various legal entities that represent VIEs. A VIE is an entity: (i) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities; (ii) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (iii) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity was a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. As of December 31, 2019, the Company had no investments in entities that were determined to be VIEs. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (i) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains on real estate and other investments” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded in our Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents are comprised of short-term marketable securities with maturities of three months or less at purchase, all of which are readily convertible to cash. Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements. Investments in Debt Securities We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities .” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether the decline in fair value is other-than-temporary. We assess that an impairment is OTTI if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell a bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statements of Operations as a component of “Impairments” for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell the bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations as a component of “Impairments” while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. There were no bonds in an unrealized loss position at December 31, 2019. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on nonaccrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on nonaccrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. At December 31, 2019, the Company had no bonds that were on nonaccrual status. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in AOCI are reversed. The Company may periodically agree to modify the contractual terms of its investments in debt securities in the interest of attempting to obtain more cash or other value from a debtor than it otherwise would, or to increase the probability of receipt, by granting a concession to a borrower. If the Company makes an economic concession to a borrower that is experiencing financial difficulty, the Company will typically assess a modification or other form of economic concession to represent a troubled debt restructuring (“ TDR ”) for reporting purposes. Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, “ Equity Method Investments ,” to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership’s operations. Under the equity method, the Company’s investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses from the partnership. The Company’s allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company’s cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company’s investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, unless: (i) an imminent return to profitable operations by the partnership is assured; (ii) the Company has guaranteed obligations of the partnership, or (iii) the Company has otherwise committed to provide further financial support to the partnership. The Company must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company recognizes impairment-related losses in the Consolidated Statements of Operations as a component of “Impairments.” The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions. Loans Loans Held For Sale (“ HFS ”) When we originate loans that we intend to sell, we classify these loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We report any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“ HFI ”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, unearned income, non-refundable deferred origination fees and costs, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. The Company recognizes a provision for loan losses in its Consolidated Statements of Operations as a component of “Other expenses.” Allowance for Loan Losses Our allowance for loan losses is a valuation allowance that reflects management’s estimate of probable losses inherent in our lending activities. Quarterly, the Company reviews each loan to assess its overall collectability . For impaired loans, which include non-performing loans as well as loans modified in a TDR, management measures impairment primarily based on the present value of payments expected to be received, discounted at the loans’ original effective contractual interest rates. Impaired loans and TDRs may also be measured based on observable market prices, or for loans that are solely dependent on the collateral for repayment, the estimated fair value of the collateral less costs to sell. If the recorded investment exceeds this amount, a specific allowance is established as a component of the allowance for loan losses unless these are secured loans that are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. At December 31, 2019, the Company had no allowance for loan losses recorded. Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on any nonaccrual loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. At December 31, 2019, the Company had no nonaccrual loans. Fair Value Option (“ FVO ”) Loans For loans for which the Company has elected the FVO, unearned income, non-refundable origination fees and costs are recognized at inception upon origination of the loan. These assets are subsequently measured on a fair value basis, with changes therein classified in our Consolidated Statements of Operations as a component of “Net gains on loans.” Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Other expenses.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “Other expenses.” Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging .” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of these instruments are reported in our Consolidated Statements of Operations as a component of “Net (losses) gains on derivatives.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.” Guarantees With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. The Company recognizes guarantee-related losses in the Consolidated Statements of Operations as a component of “Other expenses” while related liabilities are classified in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of these activities is provided in Note 9, “Guarantees and Collateral.” Stock-Based Compensation The Company accounts for previously awarded employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. As of December 31, 2018, all previously awarded and outstanding stock options had been exercised by our officers. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date. Foreign Currency Conversion Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI in our Consolidated Balance Sheets. When assets or liabilities are denominated in a currency other than the entity’s functional currency, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings in the Company’s Consolidated Statements of Operations as a component of “Other expenses.” Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period. The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. All outstanding stock options of the Company were exercised as of December 31, 2018. Income Taxes All of our business activities, with the exception of our foreign investments, are conducted by entities included in our consolidated corporate federal income tax return. ASC Topic No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and DTAs and deferred tax liabilities (“ DTLs ”) for future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. In this regard, we recognize DTAs and DTLs based on the differences in the book and tax bases of assets and liabilities. We measure DTAs and DTLs using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust DTAs and DTLs for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. Each reporting period, we assess whether DTAs are realizable. These reviews include management’s estimates and assumptions regarding future pretax book income, which also incorporates various tax planning strategies, including strategies that may be available to utilize NOLs before they expire. In connection with these reviews, if it is determined that a DTA is not realizable, a valuation allowance is established. At each reporting period, we evaluate the recoverability of our DTAs, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that, based on the weight of available evidence, it is more likely than not that some or all of the DTAs will not be realized. The weight given to the evidence is commensurate with the extent to which evidence is objectively verifiable. If negative evidence exists, positive evidence must be present to support a conclusion that a valuation allowance is not necessary. We account for uncertain tax positions using a two-step approach whereby we recognize an income tax benefit if, based on the technical merits of a tax position, it is more likely than not that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation. We then measure the recognized tax benefit based on the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Accounting Guidance Adoption of Accounting Standards Accounting for Derecognition of Nonfinancial Assets In February 2017, the FASB issued Accounting Standards Update (“ ASU ”) No. 2017‑05, “ Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610‑20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ” was issued. This guidance clarifies that the derecognition of all businesses should be accounted for in accordance with the derecognition and deconsolidation guidance of Topic 810‑10 – Consolidations . In addition, this guidance eliminates the scope exception in authoritative literature that governs transfers of financial assets related to transfers of investments (including equity method investments) in real estate entities and supersedes guidance related to the exchange of a nonfinancial asset for a noncontrolling ownership interest as set forth in Topic 845 – Nonmonetary Transactions . The effective date of ASU 2017‑05 is aligned with Topic 606. We adopted ASU No. 2017‑05 in conjunction with our adoption of Topic 606 as of January 1, 2018 and we recognized a cumulative effect adjustment of $9.2 million to retained earnings on January 1, 2018. Accounting for Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance amends the classification and measurement of financial instruments, including equity investments not accounted for under the equity method of accounting. Although this ASU retains many current requirements, it significantly revised an entity’s accounting related to (i) the classification and measurement of investments in equity securities and (ii) the presentation of certain fair value changes for financial liabilities measured at fair value. Additionally, certain disclosure requirements associated with the fair value of financial instruments were amended. We adopted this new guidance on its effective date of January 1, 2018. Upon adoption of this guidance, the Company assessed that certain of our equity investments did not have a readily determinable fair value, resulting in the Company electing the measurement alternative. Accordingly, during the first quarter of 2018, the Company recognized a $0.4 million impairment within our Consolidated Statements of Operations. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This guidance amends the amortization period for certain callable debt securities held at a premium, shortening the period to the earliest call date. We adopted this new guidance on its effective date of January 1, 2019. Upon adoption of this guidance, the Company assessed that certain of our bond investments were being held at a premium resulting in a reduction in amortization periods used for interest income recognition. Accordingly, during the first quarter of 2019, the Company recognized a cumulative effect adjustment of $0.3 million charge to retained earnings. Accounting for Income Taxes In February 2018, the FASB issued ASU No. 2018‑02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance permits companies to reclassify stranded tax effects caused by the Tax Cuts and Jobs Act of 2017 (the “ Tax Act ”) from AOCI to retained earnings and also requires new disclosures. We adopted this guidance on its effective date of January 1, 2019. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Accounting for Stock Compensation In June 2018, the FASB issued ASU 2018‑07 , “ Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting .” This guidance expands the scope of ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. We adopted this new guidance on its effective date of January 1, 2019. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Issued Accounting Standards Not Yet Adopted Accounting for Financial Instruments – Credit Losses In November 2019, the FASB issued ASU No. 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates.” This guidance gives private companies, not-for-profit organizations, and certain smaller reporting companies additional time to implement FASB standards on credit losses, leases, derivatives and hedging and intangible-goodwill and other (ASC 350). Because the Company is a smaller reporting company the following “credit loss” ASUs will become effective for the Company on January 1, 2023. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financia

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	12 Months Ended
INVESTMENTS IN DEBT SECURITIES	Dec. 31, 2019
INVESTMENTS IN DEBT SECURITIES [Abstract]
Investments in Debt Securities	Note 2—Investments in Debt Securities At December 31, 2019, the Company’s investments in debt securities consist of one subordinate multifamily tax-exempt mortgage revenue bond and one tax-exempt infrastructure bond. These investments are classified as available-for-sale for reporting purposes and are measured on a fair value basis in our Consolidated Balance Sheets. Multifamily tax-exempt bonds are issued by state and local governments or their agencies or authorities to finance affordable multifamily rental housing. Generally, the only source of security on these bonds is either a first mortgage or a subordinate mortgage on the underlying property. The Company’s non-amortizing subordinated cash flow bond principal is due in full on November 2044 (the total cost basis and fair value of this bond was zero and $6.0 million, respectively, at December 31, 2019). The Company’s infrastructure bond financed the development of infrastructure for a mixed-use town center development in Spanish Fort, Alabama and is secured by incremental tax revenues generated from the development and its landowners (this investment is hereinafter referred to as our “ Infrastructure Bond ”). At December 31, 2019, the Company’s Infrastructure Bond amortizes on a scheduled basis and has a stated maturity date of December 2048. The following tables provide information about the unpaid principal balance (“ UPB ”), amortized cost, gross unrealized gains and fair value associated with the Company’s investments in bonds that are classified as available-for-sale: At December 31, 2019 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 4,000 $ ─ $ 6,026 $ 6,026 Infrastructure Bond 26,885 20,797 4,542 25,339 Total $ 30,885 $ 20,797 $ 10,568 $ 31,365 At December 31, 2018 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 65,162 $ 38,653 $ 33,564 $ 72,217 Infrastructure Bond 27,170 20,912 4,061 24,973 Total $ 92,332 $ 59,565 $ 37,625 $ 97,190 (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as net OTTI recognized in “Impairments” in our Consolidated Statements of Operations. See Note 8, “Fair Value,” which describes factors that contributed to the $65.8 million decrease in the reported fair value of the Company’s investments in debt securities for the year ended December 31, 2019. Troubled Debt Restructurings The Company may periodically agree to modify the contractual terms of its investments in debt securities in the interest of attempting to obtain more cash or other value from a debtor than it otherwise would, or to increase the probability of receipt, by granting a concession to a borrower. If the Company makes an economic concession to a borrower that is experiencing financial difficulty, the Company will typically assess a modification or other form of concession to represent a TDR for reporting purposes. On August 27, 2018, the Company agreed to extend the scheduled payment date associated with one of its infrastructure bonds from September 1, 2018 to November 1, 2018. This extension provided the debtor and the Company more time to negotiate a comprehensive restructuring of both of the Company’s infrastructure bond investments. Additionally, on October 30, 2018, the Company restructured the two municipal bonds that financed the development of infrastructure for a mixed-use town center development and that are secured by incremental tax revenues generated from the development. Under the terms of the restructured bond investment, a single tax-exempt bond was issued, that has a UPB of $27.2 million, bears a coupon of 6.30%, has a contractual term of 30.1 years and had a fair value of $25.0 million at December 31, 2018. For reporting purposes, the restructuring of the Company’s infrastructure bond investments was deemed to be a TDR. As a result, the total amortized cost basis of the Company’s bond investments as of the date of restructuring date was carried forward as the cost basis of the restructured bond. Fair value of this restructured bond investment was measured prospectively for reporting purposes based on its amended terms. There were no TDRs for the year ended December 31, 2019. Nonaccrual Bonds At December 31, 2019, the Company had no bonds that were on nonaccrual status. The fair value of the Company’s investments in bonds that were on nonaccrual status at December 31, 2018 was $12.9 million. Interest income on bonds that was recognized on a cash basis for the year ended December 31, 2018 was $0.4 million. Interest income not recognized on bond investments that were on nonaccrual status for the year ended December 31, 2018 was $1.0 million. Bond Sales and Redemptions The Company received cash proceeds in connection with the sale or redemption in full of investments in bonds of $29.3 million and $12.8 million for the years ended December 31, 2019 and December 31, 2018, respectively. The following table provides information about gains or losses that were recognized in the Company’s Consolidated Statements of Operations in connection with the Company’s investments in bonds: For the year ended December 31, (in thousands) 2019 2018 Gains recognized at time of sale or redemption $ 28,606 $ 21,875 OTTI losses recognized on bonds held at each period-end ─ (6) Total net gains on bonds $ 28,606 $ 21,869

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	12 Months Ended
INVESTMENTS IN PARTNERSHIPS	Dec. 31, 2019
INVESTMENTS IN PARTNERSHIPS [Abstract]
Investment in Partnerships	Note 3—Investments in Partnerships The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At December 31, December 31, (in thousands) 2019 2018 Investment in Solar Ventures $ 289,123 $ 126,339 Investments in U.S. real estate partnerships (includes zero and $898 related (1) 19,822 19,961 Investment in South Africa Workforce Housing Fund (" SAWHF ") 7,732 8,779 Total investments in partnerships $ 316,677 $ 155,079 (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE because the Company was deemed not to be the primary beneficiary. Investments Related to the Solar Ventures At December 31, 2019, the Company held 42.0%, 50.0%, 41.5% and 100% equity interests in Solar Construction Lending, LLC (“ SCL ”), Solar Permanent Lending, LLC (“ SPL ”), Solar Development Lending, LLC (“ SDL ”) and Renewable Energy Lending, LLC (“ REL ”), respectively (collectively referred to as the “ Solar Ventures ”). At December 31, 2019, the carrying value of the Company’s equity investments in SCL, SPL and SDL was $153.9 million, zero and $135.2 million, respectively. None of these investees were assessed to constitute VIEs and the Company accounts for all of these investments using the equity method of accounting. At December 31, 2019, these joint ventures had $310.9 million of unfunded loan commitments to borrowers, which were anticipated to be funded primarily by capital within the joint ventures through a combination of idle capital and existing loan redemptions. To the extent capital within the joint ventures is not sufficient to meet their funding obligations additional capital contributions by the members would be required. In December 2019, the Company and its capital partner in SDL and SCL executed various non-pro rata funding agreements pursuant to which our capital partner in SDL contributed in total $73.0 million of $91.0 million in capital calls and our capital partner in SCL contributed in total $58.0 million of $59.0 million in capital calls, while the Company contributed the balance. As a consequence of these capital contributions, our ownership interest in these ventures decreased in percentage terms. 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 being allocated to the Company’s investments in SCL and SPL, an adjustment which represented the difference between the Company’s acquisition cost basis of its investments and the historical cost basis of the investments at the partnership level. During the third quarter of 2019, SPL’s remaining assets were conveyed to SCL, including the Company’s allocated basis adjustment. The combined basis difference is amortized over the remaining investment period of SCL. For the years ended December 31, 2019 and December 31, 2018, the amortization expense related to the basis difference was $0.9 million and $0.5 million, respectively. As of December 31, 2019, and December 31, 2018, the unamortized balance of the Company’s basis difference was $3.1 million and $4.0 million, respectively. The following table provides information about the carrying amount of total assets and liabilities of all renewable energy related investees in which the Company had an equity method investment: At At December 31, December 31, 2019 2018 (in thousands) Total assets $ 706,792 $ 279,960 Other liabilities (1) 22,135 12,833 (1) Other liabilities of these ventures is primarily comprised of interest reserves. The following table provides information about the gross revenue, operating expenses and net income of all renewable energy related investees in which the Company had an equity method investment: For the year ended December 31, (in thousands) 2019 2018 Gross revenue $ 55,905 $ 27,327 Operating expenses 6,541 5,793 Net income and net income attributable to the entities 49,443 21,977 Investments in U.S. Real Estate Partnerships At December 31, 2019, the $19.8 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. The Company has the right to a preferred return on its unreturned capital contributions, as well as the right to share in excess cash flows of the real estate venture. As of December 31, 2019, the Company held a 79.9% economic interest based upon the partnership’s distribution waterfall. This entity was determined not to be a VIE because decision-making rights are shared equally among its members. Accordingly, the Company accounts for this investment using the equity method of accounting. On December 20, 2019, the Company sold its three limited partner interests in three affordable housing partnerships in which our ownership interest had ranged from 74.25% to 74.92%. While these entities were deemed to be VIEs, the Company was not deemed to be their primary beneficiary. Therefore, the Company did not consolidate these entities and accounted for these investments using the equity method of accounting. At December 31, 2019, the Company had no U.S. real estate partnerships in which the investments were determined to be VIEs. At December 31, 2018, four of the U.S. real estate partnerships in which we had investments were determined to be VIEs. The carrying value of the equity investments in these partnerships was $0.9 million. For one of the Company’s VIEs, because the underlying real estate was sold during the fourth quarter of 2017, the Company did not expect to make additional contributions to that investment. Because we were unable to quantify the maximum amount of additional capital contributions that we could have been required to fund in the future associated with our proportionate share of these investments, we measured our maximum exposure to loss based upon the carrying value of these investments. At December 31, 2018, our maximum exposure to loss due to our involvement with these VIEs was $0.9 million. The following table provides information about the total assets, debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At December 31, December 31, 2019 2018 (in thousands) Total assets $ 51,718 $ 56,238 Debt 6,426 6,530 Other liabilities 20,493 32,165 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 year ended December 31, (in thousands) 2019 2018 Gross revenue $ 2,575 $ 2,383 Operating expenses 2,133 2,127 Net loss and net loss attributable to the entities (2,427) (794) Investment in SAWHF At December 31, 2019, the carrying value of the Company’s 11.85% equity investment in SAWHF was $7.7 million. As SAWHF was determined not to be a VIE, the Company accounts for this investment using the equity method of accounting. The following table provides information about the carrying value of total assets and other liabilities of SAWHF: At At December 31, December 31, 2019 2018 (in thousands) Total assets $ 56,356 $ 74,803 Other liabilities 130 496 The following table provides information about the gross revenue, operating expenses and net income (loss) of SAWHF: For the year ended December 31, (in thousands) 2019 2018 Gross revenue $ 4,130 $ 4,308 Operating expenses 1,003 2,277 Net income (loss) and net income (loss) attributable to the entity 781 (14,339)

LOANS HFI AND LOANS HFS

LOANS HFI AND LOANS HFS	12 Months Ended
LOANS HFI AND LOANS HFS	Dec. 31, 2019
LOANS HFI AND LOANS HFS [Abstract]
Loans HFI and Loans HFS	Note 4—Loans HFI and Loans HFS The following table provides information about the carrying value of the Company’s loans: At At December 31, December 31, (in thousands) 2019 2018 Loans HFI $ 54,100 $ 67,299 Loans HFS ─ ─ Total loans $ 54,100 $ 67,299 Loans HFI We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowances for loan losses, except in instances where we have elected the fair value option as further discussed below. The following table provides information about the UPB and cost basis adjustments that were recognized in the Company’s Consolidated Balance Sheets related to loans that it classified as HFI: At At December 31, December 31, (in thousands) 2019 2018 UPB $ 54,100 $ 68,050 Cost basis adjustments, net ─ (751) Loans HFI, net $ 54,100 $ 67,299 The following table provides information about the UPB and amortized cost of loans that are current with respect to principal and interest payments, as well as information about the UPB of loans that are past due with respect to principal or interest payments: At At December 31, December 31, (in thousands) 2019 2018 UPB Carrying value UPB Carrying value Total current $ 54,100 $ 54,100 $ 67,000 $ 67,000 30-59 days past due ─ ─ ─ ─ 60-89 days past due ─ ─ ─ ─ 90 days or greater ─ ─ 1,050 299 Total $ 54,100 $ 54,100 $ 68,050 $ 67,299 At December 31, 2019, the Company had two HFI loans that had a combined UPB and fair value of $54.1 million. For one of the loans, the fair value option was elected upon its recognition so as to minimize certain operational challenges associated with accounting for this loan. The UPB and fair value of this loan was $0.5 million at December 31, 2019. The Company did not have any loans for which it elected the FVO at December 31, 2018. At December 31, 2019, the Company had no HFI loans that were on nonaccrual status. At December 31, 2018, the Company had one HFI loan that was on nonaccrual status, which had a UPB of $1.1 million and a carrying value of $0.3 million. At December 31, 2019 and December 31, 2018, no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. On January 3, 2020, the UPB of $53.6 million of the Hunt note was fully repaid. Loans HFS At December 31, 2019 and December 31, 2018, the cost basis of the Company’s HFS loans was $5.0 million and $6.0 million, respectively, with a carrying value of zero. During the years ended December 31, 2019 and December 31, 2018, the Company did not recognize any lower of cost or fair value adjustments associated with any HFS loans that were recognized in the Consolidated Balance Sheets. Unfunded Loan Commitments At December 31, 2019, the Company, through its wholly owned subsidiary of REL, had $1.6 million of unfunded loan commitments. The Company had no unfunded loan commitments at December 31, 2018.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2019
OTHER ASSETS [Abstract]
Other Assets	Note 5—Other Assets The following table provides information related to the carrying value of the Company’s other assets: At At December 31, December 31, (in thousands) 2019 2018 Other assets: Real estate owned $ 8,397 $ 3,769 Debt issue costs 2,675 ─ Derivative assets 597 5,797 Accrued interest receivable 853 854 Other assets 462 520 Total other assets $ 12,984 $ 10,940 Real Estate Owned (“REO”) The following table provides information about the carrying value of the Company’s REO held for use, net: At At December 31, December 31, (in thousands) 2019 2018 Land improvements $ 5,778 $ 1,150 Land 2,619 2,619 Total $ 8,397 $ 3,769 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. As a result of the development activity, no depreciation expense was recognized in connection with this land investment for the years ended December 31, 2019 and December 31, 2018, nor were any impairment losses recognized by the Company during these periods in connection with REO. On January 15, 2020, the Company invested $5.9 million in additional land improvements that were capitalized as part of our investment balance. Debt Issuance Costs During 2019, the Company incurred, but deferred in the Consolidated Balance Sheets, $2.9 million of debt issuance costs in connection with the execution by MMA Energy Holdings, LLC (“ MEH ” or “ Borrower ”), a wholly owned subsidiary of the Company, of a credit agreement for a revolving credit facility with various lenders. These costs are being amortized ratably over the three-year term of the revolving credit facility. During the year ended December 31, 2019, the Company recognized $0.2 million of interest expense in the Company’s Consolidated Statements of Operations related to the amortization of these debt issuance costs. At December 31, 2019, the unamortized balance of debt issuance costs was $2.7 million. See Note 6, “Debt,” for more information. Derivative Assets At December 31, 2019 and December 31, 2018, the Company recognized $0.6 million and $5.8 million, respectively, of derivative assets. See Note 7, “Derivative Instruments,” for more information.

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2019
DEBT [Abstract]
Debt	Note 6—Debt The table below provides information about the carrying values and weighted-average effective interest rates of the Company’s debt obligations that were outstanding at December 31, 2019 and December 31, 2018: At At December 31, 2019 December 31, 2018 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 2,212 3.2 2,232 3.7 Due after one year 93,276 3.2 95,490 3.7 Revolving credit facility debt obligations Due within one year ─ ─ ─ ─ Due after one year 94,500 5.6 ─ ─ Notes payable and other debt (2) Due within one year 6,828 14.7 ─ ─ Due after one year 1,500 5.0 7,210 14.7 Total other debt 198,316 4.8 104,932 4.5 Asset Related Debt Notes Payable and Other Debt Bond related debt (3) Due within one year $ ─ ─ % $ 317 4.0 % Due after one year ─ ─ 38,938 3.7 Non-bond related debt Due within one year 650 5.0 1,500 5.0 Due after one year 2,850 5.0 3,500 5.0 Total asset related debt 3,500 5.0 44,255 3.9 Total debt $ 201,816 4.8 $ 149,187 4.3 (1) The subordinated debt balances include net cost basis adjustments of $7.4 million and $7.9 million at December 31, 2019 and December 31, 2018, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issue costs of $0.1 million and $0.2 million at December 31, 2019 and December 31, 2018, respectively. (3) Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs. The balance at December 31, 2018 was de minimis. (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 resets. Covenant Compliance and Debt Maturities The following table provides information about scheduled principal payments associated with the Company’s debt agreements that were outstanding at December 31, 2019: Asset Related Debt (in thousands) and Other Debt 2020 $ 9,331 2021 1,913 2022 96,379 2023 1,846 2024 1,813 Thereafter 83,197 Net premium and debt issue costs 7,337 Total debt $ 201,816 At December 31, 2019, the Company was in compliance with all covenants under its debt obligations. Other Debt Other debt of the Company finances non-interest-bearing assets and other business activities of the Company. The interest expense associated with this debt is classified as “Interest expense” under “Other expenses” on the Consolidated Statements of Operations. Subordinated Debt The table below provides information about the key terms of the subordinated debt that was issued by MMA Financial Holdings, Inc. (“ MFH ”), the Company’s wholly owned subsidiary, and that was outstanding at December 31, 2019: (dollars in thousands) Net Premium Interim and Debt Carrying Principal Issuer UPB Issuance Costs Value Payments (1) Maturity Date Coupon MFH $ 25,999 $ 2,264 $ 28,263 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH 23,641 2,070 25,711 Amortizing April 30, 2035 three-month LIBOR plus 2.0% MFH 13,628 1,103 14,731 Amortizing July 30, 2035 three-month LIBOR plus 2.0% MFH 24,777 2,006 26,783 Amortizing July 30, 2035 three-month LIBOR plus 2.0% Total $ 88,045 $ 7,443 $ 95,488 (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 ”) credit agreement with various lenders that initially provided for a $70.0 million revolving credit facility, was subsequently increased to $100.0 million during the fourth quarter of 2019. On February 28, 2020, the participating lenders of the revolving credit facility consented to increase the maximum Facility Amount to $175.0 million. On March 4, 2020, the committed amount of the revolving credit facility increased to $110.0 million upon the joinder of an additional lender. Obligations associated with the revolving credit facility are guaranteed by the Company and are secured by specified assets of the Borrower and a pledge of all of the Company’s equity interest in the Borrower, which holds the equity interests in the Solar Ventures, through pledge and security documentation. Availability and amounts advanced under the revolving credit facility are subject to compliance with a borrowing base comprised of assets that comply with certain eligibility criteria, and includes late-stage development, construction and permanent loans to finance renewable energy projects and cash. The revolving credit facility contains affirmative and negative covenants binding on the Borrower that are customary for credit facilities of this type. Additionally, the credit agreement includes collateral performance tests and the following financial covenants of the Company and its consolidated subsidiaries: minimum debt service coverage ratio, maximum debt to net worth, minimum consolidated net worth and minimum consolidated net income. Borrowing under the revolving credit facility bears interest at the one-month London Interbank Offered Rate (“ LIBOR ”), adjusted for statutory reserve requirements (subject to a 1.5% floor), plus a fixed spread of 2.75% per annum. At December 31, 2019, the LIBOR base rate plus the fixed spread was 4.4%, while the weighted-average effective interest rate of the Company’s obligation was 5.6%. The Borrower has also agreed to pay certain customary fees and expenses and to provide certain indemnities. In certain circumstances where the interest rate is unable to be determined, including in the event LIBOR ceases to be published, the administrative agent to the credit agreement will select a new rate in its reasonable judgment, including any adjustment to the replacement rate to reflect a different credit spread. The maturity date of the credit agreement is September 19, 2022, subject to a 12-month extension solely to allow refinancing or orderly repayment of the facility. At December 31, 2019, the UPB and carrying value of amounts borrowed from the revolving credit facility was $94.5 million and the Company had the ability to borrow an additional $5.5 million. The Company recognized $1.2 million of related interest expense in the Consolidated Statements of Operations during the year ended December 31, 2019. Notes Payable and Other Debt At December 31, 2019, the UPB and carrying value of notes payable and other debt that was used to finance the Company’s 11.85% ownership interest in SAWHF was $6.9 million and $6.8 million, respectively. This debt, which is denominated in South African rand, has a contractual maturity date of September 8, 2020, and requires the Company to pay its counterparty a rate equal to the Johannesburg Interbank Agreed Rate (“ JIBAR ”) plus a fixed spread of 5.15%. At December 31, 2019, the JIBAR base rate was 6.8%, while the weighted-average effective interest rate of the Company’s debt obligation that was used to finance its ownership in SAWHF was 14.7%. At December 31, 2019, the UPB and carrying value of notes payable and other debt obligation to the Morrison Grove Management, LLC (“ MGM ”) principals was $1.5 million, bears interest at 5.0% and matures on January 1, 2027. Asset Related Debt Asset related debt is debt that finances interest-bearing assets of the Company. The interest expense associated with this debt is included within “Net interest income” on the Consolidated Statements of Operations. Bond Related Debt These debt obligations pertained to investments in bonds that were classified as available-for-sale and were recognized by the Company in connection with transfers of bond investments that did not qualify as sales for reporting purposes. During the second quarter of 2019, the Company terminated the three remaining TRS agreements that financed the Company’s bond investments and derecognized $31.6 million of asset-related debt. Consequently, as of December 31, 2019, the Company had no asset-related debt outstanding that financed bond investments. Non-bond Related Debt At December 31, 2019, the UPB and carrying value of this debt obligation to MGM was $3.5 million, bears interest at 5.0%, is payable quarterly in arrears and has a varying amortization schedule that fully amortizes the note by its maturity date of January 1, 2026. Letters of Credit The Company had no letters of credit outstanding at December 31, 2019 and December 31, 2018.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
DERIVATIVE INSTRUMENTS	Dec. 31, 2019
DERIVATIVE INSTRUMENTS [Abstract]
Derivative Instruments	Note 7—Derivative Instruments The Company uses derivative instruments for various purposes. Pay-fixed interest rate swaps, interest rate basis swaps and interest rate caps are used to manage interest rate risk. Foreign currency forward exchange agreements are used to manage currency risk associated with the financing of our SAWHF equity investment. TRS agreements were used by the Company to obtain, or retain, the economic risks and rewards associated with tax exempt municipal bonds. During the second quarter of 2019, the Company terminated all remaining TRS agreements. Derivative instruments that are recognized in the Consolidated Balance Sheets are measured on a fair value basis. Because the Company does not designate any of its derivative instruments as fair value or cash flow hedges, changes in fair value of these instruments are recognized in the Consolidated Statements of Operations as a component of “Net (losses) 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 December 31, 2019 December 31, 2018 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ ─ $ ─ $ 1,130 $ ─ Basis swaps 318 ─ 808 ─ Interest rate caps 227 ─ 998 ─ Interest rate swaps 52 ─ 2,674 ─ Foreign currency forward exchange ─ 117 187 ─ Total carrying value of derivative instruments $ 597 $ 117 $ 5,797 $ ─ The following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At December 31, December 31, (in thousands) 2019 2018 Total return swaps $ ─ $ 18,278 Basis swaps 35,000 35,000 Interest rate caps 35,000 80,000 Interest rate swaps 35,000 65,000 Foreign currency forward exchange 4,685 4,331 Total notional amount of derivative instruments $ 109,685 $ 202,609 During the year ended December 31, 2019, the notional amount of interest rate derivative instruments and total return swaps significantly decreased. The following table attributes the decrease in the total notional amount of these instruments to contract expirations, contract terminations and net cash settlements that occurred during the year ended December 31, 2019: Notional Amounts Balance, January 1, 2019 $ 198,278 Impact from expirations (46,714) Impact from terminations (46,528) Impact from settlements (36) Balance, December 31, 2019 $ 105,000 The following table provides information about the net (losses) gains that were recognized by the Company in connection with its derivative instruments: For the year ended December 31, (in thousands) 2019 2018 Total return swaps (1) $ (42) $ 3,154 Basis swaps (2) (270) 449 Interest rate caps (771) 210 Interest rate swaps (3) (2,341) 422 Foreign currency forward exchange (299) 352 Total net (losses) gains of derivative instruments $ (3,723) $ 4,587 (1) The accrual of net interest payments that are made in connection with TRS agreements that are reported as derivative instruments are classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.2 million and $2.5 million for the years ended December 31, 2019 and December 31, 2018, respectively. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. The net cash received was $0.2 million for the year ended December 31, 2019, while the net cash received was de minimis for the year ended December 31, 2018. (3) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.2 million and $0.5 million for the years ended December 31, 2019 and December 31, 2018, respectively. During the year ended December 31, 2018, the Company also received $0.3 million to amend two interest rate swaps and recorded $0.3 million through “Other assets” on the Consolidated Balance Sheets. The amount recorded to “Net (losses) gains on derivatives” on the Consolidated Statements of Operations was de minimis for the year ended December 31, 2018.

FAIR VALUE

FAIR VALUE	12 Months Ended
FAIR VALUE	Dec. 31, 2019
FAIR VALUE [Abstract]
Fair Value	Note 8—Fair Value We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in the first table below in this Note. From time to time, we may be required to measure at fair value other assets on a nonrecurring basis such as certain loans held for investment or investments in partnerships. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. Fair Value Hierarchy The Company measures the fair value of its assets and liabilities based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in the fair value measurements. · Level 1: Valuation is based upon quoted prices in active markets for identical instruments. · Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets. · Level 3: Valuation is generated from techniques that use significant assumptions that are not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Recurring Changes in Fair Value The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of our assets and liabilities are categorized: At December 31, Fair Value Measurements (in thousands) 2019 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 31,365 $ ─ $ ─ $ 31,365 Loans held for investment 500 ─ ─ 500 Derivative instruments 597 ─ 597 ─ Liabilities: Derivative instruments $ 117 $ ─ $ 117 $ ─ At December 31, Fair Value Measurements (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 97,190 $ ─ $ ─ $ 97,190 Derivative instruments 5,797 ─ 4,667 1,130 Changes in Fair Value Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes, but is not limited to, quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2 and Level 3. For the years ended December 31, 2019, and December 31, 2018, there were no individually significant transfers between Levels 1 and 2, or between Levels 2 and 3. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2019: Investments in Debt Derivative Loans Held for (in thousands) Securities Assets Investment Balance, January 1, 2019 $ 97,190 $ 1,130 $ ─ Net losses included in earnings ─ (195) ─ Net change in AOCI (1) (27,057) ─ ─ Impact from loan originations ─ ─ 500 Impact from sales or redemptions (38,209) ─ ─ Impact from settlements (2) (559) (935) ─ Balance, December 31, 2019 $ 31,365 $ ─ $ 500 (1) This amount represents the reclassification into the Consolidated Statements of Operations of $28.3 million of net fair value gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $1.2 million of net unrealized gains recognized during this reporting period in connection with the Company’s bond investments. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. Included in this amount is $0.3 million of cumulative transition adjustment to retained earnings that was recognized in connection with the Company’s adoption of ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-10): Premium Amortization on Purchased Callable Debt Securities” on January 1, 2019. The following table provides information about the amount of realized and unrealized gains (losses) that were reported in the Company’s Consolidated Statements of Operations for the year ended December 31, 2019, related to activity presented in the preceding table: Net gains on Net losses on (in thousands) bonds (1) derivatives (2) Change in unrealized losses related to assets and liabilities held at January 1, 2019, but settled during 2019 $ ─ $ (195) Additional realized gains recognized 28,606 153 Total net gains (losses) reported in earnings $ 28,606 $ (42) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2018: Investments in Debt Derivative Derivative (in thousands) Securities Assets Liabilities Balance, January 1, 2018 $ 143,604 $ 2,347 $ (46) Net (losses) gains included in earnings (6) 854 (41) Net change in AOCI (1) (16,249) ─ ─ Impact from deconsolidation 17,998 ─ ─ Impact from sales or redemptions (47,488) ─ ─ Impact from settlements (2) (669) (2,071) 87 Balance, December 31, 2018 $ 97,190 $ 1,130 $ ─ (1) This amount represents the reclassification into the Consolidated Statements of Operations of $21.9 million of net fair value gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $5.6 million of net unrealized holding gains recognized during the period in connection with the Company’s bond investments. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the year ended December 31, 2018, related to activity presented in the preceding table: Net losses on Net gains on (in thousands) bonds (1) derivatives (2) Change in unrealized (losses) gains related to assets and liabilities held at December 31, 2018 $ (6) $ 911 Change in unrealized losses related to assets and liabilities held at January 1, 2018, but settled during 2018 ─ (98) Additional realized gains recognized 21,875 2,342 Total net gains reported in earnings $ 21,869 $ 3,155 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) gains on derivatives” in the Company’s Consolidated Statements of Operations. Fair Value Measurements of Instruments That Are Classified as Level 3 We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. For our Level 3 assets and liabilities, we generally use a discounted cash flow valuation technique to measure fair value. This type of valuation technique involves developing a projection of expected future cash flows of an instrument and then discounting this amount using discount factors that consider the relative risk of the cash flows and the time value of money. In applying this technique, the rate of return, or market yield, that is utilized for these purposes reflects specific characteristics of an instrument including, but not limited to the expected term of the instrument, its debt service coverage ratio or credit quality, geographic location, investment size and other attributes: · For performing multifamily bonds and TRS derivatives, the Company’s projection of expected future cash flows reflects cash flows that are contractually due over the life of an instrument. Such projected cash flows are discounted based upon the market yield of similar instruments. For these instruments, the Company determines market yield by generally utilizing the AAA Municipal Market Data tax-exempt rate (“ MMD ”) for each instrument’s specific term and applies a market rate risk premium spread that reflects that instrument’s specific credit characteristics, such as size, debt service coverage, state or bond type. · For non-performing bonds and subordinate cash flow bonds, the Company’s projection of expected future cash flows reflects internally-generated projections over a 10‑year investment period of future net operating income (“ NOI ”) from the underlying properties that serve as collateral for our instruments. A terminal value, less estimated costs of sale, is then added to the projected discounted projection to reflect the remaining value that is expected to be generated at the end of the projection period. The Company utilizes geographic and sector specific discount rates that are published by an independent real estate research organization. For purposes of projecting expected future cash flows associated with non-performing bonds, the Company may also consider either quotes received from third parties or contract prices associated with a purchase and sale agreement related to underlying properties that serve as collateral for our instruments. In instances where the Company uses more than one valuation technique to measure the fair value of underlying properties, the results (respective indications of fair value) are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. · For our infrastructure bond investment, the Company determines market yield by generally utilizing the AAA MMD tax-exempt rate for our infrastructure bond’s specific term and applies a market rate risk premium spread that reflects the instrument’s specific credit characteristics. Contractually due cash flows are discounted based upon the market yield of similar instruments as of the applicable reporting date. Significant unobservable inputs presented in the tables that follow are those we consider significant to the fair value of the Level 3 asset or liability. We consider unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 asset or liability would be impacted by a predetermined percentage change, or based on qualitative factors, such as nature of the instrument, type of valuation technique used and the significance of the unobservable inputs relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs that are referenced in the tables below: · Market yield – is a market rate of return used to calculate the present value of future expected cash flows to arrive at the fair value of an instrument. The market yield typically consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, MMD or SIFMA, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instrument’s cash flows resulting from risks such as credit and liquidity. A significant decrease in this input in isolation would result in a significantly higher fair value measurement. · Capitalization rate – is calculated as the ratio between the NOI produced by a commercial real estate property and the price for the asset. A significant decrease in this input in isolation would result in a significantly higher fair value measurement. · NOI annual growth rate – is the amount of future growth in NOI that the Company projects each property to generate on an annual basis over the 10‑year projection period. These annual growth estimates take into account the Company’s expectation about the future increases, or decreases, in rental rates, vacancy rates, bad debt expense, concessions and operating expenses for each property. Generally, an increase in NOI will result in an increase to the fair value of the property. · Valuation technique weighting factors – represent factors that, in the aggregate, sum to 100% and that are individually applied to two or more indications of fair value considering the reasonableness of the range indicated by those results. · Contract or bid prices – represents a third-party sale agreement or purchase offer executed in connection with the pending sale of an affordable housing property that secures one of the Company’s bond investments. In instances where multiple purchase offers have been received an average of the offers received is utilized. Estimated proceeds from the sale, or average offers, of such property that are determined to be allocable to a bond investment are used to measure the investment’s fair value at a given reporting date. The tables that follow provide quantitative information about the valuation techniques and the range and weighted-average of significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model to measure fair value. The significant unobservable inputs for Level 3 assets and liabilities that are valued using dealer pricing are not included in the tables, as the specific inputs applied are not provided by the dealer. Fair Value Measurement at December 31, 2019 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average Recurring Fair Value Measurements: Investments in debt securities: Multifamily tax-exempt bonds Subordinated cash flow $ 6,026 Discounted cash flow Market yield 7.3 % N/A Capitalization rate 6.2 N/A Valuation technique weighting factors: • NOI annual growth rate (50% weighting factor) 0.7 N/A • Bid price (50% weighting factor) $ 16,611 N/A Infrastructure Bond 25,339 Discounted cash flow Market yield 7.0 % N/A Loans held for investment 500 Discounted cash flow Market yield 8.0 8.0 % (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. Fair Value Measurement at December 31, 2018 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments in debt securities: Multifamily tax-exempt bonds Performing $ 48,221 Discounted cash flow Market yield 4.4 - 6.8 % 4.8 % Non-performing 12,882 Discounted cash flow Market yield 8.2 N/A Capitalization rate 7.0 N/A Valuation technique weighting factors: • NOI annual growth rate (10% weighting factor) 0.5 N/A • Contract price (90% weighting factor) $ 13,500 N/A Subordinated cash flow 11,114 Discounted cash flow Market yield 7.4 - 7.6 % 7.5 Capitalization rate 6.2 - 6.5 6.4 NOI annual growth rates 0.6 - 0.7 0.7 Infrastructure Bond 24,973 Discounted cash flow Market yield 7.2 N/A Derivative instruments: Total return swaps 1,130 Discounted cash flow Market yield 4.7 - 4.8 4.8 (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. Nonrecurring Changes in Fair Value There were no nonrecurring fair value adjustments recorded for the year ended December 31, 2019. During the year ended December 31, 2018, the Company recognized $0.4 million of impairment losses associated with certain equity investments based upon the fair value of the instruments. Fair value measurements of these instruments, which were categorized as Level 3 in the fair value hierarchy, were completed using a discounted cash flow methodology. Additional Disclosures Related To The Fair Value of Financial Instruments That Are Not Carried On The Consolidated Balance Sheets at Fair Value The tables that follow provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes the information based upon the level of the fair value hierarchy within which fair value measurements are categorized. Assets and liabilities that do not represent financial instruments ( e.g. , premises and equipment) are excluded from these disclosures. At December 31, 2019 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 8,555 $ 8,555 $ ─ $ ─ Restricted cash 4,250 4,250 ─ ─ Loans held for investment 53,600 ─ ─ 54,276 Liabilities: Notes payable and other debt - non-bond related 11,828 ─ ─ 10,888 Revolving credit facility obligations 94,500 ─ ─ 94,500 Subordinated debt issued by MFH 95,488 ─ ─ 46,934 At December 31, 2018 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,243 $ 28,243 $ ─ $ ─ Restricted cash 5,635 5,635 ─ ─ Loans held for investment 67,299 ─ ─ 66,339 Liabilities: Notes payable and other debt - bond related 39,255 ─ ─ 39,289 Notes payable and other debt - non-bond related 12,210 ─ ─ 11,479 Subordinated debt issued by MFH 97,722 ─ ─ 46,778 Valuation Techniques Cash and cash equivalents and restricted cash – The carrying value of these assets approximated fair value due to the short-term nature and negligible credit risk inherent in them. Loans held for investment – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments are discounted based upon market yields for similar credit risks. Notes payable and other debt – Fair value is measured by discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting a debt arrangement, taking into account credit risk. Subordinated debt – Fair value is measured by discounting projected contractual payments of principal and interest using the instrument’s estimated market yield, which was 11.7% and 13.4% at December 31, 2019 and December 31, 2018, respectively. As outlined in the table above, at December 31, 2019, the aggregate fair value was measured at $46.9 million. At December 31, 2019, the measured fair value of this debt would have been $56.5 million and $39.7 million had its market yield been 9.2% and 14.2%, respectively. The measured fair value of this debt is inherently judgmental and based on management’s assumption of market yields. There can be no assurance that the Company could repurchase the remaining subordinated debt at the measured fair values reflected in the table above or that the debt would trade at that price. Revolving credit facility debt obligations – Fair value of these debt obligations is measured by discounting projected contractual payments of interest and principal using an estimated market yield.

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	12 Months Ended
GUARANTEES AND COLLATERAL	Dec. 31, 2019
GUARANTEES AND COLLATERAL [Abstract]
GUARANTEES AND COLLATERAL	Note 9—Guarantees and Collateral Guarantees Contemporaneously with the execution of the revolving credit facility, the Company agreed to guarantee all payment and performance obligations of MEH under the credit agreement to the lenders. Currently, the Company expects that it will not need to make any payments under this guarantee. Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at December 31, 2019 and December 31, 2018: At December 31, 2019 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt related to the revolving credit facility $ 1,070 $ ─ $ 289,123 $ 290,193 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,369 ─ 7,732 9,101 Interest rate swaps 1,803 ─ ─ 1,803 Other 8 ─ ─ 8 Total $ 4,250 $ ─ $ 296,855 $ 301,105 At December 31, 2018 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to TRS agreements $ 4,287 $ 85,347 $ ─ $ 89,634 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,340 ─ 8,779 10,119 Other 8 ─ ─ 8 Total $ 5,635 $ 85,347 $ 8,779 $ 99,761

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies Operating Leases During the first quarter of 2018, the Company conveyed all of its operating lease agreements to Hunt. As a result, the Company had no future rental commitments at December 31, 2019. Litigation and Other Legal Matters In the ordinary course of business , the Company and its subsidiaries are named from time to time as defendants in various litigation matters or may have other claims made against them. These legal proceedings may include claims for substantial or indeterminate compensatory, consequential or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters or other loss contingencies when a loss is probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained. At December 31, 2019, we had no significant litigation matters and we were not aware of any other claims that we believe would have a material adverse impact on our financial condition or results of operations.

EQUITY

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2019
EQUITY
Equity	Note 11—Equity Preferred Share Information On January 1, 2019, as part of the Company’s conversion to a corporation, the Company was authorized to issue 5,000,000 of preferred shares, in one or more series, with no par value. The Board of Directors (“ 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 The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the year ended December 31, (in thousands) 2019 2018 Net income from continuing operations $ 100,985 $ 25,646 Net income from discontinued operations (8) 35,356 Net income $ 100,977 $ 61,002 Basic weighted-average shares (1) 5,877 5,753 Common stock equivalents (2) ─ 284 Diluted weighted-average shares 5,877 6,037 (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. (2) The weighted average potential dilutive shares outstanding, inclusive of the options exercised during the year based on the exercise date, had a potential dilutive share impact of 284,305 for the year ended December 31, 2018. All stock options were exercised as of December 31, 2018. Common Shares On September 12, 2019, the Board authorized a 2019 share repurchase program (“ 2019 Plan ”) for the repurchase of up to 100,000 common shares, at market prices up to the Company’s last reported diluted common shareholders’ equity per share, which was $36.46 as reported within the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2019. The Company then adopted a Rule 10b5-1 plan implementing the Board’s authorization, subject to volume limitations as defined by Rule 10b-18 under the Exchange Act. During 2019, the Company repurchased 87,381 common shares at an average price of $31.71, of which 1,300 common shares were settled on January 2, 2020. The 2019 Plan expired on December 31, 2019. On March 9, 2018, the Company issued 125,000 common shares to Hunt for $4.1 million, or $33.00 per share. On June 26, 2018, the Company issued an additional 125,000 shares to Hunt for $4.3 million, or $34.00 per share. Effective May 5, 2015, the Company adopted a Tax Benefits Rights Agreement (the “ Rights Plan ”) to help preserve the Company’s net operating losses (“ NOLs ”). In connection with adopting the Rights Plan, the Company declared a distribution of one right per common share to shareholders of record as of May 15, 2015. The rights do not trade apart from the current common shares until the distribution date, as defined in the Rights Plan. Under the Rights Plan, the acquisition by an investor (or group of related investors) of greater than a 4.9% stake in the Company, could result in all existing shareholders other than the new 4.9% holder having the right to acquire new shares for a nominal cost, thereby significantly diluting the ownership interest of the acquiring person. The Rights Plan will remain in effect for five years, until May 5, 2020, or until the Board determines the plan is no longer required, whichever comes first. On March 11, 2020, the Board approved an extension of the Rights Plan whereby the terms of the Rights Plan will continue until May 5, 2023. The Board will ask shareholders to ratify its decision to extend the Rights Plan at the Company’s 2020 annual meeting of shareholders. On January 3, 2018, the Board approved a waiver of the 4.9% ownership limitation for Hunt, increasing this limitation to the acquisition of 9.9% of the Company’s issued and outstanding shares in any rolling 12‑month period without causing a triggering event. At December 31, 2019, the Company had two shareholders, including one of its executive officers, Michael L. Falcone, who held greater than a 4.9% interest in the Company. In order to facilitate satisfaction of share purchase obligations related to his 2017 bonus award and permitting his stock option awards to be exercised, the Board named Mr. Falcone an exempted person in accordance with the Rights Plan but only to the extent of settling his share purchase obligations and options. Mr. Falcone satisfied his share purchase obligations and exercised all of his share purchase option awards as of December 31, 2018, and, due to the aforementioned action of the Board, there was no triggering event for purposes of the Rights Plan. On November 6, 2019, the Board named Mr. Falcone an exempted person in accordance with the Rights Plan to the extent of his proposed open-market share purchases of up to an additional 6,000 common shares, to be completed by December 31, 2019, with the Board reserving all its rights under the Rights Plan for any subsequent purchases. As a result of the Board’s action, there was no triggering event resulting from Mr. Falcone’s purchase of 2,500 common shares during 2019 for purposes of the Rights Plan. On March 11, 2020, the Board further named Mr. Falcone an exempted person for up to another 7,500 shares to be acquired on the open market during 2020. Any unused authorization will expire at December 31, 2020. Accumulated Other Comprehensive Income The following table provides information related to the net change in AOCI for the year ended December 31, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2019 $ 37,625 $ 72 $ 37,697 Net unrealized gains (losses) 1,244 (105) 1,139 Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (28,301) ─ (28,301) Income tax expense (2,902) ─ (2,902) Net change in AOCI (29,959) (105) (30,064) Balance, December 31, 2019 $ 7,666 $ (33) $ 7,633 The following table provides information related to the net change in AOCI for the year ended December 31, 2018: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2018 $ 44,459 $ (3,306) $ 41,153 Net unrealized gains 5,620 3,378 8,998 Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (21,875) ─ (21,875) Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as OTTI 6 ─ 6 Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships 9,415 ─ 9,415 Net change in AOCI (6,834) 3,378 (3,456) Balance, December 31, 2018 $ 37,625 $ 72 $ 37,697

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2019
STOCK-BASED COMPENSATION [Abstract]
Stock-Based Compensation	Note 12—Stock-Based Compensation On January 8, 2018, the Company engaged Hunt through the execution of a management agreement with the External Manager (the “ Management Agreement ”) to externally manage the Company’s operations. All employees of the Company were hired by the External Manager. The Company has stock-based compensation plans (“ Plans ”) for non-employee Directors (“ Non-employee Directors’ Stock-Based Compensation Plans ”) and stock-based incentive compensation plans for employees (“ Employees’ Stock-Based Compensation Plans ”). The following table provides information related to total compensation expense that was recorded for these Plans: For the year ended December 31, (in thousands) 2019 2018 Employees’ Stock-Based Compensation Plans $ ─ $ 961 Non-employee Directors’ Stock-Based Compensation Plans 595 655 Total $ 595 $ 1,616 Employees’ Stock-Based Compensation Plans At December 31, 2019, there were 571,066 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the 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. Employee Common Stock Options The Company measures the fair value of unvested options with time-based vesting and all vested options (both time-based and performance based) using a lattice model for purposes of recognizing compensation expense. Because options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company. The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans: Weighted-average Remaining Weighted-average Contractual Aggregate Number of Exercise Price Life per option Intrinsic Period End (in thousands, except per option data) Options per Option (in years) Value (2) Liability (3) Outstanding at January 1, 2018 410 $ 1.56 3.4 $ 9,322 $ 9,342 Exercised in 2018 (1) (410) 1.56 Outstanding at December 31, 2018 and December 31, 2019 ─ ─ ─ ─ ─ (1) When exercised, stock options were net share settled. For the year ended December 31, 2018, 410,000 stock options were exercised, which resulted in a $9.3 million reduction to the Company’s reported “Other liabilities” within its Consolidated Balance Sheets at December 31, 2018. Of the 410,000 stock options that were exercised, the Company issued 220,279 common shares for the year ended December 31, 2018, and 189,721 stock options were tendered to the Company by their holders for the payment of related withholding taxes and exercise price. (2) Intrinsic value is based on outstanding options. (3) Only options that were amortized based on a vesting schedule have a liability balance. There were 410,000 options at January 1, 2018, that fit this profile. 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 384,160 were available to be issued at December 31, 2019. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares. The Non-employee Directors’ Stock-based Compensation Plans provide for directors to be paid $120,000 per year for their services. In addition, the Chairman receives an additional $20,000 per year, the Audit Committee Chair receives an additional $15,000 per year and the other committee chairs receive an additional $10,000 per year. Under this plan, 50% of such compensation is paid in cash and the remaining sum through common share-based grants. The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the years ended December 31, 2019 and December 31, 2018. The directors are fully vested in the deferred shares at the grant date. Common Deferred Weighted-average Shares Shares Grant Date Options Directors' Fees Cash Granted Granted Share Price Vested Expense December 31, 2019 (1) $ 297,500 2,222 7,194 $ 31.59 ─ $ 595,000 December 31, 2018 327,500 ─ 12,182 26.88 ─ 655,000 (1) During the third quarter of 2019, one of the Company’s directors retired.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	12 Months Ended
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	Dec. 31, 2019
Related Party Transactions and Transactions with Affiliates [Abstract]
Related Party Transactions and Transactions with Affiliates	Note 13—Related Party Transactions and Transactions with Affiliates Transactions with Hunt External Management Fees and Expense Reimbursements On January 8, 2018, the Company sold certain businesses and assets (the “ Disposition ”) and entered into the Management Agreement. At the time of the Disposition, all employees of the Company were hired by the External Manager. In consideration for the management services being provided by the External Manager, the Company pays the External Manager a base management fee, which is payable quarterly in arrears in an amount equal to (i) 0.50% of the Company’s first $500 million of common shareholders’ equity determined in accordance with GAAP in the U.S. on a fully diluted basis, adjusted to exclude the effect of (a) the carrying value of the Company’s DTAs, and (b) any gains or losses attributable to noncontrolling interests (“ GAAP Common Shareholders’ Equity ”); and (ii) 0.25% of the Company’s GAAP Common Shareholders’ Equity in excess of $500 million. Additionally, the Company agreed to pay the External Manager an incentive fee equal to 20% of the total annual return of diluted common shareholders’ equity per share in excess of 7%, which excludes the effects of the Company’s DTAs. The Company also agreed to reimburse the External Manager for certain allocable overhead costs including an allocable share of the costs of (i) noninvestment personnel of the External Manager and an affiliate thereof who spend all or a portion of their time managing the Company’s operations and reporting as a public company (based on their time spent on these matters) and (ii) the Chief Executive Officer (“ CEO ”) and Chief Financial Officer (“ CFO ”) based on the percentage of their time spent managing the Company. Reimbursement of compensation-related expenses is, however, subject to an annual cap of $2.5 million through 2019 and $3.5 million thereafter, until the Company’s GAAP common shareholders’ equity exceeds $500 million. The current term of the Management Agreement extends to December 31, 2022 and automatically renews thereafter for additional two-year terms. Either the Company or the External Manager may, upon written notice, decline to renew or terminate the Management Agreement without cause, effective at the end of the initial term or any renewal term. If the Company declines to renew or terminates the Management Agreement without cause or the External Manager terminates for cause, the Company is required to pay a termination fee to the External Manager equal to three times the sum of the average annual base and incentive management fees, plus one times the sum of the average renewable energy business expense reimbursements and the employee cost reimbursement expense, in each case, during the prior two-year period. The Company may also terminate the Management Agreement for cause. No termination fee is payable upon a termination by the Company for cause or upon a termination by the External Manager without cause. For the years ended December 31, 2019 and December 31, 2018, no incentive fee was earned by our External Manager. During the years ended December 31, 2019 and December 31, 2018, the Company recognized $7.2 million and $6.9 million, respectively, of management fees and Loans HFI and Investment in Partnerships As consideration for the Disposition, Hunt agreed to pay the Company $57.0 million and to assume certain liabilities of the Company. The Company provided seller financing through a $57.0 million note receivable from Hunt that had an initial term of seven years, prepayable at any time and bearing interest at the rate of 5% per annum. On October 4, 2018, the Company’s receivable from Hunt increased to $67.0 million as part of Hunt’s election to take assignment of the Company’s agreements to acquire (i) the LIHTC business of Morrison Grove Management and (ii) certain assets pertaining to a specific LIHTC property from affiliates of MGM (these agreements are collectively referred hereinafter to as the “ MGM Agreements ”). On December 20, 2019, Hunt prepaid $13.4 million of the note receivable and as a result, the UPB of the note was $53.6 million at December 31, 2019. On January 3, 2020, the note receivable was fully repaid. During the years ended December 31, 2019 and December 31, 2018, the Company recognized $3.3 million and $2.9 million, respectively, of interest income associated with this note receivable in the Consolidated Statements of Operations. At December 31, 2019, $0.7 million of accrued interest was payable by Hunt. There was no accrued interest payable by Hunt at December 31, 2018. On November 28, 2018, the Company, our investment partner and Hunt entered into an agreement whereby Hunt was admitted as a partner of SDL solely for the purpose of a 30% investment in a specific loan. The maximum principal amount of this loan was $58.8 million, of which Hunt and the Company were obligated to contribute 30% and 20%, respectively, and our investment partner was obligated to contribute the remaining 50% of the funding commitment of this loan. On September 30, 2019, the maximum principal amount of this specific loan increased to $104.0 million. On April 1, 2019, the Company purchased Hunt’s 30% ownership interest for $11.3 million, which represents the price that was projected to cause the Company and Hunt to achieve the same internal rate of return (“ IRR ”) on the amount of capital each had invested in the loan for the period of time that each party was invested in the loan. In this regard, upon full repayment of the loan, a post-purchase true-up payment may have been required to be made by one party to the other depending upon the actual IRR achieved by each party on the investment. Due to continuing involvement by Hunt as the transferor, the transfer did not qualify as a purchase for reporting purposes and, as a result, cash consideration paid by the Company was reported as a loan receivable that is secured by the interest in SDL that Hunt conveyed to the Company. On December 20, 2019, the Company and Hunt terminated all obligations relating to the post-purchase true-up payment and, as a result, the Company derecognized this loan receivable and increased its investment in partnership in SDL. On December 20, 2019, the Company sold to Hunt a loan and three limited partner interests in partnerships that own affordable housing and in which our ownership interest ranged from 74.25% to 74.92%. This loan had a UPB and carrying value of $1.1 million and $0.3 million, respectively, while the three limited partner interests had a carrying value of $0.9 million at the time of sale. The Company received $3.1 million in sales proceed and recognized $1.9 million of gains in the Consolidated Statements of Operations. Loan HFS During the fourth quarter of 2018, in connection with the closing under the MGM Agreements, Hunt acquired the Company’s $9.0 million HFS loan that was previously acquired from an affiliate of MGM during the first quarter of 2018. Hunt paid the Company $9.4 million to complete this transfer. Investment in Debt Securities On April 25, 2019, the Company received $13.1 million of net proceeds from the sale of an affordable housing property that secured one of the Company’s non-performing bond investments. Hunt, as bond servicing agent, waived $0.9 million of servicing fees that were otherwise due and payable in priority to the Company’s bond investment. As a result, the Company received $0.9 million of additional bond redemption proceeds that we otherwise would not have received. Common Shares In conjunction with the Disposition, the Company agreed to issue, and Hunt agreed to acquire, 250,000 of the Company’s common shares in a private placement at an average purchase price of $33.50 per share. On March 9, 2018, the Company issued 125,000 common shares to Hunt for $4.1 million, representing a price per share of $33.00. On June 26, 2018, the Company issued the remaining 125,000 shares to Hunt for $4.3 million, or $34.00 per share.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2019
Income Taxes
Income Taxes	Note 14—Income Taxes Provision for Income Taxes The Company was organized as a limited liability company that had elected to be taxed as a corporation for income tax purposes and, on January 1, 2019, converted into a corporation. All of our business activities, with the exception of our foreign investments, are conducted by entities included in our consolidated corporate federal income tax return. The following table summarizes the components of our provision for income taxes for the years ended December 31, 2019 and December 31, 2018: For the year ended December 31, (in thousands) 2019 2018 Current income tax expense: Federal $ ─ $ ─ State (131) (32) Total current income tax expense (131) (32) Deferred income tax benefit Federal 46,353 ─ State 14,260 ─ Total deferred income tax benefit 60,613 ─ Total provision benefit (expense) for income taxes $ 60,482 $ (32) The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2019 and December 31, 2018: For the year ended December 31, (in thousands) 2019 2018 Income from continuing operations before income taxes $ 40,503 $ 25,678 Income tax expense at federal statutory rate (8,506) (5,392) Permanent differences: Impact on taxes from entities not subject to tax ─ 498 State income taxes, net of federal tax effect 504 (1,652) Impact from other comprehensive income 3,593 4,594 State net operating loss adjustment 4,373 507 Other (1,512) (314) Net decrease in the valuation allowance 62,030 1,727 Provision benefit (expense) for income taxes $ 60,482 $ (32) DTAs, DTLs and Valuation Allowance We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases, and for NOL carryforwards and tax credit carryforwards. At each reporting period, we evaluate the recoverability of our DTAs, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that, based on the weight of available evidence, it is more likely than not that some or all of the DTAs will not be realized. The weight given to the evidence is commensurate with the extent to which evidence is objectively verifiable. If negative evidence exists, positive evidence must be present to support a conclusion that a valuation allowance is not necessary. Our framework for assessing whether DTAs will be realized requires us to weigh all available evidence, including: · our three-year cumulative income position; · the trend of pretax book income results; · the sustainability of recent profitability indicated by pretax book income from core business activities that was demonstrated in the past and would be reasonable to assume for the future (or, “ Core Earnings ”); · our forecast of pretax book income; · our access to capital; · macroeconomic risks to the economy and our business operations; and · the carryforward periods for NOLs, capital losses and tax credits. Our consideration of evidence requires significant judgment regarding estimates and assumptions that are inherently uncertain, particularly about our future business structure and financial results. Risks to our forward-looking estimates of pretax book income include, but are not limited to, changes in market rates of return, additional competitors entering the marketplace (which could reduce rates of return due to competition for new borrowers), limits on access to investible capital that would limit new investments that could be made by the Company, changes in the law and the Company’s dependence on a small, specialized team of the External Manager for underwriting activities. Given these risks, and while assumptions made by management are generally objectively verifiable as of a reporting date, our forward-looking estimates could materially differ from actual results. At September 30, 2019, the Company assessed that the weight of available evidence was insufficient to conclude that it was more likely than not that all or a portion of its DTAs would be realized. This determination was partly attributable to the fact that, while the Company maintained a three-year cumulative income position at September 30, 2019, this measure included various one time, nonrecurring items that caused the Company not to heavily weight this analysis as positive evidence that it is more likely than not that the Company will remain profitable in the future. Further, the Company’s projection of pretax book income was not supported by a strong history of Core Earnings at the reporting date. As a result, the Company determined that, at September 30, 2019, the weight of negative evidence exceeded that of available positive evidence and maintained a full valuation allowance against its DTAs. The Company’s projection for future pretax book income consequentially improved after September 30, 2019. During the fourth quarter of 2019, the Company received a $13.4 million partial prepayment of the Hunt note, and full repayment in January 2020. The amount of leverage used in connection with renewable energy investments also increased during this period as the UPB of draws from the Company’s revolving credit facility increased by $49.5 million to $94.5 million at December 31, 2019. These developments enabled the Company to redeploy capital into higher yielding renewable energy-related investments compared to that of the Hunt note, while also improving the scale of its investments and achieving enhanced returns increased through the use of leverage. Given the noted improvements in the Company’s projection of pretax book income and other positive evidence, we assessed that, at December 31, 2019, it was more likely than not that a portion of our DTAs would be realized. Based on the foregoing, the Company released a portion of its DTA valuation allowance in the fourth quarter of 2019 through the recognition of a $57.7 million net DTA. The amount released reflects the projected utilization of $210.2 million of federal NOLs based upon a federal corporate tax rate of 21.0% and a blended state tax rate (net of federal benefit) of 6.46% incorporating the Company’s forecast of pretax book income at December 31, 2019. This projection was made using objectively verifiable assumptions that reflected the Company’s historical experience and were otherwise deemed not to be subjective. However, realization of our DTAs is dependent on generating sufficient pretax book income in future periods. Therefore, although we believe it is more likely than not at December 31, 2019, that future income will be sufficient to allow us to realize the carrying value of net DTAs recognized at December 31, 2019, realization is not assured and future events could cause us to change our judgment. In this case, we could be required to adjust the DTA valuation allowance and recognize income tax benefit or expense. The following table summarizes the carrying value of our DTAs, net of valuation allowance at December 31, 2019 and December 31, 2018: At At December 31, December 31, (in thousands) 2019 2018 Deferred tax assets: Net operating loss, tax credits and other tax carryforwards $ 122,917 $ 123,902 Cancellation of subordinated debt 3,340 3,464 Other 1,715 (2,866) Gross deferred tax assets 127,972 124,500 Valuation allowance (65,373) (124,500) Total deferred tax assets, net of valuation allowance 62,599 ─ Deferred tax liabilities: Other, net (4,888) ─ Total deferred tax liabilities (4,888) ─ Deferred tax assets, net $ 57,711 $ ─ The following table summarizes the change in the valuation allowance for the years ended December 31, 2019 and December 31, 2018: For the year ended December 31, (in thousands) 2019 2018 Balance, January 1 $ 124,500 $ 139,987 Net reductions due to discontinued operations 2 (11,072) Net reductions due to continuing operations (59,129) (1) (1,727) Cumulative change due to change in accounting principle ─ (2,688) Balance, December 31 $ 65,373 $ 124,500 (1) This amount includes $2.9 million of valuation allowance release that is included in AOCI. At December 31, 2019 and December 31, 2018, the Company had pre-tax federal NOLs of $374.9 million and $396.1 million, respectively, which are available to reduce future federal income taxes and begin to expire in 2028. For the tax year ending December 31, 2019, the Company had income taxes receivable (net of current taxes payable) of $0.1 million reported as an “Other assets” on our Consolidated Balance Sheets. Significant judgment is required in determining and evaluating income tax positions. The Company establishes additional provisions for income taxes when there are certain tax positions that could be challenged and that may not be supportable upon review by taxing authorities. The Company had no liabilities for uncertain tax positions at December 31, 2019 and December 31, 2018. The changes to tax positions that only affect timing are comprised of temporary differences that, if recognized, would adjust the amount of the NOL carryforwards which were subject to the Company’s valuation allowance in the period then recorded; therefore, a liability was not recorded for these uncertain tax positions. A reconciliation of the beginning and ending amount for uncertain tax positions, including amounts that only affect timing follows: For the year ended December 31, (in thousands) 2019 2018 Balance, January 1 $ ─ $ 1,863 Net decreases for tax positions of prior years ─ ─ Net decreases due to tax positions that only affect timing ─ (1,863) Balance, December 31 $ ─ $ ─ The impact of the uncertain tax positions that only affect timing decreased to zero at December 31, 2018, as a result of the reversal of the Company’s bonus accrual due to the Disposition. The Company is subject to audit under the statute of limitations by the Internal Revenue Service (“ IRS ”) for the tax years ended December 31, 2016 to December 31, 2019 and is currently under audit by the IRS for its December 31, 2016 federal income tax return.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
DISCONTINUED OPERATIONS	Dec. 31, 2019
DISCONTINUED OPERATIONS [Abstract]
Discontinued Operations	Note 15—Discontinued Operations As part of the Disposition, the Company sold the following to Hunt: (i) its LIHTC business; (ii) its international asset and investment management business (“ International Operations ”); (iii) the loan origination, servicing and management components of its Energy Capital business; (iv) its bond servicing platform and (v) certain miscellaneous investments. This sale transaction also included certain management, expense reimbursement and other contractual rights held by the Company with respect to its Energy Capital business, LIHTC business and International Operations. The table below provides information about income and expenses related to the Company’s discontinued operations reported in its Consolidated Statements of Operations: For the year ended December 31, (in thousands) 2019 2018 Interest on bonds $ ─ $ 6 Interest on loans and short-term investments ─ 746 Asset management fee and reimbursements ─ 1,370 Equity in income from unconsolidated funds and ventures ─ 1 Other income ─ 53 Salaries and benefits ─ (53) General and administrative ─ (68) Professional fees (8) (45) Other expenses ─ (527) Gains on sales and operations of real estate, net ─ 63 Net (loss) income from discontinued operations, net of tax (8) 1,546 Disposal: Net gains on loans ─ 400 Net gain on disposal of discontinued operations (1) ─ 33,410 Net (loss) income from discontinued operations $ (8) $ 35,356 (1) Includes $3.4 million of cumulative translation adjustments reclassified out of AOCI and into earnings due to the sale of our international asset and investment management business as part of the Disposition for the year ended December 31, 2018. The table below provides information about operating and investing cash flows related to the Company’s discontinued operations reported in its Consolidated Statements of Cash Flows: For the year ended December 31, (in thousands) 2019 2018 Depreciation and amortization $ ─ $ 29 Net change in assets, liabilities and equity due to sale of business: Decrease in investments in debt securities related to CFVs ─ (5,450) Decrease in loans ─ (231) Decrease in other assets ($24,140 related to CFVs) ─ (35,724) Decrease in debt ($6,144 related to CFVs) ─ 8,308 Decrease in accounts payable and accrued expenses ─ 7,201 Decrease in other liabilities ($480 related to CFVs) ─ 18,333 Decrease in noncontrolling interests in CFVs ─ 5,620 Increase in accumulated other comprehensive income ─ (3,404)

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2019
SEGMENT INFORMATION [Abstract]
Segment Information	Note 16—Segment Information At December 31, 2019 and December 31, 2018, 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)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“ GAAP ”). The Company evaluates subsequent events through the date of filing with the U.S. Securities and Exchange Commission (“ SEC ”).
Changes in Presentation	Changes in Presentation We have revised the presentation of our Consolidated Statements of Operations for all reporting periods presented by reclassifying “Equity in income from unconsolidated funds and ventures” and all net gains (losses) associated with the Company’s bonds, loans, derivatives, real estate, other investments and the extinguishment of debt obligations as a component of “Non-interest income.” Additionally, the Company made certain reclassifications to prior year financial statements in order to enhance their comparability with current year financial statements.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management made estimates in certain areas, including the determination of the Company’s valuation allowance established against its deferred tax assets (“ DTAs ”) as well as in the fair value measurement of bonds and derivative instruments. Actual results could differ materially from these estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Variable Interest Entity (“ VIE ”) Assessment We had interests in various legal entities that represent VIEs. A VIE is an entity: (i) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities; (ii) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (iii) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity was a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. As of December 31, 2019, the Company had no investments in entities that were determined to be VIEs. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (i) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains on real estate and other investments” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded in our Consolidated Statements of Operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are comprised of short-term marketable securities with maturities of three months or less at purchase, all of which are readily convertible to cash.
Restricted Cash	Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements.
Investments in Debt Securities and Investments in Partnerships	Investments in Debt Securities We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities .” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether the decline in fair value is other-than-temporary. We assess that an impairment is OTTI if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell a bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statements of Operations as a component of “Impairments” for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell the bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations as a component of “Impairments” while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. There were no bonds in an unrealized loss position at December 31, 2019. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on nonaccrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on nonaccrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. At December 31, 2019, the Company had no bonds that were on nonaccrual status. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in AOCI are reversed. The Company may periodically agree to modify the contractual terms of its investments in debt securities in the interest of attempting to obtain more cash or other value from a debtor than it otherwise would, or to increase the probability of receipt, by granting a concession to a borrower. If the Company makes an economic concession to a borrower that is experiencing financial difficulty, the Company will typically assess a modification or other form of economic concession to represent a troubled debt restructuring (“ TDR ”) for reporting purposes. Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, “ Equity Method Investments ,” to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership’s operations. Under the equity method, the Company’s investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses from the partnership. The Company’s allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company’s cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company’s investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, unless: (i) an imminent return to profitable operations by the partnership is assured; (ii) the Company has guaranteed obligations of the partnership, or (iii) the Company has otherwise committed to provide further financial support to the partnership. The Company must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company recognizes impairment-related losses in the Consolidated Statements of Operations as a component of “Impairments.” The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions.
Loans Held for Sale and Loans Held for Investment	Loans Loans Held For Sale (“ HFS ”) When we originate loans that we intend to sell, we classify these loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We report any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“ HFI ”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, unearned income, non-refundable deferred origination fees and costs, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. The Company recognizes a provision for loan losses in its Consolidated Statements of Operations as a component of “Other expenses.” Allowance for Loan Losses Our allowance for loan losses is a valuation allowance that reflects management’s estimate of probable losses inherent in our lending activities. Quarterly, the Company reviews each loan to assess its overall collectability . For impaired loans, which include non-performing loans as well as loans modified in a TDR, management measures impairment primarily based on the present value of payments expected to be received, discounted at the loans’ original effective contractual interest rates. Impaired loans and TDRs may also be measured based on observable market prices, or for loans that are solely dependent on the collateral for repayment, the estimated fair value of the collateral less costs to sell. If the recorded investment exceeds this amount, a specific allowance is established as a component of the allowance for loan losses unless these are secured loans that are solely dependent on the collateral for repayment, in which case the amount that exceeds the fair value of the collateral is charged off. At December 31, 2019, the Company had no allowance for loan losses recorded. Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on any nonaccrual loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. At December 31, 2019, the Company had no nonaccrual loans. Fair Value Option (“ FVO ”) Loans For loans for which the Company has elected the FVO, unearned income, non-refundable origination fees and costs are recognized at inception upon origination of the loan. These assets are subsequently measured on a fair value basis, with changes therein classified in our Consolidated Statements of Operations as a component of “Net gains on loans.”
Real Estate Owned (“REO”)	Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Other expenses.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “Other expenses.”
Derivative Instruments	Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging .” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of these instruments are reported in our Consolidated Statements of Operations as a component of “Net (losses) gains on derivatives.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.”
Guarantees	Guarantees With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. The Company recognizes guarantee-related losses in the Consolidated Statements of Operations as a component of “Other expenses” while related liabilities are classified in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of these activities is provided in Note 9, “Guarantees and Collateral.”
Stock-Based Compensation	Stock-Based Compensation The Company accounts for previously awarded employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. As of December 31, 2018, all previously awarded and outstanding stock options had been exercised by our officers. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date.
Foreign Currency Conversion	Foreign Currency Conversion Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI in our Consolidated Balance Sheets. When assets or liabilities are denominated in a currency other than the entity’s functional currency, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings in the Company’s Consolidated Statements of Operations as a component of “Other expenses.”
Income (Loss) per Common Share	Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period. The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. All outstanding stock options of the Company were exercised as of December 31, 2018.
Income Taxes	Income Taxes All of our business activities, with the exception of our foreign investments, are conducted by entities included in our consolidated corporate federal income tax return. ASC Topic No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and DTAs and deferred tax liabilities (“ DTLs ”) for future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. In this regard, we recognize DTAs and DTLs based on the differences in the book and tax bases of assets and liabilities. We measure DTAs and DTLs using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust DTAs and DTLs for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. Each reporting period, we assess whether DTAs are realizable. These reviews include management’s estimates and assumptions regarding future pretax book income, which also incorporates various tax planning strategies, including strategies that may be available to utilize NOLs before they expire. In connection with these reviews, if it is determined that a DTA is not realizable, a valuation allowance is established. At each reporting period, we evaluate the recoverability of our DTAs, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that, based on the weight of available evidence, it is more likely than not that some or all of the DTAs will not be realized. The weight given to the evidence is commensurate with the extent to which evidence is objectively verifiable. If negative evidence exists, positive evidence must be present to support a conclusion that a valuation allowance is not necessary. We account for uncertain tax positions using a two-step approach whereby we recognize an income tax benefit if, based on the technical merits of a tax position, it is more likely than not that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation. We then measure the recognized tax benefit based on the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities.
New Accounting Guidance	Accounting Guidance Adoption of Accounting Standards Accounting for Derecognition of Nonfinancial Assets In February 2017, the FASB issued Accounting Standards Update (“ ASU ”) No. 2017‑05, “ Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610‑20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ” was issued. This guidance clarifies that the derecognition of all businesses should be accounted for in accordance with the derecognition and deconsolidation guidance of Topic 810‑10 – Consolidations . In addition, this guidance eliminates the scope exception in authoritative literature that governs transfers of financial assets related to transfers of investments (including equity method investments) in real estate entities and supersedes guidance related to the exchange of a nonfinancial asset for a noncontrolling ownership interest as set forth in Topic 845 – Nonmonetary Transactions . The effective date of ASU 2017‑05 is aligned with Topic 606. We adopted ASU No. 2017‑05 in conjunction with our adoption of Topic 606 as of January 1, 2018 and we recognized a cumulative effect adjustment of $9.2 million to retained earnings on January 1, 2018. Accounting for Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance amends the classification and measurement of financial instruments, including equity investments not accounted for under the equity method of accounting. Although this ASU retains many current requirements, it significantly revised an entity’s accounting related to (i) the classification and measurement of investments in equity securities and (ii) the presentation of certain fair value changes for financial liabilities measured at fair value. Additionally, certain disclosure requirements associated with the fair value of financial instruments were amended. We adopted this new guidance on its effective date of January 1, 2018. Upon adoption of this guidance, the Company assessed that certain of our equity investments did not have a readily determinable fair value, resulting in the Company electing the measurement alternative. Accordingly, during the first quarter of 2018, the Company recognized a $0.4 million impairment within our Consolidated Statements of Operations. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This guidance amends the amortization period for certain callable debt securities held at a premium, shortening the period to the earliest call date. We adopted this new guidance on its effective date of January 1, 2019. Upon adoption of this guidance, the Company assessed that certain of our bond investments were being held at a premium resulting in a reduction in amortization periods used for interest income recognition. Accordingly, during the first quarter of 2019, the Company recognized a cumulative effect adjustment of $0.3 million charge to retained earnings. Accounting for Income Taxes In February 2018, the FASB issued ASU No. 2018‑02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance permits companies to reclassify stranded tax effects caused by the Tax Cuts and Jobs Act of 2017 (the “ Tax Act ”) from AOCI to retained earnings and also requires new disclosures. We adopted this guidance on its effective date of January 1, 2019. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Accounting for Stock Compensation In June 2018, the FASB issued ASU 2018‑07 , “ Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting .” This guidance expands the scope of ASC Topic 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. We adopted this new guidance on its effective date of January 1, 2019. The adoption of this guidance did not impact the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Issued Accounting Standards Not Yet Adopted Accounting for Financial Instruments – Credit Losses In November 2019, the FASB issued ASU No. 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates.” This guidance gives private companies, not-for-profit organizations, and certain smaller reporting companies additional time to implement FASB standards on credit losses, leases, derivatives and hedging and intangible-goodwill and other (ASC 350). Because the Company is a smaller reporting company the following “credit loss” ASUs will become effective for the Company on January 1, 2023. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” This guidance is intended to reduce the complexity of U.S. GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. This guidance establishes an impairment methodology that reflects lifetime expected credit losses rather than incurred losses. This guidance requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This new guidance is effective on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” This guidance is intended to clarify aspects of accounting for credit losses, hedging activities, and financial instruments. This new guidance is effective on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In May 2019, the FASB issued ASU No. Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” This guidance provides transition relief for entities adopting ASU 2016-13. This guidance allows entities to elect the fair value options on certain financial instruments. This new guidance is effective on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-11, “Codification Improvements to Topic 326 , Financial Instruments – Credit Losses.” This guidance amends certain aspects of the FASB’s new credit losses standard, including an amendment requiring entities to include certain expected recoveries in the amortized cost basis in the allowance for credit losses for purchased credit deteriorated assets. This new guidance is effective on January 1, 2023, with early adoption permitted. We are currently evaluating the potential impact of the new guidance on our consolidated financial statements. Accounting for Financial Instruments – Fair Value Measurement In August 2018, the FASB issued ASU No. 2018‑13, “Fair Value Measurement (Topic 820): Disclosure This guidance eliminates certain disclosure requirements for fair value measurements, requires public entities to disclose certain new information and modifies some disclosure requirements. This new guidance is effective for us on January 1, 2020, with early adoption permitted. We have considered the impact of this new guidance and do not expect its adoption to materially impact our consolidated financial statements. Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. We are evaluating the potential impact of the new guidance on our consolidated financial statements.

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	12 Months Ended
INVESTMENTS IN DEBT SECURITIES (Tables)	Dec. 31, 2019
INVESTMENTS IN DEBT SECURITIES [Abstract]
Schedule of Available-for-sale Securities Reconciliation	At December 31, 2019 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 4,000 $ ─ $ 6,026 $ 6,026 Infrastructure Bond 26,885 20,797 4,542 25,339 Total $ 30,885 $ 20,797 $ 10,568 $ 31,365 At December 31, 2018 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 65,162 $ 38,653 $ 33,564 $ 72,217 Infrastructure Bond 27,170 20,912 4,061 24,973 Total $ 92,332 $ 59,565 $ 37,625 $ 97,190 (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as net OTTI recognized in “Impairments” in our Consolidated Statements of Operations.
Gain (Loss) on Investments	For the year ended December 31, (in thousands) 2019 2018 Gains recognized at time of sale or redemption $ 28,606 $ 21,875 OTTI losses recognized on bonds held at each period-end ─ (6) Total net gains on bonds $ 28,606 $ 21,869

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	12 Months Ended
INVESTMENTS IN PARTNERSHIPS (Tables)	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	At At December 31, December 31, (in thousands) 2019 2018 Investment in Solar Ventures $ 289,123 $ 126,339 Investments in U.S. real estate partnerships (includes zero and $898 related (1) 19,822 19,961 Investment in South Africa Workforce Housing Fund (" SAWHF ") 7,732 8,779 Total investments in partnerships $ 316,677 $ 155,079 (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE because the Company was deemed not to be the primary beneficiary.
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the total assets, debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At December 31, December 31, 2019 2018 (in thousands) Total assets $ 51,718 $ 56,238 Debt 6,426 6,530 Other liabilities 20,493 32,165 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 year ended December 31, (in thousands) 2019 2018 Gross revenue $ 2,575 $ 2,383 Operating expenses 2,133 2,127 Net loss and net loss attributable to the entities (2,427) (794)
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 December 31, December 31, 2019 2018 (in thousands) Total assets $ 706,792 $ 279,960 Other liabilities (1) 22,135 12,833 (1) Other liabilities of these ventures is primarily comprised of interest reserves. The following table provides information about the gross revenue, operating expenses and net income of all renewable energy related investees in which the Company had an equity method investment: For the year ended December 31, (in thousands) 2019 2018 Gross revenue $ 55,905 $ 27,327 Operating expenses 6,541 5,793 Net income and net income attributable to the entities 49,443 21,977
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 December 31, December 31, 2019 2018 (in thousands) Total assets $ 56,356 $ 74,803 Other liabilities 130 496 The following table provides information about the gross revenue, operating expenses and net income (loss) of SAWHF: For the year ended December 31, (in thousands) 2019 2018 Gross revenue $ 4,130 $ 4,308 Operating expenses 1,003 2,277 Net income (loss) and net income (loss) attributable to the entity 781 (14,339)

LOANS HFI AND LOANS HFS (Tables

LOANS HFI AND LOANS HFS (Tables)	12 Months Ended
LOANS HFI AND LOANS HFS (Tables)	Dec. 31, 2019
LOANS HFI AND LOANS HFS [Abstract]
Schedule of carrying value of Loans held for investment and held for sale	At At December 31, December 31, (in thousands) 2019 2018 Loans HFI $ 54,100 $ 67,299 Loans HFS ─ ─ Total loans $ 54,100 $ 67,299
Schedule of loans Held For Investments	At At December 31, December 31, (in thousands) 2019 2018 UPB $ 54,100 $ 68,050 Cost basis adjustments, net ─ (751) Loans HFI, net $ 54,100 $ 67,299
Schedule of UPB and carrying value of loans that are current and past due with respect to principal or interest payments	At At December 31, December 31, (in thousands) 2019 2018 UPB Carrying value UPB Carrying value Total current $ 54,100 $ 54,100 $ 67,000 $ 67,000 30-59 days past due ─ ─ ─ ─ 60-89 days past due ─ ─ ─ ─ 90 days or greater ─ ─ 1,050 299 Total $ 54,100 $ 54,100 $ 68,050 $ 67,299

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2019
OTHER ASSETS [Abstract]
Schedule of Other Assets	At At December 31, December 31, (in thousands) 2019 2018 Other assets: Real estate owned $ 8,397 $ 3,769 Debt issue costs 2,675 ─ Derivative assets 597 5,797 Accrued interest receivable 853 854 Other assets 462 520 Total other assets $ 12,984 $ 10,940
Schedule Of Real Estate Owned, Held For Use	At At December 31, December 31, (in thousands) 2019 2018 Land improvements $ 5,778 $ 1,150 Land 2,619 2,619 Total $ 8,397 $ 3,769

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2019
DEBT [Abstract]
Schedule of Debt	At At December 31, 2019 December 31, 2018 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 2,212 3.2 2,232 3.7 Due after one year 93,276 3.2 95,490 3.7 Revolving credit facility debt obligations Due within one year ─ ─ ─ ─ Due after one year 94,500 5.6 ─ ─ Notes payable and other debt (2) Due within one year 6,828 14.7 ─ ─ Due after one year 1,500 5.0 7,210 14.7 Total other debt 198,316 4.8 104,932 4.5 Asset Related Debt Notes Payable and Other Debt Bond related debt (3) Due within one year $ ─ ─ % $ 317 4.0 % Due after one year ─ ─ 38,938 3.7 Non-bond related debt Due within one year 650 5.0 1,500 5.0 Due after one year 2,850 5.0 3,500 5.0 Total asset related debt 3,500 5.0 44,255 3.9 Total debt $ 201,816 4.8 $ 149,187 4.3 (1) The subordinated debt balances include net cost basis adjustments of $7.4 million and $7.9 million at December 31, 2019 and December 31, 2018, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issue costs of $0.1 million and $0.2 million at December 31, 2019 and December 31, 2018, respectively. (3) Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs. The balance at December 31, 2018 was de minimis. (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 resets.
Schedule of Maturities of Long-term Debt	Asset Related Debt (in thousands) and Other Debt 2020 $ 9,331 2021 1,913 2022 96,379 2023 1,846 2024 1,813 Thereafter 83,197 Net premium and debt issue costs 7,337 Total debt $ 201,816
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 $ 25,999 $ 2,264 $ 28,263 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH 23,641 2,070 25,711 Amortizing April 30, 2035 three-month LIBOR plus 2.0% MFH 13,628 1,103 14,731 Amortizing July 30, 2035 three-month LIBOR plus 2.0% MFH 24,777 2,006 26,783 Amortizing July 30, 2035 three-month LIBOR plus 2.0% Total $ 88,045 $ 7,443 $ 95,488 The subordinated principal amortizes 2.0% per annum.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Dec. 31, 2019
DERIVATIVE INSTRUMENTS [Abstract]
Schedule of the Company's Derivative Assets and Liabilities	Fair Value At At December 31, 2019 December 31, 2018 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ ─ $ ─ $ 1,130 $ ─ Basis swaps 318 ─ 808 ─ Interest rate caps 227 ─ 998 ─ Interest rate swaps 52 ─ 2,674 ─ Foreign currency forward exchange ─ 117 187 ─ Total carrying value of derivative instruments $ 597 $ 117 $ 5,797 $ ─
Schedule of Derivative Notional Amounts	Notional Amounts At At December 31, December 31, (in thousands) 2019 2018 Total return swaps $ ─ $ 18,278 Basis swaps 35,000 35,000 Interest rate caps 35,000 80,000 Interest rate swaps 35,000 65,000 Foreign currency forward exchange 4,685 4,331 Total notional amount of derivative instruments $ 109,685 $ 202,609
Schedule of notional amounts of company derivative instruments	Notional Amounts Balance, January 1, 2019 $ 198,278 Impact from expirations (46,714) Impact from terminations (46,528) Impact from settlements (36) Balance, December 31, 2019 $ 105,000
Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments	For the year ended December 31, (in thousands) 2019 2018 Total return swaps (1) $ (42) $ 3,154 Basis swaps (2) (270) 449 Interest rate caps (771) 210 Interest rate swaps (3) (2,341) 422 Foreign currency forward exchange (299) 352 Total net (losses) gains of derivative instruments $ (3,723) $ 4,587 (1) The accrual of net interest payments that are made in connection with TRS agreements that are reported as derivative instruments are classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.2 million and $2.5 million for the years ended December 31, 2019 and December 31, 2018, respectively. (2) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. The net cash received was $0.2 million for the year ended December 31, 2019, while the net cash received was de minimis for the year ended December 31, 2018. The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net (losses) gains on derivatives” on the Consolidated Statements of Operations. Net cash received was $0.2 million and $0.5 million for the years ended December 31, 2019 and December 31, 2018, respectively. During the year ended December 31, 2018, the Company also received $0.3 million to amend two interest rate swaps and recorded $0.3 million through “Other assets” on the Consolidated Balance Sheets. The amount recorded to “Net (losses) gains on derivatives” on the Consolidated Statements of Operations was de minimis for the year ended December 31, 2018.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
FAIR VALUE (Tables)	Dec. 31, 2019
FAIR VALUE [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	At December 31, Fair Value Measurements (in thousands) 2019 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 31,365 $ ─ $ ─ $ 31,365 Loans held for investment 500 ─ ─ 500 Derivative instruments 597 ─ 597 ─ Liabilities: Derivative instruments $ 117 $ ─ $ 117 $ ─ At December 31, Fair Value Measurements (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 97,190 $ ─ $ ─ $ 97,190 Derivative instruments 5,797 ─ 4,667 1,130
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2019: Investments in Debt Derivative Loans Held for (in thousands) Securities Assets Investment Balance, January 1, 2019 $ 97,190 $ 1,130 $ ─ Net losses included in earnings ─ (195) ─ Net change in AOCI (1) (27,057) ─ ─ Impact from loan originations ─ ─ 500 Impact from sales or redemptions (38,209) ─ ─ Impact from settlements (2) (559) (935) ─ Balance, December 31, 2019 $ 31,365 $ ─ $ 500 (1) This amount represents the reclassification into the Consolidated Statements of Operations of $28.3 million of net fair value gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $1.2 million of net unrealized gains recognized during this reporting period in connection with the Company’s bond investments. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. Included in this amount is $0.3 million of cumulative transition adjustment to retained earnings that was recognized in connection with the Company’s adoption of ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-10): Premium Amortization on Purchased Callable Debt Securities” on January 1, 2019. The following table provides information about the amount of realized and unrealized gains (losses) that were reported in the Company’s Consolidated Statements of Operations for the year ended December 31, 2019, related to activity presented in the preceding table: Net gains on Net losses on (in thousands) bonds (1) derivatives (2) Change in unrealized losses related to assets and liabilities held at January 1, 2019, but settled during 2019 $ ─ $ (195) Additional realized gains recognized 28,606 153 Total net gains (losses) reported in earnings $ 28,606 $ (42) (1) Amounts are classified as “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) gains on derivatives” in the Company’s Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2018: Investments in Debt Derivative Derivative (in thousands) Securities Assets Liabilities Balance, January 1, 2018 $ 143,604 $ 2,347 $ (46) Net (losses) gains included in earnings (6) 854 (41) Net change in AOCI (1) (16,249) ─ ─ Impact from deconsolidation 17,998 ─ ─ Impact from sales or redemptions (47,488) ─ ─ Impact from settlements (2) (669) (2,071) 87 Balance, December 31, 2018 $ 97,190 $ 1,130 $ ─ (1) This amount represents the reclassification into the Consolidated Statements of Operations of $21.9 million of net fair value gains related to bonds that were sold or redeemed during this reporting period. This decline was partially offset by $5.6 million of net unrealized holding gains recognized during the period in connection with the Company’s bond investments. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. The following table provides information about the amount of realized and unrealized (losses) gains that were reported in the Company’s Consolidated Statements of Operations for the year ended December 31, 2018, related to activity presented in the preceding table: Net losses on Net gains on (in thousands) bonds (1) derivatives (2) Change in unrealized (losses) gains related to assets and liabilities held at December 31, 2018 $ (6) $ 911 Change in unrealized losses related to assets and liabilities held at January 1, 2018, but settled during 2018 ─ (98) Additional realized gains recognized 21,875 2,342 Total net gains reported in earnings $ 21,869 $ 3,155 (1) Amounts are classified as “Impairments” and “Net gains on bonds” in the Company’s Consolidated Statements of Operations. (2) Amounts are classified as “Net (losses) gains on derivatives” in the Company’s Consolidated Statements of Operations.
Fair Value Measurements By Level 3 Valuation Technique	Fair Value Measurement at December 31, 2019 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average Recurring Fair Value Measurements: Investments in debt securities: Multifamily tax-exempt bonds Subordinated cash flow $ 6,026 Discounted cash flow Market yield 7.3 % N/A Capitalization rate 6.2 N/A Valuation technique weighting factors: • NOI annual growth rate (50% weighting factor) 0.7 N/A • Bid price (50% weighting factor) $ 16,611 N/A Infrastructure Bond 25,339 Discounted cash flow Market yield 7.0 % N/A Loans held for investment 500 Discounted cash flow Market yield 8.0 8.0 % (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. Fair Value Measurement at December 31, 2018 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments in debt securities: Multifamily tax-exempt bonds Performing $ 48,221 Discounted cash flow Market yield 4.4 - 6.8 % 4.8 % Non-performing 12,882 Discounted cash flow Market yield 8.2 N/A Capitalization rate 7.0 N/A Valuation technique weighting factors: • NOI annual growth rate (10% weighting factor) 0.5 N/A • Contract price (90% weighting factor) $ 13,500 N/A Subordinated cash flow 11,114 Discounted cash flow Market yield 7.4 - 7.6 % 7.5 Capitalization rate 6.2 - 6.5 6.4 NOI annual growth rates 0.6 - 0.7 0.7 Infrastructure Bond 24,973 Discounted cash flow Market yield 7.2 N/A Derivative instruments: Total return swaps 1,130 Discounted cash flow Market yield 4.7 - 4.8 4.8 (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Fair Value, by Balance Sheet Grouping	At December 31, 2019 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 8,555 $ 8,555 $ ─ $ ─ Restricted cash 4,250 4,250 ─ ─ Loans held for investment 53,600 ─ ─ 54,276 Liabilities: Notes payable and other debt - non-bond related 11,828 ─ ─ 10,888 Revolving credit facility obligations 94,500 ─ ─ 94,500 Subordinated debt issued by MFH 95,488 ─ ─ 46,934 At December 31, 2018 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,243 $ 28,243 $ ─ $ ─ Restricted cash 5,635 5,635 ─ ─ Loans held for investment 67,299 ─ ─ 66,339 Liabilities: Notes payable and other debt - bond related 39,255 ─ ─ 39,289 Notes payable and other debt - non-bond related 12,210 ─ ─ 11,479 Subordinated debt issued by MFH 97,722 ─ ─ 46,778

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	12 Months Ended
GUARANTEES AND COLLATERAL (Tables)	Dec. 31, 2019
GUARANTEES AND COLLATERAL [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral	At December 31, 2019 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt related to the revolving credit facility $ 1,070 $ ─ $ 289,123 $ 290,193 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,369 ─ 7,732 9,101 Interest rate swaps 1,803 ─ ─ 1,803 Other 8 ─ ─ 8 Total $ 4,250 $ ─ $ 296,855 $ 301,105 At December 31, 2018 Investments Total Restricted in Debt Investments in Assets (in thousands) Cash Securities Partnerships Pledged Debt and derivatives related to TRS agreements $ 4,287 $ 85,347 $ ─ $ 89,634 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,340 ─ 8,779 10,119 Other 8 ─ ─ 8 Total $ 5,635 $ 85,347 $ 8,779 $ 99,761

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
EQUITY (Tables)	Dec. 31, 2019
EQUITY
Summary of Net Income to Common Shareholders	For the year ended December 31, (in thousands) 2019 2018 Net income from continuing operations $ 100,985 $ 25,646 Net income from discontinued operations (8) 35,356 Net income $ 100,977 $ 61,002 Basic weighted-average shares (1) 5,877 5,753 Common stock equivalents (2) ─ 284 Diluted weighted-average shares 5,877 6,037 (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. (2) The weighted average potential dilutive shares outstanding, inclusive of the options exercised during the year based on the exercise date, had a potential dilutive share impact of 284,305 for the year ended December 31, 2018. All stock options were exercised as of December 31, 2018.
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI for the year ended December 31, 2019: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2019 $ 37,625 $ 72 $ 37,697 Net unrealized gains (losses) 1,244 (105) 1,139 Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (28,301) ─ (28,301) Income tax expense (2,902) ─ (2,902) Net change in AOCI (29,959) (105) (30,064) Balance, December 31, 2019 $ 7,666 $ (33) $ 7,633 The following table provides information related to the net change in AOCI for the year ended December 31, 2018: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2018 $ 44,459 $ (3,306) $ 41,153 Net unrealized gains 5,620 3,378 8,998 Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations (21,875) ─ (21,875) Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as OTTI 6 ─ 6 Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships 9,415 ─ 9,415 Net change in AOCI (6,834) 3,378 (3,456) Balance, December 31, 2018 $ 37,625 $ 72 $ 37,697

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2019
STOCK-BASED COMPENSATION [Abstract]
Summary of Stock-Based Compensation Expense	For the year ended December 31, (in thousands) 2019 2018 Employees’ Stock-Based Compensation Plans $ ─ $ 961 Non-employee Directors’ Stock-Based Compensation Plans 595 655 Total $ 595 $ 1,616
Summary of Option Activity	Weighted-average Remaining Weighted-average Contractual Aggregate Number of Exercise Price Life per option Intrinsic Period End (in thousands, except per option data) Options per Option (in years) Value (2) Liability (3) Outstanding at January 1, 2018 410 $ 1.56 3.4 $ 9,322 $ 9,342 Exercised in 2018 (1) (410) 1.56 Outstanding at December 31, 2018 and December 31, 2019 ─ ─ ─ ─ ─ (1) When exercised, stock options were net share settled. For the year ended December 31, 2018, 410,000 stock options were exercised, which resulted in a $9.3 million reduction to the Company’s reported “Other liabilities” within its Consolidated Balance Sheets at December 31, 2018. Of the 410,000 stock options that were exercised, the Company issued 220,279 common shares for the year ended December 31, 2018, and 189,721 stock options were tendered to the Company by their holders for the payment of related withholding taxes and exercise price. (2) Intrinsic value is based on outstanding options. (3) Only options that were amortized based on a vesting schedule have a liability balance. There were 410,000 options at January 1, 2018, that fit this profile.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2019
Income Taxes
Summary of components of provision for income taxes	For the year ended December 31, (in thousands) 2019 2018 Current income tax expense: Federal $ ─ $ ─ State (131) (32) Total current income tax expense (131) (32) Deferred income tax benefit Federal 46,353 ─ State 14,260 ─ Total deferred income tax benefit 60,613 ─ Total provision benefit (expense) for income taxes $ 60,482 $ (32)
Summary of effective income tax reconciliation	For the year ended December 31, (in thousands) 2019 2018 Income from continuing operations before income taxes $ 40,503 $ 25,678 Income tax expense at federal statutory rate (8,506) (5,392) Permanent differences: Impact on taxes from entities not subject to tax ─ 498 State income taxes, net of federal tax effect 504 (1,652) Impact from other comprehensive income 3,593 4,594 State net operating loss adjustment 4,373 507 Other (1,512) (314) Net decrease in the valuation allowance 62,030 1,727 Provision benefit (expense) for income taxes $ 60,482 $ (32)
Summary of carrying value of DTAs, net of valuation allowance	At At December 31, December 31, (in thousands) 2019 2018 Deferred tax assets: Net operating loss, tax credits and other tax carryforwards $ 122,917 $ 123,902 Cancellation of subordinated debt 3,340 3,464 Other 1,715 (2,866) Gross deferred tax assets 127,972 124,500 Valuation allowance (65,373) (124,500) Total deferred tax assets, net of valuation allowance 62,599 ─ Deferred tax liabilities: Other, net (4,888) ─ Total deferred tax liabilities (4,888) ─ Deferred tax assets, net $ 57,711 $ ─
Summary of changes in valuation allowance	For the year ended December 31, (in thousands) 2019 2018 Balance, January 1 $ 124,500 $ 139,987 Net reductions due to discontinued operations 2 (11,072) Net reductions due to continuing operations (59,129) (1) (1,727) Cumulative change due to change in accounting principle ─ (2,688) Balance, December 31 $ 65,373 $ 124,500
Schedule of amount for uncertain tax positions	For the year ended December 31, (in thousands) 2019 2018 Balance, January 1 $ ─ $ 1,863 Net decreases for tax positions of prior years ─ ─ Net decreases due to tax positions that only affect timing ─ (1,863) Balance, December 31 $ ─ $ ─

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
DISCONTINUED OPERATIONS (Tables)	Dec. 31, 2019
DISCONTINUED OPERATIONS [Abstract]
Schedule of Discontinued Operations	The table below provides information about income and expenses related to the Company’s discontinued operations reported in its Consolidated Statements of Operations: For the year ended December 31, (in thousands) 2019 2018 Interest on bonds $ ─ $ 6 Interest on loans and short-term investments ─ 746 Asset management fee and reimbursements ─ 1,370 Equity in income from unconsolidated funds and ventures ─ 1 Other income ─ 53 Salaries and benefits ─ (53) General and administrative ─ (68) Professional fees (8) (45) Other expenses ─ (527) Gains on sales and operations of real estate, net ─ 63 Net (loss) income from discontinued operations, net of tax (8) 1,546 Disposal: Net gains on loans ─ 400 Net gain on disposal of discontinued operations (1) ─ 33,410 Net (loss) income from discontinued operations $ (8) $ 35,356 (1) Includes $3.4 million of cumulative translation adjustments reclassified out of AOCI and into earnings due to the sale of our international asset and investment management business as part of the Disposition for the year ended December 31, 2018.
Discontinued Operations, Cash Flow Summary	For the year ended December 31, (in thousands) 2019 2018 Depreciation and amortization $ ─ $ 29 Net change in assets, liabilities and equity due to sale of business: Decrease in investments in debt securities related to CFVs ─ (5,450) Decrease in loans ─ (231) Decrease in other assets ($24,140 related to CFVs) ─ (35,724) Decrease in debt ($6,144 related to CFVs) ─ 8,308 Decrease in accounts payable and accrued expenses ─ 7,201 Decrease in other liabilities ($480 related to CFVs) ─ 18,333 Decrease in noncontrolling interests in CFVs ─ 5,620 Increase in accumulated other comprehensive income ─ (3,404)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 01, 2019USD ($)	Jan. 01, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)
Number of securities in unrealized loss position				0
Financing Receivable, Allowance for Credit Loss				$ 0
ASU 2017-05
cumulative effect adjustment to retained earnings		$ 9,200,000
ASU 2016-01
Impairment of equity investments			$ 400,000
ASU 2017-08
cumulative effect adjustment to retained earnings	$ (300,000)

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Schedule of Available-for-sale Securities [Line Items]
Increase (Decrease) in Fair Value Of Bonds	$ (65,800)
Amortized cost after ten years	0
Fair value after ten years	6,000
Nonaccrual bonds		$ 12,900
Non Accrual Bonds Interest Income Cash Basis Method		400
Interest Income Nonaccrual Bonds Not Recognized		1,000
Proceeds from sale of investments in bonds	29,300	12,800
Investments in debt securities	31,365	97,190
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments in debt securities	31,365	97,190
Unpaid principal balance of bond investments	$ 30,885	$ 92,332
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Pay rate on available-for-sale bonds		6.30%
Number of TDRs \| item	0
Contractual term of bond investments		30 years 1 month 6 days
Investments in debt securities	$ 25,339	$ 24,973
Unpaid principal balance of bond investments	26,885	27,170
Multifamily Tax-Exempt Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments in debt securities	6,026	72,217
Unpaid principal balance of bond investments	$ 4,000	$ 65,162

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 31,365	$ 97,190
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	30,885	92,332
Amortized Cost	20,797	59,565
Gross Unrealized Gains	10,568	37,625
Fair Value	$ 31,365	$ 97,190
FV as a % of UPB	102.00%	105.00%
Multifamily Tax-Exempt Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 4,000	$ 65,162
Amortized Cost		38,653
Gross Unrealized Gains	6,026	33,564
Fair Value	$ 6,026	$ 72,217
FV as a % of UPB	151.00%	111.00%
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 26,885	$ 27,170
Amortized Cost	20,797	20,912
Gross Unrealized Gains	4,542	4,061
Fair Value	$ 25,339	$ 24,973
FV as a % of UPB	94.00%	92.00%

INVESTMENTS IN DEBT SECURITIE_4

INVESTMENTS IN DEBT SECURITIES (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INVESTMENTS IN DEBT SECURITIES [Abstract]
Gains recognized at time of sale or redemption	$ 28,606	$ 21,875
OTTI losses recognized on bonds held at each period-end		(6)
Total net gains on bonds	$ 28,606	$ 21,869

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 01, 2018	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 20, 2019
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 316,677	$ 316,677	$ 155,079
Purchase price paid	$ 5,100
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		19,822	19,822	19,961
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net				900
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount				900
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 19,800	$ 19,800
Equity method investment, ownership percentage		80.00%	80.00%
Equity method investment, economic interest percentage		79.90%	79.90%
U.S. Real Estate Partnerships formed in Q1 2018 [Member] \| Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					74.25%
U.S. Real Estate Partnerships formed in Q1 2018 [Member] \| Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					74.92%
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 289,123	$ 289,123	126,339
Cumulative basis adjustment	$ 4,500	3,100	3,100	4,000
Amortization expense of basis difference			900	500
Unfunded loan commitments to borrowers		310,900	310,900
Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		59,000
Carrying value of equity investments		$ 153,900	$ 153,900
Equity method investment, ownership percentage		42.00%	42.00%
Solar Construction Lending LLC [Member] \| Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 58,000
Solar Permanent Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 0	$ 0
Equity method investment, ownership percentage		50.00%	50.00%
Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 91,000
Carrying value of equity investments		$ 135,200	$ 135,200
Equity method investment, ownership percentage		41.50%	41.50%
Solar Development Lending, LLC [Member] \| Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership		$ 73,000
Renewable Energy Lending, LLC [Member] \| Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Schedule of Equity Method Investments [Line Items]
Venture equity percentage of ownership		100.00%	100.00%
SAWHF
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments		$ 7,732	$ 7,732	$ 8,779
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	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 316,677	$ 155,079
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	289,123	126,339
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	19,822	19,961
U.S. Real Estate Partnerships [Member] \| Variable Interest Entity, Not Primary Beneficiary, Disclosure [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	0	898
SAWHF
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 7,732	$ 8,779

INVESTMENTS IN PARTNERSHIPS (_2

INVESTMENTS IN PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 706,792	$ 279,960
Other Liabilities	22,135	12,833
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	51,718	56,238
Debt	6,426	6,530
Other Liabilities	20,493	32,165
SAWHF
Schedule of Equity Method Investments [Line Items]
Total assets	56,356	74,803
Other Liabilities	$ 130	$ 496

INVESTMENTS IN PARTNERSHIPS (_3

INVESTMENTS IN PARTNERSHIPS (Schedule of Income (Loss) in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	$ 2,575	$ 2,383
Operating expenses	2,133	2,127
Net income (loss)	(2,427)	(794)
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	55,905	27,327
Operating expenses	6,541	5,793
Net income (loss)	49,443	21,977
SAWHF
Schedule of Equity Method Investments [Line Items]
Gross revenue	4,130	4,308
Operating expenses	1,003	2,277
Net income (loss)	$ 781	$ (14,339)

LOANS HFI AND LOANS HFS (Narrat

LOANS HFI AND LOANS HFS (Narrative) (Details) $ in Thousands	Jan. 03, 2020USD ($)	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Number of loans held for investment \| loan		2
UPB		$ 54,100	$ 68,050
Fair value		$ 500
Number of loans held for investment on non accrual status \| loan		0	1
Held-for-investment loans, nonaccrual status, unpaid principal balance			$ 1,100
Loans Receivable Held-for-Investment, Carrying Value, Nonaccruing Interest			300
Loans Receivable, Held-For-Sale, Cost Basis		$ 5,000	6,000
HFI loans that were 90 days or more past due and still accruing interest		0	0
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group		0	0
Unfunded loan commitments		1,600	0
Carrying value of Loan receivable		$ 54,100	$ 67,299
Subsequent Event [Member]
Repayment of hunt notes	$ 53,600
Solar Development Lending, LLC [Member]
Equity method investment, ownership percentage		41.50%

LOANS HFI AND LOANS HFS (Carryi

LOANS HFI AND LOANS HFS (Carrying Value of Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
LOANS HFI AND LOANS HFS [Abstract]
Loans held for investment	$ 54,100	$ 67,299
Total loans	$ 54,100	$ 67,299

LOANS HFI AND LOANS HFS (Compos

LOANS HFI AND LOANS HFS (Composition of Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
LOANS HFI AND LOANS HFS [Abstract]
UPB	$ 54,100	$ 68,050
Cost basis adjustments, net		(751)
Financing Receivable, Net	$ 54,100	$ 67,299

LOANS HFI AND LOANS HFS (Loan A

LOANS HFI AND LOANS HFS (Loan Aging Analysis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Recorded Investment, Current	$ 54,100	$ 67,000
Loans Receivable, Unpaid Principal Balance, Current	54,100	67,000
Loans Receivable, Net	54,100	67,299
Loans Receivable, Net, Unpaid Principal Balance	$ 54,100	68,050
90 days or greater
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Recorded Investment, Past Due		299
Loans Receivable, Unpaid Principal Balance, Past Due		$ 1,050

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Jan. 15, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 04, 2020	Sep. 19, 2019
Derivative Asset, Noncurrent		$ 597	$ 5,797
Debt issue costs		2,675
Interest expense, debt		5,774	4,528
Impairment losses recognized		0	0
Revolving Credit Facility [Member]
Debt issuance costs, gross		2,900
Interest expense, debt		1,200
Unamortized debt issue costs		$ 2,700
Debt instrument, term		3 years
Borrowing capacity		$ 100,000
Amortization expense		$ 200
Revolving Credit Facility [Member] \| Subsidiaries [Member]
Borrowing capacity					$ 70,000
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Borrowing capacity				$ 110,000
Revolving Credit Facility [Member] \| Facility Amount [Member] \| Subsidiaries [Member]
Borrowing capacity					$ 125,000
Land improvements
Property, Plant and Equipment, Useful Life		15 years
Depreciation		$ 0	$ 0
Land improvements \| Subsequent Event [Member]
Land investment	$ 5,900
Property, Plant and Equipment, Additions	$ 5,900

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other assets:
Real estate owned	$ 8,397	$ 3,769
Debt issue costs	2,675
Derivative assets	597	5,797
Accrued interest receivable	853	854
Other assets	462	520
Other Assets, Total	$ 12,984	$ 10,940

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate held for use, net	$ 8,397	$ 3,769
Land
Real estate held for use, net	2,619	2,619
Land improvements
Real estate held for use, net	$ 5,778	$ 1,150

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Thousands	Sep. 19, 2019USD ($)	Jun. 30, 2019USD ($)agreement	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 04, 2020USD ($)
Debt Instrument [Line Items]
Effective interest rate			4.80%	4.30%
Carrying Value			$ 201,816	$ 149,187
Letters of credit outstanding			0	0
Interest expense, debt			$ 5,774	$ 4,528
TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Number of terminated agreements \| agreement		3
Derecognition of asset-related debt		$ 31,600
SAWHF
Debt Instrument [Line Items]
Ownership interest (as a percent)			11.85%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Effective interest rate			5.00%	3.90%
Carrying Value			$ 3,500	$ 44,255
Notes Payable and Other Debt - Other Related Debt \| SAWHF
Debt Instrument [Line Items]
Weighted average effective interest rates of debt obligations			14.70%
Principal amount of debt			$ 6,900
Carrying Value			$ 6,800
Ownership interest (as a percent)			11.85%
Notes Payable and Other Debt - Bond Related [Member] \| Morrison Grove Management LLC [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)			5.00%
Principal amount of debt			$ 1,500
Notes Payable			$ 1,500
Non-bond related debt
Debt Instrument [Line Items]
Interest rate (as a percent)			5.00%
Principal amount of debt			$ 3,500
Carrying Value			$ 3,500
Other Debt [Member]
Debt Instrument [Line Items]
Effective interest rate			4.80%	4.50%
Carrying Value			$ 198,316	$ 104,932
Johannesburg Interbank Agreed Rate (JIBAR) [Member] \| Notes Payable and Other Debt - Other Related Debt \| SAWHF
Debt Instrument [Line Items]
Fixed spread (as a percent)			5.15%
Base rate (as percentage)			6.80%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Effective interest rate			5.60%
Carrying Value			$ 94,500
Unpaid principal balance			94,500
Fixed spread (as a percent)	2.75%
Borrowing capacity			100,000
Additional borrowing capacity			$ 5,500
Debt instrument, maturity date			Sep. 19, 2022
Line of credit facility extension period			12 months
Interest expense, debt			$ 1,200
Debt instrument base rate plus fixed spread percentage rate			4.40%
Minimum [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	1.50%
Subsequent Event [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity					$ 110,000
Subsidiaries [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 70,000
Subsidiaries [Member] \| Revolving Credit Facility [Member] \| Facility Amount [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 125,000

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, Carrying Value	$ 201,816	$ 149,187
Debt Instrument, Interest Rate, Effective Percentage	4.80%	4.30%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 3,500	$ 44,255
Debt Instrument, Interest Rate, Effective Percentage	5.00%	3.90%
Notes Payable and Other Debt - Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year		$ 317
Debt, Due after one year		$ 38,938
Debt Instrument, Interest Rate, Effective Percentage, Current Portion		4.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion		3.70%
Non-bond related debt
Debt Instrument [Line Items]
Debt, Due within one year	$ 650	$ 1,500
Debt, Due after one year	2,850	$ 3,500
Debt, Carrying Value	$ 3,500
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	5.00%	5.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.00%	5.00%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 198,316	$ 104,932
Debt Instrument, Interest Rate, Effective Percentage	4.80%	4.50%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 2,212	$ 2,232
Debt, Due after one year	$ 93,276	$ 95,490
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.20%	3.70%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	3.20%	3.70%
Net Premium and Debt Issuance Costs	$ 7,400	$ 7,900
Notes Payable and Other Debt - Other Related Debt
Debt Instrument [Line Items]
Debt, Due within one year	6,828	0
Debt, Due after one year	$ 1,500	$ 7,210
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	14.70%	0.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.00%	14.70%
Unamortized debt issue costs	$ 100	$ 200
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Due after one year	94,500
Debt, Carrying Value	$ 94,500
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.60%
Debt Instrument, Interest Rate, Effective Percentage	5.60%
Unamortized debt issue costs	$ 2,700

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
DEBT [Abstract]
2020	$ 9,331
2021	1,913
2022	96,379
2023	1,846
2024	1,813
Thereafter	83,197
Net premium and debt issue costs	(7,337)
Total	$ 201,816	$ 149,187

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Net premium and debt issue costs	$ 7,337
Carrying Value	$ 201,816	$ 149,187
Subordinated principal (as percent)	2.00%
Subordinated Loan [Member] \| MMA Financial Holdings Inc. Debt [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 88,045
Net premium and debt issue costs	7,443
Carrying Value	95,488
Subordinated Loan [Member] \| MFH Issue 1 [Member]
Debt Instrument [Line Items]
Principal amount of debt	25,999
Net premium and debt issue costs	2,264
Carrying Value	$ 28,263
Maturity Date	March 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 2 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 23,641
Net premium and debt issue costs	2,070
Carrying Value	$ 25,711
Maturity Date	April 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 3 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 13,628
Net premium and debt issue costs	1,103
Carrying Value	$ 14,731
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 4 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 24,777
Net premium and debt issue costs	2,006
Carrying Value	$ 26,783
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company's Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 597	$ 5,797
Derivative Liability	117
Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		1,130
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	318	808
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	227	998
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	52	2,674
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		$ 187
Derivative Liability	$ 117

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 109,685	$ 202,609
Total Return Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments		18,278
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	80,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	65,000
Foreign Exchange Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 4,685	$ 4,331

DERIVATIVE INSTRUMENTS (Decreas

DERIVATIVE INSTRUMENTS (Decrease in Reported Notional Amount) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Balance, January 1, 2019	$ 202,609
Balance, December 31, 2019	109,685
Interest derivative instruments and total return swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Balance, January 1, 2019	198,278
Impact from expirations	(46,714)
Impact from terminations	(46,528)
Impact from settlements	(36)
Balance, December 31, 2019	$ 105,000

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ (3,723)	$ 4,587
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(42)	3,154
Net proceeds from derivative instrument	200	2,500
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(270)	449
Net proceeds from derivative instrument	200
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(771)	210
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(2,341)	422
Net proceeds from derivative instrument	200	500
2-Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net proceeds from derivative instrument		300
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ (299)	$ 352

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	12 Months Ended
FAIR VALUE (Narrative) (Details)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment losses		$ 400,000
Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 46,900,000
Minimum [Member] \| Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	39,700,000
Maximum [Member] \| Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	$ 56,500,000
Measurement Input, Discount Rate [Member] \| Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt measurement input	11.7	13.4
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	9.2
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	14.2

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Fair value of bond investments	$ 31,365	$ 97,190
Loans held for investment	500
Derivative assets	597	5,797
Liabilities:
Derivative liabilities	117
Level 2 [Member]
Assets:
Derivative assets	597	4,667
Liabilities:
Derivative liabilities	117
Level 3 [Member]
Assets:
Fair value of bond investments	31,365	97,190
Loans held for investment	$ 500
Derivative assets		$ 1,130

FAIR VALUE (Activity for Assets

FAIR VALUE (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net fair value gains on sold/redeemed bonds	$ 28,301	$ 21,875
Net unrealized gains (losses) arising during the period	1,244	5,620
ASU 2017-08
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	(300)
Investments in Debt Securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net fair value gains on sold/redeemed bonds	28,300
Net unrealized gains (losses) arising during the period	1,200
Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at end of period	500
Level 3 [Member] \| Derivative Liabilities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period		(46)
Net (losses) gains included in earnings		(41)
Impact from settlements		87
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	97,190	143,604
Net (losses) gain included in earnings		(6)
Net change in AOCI (1)	(27,057)	(16,249)
Impact from deconsolidation		17,998
Impacts from sales/redemptions	(38,209)	(47,488)
Impacts from settlements	(559)	(669)
Balance at end of period	31,365	97,190
Reclassification of net fair value gains on sold/redeemed bonds		21,900
Level 3 [Member] \| Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Impact from originations	500
Balance at end of period	500
Level 3 [Member] \| Derivative Assets [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	1,130	2,347
Net (losses) gains included in earnings	(195)	854
Impact from settlements	$ (935)	(2,071)
Balance at ending period		$ 1,130

FAIR VALUE (Amount of Activity

FAIR VALUE (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities held		$ (6)
Additional realized gains recognized	$ 28,606	21,875
Total net (losses) gains reported in earnings	28,606	21,869
Derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities held		911
Change in unrealized losses related to assets and liabilities settled during the period	(195)	(98)
Additional realized gains recognized	153	2,342
Total net (losses) gains reported in earnings	$ (42)	$ 3,155

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments in debt securities	$ 31,365,000	$ 97,190,000
Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		48,221,000
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments in debt securities		$ 13,500,000
Debt Securities, Available-for-sale, Measurement Input		0.5
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 12,882,000
Debt Securities, Available-for-sale, Measurement Input		8.2
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] \| Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 6,026,000	$ 11,114,000
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	7.3
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	6.2
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, NOI Annual Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	0.7
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Contract Price [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments in debt securities	$ 16,611,000
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 25,339,000	$ 24,973,000
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	7.2
Loans Held for Investment
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 500,000
Loans Held for Investment \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable, measurement input	8
Total Return Swap [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 1,130,000
Minimum [Member] \| Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		4.4
Minimum [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7.4
Minimum [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.2
Minimum [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, NOI Annual Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.6
Minimum [Member] \| Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Asset, Measurement Input		4.7
Maximum [Member] \| Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.8
Maximum [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7.6
Maximum [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.5
Maximum [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, NOI Annual Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.7
Maximum [Member] \| Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Asset, Measurement Input		4.8
Weighted Average [Member] \| Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		4.8
Weighted Average [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		7.5
Weighted Average [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.4
Weighted Average [Member] \| Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, NOI Annual Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.7
Weighted Average [Member] \| Loans Held for Investment \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loans receivable, measurement input	8
Weighted Average [Member] \| Total Return Swap [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Derivative Asset, Measurement Input		4.8

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Loans held for investment	$ 500
Level 1 [Member] \| Fair Value, Nonrecurring [Member]
Assets:
Cash and cash equivalents	8,555	$ 28,243
Restricted cash	4,250	5,635
Level 3 [Member]
Assets:
Loans held for investment	500
Level 3 [Member] \| Fair Value, Nonrecurring [Member]
Assets:
Loans held for investment	54,276	66,339
Liabilities:
Revolving credit facility obligations	94,500
Bond Related Debt [Member] \| Level 3 [Member] \| Fair Value, Nonrecurring [Member]
Liabilities:
Notes payable and other debt		39,289
Non Bond Related Debt [Member] \| Level 3 [Member] \| Fair Value, Nonrecurring [Member]
Liabilities:
Notes payable and other debt	10,888	11,479
Subordinated Loan [Member] \| Level 3 [Member] \| MFH [Member] \| Fair Value, Nonrecurring [Member]
Liabilities:
Subordinated debt	46,934	46,778
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	8,555	28,243
Restricted cash	4,250	5,635
Loans held for investment	53,600	67,299
Liabilities:
Revolving credit facility obligations	94,500
Reported Value Measurement [Member] \| Bond Related Debt [Member]
Liabilities:
Notes payable and other debt		39,255
Reported Value Measurement [Member] \| Non Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	11,828	12,210
Reported Value Measurement [Member] \| Subordinated Loan [Member] \| MFH [Member]
Liabilities:
Subordinated debt	$ 95,488	$ 97,722

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 4,250	$ 5,635
Bonds Available-for-Sale		85,347
Investments in partnerships	296,855	8,779
Total Assets Pledged	301,105	99,761
Interest rate swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,803
Total Assets Pledged	1,803
Debt and derivatives \| SAWHF [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,369	1,340
Investments in partnerships	7,732	8,779
Total Assets Pledged	$ 9,101	$ 10,119
Ownership interest (as a percent)	11.85%	11.85%
Debt and derivatives TRSs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash		$ 4,287
Bonds Available-for-Sale		85,347
Total Assets Pledged		89,634
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 8	8
Total Assets Pledged	8	$ 8
Revolving Credit Facility [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,070
Investments in partnerships	289,123
Total Assets Pledged	$ 290,193

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Future rental commitments	$ 0

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) $ / shares in Units, $ in Millions	Mar. 11, 2020shares	Jan. 02, 2020shares	Nov. 06, 2019shares	Jun. 26, 2018USD ($)$ / sharesshares	Mar. 09, 2018USD ($)$ / sharesshares	May 05, 2015shares	Dec. 31, 2019shareholderdirector$ / sharesshares	Sep. 12, 2019$ / sharesshares	Jan. 01, 2019$ / sharesshares	Jan. 03, 2018
Class of Stock [Line Items]
Preferred shares, shares authorized							5,000,000		5,000,000
Preferred shares, no par value \| $ / shares									$ 0
Maximum percentage of Company stock ownership allowed							9.90%			4.90%
Aggregate Cost of Shares Sold \| $				$ 4.3	$ 4.1
Stock Issued During Period, Shares, New Issues				125,000	125,000
Common shares issued (per share) \| $ / shares				$ 34	$ 33
Number of rights issued per common stock						1
Tax benefit agreement term						5 years
Number of shareholders held more than 4.9% \| shareholder							2
Number of executives held more than 4.9% \| director							1
Executive Officer [Member]
Class of Stock [Line Items]
Maximum percentage of Company stock ownership allowed							4.90%
Additional authorization of share purchase by exempt person			6,000
Stock purchased by exempt person during period			2,500
Subsequent Event [Member] \| Executive Officer [Member]
Class of Stock [Line Items]
Additional authorization of share purchase by exempt person	7,500
2019 Plan
Class of Stock [Line Items]
Number of shares authorized to be repurchased								100,000
Share price (per share) \| $ / shares								$ 36.46
Repurchase of common shares							87,381
Average cost common stock repurchased (per share) \| $ / shares							$ 31.71
2019 Plan \| Subsequent Event [Member]
Class of Stock [Line Items]
Repurchase of common shares		1,300

EQUITY (Summary of Net Income t

EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
EQUITY
Net income from continuing operations	$ 100,985	$ 25,646
Net income (loss) from discontinued operations	(8)	35,356
Net income	$ 100,977	$ 61,002
Basic weighted-average shares	5,877,000	5,753,000
Common stock equivalents		284,000
Diluted weighted-average shares	5,877,000	6,037,000
Incremental Common Shares Attributable to Call Options and Warrants		284,305

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 212,910	$ 227,102
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as other-than-temporary-impairment ("OTTI")	0	6
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships	0	9,415
Net change AOCI	(30,064)	(3,456)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income, tax	2,902	0
Balance	281,125	212,910
AOCI
Balance	37,697	41,153
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	1,139	8,998
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	28,301	21,875
Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as other-than-temporary-impairment ("OTTI")		6
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships		9,415
Net change AOCI	(30,064)	(3,456)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income, tax	(2,902)
Balance	7,633	37,697
Investments in Debt Securities [Member]
Balance	37,625	44,459
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	1,244	5,620
Reclassification of fair value gains on sold or redeemed bonds into the Consolidated Statements of Operations	28,301	21,875
Reclassification of credit-related gains to the Consolidated Statements of Operations related to bond investments assessed as other-than-temporary-impairment ("OTTI")		6
Reinstatement of fair value gains related to bond investments due to deconsolidation of consolidated property partnerships		9,415
Net change AOCI	(29,959)	(6,834)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income, tax	(2,902)
Balance	7,666	37,625
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	72	(3,306)
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	(105)	3,378
Net change AOCI	(105)	3,378
Other Comprehensive Income (Loss), Tax [Abstract]
Balance	$ (33)	$ 72

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued to employees		410,000
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	384,160
Compensation paid in cash (as percentage)	50.00%
Compensation paid in shares (as percentage)	50.00%
Audit Committee Chair [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	$ 15,000
Chairman of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	20,000
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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 595	$ 1,616
Employees' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense		961
Non-employee Directors' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 595	$ 655

STOCK-BASED COMPENSATION (Sum_2

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Number of Options Outstanding at beginning of period	410,000
Exercised	(410,000)
Number of Options Outstanding at end of period	0	410,000
Weighted-average Exercise Price per Option
Weighted average Exercise Price per Option Outstanding at beginning of period	$ 1.56
Weighted Average Exercise Price per Option, Exercised	1.56
Weighted average Exercise Price per Option Outstanding at end of period	$ 0	$ 1.56
Additional disclosures
Weighted Average Remaining Contractual Life per Option (in years) Outstanding		3 years 4 months 24 days
Aggregate Intrinsic Value	$ 0	$ 9,322
Period End Liability	0	$ 9,342
Reduction in other liabilities	$ (9,300)
Common shares issued for exercise of stock options	220,279
Shares tendered in connection with the payment of withholding taxes	189,721

STOCK-BASED COMPENSATION (Sum_3

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - Non-employee Directors' Stock-Based Compensation Plans [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-employee director compensation, cash	$ 297,500	$ 327,500
Weighted - average Grant Date Share Price	$ 31.59	$ 26.88
Directors' Fees Expense	$ 595,000	$ 655,000
Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	2,222
Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	7,194	12,182

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details)	Dec. 20, 2019USD ($)	Apr. 25, 2019USD ($)	Apr. 01, 2019USD ($)	Nov. 28, 2018USD ($)	Oct. 04, 2018USD ($)	Jun. 26, 2018USD ($)$ / sharesshares	Mar. 09, 2018USD ($)$ / sharesshares	Jan. 08, 2018USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)
Base management fee percentage on first $500 million share capital								0.50%
Base management fee percentage in excess of $500 million share capital								0.25%
Annual reimbursement cap until 2019								$ 2,500,000
Annual reimbursement cap after 2019 until share capital exceeds of $500 million								$ 3,500,000
Renewal period of the agreement								2 years
Agreement Violation Termination Fee Includes An Amount Times Sum of Average Annual Base and Incentive Management Fee								3
Agreement Violation Termination Fee Includes An Amount Times Sum of Average Energy Capital Business Expense Reimbursement and Employee Cost Reimbursement Expense								1
Termination fee period								2 years
Aggregate cost of common stock shares issued						$ 4,300,000	$ 4,100,000
Consideration on disposal									$ 57,000,000	$ 57,000,000		$ 57,000,000
Notes receivable									57,000,000	57,000,000		$ 57,000,000
Interest rate for note												5.00%
HFS loan acquired by Hunt									54,100,000	54,100,000	$ 67,299,000	$ 54,100,000	$ 67,299,000
External management fees and reimbursable expenses												$ 7,248,000	6,869,000
Term of note receivable												7 years
Equity Method Investments									316,677,000	316,677,000	155,079,000	$ 316,677,000	155,079,000
Reimbursement of compensation related expenses shareholders equity benchmark amount									500,000,000	500,000,000		500,000,000
Financing Receivable, Net, Unpaid Principal Balance									54,100,000	54,100,000	68,050,000	54,100,000	68,050,000
Carrying value of Loan receivable									54,100,000	54,100,000	67,299,000	54,100,000	67,299,000
Investments in partnerships (includes $289,123 and $8,779 pledged as collateral at December 31, 2019 and 2018, respectively)									316,677,000	316,677,000	155,079,000	316,677,000	155,079,000
Proceeds from the sale of real estate and other investments												2,080,000	1,725,000
Proceeds from loans receivable										13,400,000
Investment in Debt Securities
Net proceeds from sale of affordable house property		$ 13,100,000
Hunt Companies [Member]
Loans and leases receivable from related party					$ 67,000,000				53,600,000
Interest income, related party												3,300,000	2,900,000
Interest Receivable									700,000	700,000	0	700,000	0
Financing Receivable, Net, Unpaid Principal Balance	$ 1,100,000
Carrying value of Loan receivable	300,000
Investments in partnerships (includes $289,123 and $8,779 pledged as collateral at December 31, 2019 and 2018, respectively)	900,000
Proceeds from the sale of real estate and other investments	3,100,000
Gain (loss) on sale of loans and real estate related investments	1,900,000
Proceeds from loans receivable	$ 13,400,000
Hunt Companies [Member] \| MGM, Disposition [Member]
HFS loan acquired by Hunt											9,000,000		9,000,000
Price of loan acquired by hunt											9,400,000
Hunt Companies [Member] \| External Management Fees and Expenses Reimbursement
Incentive fee								20.00%
External management fee, contract in excess for incentive fee.								7.00%
Related party incentive fee expense												0	0
External management fees and reimbursable expenses												7,200,000	6,900,000
Hunt Companies [Member] \| External Management Fees and Expenses Reimbursement \| External Manager [Member]
Management fees and expense reimbursements payable									$ 1,200,000	$ 1,200,000	$ 1,100,000	$ 1,200,000	$ 1,100,000
Hunt Companies [Member] \| Investment in Debt Securities
Service fees waived by agent		900,000
Hunt Companies [Member] \| Common shares in disposition
Shares issued (in shares) \| shares						125,000	125,000
Shares issued						$ 4,300,000	$ 4,100,000
Purchase price (per share) \| $ / shares						$ 34	$ 33
Hunt Companies [Member] \| Common shares in disposition \| Private Placement
Shares issued (in shares) \| shares								250,000
Purchase price (per share) \| $ / shares								$ 33.50
Hunt Companies [Member] \| Investment in Debt Securities
Proceeds from redemption of bonds		$ 900,000
Solar Development Lending, LLC [Member]
Percentage of loan amount contribution				20.00%
Principal amount of fiancing receivable				$ 58,800,000										$ 104,000,000
Solar Development Lending, LLC [Member] \| Hunt Companies [Member]
Ownership interest			30.00%
Payments to Acquire Equity Method Investments			$ 11,300,000
Solar Development Lending, LLC [Member] \| Hunt Companies [Member]
Percentage of loan amount contribution				30.00%
Solar Development Lending, LLC [Member] \| Investment partner
Percentage of loan amount contribution				50.00%
Minimum [Member] \| Hunt Companies [Member] \| Affordable Housing Partnerships [Member]
Ownership interest	74.25%
Maximum [Member] \| Hunt Companies [Member] \| Affordable Housing Partnerships [Member]
Ownership interest	74.92%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Prepayment received	$ 13,400
Increase in borrowing capacity		$ 49,500
Deferred Tax Asset Increased due to valuation allowance	57,700
Federal NOLs	$ 210,200	210,200
Corporate tax rate (as percentage)	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	6.46%
Pre-tax federal NOLs	$ 374,900	$ 374,900	$ 396,100
Beginning expiration date for pre-tax federal NOLs		Jan. 1, 2028
Carrying Value	201,816	$ 201,816	$ 149,187
Other Assets [Member]
Income taxes receivable, current	100	100
Revolving Credit Facility [Member]
Borrowing capacity	100,000	100,000
Carrying Value	$ 94,500	$ 94,500

INCOME TAXES (Provision for inc

INCOME TAXES (Provision for income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
State income tax benefit (expense), Current	$ (131)	$ (32)
Total current income tax expense	(131)	(32)
Federal income tax benefit, Deferred	46,353
State income tax benefit (expense), Deferred	14,260
Total deferred income tax benefit	60,613
Total provision benefit (expense) for income taxes	$ 60,482	$ (32)

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Income from continuing operations before income taxes	$ 40,503	$ 25,678
Income tax expense at federal statutory rate	(8,506)	(5,392)
Permanent differences:
Impact on taxes from entities not subject to tax		498
State income taxes, net of federal tax effect	504	(1,652)
Impact from other comprehensive income	3,593	4,594
State net operating loss adjustment	4,373	507
Other	(1,512)	(314)
Net decrease in the valuation allowance	62,030	1,727
Total provision benefit (expense) for income taxes	$ 60,482	$ (32)

INCOME TAXES (Carrying value of

INCOME TAXES (Carrying value of DTAs) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss, tax credits and other tax carryforwards	$ 122,917	$ 123,902
Cancellation of subordinated debt	3,340	3,464
Other	1,715	(2,866)
Total deferred tax assets	127,972	124,500
Less: valuation allowance	(65,373)	$ (124,500)	$ (139,987)
Total deferred tax assets, net	62,599
Deferred tax liabilities:
Other, net	(4,888)
Total deferred tax liabilities	(4,888)
Deferred tax assets, net	$ 57,711

INCOME TAXES (Change in the val

INCOME TAXES (Change in the valuation allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Balance at beginning	$ 124,500	$ 139,987
Net reductions due to discontinued operations	2	(11,072)
Net reductions due to continuing operations	(59,129)	(1,727)
Cumulative change due to change in accounting principle		(2,688)
Balance at ending	65,373	$ 124,500
Valuation allowance released into AOCI	$ 2,900

INCOME TAXES (Uncertain tax pos

INCOME TAXES (Uncertain tax positions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Income Taxes
Balance at beginning	$ 1,863
Net decreases due to tax positions that only affect timing	$ (1,863)

DISCONTINUED OPERATIONS (Schedu

DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations	$ (8)	$ 35,356
Discontinued Operations, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest on bonds		6
Interest on loans and short-term investments		746
Asset management fee and reimbursements		1,370
Equity in income from unconsolidated funds and ventures		1
Other income		53
Salaries and benefits		(53)
General and administrative		(68)
Professional fees		(45)
Other expense		(527)
Gains on sales and operations of real estate, net		63
Net (loss) income from discontinued operations, net of tax		1,546
Net gains on loans		400
Net gain on disposal of discontinued operations		33,410
Net (loss) income from discontinued operations		35,356
Cumulative translation adjustments		$ 3,400
Discontinued Operations, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Professional fees	(8)
Net (loss) income from discontinued operations, net of tax	(8)
Net (loss) income from discontinued operations	$ (8)

DISCONTINUED OPERATIONS (Cash F

DISCONTINUED OPERATIONS (Cash Flows of Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ (2,456)	$ (891)
Non-cash investing and financing activities:
Decrease in debt, LIHTC fund		6,712
Decrease in noncontrolling interests		83,909
Discontinued Operations, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization		29
Non-cash investing and financing activities:
Decrease in loans		(231)
Decrease in other assets		(35,724)
Decrease in debt, LIHTC fund		8,308
Decrease in accounts payable and accrued expenses		7,201
Decrease in other liabilities		18,333
Increase in accumulated other comprehensive income		(3,404)
Consolidated Funds and Ventures [Member] \| Discontinued Operations, 2018
Non-cash investing and financing activities:
Decrease in investments in debt securities		(5,450)
Decrease in other assets		(24,140)
Decrease in debt, LIHTC fund		(6,144)
Decrease in other liabilities		(480)
Decrease in noncontrolling interests		$ 5,620

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - segment	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details) - segment	Dec. 31, 2019	Dec. 31, 2018
SEGMENT INFORMATION [Abstract]
Number of reportable segments	1	1