MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q17 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	May 10, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	MMA CAPITAL HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11981
Entity Tax Identification Number	52-1449733
Entity Address, Address Line One	3600 O’Donnell Street, Suite 600
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21224
City Area Code	443
Local Phone Number	263-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Central Index Key	0001003201
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Amendment Flag	false
Entity Common Stock, Shares Outstanding		5,743,570
Entity Shell Company	false
Common Shares
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	MMAC
Security Exchange Name	NASDAQ
Common Stock Purchase Rights [Member]
Title of 12(b) Security	Common Stock Purchase Rights
Trading Symbol	MMAC
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 16,164	$ 28,644
Restricted cash	15,222	17,617
Investments in debt securities (includes $24,673 and $24,741 pledged as collateral at March 31, 2021, and December 31, 2020, respectively)	28,753	31,038
Investments in partnerships (includes $344,414 and $364,990 pledged as collateral at March 31, 2021, and December 31, 2020, respectively)	355,815	376,198
Deferred tax assets, net	62,806	59,083
Other assets (includes $17,906 and $17,973 pledged as collateral at March 31, 2021, and December 31, 2020, respectively)	20,776	20,482
Total assets	499,536	533,062
LIABILITIES AND EQUITY
Debt	212,929	237,805
Accounts payable and accrued expenses	5,383	2,845
Other liabilities	968	2,528
Total liabilities	219,280	243,178
Commitments and contingencies (see Note 9)
Preferred shares:
Preferred shares, no par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2021, and December 31, 2020
Common shareholders' equity:
Common shares, no par value, 50,000,000 shares are authorized (5,743,570 and 5,708,920 shares issued and outstanding and 80,422 and 111,032 non-employee directors' deferred shares issued at March 31, 2021, and December 31, 2020, respectively)	274,239	282,227
Accumulated other comprehensive income ("AOCI")	6,017	7,657
Total shareholders' equity	280,256	289,884
Total liabilities and equity	$ 499,536	$ 533,062

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Bonds available-for-sale, pledged as collateral	$ 24,673	$ 24,741
Investments in partnerships, used as collateral	344,414	364,990
Other assets pledged as collateral	$ 17,906	$ 17,973
Preferred shares, no par value	$ 0	$ 0
Preferred shares, shares authorized	5,000,000	5,000,000
Preferred shares, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0	$ 0
Common stock, authorized	50,000,000	50,000,000
Common shares, shares issued (in shares)	5,743,570	5,708,920
Common shares, shares outstanding (in shares)	5,743,570	5,708,920
Common shares, non-employee directors' and employee deferred shares (in shares)	80,422	111,032

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Interest on bonds	$ 2,851	$ 468
Interest on loans and short-term investments	13	91
Total interest income	2,864	559
Asset related interest expense
Bond related debt	163
Total interest expense	163
Net interest income	2,701	559
Non-interest income
Equity in (losses) income from unconsolidated funds and ventures	(9,680)	4,148
Net gains (losses) on derivatives	1,615	(1,711)
Net losses on other assets	(58)
Net losses on loan		(9)
Other income	3	1
Non-interest (loss) income	(8,120)	2,429
Other expenses
Interest expense	1,989	2,269
External management fees and reimbursable expenses	2,301	2,760
General and administrative	401	359
Professional fees	1,001	709
Other expenses	51	1,140
Total other expenses	5,743	7,237
Net loss before income taxes	(11,162)	(4,249)
Income tax benefit	3,079	1,191
Net loss	$ (8,083)	$ (3,058)
Basic and diluted loss per common share:
Loss per common share	$ (1.39)	$ (0.53)
Weighted-average common shares outstanding:
Basic and diluted	5,820	5,804

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (8,083)	$ (3,058)
Bond related changes:
Net unrealized losses	[1]	(2,330)	(1,763)
Income tax benefit		640	484
Net change in other comprehensive loss due to bonds, net of taxes		(1,690)	(1,279)
Foreign currency translation adjustment		50	826
Other comprehensive loss		(1,640)	(453)
Comprehensive loss		$ (9,723)	$ (3,511)

[1]	During the three months ended March 2021, net unrealized losses include $2.4 million of net fair value gains that were realized in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Multifamily Tax-Exempt Bond [Member]
Reclassification of net fair value gains on defeasance bond investment	$ 2.4

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares	AOCI	Total
Balance at Dec. 31, 2019	$ 273,492	$ 7,633	$ 281,125
Balance (in shares) at Dec. 31, 2019	5,805
Net (loss) income	$ (3,058)		(3,058)
Other comprehensive loss		(453)	(453)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 96		96
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	3
Common share repurchases	$ (41)		(41)
Common share repurchases (in shares)	(1)
Balance at Mar. 31, 2020	$ 270,489	7,180	277,669
Balance (in shares) at Mar. 31, 2020	5,807
Balance at Dec. 31, 2020	$ 282,227	7,657	289,884
Balance (in shares) at Dec. 31, 2020	5,820
Net (loss) income	$ (8,083)		(8,083)
Other comprehensive loss		(1,640)	(1,640)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 95		95
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	4
Balance at Mar. 31, 2021	$ 274,239	$ 6,017	$ 280,256
Balance (in shares) at Mar. 31, 2021	5,824

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (8,083,000)	$ (3,058,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Net equity in losses (income) from investments in partnerships	9,680,000	(4,148,000)
Net losses on other assets and loans	58,000	9,000
Net (gains) losses on derivatives	(1,736,000)	1,736,000
Current and deferred federal income tax expense	(3,060,000)	(1,183,000)
Distributions received from investments in partnerships	10,311,000	6,564,000
Depreciation and amortization	180,000	122,000
Foreign currency losses	52,000	1,140,000
Stock-based compensation expense	95,000	96,000
Other, net	2,239,000	2,136,000
Net cash provided by operating activities	9,736,000	3,414,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes zero and $53,600 from a related party)		53,600,000
Advances on and originations of loans held for investment		(702,000)
Investments in partnerships and real estate	(42,391,000)	(88,939,000)
Capital distributions received from investments in partnerships	42,699,000	27,224,000
Net cash provided by (used in) investing activities	308,000	(8,817,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	230,000	79,500,000
Repayment of borrowings	(25,031,000)	(56,236,000)
Debt issuance costs	(118,000)	(452,000)
Repurchase of common shares		(41,000)
Net cash (used in) provided by financing activities	(24,919,000)	22,771,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,875,000)	17,368,000
Cash, cash equivalents and restricted cash at beginning of period	46,261,000	12,805,000
Cash, cash equivalents and restricted cash at end of period	31,386,000	30,173,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	1,931,000	2,118,000
Non-cash investing and financing activities:
Unrealized losses included in other comprehensive loss	(1,640,000)	(453,000)
Hunt Companies [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment (includes zero and $53,600 from a related party)	$ 0	$ 53,600,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Reconciliation) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$ 16,164	$ 28,644
Restricted cash	15,222	17,617
Total cash, cash equivalents and restricted cash shown in statement of cash flows	$ 31,386	$ 46,261

CONSOLIDATED STATEMENTs OF CA_3

CONSOLIDATED STATEMENTs OF CASH FLOWS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Principal payments and sales proceeds received on bonds and loans held for investment		$ 53,600,000
Advances on and originations of loans held for investment		702,000
Hunt Companies [Member]
Principal payments and sales proceeds received on bonds and loans held for investment	$ 0	$ 53,600,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies	Note 1— Summary of Significant Accounting Policies Organization MMA Capital Holdings, Inc. focuses on infrastructure-related investments that generate positive environmental and social impacts and deliver attractive risk-adjusted total returns to our shareholders, with an emphasis on debt associated with renewable energy projects. Unless the context otherwise requires, and when used in these Notes, the “ Company MMA we our us External Manager Hunt Our current objective is to produce attractive risk-adjusted returns by investing in the large, growing and fragmented renewable energy market in the United States (“ U.S. In addition to renewable energy investments, we continue to own a limited number of bond investments and real estate-related investments, and we continue to have subordinated debt with beneficial economic terms. Further, we have significant net operating loss carryforwards (“ NOLs DTAs We operate as a single Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP The Company evaluates subsequent events through the date of filing with the U.S. Securities and Exchange Commission (“ SEC Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management made estimates in certain areas, including the determination of the Company’s valuation allowance established against its DTAs as well as in the fair value measurement of bonds and derivative instruments. Actual results could differ materially from these estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances are eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Accounting Guidance Adoption of Accounting Standards Accounting for Financial Instruments – Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“ FASB ASU “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” Accounting for Financial Instruments – Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “ .” This guidance is elective and is provided for contract modifications that meet certain Codification topics and subtopics. This new guidance is effective March 12, 2020 through December 31, 2022. We did not make any elections provided by this new guidance and, therefore, the adoption of these accounting principles did not impact the Company’s Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification.” discounting transition Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “ .” This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. The adoption of this guidance did not impact the Company’s Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Issued Accounting Standards Not Yet Adopted Accounting for Financial Instruments – Credit Losses In November 2019, the FASB issued ASU No. 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates.” In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” In May 2019, the FASB issued ASU No. 2019-05, “ Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” In November 2019, the FASB issued ASU No. 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” In February 2020, the FASB issued ASU No. 2020-02, “ Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update).” Accounting for Financial Instruments – General In March 2020, the FASB issued ASU No. 2020-03, “ Codification Improvements to Financial Instruments.”

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	3 Months Ended
INVESTMENTS IN DEBT SECURITIES	Mar. 31, 2021
INVESTMENTS IN DEBT SECURITIES [Abstract]
Investments in Debt Securities	Note 2—Investments in Debt Securities At March 31, 2021, and December 31, 2020, the Company’s investments in debt securities consist of one 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 a mortgage on the underlying property. However, during the three months ended March 31, 2021, the underlying property for this multifamily tax-exempt mortgage revenue bond was sold and the cash proceeds were deposited into an escrow account by the issuer in connection with this bond investment’s defeasance. This bond is non-amortizing and its unpaid principal balance, which was $4.0 million at March 31, 2021, is due in full on December 1, 2021, in accordance with the governing defeasance agreement. The Company’s infrastructure bond financed the development of infrastructure for a mixed-use town center development in Spanish Fort, Alabama and is secured by incremental tax revenues generated from the development and its landowners (this investment is hereinafter referred to as our “ Infrastructure Bond The following tables provide information about the unpaid principal balance (“ UPB FV At March 31, 2021 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,440 $ 20,578 $ 4,095 $ 24,673 93% Multifamily tax-exempt bond 4,000 — 4,080 4,080 102% Total $ 30,440 $ 20,578 $ 8,175 $ 28,753 94% At December 31, 2020 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,440 $ 20,532 $ 4,209 $ 24,741 94% Multifamily tax-exempt bond 4,000 — 6,297 6,297 157% Total $ 30,440 $ 20,532 $ 10,506 $ 31,038 102% (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary-impairment (“ OTTI ”) recognized in “Impairments” in our Consolidated Statements of Operations. See Note 7, “Fair Value,” which describes factors that contributed to the $2.3 million decrease in the reported fair value of the Company’s investments in debt securities for the three months ended March 31, 2021. Nonaccrual Bonds At March 31, 2021, and December 31, 2020, the Company had no bonds that were on nonaccrual status. Bond Sales and Redemptions There were no sales or redemption in full of investments in bonds during the three months ended March 31, 2021, and March 31, 2020. On May 3, 2021, the Company sold its multifamily tax-exempt bond to a third-party for 102% of its UPB, or approximately $4.1 million.

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	3 Months Ended
INVESTMENTS IN PARTNERSHIPS	Mar. 31, 2021
INVESTMENTS IN PARTNERSHIPS [Abstract]
Investment in Partnerships	Note 3—Investments in Partnerships The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At March 31, December 31, (in thousands) 2021 2020 Investment in Solar Ventures $ 342,921 $ 363,157 Investments in U.S. real estate partnerships 11,401 11,208 Investment in South Africa Workforce Housing Fund (" SAWHF 1,493 1,833 Total investments in partnerships $ 355,815 $ 376,198 Investments Related to the Solar Ventures At March 31, 2021, we were a 50% investor member in the joint ventures through which we invest in renewable energy projects though we may periodically have a minority economic interest as a result of non-pro rata capital contributions made by our capital partner pursuant to a non-pro rata funding agreement between the Company and our capital partner. Distributions from such ventures are generally made in proportion to the members’ respective economic interests but may be made disproportionately to our capital partner, when our capital partner has made non-pro rata capital contributions, until such time that the amount of equity invested by the Company and its capital partner have come back into equal balance. At March 31, 2021, the Company held a minority economic interest of 34.8%, 45.0% and 34.9% in Solar Construction Lending, LLC (“ SCL SPL SDL Solar Ventures REL At March 31, 2021, the carrying value of the Company’s equity investments in SCL, SPL and SDL was $58.2 million, $89.4 million and $195.3 million, respectively. None of these investees were assessed to constitute a Variable Interest Entity (“ VIE The Company paid $5.1 million for the buyout of our prior investment partner’s ownership interest in REL, on June 1, 2018, which was allocated to the net assets acquired based upon their relative fair values. This allocation resulted in a cumulative basis adjustment of $4.5 million to the Company’s investments that is amortized over the remaining investment period of SCL. The amortization expense related to the Company’s basis difference was $0.2 million for the three months ended March 31, 2021, and March 31, 2020. At March 31, 2021, and December 31, 2020, the unamortized balance of the Company’s basis difference was $2.0 million and $2.2 million, respectively. During the period from March 31, 2021 through May 10, 2021, the Company and its capital partner in SCL and SDL funded various non-pro rata capital contributions, whereby our capital partner contributed $34.0 million of $44.0 million in SCL capital calls, while the Company contributed the balance of these capital calls, or $10.0 million. Additionally, the Company contributed the full $2.1 million in SDL capital calls. Furthermore, our capital partner received distributions of $38.0 million and $2.6 million from SDL and SPL, respectively, while the Company received distributions of $10.0 million and $2.1 million from SDL and SPL, respectively. As a consequence of these non-pro rata capital contributions and distributions, at May 10, 2021, our economic interest in SCL decreased to 32.2%, while our economic interest in SDL increased to 36.5%. There was no change in our economic interest in SPL. This resulted in a weighted-average investment of 37.4% at May 10, 2021. In December 2020, a renewable energy project in the Electric Reliability Council of Texas (“ ERCOT ERCOT Project 1 On January 12, 2021, a notice of default was issued by SDL in connection with a development loan made to a project in the ERCOT west zone (“ ERCOT Project 3 During the second and third weeks of February 2021, a severe winter storm occurred in the southern and midwestern states in the U.S., including the ERCOT service area, that impaired the operational capabilities of numerous fossil fuel and renewable energy generating assets in the region. Extreme cold temperatures also caused the demand for electricity to surge to unprecedented levels, driving the market price of power to the maximum price permitted by ERCOT for multiple days. Weather conditions during this timeframe caused ERCOT Project 1 to be unable to meet its energy delivery requirements to its counterparty pursuant to various energy supply and pricing agreements. As a result, ERCOT Project 1 became obligated to purchase, at market prices in effect during that time, an amount of power equal to the shortfall in the electricity volumes that it was contractually obligated to deliver. The party which manages ERCOT energy deliveries and payments on behalf of ERCOT Project 1 under its supply agreements thereafter provided notification on March 10, 2021, that the net settlement cost associated with the power delivery shortfall during that period totaled $25.5 million (the “ ERCOT Shortfall On February 24, 2021, our economic interest in loans related to the projects in the ERCOT service area (such projects are hereinafter referred to collectively as the (“ ERCOT Projects On March 2, 2021, SDL and SCL executed loan amendments and other agreements in connection with financing provided to one of the projects in the ERCOT service area (“ ERCOT Project 2 On April 1, 2021, the sponsor equity loan agreement was amended to increase the maximum loan amount to enable the project to satisfy the balance of the ERCOT Shortfall of $22.5 million and to make a $7.4 million payment to the third-party term debt provider that was required in connection with the final closing of the recapitalization of ERCOT Project 1 upon substantial completion of the project. Based on this loan’s expected future returns and the appraised value of ERCOT Project 1, a fair value loss of $18.2 million was recognized by SPL during the first quarter of 2021. On April 23, 2021, ERCOT Project 2 was sold to a third-party and recapitalized, which was completed through both $84.7 million of sponsor equity that was committed by the third-party purchaser of the project and a $105.0 million construction loan that was provided by SCL. At the time of closing, $41.7 million of the sponsor’s committed equity and $37.0 million of SCL’s construction loan were funded, which repaid the prior development loan provided by SDL and the allocated portion of SCL’s mezzanine loan. The construction loan made by SCL has a first position lien on the project, has a stated interest rate of 5.0% and matures on December 31, 2021, with repayment due upon ERCOT Project 2 reaching substantial completion. Upon substantial completion of this project and the fulfillment of tax-equity funding, which is expected by December 31, 2021, we expect SCL’s construction loan will be repaid and SPL will make a $32.6 million permanent loan that will be senior to the sponsor’s equity and subordinate to tax-equity. SPL’s permanent loan will bear interest at 5.0% and will partially amortize over its four-year term. Additionally, SCL’s new construction loan and SPL’s future permanent loan are expected to be borrowing base-eligible for the revolving credit facility. The sale of ERCOT Project 2 and its recapitalization have significantly reduced the Solar Ventures’ exposure to ERCOT Project 2, to the original sponsor of the ERCOT projects and to the ERCOT service area, more broadly. During the first quarter of 2021, the Solar Ventures recognized net fair value losses of $31.9 million related to loans made to the ERCOT Projects while $16.0 million of interest income was not recognized by the Solar Ventures related to such loans given their nonaccrual status. The ERCOT market remains volatile and uncertain primarily stemming from the February 2021 weather event and resulting energy crisis. There is litigation among various participants and potential legislative reform is being considered, all of which remain uncertain. Consequently, while fair value measurements at March 31, 2021, of loans made to ERCOT Projects reflect management’s best estimate of loan-related returns and value, it is possible that within the next 12 months, additional losses related to outstanding loans made to the ERCOT Projects could be recognized by the Solar Ventures that, based on the Company’s share thereof, could be material to the Company’s financial statements. However, whether we recognize such losses, and the exact timing and amount of loss recognition depends upon future circumstances and, therefore, cannot be predicted at this time. The following table provides information about the carrying amount of total assets and liabilities of all renewable energy related investees in which the Company had an equity method investment: At At March 31, December 31, 2021 2020 (in thousands) Total assets (1) $ 922,703 $ 831,077 Other liabilities (2) 3,388 4,059 (1) Assets of these ventures are primarily comprised of loans that are carried at fair value. (2) Other liabilities of these ventures are primarily comprised of interest reserves. The following table provides information about the gross revenue, operating expenses and net (loss) income of all renewable energy related investees in which the Company had an equity method investment: For the three months ended March 31, (in thousands) 2021 2020 Gross revenue $ 13,493 $ 21,821 Operating expenses 1,944 2,021 Net (loss) income and net (loss) income attributable to the entities (20,317) 10,825 Investments in U.S. Real Estate Partnerships At March 31, 2021, the $11.4 million reported carrying value of investments in U.S. real estate partnerships represented the Company’s 80% ownership interest in a joint venture that owns and operates a mixed-use town center and undeveloped land parcels in Spanish Fort, Alabama (“ SF Venture been contributed for the payment of undeveloped land license fees, which have a lower priority of repayment; as well as the right to share in excess cash flows of the real estate venture. As of March 31, 2021, the Company held a 78.2% economic interest based upon the partnership’s distribution waterfall. This entity was determined not to be a VIE because decision-making rights are shared equally among its members. Accordingly, the Company accounts for this investment using the equity method of accounting. The following table provides information about the total assets, debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At March 31, December 31, 2021 2020 (in thousands) Total assets $ 47,269 $ 47,632 Debt 6,614 6,644 Other liabilities 9,794 9,612 The following table provides information about the gross revenue, operating expenses and net loss of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended March 31, (in thousands) 2021 2020 Gross revenue $ 522 $ 642 Operating expenses 524 715 Net loss and net loss attributable to the entity (515) (755) Investment in SAWHF SAWHF was determined not to be a VIE, and therefore, the Company accounts for this investment using the equity method of accounting. At March 31, 2021, the carrying value of the Company’s 11.85% equity investment in SAWHF was $1.5 million. The following table provides information about the carrying value of total assets and other liabilities of SAWHF: At At March 31, December 31, 2021 2020 (in thousands) Total assets $ 13,016 $ 15,861 Other liabilities 179 150 The following table provides information about the gross revenue, operating expenses and net income of SAWHF: For the three months ended March 31, (in thousands) 2021 2020 Gross revenue $ 9 $ 1,112 Operating expenses 117 491 Net income and net income attributable to the entity 340 76

OTHER ASSETS

OTHER ASSETS	3 Months Ended
OTHER ASSETS	Mar. 31, 2021
OTHER ASSETS [Abstract]
Other Assets	Note 4—Other Assets The following table provides information related to the carrying value of the Company’s other assets: At At March 31, December 31, (in thousands) 2021 2020 Other assets: Real estate owned $ 15,530 $ 15,510 Debt issue costs 1,710 2,004 Equity investments 2,376 2,463 Derivative assets 373 61 Accrued interest receivable 577 139 Other assets 210 305 Total other assets $ 20,776 $ 20,482 Real Estate Owned (“REO”) The following table provides information about the carrying value of the Company’s REO held for use, net: At At March 31, December 31, (in thousands) 2021 2020 Land improvements $ 12,911 $ 12,891 Land 2,619 2,619 Total $ 15,530 $ 15,510 Land improvements are depreciated over a period of 15 years . The Company’s investments include the Company’s REO, which consists of a parcel of land that is currently in the process of being developed. Since the Company’s REO has not been placed in service, no depreciation expense was recognized in connection with this land investment for the three months ended March 31, 2021, and March 31, 2020, nor were any impairment losses recognized by the Company during these periods in connection with our REO. Debt Issuance Costs The Company incurred, but deferred in the Consolidated Balance Sheets, $3.4 million of debt issuance costs in connection with the execution by MMA Energy Holdings, LLC (“ MEH Borrower Equity Investments On May 22, 2020, the Company received a $2.9 million pro rata distribution from SAWHF of 7.2 million shares of a residential real estate investment trust (“ REIT ”) that are listed on the Main Board of the Johannesburg Stock Exchange (“ JSE ”). These REIT shares, which trade under the trading symbol “TPF,” are reported at their fair value and are denominated in South African rand. These shares are pledged as collateral to the SAWHF debt included within notes payable and other debt. During the three months ended March 31, 2021, the Company recognized $0.1 million in “Net loss on other assets” within the Company’s Consolidated Statements of Operations. At March 31, 2021, the carrying value of these shares was $2.4 million. See Note 5, “Debt,” Note 7, “Fair Value,” and Note 8, “Guarantees and Collateral” for more information. Derivative Assets At March 31, 2021, and December 31, 2020, the Company recognized $0.4 million and $0.1 million, respectively, of derivative assets. See Note 6, “Derivative Instruments,” for more information. Loans Held For Investment On January 3, 2020, the UPB of $53.6 million of the Hunt Note was repaid and on December 30, 2020, the UPB of $1.3 million of the Company’s renewable energy-related loan was repaid. The Company had no unfunded loan commitments at March 31, 2021, and December 31, 2020.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2021
DEBT [Abstract]
Debt	Note 5—Debt The table below provides information about the carrying values and weighted-average effective interest rates of the Company’s debt obligations that were outstanding at March 31, 2021, and December 31, 2020: At At March 31, 2021 December 31, 2020 Wtd. Avg. Wtd. Avg. Effective Effective Carrying Interest Carrying Interest (dollars in thousands) Value (4) Rate (4) Value (4) Rate (4) Other Debt Subordinated debt (1) Due within one year $ 2,207 1.5 % $ 2,217 1.5 % Due after one year 90,448 1.5 90,995 1.5 Revolving credit facility debt obligations Due within one year — — — — Due after one year 79,150 6.1 103,700 5.6 Notes payable and other debt (2) Due within one year 4,342 13.6 4,206 13.7 Due after one year 13,608 5.2 13,533 5.2 Total other debt 189,755 4.0 214,651 4.0 Asset Related Debt Notes Payable and Other Debt Bond related debt (3) Due within one year 242 2.5 242 2.5 Due after one year 22,932 2.5 22,912 2.5 Total asset related debt 23,174 2.5 23,154 2.5 Total debt $ 212,929 3.8 % $ 237,805 3.8 % (1) The subordinated debt balances include net cost basis adjustments of $6.8 million and $6.9 million at March 31, 2021, and December 31, 2020, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issuance costs of $0.2 million at March 31, 2021, and December 31, 2020. (3) Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs of $0.1 million at March 31, 2021, and December 31, 2020. (4) Carrying value amounts and weighted-average interest rates reported in this table include the effects of any discounts, premiums and other cost basis adjustments. An effective interest rate represents an internal rate of return of a debt instrument that makes the net present value of all cash flows, inclusive of cash flows that give rise to cost basis adjustments, equal zero and in the case of (i) fixed rate instruments, is measured as of an instrument’s issuance date and (ii) variable rate instruments, is measured as of each date that a reference interest rate is reset. Covenant Compliance and Debt Maturities The following table provides information about scheduled principal payments associated with the Company’s debt agreements that were outstanding at March 31, 2021: Asset Related Debt (in thousands) and Other Debt 2021 $ 1,752 2022 108,206 2023 11,450 2024 1,813 2025 3,131 Thereafter 80,066 Net premium and debt issue costs 6,511 Total debt $ 212,929 On February 24, 2021, a prospective purchaser filed a special litigation lien, known as a Lis Pendens, on the entire 150-acre property of our direct investment in real estate. The Company intends to vigorously defend against these claims and pursue available remedies, including a slander of title lawsuit. Although the Company has filed motions to dismiss the lawsuit and the Lis Pendens, unless and until dismissed, the Lis Pendens constitutes a default under the Company’s financing of this property. The Company has been in communication with the lender and does not expect the lender to take any action in respect of the default in light of the lender’s first lien position but can provide no assurance that the lender will not take any action. At March 31, 2021, the UPB of this note payable was $9.6 million. Refer to Note 9, “Commitments and Contingencies,” for more information. At March 31, 2021, the Company was in compliance with all other covenants under its debt arrangements. Other Debt Other debt of the Company finances non-interest-bearing assets and other business activities of the Company. The interest expense associated with this debt is classified as “Interest expense” under “Other expenses” on the Consolidated Statements of Operations. Subordinated Debt The table below provides information about the key terms of the subordinated debt that was issued by MMA Financial Holdings, Inc. (“ MFH ”), the Company’s wholly owned subsidiary, and that was outstanding at March 31, 2021: (dollars in thousands) Net Premium Interim and Debt Carrying Principal Issuer UPB Issuance Costs Value Payments (1) Maturity Date Coupon MFH $ 25,356 $ 2,074 $ 27,430 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH 23,056 1,883 24,939 Amortizing April 30, 2035 three-month LIBOR plus 2.0% MFH 13,290 1,005 14,295 Amortizing July 30, 2035 three-month LIBOR plus 2.0% MFH 24,164 1,827 25,991 Amortizing July 30, 2035 three-month LIBOR plus 2.0% Total $ 85,866 $ 6,789 $ 92,655 (1) The subordinated principal amortizes 2.0% per annum. Revolving Credit Facility Debt Obligations On September 19, 2019, MEH entered into a $125.0 million (the “ Facility Amount Obligations associated with the revolving credit facility are guaranteed by the Company and are secured by specified assets of the Borrower and a pledge of all of the Company’s equity interest in the Borrower, which holds the equity interests in the Solar Ventures, through pledge and security documentation. Availability and amounts advanced under the revolving credit facility are subject to compliance with a borrowing base comprised of assets that comply with certain eligibility criteria, and includes late-stage development, construction and permanent loans to finance renewable energy projects and cash. The revolving credit facility contains affirmative and negative covenants binding on the Borrower that are customary for credit facilities of this type. Additionally, the credit agreement includes collateral performance tests and the following financial covenants of the Company and its consolidated subsidiaries: minimum debt service coverage ratio, maximum debt to net worth, minimum consolidated net worth and minimum consolidated net income. Borrowing under the revolving credit facility bears interest at the one-month London Interbank Offered Rate (“ LIBOR At March 31, 2021, the UPB Notes Payable and Other Debt At March 31, 2021, the UPB and carrying value of notes payable and other debt that was used to finance the Company’s 11.85% ownership interest in SAWHF was $4.2 million and $4.1 million, respectively. This debt, which is denominated in South African rand, has a maturity date of January 18, 2022, and requires the Company to pay its counterparty a rate equal to the Johannesburg Interbank Agreed Rate (“ JIBAR of the debt instrument when JIBAR resets and incorporates the impact of the unamortized balance of debt issuance costs into its derivation, was 14.1%. At March 31, 2021, the UPB MGM Principals At March 31, 2021, and December 31, 2020, $9.5 million and $9.4 million, respectively, of notes payable and other debt obligations relates to financing that was obtained to finance the development of our direct investment in real estate. This debt obligation is secured by our REO and is guaranteed by the Company. The contractual maturity date of this facility is June 1, 2023, although the facility is subject to three extension options (at the discretion of the borrower and lender): (i) the first extension term would expire on November 1, 2023; (ii) the second extension term would expire on May 1, 2024, and (iii) the final amortized term would expire three years after the initial term, first extension term and second extension term, as applicable. Amounts drawn from this debt facility are repayable on an interest only basis at a rate of 4.85% with all outstanding principal due at maturity during the initial term, first extension term and second extension term. However, during the final extension term the debt bears interest at a rate of three-month LIBOR plus 3.0% per annum, subject to a 5.0% floor with principal amortization required monthly over the three-year extension term. At March 31, 2021, the UPB of this debt obligation was $9.6 million. Asset Related Debt Asset related debt is debt that finances interest-bearing assets of the Company. The interest expense associated with this debt is included within “Net interest income” on the Consolidated Statements of Operations. At March 31, 2021, and December 31, 2020, the carrying value of $23.2 million of asset related debt was recognized in connection with the conveyance of our Infrastructure Bond in the second quarter of 2020 to our counterparty for a total return swap (“ TRS At March 31, 2021, under the terms of this TRS agreement, which has a maturity date of June 6, 2022, the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bond (UPB of $26.4 million with a pay rate of 6.3% at March 31, 2021). The Company is required to pay the counterparty a rate that is based upon the Securities Industry and Financial Markets Association (“ SIFMA Letters of Credit The Company had no letters of credit outstanding at March 31, 2021, and December 31, 2020.

FAIR VALUE

FAIR VALUE	3 Months Ended
FAIR VALUE	Mar. 31, 2021
FAIR VALUE [Abstract]
Fair Value	Note 7—Fair Value We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in the first table below in this Note. From time to time, we may be required to measure at fair value other assets on a nonrecurring basis such as certain loans held for investment or investments in partnerships. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. Fair Value Hierarchy The Company measures the fair value of its assets and liabilities based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in the fair value measurements. ● Level 1: Valuation is based upon quoted prices in active markets for identical instruments. ● Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets. ● Level 3: Valuation is generated from techniques that use significant assumptions that are not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Recurring Changes in Fair Value The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of our assets and liabilities are categorized: At March 31, Fair Value Measurements (in thousands) 2021 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 28,753 $ — $ — $ 28,753 Equity investments 2,376 2,376 — — Derivative instruments 373 — 373 — Liabilities: Derivative instruments $ 963 $ — $ 963 $ — At December 31, Fair Value Measurements (in thousands) 2020 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 31,038 $ — $ — $ 31,038 Equity investments 2,463 2,463 — — Derivative instruments 61 — 61 — Liabilities: Derivative instruments $ 2,389 $ — $ 2,389 $ — Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended March 31, 2021: Investments in Debt (in thousands) Securities Balance, January 1, 2021 $ 31,038 Net gains included in earnings — Net change in AOCI (1) (2,330) Impact from loan originations / advances — Impact from settlements (2) 45 Balance, March 31, 2021 $ 28,753 (1) This amount represents $2.3 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. This amount includes $2.4 million of net fair value gains that were realized during the three months ended March 31, 2021, in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended March 31, 2020: Investments in Debt Loans Held for (in thousands) Securities Investment Balance, January 1, 2020 $ 31,365 $ 500 Net losses included in earnings (1) — (9) Net change in AOCI (2) (1,763) — Impact from loan originations — 780 Impact from settlements (3) 43 — Balance, March 31, 2020 $ 29,645 $ 1,271 (1) This amount represents $9 thousand of unrealized losses recognized during this reporting period in connection with the Company’s loan investment held at March 31, 2020. This amount is classified as “net losses on loans” in the Company’s Consolidated Statement of Operations. (2) This amount represents $1.8 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. (3) This impact considers the effect of principal payments received and amortization of cost basis adjustments. Fair Value Measurements of Instruments That Are Classified as Level 3 Significant unobservable inputs presented in the tables that follow are those we consider significant to the fair value of the Level 3 asset or liability. We consider unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 asset or liability would be impacted by a predetermined percentage change, or based on qualitative factors, such as nature of the instrument, type of valuation technique used and the significance of the unobservable inputs relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs that are referenced in the tables below: ● Market yield – is a market rate of return used to calculate the present value of future expected cash flows to arrive at the fair value of an instrument. The market yield typically consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, Municipal Market Data or SIFMA index rates, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instrument’s cash flows resulting from risks such as credit and liquidity. A significant decrease in this input in isolation would result in a significantly higher fair value measurement. ● Capitalization rate – is calculated as the ratio between the net operating income (“ NOI ”) produced by a commercial real estate property and the price for the asset. A significant decrease in this input in isolation would result in a significantly higher fair value measurement. ● NOI annual growth rate – is the amount of future growth in NOI that the Company projects each property to generate on an annual basis over the 10-year projection period. These annual growth estimates take into account the Company’s expectation about the future increases, or decreases, in rental rates, vacancy rates, bad debt expense, concessions and operating expenses for each property. Generally, an increase in NOI will result in an increase to the fair value of the property. ● Valuation technique weighting factors – represent factors that, in the aggregate, sum to 100% and that are individually applied to two or more indications of fair value considering the reasonableness of the range indicated by those results. ● Contract or bid prices – represents a third-party sale agreement or purchase offer executed in connection with the pending sale of an affordable housing property that secures one of the Company’s bond investments. In instances where multiple purchase offers have been received an average of the offers received is utilized. Estimated proceeds from the sale, or average offers, of such property that are determined to be allocable to a bond investment are used to measure the investment’s fair value at a given reporting date. The tables that follow provide quantitative information about the valuation techniques and the range and weighted-average of significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model to measure fair value. The significant unobservable inputs for Level 3 assets and liabilities that are valued using dealer pricing are not included in the tables, as the specific inputs applied are not provided by the dealer. Fair Value Measurement at March 31, 2021 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average Recurring Fair Value Measurements: Investments in debt securities: Infrastructure Bond $ 24,673 Discounted cash flow Market yield 7.1 % N/A Multifamily tax-exempt bond 4,080 Discounted cash flow Bid price $ 4,080 N/A (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. Fair Value Measurement at December 31, 2020 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments in debt securities: Infrastructure Bond $ 24,741 Discounted cash flow Market yield 7.1 % N/A Multifamily tax-exempt bond Subordinated cash flow 6,297 Discounted cash flow Market yield 6.9 N/A Capitalization rate 6.4 N/A (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. (2) Weighted-average amounts 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 recognized by the Company during the three months ended March 31, 2021, and March 31, 2020. Additional Disclosures Related to the Fair Value of Financial Instruments That Are Not Carried on the Consolidated Balance Sheets at Fair Value The tables that follow provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes the information based upon the level of the fair value hierarchy within which fair value measurements are categorized. Assets and liabilities that do not represent financial instruments ( e.g. At March 31, 2021 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 16,164 $ 16,164 $ — $ — Restricted cash 15,222 15,222 — — Liabilities: Notes payable and other debt - bond related 23,174 — — 23,267 Notes payable and other debt - non-bond related 17,950 — — 17,813 Revolving credit facility obligations 79,150 — — 79,150 Subordinated debt issued by MFH 92,655 — — 61,116 At December 31, 2020 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,644 $ 28,644 $ — $ — Restricted cash 17,617 17,617 — — Liabilities: Notes payable and other debt - bond related 23,154 — — 23,267 Notes payable and other debt - non-bond related 17,739 — — 17,552 Revolving credit facility obligations 103,700 — — 103,700 Subordinated debt issued by MFH 93,212 — — 53,204 Valuation Techniques Cash and cash equivalents and restricted cash Notes payable and other debt Subordinated debt Revolving credit facility debt obligations

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	3 Months Ended
GUARANTEES AND COLLATERAL	Mar. 31, 2021
GUARANTEES AND COLLATERAL [Abstract]
GUARANTEES AND COLLATERAL	Note 8—Guarantees and Collateral Guarantees The Company has guaranteed the performance of payment obligations of certain of its subsidiaries under various debt agreements to third parties. The Company has guaranteed all MFH payment obligations and performance under the terms of the Company’s subordinated debt. However, the Company’s guarantee of the subordinated debt is subordinated to repayment of any senior debt of the Company. Additionally, contemporaneously with the execution of the revolving credit facility, the Company agreed to guarantee all payment and performance obligations of MEH under the credit agreement to the lenders. Furthermore, the Company agreed to guarantee all payment and performance obligations of the borrower associated with financing obtained in the second quarter of 2020 related to our direct investment in real estate that is in process of development. Currently, the Company expects that it will not need to make any payments under these guarantees. Collateral and Restricted Assets The following tables summarize assets that are either pledged or restricted for the Company’s use at March 31, 2021, and December 31, 2020: At March 31, 2021 Investments Total Restricted in Debt Investments in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt related to the revolving credit facility $ 1,010 $ — $ 342,921 $ — $ 343,931 Debt related to the Infrastructure Bond investment 9,915 24,673 — — 34,588 Debt related to the Company's REO 250 — — 15,530 15,780 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,375 — 1,493 2,376 5,244 Interest rate swaps 2,664 — — — 2,664 Other 8 — — — 8 Total $ 15,222 $ 24,673 $ 344,414 $ 17,906 $ 402,215 At December 31, 2020 Investments Total Restricted in Debt Investments in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt related to the revolving credit facility $ 1,502 $ — $ 363,157 $ — $ 364,659 Debt related to the Infrastructure Bond investment 10,020 24,741 — — 34,761 Debt related to the Company's REO 250 — — 15,510 15,760 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,374 — 1,833 2,463 5,670 Interest rate swaps 4,463 — — — 4,463 Other 8 — — — 8 Total $ 17,617 $ 24,741 $ 364,990 $ 17,973 $ 425,321

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and Contingencies	Note 9—Commitments and Contingencies Operating Leases The Company had no Litigation and Other Legal Matters In the ordinary course of business, the Company and its subsidiaries are named from time to time as defendants in various litigation matters or may have other claims made against them. These legal proceedings may include claims for substantial or indeterminate compensatory, consequential or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters or other loss contingencies when a loss is probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained. On February 11, 2021, SAH 2001 Fund III MM, Inc. (“SAH”) served Jolt Realty, LLC (“Jolt”) and MMA Capital TC Fund I, LLC (“TC Fund I”) with a Complaint filed in the Superior Court of California, County of Orange. SAH is the managing member of the LNR 2001 Fund III MM, Inc. (the “Fund”). TC Fund I, through Jolt, its wholly owned subsidiary, is the investing member of the Fund. In its Complaint, SAH alleges that in July 2017 it mistakenly paid $1.8 million to Jolt as part of the distribution of proceeds from the sale of property from the Fund. SAH seeks return of that payment based on an alleged breach of the Fund’s Operating Agreement (Count I), unjust enrichment (Count II), and breach of the implied covenant of good faith and fair dealing (Count III). On January 8, 2018, MMA entered into a Master Transaction Agreement with an affiliate of its External Manager (the “MTA”), pursuant to which, among other things, MMA sold its interest in TC Fund I to an affiliate of its External Manager. The terms of the MTA require MMA to indemnify Hunt for any losses associated with this claim and permitted MMA to assume the defense of this claim. MMA assumed the defense of this claim and is vigorously defending against the allegations in the Complaint and denies all counts of the Complaint. The parties have agreed to go to mediation. Although MMA has reason to believe that it will prevail on the merits, the ultimate outcome cannot be predicted at this time. The Company and a prospective purchaser of a 26-acre portion of the Company’s one direct investment in real estate in Virginia are engaged in a dispute over the prospective purchaser’s option to acquire such portion of the property. The prospective purchaser has filed a lawsuit seeking, among other things, to compel the sale to the prospective purchaser and filed a special litigation lien, known as a Lis Pendens, on the entire 150-acre property. The Company intends to vigorously defend against these claims and pursue available remedies, including a slander of title lawsuit. Although the Company has filed motions to dismiss the lawsuit and the Lis Pendens, unless and until dismissed, the Lis Pendens constitutes a default under the Company’s financing for the property. The Company has been in communication with the lender and does not expect the lender to take any action in respect of the default in light of the lender’s first lien position but can provide no assurance that the lender will not take any action. At March 31, 2021, the UPB of this note payable was $9.6 million. At March 31, 2021, we had no other significant litigation matters and we were not aware of any other claims that we believe would have a material adverse impact on our financial condition or results of operations. Other Risks and Uncertainties We continue to monitor the economic impact of the COVID-19 pandemic on the performance of our other investments and underlying real estate values. Although we have not recognized impairment charges during the first quarter of 2021, we believe it is reasonably possible that we may be required to recognize one or more material impairment charges over the next 12 months, particularly if underlying economic conditions deteriorate. Because any such impairment charge will be based on future circumstances, we cannot predict at this time whether we will be required to recognize any further impairment charges and, if required, the timing or amount of any impairment charge. With respect to recognized DTAs, while COVID-19 caused a sharp deterioration in macro-economic conditions, the potential amount and permanence of long-term impacts of those conditions on the Company’s business was uncertain at March 31, 2021. Nonetheless, given such uncertainty and other factors, we believe it is reasonably possible that, within the next 12 months, a reduction to the carrying value of recognized DTAs that is material to the Company’s financial statements could be recognized. However, the exact timing and amount of gain or loss recognition depends upon future circumstances and, therefore, cannot be predicted at this time.

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2021
EQUITY [Abstract]
Equity	Note 10—Equity Preferred Share Information On January 1, 2019, as part of the Company’s conversion to a corporation, the Company was authorized to issue 5,000,000 of preferred shares, in one or more series, with no par value. As of March 31, 2021, the Board of Directors (“ Board ”) has not authorized any of these shares to be issued and no rights have been established for any of these shares. Common Share Information As of March 31, 2021, the Company was authorized to issue 50,000,000 common shares. The following table provides information about net (loss) income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the three months ended March 31, (in thousands) 2021 2020 Net (loss) income $ (8,083) $ (3,058) Basic and diluted weighted-average shares (1) 5,820 5,804 (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding. Common Shares Effective May 5, 2015, the Company adopted a Tax Benefits Rights Agreement (the “ Rights Plan NOLs On January 3, 2018, the Board approved a waiver of the 4.9% ownership limitation for Hunt, increasing this limitation to the acquisition of 9.9% of the Company’s issued and outstanding shares in any rolling 12-month period without causing a triggering event. At March 31, 2021, the Company had two shareholders who held greater than a 4.9% interest in the Company, one of whom is its former Chief Executive Officer and current Chairman of the Board, Michael L. Falcone. Upon Mr. Falcone’s resignation as Chief Executive Officer on August 12, 2020, he became eligible for Board compensation. Pursuant to the policy of our Governance Committee, each Board member receives one-half of his or her Board compensation in common shares. On November 5, 2020, the Board adopted an Amended and Restated 2012 Non-Employee Directors’ Compensation Plan to coordinate elements of the Rights Plan and share compensation for directors. In addition, the Board named Mr. Falcone an exempted person in accordance with the Rights Plan for purposes of his share-based Board compensation. Accumulated Other Comprehensive Income The following table provides information related to the net change in AOCI for the three months ended March 31, 2021: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2021 $ 7,621 $ 36 $ 7,657 Net unrealized (losses) gains (1) (2,330) 50 (2,280) Income tax benefit 640 — 640 Net change in AOCI (1,690) 50 (1,640) Balance, March 31, 2021 $ 5,931 $ 86 $ 6,017 (1) During the three months ended March 2021, net unrealized losses include $2.4 million of net fair value gains that were realized in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period. The following table provides information related to the net change in AOCI for the three months ended March 31, 2020: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2020 $ 7,666 $ (33) $ 7,633 Net unrealized (losses) gains (1,763) 826 (937) Income tax benefit 484 — 484 Net change in AOCI (1,279) 826 (453) Balance, March 31, 2020 $ 6,387 $ 793 $ 7,180

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2021
STOCK-BASED COMPENSATION [Abstract]
Stock-Based Compensation	Note 11—Stock-Based Compensation On January 8, 2018, the Company engaged the External Manager through the execution of a management agreement with the External Manager (the “ Management Agreement Plans Non-employee Directors’ Stock-Based Compensation Plans Employees’ Stock-Based Compensation Plans The following table provides information related to total compensation expense that was recorded for these Plans: For the three months ended March 31, (in thousands) 2021 2020 Non-employee Directors’ Stock-Based Compensation Plans $ 224 $ 194 Employees’ Stock-Based Compensation Plans At March 31, 2021, there were 571,066 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Board, not all of the Plans have been approved by the Company’s shareholders. The Plans that have not been approved by the Company’s shareholders are currently restricted to the issuance of only stock options. As a result, of the 571,066 shares available under the plans, 73,556 are available to be issued in the form of either stock options or shares, while the remaining 497,510 shares available for issuance must be issued in the form of stock options. Since the Company has no employees, the Company does not expect to issue any of these shares or options. Non-Employee Directors’ Stock-Based Compensation Plans The Non-employee Directors’ Stock-based Compensation Plans authorize a total of 1,130,000 shares for issuance, of which 363,883 were available to be issued at March 31, 2021. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares. The Non-employee Directors’ Stock-based Compensation Plans provide for directors to be paid $120,000 per year for their services. In addition, the Chairman receives an additional $20,000 per year, the Audit Committee Chair receives an additional $15,000 per year and the other committee chairs receive an additional $10,000 per year. Under this plan, 50% of such compensation is paid in cash and the remaining The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the three months ended March 31, 2021, and March 31, 2020. The directors are fully vested in the deferred shares at the grant date. Common Deferred Weighted-average Shares Shares Grant Date Options Directors' Fees Cash Granted Granted Share Price Vested Expense March 31, 2021 (1) $ 129,375 1,284 2,756 $ 23.36 — $ 223,750 March 31, 2020 (2) 96,875 1,777 1,847 26.73 — 193,750 (1) During the first quarter of 2021, one of the Company’s directors retired. (2) During the first quarter of 2020, the Board approved the addition of two independent directors and during the third quarter of 2020, our former Chief Executive Officer became a non-employee director.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	3 Months Ended
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	Mar. 31, 2021
RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES [Abstract]
Related Party Transactions and Transactions with Affiliates	Note 12—Related Party Transactions and Transactions with Affiliates Transactions with Hunt External Management Fees and Expense Reimbursements On January 8, 2018, the Company sold certain businesses and assets (the “ Disposition GAAP Common Shareholders’ Equity CEO CFO The current term of the Management Agreement extends to December 31, 2022 and automatically renews thereafter for additional two-year terms. Either the Company or the External Manager may, upon written notice, decline to renew or terminate the Management Agreement without cause, effective at the end of the initial term or any renewal term. If the Company declines to renew or terminates the Management Agreement without cause or the External Manager terminates for cause, the Company is required to pay a termination fee to the External Manager equal to three times the sum of the average annual base and incentive management fees, plus one times the sum of the average renewable energy business expense reimbursements and the employee cost reimbursement expense, in each case, during the prior two-year period. The Company may also terminate the Management Agreement for cause. No termination fee is payable upon a termination by the Company for cause or upon a termination by the External Manager without cause. For the three months ended March 31, 2021, and March 31, 2020, no incentive fee was earned by our External Manager. During the three months ended March 31, 2021, and March 31, 2020, the Company recognized $2.3 million and $2.8 million, respectively, of management fees and expense reimbursements payable to our External Manager in its Consolidated Statements of Operations. At March 31, 2021, and December 31, 2020, $3.5 million and $1.2 million, respectively, of management fees and expense reimbursements was payable to the External Manager. The amount payable at March 31, 2021, is inclusive of $1.2 million that was payable to our External Manager as of December 31, 2020, which was remitted on April 1, 2021. Loans HFI and Investment in Partnerships As consideration for the Disposition, Hunt agreed to pay the Company $57.0 million and to assume certain liabilities of the Company. The Company provided seller financing through a $57.0 million note receivable from Hunt that had an initial term of seven years, prepayable at any time and bearing interest at the rate of 5% per annum. On October 4, 2018, the Company’s receivable from Hunt increased to $67.0 million as part of Hunt’s election to take assignment of the Company’s agreements to acquire (i) the LIHTC business of Morrison Grove Management and (ii) certain assets pertaining to a specific LIHTC property from affiliates of Morrison Grove Management, LLC (these agreements are collectively referred hereinafter to as the “ MGM Agreements

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2021
SEGMENT INFORMATION [Abstract]
Segment Information	Note 13—Segment Information At March 31, 2021, and December 31, 2020, the Company operates as a single reporting segment. Therefore, all required segment information can be found in our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP The Company evaluates subsequent events through the date of filing with the U.S. Securities and Exchange Commission (“ SEC
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management made estimates in certain areas, including the determination of the Company’s valuation allowance established against its DTAs as well as in the fair value measurement of bonds and derivative instruments. Actual results could differ materially from these estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances are eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting.
New Accounting Guidance	Accounting Guidance Adoption of Accounting Standards Accounting for Financial Instruments – Fair Value Measurement In August 2018, the Financial Accounting Standards Board (“ FASB ASU “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” Accounting for Financial Instruments – Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “ .” This guidance is elective and is provided for contract modifications that meet certain Codification topics and subtopics. This new guidance is effective March 12, 2020 through December 31, 2022. We did not make any elections provided by this new guidance and, therefore, the adoption of these accounting principles did not impact the Company’s Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): An Amendment of the FASB Accounting Standards Codification.” discounting transition Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “ .” This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. The adoption of this guidance did not impact the Company’s Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Equity or Consolidated Statements of Cash Flows as of the adoption date. Issued Accounting Standards Not Yet Adopted Accounting for Financial Instruments – Credit Losses In November 2019, the FASB issued ASU No. 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates.” In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Improvements.” In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” In May 2019, the FASB issued ASU No. 2019-05, “ Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief.” In November 2019, the FASB issued ASU No. 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses.” In February 2020, the FASB issued ASU No. 2020-02, “ Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update).” Accounting for Financial Instruments – General In March 2020, the FASB issued ASU No. 2020-03, “ Codification Improvements to Financial Instruments.”

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	3 Months Ended
INVESTMENTS IN DEBT SECURITIES (Tables)	Mar. 31, 2021
INVESTMENTS IN DEBT SECURITIES [Abstract]
Schedule of Available-for-sale Securities Reconciliation	At March 31, 2021 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,440 $ 20,578 $ 4,095 $ 24,673 93% Multifamily tax-exempt bond 4,000 — 4,080 4,080 102% Total $ 30,440 $ 20,578 $ 8,175 $ 28,753 94% At December 31, 2020 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Infrastructure Bond $ 26,440 $ 20,532 $ 4,209 $ 24,741 94% Multifamily tax-exempt bond 4,000 — 6,297 6,297 157% Total $ 30,440 $ 20,532 $ 10,506 $ 31,038 102% (1) Amortized cost consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary-impairment (“ OTTI ”) recognized in “Impairments” in our Consolidated Statements of Operations.

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	3 Months Ended
INVESTMENTS IN PARTNERSHIPS (Tables)	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures: At At March 31, December 31, (in thousands) 2021 2020 Investment in Solar Ventures $ 342,921 $ 363,157 Investments in U.S. real estate partnerships 11,401 11,208 Investment in South Africa Workforce Housing Fund (" SAWHF 1,493 1,833 Total investments in partnerships $ 355,815 $ 376,198
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying amount of total assets and liabilities of all renewable energy related investees in which the Company had an equity method investment: At At March 31, December 31, 2021 2020 (in thousands) Total assets (1) $ 922,703 $ 831,077 Other liabilities (2) 3,388 4,059 (1) Assets of these ventures are primarily comprised of loans that are carried at fair value. (2) Other liabilities of these ventures are primarily comprised of interest reserves. The following table provides information about the gross revenue, operating expenses and net (loss) income of all renewable energy related investees in which the Company had an equity method investment: For the three months ended March 31, (in thousands) 2021 2020 Gross revenue $ 13,493 $ 21,821 Operating expenses 1,944 2,021 Net (loss) income and net (loss) income attributable to the entities (20,317) 10,825
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the total assets, debt and other liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At March 31, December 31, 2021 2020 (in thousands) Total assets $ 47,269 $ 47,632 Debt 6,614 6,644 Other liabilities 9,794 9,612 The following table provides information about the gross revenue, operating expenses and net loss of U.S. real estate partnerships in which the Company had an equity investment: For the three months ended March 31, (in thousands) 2021 2020 Gross revenue $ 522 $ 642 Operating expenses 524 715 Net loss and net loss attributable to the entity (515) (755)
SAWHF
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of total assets and other liabilities of SAWHF: At At March 31, December 31, 2021 2020 (in thousands) Total assets $ 13,016 $ 15,861 Other liabilities 179 150 The following table provides information about the gross revenue, operating expenses and net income of SAWHF: For the three months ended March 31, (in thousands) 2021 2020 Gross revenue $ 9 $ 1,112 Operating expenses 117 491 Net income and net income attributable to the entity 340 76

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
OTHER ASSETS (Tables)	Mar. 31, 2021
OTHER ASSETS [Abstract]
Schedule of Other Assets	At At March 31, December 31, (in thousands) 2021 2020 Other assets: Real estate owned $ 15,530 $ 15,510 Debt issue costs 1,710 2,004 Equity investments 2,376 2,463 Derivative assets 373 61 Accrued interest receivable 577 139 Other assets 210 305 Total other assets $ 20,776 $ 20,482
Schedule Of Real Estate Owned, Held For Use	At At March 31, December 31, (in thousands) 2021 2020 Land improvements $ 12,911 $ 12,891 Land 2,619 2,619 Total $ 15,530 $ 15,510

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2021
DEBT [Abstract]
Schedule of Debt	At At March 31, 2021 December 31, 2020 Wtd. Avg. Wtd. Avg. Effective Effective Carrying Interest Carrying Interest (dollars in thousands) Value (4) Rate (4) Value (4) Rate (4) Other Debt Subordinated debt (1) Due within one year $ 2,207 1.5 % $ 2,217 1.5 % Due after one year 90,448 1.5 90,995 1.5 Revolving credit facility debt obligations Due within one year — — — — Due after one year 79,150 6.1 103,700 5.6 Notes payable and other debt (2) Due within one year 4,342 13.6 4,206 13.7 Due after one year 13,608 5.2 13,533 5.2 Total other debt 189,755 4.0 214,651 4.0 Asset Related Debt Notes Payable and Other Debt Bond related debt (3) Due within one year 242 2.5 242 2.5 Due after one year 22,932 2.5 22,912 2.5 Total asset related debt 23,174 2.5 23,154 2.5 Total debt $ 212,929 3.8 % $ 237,805 3.8 % (1) The subordinated debt balances include net cost basis adjustments of $6.8 million and $6.9 million at March 31, 2021, and December 31, 2020, respectively, that pertain to premiums and debt issuance costs. (2) Included in Other Debt – notes payable and other debt were unamortized debt issuance costs of $0.2 million at March 31, 2021, and December 31, 2020. (3) Included in Asset Related Debt – notes payable and other debt – bond related debt were unamortized debt issuance costs of $0.1 million at March 31, 2021, and December 31, 2020. (4) Carrying value amounts and weighted-average interest rates reported in this table include the effects of any discounts, premiums and other cost basis adjustments. An effective interest rate represents an internal rate of return of a debt instrument that makes the net present value of all cash flows, inclusive of cash flows that give rise to cost basis adjustments, equal zero and in the case of (i) fixed rate instruments, is measured as of an instrument’s issuance date and (ii) variable rate instruments, is measured as of each date that a reference interest rate is reset.
Schedule of Maturities of Long-term Debt	Asset Related Debt (in thousands) and Other Debt 2021 $ 1,752 2022 108,206 2023 11,450 2024 1,813 2025 3,131 Thereafter 80,066 Net premium and debt issue costs 6,511 Total debt $ 212,929
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 $ 25,356 $ 2,074 $ 27,430 Amortizing March 30, 2035 three-month LIBOR plus 2.0% MFH 23,056 1,883 24,939 Amortizing April 30, 2035 three-month LIBOR plus 2.0% MFH 13,290 1,005 14,295 Amortizing July 30, 2035 three-month LIBOR plus 2.0% MFH 24,164 1,827 25,991 Amortizing July 30, 2035 three-month LIBOR plus 2.0% Total $ 85,866 $ 6,789 $ 92,655 (1) The subordinated principal amortizes 2.0% per annum.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Mar. 31, 2021
DERIVATIVE INSTRUMENTS [Abstract]
Schedule of the Company's Derivative Assets and Liabilities	Fair Value At At March 31, 2021 December 31, 2020 (in thousands) Assets Liabilities Assets Liabilities Basis swaps $ — $ 5 $ — $ 542 Interest rate caps 373 — 61 — Interest rate swaps — 833 — 1,665 Foreign currency forward exchange — 82 — 86 Gain share arrangement (1) — 43 — 96 Total carrying value of derivative instruments $ 373 $ 963 $ 61 $ 2,389 (1) Refer to Note 5, “Debt” for more information.
Schedule of Derivative Notional Amounts	Notional Amounts At At March 31, December 31, (in thousands) 2021 2020 Basis swaps $ 35,000 $ 35,000 Interest rate caps 35,000 35,000 Interest rate swaps 35,000 35,000 Foreign currency forward exchange 4,442 4,494 Total notional amount of derivative instruments $ 109,442 $ 109,494
Schedule of Net Gains Recognized Recognized In Connection With Derivative Instruments	The following table provides information about the net losses that were recognized by the Company in connection with its derivative instruments: For the three months ended March 31, (in thousands) 2021 2020 Basis swaps (1) $ 519 $ (1,079) Interest rate caps 312 (136) Interest rate swaps (2) 729 (1,578) Foreign currency forward exchange 2 1,082 Gain share arrangement 53 — Total net gains (losses) of derivative instruments $ 1,615 $ (1,711) (1) The accrual of net interest payments that are made in connection with basis swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash paid was de minimis for the three months ended March 31, 2021, and the net cash received was de minimis for the three months ended March 31, 2020. (2) The accrual of net interest payments that are made in connection with interest rate swaps is classified as a component of “Net losses on derivatives” on the Consolidated Statements of Operations. Net cash paid was $0.1 million for the three months ended March 31, 2021, and de minimis for the three months ended March 31, 2020.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
FAIR VALUE (Tables)	Mar. 31, 2021
FAIR VALUE [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	At March 31, Fair Value Measurements (in thousands) 2021 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 28,753 $ — $ — $ 28,753 Equity investments 2,376 2,376 — — Derivative instruments 373 — 373 — Liabilities: Derivative instruments $ 963 $ — $ 963 $ — At December 31, Fair Value Measurements (in thousands) 2020 Level 1 Level 2 Level 3 Assets: Investments in debt securities $ 31,038 $ — $ — $ 31,038 Equity investments 2,463 2,463 — — Derivative instruments 61 — 61 — Liabilities: Derivative instruments $ 2,389 $ — $ 2,389 $ —
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended March 31, 2021: Investments in Debt (in thousands) Securities Balance, January 1, 2021 $ 31,038 Net gains included in earnings — Net change in AOCI (1) (2,330) Impact from loan originations / advances — Impact from settlements (2) 45 Balance, March 31, 2021 $ 28,753 (1) This amount represents $2.3 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. This amount includes $2.4 million of net fair value gains that were realized during the three months ended March 31, 2021, in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period. (2) This impact considers the effect of principal payments received and amortization of cost basis adjustments. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the three months ended March 31, 2020: Investments in Debt Loans Held for (in thousands) Securities Investment Balance, January 1, 2020 $ 31,365 $ 500 Net losses included in earnings (1) — (9) Net change in AOCI (2) (1,763) — Impact from loan originations — 780 Impact from settlements (3) 43 — Balance, March 31, 2020 $ 29,645 $ 1,271 (1) This amount represents $9 thousand of unrealized losses recognized during this reporting period in connection with the Company’s loan investment held at March 31, 2020. This amount is classified as “net losses on loans” in the Company’s Consolidated Statement of Operations. (2) This amount represents $1.8 million of net unrealized losses recognized during this reporting period in connection with the Company’s bond investments. (3) This impact considers the effect of principal payments received and amortization of cost basis adjustments.
Fair Value Measurements By Level 3 Valuation Technique	Fair Value Measurement at March 31, 2021 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average Recurring Fair Value Measurements: Investments in debt securities: Infrastructure Bond $ 24,673 Discounted cash flow Market yield 7.1 % N/A Multifamily tax-exempt bond 4,080 Discounted cash flow Bid price $ 4,080 N/A (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. Fair Value Measurement at December 31, 2020 Significant Significant Valuation Unobservable Weighted (dollars in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Investments in debt securities: Infrastructure Bond $ 24,741 Discounted cash flow Market yield 7.1 % N/A Multifamily tax-exempt bond Subordinated cash flow 6,297 Discounted cash flow Market yield 6.9 N/A Capitalization rate 6.4 N/A (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third-party sources or dealers about what a market participant would use in valuing the asset. (2) Weighted-average amounts are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Fair Value, by Balance Sheet Grouping	At March 31, 2021 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 16,164 $ 16,164 $ — $ — Restricted cash 15,222 15,222 — — Liabilities: Notes payable and other debt - bond related 23,174 — — 23,267 Notes payable and other debt - non-bond related 17,950 — — 17,813 Revolving credit facility obligations 79,150 — — 79,150 Subordinated debt issued by MFH 92,655 — — 61,116 At December 31, 2020 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,644 $ 28,644 $ — $ — Restricted cash 17,617 17,617 — — Liabilities: Notes payable and other debt - bond related 23,154 — — 23,267 Notes payable and other debt - non-bond related 17,739 — — 17,552 Revolving credit facility obligations 103,700 — — 103,700 Subordinated debt issued by MFH 93,212 — — 53,204

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	3 Months Ended
GUARANTEES AND COLLATERAL (Tables)	Mar. 31, 2021
GUARANTEES AND COLLATERAL [Abstract]
Schedule of Financial Instruments Owned and Pledged as Collateral	At March 31, 2021 Investments Total Restricted in Debt Investments in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt related to the revolving credit facility $ 1,010 $ — $ 342,921 $ — $ 343,931 Debt related to the Infrastructure Bond investment 9,915 24,673 — — 34,588 Debt related to the Company's REO 250 — — 15,530 15,780 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,375 — 1,493 2,376 5,244 Interest rate swaps 2,664 — — — 2,664 Other 8 — — — 8 Total $ 15,222 $ 24,673 $ 344,414 $ 17,906 $ 402,215 At December 31, 2020 Investments Total Restricted in Debt Investments in Other Assets (in thousands) Cash Securities Partnerships Assets Pledged Debt related to the revolving credit facility $ 1,502 $ — $ 363,157 $ — $ 364,659 Debt related to the Infrastructure Bond investment 10,020 24,741 — — 34,761 Debt related to the Company's REO 250 — — 15,510 15,760 Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF 1,374 — 1,833 2,463 5,670 Interest rate swaps 4,463 — — — 4,463 Other 8 — — — 8 Total $ 17,617 $ 24,741 $ 364,990 $ 17,973 $ 425,321

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
EQUITY (Tables)	Mar. 31, 2021
EQUITY [Abstract]
Summary of Net (Loss) Income to Common Shareholders	For the three months ended March 31, (in thousands) 2021 2020 Net (loss) income $ (8,083) $ (3,058) Basic and diluted weighted-average shares (1) 5,820 5,804 (1) Includes common shares issued and outstanding, as well as deferred shares of non-employee directors that have vested but are not issued and outstanding.
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI for the three months ended March 31, 2021: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2021 $ 7,621 $ 36 $ 7,657 Net unrealized (losses) gains (1) (2,330) 50 (2,280) Income tax benefit 640 — 640 Net change in AOCI (1,690) 50 (1,640) Balance, March 31, 2021 $ 5,931 $ 86 $ 6,017 (1) During the three months ended March 2021, net unrealized losses include $2.4 million of net fair value gains that were realized in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period. The following table provides information related to the net change in AOCI for the three months ended March 31, 2020: Investments Foreign in Debt Currency (in thousands) Securities Translation AOCI Balance, January 1, 2020 $ 7,666 $ (33) $ 7,633 Net unrealized (losses) gains (1,763) 826 (937) Income tax benefit 484 — 484 Net change in AOCI (1,279) 826 (453) Balance, March 31, 2020 $ 6,387 $ 793 $ 7,180

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2021
STOCK-BASED COMPENSATION [Abstract]
Summary of Stock-Based Compensation Expense	The following table provides information related to total compensation expense that was recorded for these Plans: For the three months ended March 31, (in thousands) 2021 2020 Non-employee Directors’ Stock-Based Compensation Plans $ 224 $ 194

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments	1	1

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES (Narrative) (Details)	May 03, 2021USD ($)	Mar. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Schedule of Available-for-sale Securities [Line Items]
Increase (Decrease) in Fair Value Of Bonds		$ (2,300,000)
Nonaccrual bonds		0	$ 0
Investments in debt securities		28,753,000	31,038,000
Unpaid principal balance of bond investments		30,440,000	30,440,000
Multifamily Tax-Exempt Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Investments in debt securities		4,080,000	6,297,000
Unpaid principal balance of bond investments		$ 4,000,000	$ 4,000,000
Multifamily Tax-Exempt Bond [Member] \| Subsequent Event [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of investments in bonds	$ 4,100,000
Bond sales price percentage compared to unpaid principal balance	102.00%
Subordinated Multifamily Tax-Exempt Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of municipal bonds classified as available for sale \| security		1	1
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of municipal bonds classified as available for sale \| security		1	1
Investments in debt securities		$ 24,673,000	$ 24,741,000
Unpaid principal balance of bond investments		$ 26,440,000	$ 26,440,000

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 30,440	$ 30,440
Amortized Cost	20,578	20,532
Gross Unrealized Gains	8,175	10,506
Fair Value	$ 28,753	$ 31,038
FV as a % of UPB	94.00%	102.00%
Multifamily Tax-Exempt Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 4,000	$ 4,000
Gross Unrealized Gains	4,080	6,297
Fair Value	$ 4,080	$ 6,297
FV as a % of UPB	102.00%	157.00%
Infrastructure Bond [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid principal balance of bond investments	$ 26,440	$ 26,440
Amortized Cost	20,578	20,532
Gross Unrealized Gains	4,095	4,209
Fair Value	$ 24,673	$ 24,741
FV as a % of UPB	93.00%	94.00%

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Mar. 10, 2021	Jun. 01, 2018	May 10, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021	Apr. 23, 2021	Feb. 24, 2021	Dec. 31, 2020	Apr. 23, 2020
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 355,815					$ 376,198
Purchase price paid			$ 5,100
Distributions received from investments in partnerships					10,311	$ 6,564
Additional advance amount					230	79,500
Subsequent Event [Member] \| Solar Construction Lending LLC and Solar Development Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership				$ 44,000
Subsequent Event [Member] \| Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Committed loan amounts								$ 105,000
Subsequent Event [Member] \| Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership				$ 2,100
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					11,401					11,208
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 11,400
Equity method investment, ownership percentage					80.00%
Equity method investment, economic interest percentage					78.20%
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 342,921					363,157
Cumulative basis adjustment			$ 4,500		2,000					$ 2,200
Amortization expense of basis difference					$ 200	$ 200
Equity method investment, ownership percentage					50.00%
Unfunded loan commitments to borrowers					$ 82,400
Weighted average economic interest percentage on equity method investees					37.10%
Solar Ventures Investment [Member] \| Solar Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments to borrowers					$ 308,100
Solar Ventures Investment [Member] \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Weighted average economic interest percentage on equity method investees				37.40%
Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 58,200
Equity method investment, economic interest percentage					34.80%					45.20%
Solar Construction Lending LLC [Member] \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership				$ 10,000
Equity method investment, economic interest percentage				32.20%
Solar Construction Lending LLC [Member] \| Subsequent Event [Member] \| Capital Partner
Schedule of Equity Method Investments [Line Items]
Capital contribution amount for partnership				$ 34,000
Solar Permanent Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 89,400
Equity method investment, economic interest percentage					45.00%					45.00%
Solar Permanent Lending LLC [Member] \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Distributions received from investments in partnerships				2,100
Solar Permanent Lending LLC [Member] \| Subsequent Event [Member] \| Capital Partner
Schedule of Equity Method Investments [Line Items]
Distributions received from investments in partnerships				$ 2,600
Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 195,300
Equity method investment, economic interest percentage					34.90%					42.30%
Solar Development Lending, LLC [Member] \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, economic interest percentage				36.50%
Distributions received from investments in partnerships				$ 10,000
Solar Development Lending, LLC [Member] \| Subsequent Event [Member] \| Capital Partner
Schedule of Equity Method Investments [Line Items]
Distributions received from investments in partnerships				$ 38,000
SAWHF
Schedule of Equity Method Investments [Line Items]
Carrying value of equity investments					$ 1,493					$ 1,833
Equity method investment, ownership percentage					11.85%
Ercot Projects [Member] \| Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, economic interest percentage									45.00%
Fair value loss on debt security					$ 31,900
Loan related interest income losses not recognized					16,000
ERCOT Project 1 \| Solar Permanent Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Net settlement cost		$ 25,500
Cash pledged by project		$ 3,000
Fair value loss on debt security					$ 18,200
Increase (decrease) in amended loan amount	$ 7,400
ERCOT Project 1 \| Solar Permanent Lending LLC [Member] \| Sponsor Equity Loan [Member]
Schedule of Equity Method Investments [Line Items]
Loan										$ 177,500
Percentage of UPB on loan portfolio					21.10%
UPB receivable					$ 177,500
Interest percentage of loan receivable					12.00%
Loans held for investment, fair value					$ 160,700
ERCOT Project 1 \| Solar Permanent Lending LLC [Member] \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Increase (decrease) in amended loan amount	$ 22,500
ERCOT Project 2 \| Solar Construction Lending LLC and Solar Development Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
UPB receivable					$ 70,300
ERCOT Project 2 \| Construction Loan [Member[ \| Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Funded loan amounts								37,000
ERCOT Project 2 \| Sponsor Equity Loan [Member] \| Third Party Sponsor Equity [Member]
Schedule of Equity Method Investments [Line Items]
Funded loan amounts											$ 41,700
ERCOT Project 2 \| Subsequent Event [Member] \| Third Party Sponsor Equity [Member]
Schedule of Equity Method Investments [Line Items]
Committed loan amounts								$ 84,700
ERCOT Project 2 \| Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of UPB on loan portfolio					8.40%
ERCOT Project 2 \| Solar Construction Lending LLC [Member]
Schedule of Equity Method Investments [Line Items]
Interest percentage of loan receivable								5.00%
Fair value loss on debt security					$ 200
ERCOT Project 2 \| Solar Permanent Lending LLC [Member] \| Forecast
Schedule of Equity Method Investments [Line Items]
Loan							$ 32,600
Interest percentage of loan receivable							5.00%
ERCOT Project 2 \| Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Fair value loss on debt security					$ 8,300
ERCOT Project 3 \| Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of UPB on loan portfolio					28.60%
UPB receivable					$ 240,300
Fair value loss on debt security					3,700
Additional loan advances					80,100
ERCOT Project 3 \| Solar Development Lending, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Loans held for investment, fair value					$ 245,900

INVESTMENTS IN PARTNERSHIPS (Sc

INVESTMENTS IN PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 355,815	$ 376,198
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	342,921	363,157
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	11,401	11,208
SAWHF
Schedule of Equity Method Investments [Line Items]
Total investments in partnerships	$ 1,493	$ 1,833

INVESTMENTS IN PARTNERSHIPS (_2

INVESTMENTS IN PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total assets	$ 499,536	$ 533,062
Debt	212,929	237,805
Other liabilities	968	2,528
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	922,703	831,077
Other liabilities	3,388	4,059
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	47,269	47,632
Debt	6,614	6,644
Other liabilities	9,794	9,612
SAWHF
Schedule of Equity Method Investments [Line Items]
Total assets	13,016	15,861
Other liabilities	$ 179	$ 150

INVESTMENTS IN PARTNERSHIPS (_3

INVESTMENTS IN PARTNERSHIPS (Schedule of Income (Loss) in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Operating expenses	$ 5,743	$ 7,237
Net income (loss)	(8,083)	(3,058)
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	522	642
Operating expenses	524	715
Net income (loss)	(515)	(755)
Solar Ventures Investment [Member]
Schedule of Equity Method Investments [Line Items]
Gross revenue	13,493	21,821
Operating expenses	1,944	2,021
Net income (loss)	(20,317)	10,825
SAWHF
Schedule of Equity Method Investments [Line Items]
Gross revenue	9	1,112
Operating expenses	117	491
Net income (loss)	$ 340	$ 76

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($) shares in Millions	Dec. 30, 2020	Jan. 03, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	May 22, 2020	Sep. 19, 2019
Derivative assets			$ 373,000		$ 61,000
Derivative assets			373,000		61,000
Debt issue costs			1,710,000		2,004,000
Interest expense, debt			1,989,000	$ 2,269,000
Impairment losses recognized			0	0
Repayment of notes		$ 53,600,000
Unfunded loan origination commitments			0		0
Repayment of loan	$ 1,300,000
SAWHF
Equity investment distribution fair value			2,400,000			$ 2,900,000
Equity investment distribution shares received						7.2
Gain (losses) on equity investments			100,000
Revolving Credit Facility [Member]
Debt issuance costs, gross			3,400,000
Interest expense, debt			1,300,000
Unamortized debt issue costs			$ 1,700,000		$ 2,000,000
Debt instrument, term			3 years
Borrowing capacity			$ 175,000,000
Amortization expense			300,000	200,000
Revolving Credit Facility [Member] \| Facility Amount [Member] \| Subsidiaries [Member]
Borrowing capacity							$ 125,000,000
Revolving Credit Facility [Member] \| Committed Amount [Member]
Borrowing capacity			$ 120,000,000				$ 100,000,000
Land improvements
Property, Plant and Equipment, Useful Life			15 years
Depreciation			$ 0	$ 0

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other assets:
Real estate owned	$ 15,530	$ 15,510
Debt issue costs	1,710	2,004
Equity investments	2,376	2,463
Derivative assets	373	61
Accrued interest receivable	577	139
Other assets	210	305
Other Assets, Total	$ 20,776	$ 20,482

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate held for use, net	$ 15,530	$ 15,510
Land
Real estate held for use, net	2,619	2,619
Land improvements
Real estate held for use, net	$ 12,911	$ 12,891

DEBT (Narrative) (Details)

DEBT (Narrative) (Details)	Jun. 01, 2020USD ($)item	Mar. 31, 2021USD ($)installment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 19, 2019USD ($)
Debt Instrument [Line Items]
Effective interest rate		3.80%		3.80%
Carrying Value		$ 212,929,000		$ 237,805,000
Letters of credit outstanding		0		0
Interest expense, debt		1,989,000	$ 2,269,000
Derivative, notional amount		$ 109,442,000		$ 109,494,000
Final Extension [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	3.00%	3.00%
Debt instrument floor interest rate	$ 5	$ 5
Other Debt [Member]
Debt Instrument [Line Items]
Effective interest rate		4.00%		4.00%
Carrying Value		$ 189,755,000		$ 214,651,000
Construction Loan [Member[
Debt Instrument [Line Items]
Carrying Value		9,500,000		9,400,000
Principal amount of debt		$ 9,600,000
Construction Loan [Member[ \| Initial Term, First and Second Extension [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	4.85%	4.85%
SAWHF
Debt Instrument [Line Items]
Ownership interest (as a percent)		11.85%
Notes Payable and Other Debt [Member] \| SAWHF
Debt Instrument [Line Items]
Weighted average effective interest rates of debt obligations		14.10%
Carrying Value		$ 4,100,000
Ownership interest (as a percent)		11.85%
Principal amount of debt		$ 4,200,000
Bond Related Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Underlying bond notional amount		26,400,000
Carrying Value		$ 23,200,000		$ 23,200,000
Underlying Bond Interest Rate		6.30%
Long-term Debt, Gross		$ 23,300,000
Fixed spread (as a percent)		2.00%
Debt instrument floor interest rate		$ 0.5
Debt instrument average interest rate		2.50%
NonBond Related Notes Payable and Other Debt [Member] \| Construction Loan [Member[
Debt Instrument [Line Items]
Number of extensions related to debt instrument \| item	3
NonBond Related Notes Payable and Other Debt [Member] \| Morrison Grove Management LLC [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)		5.00%
Principal amount of debt		$ 4,300,000
Notes Payable		4,300,000
NonBond Related Notes Payable and Other Debt [Member] \| Morrison Grove Management LLC [Member] \| Debt Obligations Mature In 2026
Debt Instrument [Line Items]
Notes Payable		2,800,000
NonBond Related Notes Payable and Other Debt [Member] \| Morrison Grove Management LLC [Member] \| Debt Obligations Mature In 2027
Debt Instrument [Line Items]
Notes Payable		$ 1,500,000
Number of installments for amortization of debt \| installment		3
Total Return Swap [Member]
Debt Instrument [Line Items]
Percentage of increase in fair value of referenced bond entitled to counterparty		10.00%
Johannesburg Interbank Agreed Rate (JIBAR) [Member] \| Notes Payable and Other Debt [Member] \| SAWHF
Debt Instrument [Line Items]
Fixed spread (as a percent)		5.15%
Base rate (as percentage)		3.60%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Effective interest rate		6.10%
Carrying Value		$ 79,100,000
Fixed spread (as a percent)		2.75%
Principal amount of debt		$ 79,100,000
Borrowing capacity		$ 175,000,000
Debt instrument, maturity date		Sep. 19, 2022
Line of credit facility extension period		12 months
Interest expense, debt		$ 1,300,000
Debt instrument base rate plus fixed spread percentage rate		4.25%
Line of credit facility, maximum borrowing capacity		$ 175,000,000
Revolving Credit Facility [Member] \| Committed Amount [Member]
Debt Instrument [Line Items]
Borrowing capacity		120,000,000			$ 100,000,000
Line of credit facility, maximum borrowing capacity		$ 120,000,000			$ 100,000,000
Minimum [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)					1.50%
Subsidiaries [Member] \| Revolving Credit Facility [Member] \| Facility Amount [Member]
Debt Instrument [Line Items]
Borrowing capacity					$ 125,000,000
Line of credit facility, maximum borrowing capacity					$ 125,000,000

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, Carrying Value	$ 212,929	$ 237,805
Debt Instrument, Interest Rate, Effective Percentage	3.80%	3.80%
Debt issuance costs, net	$ 1,710	$ 2,004
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	212,929
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 23,174	$ 23,154
Debt Instrument, Interest Rate, Effective Percentage	2.50%	2.50%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 189,755	$ 214,651
Debt Instrument, Interest Rate, Effective Percentage	4.00%	4.00%
NonBond Related Notes Payable and Other Debt [Member] \| Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 4,342	$ 4,206
Debt, Due after one year	$ 13,608	$ 13,533
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	13.60%	13.70%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	5.20%	5.20%
Notes Payable and Other Debt [Member] \| Other Debt [Member]
Debt Instrument [Line Items]
Unamortized debt issue costs	$ 200	$ 200
Bond Related Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	23,200	23,200
Bond Related Notes Payable and Other Debt [Member] \| Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	242	242
Debt, Due after one year	$ 22,932	$ 22,912
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	2.50%	2.50%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.50%	2.50%
Unamortized debt issue costs	$ 100	$ 100
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	92,655
Net Premium and Debt Issuance Costs	6,800	6,900
Subordinated Loan [Member] \| Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	2,207	2,217
Debt, Due after one year	$ 90,448	$ 90,995
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	1.50%	1.50%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	1.50%	1.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 79,100
Debt Instrument, Interest Rate, Effective Percentage	6.10%
Unamortized debt issue costs	$ 1,700	$ 2,000
Revolving Credit Facility [Member] \| Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due after one year	$ 79,150	$ 103,700
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	6.10%	5.60%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 212,929	$ 237,805
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2021	1,752
2022	108,206
2023	11,450
2024	1,813
2025	3,131
Thereafter	80,066
Net premium and debt issue costs	6,511
Total	$ 212,929

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Value	$ 212,929	$ 237,805
Subordinated principal (as percent)	2.00%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 85,866
Net premium and debt issue costs	6,789
Carrying Value	92,655
Subordinated Loan [Member] \| MFH Issue 1 [Member]
Debt Instrument [Line Items]
Principal amount of debt	25,356
Net premium and debt issue costs	2,074
Carrying Value	$ 27,430
Maturity Date	March 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 1 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%
Subordinated Loan [Member] \| MFH Issue 2 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 23,056
Net premium and debt issue costs	1,883
Carrying Value	$ 24,939
Maturity Date	April 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 2 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%
Subordinated Loan [Member] \| MFH Issue 3 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 13,290
Net premium and debt issue costs	1,005
Carrying Value	$ 14,295
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 3 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%
Subordinated Loan [Member] \| MFH Issue 4 [Member]
Debt Instrument [Line Items]
Principal amount of debt	$ 24,164
Net premium and debt issue costs	1,827
Carrying Value	$ 25,991
Maturity Date	July 30, 2035
Coupon Interest Rate	three-month LIBOR plus 2.0%
Subordinated Loan [Member] \| MFH Issue 4 [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed spread (as a percent)	2.00%

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company's Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 373	$ 61
Derivative Liability	963	2,389
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	5	542
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	373	61
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	833	1,665
Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	82	86
Gain Share Arrangement [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 43	$ 96

DERIVATIVE INSTRUMENTS (Sched_2

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 109,442	$ 109,494
Basis Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	35,000	35,000
Foreign Exchange Forward [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of derivative instruments	$ 4,442	$ 4,494

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	$ 1,615	$ (1,711)
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	519	(1,079)
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	312	(136)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	729	(1,578)
Payments For Proceeds From Derivative Instrument Operating Activities	100
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	2	$ 1,082
Gain Share Arrangement [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) of derivative instruments	$ 53

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) - Subordinated Debt Obligations [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 61,100,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	50,100,000
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt obligation	$ 75,900,000
Measurement Input, Discount Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated debt measurement input	7.9	8.4
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate	5.4
Measurement Input, Discount Rate [Member] \| Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hypothetical fair value input discount rate	10.4

FAIR VALUE (Fair Value of Asset

FAIR VALUE (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Fair value of bond investments	$ 28,753	$ 31,038
Derivative assets	373	61
Liabilities:
Derivative liabilities	963	2,389
Fair Value, Measurements, Recurring [Member]
Assets:
Fair value of bond investments	28,753	31,038
Equity investments	2,376	2,463
Derivative assets	373	61
Liabilities:
Derivative liabilities	963	2,389
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Assets:
Equity investments	2,376	2,463
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Assets:
Derivative assets	373	61
Liabilities:
Derivative liabilities	963	2,389
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Assets:
Fair value of bond investments	$ 28,753	$ 31,038

FAIR VALUE (Activity for Assets

FAIR VALUE (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period	[1]	$ (2,330)	$ (1,763)
Net losses on derivatives		(1,615)	1,711
Multifamily Tax-Exempt Bond [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Reclassification of net fair value gains on defeasance bond investment		2,400
Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period			(9)
Bonds Available For Sale [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) arising during the period		2,300
Level 3 [Member] \| Investments in Debt Securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at start of period		31,038	31,365
Net change in AOCI		(2,330)	(1,763)
Impacts from settlements		45	43
Balance at end of period		$ 28,753	29,645
Level 3 [Member] \| Loans Held for Investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at start of period			500
Net (losses) gain included in earnings			(9)
Impact from loan originations /advances			780
Balance at end of period			$ 1,271

[1]	During the three months ended March 2021, net unrealized losses include $2.4 million of net fair value gains that were realized in connection with the defeasance of the Company’s tax-exempt multifamily bond investment during such reporting period.

FAIR VALUE (Fair Value Measurem

FAIR VALUE (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investments in debt securities	$ 28,753,000	$ 31,038,000
Measurement Input, Cap Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.4
Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, asset	4,080,000
Available for sale bid price	4,080,000
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, asset		$ 6,297,000
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input		6.9
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, asset	$ 24,673,000	$ 24,741,000
Available-for-sale, Infrastructure Bonds [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-sale, Measurement Input	7.1	7.1

FAIR VALUE (Carrying Amounts an

FAIR VALUE (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Level 1 [Member]
Assets:
Cash and cash equivalents	$ 16,164	$ 28,644
Restricted cash	15,222	17,617
Bond Related Notes Payable and Other Debt [Member] \| Level 3 [Member]
Liabilities:
Notes payable and other debt	23,267	23,267
NonBond Related Notes Payable and Other Debt [Member] \| Level 3 [Member]
Liabilities:
Notes payable and other debt	17,813	17,552
Subordinated Loan [Member] \| Level 3 [Member] \| MFH [Member]
Liabilities:
Subordinated debt	61,116	53,204
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	16,164	28,644
Restricted cash	15,222	17,617
Reported Value Measurement [Member] \| Bond Related Notes Payable and Other Debt [Member]
Liabilities:
Notes payable and other debt	23,174	23,154
Reported Value Measurement [Member] \| NonBond Related Notes Payable and Other Debt [Member]
Liabilities:
Notes payable and other debt	17,950	17,739
Reported Value Measurement [Member] \| Subordinated Loan [Member] \| MFH [Member]
Liabilities:
Subordinated debt	92,655	93,212
Revolving Credit Facility [Member] \| Level 3 [Member]
Liabilities:
Revolving credit facility obligations	79,150	103,700
Revolving Credit Facility [Member] \| Reported Value Measurement [Member]
Liabilities:
Revolving credit facility obligations	$ 79,150	$ 103,700

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 15,222	$ 17,617
Bonds Available-for-Sale	24,673	24,741
Investments in partnerships	344,414	364,990
Other Assets	17,906	17,973
Total Assets Pledged	402,215	425,321
Interest rate swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	2,664	4,463
Total Assets Pledged	2,664	4,463
Debt and derivatives TRSs [Member] \| SAWHF [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	1,375	1,374
Investments in partnerships	1,493	1,833
Other Assets	2,376	2,463
Total Assets Pledged	$ 5,244	5,670
Ownership interest (as a percent)	11.85%
Debt Related to Real Estate Owned [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 250	250
Other Assets	15,530	15,510
Total Assets Pledged	15,780	15,760
Infrastructure Bond [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	9,915	10,020
Bonds Available-for-Sale	24,673	24,741
Total Assets Pledged	34,588	34,761
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	1,010	1,502
Investments in partnerships	342,921	363,157
Total Assets Pledged	$ 343,931	$ 364,659

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Feb. 11, 2021	Mar. 31, 2021
Future rental commitments		$ 0
Loss contingency, damages sought, value	$ 1,800
Construction Loan [Member[
Principal amount of debt		$ 9,600

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details)	3 Months Ended
EQUITY (Narrative) (Details)	Mar. 31, 2021shareholderdirector$ / sharesshares	Dec. 31, 2020$ / sharesshares	Jan. 01, 2019$ / sharesshares	Jan. 03, 2018	May 05, 2015shares
Class of Stock [Line Items]
Preferred shares, shares authorized	5,000,000	5,000,000	5,000,000
Preferred shares, no par value \| $ / shares	$ 0	$ 0	$ 0
Maximum percentage of Company stock ownership allowed	9.90%			4.90%
Number of rights issued per common stock					1
Tax benefit agreement term	5 years
Number of shareholders held more than 4.9% \| shareholder	2
Number of executives held more than 4.9% \| director	1
Common stock, shares, issued	5,743,570	5,708,920
Common stock, shares authorized	50,000,000	50,000,000
Common stock ownership percentage benchmark	4.90%
Executive Officer [Member]
Class of Stock [Line Items]
Maximum percentage of Company stock ownership allowed	4.90%

EQUITY (Summary of Net (Loss) I

EQUITY (Summary of Net (Loss) Income to Common Shareholders) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
EQUITY [Abstract]
Net (loss) income	$ (8,083)	$ (3,058)
Basic and diluted weighted-average shares	5,820	5,804

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 289,884	$ 281,125
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net change AOCI	(1,640)	(453)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit	640	484
Balance	280,256	277,669
AOCI
Balance	7,657	7,633
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	(2,280)	(937)
Net change AOCI	(1,640)	(453)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit	640	484
Balance	6,017	7,180
Investments in Debt Securities [Member]
Balance	7,621	7,666
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	(2,330)	(1,763)
Net change AOCI	(1,690)	(1,279)
Other Comprehensive Income (Loss), Tax [Abstract]
Income tax benefit	640	484
Balance	5,931	6,387
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	36	(33)
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Net unrealized gains (losses), before tax	50	826
Net change AOCI	50	826
Other Comprehensive Income (Loss), Tax [Abstract]
Balance	86	$ 793
Multifamily Tax-Exempt Bond [Member]
Other Comprehensive Income (Loss), before Tax Period Change [Abstract]
Reclassification of net fair value gains on defeasance bond investment	$ 2,400

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details)	3 Months Ended
STOCK-BASED COMPENSATION (Narrative) (Details)	Mar. 31, 2021USD ($)shares
Employees' Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	571,066
Employees' Stock-Based Compensation Plans [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	497,510
Employees' Stock-Based Compensation Plans [Member] \| Employee Stock Options or Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	73,556
Non-employee Directors' Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	1,130,000
Annual compensation \| $	$ 120,000
Number of shares currently available for issuance	363,883
Compensation paid in cash (as percentage)	50.00%
Compensation paid in shares (as percentage)	50.00%
Non-employee Directors' Stock-Based Compensation Plans [Member] \| Audit Committee Chair [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation \| $	$ 15,000
Non-employee Directors' Stock-Based Compensation Plans [Member] \| Board Of Directors Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation \| $	20,000
Non-employee Directors' Stock-Based Compensation Plans [Member] \| Other Committee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation \| $	$ 10,000

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Non-employee Directors' Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 224	$ 194

STOCK-BASED COMPENSATION (Sum_2

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - Non-employee Directors' Stock-Based Compensation Plans [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-employee director compensation, cash	$ 129,375	$ 96,875
Weighted - average Grant Date Share Price	$ 23.36	$ 26.73
Directors' Fees Expense	$ 223,750	$ 193,750
Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	1,284	1,777
Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	2,756	1,847

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details) - USD ($)	Jan. 03, 2020	Dec. 20, 2019	Oct. 04, 2018	Jan. 08, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Base management fee percentage on first $500 million share capital				0.50%	0.50%
Base management fee percentage in excess of $500 million share capital				0.25%	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	$ 3,500,000
Renewal period of the agreement				2 years
Agreement Violation Termination Fee Includes An Amount Times Sum of Average Annual Base and Incentive Management Fee				3
Agreement Violation Termination Fee Includes An Amount Times Sum of Average Energy Capital Business Expense Reimbursement and Employee Cost Reimbursement Expense				1
Termination fee period				2 years
Consideration on disposal					57,000,000
Notes receivable					$ 57,000,000
Interest rate for note					5.00%
Termination fee payable upon termination of Management Agreement					$ 0
External management fees and reimbursable expenses					$ 2,301,000	$ 2,760,000
Term of note receivable					7 years
Equity Method Investments					$ 355,815,000		$ 376,198,000
Reimbursement of compensation related expenses shareholders equity benchmark amount					500,000,000
Investments in partnerships (includes $344,414 and $364,990 pledged as collateral at March 31, 2021, and December 31, 2020, respectively)					355,815,000		376,198,000
Hunt Companies [Member]
Loans and leases receivable from related party			$ 67,000,000
Proceeds from loans receivable	$ 53,600,000	$ 13,400,000
Hunt Companies [Member] \| External Management Fees and Expenses Reimbursement
Incentive fee				20.00%
External management fee, contract in excess for incentive fee.				7.00%
Related party incentive fee expense					0	0
External management fees and reimbursable expenses					2,300,000	$ 2,800,000
Hunt Companies [Member] \| External Management Fees and Expenses Reimbursement \| External Manager [Member]
Management fees and expense reimbursements payable					$ 3,500,000		$ 1,200,000

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - segment	3 Months Ended	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details) - segment	Mar. 31, 2021	Dec. 31, 2020
SEGMENT INFORMATION [Abstract]
Number of reportable segments	1	1