Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 08, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MMA CAPITAL MANAGEMENT, LLC | ||
Entity Central Index Key | 1,003,201 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | mmac | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Common Stock, Shares Outstanding | 5,921,006 | ||
Entity Public Float | $ 104,977,132 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 45,525 | $ 21,843 |
Restricted cash (includes $23,584 and $22,992 related to consolidated funds and ventures ("CFVs")) | 57,504 | 40,033 |
Bonds available-for-sale (includes $135,614 and $174,961 pledged as collateral) | 155,981 | 218,439 |
Investments in partnerships (includes $137,773 and $177,786 related to CFVs) | 244,191 | 260,441 |
Other assets (includes zero and $6,417 pledged as collateral and $44,236 and $18,834 related to CFVs) | 70,998 | 58,315 |
Total assets | 574,199 | 599,071 |
LIABILITIES AND EQUITY | ||
Debt (includes $13,029 and $9,883 related to CFVs) | 243,071 | 242,095 |
Accounts payable and accrued expenses | 7,821 | 5,001 |
Unfunded equity commitments to lower tier property partnerships related to CFVs | 8,103 | 8,203 |
Other liabilities (includes $32,299 and $28,233 related to CFVs) | 54,881 | 47,551 |
Total liabilities | 313,876 | 302,850 |
Commitments and contingencies | ||
Equity | ||
Noncontrolling interests in CFVs and IHS Property Management ("IHS PM") | 134,999 | 180,051 |
Common shareholders’ equity: | ||
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively) | 87,506 | 54,961 |
Accumulated other comprehensive income ("AOCI") | 37,818 | 61,209 |
Total common shareholders’ equity | 125,324 | 116,170 |
Total equity | 260,323 | 296,221 |
Total liabilities and equity | $ 574,199 | $ 599,071 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted cash (includes $23,584 and $22,992 related to consolidated funds and ventures ("CFVs")) | $ 57,504 | $ 40,033 |
Bonds available-for-sale, pledged as collateral | 135,614 | 174,961 |
Investments in partnerships (includes $137,773 and $177,786 related to CFVs) | 244,191 | 260,441 |
Other assets, pledged as collateral | 0 | 6,417 |
Other assets | 70,998 | 58,315 |
Debt | 243,071 | 242,095 |
Other Liabilities | $ 54,881 | $ 47,551 |
Common stock, no par value | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 5,925,743 | 6,516,275 |
Common shares, shares outstanding (in shares) | 5,925,743 | 6,516,275 |
Common shares, non-employee directors' and employee deferred shares (in shares) | 81,863 | 72,476 |
Consolidated Funds and Ventures [Member] | ||
Restricted cash (includes $23,584 and $22,992 related to consolidated funds and ventures ("CFVs")) | $ 23,584 | $ 22,992 |
Investments in partnerships (includes $137,773 and $177,786 related to CFVs) | 137,773 | 177,786 |
Other assets | 44,551 | 18,834 |
Debt | 13,029 | 9,883 |
Other Liabilities | $ 32,582 | $ 28,233 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income | |||||||||||
Interest on bonds | $ 2,305 | $ 3,230 | $ 2,705 | $ 3,254 | $ 3,006 | $ 3,298 | $ 3,281 | $ 4,026 | $ 11,494 | $ 13,611 | $ 17,974 |
Interest on loans and short-term investments | 977 | 1,195 | 886 | 437 | 443 | 396 | 803 | 741 | 3,495 | 2,383 | 1,114 |
Total interest income | 3,282 | 4,425 | 3,591 | 3,691 | 3,449 | 3,694 | 4,084 | 4,767 | 14,989 | 15,994 | 19,088 |
Interest expense | |||||||||||
Bond related debt | 443 | 404 | 335 | 295 | 313 | 318 | 379 | 326 | 1,477 | 1,336 | 2,392 |
Non-bond related debt | 35 | 181 | 217 | 254 | 417 | 305 | 132 | 148 | 687 | 1,002 | 728 |
Total interest expense | 478 | 585 | 552 | 549 | 730 | 623 | 511 | 474 | 2,164 | 2,338 | 3,120 |
Net interest income | 2,804 | 3,840 | 3,039 | 3,142 | 2,719 | 3,071 | 3,573 | 4,293 | 12,825 | 13,656 | 15,968 |
Non-interest revenue | |||||||||||
Income on preferred stock investment | 419 | 1,326 | 1,311 | 1,297 | 4,353 | 5,260 | |||||
Asset management fees and reimbursements | 2,324 | 2,383 | 2,261 | 1,892 | 1,887 | 1,924 | 1,575 | 1,421 | 8,860 | 6,807 | 3,580 |
Other income | 258 | 1,109 | 954 | 647 | 328 | 656 | 810 | 723 | 2,968 | 2,517 | 1,816 |
Revenue from CFVs | 1,258 | 1,163 | 726 | 819 | 579 | 209 | 133 | 67 | 3,966 | 988 | 16,494 |
Total non-interest revenue | 3,840 | 4,655 | 3,941 | 3,358 | 3,213 | 4,115 | 3,829 | 3,508 | 15,794 | 14,665 | 27,150 |
Total revenues, net of interest expense | 6,644 | 8,495 | 6,980 | 6,500 | 5,932 | 7,186 | 7,402 | 7,801 | 28,619 | 28,321 | 43,118 |
Operating and other expenses | |||||||||||
Interest expense | 1,198 | 1,121 | 1,075 | 1,042 | 1,089 | 1,300 | 1,708 | 3,196 | 4,436 | 7,293 | 13,776 |
Salaries and benefits | 4,826 | 4,288 | 3,919 | 4,080 | 4,318 | 4,232 | 3,911 | 3,272 | 17,113 | 15,733 | 12,708 |
General and administrative | 805 | 633 | 655 | 700 | 868 | 719 | 773 | 863 | 2,793 | 3,223 | 3,447 |
Professional fees | 1,443 | 1,452 | 1,005 | 1,435 | 1,224 | 718 | 881 | 1,144 | 5,335 | 3,967 | 5,372 |
Other expenses | 467 | (3) | 735 | 48 | 3,361 | 2,267 | 1,722 | 107 | 1,247 | 7,457 | 3,482 |
Expenses from CFVs | 8,790 | 10,065 | 9,014 | 8,368 | 8,577 | 10,890 | 9,014 | 9,316 | 36,237 | 37,797 | 90,435 |
Total operating and other expenses | 17,529 | 17,556 | 16,403 | 15,673 | 19,437 | 20,126 | 18,009 | 17,898 | 67,161 | 75,470 | 129,220 |
Net gains on bonds | 9,963 | (69) | 28 | 2,295 | 1,512 | 626 | 3,792 | 583 | 12,217 | 6,513 | 12,293 |
Net gains on sale of real estate estate and other investments | 127 | 1,585 | 116 | 6,577 | 4,296 | 5,622 | 1,828 | 16,495 | 882 | ||
Net gains on derivatives, loans, other assets and extinguishment of liabilities | (642) | 894 | 1,424 | 682 | 4,885 | 1,523 | 928 | 985 | 2,358 | 8,321 | 6,192 |
Net gains transferred into net income from AOCI due to real estate foreclosure | 10,213 | 4,205 | 11,442 | 25,860 | 2,003 | ||||||
Net losses related to CFVs | 147 | (598) | 853 | (451) | 853 | 15,227 | |||||
Equity in gains (losses) from equity method investments | (8,382) | (21,354) | (25,992) | ||||||||
Net losses due to deconsolidation of CFVs | (23,867) | ||||||||||
Net gain (loss) from continuing operations before income taxes | 8,092 | (10,166) | (7,175) | 4,137 | (5,140) | (10,133) | (6,899) | (14,149) | (5,112) | (36,321) | (99,364) |
Income tax expense | (530) | (43) | (34) | (72) | 15 | (146) | (61) | (71) | (679) | (263) | (242) |
Net income from discontinued operations, net of tax | 81 | 1,285 | 83 | 83 | 83 | 83 | 83 | 78 | 1,532 | 327 | 18,038 |
Net loss | 7,643 | (8,924) | (7,126) | 4,148 | (5,042) | (10,196) | (6,877) | (14,142) | (4,259) | (36,257) | (81,568) |
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | 12,731 | 13,780 | 14,168 | 14,304 | (46,611) | (54,983) | (100,366) | ||||
Net income allocable to common shareholders | $ 16,442 | $ 4,175 | $ 5,130 | $ 16,605 | $ 7,689 | $ 3,584 | $ 7,291 | $ 162 | $ 42,352 | $ 18,726 | $ 18,798 |
Basic income (loss) per common share: | |||||||||||
Income from continuing operations (in dollars per share) | $ 2.71 | $ 0.47 | $ 0.80 | $ 2.54 | $ 1.15 | $ 0.52 | $ 1.04 | $ 0.01 | $ 6.53 | $ 2.68 | $ 0.08 |
Income from discontinued operations (in dollars per share) | 0.01 | 0.21 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.24 | 0.04 | 2.38 |
Income per common share (in dollars per share) | 2.72 | 0.68 | 0.81 | 2.55 | 1.16 | 0.53 | 1.05 | 0.02 | 6.77 | 2.72 | 2.46 |
Diluted income (loss) per common share: | |||||||||||
Income from continuing operations (in dollars per share) | 2.61 | 0.44 | 0.80 | 2.51 | 1.15 | 0.50 | 1.04 | 0.01 | 6.44 | 2.68 | 0.08 |
Income from discontinued operations (in dollars per share) | 0.01 | 0.20 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.23 | 0.04 | 2.38 |
Income per common share (in dollars per share) | $ 2.62 | $ 0.64 | $ 0.81 | $ 2.52 | $ 1.16 | $ 0.51 | $ 1.05 | $ 0.02 | $ 6.67 | $ 2.72 | $ 2.46 |
Weighted-average common shares outstanding: | |||||||||||
Basic (in shares) | 6,034 | 6,174 | 6,289 | 6,523 | 6,617 | 6,746 | 6,955 | 7,213 | 6,254 | 6,881 | 7,647 |
Diluted (in shares) | 6,408 | 6,549 | 6,289 | 6,882 | 6,617 | 7,091 | 6,955 | 7,213 | 6,628 | 6,881 | 7,647 |
Continuing Operations [Member] | |||||||||||
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | $ 8,799 | $ 13,099 | $ 12,256 | $ 12,457 | $ 46,611 | $ 54,983 | $ 100,216 | ||||
Discontinued Operations [Member] | |||||||||||
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | 150 | ||||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Non-interest revenue | |||||||||||
Revenue from CFVs | 3,966 | 988 | 16,494 | ||||||||
Operating and other expenses | |||||||||||
Equity in gains (losses) from equity method investments | (1,638) | (4,993) | (4,937) | (5,686) | $ (5,953) | $ (3,919) | $ (6,654) | $ (5,693) | (17,254) | (22,219) | (32,730) |
Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses | |||||||||||
Equity in gains (losses) from equity method investments | $ 807 | $ 1,478 | $ 2,126 | $ 4,461 | $ 491 | $ 281 | $ 20 | $ 73 | $ 8,872 | $ 865 | $ 6,738 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net income allocable to common shareholders | $ 42,352 | $ 18,726 | $ 18,798 |
Net loss allocable to noncontrolling interests | (46,611) | (54,983) | (100,366) |
Net income (loss) | (4,259) | (36,257) | (81,568) |
Bond related changes: | |||
Unrealized net gains | 14,553 | 18,374 | 18,103 |
Reversal of net unrealized gains on sold or redeemed bonds | (12,017) | (4,992) | (11,303) |
Reclassification of unrealized losses to operations due to impairment | 179 | 113 | |
Reinstatement of unrealized bond gains due to deconsolidation of Consolidated Lower Tier Property Partnerships | 13,975 | ||
Reversal of unrealized gains from AOCI to Net Income due to consolidation and foreclosure | (25,860) | (2,003) | |
Net change in other comprehensive income due to bonds | (23,324) | 13,561 | 18,885 |
Foreign currency translation adjustment | (67) | (2,481) | (423) |
Other comprehensive (loss) income allocable to common shareholders | (23,391) | 11,080 | 18,462 |
Other comprehensive loss allocable to noncontrolling interests: | |||
Foreign currency translation adjustment | 24 | (13,212) | |
Comprehensive income to common shareholders | 18,961 | 29,806 | 37,260 |
Comprehensive loss to noncontrolling interests | (46,611) | (54,959) | (113,578) |
Comprehensive loss | $ (27,650) | $ (25,153) | $ (76,318) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | AOCI [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2013 | $ 33,679 | $ 31,667 | $ 65,346 | $ 473,513 | $ 538,859 |
Balance (in shares) at Dec. 31, 2013 | 8,112 | ||||
Net income (loss) | $ 18,798 | 18,798 | (100,366) | (81,568) | |
Other comprehensive income (loss) | 18,462 | 18,462 | (13,212) | 5,250 | |
Distributions | (1,928) | (1,928) | |||
Purchases of shares in a subsidiary (including price adjustments on prior purchases) | (375) | (375) | (375) | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans | $ 197 | 197 | 197 | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares) | 36 | ||||
Fair value adjustments associated with stock compensation awards | $ 33 | 33 | 33 | ||
Net change due to consolidation | (2,849) | (2,849) | 2,849 | ||
Net change due to deconsolidation | (131,142) | (131,142) | |||
Common share repurchases | $ (8,128) | (8,128) | (8,128) | ||
Common share repurchases (in shares) | (920) | ||||
Balance at Dec. 31, 2014 | $ 41,355 | 50,129 | 91,484 | 229,714 | 321,198 |
Balance (in shares) at Dec. 31, 2014 | 7,228 | ||||
Net income (loss) | $ 18,726 | 18,726 | (54,983) | (36,257) | |
Other comprehensive income (loss) | 11,080 | 11,080 | 24 | 11,104 | |
Contributions | 575 | 575 | |||
Distributions | (106) | (106) | |||
Foreign exchange gains | 2,661 | 2,661 | 2,661 | ||
Purchases of shares in a subsidiary (including price adjustments on prior purchases) | (547) | (547) | (547) | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans | $ 509 | 509 | 509 | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares) | 43 | ||||
Net change due to consolidation | 4,827 | 4,827 | |||
Common share repurchases | $ (7,743) | (7,743) | (7,743) | ||
Common share repurchases (in shares) | (683) | ||||
Balance at Dec. 31, 2015 | $ 54,961 | 61,209 | 116,170 | 180,051 | 296,221 |
Balance (in shares) at Dec. 31, 2015 | 6,588 | ||||
Net income (loss) | $ 42,352 | 42,352 | (46,611) | (4,259) | |
Other comprehensive income (loss) | (23,391) | (23,391) | (23,391) | ||
Distributions | (1,476) | (1,476) | |||
Purchases of shares in a subsidiary (including price adjustments on prior purchases) | (60) | (60) | (60) | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans | $ 308 | 308 | 308 | ||
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares) | 19 | ||||
Net change due to consolidation | 3,035 | 3,035 | |||
Common share repurchases | $ (10,055) | (10,055) | (10,055) | ||
Common share repurchases (in shares) | (600) | ||||
Balance at Dec. 31, 2016 | $ 87,506 | $ 37,818 | $ 125,324 | $ 134,999 | $ 260,323 |
Balance (in shares) at Dec. 31, 2016 | 6,007 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (4,259) | $ (36,257) | $ (81,568) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Provisions for credit losses and impairment | 25,192 | 33,235 | 28,231 |
Net equity in losses from equity investments in partnerships | 8,382 | 21,354 | 25,992 |
Net gains on bonds | (12,217) | (6,513) | (12,293) |
Net losses related to CFVs | 451 | (853) | (14,439) |
Net gains on real estate and other investments | (3,047) | (16,653) | (18,566) |
Net losses (gains) on derivatives, loans, other assets and extinguishment of liabilities | 1,443 | (4,611) | (3,856) |
Net losses due to consolidation | 23,867 | ||
Net gains transferred into net income from AOCI due to real estate consolidation and foreclosure | (25,860) | (2,003) | |
Interest rate swap termination payments | (851) | ||
Advances on and originations of loans held for sale | (6,752) | ||
Distributions received from investments in partnerships | 9,101 | 660 | |
Expenses from CFVs due to liability reinstatement | 37,530 | ||
Subordinate debt effective yield amortization and interest accruals | 105 | 1,431 | 7,157 |
Depreciation and other amortization | 1,493 | 1,660 | 6,677 |
Foreign currency loss | (786) | 1,440 | 5,042 |
Stock-based compensation expense | 2,066 | 2,300 | 1,844 |
Change in asset management fees payable related to CFVs | 3,544 | (4,020) | 664 |
Other | 6,578 | 1,424 | (5,474) |
Net cash provided by (used in) operating activities | 11,335 | (12,155) | (1,195) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Principal payments and sales proceeds received on bonds and loans held for investment | 44,805 | 33,289 | 19,642 |
Advances on and originations of loans held for investment | (43,002) | (6,321) | (22,550) |
Advances on and purchases of bonds | (7,217) | (15,123) | (18,380) |
Investments in property partnerships and real estate | (6,108) | (61,745) | (38,492) |
Proceeds from the sale of real estate and other investments | 29,665 | 37,533 | 64,863 |
Proceeds from the redemption of preferred stock | 11,613 | ||
Proceeds from sale of a subsidiary company | 4,188 | ||
Decrease in restricted cash and cash of CFVs | (17,551) | 11,538 | 23,390 |
Capital distributions received from investments in property partnerships | 10,832 | 7,218 | 14,636 |
Net cash (used in) provided by investing activities | 15,612 | 18,002 | 43,109 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowing activity | 23,793 | 32,743 | 10,100 |
Repayment of borrowings | (15,527) | (38,790) | (79,083) |
Purchase of treasury stock | (10,055) | (7,743) | (8,128) |
Distributions paid to holders of noncontrolling interests | (1,476) | ||
Other | 167 | (1,978) | |
Net cash used in financing activities | (3,265) | (13,623) | (79,089) |
Net (decrease) increase in cash and cash equivalents | 23,682 | (7,776) | (37,175) |
Cash and cash equivalents at beginning of period | 21,843 | 29,619 | 66,794 |
Cash and cash equivalents at end of period | 45,525 | 21,843 | 29,619 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest paid | 6,467 | 8,883 | 12,040 |
Income taxes paid | 174 | 227 | 301 |
Non-cash investing and financing activities: | |||
Unrealized (losses) gains included in other comprehensive income | (23,391) | 11,104 | 5,250 |
Debt and liabilities extinguished through sales and collections on bonds and loans | 3,697 | 17,280 | 22,673 |
Debt extinguished through redemptions of preferred stock | 25,000 | ||
Decrease in loans receivable and other assets and increase in real estate investments purchase consideration due to TC Fund I Origination Loan | 4,990 | ||
Increase (decrease) in debt through net loan fundings (paydowns) | (6,417) | 741 | |
Increase in real estate assets and decrease in bond assets due to foreclosure or initial consolidation of funds and ventures | 42,079 | 11,058 | |
Increase in investment in partnerships and decrease in loans held for investment and interest receivable | 27,939 | ||
Increase in net real estate assets and noncontrolling equity due to consolidation | 4,454 | ||
Decrease in loans held for investment and increases in other assets due to investment in derivative assets | 2,600 | ||
Decrease in common equity and increase in noncontrolling equity due to purchase of noncontrolling interest | 397 | 2,849 | |
Decrease in common equity and increase in liabilities due to purchase of noncontrolling interest | (375) | ||
Consolidated Funds and Ventures [Member] | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net equity in losses from equity investments in partnerships | $ 17,254 | $ 22,219 | $ 32,730 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 1 — S ummary of Significant Accounting Policies Organization MMA Capital Management, LLC, the registrant, was organized in 1996 as a Delaware limited liability company. Unless the context otherwise requires, and when used in these Notes, the “ Company, ” “ MMA, ” “ we, ” “ our ” or “ us ” refers to MMA Capital Management, LLC and its subsidiaries. The Company partners with institutional capital to create and manage investments in affordable housing and renewable energy. We invest for our own account and co-invest with our institutional capital partners. We derive revenue from returns on our investments as well as asset management, performance and other fees from the investments, funds and ventures we manage. The Company operates through three reportable segments. United States (“ U.S. ”) Operations consists of three business lines: Leveraged Bonds, Low Income Housing Tax Credit (“ LIHTC ”) and Energy Capital. In our Leveraged Bonds business line, we primarily own and manage bonds for our own account that finance affordable housing and infrastructure in the U.S. In our LIHTC business line, we primarily own and manage limited partner (“ LP ”) and general partner (“ GP ”) investments in affordable housing communities in the U.S. In our Energy Capital business line, our wholly owned subsidiary MMA Energy Capital (“ MEC ”), primarily provides debt capital to develop, build and operate renewable energy systems. We originate debt capital directly and through multiple ventures with a leading global private investment firm and an alternative asset manager (hereinafter, the “ Solar Ventures ”). The Solar Ventures include Renewable Energy Lending (“ REL ”), Solar Construction Lending, LLC (“ SCL ”) and Solar Permanent Lending (“ SPL ”). International Operations is managed through our wholly owned subsidiary, International Housing Solutions S.à r.l. (“ IHS ”). IHS’s strategy is to raise, invest in and manage private real estate funds that invest in residential real estate. IHS currently manages four funds: the South Africa Workforce Housing Fund (“ SAWHF ”), which is a multi-investor fund and is fully invested; International Housing Solutions Residential Partners Partnership (“ IHS Residential Partners ”), which is a single-investor fund targeted at the emerging middle class in South Africa; IHS Fund II (“ IHS Fund II ”), which is a multi-investor fund targeting investments in affordable housing, including green housing projects, within South Africa and Sub-Saharan Africa; and Transcend Residential Property Fund Limited (“ Transcend ”), which is a Real Estate Investment Trust that is listed on the AltX of the Johannesburg Stock Exchange. MMA also owns a 60% interest in IHS Property Management Proprietary Limited (“ IHS PM ”), which provides property management services to the properties of IHS-managed funds. Corporate Operations is responsible for supporting accounting, reporting, compliance and financial planning and analysis services. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements. The Company evaluates subsequent events through the date of filing with the 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 has made significant estimates in certain areas, including the determination of fair values for bonds, derivative instruments, guarantee obligations, and certain assets and liabilities of CFVs. Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Variable Interest Entity (“VIE”) Assessment We have interests in various legal entities that represent VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (2) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains related to CFVs” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as “Net losses due to deconsolidation of CFVs” in our Consolidated Statements of Operations. Consolidated Funds and Ventures Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits (if any). In addition, we must make judgments about discount rates and capitalization rates. As of December 31, 2016, CFVs consisted of 11 LIHTC funds for which we sold our GP interests and agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to minimum yield guarantees that are provided in connection with their investments in such funds (these 11 funds, along with two additional guaranteed LIHTC funds that are not consolidated for financial reporting purposes, are hereinafter referred to as “ Guaranteed Funds ”) and four partnerships that own affordable housing properties that were consolidated by the Company . Account balances related to CFVs that were reported on our Consolidated Balance Sheets at either December 31, 2016 or December 31, 2015 include the following: · Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash of CFVs are reported as restricted cash by the Company. · Guaranteed Funds Investment in Lower Tier Property Partnerships At December 31, 2016, the Company consolidated 11 Guaranteed Funds. The Guaranteed Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“ Lower Tier Property Partnership ” or “LTPP” ) . The GPs of these LTPPs are considered the primary beneficiaries. Therefore, the LIHTC Funds do not consolidate these LTTPs for financial reporting purposes. These LTTPs are accounted for under the equity method as further described below in this Note 1, “Summary of Significant Accounting Policies,” under the sub-heading entitled “Investments in Partnerships.” · Unfunded Equity Commitments The Guaranteed Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively. · Property Partnerships At December 31, 2016, the Company consolidated four property partnerships because it is deemed to be the primary beneficiary of the partnerships. The Company holds equity interests in these property partnerships ranging from 0.01% to 1.00% . The assets held by these property partnerships are affordable multifamily housing properties. These consolidated property partnerships are reported in “Other assets” on the Consolidated Balance Sheets. Cash and Cash Equivalents Cash and cash equivalents comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash. Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements. Bonds We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities. ” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether such decline in fair value is other-than-temporary. We assess that an impairment is other-than-temporary (“ OTTI ”) if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statement of Operations for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. We do not intend to sell bonds that were in an unrealized loss position at December 31, 2016 and 2015, and it is not more likely than not that we will be required to sell such bonds before recovery of the amortized cost of such instruments. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. We measure the fair value of most of our performing bonds by calculating the net present value of their expected future cash flows using discount factors that reflect the market yield for such investments. In this regard, discount factors reflect specific bond attributes such as the expected term of a bond, debt service coverage ratio, geographic location and bond size . If observable, binding market quotes are available, we will estimate the fair value of our performing bonds based on such quoted prices. For non-performing bonds ( i.e ., defaulted bonds as well as certain non-defaulted bonds that we deem at risk of default), we estimate fair value by discounting the property’s expected cash flows and residual proceeds using estimated discount and capitalization rates, less estimated selling costs. However, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available. There are significant judgments and estimates associated with projecting bond or underlying collateral cash flows for non-performing bonds given that we are required to make assumptions about macroeconomic conditions, interest rates, local and regional real estate market conditions and individual property performance. In addition, the determination of the discount rates applied to these cash flow forecasts involves significant judgments as to current credit spreads and investor return expectations. The bonds reflected on the Consolidated Balance Sheets at December 31, 2016 were valued at approximately 101% of the portfolio’s unpaid principal balance (“ UPB ”). The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed. Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, Equity Method Investments to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership's operations. Under the equity method, the Company's investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses from the partnership. The Company's allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company's cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company's investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, provided an imminent return to profitable operations by the partnership is not assured or if the Company has guaranteed obligations of the partnership or has otherwise committed to provide further financial support to the partnership. The Company and its consolidated Guaranteed Funds must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions. Loans Loans Held For Sale (“HFS”) When we originate loans that we intend to sell, we classify such loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“HFI”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on nonaccruing loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for financial reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for financial reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Other expenses.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “Net gains on real estate.” Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging. ” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of such instruments are reported in our Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.” Guarantees The Company has guaranteed minimum yields on investment to investors in Guaranteed Funds and has agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to those guarantees. Additionally, the Company has agreed to indemnify specific investors in certain non-Guaranteed Funds related to the performance of certain LTTPs. Further, t he Company has provided a limited guarantee of expected tax credits to be generated by a portfolio of low income housing tax credit partnership interests that was acquired by our LIHTC Partnership, known as MMA Capital TC Fund I, LLC (“ TC Fund I ”), which we established in the fourth quarter of 2015. In limited circumstances, the Company has also guaranteed the performance of its consolidated subsidiaries in connection with various performance obligations. At inception of a guarantee to an unconsolidated entity that requires financial statement recognition, we recognize the fair value of our obligation to stand ready to perform over the term of the guarantee in the event that specified triggering events or conditions occur. This liability is classified in Consolidated Balance Sheets as a component of “Other liabilities.” As a practical expedient, we measure the fair value of a guarantee liability based upon either cash compensation that is received at inception or the net present value of expected payments to be received from a guaranteed party over the life of such agreement. The Company will reduce this liability through the use of a systematic and rational method of amortization in which the recognized balance at inception will be evenly amortized over the life of a guarantee. However, guarantee payments made by the Company will be recorded as a reduction of the unamortized balance of a guarantee liability and, in this case, periodic amortization will be prospectively adjusted to reflect a revised amount of amortization that is based upon the-then remaining balance of a guarantee liability and the period to expiry of a guarantee. We also record at the inception of a guarantee to an unconsolidated entity a guarantee asset that is measured based upon the amount of cash compensation that we received at the inception of a guarantee or based upon the net present value of contractual guarantee fees that we expect to collect over the life of a guarantee. Recognized guarantee assets are classified in our Consolidated Balance Sheets as a component of “Other assets.” Subsequent to initial recognition, we account for a guarantee asset at amortized cost. As we collect monthly guarantee fees, we will reduce recognized guarantee assets to reflect cash payments received. We will also assess guarantee assets for other-than-temporary impairment based on changes in our estimate of the cash flows to be received. With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. We classify such liabilities in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of such activities is provided in Note 8, “Guarantees and Collateral.” Stock-Based Compensation The Company accounts for its employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date. Foreign Currency Translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI. When the foreign entity’s functional currency is determined to be the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period (this includes director and employee deferred and vested shares). The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. Income Taxes We are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining Guaranteed Funds, are conducted by entities included in our consolidated corporate federal income tax return. ASC No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. Significant judgment is required in determining and evaluating income tax positions, including assessing the relative merits and risks of various tax treatments considering statutory, judicial and regulatory guidance available regarding the tax position. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Judgment is also required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of our deferred tax assets. In assessing our ability to realize the benefit of our deferred tax assets and thereby measuring the required valuation allowance, we consider information such as forecasted earnings, future taxable income and tax planning strategies, all of which entail significant judgment. As of December 31, 2016, we had an estimated $400.9 million of federal net operating losses representing a significant potential asset of the Company, subject to a full valuation allowance as of that measurement date. There are a number of risks associated with the potential ability of the Company to use the net operating losses, including: 1) change of control for the Company; 2) lack of taxable income generated before expiration of the carryforward period beginning in 2027; 3) potential challenges from tax authorities; and 4) changes in tax laws. On May 5, 2015, the Board adopted a Tax Benefits Rights Agreement (the “ Rights Plan ”) to potentially mitigate the risk of a change of control event. Although the Rights Plan is a deterrent against a change of control, it would not absolutely prevent a change of control and it could be subject to challenge if a change of control trigger event occurs. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first. Prior Period Correction of an Immaterial Error In the first quarter of 2016, the Company determined that, in connection with two bond investments that were acquired in 2006 and 2007, it had understated the recognition of interest income and had overstated the recognition of unrealized holding gains on such investments in other comprehensive income by an equal and offsetting amount. This financial statement error, which had no impact on total common shareholders’ equity or diluted common shareholders’ equity per share, was attributable to the met |
BONDS AVAILABLE-FOR-SALE
BONDS AVAILABLE-FOR-SALE | 12 Months Ended |
Dec. 31, 2016 | |
Bonds Available-For-Sale [Abstract] | |
BONDS AVAILABLE-FOR-SALE | N ote 2—B onds Available-For-Sale The Company’s investments in bond s that are reported in the Consolidated Balance Sheets (as a component of Bonds available-for-sale) are comprised primarily of multifamily tax-exempt bonds, but also include other real estate related bond investments. M ultifamily tax-exempt bonds are issued by state and local governments or their agencies or authorities to finance multifamily rental housing . Generally, the only source of security on these bonds is either a first mortgage or a subordinate mortgage on the underlying properties. The Company’s investments in other real estate related bonds include municipal bonds that were issued to finance the development of community infrastructure that supports a mixed-use commercial development and are secured by incremental tax revenues generated from the development . Investments in other real estate related bonds also include senior investments in a trust collateralized by a pool of tax-exempt municipal bonds that finance a variety of non-profit projects such as healthcare and educational facilities, as well as a subordinated investment in a collateralized mortgage backed security that finances multifamily housing. The weighted - average pay rate on the Company’s bond portfolio was 6.1% and 5.4% at December 31, 2016 and 2015, respectively . Weighted - average pay rate represents the cash interest payments collected on the bonds as a percentage of the bonds’ average unpaid principal balance (“ UPB ”) for the preceding 12 months for the population of bonds at December 31, 2016 and 2015 , respectively. The following tables provide information about the UPB, amortized cost, gross unrealized gains and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At December 31, 2016 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 106,366 $ 73,049 $ 36,978 $ 110,027 103% Other real estate related bond investments 47,788 41,934 4,020 45,954 96% Total $ 154,154 $ 114,983 $ 40,998 $ 155,981 101% At December 31, 2015 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 160,974 $ 98,694 $ 57,915 $ 156,609 97% Other real estate related bond investments 62,385 55,423 6,407 61,830 99% Total $ 223,359 $ 154,117 $ 64,322 $ 218,439 98% (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. See Note 7 , “Fair Value , ” which describes factors that contribut ed to the $62.5 million decrease in the reported fair value of the Company’s bond portfolio for the year ended December 31, 2016 . M aturity Principal payments on the Company’s investments in bonds are based on contractual terms that are set forth in the contractual documents governing such investments . If principal payments are not required to be made prior to the contractual maturity of a bond , its UPB is required to be paid in a lump sum payment at contractual maturity or at such earlier time as may be provided under the governing documents. At December 3 1 , 201 6 , the majority of the Company’s bonds amortiz e on a scheduled basis and have stated maturity dates between September 2017 and March 2049. The Company also had five non- amortizing bonds with principal due in full between November 2044 and August 2048 (the total cost basis and fair v alue of these bonds were $13.9 million and $26.9 million, respectively, at December 3 1 , 2016). Bonds with Prepayment Features The contractual terms of substantially all of the Company’s investments in bonds include provisions that permit such instruments to be prepaid at par after a specified date that is prior to the ir stated maturity date. The following table provides information about the UPB, amortized cost and fair value of the Company’s investments in bonds that were prepayable at par at December 3 1 , 201 6 , as well as stratifies such information for the remainder of the Company’s investments based upon the periods in which such instruments become prepayable at par: (in thousands) UPB Amortized Cost Fair Value December 31, 2016 $ 37,788 $ 31,933 $ 35,414 2017 ─ ─ ─ 2018 1,943 448 2,239 2019 ─ ─ ─ 2020 5,245 4,467 5,396 Thereafter 109,082 78,039 112,835 Bonds that may not be prepaid 96 96 97 Total $ 154,154 $ 114,983 $ 155,981 The weighted-average expected maturity of the Company’s investments in bonds that are not currently prepayable at par at December 31, 2016 was 5.1 years. N on-Accrual Bonds The fair value of the Company’s investments in bonds that were on non-accrual status was $ 7.0 million and $43.3 million at December 3 1 , 2016 and 2015, respectively. During the period in which such bonds were on non-accrual status, the Company recognized interest income on a cash basis of $0.3 million , $1.7 million and $1.3 million for the years ended December 3 1 , 2016 , 2 015 and 2014 , respectively. Interest income not recognized during the period in which these investments in bonds were on non-accrual status was $0.6 million , $3.2 million and $4.2 million for the years ended December 31, 2016, 2015 and 2014 . During the year ended December 31, 2016, bonds that were on non-accrual status that had a fair value of $3.0 million at December 31, 2015 were sold or redeemed. B ond Aging Analysis The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments: At At December 31, December 31, (in thousands) 2016 2015 Total current $ 148,967 $ 175,106 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 7,014 43,333 Total $ 155,981 $ 218,439 B ond Sales and Redemptions The Company recognized cash proceeds in connection with sales and redemptions of its investments in bonds of $23.2 million, $15.3 million and $17.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. The following table provides information about net realized gains that were recognized in connection with the Company’s investments in bonds (in the Consolidated Statements of Operations as a component of “Other expenses” and “Net gains on bond s” ): For the year ended December 31, (in thousands) 2016 2015 2014 Net impairment recognized on bonds held at each period-end $ ─ $ ─ $ (113) Net impairment recognized on bonds sold or redeemed during each period ─ (179) ─ Gains recognized at time of sale or redemption (1) 12,217 6,513 12,293 Total net gains on bonds $ 12,217 $ 6,334 $ 12,180 (1) The amount for 2016, reflects additional cash received for a bond that was previously redeemed in 2015. In addition to gains described above, the Company also recognized an $11.4 million gain in 2016 in connection with a nonperforming bond with respect to which the Company had foreclosed upon the multifamily property that secured such investment. |
INVESTMENTS IN PARTNERSHIPS
INVESTMENTS IN PARTNERSHIPS | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENTS IN PARTNERSHIPS [Abstract] | |
INVESTMENT IN PARTNERSHIPS | N ote 3— I nvestments in Partnerships and Ventures The following table provides information about the carrying value of the Company’s investments in partnerships and ventures. At At December 31, December 31, (in thousands) 2016 2015 Investments in U.S. real estate partnerships (includes $11,138 and $13,374 related to VIEs) (1) $ 27,596 $ 29,633 Investments in IHS-managed funds (includes $1,955 and $1,388 related to VIEs) (1) 3,296 2,501 Investment in Solar Ventures 75,526 50,521 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 137,773 177,786 Total investments in partnerships $ 244,191 $ 260,441 (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE. (2) See Note 14, “Consolidated Funds and Ventures,” for more information. I nvestments in U.S. Real Estate Partnerships At December 3 1 , 201 6 , $16.5 million of the reported carrying value pertains to an equity investment made by the Company in a real estate venture that was formed during the fourth quarter of 2014. The Company made an initial contribution of $8.8 million , which represent ed 80% of the real estate venture’s initial capital. Through the governing agreements, the Company is obligated to make additional capital contributions of up to an additional $4.0 million. The Company has rights to a preferred return on its capital contribution, as well as rights to share in excess cash flows of the real estate venture. As this entity was determined not to be a VIE, t he Company accounts for this investment using the equity method of accounting . At December 3 1 , 201 6 , $ 6.3 million of the reported carrying value pertains to an equity investment that represents a 33% ownership interest in a partnership that was formed to take a deed-in-lieu of foreclosure on land that was collateral for a loan held by the Company. Through the governing operating agreement, the Company is obligated to make additional capital contributions representing its proportionate amount of the partnership's obligations as they become due. This contractual commitment does not have a defined contribution limit. While this entity was determined to be a VIE, the Company was deemed not to be its primary beneficiary. Therefore, the Company did not consolidate this entity and accounts for this investment using the equity method of accounting . At December 31, 2016, $4.8 million of the reported carrying value pertains to equity investments in LIHTC partnerships acquired by a wholly owned subsidiary of the registrant, MuniMae TEI Holdings, LLC (“ TEI ”), during the fourth quarter of 2015. While these entities are determined to be VIEs, the Company was not deemed to be its primary beneficiary. Therefore, t he Company did not consolidate these entities and accounts for its investments in them using the equity method of accounting. At December 3 1 , 2016 and 2015, three and five of the U.S. real estate partnerships in which we have investments were determined to be VIEs , respectively . The carrying value of the equity investments in these partnerships was $11.1 million and $13.4 million at December 3 1 , 2016 and 2015, respectively. Other than as noted above, we are not contractually obligated to commit further capital to these investments. Our maximum exposure to loss due to our involvement with these VIEs was $11.1 million and $20.3 million as of December 3 1 , 2016 and 2015, respectively. Because we are unable to quantify the maximum amount of additional capital contributions that we may be required to fund in the future associated with our proportionate share of one of the VIEs, we measure our maximum exposure to loss based upon the carrying value of the aforementioned investments and loan receivable. The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At December 31, December 31, 2016 2015 (in thousands) Total assets $ 97,659 $ 114,697 Total liabilities 47,147 61,007 The following table provides information about the net income (loss) of U.S. real estate partnerships in which the Company had an equity investment: For the year ended December 31, (in thousands) 2016 2015 2014 Net income (loss) $ 2,952 $ (1,345) $ 16,833 I nvestments in IHS-Managed Funds At December 31, 2016 , the Company held equity co-investments in three IHS-managed funds (SAWHF, IHS Residential Partners and IHS Fund II) that rang e from a 1.8% to a 4.25% ownership interest in such funds . IHS provides asset management services to each of these investment vehicles in return for asset management fees. For each investment vehicle, IHS also has rights to investment returns on its equity co-investment as well as rights to an allocation of profits from such funds (often referred to as “carried interest”), which are contingent upon the investment returns generated by each investment vehicle. At December 3 1 , 201 6 , the carrying value of the Company’s equity investment in SAWHF , IHS Residential Partners and IHS Fund II was $1.2 million, $1.9 million and $0.2 million, respective ly. As SAWHF and IHS Fund II entities were determined not to be VIEs, the Company accounts for these investments using the equity method of accounting. While IHS Residential Partners was determined to be a VIE, this entity was not consolidated for reporting purposes as the Company was deemed not to be its primary beneficiary. As a result, the Company accounts for this investment using the equity method of accounting. The Company does not expect to make additional capital contributions to IHS Residential Partners and, as a result, the Company believes that its risk of loss is limited to its investment balance of $1.9 million. However , through the governing shareholder agreement, IHS could be required to commit up to 180 million rand as capital contributions to such fund. In this regard, our maximum exposure to loss as a result of our involvement in this VIE is approximately $13.2 million and $11.7 million as of December 31, 2016 and 2015, respectively, based upon foreign currency exchange rates as of such reporting dates. The following table provides information about the carrying value of total assets and liabilities of the IHS-managed funds in which the Company held an equity investment: At At December 31, December 31, 2016 2015 (in thousands) Total assets $ 261,082 $ 235,858 Total liabilities 110,214 103,149 The following table provides information about the net (loss) income of the IHS-managed funds in which the Company had an equity investment. For the year ended December 31, (in thousands) 2016 2015 2014 Net (loss) income $ (19,718) $ (5,646) $ 6,589 I nvestment in Solar Ventures MEC originates solar loans directly and through our Solar Ventures. The Company made an initial $75 million capital contribution into REL in November 2016 that was comprised of solar energy loan investments, including our membership interests in SCL and SPL, in exchange for membership interests in REL. Because REL is not a VIE, the Company accounts for this investment using the equity method of accounting. The following table provides information about the carrying amount of total assets and liabilities of the Solar Ventures in which the Company held an equity investment: At At December 31, December 31, 2016 2015 (in thousands) Total assets $ 158,365 $ 104,137 Total liabilities 4,905 3,585 The following table provides information about the net income of the Solar Ventures in which the Company had an equity investment: For the year ended December 31, (in thousands) 2016 2015 2014 Net income $ 1,206 $ 1,313 $ ─ |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | N ote 4—O ther Assets The following table provides information related to the carrying value of the Company’s other assets: At At December 31, December 31, (in thousands) 2016 2015 Other assets: Loans held for investment $ 4,809 $ 7,928 Loans held for sale ─ 6,417 Real estate owned 3,267 8,669 Derivative assets 7,884 3,673 Solar facilities (includes other assets such as cash and other receivables) 1,733 2,073 Accrued interest receivable 1,822 2,115 Asset management fees and reimbursements receivable 1,406 1,121 Other assets 5,526 7,485 Other assets held by CFVs (1) 44,551 18,834 Total other assets $ 70,998 $ 58,315 (1) See Note 14, “Consolidated Funds and Ventures,” for more information. L oans Held For Investment (“HFI”) The Company’s loans that are HFI primarily include solar loans. We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowance for loan losses . However, such loans are reported at fair value to the extent the Company has elected the fair value option (“ FVO ”) for such instruments and, as a result, such assets are subsequently measured on a fair value basis in our Consolidated Statement of Operations as a component of “Net gains on derivatives, loans, other assets and extinguishment of liabilities.” The following table provides information about the amortized cost and allowance for loan losses that were recognized in the Company’s Consolidated Balance Sheets related to loans tha t it classified as HFI: At At December 31, December 31, (in thousands) 2016 2015 Amortized cost $ 9,202 $ 8,678 Net losses included in earnings (3,565) ─ Allowance for loan losses (828) (750) Loans held for investment, net $ 4,809 $ 7,928 At December 31, 2016 and 2015 , HFI loans had an UPB of $16.8 million and $13.2 million, respectively, as well as deferred fees and other basis adjustments of $7.6 million and $4.5 million, respectively. At December 31, 2016, the Company had a loan that it made to a residential solar power provider with a UPB of $10.0 million (FV of $3.8 million ) that is classified as held for investment but for which the FVO was elected to minimize certain operational challenges associated with accounting for this loan. At December 31, 2016 and 2015 , of the remaining HFI loans, impaired loans had a UPB of $6.4 million and $1.1 million , respectively, and were not accruing interest. We report impairment on HFI loans as “Other expenses” in our Consolidated Statement of Operations. The carrying value for HFI loans on non-accrual status was $0.5 million and $0.3 million at December 31, 2016 and 2015, respectively. The loan that the Company made to TC Fund I on December 31, 2015 is included among this population of loans. At December 31, 2016 and 2015, no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. Loans Held For Sale (“HFS”) We report the carrying value of HFS loans at the lower of cost or fair value with the excess of the loan’s cost over its fair value recognized as a valuation allowance within “Net gains on derivatives, loans, other assets and extinguishment of liabilities” in our Consolidated Statement of Operations. The cost basis for HFS loans was $6.0 million and $12.4 million at Dec ember 3 1 , 2016 and 2015, respectively, with a carrying value of zero and $6.4 milli on at December 31, 2016 and 2015, respectively. During the year ended December 31, 2016 and 2015, the Company did not recognize any lower of cost or market adjustments associated with any HFS loans that were recognized in the Consolidated Balance Sheets. U nfunded Loan Commitments At December 31, 2015, the Company had unfunded loan commitments totaling $0.5 million. There were no unfunded loan commitments at December 31, 2016. Real Estate Owned (“REO ”) The following table provides information about the carrying value of the Company’s REO held for use, net: At At December 31, December 31, (in thousands) 2016 2015 Cash $ ─ $ 149 Building, furniture, fixtures and land improvement 648 4,014 Land 2,619 4,496 Other assets ─ 10 Total $ 3,267 $ 8,669 Depreciation expense was $0.1 million and $0.5 million for the year s ended December 3 1 , 2015 and 2014 . There was no depreciation expense for the year ended December 3 1 , 2016. Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years and land improvements are depreciated over a period of 15 years. During the year ended December 31, 2014, the Company recognized $0.2 million impairment loss that was reported through discontinued operations . The Company did no t recognize any impairment losses for years ended December 31, 2016 and 2015 . D erivative Assets At Dec ember 3 1, 2016 and 2015, the Company had $9.0 million and $3.7 million, respectively , of recogniz ed derivative assets. See Note 6, “Derivative Instruments,” for more information. Solar Facilities At Dec ember 3 1 , 2016 and 2015, the Company owned two and five solar facilities, respectively , that had a total carrying value of $1.3 million and $2.0 million, respectively. T he se facilities generate energy that is sold under long-term power purchase agreements to the owner or lessee of the properties on which the projects are built. During the first quarter of 2016, the Company sold one of its solar assets and recognized a gain of $0.1 million in its Consolidated Statements of Operations as a component of “Net gains on real estate.” During the third quarter of 2016, the Company recognized a $0.2 million lower of cost or market adjustment within its Consolidated Statement of Operations as a component of “Net gains on derivatives, loans, other assets and extinguishment of liabilities.” During the fourth quarter of 2016, the Company sold two of its solar assets at prices approximating their book value. At December 31, 2016, the Company redesignated its two solar facilities from HFS to HFU and recognized depreciation expense of $0.2 million in the fourth quarter of 2016. The remaining two solar facilities had accumulated depreciation of $1.7 million and $1.6 million at December 31, 2016 and 2015, respectively. A sset Management Fees and Reimbursement Receivable At Dec ember 3 1 , 2016 and 2015, the Company had $ 1.4 million and $1.1 million of asset management fees and reimb ursement receivable s, respectively, recognized in its Consolidated Balance Sheets, of which $0.9 million and $0.8 million , respectively, w ere due from IHS-managed funds and ventures. As of December 31, 2016, the Company did not recognize asset management fee income from TC Fund I given uncertainties associated with when such revenue would be realized. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | N ote 5—D ebt The table below provides information about the carrying values and weighted- average effective interest rate s of the Company’s debt obligations that were outstanding : At At December 31, 2016 December 31, 2015 Weighted-Average Weighted-Average Carrying Effective Interest Carrying Effective Interest (dollars in thousands) Value Rate Value Rate Asset Related Debt (1) Notes payable and other debt – bond related (2) Due within one year $ 2,892 2.2 % $ 1,137 1.5 % Due after one year 79,137 2.1 88,131 1.4 Notes payable and other debt – non-bond related Due within one year ─ ─ 7,564 13.0 Due after one year ─ ─ 3,126 10.4 Total asset related debt $ 82,029 2.1 $ 99,958 2.6 Other Debt (1) Subordinated debt (3) Due within one year $ 3,297 3.9 $ 3,069 3.0 Due after one year 125,899 3.4 129,185 3.0 Notes payable and other debt Due within one year 1,948 3.9 ─ ─ Due after one year 16,869 2.3 ─ ─ Total other debt $ 148,013 3.3 $ 132,254 3.0 Total asset related debt and other debt $ 230,042 2.8 $ 232,212 2.8 Debt related to CFVs Due within one year $ 6,885 5.7 $ 6,802 5.5 Due after one year 6,144 4.0 3,081 4.3 Total debt related to CFVs $ 13,029 4.9 $ 9,883 5.1 Total debt $ 243,071 3.0 $ 242,095 2.9 (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. (2) Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at December 31, 2016 and 2015. (3) The subordinated debt balances include net cost basis adjustments of $8.7 m illion and $9.2 million at December 31, 2016 and 2015, respectively, that pertain to premiums and debt issuance costs. C ovenant Compliance and Debt Maturities The following table provides information about scheduled principal payment s associated with the Company’s debt agreements that were outstanding at December 3 1 , 201 6 : Asset Related Debt CFVs (in thousands) and Other Debt Related Debt Total Debt 2017 $ 7,704 $ 6,807 $ 14,511 2018 60,665 102 60,767 2019 14,075 109 14,184 2020 30,037 116 30,153 2021 3,031 124 3,155 Thereafter 105,935 4,867 110,802 Net premium and debt issue costs 8,595 904 9,499 Total $ 230,042 $ 13,029 $ 243,071 At December 31, 2016 , the Company was in compliance with all covenants under its debt obligations . A sset Related Debt Notes Payable and Other Debt – Bond Related These debt obligations pertain to bonds that are classified as available-for-sale and that were financed by the Company through total return swap (“ TRS ”) agreements . In such transactions, the Company convey s its interest in bonds to a counterparty in exchange for cash consideration while simultaneously executing TRS agreements with the same counterparty for purposes of retaining the economic risks and returns of such investments. The conveyance of the Company’s interest in bonds was treated for reporting purposes as a secured borrowing while TRS agreements that were executed simultaneously with such conveyance did not receive financial statement recognition since such derivative instruments caused the conveyance of the Company’s interest in these bonds not to qualify for sale accounting treatment. At December 31, 2016, u nder the terms of these TRS agreements , the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (UPB of $78.0 million with a weighted - average pay rate of 6.4% at December 3 1 , 201 6 ). The Company is required to pay the counterparty a rate of Securities Industry and Financial Markets Association seven -day municipal swap rate (“ SIFMA ”) plus a spread on the TRS agreements (notional amount of $82.1 million with a weighted - average pay rate of 2.0% at December 3 1 , 201 6 ). The Company uses this pay rate on executed TRS agreements to accrue interest on its secured borrowing obligations to its counterparty. Notes Payable and Other Debt – Non-Bond Related During the fourth quarter of 2016, the Company derecognized the debt obligation that the Company recognized in connection with a conveyance of solar loans to our Solar V enture s during the third quarter of 2015 that did not qualify for sale accounting treatment. O ther Debt Subordinated Debt The table below provides information about the key terms of the subordinate d debt that was issued by the Company’s wholly owned subsidiaries MMA Financial , Inc. (“ MFI ”) and MMA Financial Holdings, Inc. (“ MFH ”) and that was outstanding at December 3 1 , 201 6 : (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFI $ 27,008 $ (150) $ 26,858 Amortizing December 2027 and December 2033 8.00% MFH 27,611 2,692 30,303 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 25,107 2,459 27,566 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 14,472 1,307 15,779 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 26,314 2,376 28,690 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 120,512 $ 8,684 $ 129,196 Notes Payable and Other Debt This debt was primarily recognized in connection with the conveyance of two bonds to a buyer with which the Company concurrently executed a TRS. In this case, the transfer of the bonds did not qualify as a sale and, as a result, the proceeds received from the buyer were recognized as a debt obligation. The bonds were issued by two partnerships that own affordable multifamily properties and that were consolidated by the Company in the second quarter and fourth quarter of 2016. See Note 14, “Consolidated Funds and Ventures,” for more information. L etters of Credit The Company had no letters of credit outstanding at December 31, 2016 and 2015. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | N ote 6— D erivative Instruments The Company uses derivative instruments for various purposes. Pay-fixed interest rate swaps, interest rate basis swaps and interest rate caps are used to manage interest rate risk. TRS agreements are used by the Company to obtain, or retain, the economic risks and rewards associated with tax exempt municipal bonds. Derivative instruments that are recognized in the Consolidated Balance Sheets are measured on a fair value basis. Because the Company does not designate any of its derivative instruments as fair value or cash flow hedges, c hanges in fair value of such instruments are recognized in the Consolidated Statements of Operations as a component of “Net gains on derivatives, loans, other assets and extinguishment of liabilities.” Derivative assets are presented in the Consolidated Balance Sheets as a component of “Other assets” and derivative liabilities are presented in the Consolidated Balance Sheets as a component of “Other liabilities.” The following table provides information about the carrying value of the Company’s derivative instruments: Fair Value At At December 31, 2016 December 31, 2015 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ 2,327 $ 372 $ 3,658 $ 1,023 Basis swaps 176 7 ─ ─ Interest rate caps 1,553 ─ 15 ─ Interest rate swaps 3,828 ─ ─ 690 Total derivative instruments $ 7,884 $ 379 $ 3,673 $ 1,713 T he following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At December 31, December 31, (in thousands) 2016 2015 Total return swaps $ 91,050 $ 111,845 Basis swaps 100,500 ─ Interest rate caps 80,000 45,000 Interest rate swaps 140,000 7,675 Total dollar-based derivative instruments $ 411,550 $ 164,520 The following table provides information about the net gains (losses) that were recognized by the Company in connection with its derivative instruments: Gains (Losses) For the year ended December 31, (in thousands) 2016 2015 2014 Total return swaps (1) $ 3,463 $ 4,446 $ 5,147 Basis swaps (2) 161 ─ ─ Interest rate caps 642 (172) (605) Interest rate swaps (3) 3,317 (278) (399) Warrant (4) (2,600) ─ ─ Total $ 4,983 $ 3,996 $ 4,143 (1) The cash paid and received on TRS agreements that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash received was $4.1 million, $4.0 million and $2.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. (2) The cash paid and received on the basis swaps is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.01 million for the year ended December 31, 2016. The Company also paid $0.01 million to terminate two and amend one of the basis swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.1 million through “Other assets” on the Consolidated Balance Sheets. (3) The cash paid and received on the interest rate swap is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.3 million for the years ended December 31, 2016, 2015 and 2014. The Company also paid $0.8 million to terminate one of the interest rate swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.7 million through “Other liabilities” on the Consolidated Balance Sheets. (4) As of December 31, 2016, the Company owned a contingently exercisable warrant to purchase 45,871,560 convertible preferred shares of a residential solar power provider for $0.001 per share. The fair value of this warrant was $0 as of December 31, 2016. On October 14, 2016, we terminated two, and downsized one, pay London Interbank Offer Rate (“ LIBOR ”)-receive SIFMA basis swaps that had a combined notional balance of $70.0 million. Additionally, the Company executed two pay-fixed interest swaps that had a combined notional amount of $105.0 million for purposes of synthetically fixing our cost of funding associated with a portion of outstanding TRS that is indexed to SIFMA. We also executed a pay SIFMA-receive LIBOR basis swap, a pay fixed-receive SIFMA interest rate swap and a LIBOR interest rate cap to collectively hedge $70.0 million (in notional terms) of LIBOR-based exposure associated with subordinated debt of the Company. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | N ote 7 — F air 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. F air Value Hierarchy The Company measures the fair value of its assets and liabilities based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in such measurements. · Level 1: Valuation is based upon q uoted prices in active markets for identical instruments. · Level 2: Valuation is based upon q uoted 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. R ecurring Changes in Fair Value The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of such assets and liabilities are categorized . Fair Value Measurements At December 31, (in thousands) 2016 Level 1 Level 2 Level 3 Assets: Investments in bonds $ 155,981 $ ─ $ ─ $ 155,981 Loans held for investment 3,835 ─ ─ 3,835 Derivative instruments 7,884 ─ 5,557 2,327 Liabilities: Derivative instruments $ 379 $ ─ $ 7 $ 372 Fair Value Measurements At December 31, (in thousands) 2015 Level 1 Level 2 Level 3 Assets: Investments in bonds $ 218,439 $ ─ $ ─ $ 218,439 Loans held for sale 6,417 ─ ─ 6,417 Derivative instruments 3,673 ─ 15 3,658 Liabilities: Derivative instruments $ 1,713 $ ─ $ ─ $ 1,713 C hanges in Fair Value Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes, but is not limited to, quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2 and Level 3. For the years ended December 31, 2016, 2015 and 2014, there were no individually significant transfers between Levels 1 and 2, or between Levels 2 and 3. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2016: (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2016 $ 218,439 $ ─ $ 6,417 $ 3,658 $ (1,713) Net (losses) gains included in earnings (4,776) (3,391) ─ (3,931) 577 Net change in other comprehensive income (1) 2,536 ─ ─ ─ ─ Impact from purchases 7,217 ─ ─ ─ ─ Impact from loan originations ─ 39,233 4,531 2,600 ─ Impact from sales/redemptions (10,986) (34,285) (8,670) ─ ─ Impact from bonds extinguished due to consolidation or real estate foreclosure (42,079) ─ ─ ─ ─ Impact from settlements (14,370) ─ ─ ─ 764 Transfer from loans HFS to loans HFI ─ 2,278 (2,278) ─ ─ Balance, December 31, 2016 $ 155,981 $ 3,835 $ ─ $ 2,327 $ (372) (1) This amount includes $14. 5 million of unrealized net holding gains arising during the period, partially offset by the reversal of $12.0 million of unrealized gains related to bonds that were sold or redeemed. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the year ended December 31, 2016: (in thousands) Net gains on bonds (1) Net losses on loans (2) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized losses related to assets and liabilities still held at December 31, 2016 $ ─ $ ─ $ (4,240) (3,354) Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ ─ (536) ─ Additional realized gains (losses) recognized 12,217 (3,391) ─ 3,805 Total gains (losses) reported in earnings $ 12,217 $ (3,391) $ (4,776) $ 451 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2015: (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2015 $ 222,899 $ ─ $ 2,539 $ (753) Net (losses) gains included in earnings (5,517) ─ 1,418 (960) Net change in other comprehensive income (1) 13,561 ─ ─ ─ Impact from loan originations ─ 13,373 ─ ─ Impact from purchases 15,123 ─ ─ ─ Impact from sales/redemptions (21,571) (6,956) ─ ─ Impact from settlements (6,056) ─ (299) ─ Balance, December 31, 2015 $ 218,439 $ 6,417 $ 3,658 $ (1,713) (1) This amount represents $ 18.4 million of unrealized net holding gains arising during the period plus $0.2 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $ 5.0 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2015: (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2015 $ ─ $ (6,093) $ 458 Change in unrealized (losses) gains related to assets and liabilities held at January 1, 2015, but settled during 2015 (179) 755 ─ Additional realized gains recognized 6,513 ─ 3,710 Total gains (losses) reported in earnings $ 6,334 $ (5,338) $ 4,168 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2014: (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities Balance, January 1, 2014 $ 195,332 $ ─ $ (626) Net (losses) gains included in earnings (6,021) 2,539 (127) Net change in other comprehensive income (1) 6,913 ─ ─ Impact from purchases 18,380 ─ ─ Impact from sales/redemptions (19,270) ─ ─ Impact from deconsolidation 47,022 ─ ─ Bonds eliminated due to real estate consolidation and foreclosure (11,058) ─ ─ Impact from settlements (8,399) ─ ─ Balance, December 31, 2014 $ 222,899 $ 2,539 $ (753) (1) This amount represents $18.1 million of unrealized net holding gains arising during the period plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2014: (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2014 $ (113) $ (5,908) $ 2,412 Additional realized gains recognized 12,293 ─ 2,336 Total gains (losses) reported in earnings $ 12,180 $ (5,908) $ 4,748 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Fair Value Measurements of Instruments That Are Classified as Level 3 The tables that follow provide quantitative information about the valuation techniques and the range and weighted-average of significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model to measure fair value. The significant unobservable inputs for Level 3 assets and liabilities that are valued using dealer pricing are not included in the table, as the specific inputs applied are not provided by the dealer. Fair Value Measurement as of December 31, 2016 Significant Significant Valuation Unobservable Weighted (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Available-for-sale securities: Multifamily tax-exempt bonds Performing $ 93,082 Discounted cash flow Market yield 4.3 - 5.7 % 5.0 % Non-performing 7,015 Discounted cash flow Market yield 8.1 8.1 Capitalization rate 6.9 6.9 Net operating income (" NOI ") annual growth rate (0.9) (0.9) Subordinated cash flow 9,930 Discounted cash flow Market yield 7.3 - 7.4 7.4 Capitalization rate 6.0 - 6.4 6.2 NOI annual growth rate 0.4 - 0.8 0.5 Infrastructure bonds 25,145 Discounted cash flow Market yield 7.3 - 9.0 8.0 Other bonds 20,809 Discounted cash flow Market yield 3.7 - 5.5 4.6 Loans held for investment 3,835 Discounted cash flow Market yield 19.2 19.2 Derivative instruments: Total return swaps 2,327 Discounted cash flow Market yield 3.9 -5.5 5.0 (372) Discounted cash flow Market yield 7.2 7.2 Capitalization rate 8.5 8.5 NOI annual growth rate 2.5 2.5 (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. Fair Value Measurement as of December 31, 2015 Significant Significant Valuation Unobservable Weighted (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Available-for-sale securities: Multifamily tax-exempt bonds Performing $ 84,203 Discounted cash flow Market yield 4.6 - 7.1 % 5.6 % 20,226 Discounted cash flow Market yield 8.2 - 8.7 8.4 Capitalization rate 7.0 - 7.5 7.2 NOI annual growth rate 0.4 - 1.4 1.0 Non-performing 20,435 Discounted cash flow Market yield 7.5 - 7.9 7.7 Capitalization rate 6.2 - 6.5 6.3 NOI annual growth rate 0.5 - 1.2 0.9 22,898 Early redemption measurement Subordinated cash flow 8,847 Discounted cash flow Market yield 7.8 - 7.9 7.9 Capitalization rate 6.4 - 6.6 6.5 NOI annual growth rate 0.0 - 0.6 0.4 Infrastructure bonds 9,381 Discounted cash flow Market yield 8.5 8.5 17,475 Dealer pricing Other bonds 34,974 Dealer pricing Loans held for sale 6,417 Discounted cash flow Market yield 10.0 - 15.0 13.5 Derivative instruments: Total return swaps (983) Discounted cash flow Market yield 8.7 8.7 Capitalization rate 7.5 7.5 NOI annual growth rate 2.9 2.9 3,618 Dealer pricing Interest rate derivatives (690) Discounted cash flow Market yield 26.2 26.2 (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques used for our Level 3 assets and liabilities are described as follows: · Discounted cash flow – This type of valuation technique involves developing a projection of expected future cash flows of an instrument and then discounting such cash flows using discount factors that consider the relative risk of the cash flows and the time value of money. For instruments that are valued by the Company using a discounted cash flow valuation technique, the rate of return, or discount rate, that is utilized for such purposes reflects specific characteristics of an instrument including, but not limited to the expected term of the instrument, its debt service coverage ratio or credit quality, geographic location, investment size and other attributes. o For performing multifamily bonds, infrastructure bonds and certain TRS derivatives, the Company’s projection of expected future cash flows reflects cash flows that are contractually due over the life of an instrument. The Company generally utilizes the AAA Municipal Market Data tax-exempt rate (" MMD ") for each instrument’s specific term and applies a market rate risk premium spread that reflects that instrument’s specific credit characteristics, such as size, debt service coverage, state or bond type. o For non-performing bonds, subordinate cash flow bonds and certain TRS derivatives, the Company’s projection of expected future cash flows reflects internally-generated projections over a 10-year investment period of future NOI from the underlying properties that serve as collateral for our instruments. A terminal value, less estimated costs of sale, is then added to the projected discounted projection to reflect the remaining value that is expected to be generated at the end of the projection period. The Company utilizes geographic and sector specific discount rates that are published by an independent real estate research organization. o For our interest rate swaps, the Company’s projection of expected future cash flows reflect s scheduled settlement payments that are expected to be exchanged over the life of such contracts. · Early redemption measurement – This valuation technique measures the amount of early redemption proceeds that are allocable to an investment in a non-performing bond and is used in circumstances where a firm commitment to sell real estate that secures such bond investment has been executed, but is pending settlement, as of the end of a reporting period. In this case, the priority of payments that are established in a governing bond indenture is applied to determine what portion of estimated net sales proceeds of underlying real estate is payable to a non-performing bond investment when the sale of underlying real estate has settled (since such event triggers the early redemption of such bond). · Dealer pricing – This valuation technique utilizes one dealer price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs are disclosed in the table above. Significant unobservable inputs presented in the preceding tables 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 provided in the table. · Market yield – is a market rate of return used to present value the future expected cash flow to arrive at the fair value of an instrument. The market yield typically consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, MMD or SIFMA, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instrument ’ s cash flows resulting from risks such as credit and liquidity. A significant decrease in this input in isolation would result in a significantly higher fair value measurement. · Capitalization rate – is calculated as the ratio between the NOI produced by a commercial real estate property and the price for such asset. A significant decrease in this input in isolation would result in a significantly higher fair value measurement. · NOI annual growth rate – is the amount of future growth in NOI that the Company projects each property to generate on an annual basis. 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. N on-Recurring Changes in Fair Value At Septem ber 3 0 , 2016, the Company measured one of its loans classified as held for investment at fair value on a non-recurring basis for the purpose of recognizing an impairment loss . The fair value measurement of this loan, which was categorized as Level 3, was determined using a discounted cash flow methodology. Additionally, the Company recognized a $0.2 million lower of cost or market adjustment in the third quarter of 2016 related to one of its solar assets. The fair value measurement of the solar asset, which was categorized as Level 3, was determined using a discounted cash flow methodology. At the end of the third quarter of 2015, the Company measured its co-investment in SAWHF on a non-recurring basis for the purpose of recognizing an impairment loss. The fair value measurement of this investment, which was categorized as Level 3, was determined using a discounted cash flow methodology . A dditional Disclosures Related To The Fair Value of Financial Instruments That Are Not Carried On The Consolidated Balance Sheets at Fair Value The t ables that follow provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes such information based upon the level of the fair value hierarchy within which fair value measurements are categorized. We have not included in such tables assets and liabilities that are not financial instruments ( e.g. , premises and equipment). At December 31, 2016 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 45,525 $ 45,525 $ ─ $ ─ Restricted cash 33,920 33,920 ─ ─ Restricted cash related to CFVs 23,584 23,584 ─ ─ Asset management fee receivable from TC Fund I ─ ─ ─ 2,947 Guarantee fee receivable from TC Fund I 1,348 ─ ─ 1,348 Loans held for investment 974 ─ ─ 1,106 Loans held for investment related to CFVs 65 ─ ─ 488 Liabilities: Notes payable and other debt, bond related 82,029 ─ ─ 82,118 Notes payable and other debt, non-bond related 18,817 ─ ─ 18,817 Notes payable and other debt related to CFVs 13,029 ─ ─ 5,956 Subordinated debt issued by MFH 102,338 ─ ─ 41,327 Subordinated debt issued by MFI 26,858 ─ ─ 20,139 Guarantee obligations (1) 4,003 ─ ─ 12,616 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $8.6 million as of December 31, 2016, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations. At December 31, 2015 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 21,843 $ 21,843 $ ─ $ ─ Restricted cash 17,041 17,041 ─ ─ Restricted cash related to CFVs 22,992 22,992 ─ ─ Guarantee fee receivable from TC Fund I 4,227 ─ ─ 4,227 Loans held for investment 7,928 ─ ─ 7,687 Loans held for investment related to CFVs 65 ─ ─ 213 Liabilities: Notes payable and other debt, bond related 89,268 ─ ─ 89,405 Notes payable and other debt, non-bond related 10,690 ─ ─ 10,717 Notes payable and other debt related to CFVs 9,883 ─ ─ 3,171 Subordinated debt issued by MFH 104,736 ─ ─ 29,518 Subordinated debt issued by MFI 27,518 ─ ─ 15,579 Guarantee obligations (1) 4,758 ─ ─ 15,557 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $10.8 million as of December 31, 2015, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations. Valuation Techniques Cash and cash equivalents and restricted cash – The carrying value of these assets approximate fair value due to the short-term nature and negligible credit risk inherent in them. Accrued interest and accounts receivable – The carrying value of these assets approximate fair value due to the short-term nature and negligible credit risk inherent in them. Asset management fee receivable from TC Fund I – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments are discounted based upon a market yield. Guarantee fee receivable – The carrying value of this receivable approximates fair value due to the short-term nature and negligible credit risk inherent in such receivables . Loans held for investment – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments are discounted based upon market yields for similar loans. Notes payable and other debt – Fair value is measured by discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting the debt arrangement, taking into account credit risk. Subordinated debt – T he Company measures the fair value of the subordinate d debt by discounting contractual cash flows based upon its estimated market yield, which was 14.5% and 20% as of December 31, 2016 and 2015, respectively . As outlined in the table above, at December 31, 2016, the aggregate fair value was measured at $61.5 million. At December 3 1 , 201 6 , the measured fair value of this debt would have been $71.1 million and $53.7 million using a market yield of 12.0% and 17.0% , respectively. The measured fair value of this debt is inherently judgmental and based on management’s assumption of market yields. There can be no assurance that the Company could repurchase the remaining subordinated debt at the measured fair values reflected in the table above or that the debt would trade at that price. Guarantee obligations – The fair value of these obligations represents an estimate of what we would pay to transfer such obligations to a third party in an orderly transaction at the measurement date . The carrying value of these obligations, which reflects the unamortized balance of deferred guarantee fees received by the Company (a systematic and rational method of amortization is used to subsequently measure such liabilities for reporting purposes), approximate s their fair value. However, a s further discussed in Note 8, “Guarantees and Collateral,” the Company has guaranteed minimum yields on investment to investors in 11 LIHTC funds that are consolidated for financial reporting purposes. As a result, the unamortized balance of deferred guarantee fees associated with such funds is eliminated for financial reporting purposes. Therefore, such amounts are not included in the carrying value of the Company’s guarantee obligations as reported in the preceding tables. Nonetheless, the Company believes that, in measuring the fair value of these guarantees, market participants would assume that the unamortized balance of deferred guarantee fees is a reasonable proxy for what the Company would be expected to pay to assign its guarantee obligations to a third party. Accordingly, the unamortized balance of deferred guarantee fees associated with such guarantees, while not included in the reported carrying value of the Company's guarantee obligations, is included in the disclosed fair value of the Company's guarantee obligations. |
GUARANTEES AND COLLATERAL
GUARANTEES AND COLLATERAL | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees And Collateral [Abstract] | |
Guarantees And Collateral | N ote 8 — G uarantees and Collateral G uarantees – LIHTC Business Line The C ompany has guaranteed minimum yields on investment to investors in 11 consolidated LIHTC funds, along with two additional guaranteed LIHTC funds that are not consolidated for reporting purposes (all 13 LIHTC funds are collectively referred to hereinafter as the “ Guaranteed Funds ”) and has agreed to indemnify the purchaser of the GP interests in those Guaranteed Funds from investor claims related to those guarantees. The Company may have to perform under such guarantees of investor yield for losses resulting from recapture of tax credits due to foreclosure or difficulties in maintaining occupancy levels as mandated by LIHTC compliance regulations with respect to the LTPPs in which the Guaranteed Funds are invested. Guarantees and i ndemnifications that relate to the 11 Guaranteed Funds that the Company consolidated for reporting purposes will expire in full by the end of 2027 while the balance of the Company’s indemnifications associated with Guaranteed Funds will expire by December 31, 2017. At December 3 1 , 2016 and 2015, the 11 Guaranteed Funds for which the Company has provided an indemnification to the purchaser of corresponding GP interests held an aggregate of $14.5 million and $13.0 million in reserves, respectively. While these reserves are not cross collateralized, they could be utilized by each Guaranteed Fund to bring projected investor yield to its guaranteed minimum. This could mitigate, or reduce, the amount that the Company could otherwise be required to pay under its contractual obligations. Additionally, because the Company holds a first mortgage revenue bond from certain LTPPs in certain Guaranteed Funds, we have control over the exercis e of default remedies (such as foreclosure) for certain LTPPs, thereby controlling potential exposure that we have under our guarantee and indemnification agreements. As of December 31, 2016 and 2015, the Company had $15.6 million and $16.4 million, respectively, of collateral pledged towards this guarantee exposure. If we are required to perform under our guarantees, we could, subject to third party consent, access or be reimbursed with this collateral. As bondholder of a defaulted LTPP in which one of the 11 Guaranteed Funds is an LP investor, the Company foreclosed on, and subsequently sold, the property of the defaulted LTPP in the first quarter of 2016. This sale caused the redemption of our bond investment, as well as a loss of future tax credits and the recapture of tax credits previously taken. As a result, the Company made a guarantee payment of $0.9 million during the second quarter of 2016 . The Company made no other guarantee payments for the years ended Decem ber 3 1 , 2016 and 2015. The Company does not have any recourse provisions that would enable it to recover from third parties any of the amounts that would be required to be paid under either of the aforementioned types of indemnifications. As of December 31, 2016, the Company concluded there were no expected tax credit deficiencies that were both probable and estimable that would require it to make a payment related to these indemnification agreements. At December 31, 2016 and 2015, the Company had $8.6 million and $10.8 million, respectively, of unamortized fees related to indemnifications associated with the 11 Guaranteed Funds. These unamortized fees are included in the Company’s measurement of its common shareholders’ equity. However, for presentation purposes, these unamortized fees are eliminated in consolidation against the 11 Guaranteed Funds’ prepaid guarantee fees. The Company has agreed to indemnify specific investors in non-Guaranteed Funds related to the performance on certain LTPPs . If a third party fails to perform on its financial obligation relating to the property’s performance, the Company will be required to indemnify impacted investors. Such indemnities will expire by December 31, 2017. On December 29, 2015, as part of TC Fund I’s acquisition of a portfolio of limited partnership investments, TEI agreed to make mandatory loans to TC Fund I for distribution to the investor involved in this transaction in the amount of 95% of the excess, if any, of the projected tax credits for years 2016 to 2020 over the tax credits actually allocated to the investor. In addition, until December 31, 2025, TEI agreed to make mandatory loans to TC Fund I for distribution to the investor in the amount of tax credits previously claimed from 2016 to 2020 that are subsequently recaptured or otherwise reduced or lost, together with associated costs. Mandatory loans are limited in amount to 70% of projected tax credits in any year ( $109.6 million of total maximum exposure ) and may be subject to certain other limitations. In addition to these limitations, the investor will absorb 5% of any loss of tax credits . On this basis, the Company recognized a $4.2 million liability in connection with TEI’s mandatory loan performance obligation . At December 3 1 , 2016, the Company had $3.8 million of unamortized fees related to the mandatory loan performance obligation. However, if the Company were ever required to make a mandatory loan to TC Fund I, the Company would have the right to recover such payment to the extent there were available cash flows from TC Fund I to provide for such reimbursement. As of December 31, 2016 and 2015, the Company had $10.0 million of collateral pledged towards TC Fund I. On November 10, 2016, the Company acquired a 0.01% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. This property is an investment included within the 11 consolidated Guaranteed Funds. As part of this acquisition, the Company guaranteed the GP’s performance in connection with its obligations under the partnership agreement, which requires the GP to pay the limited partner any potential difference caused by the actual tax credits delivered being less than projected (including recapture of credits previously taken if caused by the actions of the GP). This performance guarantee does not increase maximum exposure amounts that are disclosed in the table below associated with indemnification agreements that the Company executed in connection with the Guaranteed Funds. Refer to Notes to Consolidated Financial Statements – Note 14, “Consolidated Funds and Ventures,” for additional information. Guarantees – Energy Capital Business Line On November 7, 2016, as part of the formation of REL, the Company agreed to guarantee all payment and performance obligations of its subsidiary, MEC, to the venture. Performance under this guaranty would be required by a breach of terms under the management agreement entered into by MEC. Because the Company controls MEC, it does not expect that it would, under any circumstance, ever have to perform under this guarantee. As a result, the Company believes that there are no potential future payments to make under this guarantee. Refer to Notes to Consolidated Financial Statements – Note 3, “Investments in Partnerships and Ventures,” for more information about our Solar Ventures. The following table provides information about the maximum exposure associated with the Company’s guarantee and indemnification agreements that we executed in connection with the Guaranteed Funds, TC Fund I and certain LTPPs: At At December 31, 2016 December 31, 2015 Maximum Carrying Maximum Carrying (in thousands) Exposure (1) Amount Exposure (1) Amount Guaranteed Funds (2) $ 392,518 $ 186 $ 490,843 $ 451 TC Fund I 109,587 3,805 109,599 4,227 LTPPs 536 12 1,223 80 (1) The Company’s maximum exposure represents the maximum loss the Company could incur under such agreements but is not indicative of the likelihood of expected loss under such agreements. (2) The maximum exposure includes $388.4 million and $482.7 million related to the 11 Guaranteed Funds we consolidated at December 31, 2016 and 2015, respectively. See Note 14, “Consolidated Funds and Ventures,” for more information. C ollateral and Restricted Assets The following table summarizes assets that are either pledged or restricted for the Company’s use at December 31, 2016 and 2015. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets: At December 31, 2016 Bonds Total Restricted Available- Investment in Other Assets (in thousands) Cash for-sale Partnerships Assets Pledged Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674 Other (1) 19,992 5,868 ─ ─ 25,860 CFVs (2) 23,584 ─ 137,773 44,551 205,908 Total $ 57,504 $ 135,614 $ 137,773 $ 44,551 $ 375,442 (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by CFVs. At December 31, 2015 Bonds Total Restricted Available- Investment in Other Assets (in thousands) Cash for-sale Partnerships Assets Pledged Debt and derivatives related to TRSs $ 4,697 $ 160,876 $ ─ $ ─ $ 165,573 Other (1) 12,344 14,085 ─ 6,417 32,846 CFVs (2) 22,992 ─ 177,786 18,834 219,612 Total $ 40,033 $ 174,961 $ 177,786 $ 25,251 $ 418,031 (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by CFVs . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 —C ommitments and Contingencies O perating Leases As of Dec ember 31 , 201 6 , the Company had four non-cancelable operating leases that expir e in 2017, 2020 and 2024. These leases require the Company to pay property taxes, maintenance and other costs. The Company recognized rental expense of $0.2 million , $0.5 million and $0.5 million for the years ended December 31, 2016, 2015 and 2014, respectively . The following table summarizes the future minimum rental commitments for the Company’s operating leases at December 3 1 , 201 6 : (in thousands) 2017 $ 282 2018 292 2019 308 2020 182 2021 129 Thereafter 304 Total minimum future rental commitments $ 1,497 L itigation From time to time, the Company and its subsidiaries are named as defendants in various litigation matters arising in the ordinary course of business. These proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters when a loss is probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained. At December 31, 2016, the Company had no significant litigation matters. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Equity | N ote 1 0 — E quity C ommon Share Information The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the year ended December 31, (in thousands) 2016 2015 2014 Net income from continuing operations $ 40,820 $ 18,399 $ 610 Net income from discontinued operations 1,532 327 18,188 Net income to common shareholders $ 42,352 $ 18,726 $ 18,798 Basic weighted-average shares (1) 6,254 6,881 7,647 Common stock equivalents (2), (3), (4), (5) 374 ─ ─ Diluted weighted-average shares 6,628 6,881 7,647 (1) Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding. (2) At December 31, 2016, 410,000 stock options were in the money and had a potential dilutive share impact of 372,194 . In addition, 9,468 employee deferred shares had a dilutive weighted-average share impact of 2,044 for the year ended December 31, 2016. (3) At December 31, 2015, 410,000 stock options were in the money and had a potential dilutive share impact of 339,689 . In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 12,348 for the year ended December 31, 2015. For the year ended December 31, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (4) At December 31, 2014, 410,000 stock options were in the money and had a potential dilutive share impact of 291,805 . In addition, 41,667 unvested employee deferred shares had a potential dilutive weighted-average share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (5) For the years ended December 31, 2016, 2015 and 2014 the weighted-average number of options excluded from the calculations of diluted earnings per share was 1,663 , 24,211 and 60,211 , respectively, either because of their anti-dilutive effect (i.e. , options that were not in the money) or because the option had contingent vesting requirements. Common Shares On D ecember 1, 2016, the Board authorized a 2017 share repurchase program (“ 201 7 Plan ”) for up to 580,000 shares and the Company adopted a further Rule 10b5-1 Plan implementing the Board’s authorization . As of December 31, 2016, all previous authorizations had either expired or were completed, therefore only the 2017 Plan of up to 580,000 shares rem ains. Between January 1, 2017 and March 8, 2017, the Company repurchased 86,600 shares at an average price of $ 20.05 . Effective at the filing of this Report and until mod ified by further action by the B oard, the maximum price at which management is currently authorized to purchase shares is $23.86 per share. Effective May 5, 2015, the Company adopted the Rights Plan to help preserve the Company’s net operating losses (“ NOLs ”) . In connection with adopting the Rights Plan, the Company declared a distribution of one right per common share to shareholders of record as of May 15, 2015. The rights do not trade apart from the current common shares until the distribution date, as defined in the Rights Plan. Under the Rights Plan, the acquisition by an investor (or group of related investors) of greater than a 4.9 % stake in the Company, could result in all existing shareholders other than the new 4.9% holder having the right to acquire new shares for a nominal cost, thereby significantly diluting the ownership interest of the acquiring person. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first. Noncontrolling Interests The f ollowing table provides information about the noncontrolling interests in CFVs and IHS PM: At At December 31, December 31, (in thousands) 2016 2015 Guaranteed Funds $ 128,734 $ 176,070 Consolidated Property Partnerships 6,220 3,950 IHS PM 45 31 Total $ 134,999 $ 180,051 Guaranteed Funds At Dec ember 31, 2016 and 2015 , the noncontrolling interest holders were comprised of the limited partners as well as the general partner in the 11 Guaranteed Funds that are consolidated for reporting purposes . Consolidated Property Partnerships At Dec ember 3 1 , 2016 and 2015, the noncontrolling interest holders were comprised of the limited partners as well as the general partner of the partnerships. See Note 14, “Consolidated Funds and Ventures,” for more information. IHS P M During the second quarter of 2015, we formed a company in South Africa, IHS PM, to provide property management services to the properties of IHS- managed funds. At December 31, 2016 and 2015, the Company owns 60 % of IHS PM and the third party property manager owns the remaining 40% . Accumulated Other Comprehensive Income Allocable to Common Shareholders The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2016: Bonds Foreign Available- Currency (in thousands) for-sale Translation AOCI Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209 Unrealized net gains (losses) 14,553 (67) 14,486 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (12,017) ─ (12,017) Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (25,860) ─ (25,860) Net change in AOCI (23,324) (67) (23,391) Balance, December 31, 2016 $ 40,998 $ (3,180) $ 37,818 The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2015: Bonds Foreign Available- Currency (in thousands) for-sale Translation AOCI Balance, January 1, 2015 $ 50,761 $ (632) $ 50,129 Unrealized net gains (losses) 18,374 (2,481) 15,893 Reclassification of unrealized gains on sold or redeemed bonds (4,992) ─ (4,992) Reclassification of unrealized losses to operations due to impairment 179 ─ 179 Net change in AOCI 13,561 (2,481) 11,080 Balance, December 31, 2015 $ 64,322 $ (3,113) $ 61,209 The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2014: Bonds Foreign Available- Currency (in thousands) for-sale Translation AOCI Balance, January 1, 2014 $ 31,876 $ (209) $ 31,667 Unrealized net gains (losses) 18,103 (343) 17,760 Reclassification of unrealized gains on sold or redeemed bonds (11,303) ─ (11,303) Reclassification of unrealized losses to operations due to impairment 113 ─ 113 Reclassification of unrealized gains due to deconsolidation of Consolidated LTTPs 13,975 ─ 13,975 Reversal of unrealized gains from AOCI to Net Income due to foreclosure (2,003) ─ (2,003) Other ─ (80) (80) Net change in AOCI 18,885 (423) 18,462 Balance, December 31, 2014 $ 50,761 $ (632) $ 50,129 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | N ote 1 1 — S tock-Based Compensation The Company has stock-based compensation plans (“ Plans ”) for Non-employee Directors (“ Non-employee Directors’ Stock-Based Compensation Plans ”) and stock-based incentive compensation plans for employees (“ Employees’ Stock-Based Compensation Plans ”). The following table provides information related to t otal compensation expense that was recorded for these Plans: For the year ended December 31, (in thousands) 2016 2015 2014 Employees’ Stock-Based Compensation Plans $ 1,903 $ 2,152 $ 1,725 Non-employee Directors’ Stock-Based Compensation Plans 325 295 237 Total $ 2,228 $ 2,447 $ 1,962 E mployees’ Stock-Based Compensation Plans As of December 3 1 , 201 6 , there were 381,345 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Company’s Board of Directors, not all of the Plans have been approved by the Company’s shareholders. The Plans that have not been approved by the Company’s shareholders are currently restricted to the issuance of only stock options. As a result, of the 381,345 shares available under the plans, only 17,205 are available to be issued in the form of either stock options or shares; all remaining share awards must be issued in the form of stock options. E mployee Common Stock Options The Company measures the fair value of unvested options with time-based vesting and all vested options (both time-based and performance based) using a lattice model for purposes of recognizing compensation expense. The Company believes the lattice model provides a better estimate of the fair value of these options as, according to FASB’s Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” Because options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company. The Company believes a Monte Carlo simulation provides a better estimate of the fair value for unvested options granted with specific stock price targets as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes. All options with stock price targets are vested as of December 31, 2016. The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans: Weighted-average Remaining Weighted-average Contractual Aggregate Number of Exercise Price Life per option Intrinsic Period End (in thousands, except per option data) Options per Option (in years) Value (1) Liability (2) Outstanding at January 1, 2015 416 $ 3.52 6.3 $ 3,196 $ 3,281 Forfeited/Expired in 2015 ─ Outstanding at December 31, 2015 416 3.52 5.3 5,283 5,282 Forfeited/Expired in 2016 (6) 132.50 Outstanding at December 31, 2016 410 1.56 4.4 7,149 7,166 Number of options that were exercisable at: December 31, 2015 398 3.60 5.3 December 31, 2016 410 1.56 4.4 (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 410,000 ; 416,211 ; and 412,100 ; at December 31, 2016, December 31, 2015 and January 1, 2015, respectively. The value of employee options increased by $1.9 million during the year ended December 31, 2016, due to the increase in market value of our stock price. This increase was recognized as additional compensation expense. Employee Deferred Shares The following table summarizes the deferred shares granted to employees : Weighted-average Deferred Share Grant Date Period End (in thousands, except per share data) Grants Share Price Liability Balance, January 1, 2016 10 $ 4.40 $ 126 Granted in 2016 ─ ─ Issued in 2016 (10) 4.40 Forfeited in 2016 ─ ─ Balance, December 31, 2016 ─ ─ ─ All employee deferred shares were vested and issued during the first quarter of 2016. The Company recognized $18,741 of additional compensation expense related to employee deferred shares during the first quarter of 2016 mainly driven by the increase in MMA’s share price and amortization of existing grants. N on-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 416,177 were available to be issued at December 3 1 , 201 6 . The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares. On March 12, 2015, the Board adopted an amendment to the Non-employee Directors ’ Stock-based Compensation Plans providing for directors to be paid $60,000 per year with 50% pa yable in cash and 50% payable in share based grants. 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. The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the years ended December 3 1 , 201 6, 2015 and 201 4 . The directors are fully vested in the deferred shares at the grant date. Common Deferred Weighted-average Shares Shares Grant Date Options Directors' Fees Cash Granted Granted Share Price Vested Expense December 31, 2016 $ 162,500 ─ 9,387 $ 17.31 ─ $ 325,000 December 31, 2015 147,500 4,779 7,670 11.85 ─ 295,000 December 31, 2014 118,750 8,462 5,904 8.27 ─ 237,500 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | N ote 1 2 —I ncome T axes The Company is a limited liability company that has elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining LIHTC Funds, are conducted by entities included in our consolidated corporate federal income tax return. The Company has significant NOLs that we expect will be sufficient to offset federal taxable income and gains for the foreseeable future. However, we currently maintain a valuation allowance against our entire deferred tax asset, based upon our assessment of the likelihood that such asset would be realized. The following table summarizes the components of the income tax benefit for the years ended December 31, 2016, 2015 and 2014: For the year ended December 31, (in thousands) 2016 2015 2014 Federal income tax benefit: Current $ ─ $ ─ $ ─ Deferred ─ ─ ─ State income tax expense: Current (379) (263) (242) Deferred ─ ─ ─ Foreign income tax expense: Current (300) ─ ─ Deferred ─ ─ ─ Income tax expense $ (679) $ (263) $ (242) The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2016, 2015 and 2014: For the year ended December 31, (in thousands) 2016 2015 2014 Loss from continuing operations before income taxes $ (5,112) $ (36,321) $ (99,364) Income tax benefit at federal statutory rate ( 35% ) 1,789 12,712 34,778 Permanent differences: Impact on taxes from entities not subject to tax (17,518) (22,214) (41,280) State income taxes, net of federal tax effect 487 (2,065) (2,308) Foreign losses (116) (231) (1,086) Impact from other comprehensive income 9,052 309 2,562 Tax-exempt interest, net 319 769 1,140 State net operating loss adjustment 6,620 1,490 103 Other (184) 484 178 Net decrease in the valuation allowance (1,128) 8,483 5,671 Income tax expense $ (679) $ (263) $ (242) The following table summarizes the deferred tax assets and deferred tax liabilities, net of valuation allowance at December 31, 2016 and 2015: At At December 31, December 31, (in thousands) 2016 2015 Deferred tax assets: Net operating loss, tax credits and other tax carryforwards $ 179,404 $ 184,527 Guaranteed fees 4,984 6,031 Asset management fees 7,719 7,323 Cancellation of subordinated debt 5,394 5,545 Other 6,293 (224) Total deferred tax assets 203,794 203,202 Less: valuation allowance (203,794) (203,202) Total deferred tax assets, net $ - $ - The following table summarizes the change in the valuation allowance for the years ended December 31, 2016 and 2015: For the year ended December 31, (in thousands) 2016 2015 Balance, January 1 $ 203,202 $ 211,800 Net reductions due to discontinued operations (536) (115) Net reductions due to continuing operations 1,128 (8,483) Balance, December 31 $ 203,794 $ 203,202 At December 31, 2016 and 2015, the Company determined that it was more likely than not that the deferred tax assets would not be fully realized and, therefore, the Company recorded a deferred tax asset valuation allowance of $203. 8 million and $203.2 million , respectively. The Company considered information such as forecasted earnings, future taxable income and tax planning strategies in measuring the required valuation allowance. The Company will continue to assess whether the deferred tax assets are realizable and will adjust the valuation allowance as needed. For the tax year ending December 31, 2016, the Company had income taxes payable (net of current taxes receivable) of $0.3 million reported through “Accounts payable and accrued expenses.” For the tax year ending December 31, 2015, the Company had state income taxes receivable (net of current taxes payable) of $0.3 million, reported through “Other assets.” At December 31, 2016 and 2015, the Company had pre-tax federal NOLs of $400.9 million and $436.9 million , respectively, which are available to reduce future federal income taxes and begin to expire in 2027. Significant judgment is required in determining and evaluating income tax positions. The Company establishes additional provisions for income taxes when there are certain tax positions that could be challenged and that may not be supportable upon review by taxing authorities. At December 31, 2016 and 2015, the Company had a liability for unrecognized tax benefits, including potential interest and penalties should the Company’s tax position not be sustained by the applicable reviewing authority. This liability is reported in “Other liabilities” in the consolidated balance sheets . A reconciliation of the beginning and ending amount for unrecognized tax benefits is as follows: For the year ended December 31, (in thousands) 2016 2015 2014 Balance, January 1 $ 1,984 $ 1,466 $ 1,142 Net increases for tax positions of prior years 42 42 42 Net increases due to tax positions that only affect timing 524 476 282 Balance, December 31 $ 2,550 $ 1,984 $ 1,466 Of the uncertain tax position presented above , $0.8 million would have an impact on the effective tax rate for the periods ended December 31, 2016, 2015 and 2014, in the event an unfavorable settlement occurs with the respective tax authorities. This amount includes the accrued liability for interest and penalties of $0.4 million, $0.4 million and $0.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. The changes to tax positions that only affect timing are comprised of temporary differences that, if recognized, would increase the amount of the NOL carryforwards and would be subject to a full valuation allowance. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | N ote 1 3 — D iscontinued Operations The table below provides information about income and expenses related to the Company’s discontinued operations. The discontinued operations activity reported during the years ended December 3 1 , 2016, 2015 and 2014 relates to operations that were disposed of prior to the Company’s adoption of Accounting Standards Update No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) ─ Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” For the year ended December 31, (in thousands) 2016 2015 2014 Income from CFVs $ ─ $ ─ $ 279 Income from REO operations ─ ─ 1,148 Expenses from CFVs ─ ─ (243) Expenses from REO operations ─ ─ (1,112) Other income 333 333 333 Other expense (3) (6) (70) Net income before disposal activity 330 327 335 Disposal: Net gains on real estate and other investments 1,202 ─ 17,683 Net gains related to CFVs ─ ─ 20 Net income from discontinued operations 1,532 327 18,038 Loss from discontinued operations allocable to noncontrolling interests ─ ─ 150 Net income to common shareholders from discontinued operations $ 1,532 $ 327 $ 18,188 |
CONSOLIDATED FUNDS AND VENTURES
CONSOLIDATED FUNDS AND VENTURES | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Funds and Ventures [Abstract] | |
Consolidated Funds and Ventures | N ote 1 4 — C onsolidated Funds and Ventures Due to the Company generally having a minimal ownership interest in certain consolidated entities, the assets, liabilities, revenues, expenses, equity in losses from those entities’ unconsolidated LTPPs and the losses allocated to the noncontrolling interests of the consolidated entities have been separately identified in our C onsolidated B alance S heets and Consolidated S tatements of O perations. Third-party ownership in these CFVs is recorded in equity as “Noncontrolling interests in CFVs and IHS PM .” G uaranteed Funds As further discussed in Note 8 , “Guarantees and Collateral,” the Company has guaranteed minimum yields on investment to investors in 11 Guaranteed Funds that are consolidated by the Company for reporting purposes. The Guaranteed Funds’ primary assets are their investments in LTPPs, which are the owners of the affordable housing properties (see Investments in LTPPs in the Asset Summary below). The Guaranteed Funds account for these investments using the equity method of accounting. C onsolidated Property Partnerships As of December 31, 2016, the Company is the general partner in four LTPPs in which it holds equity interests ranging from 0.01 % - 1.00% . Because the Company was determined to be the primary beneficiary, the four entities have been consolidated by the Company for financial reporting purposes as of December 31, 2016. The investors in these consolidated entities have no recourse against the assets of the Company. Additionally, on December 31, 2015, in conjunction with TC Fund I's acquisition of a portfolio of low income housing tax credit partnership investments, the Company acquired a 99.89% limited partnership interest in an entity that owns an affordable multifamily property. The partnership sold the underlying property on October 26, 2016 and the Company received net sales proceeds of $2.6 million for its equity interest. Asset Summary: The following table summarizes the assets of the CFVs: At At December 31, December 31, (in thousands) 2016 2015 Cash, cash equivalents and restricted cash $ 23,584 $ 22,992 Investments in LTPPs 137,773 177,786 Real estate held for use, net 36,942 9,821 Real estate held for sale, net 145 ─ Other assets 7,464 9,013 Total assets of CFVs $ 205,908 $ 219,612 T he assets of the CFVs are restricted for use by the specific owner entity and are not available for the Company’s general use. Investments in LTPPs The Guaranteed Funds’ limited partner investments in LTPPs are accounted for using the equity method of accounting . The following table provides the assets and liabilities of the LTPPs: At At December 31, December 31, (in thousands) 2016 2015 Total assets of the LTPPs (1) $ 1,124,274 $ 1,216,319 Total liabilities of the LTPPs (1) 937,335 1,008,835 (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt. The following table provides information about the net loss of the LTPPs related to CFVs: For the year ended December 31, (in thousands) 2016 2015 2014 Net loss $ (24,687) $ (33,063) $ (42,785) The Company’s exposure to loss related to the Guaranteed Funds and the underlying LTPPs has two elements: exposure to loss associated with our financial guarantee s as described above and exposure to loss related to the Company’s investments in bonds that are dependent upon repayment by certain LTPPs within the Guaranteed Funds. Although the Company does not anticipate having to perform under its guarantees, the Company’s maximum exposure to loss associated with our guarantees was $388.4 million and $482.7 million at December 31, 2016 and 2015, respectively, while the Company’s maximum exposure to loss related to its investments in bonds was $87.6 million and $126.4 million at December 31, 2016 and 2015 , respectively. Real estate held for use, net The carrying value of the assets of consolidated property partnerships was comprised of the following: At At December 31, December 31, (in thousands) 2016 2015 Building, furniture and fixtures $ 33,281 $ 8,696 Accumulated depreciation (1,085) (89) Land 4,746 1,214 Total $ 36,942 $ 9,821 Depreciation expense was $1.0 million , $0.1 million and $4.8 million for the years ended December 31, 2016, 2015 and 2014, respectively . Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years. The Company did not recognize any impairment losses for the years ended December 31, 2016, 2015 and 2014. During the first quarter of 2016, the Company reclassified a property with a carrying value of $3.7 million from real estate held for use to real estate held for sale. During the second quarter of 2016, the Company acquired a 1.0% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. The Company accounted for this acquisition as a business combination and, as part of this transaction, acquired cash, tangible assets, which included land, building, furniture, fixtures and equipment and assumed liabilities of the partnership. The fair value of the partnership’s tangible assets w as determined by discounting the expected future cash flows associated with the underlying property, using market discount and capitalization rates, less estimated selling costs. The total consideration paid by the Company of $0.1 million for the acquisition was equal to the net fair value of the assets acquired, liabilities assumed and noncontrolling interest. The fair value of the noncontrolling interest at the date of acquisition was $1.9 million. A reclassification into our Consolidated Statement of Operations of $4.2 million of “Other comprehensive income (loss) allocable to common shareholders” representing unrealized gains was triggered when the Company consolidated the property. During the third quarter of 2016, the Company acquired a 0.01% general partnership interest in an entity that that owns an affordable multifamily property. The Company accounted for this acquisition as a business combination and, as part of this transaction, acquired cash, tangible assets, which included land, building, furniture, fixtures and equipment and assumed liabilities of the partnership. The fair value of the partnership’s tangible assets was determined by discounting the expected future cash flows associated with the underlying property, using market discount and capitalization rates, less estimated selling costs. The total consideration paid by the Company of $0.1 million for the acquisition was equal to the net fair value of the assets acquired, liabilities assumed and noncontrolling interest. The fair value of the noncontrolling interest at the date of acquisition was $0.9 million . During the fourth quarter of 2016, the Company acquired a 0.01% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. The Company accounted for this acquisition as a business combination and, as part of this transaction, acquired cash, tangible assets, which included land, building furniture, fixtures and equipment and assumed liabilities of the partnership. The fair value of the partnership’s tangible assets was determined by discounting the expected future cash flows associated with the underlying property, using market discount and capitalization rates, less estimated selling costs. The total consideration paid by the Company of $0.3 million for the acquisition was deemed to be in excess of the net fair value of the assets acquired, liabilities assumed and noncontrolling interest and was therefore recorded as goodwill. The fair value of the noncontrolling interest at the date of acquisition was $0.3 million . A reclassification into our Consolidated Statement of Operations of $ 10.2 million of “Other comprehensive income (loss) allocable to common shareholders” representing unrealized gains was triggered when the Company consolidated the property. Real estate held for sale , net The carrying value of assets of the consolidated property partnership was comprised of the following: At At December 31, December 31, (in thousands) 2016 2015 Cash $ 145 $ ─ Building, furniture and fixtures ─ ─ Land ─ ─ Other assets ─ ─ Total $ 145 $ ─ Liability Summary: The following table summarizes the liabilities of the CFVs: At At December 31, December 31, (in thousands) 2016 2015 Debt (1), (2) $ 13,029 $ 9,883 Unfunded equity commitments to unconsolidated LTPPs 8,103 8,203 Asset management fee payable 28,373 24,828 Other liabilities 4,209 3,405 Total liabilities of CFVs $ 53,714 $ 46,319 (1) At December 31, 2016 and 2015, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 5.75% , and was due on demand. (2) At December 31, 2016, $6.3 million of this debt was related to two consolidated property partnerships and had a UPB of $5.4 million and weighted-average effective interest rate of 4.0% with various maturity dates through March 11, 2029. At December 31, 2015, $3.2 million of this debt was related to two consolidated property partnerships and had a UPB of $2.8 million and weighted-average effective interest rate of 4.3% with various maturity dates through May 1, 2039. Income Statement Summary: The following section provides more information related to the income statement of the CFVs : For the year ended December 31, (in thousands) 2016 2015 2014 Revenue: Rental and other income from real estate $ 2,912 $ 102 $ 10,210 Interest and other income 1,054 886 6,284 Total revenue from CFVs 3,966 988 16,494 Expenses: Depreciation and amortization 3,196 2,296 7,012 Interest expense 573 384 3,087 Other operating expenses 7,355 5,194 48,328 Foreign currency loss ─ ─ 5,030 Asset impairments 25,113 29,923 26,978 Total expenses from CFVs 36,237 37,797 90,435 Net losses related to CFVs: Investment (loss) gains (451) 853 13,121 Derivative gains ─ ─ 2,244 Net loss due to deconsolidation of CFVs ─ ─ (23,867) Net loss on sale of properties ─ ─ (138) Equity in losses from LTPPs of CFVs (17,254) (22,219) (32,730) Net loss (49,976) (58,175) (115,311) Net losses allocable to noncontrolling interests in CFVs (1) 46,686 55,014 100,140 Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171) (1) Excludes $75 and $31 of net gain allocable to the noncontrolling interest holder in IHS PM for the years ended December 31, 2016 and 2015. Excludes $76 of net loss allocable to the noncontrolling interest holder in IHS for the year ended December 31, 2014. These amounts are excluded from this presentation because IHS PM and IHS related activity are not included within CFV income statement activity above. The details of Net loss allocable to the common shareholders related to CFVs: For the year ended December 31, (in thousands) 2016 2015 2014 Asset management fees $ ─ $ ─ $ 4,103 Guarantee fees 1,238 1,324 1,324 Interest income 502 ─ 1,526 Equity in losses from LTPPs (4,776) (5,338) (5,912) Equity in income from Consolidated Property Partnerships 344 ─ ─ Equity in income from SAWHF ─ ─ 343 Other expenses (598) ─ (1,105) Net gain due to consolidation of CFVs ─ 853 ─ Net loss due to deconsolidation of CFVs ─ ─ (15,450) Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | N ote 1 5 — S egment Information The Company operates through three reportable segments: U.S. Operations, International Operations and Corporate Operations . The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs. We have revised the presentation for the years ended December 31, 2015 and 2014, which had no impact on Net income to common shareholders. For the year ended December 31, 2016 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate Reclassifications Consolidated Total interest income $ 15,255 $ 132 $ 104 $ (502) (1) $ 14,989 Total interest expense (1,870) ─ (294) ─ (2,164) Net interest income 13,385 132 (190) (502) 12,825 Total fee and other income 6,293 6,770 3 (1,238) (2) 11,828 Revenue from CFVs 3,966 ─ ─ ─ 3,966 Total non-interest revenue 10,259 6,770 3 (1,238) 15,794 Total revenues, net of interest expense 23,644 6,902 (187) (1,740) 28,619 Operating and other expenses: Interest expense (125) (2) (4,309) ─ (4,436) Operating expenses (9,736) (8,993) (6,512) ─ (25,241) Other expenses, net (2,568) 836 (113) 598 (3) (1,247) Expenses from CFVs (37,723) ─ ─ 1,486 (1), (2), (4) (36,237) Total operating and other expenses (50,152) (8,159) (10,934) 2,084 (67,161) Net gains on assets, derivatives and extinguishment of liabilities 16,416 1 (14) ─ 16,403 Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 25,860 ─ ─ ─ 25,860 Equity in income (losses) from unconsolidated funds and ventures 9,711 (495) ─ (344) 8,872 Net gains related to CFVs (451) ─ ─ ─ (451) Equity in losses from Lower Tier Property Partnerships of CFVs (17,254) ─ ─ ─ (17,254) Income (loss) from continuing operations before income taxes 7,774 (1,751) (11,135) ─ (5,112) Income tax expense ─ (300) (379) ─ (679) Income from discontinued operations, net of tax 1,532 ─ ─ ─ 1,532 Net income (loss) 9,306 (2,051) (11,514) ─ (4,259) (Income) loss allocable to noncontrolling interests: Net (income) losses allocable to noncontrolling interests in CFVs: Related to continuing operations 46,686 (75) ─ ─ 46,611 Net income (loss) allocable to common shareholders $ 55,992 $ (2,126) $ (11,514) $ ─ $ 42,352 (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.5 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2016 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. (3) Represents a lower of cost or market adjustment on a property held for sale that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million was reflected in other expenses for U.S. Operations. (4) Represents equity in income from the Consolidated Property Partnerships that the Company recognized as an allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the Company recognized $1.5 million of gains in U.S. Operations. For the year ended December 31, 2015 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate Reclassifications Consolidated Total interest income $ 15,844 $ 68 $ 82 $ ─ $ 15,994 Total interest expense (1,820) ─ (518) − (2,338) Net interest income 14,024 68 (436) ─ 13,656 Total fee and other income 8,834 5,679 488 (1,324) (1) 13,677 Revenue from CFVs 988 ─ ─ − 988 Total non-interest revenue 9,822 5,679 488 (1,324) 14,665 Total revenues, net of interest expense 23,846 5,747 52 (1,324) 28,321 Operating and other expenses: Interest expense (1,158) (96) (6,039) ─ (7,293) Operating expenses (7,957) (8,974) (5,992) ─ (22,923) Other expenses (1,656) (4,655) (1,146) ─ (7,457) Expenses from CFVs (39,121) ─ ─ 1,324 (1) (37,797) Total operating and other expenses (49,892) (13,725) (13,177) 1,324 (75,470) Net gains on assets, derivatives and extinguishment of liabilities 27,154 4,175 ─ ─ 31,329 Equity in income from unconsolidated funds and ventures 902 (37) ─ ─ 865 Net gains related to CFVs 853 ─ ─ ─ 853 Equity in (losses) income from Lower Tier Property Partnerships of CFVs (22,219) ─ ─ ─ (22,219) Income (loss) from continuing operations before income taxes (19,356) (3,840) (13,125) ─ (36,321) Income tax expense (29) ─ (234) ─ (263) Income from discontinued operations, net of tax 327 ─ ─ ─ 327 Net income (loss) (19,058) (3,840) (13,359) ─ (36,257) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations 55,014 (31) ─ ─ 54,983 Net income (loss) allocable to common shareholders $ 35,956 $ (3,871) $ (13,359) $ ─ $ 18,726 (1) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2015 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. For the year ended December 31, 2014 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate Reclassifications Consolidated Total interest income $ 20,542 $ 53 $ 19 $ (1,526) (1) $ 19,088 Total interest expense (2,414) ─ (706) − (3,120) Net interest income 18,128 53 (687) (1,526) 15,968 Total fee and other income 10,497 5,554 32 (5,427) (2) 10,656 Revenue from CFVs 16,494 ─ ─ − 16,494 Total non-interest revenue 26,991 5,554 32 (5,427) 27,150 Total revenues, net of interest expense 45,119 5,607 (655) (6,953) 43,118 Operating and other expenses: Interest expense (2,707) (144) (10,925) ─ (13,776) Operating expenses (6,919) (8,356) (6,252) ─ (21,527) Other expenses (4,151) (194) (242) 1,105 (3) (3,482) Expenses from CFVs (81,176) ─ ─ (9,259) (5) (90,435) Total operating and other expenses (94,953) (8,694) (17,419) (8,154) (129,220) Net gains on assets, derivatives and extinguishment of liabilities 18,247 ─ 1,120 ─ 19,367 Net gains transferred into net income from AOCI due to real estate foreclosure 2,003 ─ ─ ─ 2,003 Equity in income from unconsolidated funds and ventures 6,500 238 ─ ─ 6,738 Net gains related to CFVs 15,227 ─ ─ ─ 15,227 Equity in (losses) income from Lower Tier Property Partnerships of CFVs (32,730) 343 ─ (343) (4) (32,730) Net losses due to deconsolidation of CFVs (39,317) ─ ─ 15,450 (23,867) Income (loss) from continuing operations before income taxes (79,904) (2,506) (16,954) ─ (99,364) Income tax expense ─ ─ (242) ─ (242) Income from discontinued operations, net of tax 18,038 ─ ─ ─ 18,038 Net income (loss) (61,866) (2,506) (17,196) ─ (81,568) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations 100,140 76 ─ ─ 100,216 Related to discontinued operations 150 ─ ─ ─ 150 Net income (loss) allocable to common shareholders $ 38,424 $ (2,430) $ (17,196) $ ─ $ 18,798 (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million was reflected in total interest income for U.S. Operations. (2) This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million was reflected in total fee and other income for International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during 2014 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in SAWHF (i.e., 2.7% of SAWHF’s 2014 net income) which was recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA. The following table provides information about total assets by segment: December 31, December 31, (in thousands) 2016 2015 ASSETS U.S. Operations (includes $205,908 and $219,612 related to CFVs) $ 517,286 $ 571,213 Corporate Operations 48,459 21,619 International Operations 8,454 6,239 Total MMA consolidated assets $ 574,199 $ 599,071 |
SELECTED QUARTERLY FINANCIAL IN
SELECTED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Information | N ote 1 6 — Selected Quarterly Financial Information (Unaudited) T he Company’s consolidated statements of operations for the quarterly periods in 2016 and 2015 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods. Unaudited For the 2016 Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income Interest on bonds $ 3,254 $ 2,705 $ 3,230 $ 2,305 Interest on loans and short-term investments 437 886 1,195 977 Total interest income 3,691 3,591 4,425 3,282 Interest expense Bond related debt 295 335 404 443 Non-bond related debt 254 217 181 35 Total interest expense 549 552 585 478 Net interest income 3,142 3,039 3,840 2,804 Non-interest revenue Asset management fees and reimbursements 1,892 2,261 2,383 2,324 Other income 647 954 1,109 258 Revenue from CFVs 819 726 1,163 1,258 Total non-interest revenue 3,358 3,941 4,655 3,840 Total revenues, net of interest expense 6,500 6,980 8,495 6,644 Operating and other expenses Interest expense 1,042 1,075 1,121 1,198 Salaries and benefits 4,080 3,919 4,288 4,826 General and administrative 700 655 633 805 Professional fees 1,435 1,005 1,452 1,443 Other expenses 48 735 (3) 467 Expenses from CFVs 8,368 9,014 10,065 8,790 Total operating and other expenses 15,673 16,403 17,556 17,529 Net gains (losses) on bonds 2,295 28 (69) 9,963 Net gains on real estate and other investments 116 ─ 1,585 127 Net gains (losses) on derivatives, loans, other assets and extinguishment of liabilities 682 1,424 894 (642) Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 11,442 4,205 ─ 10,213 Equity in income from unconsolidated funds and ventures 4,461 2,126 1,478 807 Net (losses) gains related to CFVs ─ (598) ─ 147 Equity in losses from lower tier property partnerships of CFVs (5,686) (4,937) (4,993) (1,638) Net loss from continuing operations before income taxes 4,137 (7,175) (10,166) 8,092 Income tax expense (72) (34) (43) (530) Net income from discontinued operations, net of tax 83 83 1,285 81 Net income (loss) 4,148 (7,126) (8,924) 7,643 Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs and IHS PM: Related to continuing operations 12,457 12,256 13,099 8,799 Net income allocable to common shareholders $ 16,605 $ 5,130 $ 4,175 $ 16,442 Basic income per common share: Income from continuing operations $ 2.54 $ 0.80 $ 0.47 $ 2.71 Income from discontinued operations 0.01 0.01 0.21 0.01 Income per common share $ 2.55 $ 0.81 $ 0.68 $ 2.72 Diluted income per common share: Income from continuing operations $ 2.51 $ 0.80 $ 0.44 $ 2.61 Income from discontinued operations 0.01 0.01 0.20 0.01 Income per common share $ 2.52 $ 0.81 $ 0.64 $ 2.62 Weighted-average common shares outstanding: Basic 6,523 6,289 6,174 6,034 Diluted 6,882 6,289 6,549 6,408 Unaudited For the 2015 Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income Interest on bonds $ 4,026 $ 3,281 $ 3,298 $ 3,006 Interest on loans and short-term investments 741 803 396 443 Total interest income 4,767 4,084 3,694 3,449 Interest expense Bond related debt 326 379 318 313 Non-bond related debt 148 132 305 417 Total interest expense 474 511 623 730 Net interest income 4,293 3,573 3,071 2,719 Non-interest revenue Income on preferred stock investment 1,297 1,311 1,326 419 Asset management fees and reimbursements 1,421 1,575 1,924 1,887 Other income 723 810 656 328 Revenue from CFVs 67 133 209 579 Total non-interest revenue 3,508 3,829 4,115 3,213 Total revenues, net of interest expense 7,801 7,402 7,186 5,932 Operating and other expenses Interest expense 3,196 1,708 1,300 1,089 Salaries and benefits 3,272 3,911 4,232 4,318 General and administrative 863 773 719 868 Professional fees 1,144 881 718 1,224 Other expenses 107 1,722 2,267 3,361 Expenses from CFVs 9,316 9,014 10,890 8,577 Total operating and other expenses 17,898 18,009 20,126 19,437 Net gains on bonds 583 3,792 626 1,512 Net gains on real estate and other investments ─ 5,622 4,296 6,577 Net gains on derivatives, loans, other assets and extinguishment of liabilities 985 928 1,523 4,885 Equity in income from unconsolidated funds and ventures 73 20 281 491 Net gains related to CFVs ─ ─ ─ 853 Equity in losses from lower tier property partnerships of CFVs (5,693) (6,654) (3,919) (5,953) Net loss from continuing operations before income taxes (14,149) (6,899) (10,133) (5,140) Income tax (expense) benefit (71) (61) (146) 15 Net income from discontinued operations, net of tax 78 83 83 83 Net loss (14,142) (6,877) (10,196) (5,042) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs and IHS PM: Related to continuing operations 14,304 14,168 13,780 12,731 Net income allocable to common shareholders $ 162 $ 7,291 $ 3,584 $ 7,689 Basic income per common share: Income from continuing operations $ 0.01 $ 1.04 $ 0.52 $ 1.15 Income from discontinued operations 0.01 0.01 0.01 0.01 Income per common share $ 0.02 $ 1.05 $ 0.53 $ 1.16 Diluted income per common share: Income from continuing operations $ 0.01 $ 1.04 $ 0.50 $ 1.15 Income from discontinued operations 0.01 0.01 0.01 0.01 Income per common share $ 0.02 $ 1.05 $ 0.51 $ 1.16 Weighted-average common shares outstanding: Basic 7,213 6,955 6,746 6,617 Diluted 7,213 6,955 7,091 6,617 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements. The Company evaluates subsequent events through the date of filing with the 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 has made significant estimates in certain areas, including the determination of fair values for bonds, derivative instruments, guarantee obligations, and certain assets and liabilities of CFVs. Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Variable Interest Entity (“VIE”) Assessment We have interests in various legal entities that represent VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (2) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains related to CFVs” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as “Net losses due to deconsolidation of CFVs” in our Consolidated Statements of Operations. |
Consolidated Funds and Ventures | Consolidated Funds and Ventures Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits (if any). In addition, we must make judgments about discount rates and capitalization rates. As of December 31, 2016, CFVs consisted of 11 LIHTC funds for which we sold our GP interests and agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to minimum yield guarantees that are provided in connection with their investments in such funds (these 11 funds, along with two additional guaranteed LIHTC funds that are not consolidated for financial reporting purposes, are hereinafter referred to as “ Guaranteed Funds ”) and four partnerships that own affordable housing properties that were consolidated by the Company . Account balances related to CFVs that were reported on our Consolidated Balance Sheets at either December 31, 2016 or December 31, 2015 include the following: · Cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash of CFVs are reported as restricted cash by the Company. · Guaranteed Funds Investment in Lower Tier Property Partnerships At December 31, 2016, the Company consolidated 11 Guaranteed Funds. The Guaranteed Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“ Lower Tier Property Partnership ” or “LTPP” ) . The GPs of these LTPPs are considered the primary beneficiaries. Therefore, the LIHTC Funds do not consolidate these LTTPs for financial reporting purposes. These LTTPs are accounted for under the equity method as further described below in this Note 1, “Summary of Significant Accounting Policies,” under the sub-heading entitled “Investments in Partnerships.” · Unfunded Equity Commitments The Guaranteed Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively. · Property Partnerships At December 31, 2016, the Company consolidated four property partnerships because it is deemed to be the primary beneficiary of the partnerships. The Company holds equity interests in these property partnerships ranging from 0.01% to 1.00% . The assets held by these property partnerships are affordable multifamily housing properties. These consolidated property partnerships are reported in “Other assets” on the Consolidated Balance Sheets. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash. |
Restricted Cash | Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements. |
Bonds | Bonds We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities. ” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether such decline in fair value is other-than-temporary. We assess that an impairment is other-than-temporary (“ OTTI ”) if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statement of Operations for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. We do not intend to sell bonds that were in an unrealized loss position at December 31, 2016 and 2015, and it is not more likely than not that we will be required to sell such bonds before recovery of the amortized cost of such instruments. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. We measure the fair value of most of our performing bonds by calculating the net present value of their expected future cash flows using discount factors that reflect the market yield for such investments. In this regard, discount factors reflect specific bond attributes such as the expected term of a bond, debt service coverage ratio, geographic location and bond size . If observable, binding market quotes are available, we will estimate the fair value of our performing bonds based on such quoted prices. For non-performing bonds ( i.e ., defaulted bonds as well as certain non-defaulted bonds that we deem at risk of default), we estimate fair value by discounting the property’s expected cash flows and residual proceeds using estimated discount and capitalization rates, less estimated selling costs. However, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available. There are significant judgments and estimates associated with projecting bond or underlying collateral cash flows for non-performing bonds given that we are required to make assumptions about macroeconomic conditions, interest rates, local and regional real estate market conditions and individual property performance. In addition, the determination of the discount rates applied to these cash flow forecasts involves significant judgments as to current credit spreads and investor return expectations. The bonds reflected on the Consolidated Balance Sheets at December 31, 2016 were valued at approximately 101% of the portfolio’s unpaid principal balance (“ UPB ”). The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed. |
Investments in Partnerships | Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, Equity Method Investments to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership's operations. Under the equity method, the Company's investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses from the partnership. The Company's allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company's cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company's investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, provided an imminent return to profitable operations by the partnership is not assured or if the Company has guaranteed obligations of the partnership or has otherwise committed to provide further financial support to the partnership. The Company and its consolidated Guaranteed Funds must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions. |
Loans | Loans Loans Held For Sale (“HFS”) When we originate loans that we intend to sell, we classify such loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“HFI”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on nonaccruing loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. |
Real Estate Owned | Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for financial reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for financial reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Other expenses.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “Net gains on real estate.” |
Derivative Instruments | Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging. ” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of such instruments are reported in our Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.” |
Guarantees | Guarantees The Company has guaranteed minimum yields on investment to investors in Guaranteed Funds and has agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to those guarantees. Additionally, the Company has agreed to indemnify specific investors in certain non-Guaranteed Funds related to the performance of certain LTTPs. Further, t he Company has provided a limited guarantee of expected tax credits to be generated by a portfolio of low income housing tax credit partnership interests that was acquired by our LIHTC Partnership, known as MMA Capital TC Fund I, LLC (“ TC Fund I ”), which we established in the fourth quarter of 2015. In limited circumstances, the Company has also guaranteed the performance of its consolidated subsidiaries in connection with various performance obligations. At inception of a guarantee to an unconsolidated entity that requires financial statement recognition, we recognize the fair value of our obligation to stand ready to perform over the term of the guarantee in the event that specified triggering events or conditions occur. This liability is classified in Consolidated Balance Sheets as a component of “Other liabilities.” As a practical expedient, we measure the fair value of a guarantee liability based upon either cash compensation that is received at inception or the net present value of expected payments to be received from a guaranteed party over the life of such agreement. The Company will reduce this liability through the use of a systematic and rational method of amortization in which the recognized balance at inception will be evenly amortized over the life of a guarantee. However, guarantee payments made by the Company will be recorded as a reduction of the unamortized balance of a guarantee liability and, in this case, periodic amortization will be prospectively adjusted to reflect a revised amount of amortization that is based upon the-then remaining balance of a guarantee liability and the period to expiry of a guarantee. We also record at the inception of a guarantee to an unconsolidated entity a guarantee asset that is measured based upon the amount of cash compensation that we received at the inception of a guarantee or based upon the net present value of contractual guarantee fees that we expect to collect over the life of a guarantee. Recognized guarantee assets are classified in our Consolidated Balance Sheets as a component of “Other assets.” Subsequent to initial recognition, we account for a guarantee asset at amortized cost. As we collect monthly guarantee fees, we will reduce recognized guarantee assets to reflect cash payments received. We will also assess guarantee assets for other-than-temporary impairment based on changes in our estimate of the cash flows to be received. With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. We classify such liabilities in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of such activities is provided in Note 8, “Guarantees and Collateral.” |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date. |
Foreign Currency Translation | Foreign Currency Translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI. When the foreign entity’s functional currency is determined to be the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. |
Income (Loss) per Common Share | Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period (this includes director and employee deferred and vested shares). The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. |
Income Taxes | Income Taxes We are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining Guaranteed Funds, are conducted by entities included in our consolidated corporate federal income tax return. ASC No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. Significant judgment is required in determining and evaluating income tax positions, including assessing the relative merits and risks of various tax treatments considering statutory, judicial and regulatory guidance available regarding the tax position. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Judgment is also required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of our deferred tax assets. In assessing our ability to realize the benefit of our deferred tax assets and thereby measuring the required valuation allowance, we consider information such as forecasted earnings, future taxable income and tax planning strategies, all of which entail significant judgment. As of December 31, 2016, we had an estimated $400.9 million of federal net operating losses representing a significant potential asset of the Company, subject to a full valuation allowance as of that measurement date. There are a number of risks associated with the potential ability of the Company to use the net operating losses, including: 1) change of control for the Company; 2) lack of taxable income generated before expiration of the carryforward period beginning in 2027; 3) potential challenges from tax authorities; and 4) changes in tax laws. On May 5, 2015, the Board adopted a Tax Benefits Rights Agreement (the “ Rights Plan ”) to potentially mitigate the risk of a change of control event. Although the Rights Plan is a deterrent against a change of control, it would not absolutely prevent a change of control and it could be subject to challenge if a change of control trigger event occurs. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first. |
Prior Period Correction of an Immaterial Error | Prior Period Correction of an Immaterial Error In the first quarter of 2016, the Company determined that, in connection with two bond investments that were acquired in 2006 and 2007, it had understated the recognition of interest income and had overstated the recognition of unrealized holding gains on such investments in other comprehensive income by an equal and offsetting amount. This financial statement error, which had no impact on total common shareholders’ equity or diluted common shareholders’ equity per share, was attributable to the method used by the Company to reduce the reported balance of investment-related cost basis adjustments into interest income. The method that was used in this case was determined not to be compliant with GAAP. We assessed the materiality of the identified error on our financial statements for prior periods in accordance with SEC Staff Accounting Bulletin (“ SAB ”) No. 99, “ Materiality, ” which is codified in Accounting Standards Codification (“ ASC ”) 250, “ Presentation of Financial Statements ,” and concluded it was not material to any prior annual or interim periods. However, the aggregate amount of the prior period corrections of $7.2 million if corrected in the current period would be material to our projected annual results of consolidated operations. Consequently, in accordance with ASC 250 (specifically SAB No. 108, “ Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ”), we have corrected these errors for all prior years and interim periods presented by revising the consolidated financial statements and other financial information included herein. Periods not presented herein will be revised, as applicable, in future filings. The effects of the revisions on our Consolidated Balance Sheet were as follows: As Previously Reported As Revised December 31, December 31, (in thousands) 2015 Adjustment 2015 Common shareholders’ equity: Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively $ 47,755 $ 7,206 $ 54,961 Accumulated other comprehensive income 68,415 (7,206) 61,209 Total common shareholders’ equity $ 116,170 $ ─ $ 116,170 The effects of the revisions on our Consolidated Statements of Equity were as follows: Common Equity Before (in thousands) AOCI AOCI As previously reported year ended December 31, 2014 $ 35,032 $ 56,452 Adjustment 6,323 (6,323) As revised year ended December 31, 2014 $ 41,355 $ 50,129 As previously reported year ended December 31, 2015 $ 47,755 $ 68,415 Cumulative adjustment at December 31, 2014 6,323 (6,323) Adjustment 883 (883) As revised year ended December 31, 2015 $ 54,961 $ 61,209 The effects of the revisions on our Consolidated Statements of Operations were as follows: Net income Basic Diluted from income income Income tax discontinued per per Interest on benefit operations common common (in thousands, except per share data) Bonds (expense) net of tax share share As previously reported year ended December 31, 2014 $ 16,493 $ 45 $ 17,901 $ 2.28 $ 2.28 Adjustment 1,481 (287) 137 0.18 0.18 As revised year ended December 31, 2014 $ 17,974 $ (242) $ 18,038 $ 2.46 $ 2.46 As previously reported year ended December 31, 2015 $ 12,728 $ (263) $ 327 $ 2.59 $ 2.59 Adjustment 883 ─ ─ 0.13 0.13 As revised year ended December 31, 2015 $ 13,611 $ (263) $ 327 $ 2.72 $ 2.72 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The effects of the revisions on our Consolidated Balance Sheet were as follows: As Previously Reported As Revised December 31, December 31, (in thousands) 2015 Adjustment 2015 Common shareholders’ equity: Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively $ 47,755 $ 7,206 $ 54,961 Accumulated other comprehensive income 68,415 (7,206) 61,209 Total common shareholders’ equity $ 116,170 $ ─ $ 116,170 The effects of the revisions on our Consolidated Statements of Equity were as follows: Common Equity Before (in thousands) AOCI AOCI As previously reported year ended December 31, 2014 $ 35,032 $ 56,452 Adjustment 6,323 (6,323) As revised year ended December 31, 2014 $ 41,355 $ 50,129 As previously reported year ended December 31, 2015 $ 47,755 $ 68,415 Cumulative adjustment at December 31, 2014 6,323 (6,323) Adjustment 883 (883) As revised year ended December 31, 2015 $ 54,961 $ 61,209 The effects of the revisions on our Consolidated Statements of Operations were as follows: Net income Basic Diluted from income income Income tax discontinued per per Interest on benefit operations common common (in thousands, except per share data) Bonds (expense) net of tax share share As previously reported year ended December 31, 2014 $ 16,493 $ 45 $ 17,901 $ 2.28 $ 2.28 Adjustment 1,481 (287) 137 0.18 0.18 As revised year ended December 31, 2014 $ 17,974 $ (242) $ 18,038 $ 2.46 $ 2.46 As previously reported year ended December 31, 2015 $ 12,728 $ (263) $ 327 $ 2.59 $ 2.59 Adjustment 883 ─ ─ 0.13 0.13 As revised year ended December 31, 2015 $ 13,611 $ (263) $ 327 $ 2.72 $ 2.72 |
BONDS AVAILABLE-FOR-SALE (Table
BONDS AVAILABLE-FOR-SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Bonds Available-For-Sale [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following tables provide information about the UPB, amortized cost, gross unrealized gains and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At December 31, 2016 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 106,366 $ 73,049 $ 36,978 $ 110,027 103% Other real estate related bond investments 47,788 41,934 4,020 45,954 96% Total $ 154,154 $ 114,983 $ 40,998 $ 155,981 101% At December 31, 2015 Gross Amortized Unrealized FV as a % (in thousands) UPB Cost (1) Gains FV of UPB Multifamily tax-exempt bonds $ 160,974 $ 98,694 $ 57,915 $ 156,609 97% Other real estate related bond investments 62,385 55,423 6,407 61,830 99% Total $ 223,359 $ 154,117 $ 64,322 $ 218,439 98% (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. |
Bonds with Prepayment Features | (in thousands) UPB Amortized Cost Fair Value December 31, 2016 $ 37,788 $ 31,933 $ 35,414 2017 ─ ─ ─ 2018 1,943 448 2,239 2019 ─ ─ ─ 2020 5,245 4,467 5,396 Thereafter 109,082 78,039 112,835 Bonds that may not be prepaid 96 96 97 Total $ 154,154 $ 114,983 $ 155,981 The weighted-average expected maturity of the Company’s investments in bonds that are not currently prepayable at par at December 31, 2016 was 5.1 years. |
Past Due Analysis of Available-for-sale Securities Bonds, Current | The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments: At At December 31, December 31, (in thousands) 2016 2015 Total current $ 148,967 $ 175,106 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater 7,014 43,333 Total $ 155,981 $ 218,439 |
Gain (Loss) on Investments | For the year ended December 31, (in thousands) 2016 2015 2014 Net impairment recognized on bonds held at each period-end $ ─ $ ─ $ (113) Net impairment recognized on bonds sold or redeemed during each period ─ (179) ─ Gains recognized at time of sale or redemption (1) 12,217 6,513 12,293 Total net gains on bonds $ 12,217 $ 6,334 $ 12,180 |
INVESTMENTS IN PARTNERSHIPS (Ta
INVESTMENTS IN PARTNERSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, December 31, (in thousands) 2016 2015 Investments in U.S. real estate partnerships (includes $11,138 and $13,374 related to VIEs) (1) $ 27,596 $ 29,633 Investments in IHS-managed funds (includes $1,955 and $1,388 related to VIEs) (1) 3,296 2,501 Investment in Solar Ventures 75,526 50,521 Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 137,773 177,786 Total investments in partnerships $ 244,191 $ 260,441 (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE. See Note 14, “Consolidated Funds and Ventures,” for more information. |
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 and liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At December 31, December 31, 2016 2015 (in thousands) Total assets $ 97,659 $ 114,697 Total liabilities 47,147 61,007 The following table provides information about the net income (loss) of U.S. real estate partnerships in which the Company had an equity investment: For the year ended December 31, (in thousands) 2016 2015 2014 Net income (loss) $ 2,952 $ (1,345) $ 16,833 |
IHS Managed Funds and Ventures [Member] | |
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 liabilities of the IHS-managed funds in which the Company held an equity investment: At At December 31, December 31, 2016 2015 (in thousands) Total assets $ 261,082 $ 235,858 Total liabilities 110,214 103,149 The following table provides information about the net (loss) income of the IHS-managed funds in which the Company had an equity investment. For the year ended December 31, (in thousands) 2016 2015 2014 Net (loss) income $ (19,718) $ (5,646) $ 6,589 |
Solar Facilities 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 the Solar Ventures in which the Company held an equity investment: At At December 31, December 31, 2016 2015 (in thousands) Total assets $ 158,365 $ 104,137 Total liabilities 4,905 3,585 The following table provides information about the net income of the Solar Ventures in which the Company had an equity investment: For the year ended December 31, (in thousands) 2016 2015 2014 Net income $ 1,206 $ 1,313 $ ─ |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | At At December 31, December 31, (in thousands) 2016 2015 Other assets: Loans held for investment $ 4,809 $ 7,928 Loans held for sale ─ 6,417 Real estate owned 3,267 8,669 Derivative assets 7,884 3,673 Solar facilities (includes other assets such as cash and other receivables) 1,733 2,073 Accrued interest receivable 1,822 2,115 Asset management fees and reimbursements receivable 1,406 1,121 Other assets 5,526 7,485 Other assets held by CFVs (1) 44,551 18,834 Total other assets $ 70,998 $ 58,315 (1) See Note 14, “Consolidated Funds and Ventures,” for more information. |
Schedule of Accounts, Notes, Loans and Financing Receivable | At At December 31, December 31, (in thousands) 2016 2015 Amortized cost $ 9,202 $ 8,678 Net losses included in earnings (3,565) ─ Allowance for loan losses (828) (750) Loans held for investment, net $ 4,809 $ 7,928 |
Schedule Of Real Estate Owned, Held For Use | At At December 31, December 31, (in thousands) 2016 2015 Cash $ ─ $ 149 Building, furniture, fixtures and land improvement 648 4,014 Land 2,619 4,496 Other assets ─ 10 Total $ 3,267 $ 8,669 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | At At December 31, 2016 December 31, 2015 Weighted-Average Weighted-Average Carrying Effective Interest Carrying Effective Interest (dollars in thousands) Value Rate Value Rate Asset Related Debt (1) Notes payable and other debt – bond related (2) Due within one year $ 2,892 2.2 % $ 1,137 1.5 % Due after one year 79,137 2.1 88,131 1.4 Notes payable and other debt – non-bond related Due within one year ─ ─ 7,564 13.0 Due after one year ─ ─ 3,126 10.4 Total asset related debt $ 82,029 2.1 $ 99,958 2.6 Other Debt (1) Subordinated debt (3) Due within one year $ 3,297 3.9 $ 3,069 3.0 Due after one year 125,899 3.4 129,185 3.0 Notes payable and other debt Due within one year 1,948 3.9 ─ ─ Due after one year 16,869 2.3 ─ ─ Total other debt $ 148,013 3.3 $ 132,254 3.0 Total asset related debt and other debt $ 230,042 2.8 $ 232,212 2.8 Debt related to CFVs Due within one year $ 6,885 5.7 $ 6,802 5.5 Due after one year 6,144 4.0 3,081 4.3 Total debt related to CFVs $ 13,029 4.9 $ 9,883 5.1 Total debt $ 243,071 3.0 $ 242,095 2.9 (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. (2) Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at December 31, 2016 and 2015. (3) The subordinated debt balances include net cost basis adjustments of $8.7 m illion and $9.2 million at December 31, 2016 and 2015, respectively, that pertain to premiums and debt issuance costs. |
Schedule of Maturities of Long-term Debt | Asset Related Debt CFVs (in thousands) and Other Debt Related Debt Total Debt 2017 $ 7,704 $ 6,807 $ 14,511 2018 60,665 102 60,767 2019 14,075 109 14,184 2020 30,037 116 30,153 2021 3,031 124 3,155 Thereafter 105,935 4,867 110,802 Net premium and debt issue costs 8,595 904 9,499 Total $ 230,042 $ 13,029 $ 243,071 |
Schedule of Subordinate Debt | (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFI $ 27,008 $ (150) $ 26,858 Amortizing December 2027 and December 2033 8.00% MFH 27,611 2,692 30,303 Amortizing March 30, 2035 3-month LIBOR plus 2.0% MFH 25,107 2,459 27,566 Amortizing April 30, 2035 3-month LIBOR plus 2.0% MFH 14,472 1,307 15,779 Amortizing July 30, 2035 3-month LIBOR plus 2.0% MFH 26,314 2,376 28,690 Amortizing July 30, 2035 3-month LIBOR plus 2.0% Total $ 120,512 $ 8,684 $ 129,196 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments [Abstract] | |
Schedule of the Company’s Derivative Assets and Liabilities | Fair Value At At December 31, 2016 December 31, 2015 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ 2,327 $ 372 $ 3,658 $ 1,023 Basis swaps 176 7 ─ ─ Interest rate caps 1,553 ─ 15 ─ Interest rate swaps 3,828 ─ ─ 690 Total derivative instruments $ 7,884 $ 379 $ 3,673 $ 1,713 |
Schedule of Derivative Notional Amounts | Notional Amounts At At December 31, December 31, (in thousands) 2016 2015 Total return swaps $ 91,050 $ 111,845 Basis swaps 100,500 ─ Interest rate caps 80,000 45,000 Interest rate swaps 140,000 7,675 Total dollar-based derivative instruments $ 411,550 $ 164,520 |
Schedule of Derivatives Not Designated as Hedging Instruments | Gains (Losses) For the year ended December 31, (in thousands) 2016 2015 2014 Total return swaps (1) $ 3,463 $ 4,446 $ 5,147 Basis swaps (2) 161 ─ ─ Interest rate caps 642 (172) (605) Interest rate swaps (3) 3,317 (278) (399) Warrant (4) (2,600) ─ ─ Total $ 4,983 $ 3,996 $ 4,143 (1) The cash paid and received on TRS agreements that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash received was $4.1 million, $4.0 million and $2.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. (2) The cash paid and received on the basis swaps is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.01 million for the year ended December 31, 2016. The Company also paid $0.01 million to terminate two and amend one of the basis swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.1 million through “Other assets” on the Consolidated Balance Sheets. (3) The cash paid and received on the interest rate swap is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.3 million for the years ended December 31, 2016, 2015 and 2014. The Company also paid $0.8 million to terminate one of the interest rate swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.7 million through “Other liabilities” on the Consolidated Balance Sheets. (4) As of December 31, 2016, the Company owned a contingently exercisable warrant to purchase 45,871,560 convertible preferred shares of a residential solar power provider for $0.001 per share. The fair value of this warrant was $0 as of December 31, 2016. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements At December 31, (in thousands) 2016 Level 1 Level 2 Level 3 Assets: Investments in bonds $ 155,981 $ ─ $ ─ $ 155,981 Loans held for investment 3,835 ─ ─ 3,835 Derivative instruments 7,884 ─ 5,557 2,327 Liabilities: Derivative instruments $ 379 $ ─ $ 7 $ 372 Fair Value Measurements At December 31, (in thousands) 2015 Level 1 Level 2 Level 3 Assets: Investments in bonds $ 218,439 $ ─ $ ─ $ 218,439 Loans held for sale 6,417 ─ ─ 6,417 Derivative instruments 3,673 ─ 15 3,658 Liabilities: Derivative instruments $ 1,713 $ ─ $ ─ $ 1,713 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2016: (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2016 $ 218,439 $ ─ $ 6,417 $ 3,658 $ (1,713) Net (losses) gains included in earnings (4,776) (3,391) ─ (3,931) 577 Net change in other comprehensive income (1) 2,536 ─ ─ ─ ─ Impact from purchases 7,217 ─ ─ ─ ─ Impact from loan originations ─ 39,233 4,531 2,600 ─ Impact from sales/redemptions (10,986) (34,285) (8,670) ─ ─ Impact from bonds extinguished due to consolidation or real estate foreclosure (42,079) ─ ─ ─ ─ Impact from settlements (14,370) ─ ─ ─ 764 Transfer from loans HFS to loans HFI ─ 2,278 (2,278) ─ ─ Balance, December 31, 2016 $ 155,981 $ 3,835 $ ─ $ 2,327 $ (372) (1) This amount includes $14. 5 million of unrealized net holding gains arising during the period, partially offset by the reversal of $12.0 million of unrealized gains related to bonds that were sold or redeemed. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the year ended December 31, 2016: (in thousands) Net gains on bonds (1) Net losses on loans (2) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized losses related to assets and liabilities still held at December 31, 2016 $ ─ $ ─ $ (4,240) (3,354) Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ ─ (536) ─ Additional realized gains (losses) recognized 12,217 (3,391) ─ 3,805 Total gains (losses) reported in earnings $ 12,217 $ (3,391) $ (4,776) $ 451 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2015: (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2015 $ 222,899 $ ─ $ 2,539 $ (753) Net (losses) gains included in earnings (5,517) ─ 1,418 (960) Net change in other comprehensive income (1) 13,561 ─ ─ ─ Impact from loan originations ─ 13,373 ─ ─ Impact from purchases 15,123 ─ ─ ─ Impact from sales/redemptions (21,571) (6,956) ─ ─ Impact from settlements (6,056) ─ (299) ─ Balance, December 31, 2015 $ 218,439 $ 6,417 $ 3,658 $ (1,713) (1) This amount represents $ 18.4 million of unrealized net holding gains arising during the period plus $0.2 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $ 5.0 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2015: (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2015 $ ─ $ (6,093) $ 458 Change in unrealized (losses) gains related to assets and liabilities held at January 1, 2015, but settled during 2015 (179) 755 ─ Additional realized gains recognized 6,513 ─ 3,710 Total gains (losses) reported in earnings $ 6,334 $ (5,338) $ 4,168 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2014: (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities Balance, January 1, 2014 $ 195,332 $ ─ $ (626) Net (losses) gains included in earnings (6,021) 2,539 (127) Net change in other comprehensive income (1) 6,913 ─ ─ Impact from purchases 18,380 ─ ─ Impact from sales/redemptions (19,270) ─ ─ Impact from deconsolidation 47,022 ─ ─ Bonds eliminated due to real estate consolidation and foreclosure (11,058) ─ ─ Impact from settlements (8,399) ─ ─ Balance, December 31, 2014 $ 222,899 $ 2,539 $ (753) (1) This amount represents $18.1 million of unrealized net holding gains arising during the period plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2014: (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2) Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2014 $ (113) $ (5,908) $ 2,412 Additional realized gains recognized 12,293 ─ 2,336 Total gains (losses) reported in earnings $ 12,180 $ (5,908) $ 4,748 (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated |
Fair Value Measurements By Level 3 Valuation Technique | Fair Value Measurement as of December 31, 2016 Significant Significant Valuation Unobservable Weighted (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Available-for-sale securities: Multifamily tax-exempt bonds Performing $ 93,082 Discounted cash flow Market yield 4.3 - 5.7 % 5.0 % Non-performing 7,015 Discounted cash flow Market yield 8.1 8.1 Capitalization rate 6.9 6.9 Net operating income (" NOI ") annual growth rate (0.9) (0.9) Subordinated cash flow 9,930 Discounted cash flow Market yield 7.3 - 7.4 7.4 Capitalization rate 6.0 - 6.4 6.2 NOI annual growth rate 0.4 - 0.8 0.5 Infrastructure bonds 25,145 Discounted cash flow Market yield 7.3 - 9.0 8.0 Other bonds 20,809 Discounted cash flow Market yield 3.7 - 5.5 4.6 Loans held for investment 3,835 Discounted cash flow Market yield 19.2 19.2 Derivative instruments: Total return swaps 2,327 Discounted cash flow Market yield 3.9 -5.5 5.0 (372) Discounted cash flow Market yield 7.2 7.2 Capitalization rate 8.5 8.5 NOI annual growth rate 2.5 2.5 (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. Fair Value Measurement as of December 31, 2015 Significant Significant Valuation Unobservable Weighted (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2) Recurring Fair Value Measurements: Available-for-sale securities: Multifamily tax-exempt bonds Performing $ 84,203 Discounted cash flow Market yield 4.6 - 7.1 % 5.6 % 20,226 Discounted cash flow Market yield 8.2 - 8.7 8.4 Capitalization rate 7.0 - 7.5 7.2 NOI annual growth rate 0.4 - 1.4 1.0 Non-performing 20,435 Discounted cash flow Market yield 7.5 - 7.9 7.7 Capitalization rate 6.2 - 6.5 6.3 NOI annual growth rate 0.5 - 1.2 0.9 22,898 Early redemption measurement Subordinated cash flow 8,847 Discounted cash flow Market yield 7.8 - 7.9 7.9 Capitalization rate 6.4 - 6.6 6.5 NOI annual growth rate 0.0 - 0.6 0.4 Infrastructure bonds 9,381 Discounted cash flow Market yield 8.5 8.5 17,475 Dealer pricing Other bonds 34,974 Dealer pricing Loans held for sale 6,417 Discounted cash flow Market yield 10.0 - 15.0 13.5 Derivative instruments: Total return swaps (983) Discounted cash flow Market yield 8.7 8.7 Capitalization rate 7.5 7.5 NOI annual growth rate 2.9 2.9 3,618 Dealer pricing Interest rate derivatives (690) Discounted cash flow Market yield 26.2 26.2 (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. |
Fair Value, by Balance Sheet Grouping | At December 31, 2016 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 45,525 $ 45,525 $ ─ $ ─ Restricted cash 33,920 33,920 ─ ─ Restricted cash related to CFVs 23,584 23,584 ─ ─ Asset management fee receivable from TC Fund I ─ ─ ─ 2,947 Guarantee fee receivable from TC Fund I 1,348 ─ ─ 1,348 Loans held for investment 974 ─ ─ 1,106 Loans held for investment related to CFVs 65 ─ ─ 488 Liabilities: Notes payable and other debt, bond related 82,029 ─ ─ 82,118 Notes payable and other debt, non-bond related 18,817 ─ ─ 18,817 Notes payable and other debt related to CFVs 13,029 ─ ─ 5,956 Subordinated debt issued by MFH 102,338 ─ ─ 41,327 Subordinated debt issued by MFI 26,858 ─ ─ 20,139 Guarantee obligations (1) 4,003 ─ ─ 12,616 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $8.6 million as of December 31, 2016, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations. At December 31, 2015 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 21,843 $ 21,843 $ ─ $ ─ Restricted cash 17,041 17,041 ─ ─ Restricted cash related to CFVs 22,992 22,992 ─ ─ Guarantee fee receivable from TC Fund I 4,227 ─ ─ 4,227 Loans held for investment 7,928 ─ ─ 7,687 Loans held for investment related to CFVs 65 ─ ─ 213 Liabilities: Notes payable and other debt, bond related 89,268 ─ ─ 89,405 Notes payable and other debt, non-bond related 10,690 ─ ─ 10,717 Notes payable and other debt related to CFVs 9,883 ─ ─ 3,171 Subordinated debt issued by MFH 104,736 ─ ─ 29,518 Subordinated debt issued by MFI 27,518 ─ ─ 15,579 Guarantee obligations (1) 4,758 ─ ─ 15,557 (1) Certain of the Company’s guarantee obligations, which had a carrying value of $10.8 million as of December 31, 2015, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations. |
GUARANTEES AND COLLATERAL (Tabl
GUARANTEES AND COLLATERAL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees And Collateral [Abstract] | |
Schedule of Guarantor Obligations | The following table provides information about the maximum exposure associated with the Company’s guarantee and indemnification agreements that we executed in connection with the Guaranteed Funds, TC Fund I and certain LTPPs: At At December 31, 2016 December 31, 2015 Maximum Carrying Maximum Carrying (in thousands) Exposure (1) Amount Exposure (1) Amount Guaranteed Funds (2) $ 392,518 $ 186 $ 490,843 $ 451 TC Fund I 109,587 3,805 109,599 4,227 LTPPs 536 12 1,223 80 (1) The Company’s maximum exposure represents the maximum loss the Company could incur under such agreements but is not indicative of the likelihood of expected loss under such agreements. The maximum exposure includes $388.4 million and $482.7 million related to the 11 Guaranteed Funds we consolidated at December 31, |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table summarizes assets that are either pledged or restricted for the Company’s use at December 31, 2016 and 2015. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets: At December 31, 2016 Bonds Total Restricted Available- Investment in Other Assets (in thousands) Cash for-sale Partnerships Assets Pledged Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674 Other (1) 19,992 5,868 ─ ─ 25,860 CFVs (2) 23,584 ─ 137,773 44,551 205,908 Total $ 57,504 $ 135,614 $ 137,773 $ 44,551 $ 375,442 (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by CFVs. At December 31, 2015 Bonds Total Restricted Available- Investment in Other Assets (in thousands) Cash for-sale Partnerships Assets Pledged Debt and derivatives related to TRSs $ 4,697 $ 160,876 $ ─ $ ─ $ 165,573 Other (1) 12,344 14,085 ─ 6,417 32,846 CFVs (2) 22,992 ─ 177,786 18,834 219,612 Total $ 40,033 $ 174,961 $ 177,786 $ 25,251 $ 418,031 (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. These are assets held by CFVs |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | (in thousands) 2017 $ 282 2018 292 2019 308 2020 182 2021 129 Thereafter 304 Total minimum future rental commitments $ 1,497 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share | The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the year ended December 31, (in thousands) 2016 2015 2014 Net income from continuing operations $ 40,820 $ 18,399 $ 610 Net income from discontinued operations 1,532 327 18,188 Net income to common shareholders $ 42,352 $ 18,726 $ 18,798 Basic weighted-average shares (1) 6,254 6,881 7,647 Common stock equivalents (2), (3), (4), (5) 374 ─ ─ Diluted weighted-average shares 6,628 6,881 7,647 (1) Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding. (2) At December 31, 2016, 410,000 stock options were in the money and had a potential dilutive share impact of 372,194 . In addition, 9,468 employee deferred shares had a dilutive weighted-average share impact of 2,044 for the year ended December 31, 2016. (3) At December 31, 2015, 410,000 stock options were in the money and had a potential dilutive share impact of 339,689 . In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 12,348 for the year ended December 31, 2015. For the year ended December 31, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (4) At December 31, 2014, 410,000 stock options were in the money and had a potential dilutive share impact of 291,805 . In addition, 41,667 unvested employee deferred shares had a potential dilutive weighted-average share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (5) For the years ended December 31, 2016, 2015 and 2014 the weighted-average number of options excluded from the calculations of diluted earnings per share was 1,663 , 24,211 and 60,211 , respectively, either because of their anti-dilutive effect (i.e. , options that were not in the money) or because the option had contingent vesting requirements. |
Schedule of Noncontrolling Interest | At At December 31, December 31, (in thousands) 2016 2015 Guaranteed Funds $ 128,734 $ 176,070 Consolidated Property Partnerships 6,220 3,950 IHS PM 45 31 Total $ 134,999 $ 180,051 |
Schedule of Accumulated Other Comprehensive Income | The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2016: Bonds Foreign Available- Currency (in thousands) for-sale Translation AOCI Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209 Unrealized net gains (losses) 14,553 (67) 14,486 Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (12,017) ─ (12,017) Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (25,860) ─ (25,860) Net change in AOCI (23,324) (67) (23,391) Balance, December 31, 2016 $ 40,998 $ (3,180) $ 37,818 The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2015: Bonds Foreign Available- Currency (in thousands) for-sale Translation AOCI Balance, January 1, 2015 $ 50,761 $ (632) $ 50,129 Unrealized net gains (losses) 18,374 (2,481) 15,893 Reclassification of unrealized gains on sold or redeemed bonds (4,992) ─ (4,992) Reclassification of unrealized losses to operations due to impairment 179 ─ 179 Net change in AOCI 13,561 (2,481) 11,080 Balance, December 31, 2015 $ 64,322 $ (3,113) $ 61,209 The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2014: Bonds Foreign Available- Currency (in thousands) for-sale Translation AOCI Balance, January 1, 2014 $ 31,876 $ (209) $ 31,667 Unrealized net gains (losses) 18,103 (343) 17,760 Reclassification of unrealized gains on sold or redeemed bonds (11,303) ─ (11,303) Reclassification of unrealized losses to operations due to impairment 113 ─ 113 Reclassification of unrealized gains due to deconsolidation of Consolidated LTTPs 13,975 ─ 13,975 Reversal of unrealized gains from AOCI to Net Income due to foreclosure (2,003) ─ (2,003) Other ─ (80) (80) Net change in AOCI 18,885 (423) 18,462 Balance, December 31, 2014 $ 50,761 $ (632) $ 50,129 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Summary of Stock-Based Compensation Expense | For the year ended December 31, (in thousands) 2016 2015 2014 Employees’ Stock-Based Compensation Plans $ 1,903 $ 2,152 $ 1,725 Non-employee Directors’ Stock-Based Compensation Plans 325 295 237 Total $ 2,228 $ 2,447 $ 1,962 |
Summary of Option Activity | The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans: Weighted-average Remaining Weighted-average Contractual Aggregate Number of Exercise Price Life per option Intrinsic Period End (in thousands, except per option data) Options per Option (in years) Value (1) Liability (2) Outstanding at January 1, 2015 416 $ 3.52 6.3 $ 3,196 $ 3,281 Forfeited/Expired in 2015 ─ Outstanding at December 31, 2015 416 3.52 5.3 5,283 5,282 Forfeited/Expired in 2016 (6) 132.50 Outstanding at December 31, 2016 410 1.56 4.4 7,149 7,166 Number of options that were exercisable at: December 31, 2015 398 3.60 5.3 December 31, 2016 410 1.56 4.4 (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 410,000 ; 416,211 ; and 412,100 ; at December 31, 2016, December 31, 2015 and January 1, 2015, respectively. |
Schedule of Employee Deferred Shares | Weighted-average Deferred Share Grant Date Period End (in thousands, except per share data) Grants Share Price Liability Balance, January 1, 2016 10 $ 4.40 $ 126 Granted in 2016 ─ ─ Issued in 2016 (10) 4.40 Forfeited in 2016 ─ ─ Balance, December 31, 2016 ─ ─ ─ |
Summary of Nonemployee Director Stock Award Activity | Common Deferred Weighted-average Shares Shares Grant Date Options Directors' Fees Cash Granted Granted Share Price Vested Expense December 31, 2016 $ 162,500 ─ 9,387 $ 17.31 ─ $ 325,000 December 31, 2015 147,500 4,779 7,670 11.85 ─ 295,000 December 31, 2014 118,750 8,462 5,904 8.27 ─ 237,500 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit | The following table summarizes the components of the income tax benefit for the years ended December 31, 2016, 2015 and 2014: For the year ended December 31, (in thousands) 2016 2015 2014 Federal income tax benefit: Current $ ─ $ ─ $ ─ Deferred ─ ─ ─ State income tax expense: Current (379) (263) (242) Deferred ─ ─ ─ Foreign income tax expense: Current (300) ─ ─ Deferred ─ ─ ─ Income tax expense $ (679) $ (263) $ (242) |
Schedule of Effective Income Tax Rate Reconciliation | The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2016, 2015 and 2014: For the year ended December 31, (in thousands) 2016 2015 2014 Loss from continuing operations before income taxes $ (5,112) $ (36,321) $ (99,364) Income tax benefit at federal statutory rate ( 35% ) 1,789 12,712 34,778 Permanent differences: Impact on taxes from entities not subject to tax (17,518) (22,214) (41,280) State income taxes, net of federal tax effect 487 (2,065) (2,308) Foreign losses (116) (231) (1,086) Impact from other comprehensive income 9,052 309 2,562 Tax-exempt interest, net 319 769 1,140 State net operating loss adjustment 6,620 1,490 103 Other (184) 484 178 Net decrease in the valuation allowance (1,128) 8,483 5,671 Income tax expense $ (679) $ (263) $ (242) |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the deferred tax assets and deferred tax liabilities, net of valuation allowance at December 31, 2016 and 2015: At At December 31, December 31, (in thousands) 2016 2015 Deferred tax assets: Net operating loss, tax credits and other tax carryforwards $ 179,404 $ 184,527 Guaranteed fees 4,984 6,031 Asset management fees 7,719 7,323 Cancellation of subordinated debt 5,394 5,545 Other 6,293 (224) Total deferred tax assets 203,794 203,202 Less: valuation allowance (203,794) (203,202) Total deferred tax assets, net $ - $ - |
Schedule of Deferred Tax Asset Valuation Allowance Roll Forward | The following table summarizes the change in the valuation allowance for the years ended December 31, 2016 and 2015: For the year ended December 31, (in thousands) 2016 2015 Balance, January 1 $ 203,202 $ 211,800 Net reductions due to discontinued operations (536) (115) Net reductions due to continuing operations 1,128 (8,483) Balance, December 31 $ 203,794 $ 203,202 |
Schedule of Unrecognized Tax Benefits Roll Forward | . A reconciliation of the beginning and ending amount for unrecognized tax benefits is as follows: For the year ended December 31, (in thousands) 2016 2015 2014 Balance, January 1 $ 1,984 $ 1,466 $ 1,142 Net increases for tax positions of prior years 42 42 42 Net increases due to tax positions that only affect timing 524 476 282 Balance, December 31 $ 2,550 $ 1,984 $ 1,466 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Schedule of Discontinued Operations | For the year ended December 31, (in thousands) 2016 2015 2014 Income from CFVs $ ─ $ ─ $ 279 Income from REO operations ─ ─ 1,148 Expenses from CFVs ─ ─ (243) Expenses from REO operations ─ ─ (1,112) Other income 333 333 333 Other expense (3) (6) (70) Net income before disposal activity 330 327 335 Disposal: Net gains on real estate and other investments 1,202 ─ 17,683 Net gains related to CFVs ─ ─ 20 Net income from discontinued operations 1,532 327 18,038 Loss from discontinued operations allocable to noncontrolling interests ─ ─ 150 Net income to common shareholders from discontinued operations $ 1,532 $ 327 $ 18,188 |
CONSOLIDATED FUNDS AND VENTUR38
CONSOLIDATED FUNDS AND VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Funds and Ventures [Abstract] | |
Schedule of More Information Related to Assets Consolidated Fund or Ventures | At At December 31, December 31, (in thousands) 2016 2015 Cash, cash equivalents and restricted cash $ 23,584 $ 22,992 Investments in LTPPs 137,773 177,786 Real estate held for use, net 36,942 9,821 Real estate held for sale, net 145 ─ Other assets 7,464 9,013 Total assets of CFVs $ 205,908 $ 219,612 |
Assets and Liabilities of Unconsolidated Funds and Ventures | At At December 31, December 31, (in thousands) 2016 2015 Total assets of the LTPPs (1) $ 1,124,274 $ 1,216,319 Total liabilities of the LTPPs (1) 937,335 1,008,835 (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt. |
Schedule of More Information Related to Real Estate Consolidated Fund and Ventures | The carrying value of the assets of consolidated property partnerships was comprised of the following: At At December 31, December 31, (in thousands) 2016 2015 Building, furniture and fixtures $ 33,281 $ 8,696 Accumulated depreciation (1,085) (89) Land 4,746 1,214 Total $ 36,942 $ 9,821 |
Schedule of More Information Related to Real Estate Held-for-Sale Consolidated Fund and Ventures | The carrying value of assets of the consolidated property partnership was comprised of the following: At At December 31, December 31, (in thousands) 2016 2015 Cash $ 145 $ ─ Building, furniture and fixtures ─ ─ Land ─ ─ Other assets ─ ─ Total $ 145 $ ─ |
Schedule of More Information Related to Liabilities Consolidated Fund and Venture | The following table summarizes the liabilities of the CFVs: At At December 31, December 31, (in thousands) 2016 2015 Debt (1), (2) $ 13,029 $ 9,883 Unfunded equity commitments to unconsolidated LTPPs 8,103 8,203 Asset management fee payable 28,373 24,828 Other liabilities 4,209 3,405 Total liabilities of CFVs $ 53,714 $ 46,319 (1) At December 31, 2016 and 2015, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 5.75% , and was due on demand. (2) At December 31, 2016, $6.3 million of this debt was related to two consolidated property partnerships and had a UPB of $5.4 million and weighted-average effective interest rate of 4.0% with various maturity dates through March 11, 2029. At December 31, 2015, $3.2 million of this debt was related to two consolidated property partnerships and had a UPB of $2.8 million and weighted-average effective interest rate of 4.3% with various maturity dates through May 1, 2039. |
Schedule of Income Statement of Consolidated Funds and Ventures | For the year ended December 31, (in thousands) 2016 2015 2014 Revenue: Rental and other income from real estate $ 2,912 $ 102 $ 10,210 Interest and other income 1,054 886 6,284 Total revenue from CFVs 3,966 988 16,494 Expenses: Depreciation and amortization 3,196 2,296 7,012 Interest expense 573 384 3,087 Other operating expenses 7,355 5,194 48,328 Foreign currency loss ─ ─ 5,030 Asset impairments 25,113 29,923 26,978 Total expenses from CFVs 36,237 37,797 90,435 Net losses related to CFVs: Investment (loss) gains (451) 853 13,121 Derivative gains ─ ─ 2,244 Net loss due to deconsolidation of CFVs ─ ─ (23,867) Net loss on sale of properties ─ ─ (138) Equity in losses from LTPPs of CFVs (17,254) (22,219) (32,730) Net loss (49,976) (58,175) (115,311) Net losses allocable to noncontrolling interests in CFVs (1) 46,686 55,014 100,140 Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171) (1) Excludes $75 and $31 of net gain allocable to the noncontrolling interest holder in IHS PM for the years ended December 31, 2016 and 2015. Excludes $76 of net loss allocable to the noncontrolling interest holder in IHS for the year ended December 31, 2014. These amounts are excluded from this presentation because IHS PM and IHS related activity are not included within CFV income statement activity above. |
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures | For the year ended December 31, (in thousands) 2016 2015 2014 Asset management fees $ ─ $ ─ $ 4,103 Guarantee fees 1,238 1,324 1,324 Interest income 502 ─ 1,526 Equity in losses from LTPPs (4,776) (5,338) (5,912) Equity in income from Consolidated Property Partnerships 344 ─ ─ Equity in income from SAWHF ─ ─ 343 Other expenses (598) ─ (1,105) Net gain due to consolidation of CFVs ─ 853 ─ Net loss due to deconsolidation of CFVs ─ ─ (15,450) Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The Company operates through three reportable segments: U.S. Operations, International Operations and Corporate Operations . The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs. We have revised the presentation for the years ended December 31, 2015 and 2014, which had no impact on Net income to common shareholders. For the year ended December 31, 2016 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate Reclassifications Consolidated Total interest income $ 15,255 $ 132 $ 104 $ (502) (1) $ 14,989 Total interest expense (1,870) ─ (294) ─ (2,164) Net interest income 13,385 132 (190) (502) 12,825 Total fee and other income 6,293 6,770 3 (1,238) (2) 11,828 Revenue from CFVs 3,966 ─ ─ ─ 3,966 Total non-interest revenue 10,259 6,770 3 (1,238) 15,794 Total revenues, net of interest expense 23,644 6,902 (187) (1,740) 28,619 Operating and other expenses: Interest expense (125) (2) (4,309) ─ (4,436) Operating expenses (9,736) (8,993) (6,512) ─ (25,241) Other expenses, net (2,568) 836 (113) 598 (3) (1,247) Expenses from CFVs (37,723) ─ ─ 1,486 (1), (2), (4) (36,237) Total operating and other expenses (50,152) (8,159) (10,934) 2,084 (67,161) Net gains on assets, derivatives and extinguishment of liabilities 16,416 1 (14) ─ 16,403 Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 25,860 ─ ─ ─ 25,860 Equity in income (losses) from unconsolidated funds and ventures 9,711 (495) ─ (344) 8,872 Net gains related to CFVs (451) ─ ─ ─ (451) Equity in losses from Lower Tier Property Partnerships of CFVs (17,254) ─ ─ ─ (17,254) Income (loss) from continuing operations before income taxes 7,774 (1,751) (11,135) ─ (5,112) Income tax expense ─ (300) (379) ─ (679) Income from discontinued operations, net of tax 1,532 ─ ─ ─ 1,532 Net income (loss) 9,306 (2,051) (11,514) ─ (4,259) (Income) loss allocable to noncontrolling interests: Net (income) losses allocable to noncontrolling interests in CFVs: Related to continuing operations 46,686 (75) ─ ─ 46,611 Net income (loss) allocable to common shareholders $ 55,992 $ (2,126) $ (11,514) $ ─ $ 42,352 (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.5 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2016 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. (3) Represents a lower of cost or market adjustment on a property held for sale that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million was reflected in other expenses for U.S. Operations. (4) Represents equity in income from the Consolidated Property Partnerships that the Company recognized as an allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the Company recognized $1.5 million of gains in U.S. Operations. For the year ended December 31, 2015 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate Reclassifications Consolidated Total interest income $ 15,844 $ 68 $ 82 $ ─ $ 15,994 Total interest expense (1,820) ─ (518) − (2,338) Net interest income 14,024 68 (436) ─ 13,656 Total fee and other income 8,834 5,679 488 (1,324) (1) 13,677 Revenue from CFVs 988 ─ ─ − 988 Total non-interest revenue 9,822 5,679 488 (1,324) 14,665 Total revenues, net of interest expense 23,846 5,747 52 (1,324) 28,321 Operating and other expenses: Interest expense (1,158) (96) (6,039) ─ (7,293) Operating expenses (7,957) (8,974) (5,992) ─ (22,923) Other expenses (1,656) (4,655) (1,146) ─ (7,457) Expenses from CFVs (39,121) ─ ─ 1,324 (1) (37,797) Total operating and other expenses (49,892) (13,725) (13,177) 1,324 (75,470) Net gains on assets, derivatives and extinguishment of liabilities 27,154 4,175 ─ ─ 31,329 Equity in income from unconsolidated funds and ventures 902 (37) ─ ─ 865 Net gains related to CFVs 853 ─ ─ ─ 853 Equity in (losses) income from Lower Tier Property Partnerships of CFVs (22,219) ─ ─ ─ (22,219) Income (loss) from continuing operations before income taxes (19,356) (3,840) (13,125) ─ (36,321) Income tax expense (29) ─ (234) ─ (263) Income from discontinued operations, net of tax 327 ─ ─ ─ 327 Net income (loss) (19,058) (3,840) (13,359) ─ (36,257) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations 55,014 (31) ─ ─ 54,983 Net income (loss) allocable to common shareholders $ 35,956 $ (3,871) $ (13,359) $ ─ $ 18,726 (1) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2015 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. For the year ended December 31, 2014 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate Reclassifications Consolidated Total interest income $ 20,542 $ 53 $ 19 $ (1,526) (1) $ 19,088 Total interest expense (2,414) ─ (706) − (3,120) Net interest income 18,128 53 (687) (1,526) 15,968 Total fee and other income 10,497 5,554 32 (5,427) (2) 10,656 Revenue from CFVs 16,494 ─ ─ − 16,494 Total non-interest revenue 26,991 5,554 32 (5,427) 27,150 Total revenues, net of interest expense 45,119 5,607 (655) (6,953) 43,118 Operating and other expenses: Interest expense (2,707) (144) (10,925) ─ (13,776) Operating expenses (6,919) (8,356) (6,252) ─ (21,527) Other expenses (4,151) (194) (242) 1,105 (3) (3,482) Expenses from CFVs (81,176) ─ ─ (9,259) (5) (90,435) Total operating and other expenses (94,953) (8,694) (17,419) (8,154) (129,220) Net gains on assets, derivatives and extinguishment of liabilities 18,247 ─ 1,120 ─ 19,367 Net gains transferred into net income from AOCI due to real estate foreclosure 2,003 ─ ─ ─ 2,003 Equity in income from unconsolidated funds and ventures 6,500 238 ─ ─ 6,738 Net gains related to CFVs 15,227 ─ ─ ─ 15,227 Equity in (losses) income from Lower Tier Property Partnerships of CFVs (32,730) 343 ─ (343) (4) (32,730) Net losses due to deconsolidation of CFVs (39,317) ─ ─ 15,450 (23,867) Income (loss) from continuing operations before income taxes (79,904) (2,506) (16,954) ─ (99,364) Income tax expense ─ ─ (242) ─ (242) Income from discontinued operations, net of tax 18,038 ─ ─ ─ 18,038 Net income (loss) (61,866) (2,506) (17,196) ─ (81,568) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations 100,140 76 ─ ─ 100,216 Related to discontinued operations 150 ─ ─ ─ 150 Net income (loss) allocable to common shareholders $ 38,424 $ (2,430) $ (17,196) $ ─ $ 18,798 (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million was reflected in total interest income for U.S. Operations. (2) This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million was reflected in total fee and other income for International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during 2014 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in SAWHF (i.e., 2.7% of SAWHF’s 2014 net income) which was recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA. |
Reconciliation of Assets from Segment to Consolidated | December 31, December 31, (in thousands) 2016 2015 ASSETS U.S. Operations (includes $205,908 and $219,612 related to CFVs) $ 517,286 $ 571,213 Corporate Operations 48,459 21,619 International Operations 8,454 6,239 Total MMA consolidated assets $ 574,199 $ 599,071 |
SELECTED QUARTERLY FINANCIAL 40
SELECTED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Unaudited For the 2016 Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income Interest on bonds $ 3,254 $ 2,705 $ 3,230 $ 2,305 Interest on loans and short-term investments 437 886 1,195 977 Total interest income 3,691 3,591 4,425 3,282 Interest expense Bond related debt 295 335 404 443 Non-bond related debt 254 217 181 35 Total interest expense 549 552 585 478 Net interest income 3,142 3,039 3,840 2,804 Non-interest revenue Asset management fees and reimbursements 1,892 2,261 2,383 2,324 Other income 647 954 1,109 258 Revenue from CFVs 819 726 1,163 1,258 Total non-interest revenue 3,358 3,941 4,655 3,840 Total revenues, net of interest expense 6,500 6,980 8,495 6,644 Operating and other expenses Interest expense 1,042 1,075 1,121 1,198 Salaries and benefits 4,080 3,919 4,288 4,826 General and administrative 700 655 633 805 Professional fees 1,435 1,005 1,452 1,443 Other expenses 48 735 (3) 467 Expenses from CFVs 8,368 9,014 10,065 8,790 Total operating and other expenses 15,673 16,403 17,556 17,529 Net gains (losses) on bonds 2,295 28 (69) 9,963 Net gains on real estate and other investments 116 ─ 1,585 127 Net gains (losses) on derivatives, loans, other assets and extinguishment of liabilities 682 1,424 894 (642) Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 11,442 4,205 ─ 10,213 Equity in income from unconsolidated funds and ventures 4,461 2,126 1,478 807 Net (losses) gains related to CFVs ─ (598) ─ 147 Equity in losses from lower tier property partnerships of CFVs (5,686) (4,937) (4,993) (1,638) Net loss from continuing operations before income taxes 4,137 (7,175) (10,166) 8,092 Income tax expense (72) (34) (43) (530) Net income from discontinued operations, net of tax 83 83 1,285 81 Net income (loss) 4,148 (7,126) (8,924) 7,643 Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs and IHS PM: Related to continuing operations 12,457 12,256 13,099 8,799 Net income allocable to common shareholders $ 16,605 $ 5,130 $ 4,175 $ 16,442 Basic income per common share: Income from continuing operations $ 2.54 $ 0.80 $ 0.47 $ 2.71 Income from discontinued operations 0.01 0.01 0.21 0.01 Income per common share $ 2.55 $ 0.81 $ 0.68 $ 2.72 Diluted income per common share: Income from continuing operations $ 2.51 $ 0.80 $ 0.44 $ 2.61 Income from discontinued operations 0.01 0.01 0.20 0.01 Income per common share $ 2.52 $ 0.81 $ 0.64 $ 2.62 Weighted-average common shares outstanding: Basic 6,523 6,289 6,174 6,034 Diluted 6,882 6,289 6,549 6,408 Unaudited For the 2015 Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 Interest income Interest on bonds $ 4,026 $ 3,281 $ 3,298 $ 3,006 Interest on loans and short-term investments 741 803 396 443 Total interest income 4,767 4,084 3,694 3,449 Interest expense Bond related debt 326 379 318 313 Non-bond related debt 148 132 305 417 Total interest expense 474 511 623 730 Net interest income 4,293 3,573 3,071 2,719 Non-interest revenue Income on preferred stock investment 1,297 1,311 1,326 419 Asset management fees and reimbursements 1,421 1,575 1,924 1,887 Other income 723 810 656 328 Revenue from CFVs 67 133 209 579 Total non-interest revenue 3,508 3,829 4,115 3,213 Total revenues, net of interest expense 7,801 7,402 7,186 5,932 Operating and other expenses Interest expense 3,196 1,708 1,300 1,089 Salaries and benefits 3,272 3,911 4,232 4,318 General and administrative 863 773 719 868 Professional fees 1,144 881 718 1,224 Other expenses 107 1,722 2,267 3,361 Expenses from CFVs 9,316 9,014 10,890 8,577 Total operating and other expenses 17,898 18,009 20,126 19,437 Net gains on bonds 583 3,792 626 1,512 Net gains on real estate and other investments ─ 5,622 4,296 6,577 Net gains on derivatives, loans, other assets and extinguishment of liabilities 985 928 1,523 4,885 Equity in income from unconsolidated funds and ventures 73 20 281 491 Net gains related to CFVs ─ ─ ─ 853 Equity in losses from lower tier property partnerships of CFVs (5,693) (6,654) (3,919) (5,953) Net loss from continuing operations before income taxes (14,149) (6,899) (10,133) (5,140) Income tax (expense) benefit (71) (61) (146) 15 Net income from discontinued operations, net of tax 78 83 83 83 Net loss (14,142) (6,877) (10,196) (5,042) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs and IHS PM: Related to continuing operations 14,304 14,168 13,780 12,731 Net income allocable to common shareholders $ 162 $ 7,291 $ 3,584 $ 7,689 Basic income per common share: Income from continuing operations $ 0.01 $ 1.04 $ 0.52 $ 1.15 Income from discontinued operations 0.01 0.01 0.01 0.01 Income per common share $ 0.02 $ 1.05 $ 0.53 $ 1.16 Diluted income per common share: Income from continuing operations $ 0.01 $ 1.04 $ 0.50 $ 1.15 Income from discontinued operations 0.01 0.01 0.01 0.01 Income per common share $ 0.02 $ 1.05 $ 0.51 $ 1.16 Weighted-average common shares outstanding: Basic 7,213 6,955 6,746 6,617 Diluted 7,213 6,955 7,091 6,617 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2016 | Dec. 31, 2016USD ($)segment | Dec. 31, 2016USD ($)entity | Dec. 31, 2016USD ($)agreement | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Number of reportable segments | segment | 3 | |||||
Bond Value as Percentage of Unpaid Principal Balance | 101.00% | |||||
Operating Loss Carryforwards | $ | $ 400.9 | $ 400.9 | $ 400.9 | $ 400.9 | $ 436.9 | |
Guaranteed Funds | agreement | 13 | |||||
International Housing Solutions (IHS) [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Ownership percentage | 60.00% | |||||
Minimum [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Ownership percentage | 0.01% | |||||
Maximum [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Ownership percentage | 1.00% | |||||
Guaranteed Funds [Member] | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Ownership percentage | 0.01% | |||||
Guaranteed Funds | 11 | 11 |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revisions to Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively) | $ 87,506 | $ 54,961 | ||
Accumulated other comprehensive income ("AOCI") | 37,818 | 61,209 | $ 50,129 | $ 31,667 |
Total common shareholders’ equity | $ 125,324 | 116,170 | ||
Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively) | 47,755 | |||
Accumulated other comprehensive income ("AOCI") | 68,415 | |||
Total common shareholders’ equity | 116,170 | |||
Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively) | 7,206 | |||
Accumulated other comprehensive income ("AOCI") | $ (7,206) |
SUMMARY OF SIGNIFICANT ACCOUN43
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revisions to Consolidated Statements of Equity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | $ 260,323 | $ 296,221 | $ 321,198 | $ 538,859 |
Common Stock [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | 87,506 | 54,961 | 41,355 | 33,679 |
Common Stock [Member] | Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | 47,755 | 35,032 | ||
Common Stock [Member] | Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | 883 | 6,323 | ||
AOCI [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | $ 37,818 | 61,209 | 50,129 | $ 31,667 |
AOCI [Member] | Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | 68,415 | 56,452 | ||
AOCI [Member] | Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity | $ (883) | $ (6,323) |
SUMMARY OF SIGNIFICANT ACCOUN44
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revisions to Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Interest on bonds | $ 2,305 | $ 3,230 | $ 2,705 | $ 3,254 | $ 3,006 | $ 3,298 | $ 3,281 | $ 4,026 | $ 11,494 | $ 13,611 | $ 17,974 |
Income tax benefit (expense) | (530) | (43) | (34) | (72) | 15 | (146) | (61) | (71) | (679) | (263) | (242) |
Net income from discontinued operations, net of tax | $ 81 | $ 1,285 | $ 83 | $ 83 | $ 83 | $ 83 | $ 83 | $ 78 | $ 1,532 | $ 327 | $ 18,038 |
Basic income (loss) per common share | $ 2.72 | $ 0.68 | $ 0.81 | $ 2.55 | $ 1.16 | $ 0.53 | $ 1.05 | $ 0.02 | $ 6.77 | $ 2.72 | $ 2.46 |
Diluted income (loss) per common share | $ 2.62 | $ 0.64 | $ 0.81 | $ 2.52 | $ 1.16 | $ 0.51 | $ 1.05 | $ 0.02 | $ 6.67 | $ 2.72 | $ 2.46 |
Scenario, Previously Reported [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Interest on bonds | $ 12,728 | $ 16,493 | |||||||||
Income tax benefit (expense) | (263) | 45 | |||||||||
Net income from discontinued operations, net of tax | $ 327 | $ 17,901 | |||||||||
Basic income (loss) per common share | $ 2.59 | $ 2.28 | |||||||||
Diluted income (loss) per common share | $ 2.59 | $ 2.28 | |||||||||
Restatement Adjustment [Member] | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Interest on bonds | $ 883 | $ 1,481 | |||||||||
Income tax benefit (expense) | (287) | ||||||||||
Net income from discontinued operations, net of tax | $ 137 | ||||||||||
Basic income (loss) per common share | $ 0.13 | $ 0.18 | |||||||||
Diluted income (loss) per common share | $ 0.13 | $ 0.18 |
BONDS AVAILABLE-FOR-SALE (Narra
BONDS AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Non Accrual Bonds | $ 7,000 | $ 7,000 | $ 43,300 | |||
Non Accrual Bonds Interest Income Cash Basis Method | 300 | 1,700 | $ 1,300 | |||
Interest Income Non Accrual Bonds Not Recognized | 600 | 3,200 | 4,200 | |||
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 13,900 | 13,900 | ||||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | $ 26,900 | 26,900 | ||||
Increase Decrease in Fair Value Of Bonds | (62,500) | |||||
Proceeds From Sale or Redemption Of Available For Sale Securities | $ 23,200 | $ 15,300 | 17,100 | |||
Weighted average pay rate on available-for-sale bonds | 6.10% | 6.10% | 5.40% | |||
Net gains transferred into net income from AOCI due to real estate foreclosure | $ 10,213 | $ 4,205 | $ 11,442 | $ 25,860 | $ 2,003 | |
Fair Value of Bonds Sold or Redeemed, Non-accrual Status | $ 3,000 | |||||
Weighted Average Expected Maturity, Investments, not Currently Prepayable | 5 years 1 month 6 days | |||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Net gains transferred into net income from AOCI due to real estate foreclosure | $ 11,400 |
BONDS AVAILABLE-FOR-SALE (Bonds
BONDS AVAILABLE-FOR-SALE (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 154,154 | $ 223,359 |
Amortized Cost | 114,983 | 154,117 |
Gross Unrealized Gains | 40,998 | 64,322 |
Fair Value | $ 155,981 | $ 218,439 |
FV as a % of UPB | 101.00% | 98.00% |
Mortgage Revenue Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 106,366 | $ 160,974 |
Amortized Cost | 73,049 | 98,694 |
Gross Unrealized Gains | 36,978 | 57,915 |
Fair Value | $ 110,027 | $ 156,609 |
FV as a % of UPB | 103.00% | 97.00% |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unpaid Principal Balance | $ 47,788 | $ 62,385 |
Amortized Cost | 41,934 | 55,423 |
Gross Unrealized Gains | 4,020 | 6,407 |
Fair Value | $ 45,954 | $ 61,830 |
FV as a % of UPB | 96.00% | 99.00% |
BONDS AVAILABLE-FOR-SALE (Bon47
BONDS AVAILABLE-FOR-SALE (Bonds Without Prepayment Restrictions) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Bonds Unpaid Principal Balance [Abstract] | ||
Bonds unpaid principal balance for, December 31, 2016 | $ 37,788 | |
Bonds unpaid principal balance, 2018 | 1,943 | |
Bonds unpaid principal balance, 2020 | 5,245 | |
Bonds unpaid principal balance, thereafter | 109,082 | |
Bonds unpaid principal balance, may not be prepaid | 96 | |
Unpaid principal balance | 154,154 | $ 223,359 |
Amortized Cost, Bonds that may be prepaid without restrictions | ||
Amortized Cost, December 31, 2016 | 31,933 | |
Amortized Cost, 2018 | 448 | |
Amortized Cost, 2020 | 4,467 | |
Amortized Cost, Thereafter | 78,039 | |
Amortized Cost, Bonds that may not be prepaid | 96 | |
Amortized Cost | 114,983 | 154,117 |
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties | ||
Fair Value, December 31, 2016 | 35,414 | |
Fair Value, 2018 | 2,239 | |
Fair Value, 2020 | 5,396 | |
Fair Value, Thereafter | 112,835 | |
Fair Value, Bonds that may not be prepaid | 97 | |
Fair Value, Total | $ 155,981 | $ 218,439 |
BONDS AVAILABLE-FOR-SALE (Bond
BONDS AVAILABLE-FOR-SALE (Bond Aging Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Bonds Available-For-Sale [Abstract] | ||
Total current | $ 148,967 | $ 175,106 |
30-59 days past due | ||
60-89 days past due | ||
90 days or greater | 7,014 | 43,333 |
Total | $ 155,981 | $ 218,439 |
BONDS AVAILABLE-FOR-SALE (Reali
BONDS AVAILABLE-FOR-SALE (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Bonds Available-For-Sale [Abstract] | |||||||||||
Net impairment recognized on bonds sold/redeemed during each period | $ (179) | ||||||||||
(Losses) gains recognized at time of sale or redemption | $ 9,963 | $ (69) | $ 28 | $ 2,295 | $ 1,512 | $ 626 | $ 3,792 | $ 583 | $ 12,217 | 6,513 | $ 12,293 |
Total net (losses) gains on bonds | $ 12,217 | $ 6,334 | $ 12,180 |
INVESTMENTS IN PARTNERSHIPS (Na
INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) $ in Thousands, ZAR in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)entity | Dec. 31, 2015USD ($)entity | Dec. 31, 2016ZAR | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 260,441 | $ 244,191 | |||
Commitments and Contingencies | |||||
Loans and Leases Receivable, Net Amount, Total | 7,928 | 4,809 | |||
U.S. Real Estate Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 29,633 | $ 27,596 | |||
Payments to acquire equity method investments | $ 8,800 | ||||
Equity method investment, ownership percentage | 80.00% | 33.00% | 33.00% | ||
Commitments and Contingencies | $ 4,000 | ||||
Number of Variable Interest Entities | entity | 3 | 5 | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 13,400 | 11,100 | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 20,300 | 11,100 | |||
U.S. Real Estate Partnerships formed in Q4 2014[Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 16,500 | ||||
U.S. Real Estate Partnerships, Other [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 6,300 | ||||
MuniMae TEI Holdings, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 4,800 | ||||
IHS Managed Funds and Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 2,501 | 3,296 | |||
Equity In Income From SAWHF [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 1,200 | ||||
IHS Residential Partners One [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 1,900 | ||||
Variable Interest Entity, Maximum Committed Financial or Other Support | ZAR | ZAR 180 | ||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 1,900 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 11,700 | 13,200 | |||
IHS Fund Two [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | 200 | ||||
Solar Facilities Investment [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investments | $ 50,521 | $ 75,526 | |||
Payments to acquire equity method investments | $ 75,000 | ||||
Minimum [Member] | IHS Managed Funds and Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 1.80% | 1.80% | |||
Maximum [Member] | IHS Managed Funds and Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 4.25% | 4.25% |
INVESTMENTS IN PARTNERSHIPS (Sc
INVESTMENTS IN PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 244,191 | $ 260,441 |
U.S. Real Estate Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 27,596 | 29,633 |
IHS Managed Funds and Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 3,296 | 2,501 |
Solar Facilities Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 75,526 | 50,521 |
Lower Tier Property Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 137,773 | 177,786 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | U.S. Real Estate Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 11,138 | 13,374 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | IHS Managed Funds and Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 1,955 | $ 1,388 |
INVESTMENTS IN PARTNERSHIPS (52
INVESTMENTS IN PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Real Estate Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 97,659 | $ 114,697 |
Total liabilities | 47,147 | 61,007 |
IHS Managed Funds and Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 261,082 | 235,858 |
Total liabilities | 110,214 | 103,149 |
Solar Facilities Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 158,365 | 104,137 |
Total liabilities | $ 4,905 | $ 3,585 |
INVESTMENTS IN PARTNERSHIPS (53
INVESTMENTS IN PARTNERSHIPS (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Real Estate Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income (loss) | $ 2,952 | $ (1,345) | $ 16,833 |
IHS Managed Funds and Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income (loss) | (19,718) | (5,646) | $ 6,589 |
Solar Facilities Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income (loss) | $ 1,206 | $ 1,313 |
OTHER ASSETS (Narrative, Loans
OTHER ASSETS (Narrative, Loans Held-for-Investment and Held-for-Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable Unpaid Principal Balance | $ 16,800 | $ 13,200 | $ 16,800 | $ 13,200 | |||||
Loans and Leases Receivable, Deferred Income | 7,600 | 4,500 | 7,600 | 4,500 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 6,400 | 1,100 | 6,400 | 1,100 | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 500 | 300 | 500 | 300 | |||||
Loans Receivable Held-for-sale, Amount | 0 | 6,417 | 0 | 6,417 | |||||
Loans Receivable, Held-For-Sale, Cost Basis | 6,000 | 12,400 | 6,000 | 12,400 | |||||
Net gains on sale of real estate estate and other investments | 127 | $ 1,585 | $ 116 | 6,577 | $ 4,296 | $ 5,622 | 1,828 | 16,495 | $ 882 |
Solar Loans [Member] | |||||||||
Net gains on sale of real estate estate and other investments | 100 | ||||||||
Solar Facilities [Member] | |||||||||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 1,700 | $ 1,600 | $ 1,700 | $ 1,600 |
OTHER ASSETS (Narrative, Remain
OTHER ASSETS (Narrative, Remainder) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net gains on derivatives, loans, other assets and extinguishment of liabilities | $ (642) | $ 894 | $ 1,424 | $ 682 | $ 4,885 | $ 1,523 | $ 928 | $ 985 | $ 2,358 | $ 8,321 | $ 6,192 |
Gains (Losses) on Sales of Other Real Estate | 127 | 1,585 | $ 116 | 6,577 | $ 4,296 | $ 5,622 | 1,828 | 16,495 | 882 | ||
Accrued Fees and Other Revenue Receivable | 1,406 | 1,121 | 1,406 | 1,121 | |||||||
Derivative Asset, Noncurrent | 7,884 | 3,673 | 7,884 | 3,673 | |||||||
Derivative Asset | 7,884 | 3,673 | 7,884 | 3,673 | |||||||
Depreciation | 1,000 | 100 | 4,800 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 200 | ||||||||
One solar construction loan [Member] | |||||||||||
Fair Value, Option, Unpaid Principal Balance | 10,000 | 10,000 | |||||||||
Fair Value, Option, Ineligible Items, Carrying Amount | 3,800 | 3,800 | |||||||||
IHS Funds and Ventures [Member] | |||||||||||
Accrued Fees and Other Revenue Receivable | 900 | 800 | 900 | 800 | |||||||
Solar Facilities [Member] | |||||||||||
Net gains on derivatives, loans, other assets and extinguishment of liabilities | $ 200 | ||||||||||
Depreciation | 200 | ||||||||||
Loan Origination Commitments [Member] | |||||||||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $ 0 | $ 500 | $ 0 | 500 | |||||||
Building [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||||
Building Improvements [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 6 years | ||||||||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||
REO held for use, net [Member] | |||||||||||
Depreciation | $ 100 | $ 500 |
OTHER ASSETS (Summary of Other
OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets: | ||
Loan receivable held-for-investment | $ 4,809 | $ 7,928 |
Loans held-for-sale | 0 | 6,417 |
Real estate owned | 3,267 | 8,669 |
Derivative assets | 7,884 | 3,673 |
Accrued interest and dividends receivable | 1,822 | 2,115 |
Asset management fees receivable | 1,406 | 1,121 |
Other assets | 5,526 | 7,485 |
Total other assets | 70,998 | 58,315 |
Consolidated Funds and Ventures [Member] | ||
Other assets: | ||
Total other assets | 44,551 | 18,834 |
Solar Facilities Investment [Member] | ||
Other assets: | ||
Total other assets | $ 1,733 | $ 2,073 |
OTHER ASSETS (Loans Held for In
OTHER ASSETS (Loans Held for Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Amortized cost | $ 9,202 | $ 8,678 |
Net gains included in earnings | (3,565) | |
Allowance for loan losses | (828) | (750) |
Loans held for investment, net | $ 4,809 | $ 7,928 |
OTHER ASSETS (REO held for use,
OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Other assets | $ 70,998 | $ 58,315 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 23,584 | 22,992 |
Other assets | 7,464 | 9,013 |
Real estate held for use, net | 36,942 | 9,821 |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | 36,942 | 9,821 |
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Property, Plant and Equipment, Gross | 33,281 | 8,696 |
Real estate held for use, gross | 33,281 | 8,696 |
Accumulated depreciation | (1,085) | (89) |
Consolidated Funds and Ventures [Member] | Land [Member] | ||
Investment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,746 | 1,214 |
Real estate held for use, gross | 4,746 | 1,214 |
REO held for use, net [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 149 | |
Other assets | 10 | |
Real estate held for use, net | 3,267 | 8,669 |
REO held for use, net [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Property, Plant and Equipment, Gross | 648 | 4,014 |
Real estate held for use, gross | 648 | 4,014 |
REO held for use, net [Member] | Land [Member] | ||
Investment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,619 | 4,496 |
Real estate held for use, gross | $ 2,619 | $ 4,496 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | 2.90% | 3.00% | 2.90% | |||||||
Interest expense | $ 478 | $ 585 | $ 552 | $ 549 | $ 730 | $ 623 | $ 511 | $ 474 | $ 2,164 | $ 2,338 | $ 3,120 |
Repayments of Debt | 15,527 | 38,790 | $ 79,083 | ||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | 0 | |||||||
Notes Payable and Other Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Excluding Current Maturities, Total | 16,869 | 16,869 | |||||||||
Subordinated Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Excluding Current Maturities, Total | 125,899 | $ 129,185 | 125,899 | $ 129,185 | |||||||
Principal | $ 120,512 | $ 120,512 | |||||||||
Asset Related Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | 2.60% | 2.10% | 2.60% | |||||||
Notes Payable and Other Debt – Bond Related [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Excluding Current Maturities, Total | $ 79,137 | $ 88,131 | $ 79,137 | $ 88,131 | |||||||
Notes Payable and Other Debt – Non-Bond Related [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Excluding Current Maturities, Total | $ 3,126 | $ 3,126 | |||||||||
TRS Financing Arrangements [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Underlying Bond Notional Amount | $ 78,000 | $ 78,000 | |||||||||
Underlying Bond Interest Rate | 6.40% | 6.40% | |||||||||
Long-term Debt, Gross | $ 82,100 | $ 82,100 | |||||||||
Derivative, Variable Interest Rate | 2.00% | 2.00% |
DEBT (Outstanding Debt Balances
DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 243,071 | $ 242,095 |
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | 2.90% |
Asset Related Debt And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 230,042 | $ 232,212 |
Debt Instrument, Interest Rate, Effective Percentage | 2.80% | 2.80% |
Asset Related Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 82,029 | $ 99,958 |
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | 2.60% |
Notes Payable and Other Debt – Bond Related [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 2,892 | $ 1,137 |
Debt, Due after one year | $ 79,137 | $ 88,131 |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 2.20% | 1.50% |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 2.10% | 1.40% |
Unamortized Debt Issuance Expense | $ 100 | |
Notes Payable and Other Debt – Non-Bond Related [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 7,564 | |
Debt, Due after one year | $ 3,126 | |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 13.00% | |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 10.40% | |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Carrying Value | $ 148,013 | $ 132,254 |
Debt Instrument, Interest Rate, Effective Percentage | 3.30% | 3.00% |
Subordinated Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 3,297 | $ 3,069 |
Debt, Due after one year | 125,899 | $ 129,185 |
Debt, Carrying Value | $ 129,196 | |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 3.90% | 3.00% |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 3.40% | 3.00% |
Net Premium and Debt Issuance Costs | $ 8,700 | $ 9,200 |
Notes Payable and Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | 1,948 | |
Debt, Due after one year | $ 16,869 | |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 3.90% | |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 2.30% | |
Debt Related To Consolidated Funds and Ventures [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Due within one year | $ 6,885 | 6,802 |
Debt, Due after one year | 6,144 | 3,081 |
Debt, Carrying Value | $ 13,029 | $ 9,883 |
Debt Instrument, Interest Rate, Effective Percentage, Current Portion | 5.70% | 5.50% |
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion | 4.00% | 4.30% |
Debt Instrument, Interest Rate, Effective Percentage | 4.90% | 5.10% |
DEBT (Principal Commitments) (D
DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 14,511 | |
2,018 | 60,767 | |
2,019 | 14,184 | |
2,020 | 30,153 | |
2,021 | 3,155 | |
Thereafter | 110,802 | |
Net premium and debt issue costs | 9,499 | |
Total | 243,071 | $ 242,095 |
Consolidated Funds and Ventures [Member] | ||
Debt Instrument [Line Items] | ||
Total | 13,029 | 9,883 |
Asset Related Debt And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 7,704 | |
2,018 | 60,665 | |
2,019 | 14,075 | |
2,020 | 30,037 | |
2,021 | 3,031 | |
Thereafter | 105,935 | |
Net premium and debt issue costs | 8,595 | |
Total | 230,042 | 232,212 |
Debt Related To Consolidated Funds and Ventures [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 6,807 | |
2,018 | 102 | |
2,019 | 109 | |
2,020 | 116 | |
2,021 | 124 | |
Thereafter | 4,867 | |
Net premium and debt issue costs | 904 | |
Total | $ 13,029 | $ 9,883 |
DEBT (Subordinate Debt) (Detail
DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Net Premium and Debt Issuance Costs | $ 9,499 | |
Carrying Value | 243,071 | $ 242,095 |
Subordinated Loan [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 120,512 | |
Net Premium and Debt Issuance Costs | 8,684 | |
Carrying Value | 129,196 | |
Subordinated Loan [Member] | MMA Financial Inc. Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 27,008 | |
Net Premium and Debt Issuance Costs | (150) | |
Carrying Value | $ 26,858 | |
Maturity Date | December 2027 and December 2033 | |
Coupon Interest Rate | 8.00% | |
Subordinated Loan [Member] | Mfh Issue 1 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 27,611 | |
Net Premium and Debt Issuance Costs | 2,692 | |
Carrying Value | $ 30,303 | |
Maturity Date | March 30, 2035 | |
Coupon Interest Rate | 3-month LIBOR plus 2.0% | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Subordinated Loan [Member] | Mfh Issue 2 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 25,107 | |
Net Premium and Debt Issuance Costs | 2,459 | |
Carrying Value | $ 27,566 | |
Maturity Date | April 30, 2035 | |
Coupon Interest Rate | 3-month LIBOR plus 2.0% | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Subordinated Loan [Member] | Mfh Issue 3 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 14,472 | |
Net Premium and Debt Issuance Costs | 1,307 | |
Carrying Value | $ 15,779 | |
Maturity Date | July 30, 2035 | |
Coupon Interest Rate | 3-month LIBOR plus 2.0% | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Subordinated Loan [Member] | Mfh Issue 4 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 26,314 | |
Net Premium and Debt Issuance Costs | 2,376 | |
Carrying Value | $ 28,690 | |
Maturity Date | July 30, 2035 | |
Coupon Interest Rate | 3-month LIBOR plus 2.0% | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($)contract | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 411,550 | $ 164,520 | |
Total Return Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 91,050 | 111,845 | |
Interest rate swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 140,000 | 7,675 | |
Interest rate swap [Member] | Subsequent Event [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 105,000 | ||
Number of Interest Rate Derivatives Held | contract | 2 | ||
Interest rate cap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 80,000 | $ 45,000 | |
Basis Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 100,500 | ||
Basis Swap [Member] | Subsequent Event [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 70,000 | ||
Interest Swap and Rate Cap [Member] | Subsequent Event [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 70,000 |
DERIVATIVE INSTRUMENTS (Schedul
DERIVATIVE INSTRUMENTS (Schedule of the Company’s Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 7,884 | $ 3,673 |
Derivative Liability | 379 | 1,713 |
Total Return Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 2,327 | 3,658 |
Derivative Liability | 372 | 1,023 |
Basis Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 176 | |
Derivative Liability | 7 | |
Interest rate cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,553 | 15 |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 3,828 | |
Derivative Liability | $ 690 |
DERIVATIVE INSTRUMENTS (Sched65
DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 411,550 | $ 164,520 |
Total Return Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 91,050 | 111,845 |
Basis Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 100,500 | |
Interest rate cap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 80,000 | 45,000 |
Interest rate swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 140,000 | $ 7,675 |
DERIVATIVE INSTRUMENTS (Summary
DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ 4,983 | $ 3,996 | $ 4,143 |
Total Return Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 3,463 | 4,446 | 5,147 |
Payments For Proceeds From Derivative Instrument Operating Activities | 4,100 | 4,000 | 2,600 |
Basis Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 161 | ||
Derivative, Cost of Hedge Net of Cash Received | 10 | ||
Payments For Proceeds From Derivative Instrument Operating Activities | 10 | ||
Basis Swap [Member] | Net gains on derivatives, loans, other assets and extinguishment of liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Cost of Hedge Net of Cash Received | 100 | ||
Basis Swap [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Cost of Hedge Net of Cash Received | 100 | ||
Interest rate cap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 642 | (172) | (605) |
Interest rate swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | 3,317 | (278) | (399) |
Derivative, Cost of Hedge Net of Cash Received | 800 | ||
Payments For Proceeds From Derivative Instrument Operating Activities | (300) | $ (300) | $ (300) |
Interest rate swap [Member] | Net gains on derivatives, loans, other assets and extinguishment of liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Cost of Hedge Net of Cash Received | 100 | ||
Interest rate swap [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Cost of Hedge Net of Cash Received | 700 | ||
Warrant [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (2,600) |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unrealized gains (losses) arising during the period | $ 14,553 | $ 18,374 | $ 18,103 |
Reversal of net unrealized gains on sold/redeemed bonds | 12,017 | 4,992 | 11,303 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | $ 179 | $ 113 | |
Solar Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Impairment Charges, Total | $ 200 | ||
Subordinated Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Inputs, Discount Rate | 14.50% | 20.00% | |
Subordinated Debt Obligations, Fair Value Disclosure | $ 61,500 | ||
Minimum [Member] | Subordinated Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Inputs, Discount Rate | 12.00% | ||
Subordinated Debt Obligations, Fair Value Disclosure | $ 53,700 | ||
Maximum [Member] | Subordinated Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair Value Inputs, Discount Rate | 17.00% | ||
Subordinated Debt Obligations, Fair Value Disclosure | $ 71,100 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Loans held-for-sale | $ 0 | $ 6,417 |
Derivative assets | 7,884 | 3,673 |
Liabilities: | ||
Derivative liabilities | 379 | 1,713 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Loans held for investment | 1,106 | 7,687 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Investments in bonds | 155,981 | 218,439 |
Loans held for investment | 3,835 | |
Loans held-for-sale | 6,417 | |
Derivative assets | 7,884 | 3,673 |
Liabilities: | ||
Derivative liabilities | 379 | 1,713 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative assets | 5,557 | 15 |
Liabilities: | ||
Derivative liabilities | 7 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investments in bonds | 155,981 | 218,439 |
Loans held for investment | 3,835 | |
Loans held-for-sale | 6,417 | |
Derivative assets | 2,327 | 3,658 |
Liabilities: | ||
Derivative liabilities | $ 372 | $ 1,713 |
FAIR VALUE MEASUREMENTS (Activi
FAIR VALUE MEASUREMENTS (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | $ 218,439 | $ 222,899 | $ 195,332 |
Net (losses) gains included in earnings | (4,776) | (5,517) | (6,021) |
Net change in other comprehensive income | 2,536 | 13,561 | 6,913 |
Impact from purchases | 7,217 | 15,123 | 18,380 |
Impact from sales/redemptions | (10,986) | (21,571) | (19,270) |
Impact from deconsolidation | 47,022 | ||
Impact from bonds extinguished due to consolidation or real estate foreclosure | (42,079) | (11,058) | |
Impact from settlements | (14,370) | (6,056) | (8,399) |
Balance at ending period | 155,981 | 218,439 | 222,899 |
Loans Receivable [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net (losses) gains included in earnings | (3,391) | ||
Impact from originations | 39,233 | ||
Impact from sales/redemptions | (34,285) | ||
Transfer from loans HFS to loans HFI | 2,278 | ||
Balance at ending period | 3,835 | ||
Loans Held-for-sale [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | 6,417 | ||
Impact from originations | 4,531 | 13,373 | |
Impact from sales/redemptions | (8,670) | (6,956) | |
Transfer from loans HFS to loans HFI | (2,278) | ||
Balance at ending period | 6,417 | ||
Derivative Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | 3,658 | 2,539 | |
Net (losses) gains included in earnings | (3,931) | 1,418 | 2,539 |
Impact from loan originations | 2,600 | ||
Impact from settlements | (299) | ||
Balance at ending period | 2,327 | 3,658 | 2,539 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at beginning period | (1,713) | (753) | (626) |
Net (losses) gains included in earnings | 577 | (960) | (127) |
Impact from settlements | 764 | ||
Balance at ending period | $ (372) | $ (1,713) | $ (753) |
FAIR VALUE MEASUREMENTS (Amount
FAIR VALUE MEASUREMENTS (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total gains (losses) reported in earnings | $ (3,565) | ||
Available-for-sale Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in unrealized (losses) gains related to assets and liabilities still held | $ (113) | ||
Change in unrealized losses related to assets and liabilities settled during the period | $ (179) | ||
Additional realized gains (losses) recognized | 12,217 | 6,513 | 12,293 |
Total gains (losses) reported in earnings | 12,217 | 6,334 | 12,180 |
Equity Method Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in unrealized (losses) gains related to assets and liabilities still held | (4,240) | (6,093) | (5,908) |
Change in unrealized losses related to assets and liabilities settled during the period | (536) | 755 | |
Total gains (losses) reported in earnings | (4,776) | (5,338) | (5,908) |
Loans Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Additional realized gains (losses) recognized | (3,391) | ||
Total gains (losses) reported in earnings | (3,391) | ||
Derivative Asset / Liability [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in unrealized (losses) gains related to assets and liabilities still held | (3,354) | 458 | 2,412 |
Additional realized gains (losses) recognized | 3,805 | 3,710 | 2,336 |
Total gains (losses) reported in earnings | $ 451 | $ 4,168 | $ 4,748 |
FAIR VALUE MEASUREMENTS (Fair71
FAIR VALUE MEASUREMENTS (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Total Return Swap [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Net Derivative Asset (Liability) | $ (372) | $ (983) |
Market yield | 7.20% | 8.70% |
Capitalization rate | 8.50% | 7.50% |
NOI annual growth rate | 2.50% | 2.90% |
Interest Rate Contract [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Net Derivative Asset (Liability) | $ (690) | |
Market yield | 26.20% | |
Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 93,082 | $ 84,203 |
Market yield | 5.60% | |
Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment B [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 20,226 | |
Market yield | 8.40% | |
Capitalization rate | 7.20% | |
NOI annual growth rate | 1.00% | |
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 7,015 | $ 20,435 |
Market yield | 8.10% | 7.70% |
Capitalization rate | 6.90% | 6.30% |
NOI annual growth rate | (0.90%) | 0.90% |
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds with Early Redemption [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 22,898 | |
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 9,930 | $ 8,847 |
Market yield | 7.90% | |
Capitalization rate | 6.50% | |
NOI annual growth rate | 0.40% | |
Available-for-sale, Infrastructure Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 25,145 | $ 9,381 |
Market yield | 8.50% | |
Available-for-sale, Infrastructure Bonds Segment B [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 17,475 | |
Other Debt Obligations [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 20,809 | 34,974 |
Loans Held for Investment [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 3,835 | |
Market yield | 19.20% | |
Loans Held-for-sale [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | $ 6,417 | |
Market yield | 13.50% | |
Total Return Swap [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Net Derivative Asset (Liability) | $ 2,327 | $ 3,618 |
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 4.30% | |
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 4.60% | |
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment B [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 8.20% | |
Capitalization rate | 7.00% | |
NOI annual growth rate | 0.40% | |
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.50% | |
Capitalization rate | 6.20% | |
NOI annual growth rate | 0.50% | |
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.30% | 7.80% |
Capitalization rate | 6.00% | 6.40% |
NOI annual growth rate | 0.40% | 0.00% |
Minimum [Member] | Available-for-sale, Infrastructure Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.30% | |
Minimum [Member] | Other Debt Obligations [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 3.70% | |
Minimum [Member] | Loans Held-for-sale [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 10.00% | |
Minimum [Member] | Total Return Swap [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 3.90% | |
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 5.70% | |
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.10% | |
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment B [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 8.70% | |
Capitalization rate | 7.50% | |
NOI annual growth rate | 1.40% | |
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.90% | |
Capitalization rate | 6.50% | |
NOI annual growth rate | 1.20% | |
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.40% | 7.90% |
Capitalization rate | 6.40% | 6.60% |
NOI annual growth rate | 0.80% | 0.60% |
Maximum [Member] | Available-for-sale, Infrastructure Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 9.00% | |
Maximum [Member] | Other Debt Obligations [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 5.50% | |
Maximum [Member] | Loans Held-for-sale [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 15.00% | |
Maximum [Member] | Total Return Swap [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 5.50% | |
Weighted Average [Member] | Total Return Swap [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.20% | |
Capitalization rate | 8.50% | |
NOI annual growth rate | 2.50% | |
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 5.00% | |
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 8.10% | |
Capitalization rate | 6.90% | |
NOI annual growth rate | (0.90%) | |
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 7.40% | |
Capitalization rate | 6.20% | |
NOI annual growth rate | 0.50% | |
Weighted Average [Member] | Available-for-sale, Infrastructure Bonds [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 8.00% | |
Weighted Average [Member] | Other Debt Obligations [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 4.60% | |
Weighted Average [Member] | Loans Held for Investment [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 19.20% | |
Weighted Average [Member] | Total Return Swap [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Market yield | 5.00% |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Guarantor Obligations, Unamortized Fees | $ 8,600 | $ 10,800 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 45,525 | 21,843 |
Restricted cash | 33,920 | 17,041 |
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds and Ventures [Member] | ||
Assets: | ||
Restricted cash | 23,584 | 22,992 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Loans held for investment | 1,106 | 7,687 |
Liabilities: | ||
Guarantee obligations | 12,616 | 15,557 |
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member] | ||
Assets: | ||
Loans held for investment | 488 | 213 |
Fair Value, Inputs, Level 3 [Member] | TC Fund I [Member] | ||
Assets: | ||
Asset management fee receivable | 2,947 | |
Guarantee fee receivable | 1,348 | 4,227 |
Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Notes payable and other debt | 82,118 | 89,405 |
Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Notes payable and other debt | 18,817 | 10,717 |
Debt Related To Consolidated Funds and Ventures [Member] | Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member] | ||
Liabilities: | ||
Notes payable and other debt | 5,956 | 3,171 |
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFH [Member] | ||
Liabilities: | ||
Subordinated debt | 41,327 | 29,518 |
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFI [Member] | ||
Liabilities: | ||
Subordinated debt | 20,139 | 15,579 |
Reported Value Measurement [Member] | ||
Assets: | ||
Cash and cash equivalents | 45,525 | 21,843 |
Restricted cash | 33,920 | 17,041 |
Loans held for investment | 974 | 7,928 |
Liabilities: | ||
Guarantee obligations | 4,003 | 4,758 |
Reported Value Measurement [Member] | Consolidated Funds and Ventures [Member] | ||
Assets: | ||
Restricted cash | 23,584 | 22,992 |
Loans held for investment | 65 | 65 |
Reported Value Measurement [Member] | TC Fund I [Member] | ||
Assets: | ||
Guarantee fee receivable | 1,348 | 4,227 |
Reported Value Measurement [Member] | Bond Related Debt [Member] | ||
Liabilities: | ||
Notes payable and other debt | 82,029 | 89,268 |
Reported Value Measurement [Member] | Non Bond Related Debt [Member] | ||
Liabilities: | ||
Notes payable and other debt | 18,817 | 10,690 |
Reported Value Measurement [Member] | Debt Related To Consolidated Funds and Ventures [Member] | Consolidated Funds and Ventures [Member] | ||
Liabilities: | ||
Notes payable and other debt | 13,029 | 9,883 |
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFH [Member] | ||
Liabilities: | ||
Subordinated debt | 102,338 | 104,736 |
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFI [Member] | ||
Liabilities: | ||
Subordinated debt | $ 26,858 | $ 27,518 |
GUARANTEES AND COLLATERAL (Narr
GUARANTEES AND COLLATERAL (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2016 | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)entity | Dec. 31, 2016USD ($)agreement | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||
Guaranteed Funds | agreement | 13 | ||||||
Guarantor Obligations, Unamortized Fees | $ 8,600 | $ 8,600 | $ 8,600 | $ 8,600 | $ 10,800 | ||
Guaranteed Funds [Member] | |||||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||
Guaranteed Funds | 11 | 11 | |||||
Guarantor Obligations, Reserves | 14,500 | $ 14,500 | $ 14,500 | 14,500 | 13,000 | ||
Guarantor Obligations, Payment | $ 900 | ||||||
Guarantor Obligations, Unamortized Fees | 8,600 | 8,600 | 8,600 | 8,600 | 10,800 | ||
Guarantor Obligations, Collateral Pledged | 15,600 | 15,600 | 15,600 | 15,600 | 16,400 | ||
Maximum Exposure | 392,518 | 392,518 | 392,518 | 392,518 | 490,843 | ||
Carrying Amount | 186 | 186 | 186 | 186 | 451 | ||
Ownership percentage | 0.01% | ||||||
TC Fund I [Member] | |||||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||
Guarantor Obligations, Unamortized Fees | $ 3,800 | 3,800 | 3,800 | $ 3,800 | $ 4,200 | ||
Guarantor Obligations, Collateral Held Directly or by Third Parties | $ 10 | $ 10 | |||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 70.00% | ||||||
Percentage in excess of projected tax credits | 95.00% | ||||||
Guarantor Obligations, Bank Loss Absorption Rate, Percentage | 5.00% | ||||||
Maximum Exposure | $ 109,587 | 109,587 | 109,587 | $ 109,587 | $ 109,599 | ||
Carrying Amount | $ 3,805 | $ 3,805 | $ 3,805 | $ 3,805 | $ 4,227 |
GUARANTEES AND COLLATERAL (Summ
GUARANTEES AND COLLATERAL (Summary of Guarantees) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Guaranteed Funds [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | $ 392,518 | $ 490,843 |
Carrying Amount | 186 | 451 |
Eleven Guaranteed Funds [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 388,400 | 482,700 |
TC Fund I [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 109,587 | 109,599 |
Carrying Amount | 3,805 | 4,227 |
Lower Tier Property Partnerships [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Exposure | 536 | 1,223 |
Carrying Amount | $ 12 | $ 80 |
GUARANTEES AND COLLATERAL (Coll
GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | $ 57,504 | $ 40,033 |
Bonds Available-for-Sale | 135,614 | 174,961 |
Investments in partnerships | 137,773 | 177,786 |
Other Assets | 44,551 | 25,251 |
Total Assets Pledged | 375,442 | 418,031 |
Debt and derivatives TRSs [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 13,928 | 4,697 |
Bonds Available-for-Sale | 129,746 | 160,876 |
Total Assets Pledged | 143,674 | 165,573 |
Other, Pledged or Restricted [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 19,992 | 12,344 |
Bonds Available-for-Sale | 5,868 | 14,085 |
Other Assets | 6,417 | |
Total Assets Pledged | 25,860 | 32,846 |
Consolidated Funds and Ventures [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Restricted cash | 23,584 | 22,992 |
Investments in partnerships | 137,773 | 177,786 |
Other Assets | 44,551 | 18,834 |
Total Assets Pledged | $ 205,908 | $ 219,612 |
COMMITMENTS AND CONTINGENCIES76
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 0.2 | $ 0.5 | $ 0.5 |
COMMITMENTS AND CONTINGENCIES77
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 282 |
2,018 | 292 |
2,019 | 308 |
2,020 | 182 |
2,021 | 129 |
Thereafter | 304 |
Total minimum future rental commitments | $ 1,497 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) - $ / shares | 2 Months Ended | 12 Months Ended |
Mar. 08, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 580,000 | |
Treasury Stock To Be Acquired Maximum Costs Per Share | $ 23.86 | |
Held By Third Party | 4.90% | |
Stock Repurchase Program [Member] | Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchased During Period, Shares | 86,600 | |
Treasury Stock Acquired, Average Cost Per Share | $ 20.05 | |
International Housing Solutions (IHS) [Member] | ||
Class of Stock [Line Items] | ||
Ownership percentage | 60.00% | |
IHS PM [Member] | ||
Class of Stock [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | |
Ownership percentage | 60.00% | |
Maximum [Member] | ||
Class of Stock [Line Items] | ||
Ownership percentage | 1.00% |
EQUITY (Summary of Net Income t
EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||||||||||
Net income (loss) from continuing operations | $ 40,820 | $ 18,399 | $ 610 | ||||||||
Net income from discontinued operations | 1,532 | 327 | 18,188 | ||||||||
Net income to common shareholders | $ 16,442 | $ 4,175 | $ 5,130 | $ 16,605 | $ 7,689 | $ 3,584 | $ 7,291 | $ 162 | $ 42,352 | $ 18,726 | $ 18,798 |
Basic weighted-average shares | 6,034,000 | 6,174,000 | 6,289,000 | 6,523,000 | 6,617,000 | 6,746,000 | 6,955,000 | 7,213,000 | 6,254,000 | 6,881,000 | 7,647,000 |
Common stock equivalents | 374,000 | ||||||||||
Diluted weighted-average shares | 6,408,000 | 6,549,000 | 6,289,000 | 6,882,000 | 6,617,000 | 7,091,000 | 6,955,000 | 7,213,000 | 6,628,000 | 6,881,000 | 7,647,000 |
Common Stock Equivalents Employee Options | 410,000 | 410,000 | 410,000 | 410,000 | 410,000 | ||||||
Incremental Common Shares Attributable to Call Options and Warrants | 372,194 | 339,689 | 291,805 | ||||||||
Unvested Employee Deferred Shares | 9,468 | 9,468 | 41,667 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends | 2,044 | 12,348 | 20,834 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,663 | 24,211 | 60,211 |
EQUITY (Noncontrolling Interest
EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||
Minority Interest | $ 134,999 | $ 180,051 |
L I H T C Funds [Member] | ||
Noncontrolling Interest [Line Items] | ||
Minority Interest | 128,734 | 176,070 |
Consolidated Property Partnerships [Member] | ||
Noncontrolling Interest [Line Items] | ||
Minority Interest | 6,220 | 3,950 |
IHS PM [Member] | ||
Noncontrolling Interest [Line Items] | ||
Minority Interest | $ 45 | $ 31 |
EQUITY (Schedule of Accumulated
EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract] | |||
Unrealized net gains (losses) | $ 15,893 | $ 17,760 | |
Reversal of net unrealized gains on sold or redeemed bonds | $ (12,017) | (4,992) | (11,303) |
Reclassification of unrealized losses to operations due to impairment | 113 | ||
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs | 13,975 | ||
Reversal of unrealized gains from AOCI to Net Income due to consolidation and foreclosure | (25,860) | (2,003) | |
Other | 25,860 | 179 | (80) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance | 61,209 | 50,129 | 31,667 |
Net change in AOCI | (23,391) | 11,104 | 5,250 |
Other Comprehensive Income, Other, Net of Tax | 14,486 | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 12,017 | 4,992 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (23,391) | 11,080 | 18,462 |
Ending Balance | 37,818 | 61,209 | 50,129 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract] | |||
Beginning Balance | 64,322 | 50,761 | 31,876 |
Unrealized net gains (losses) | 14,553 | 18,374 | 18,103 |
Reversal of net unrealized gains on sold or redeemed bonds | (12,017) | (4,992) | (11,303) |
Reclassification of unrealized losses to operations due to impairment | 179 | 113 | |
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs | 13,975 | ||
Reversal of unrealized gains from AOCI to Net Income due to consolidation and foreclosure | (25,860) | (2,003) | |
Ending Balance | 40,998 | 64,322 | 50,761 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net change AOCI, before tax | (23,324) | 13,561 | 18,885 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract] | |||
Beginning Balance | (3,113) | (632) | (209) |
Unrealized net gains (losses) | (67) | (2,481) | (343) |
Other | (80) | ||
Ending Balance | (3,180) | (3,113) | (632) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net change AOCI, before tax | $ (67) | $ (2,481) | $ (423) |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 381,345 | ||
Additional Stock based Compensation | $ 1,900,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 410,000 | 416,211 | 412,100 |
Employee Deferred Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 17,205 | ||
Additional Stock based Compensation | $ 18,741 | ||
Non-employee Directors’ Stock-Based Compensation Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,130,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | |||
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued | 416,177 | ||
Rate Of Cash Based Compensation | 50.00% | ||
Additional Stock based Compensation | $ 60,000 | ||
Board Of Directors Chairman [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional Stock based Compensation | 20,000 | ||
Audit Committee Chair [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional Stock based Compensation | 15,000 | ||
Other Committee Chairs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional Stock based Compensation | $ 10,000 |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 2,228 | $ 2,447 | $ 1,962 |
Employees’ Stock-Based Compensation Plans [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | 1,903 | 2,152 | 1,725 |
Non-employee Directors’ Stock-Based Compensation Plans [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expense | $ 325 | $ 295 | $ 237 |
STOCK-BASED COMPENSATION (Sum84
STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |||
Number of Options Outstanding at beginning of period | 416 | 416 | |
Number of Options Forfeited/Expired | (6) | ||
Number of Options Outstanding at end of period | 410 | 416 | 416 |
Number of options that were exercisable | 410 | 398 | |
Weighted average Exercise Price per Option Outstanding at beginning of period | $ 3.52 | $ 3.52 | |
Weighted average Exercise Price per Option, Forfeited/Expired | 132.50 | ||
Weighted average Exercise Price per Option Outstanding at end of period | 1.56 | 3.52 | $ 3.52 |
Weighted average Exercise Price per Option Exercisable | $ 1.56 | $ 3.60 | |
Weighted Average Remaining Contractual Life per Option (in years) Outstanding | 4 years 4 months 24 days | 5 years 3 months 18 days | 6 years 3 months 18 days |
Weighted average Remaining Contractual Life per Option (in years) Exercisable | 4 years 4 months 24 days | 5 years 3 months 18 days | |
Aggregate Intrinsic Value | $ 7,149 | $ 5,283 | $ 3,196 |
Period End Liability | $ 7,166 | $ 5,282 | $ 3,281 |
STOCK-BASED COMPENSATION (Sched
STOCK-BASED COMPENSATION (Schedule of Employee Deferred Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Period End Liability | $ 7,166 | $ 5,282 | $ 3,281 |
Employee Deferred Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 10 | ||
Issued | (10) | ||
Ending Balance | 10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance | $ 4.40 | ||
Issued | $ 4.40 | ||
Ending Balance | $ 4.40 | ||
Period End Liability | $ 126 |
STOCK-BASED COMPENSATION (Sum86
STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Cash | $ 4,826,000 | $ 4,288,000 | $ 3,919,000 | $ 4,080,000 | $ 4,318,000 | $ 4,232,000 | $ 3,911,000 | $ 3,272,000 | $ 17,113,000 | $ 15,733,000 | $ 12,708,000 |
Non-employee Directors’ Stock-Based Compensation Plans [Member] | |||||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Cash | $ 162,500 | $ 147,500 | $ 118,750 | ||||||||
Weighted - average Grant Date Share Price | $ 17.31 | $ 11.85 | $ 8.27 | ||||||||
Options Vested | |||||||||||
Directors' Fees Expense | $ 325,000 | $ 295,000 | $ 237,500 | ||||||||
Non-employee Directors’ Stock-Based Compensation Plans [Member] | Common Shares [Member] | |||||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Granted | 4,779 | 8,462 | |||||||||
Non-employee Directors’ Stock-Based Compensation Plans [Member] | Restricted Stock [Member] | |||||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||||||||||
Granted | 9,387 | 7,670 | 5,904 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | |||
Deferred Tax Assets, Valuation Allowance | $ 203,794 | $ 203,202 | $ 211,800 |
Accrued Income Taxes, Current | 300 | ||
Income Taxes Receivable | 300 | ||
Operating Loss Carryforwards | 400,900 | 436,900 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 800 | 800 | 800 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 400 | $ 400 | $ 300 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Federal income tax benefit, Current | |||||||||||
Federal income tax benefit, Deferred | |||||||||||
State income tax (expense) benefit, Current | (379) | (263) | (242) | ||||||||
State income tax (expense) benefit, Deferred | |||||||||||
Foreign income tax (expense) benefit, Current | (300) | ||||||||||
Foreign income tax (expense) benefit, Deferred | |||||||||||
Income tax (expense) benefit | $ (530) | $ (43) | $ (34) | $ (72) | $ 15 | $ (146) | $ (61) | $ (71) | $ (679) | $ (263) | $ (242) |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Loss from continuing operations before income taxes | $ (5,112) | $ (36,321) | $ (99,364) | ||||||||
Income tax benefit at federal statutory rate (35%) | 1,789 | 12,712 | 34,778 | ||||||||
Impact on taxes from entities not subject to tax | (17,518) | (22,214) | (41,280) | ||||||||
State income taxes, net of federal tax effect | 487 | (2,065) | (2,308) | ||||||||
Foreign losses | (116) | (231) | (1,086) | ||||||||
Impact from other comprehensive income | 9,052 | 309 | 2,562 | ||||||||
Tax-exempt interest, net | 319 | 769 | 1,140 | ||||||||
State net operating loss adjustment | 6,620 | 1,490 | 103 | ||||||||
Other | (184) | 484 | 178 | ||||||||
Net decrease in the valuation allowance | (1,128) | 8,483 | 5,671 | ||||||||
Income tax (expense) benefit | $ (530) | $ (43) | $ (34) | $ (72) | $ 15 | $ (146) | $ (61) | $ (71) | $ (679) | $ (263) | $ (242) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | |||
Net operating loss, tax credits and other tax carryforwards | $ 179,404 | $ 184,527 | |
Guaranteed fees | 4,984 | 6,031 | |
Asset management fees | 7,719 | 7,323 | |
Cancellation of subordinated debt | 5,394 | 5,545 | |
Other | 6,293 | (224) | |
Total deferred tax assets | 203,794 | 203,202 | |
Less: valuation allowance | (203,794) | (203,202) | $ (211,800) |
Total deferred tax assets, net |
INCOME TAXES (Schedule of Def91
INCOME TAXES (Schedule of Deferred Tax Asset Valuation Allowance Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||
Beginning Balance | $ 203,202 | $ 211,800 |
Net reductions due to discontinued operations | (536) | (115) |
Net reductions due to continuing operations | 1,128 | (8,483) |
Ending Balance | $ 203,794 | $ 203,202 |
INCOME TAXES (Schedule of Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Beginning Balance | $ 1,984 | $ 1,466 | $ 1,142 |
Net increases (reductions) for tax positions of prior years | 42 | 42 | 42 |
Net increases due to tax positions that only affect timing | 524 | 476 | 282 |
Ending Balance | $ 2,550 | $ 1,984 | $ 1,466 |
DISCONTINUED OPERATIONS (Schedu
DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Other income | $ 333 | $ 333 | $ 333 | ||||||||
Other expense | (3) | (6) | (70) | ||||||||
Net income (loss) before disposal activity | 330 | 327 | 335 | ||||||||
Net gains on disposal | 1,202 | 17,683 | |||||||||
Net income from discontinued operations | $ 81 | $ 1,285 | $ 83 | $ 83 | $ 83 | $ 83 | $ 83 | $ 78 | 1,532 | 327 | 18,038 |
Loss from discontinued operations allocable to noncontrolling interests | 150 | ||||||||||
Net income to common shareholders from discontinued operations | $ 1,532 | $ 327 | 18,188 | ||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income | 279 | ||||||||||
Expenses | (243) | ||||||||||
Net gains on disposal | 20 | ||||||||||
Real Estate Owned [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income | 1,148 | ||||||||||
Expenses | $ (1,112) |
CONSOLIDATED FUNDS AND VENTUR94
CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 1,000 | $ 100 | $ 4,800 | ||||
Reclassification from real estate held for use to real estate held for sale | $ 3,700 | ||||||
Proceeds from sale of a subsidiary company | $ 4,188 | ||||||
Face Amount Not Equal to Carrying Value [Member] | |||||||
Debt, Weighted Average Interest Rate and Cost | 4.00% | 4.00% | |||||
Lower Tier Property Partnerships Real Estate Held For Use [Member] | |||||||
Bond Investment in Lower Tier Property Partnerships | $ 87,600 | $ 87,600 | 126,400 | ||||
Lower Tier Property Partnerships Real Estate Held For Use, Acquired Q22016 [Member] | |||||||
Business Combination, Consideration Transferred | $ 100 | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 1,900 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 4,200 | ||||||
Affordable multifamily Property [Member] | |||||||
Business Combination, Consideration Transferred | $ 300 | $ 100 | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.01% | 0.01% | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 300 | $ 900 | 300 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10,200 | ||||||
L I H T C Funds [Member] | |||||||
Real Estate Held-For-Sale | $ 145 | $ 145 | |||||
L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member] | |||||||
Debt, Weighted Average Interest Rate and Cost | 5.75% | 5.75% | |||||
L I H T C Funds [Member] | Face Amount Not Equal to Carrying Value [Member] | |||||||
Portion of Debt Carrying Value | $ 6,300 | $ 6,300 | $ 3,200 | ||||
Related Face Amount to Carrying Value | $ 5,400 | ||||||
Consolidated Property Partnershps [Member] | |||||||
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest | 99.89% | ||||||
Proceeds from sale of a subsidiary company | 2,600 | ||||||
Consolidated Property Partnershps [Member] | Face Amount Not Equal to Carrying Value [Member] | |||||||
Debt, Weighted Average Interest Rate and Cost | 4.30% | ||||||
Related Face Amount to Carrying Value | $ 2,800 | ||||||
Eleven Guaranteed Funds [Member] | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 388,400 | $ 388,400 | 482,700 | ||||
Consolidated Funds and Ventures [Member] | L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member] | |||||||
Portion of Debt Carrying Value | $ 6,700 | $ 6,700 | $ 6,700 | ||||
Building [Member] | |||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||
Minimum [Member] | Consolidated Property Partnershps [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.01% | ||||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life | 6 years | ||||||
Maximum [Member] | Consolidated Property Partnershps [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% | ||||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life | 7 years |
CONSOLIDATED FUNDS AND VENTUR95
CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Investments in Lower Tier Property Partnerships | $ 244,191 | $ 260,441 |
Other assets | 70,998 | 58,315 |
Total assets | 574,199 | 599,071 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 23,584 | 22,992 |
Investments in Lower Tier Property Partnerships | 137,773 | 177,786 |
Real estate held for use, net | 36,942 | 9,821 |
Real estate held-for-sale, net | 145 | |
Other assets | 7,464 | 9,013 |
Total assets | 205,908 | 219,612 |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | $ 36,942 | $ 9,821 |
CONSOLIDATED FUNDS AND VENTUR96
CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - Lower Tier Property Partnerships Real Estate Held For Use [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Total assets of Lower Tier Property Partnerships | $ 1,124,274 | $ 1,216,319 |
Total liabilities of Lower Tier Property Partnerships | $ 937,335 | $ 1,008,835 |
CONSOLIDATED FUNDS AND VENTUR97
CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-use of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | $ 36,942 | $ 9,821 |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, net | 36,942 | 9,821 |
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member] | ||
Investment [Line Items] | ||
Real estate held for use, gross | 33,281 | 8,696 |
Accumulated depreciation | (1,085) | (89) |
Consolidated Funds and Ventures [Member] | Land [Member] | ||
Investment [Line Items] | ||
Real estate held for use, gross | $ 4,746 | $ 1,214 |
CONSOLIDATED FUNDS AND VENTUR98
CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-sale of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Other assets | $ 70,998 | $ 58,315 |
L I H T C Funds [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 23,584 | 22,992 |
Property, Plant and Equipment, Net | 36,942 | 9,821 |
Other assets | 7,464 | 9,013 |
Real estate held-for-sale, net | 145 | |
Lower Tier Property Partnerships Real Estate Held For Sale [Member] | ||
Investment [Line Items] | ||
Cash, cash equivalents and restricted cash | 145 | |
Real estate held-for-sale, net | 145 | |
Consolidated Funds and Ventures [Member] | ||
Investment [Line Items] | ||
Property, Plant and Equipment, Net | $ 36,942 | $ 9,821 |
CONSOLIDATED FUNDS AND VENTUR99
CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment [Line Items] | |||||||||||
Debt | $ 243,071 | $ 242,095 | $ 243,071 | $ 242,095 | |||||||
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships | 8,103 | 8,203 | 8,103 | 8,203 | |||||||
Other liabilities | 54,881 | 47,551 | 54,881 | 47,551 | |||||||
Total liabilities | 313,876 | 302,850 | 313,876 | 302,850 | |||||||
Net loss | 7,643 | $ (8,924) | $ (7,126) | $ 4,148 | (5,042) | $ (10,196) | $ (6,877) | $ (14,142) | (4,259) | (36,257) | $ (81,568) |
Consolidated Funds and Ventures [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Debt | 13,029 | 9,883 | 13,029 | 9,883 | |||||||
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships | 8,103 | 8,203 | 8,103 | 8,203 | |||||||
Asset management fee payable | 28,373 | 24,828 | 28,373 | 24,828 | |||||||
Other liabilities | 4,209 | 3,405 | 4,209 | 3,405 | |||||||
Total liabilities | $ 53,714 | $ 46,319 | 53,714 | 46,319 | |||||||
Consolidated Funds and Ventures [Member] | L I H T C Funds [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Net loss | $ (24,687) | $ (33,063) | $ (42,785) |
CONSOLIDATED FUNDS AND VENTU100
CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | |||||||||||
Total revenue from CFVs | $ 1,258 | $ 1,163 | $ 726 | $ 819 | $ 579 | $ 209 | $ 133 | $ 67 | $ 3,966 | $ 988 | $ 16,494 |
Expenses: | |||||||||||
Interest expense | 478 | 585 | 552 | 549 | 730 | 623 | 511 | 474 | 2,164 | 2,338 | 3,120 |
Total expenses from CFVs | 17,529 | 17,556 | 16,403 | 15,673 | 19,437 | 20,126 | 18,009 | 17,898 | 67,161 | 75,470 | 129,220 |
Net gains (losses) related to CFVs: | |||||||||||
Net losses due to deconsolidation of CFVs | (23,867) | ||||||||||
Equity in losses from Lower Tier Property Partnerships of CFVs | (8,382) | (21,354) | (25,992) | ||||||||
Net loss | $ 7,643 | $ (8,924) | $ (7,126) | $ 4,148 | $ (5,042) | $ (10,196) | $ (6,877) | $ (14,142) | (4,259) | (36,257) | (81,568) |
Consolidated Funds and Ventures [Member] | |||||||||||
Revenue: | |||||||||||
Rental and other income from real estate | 2,912 | 102 | 10,210 | ||||||||
Interest and other income | 1,054 | 886 | 6,284 | ||||||||
Total revenue from CFVs | 3,966 | 988 | 16,494 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 3,196 | 2,296 | 7,012 | ||||||||
Interest expense | 573 | 384 | 3,087 | ||||||||
Other operating expenses | 7,355 | 5,194 | 48,328 | ||||||||
Foreign currency loss | 5,030 | ||||||||||
Asset impairments | 25,113 | 29,923 | 26,978 | ||||||||
Total expenses from CFVs | 36,237 | 37,797 | 90,435 | ||||||||
Net gains (losses) related to CFVs: | |||||||||||
Investment (loss) gains | (451) | 853 | 13,121 | ||||||||
Net gains (losses) on assets and derivatives | 2,244 | ||||||||||
Net losses due to deconsolidation of CFVs | (23,867) | ||||||||||
Net loss on sale of properties | (138) | ||||||||||
Equity in losses from Lower Tier Property Partnerships of CFVs | (17,254) | (22,219) | (32,730) | ||||||||
Net loss | (49,976) | (58,175) | (115,311) | ||||||||
Net losses allocable to noncontrolling interests in CFVs | 46,686 | 55,014 | 100,140 | ||||||||
Net (loss) income allocable to the common shareholders related to CFVs | (3,290) | (3,161) | (15,171) | ||||||||
IHS PM [Member] | |||||||||||
Net gains (losses) related to CFVs: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs | 75 | 31 | |||||||||
International Housing Solutions (IHS) [Member] | |||||||||||
Net gains (losses) related to CFVs: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs | 76 | ||||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Net gains (losses) related to CFVs: | |||||||||||
Net losses due to deconsolidation of CFVs | (15,450) | ||||||||||
Net (loss) income allocable to the common shareholders related to CFVs | $ (3,290) | $ (3,161) | $ (15,171) |
CONSOLIDATED FUNDS AND VENTU101
CONSOLIDATED FUNDS AND VENTURES (Net (Loss) Income Related to CFVs Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment [Line Items] | |||||||||||
Asset management fees and reimbursements | $ 2,324 | $ 2,383 | $ 2,261 | $ 1,892 | $ 1,887 | $ 1,924 | $ 1,575 | $ 1,421 | $ 8,860 | $ 6,807 | $ 3,580 |
Interest income | 3,282 | 4,425 | 3,591 | 3,691 | 3,449 | 3,694 | 4,084 | 4,767 | 14,989 | 15,994 | 19,088 |
Equity in income (losses) | (8,382) | (21,354) | (25,992) | ||||||||
Other expense | $ 467 | $ (3) | $ 735 | $ 48 | $ 3,361 | $ 2,267 | $ 1,722 | $ 107 | 1,247 | 7,457 | 3,482 |
Net gain due to consolidation of CFVs | (23,867) | ||||||||||
Net losses due to deconsolidation of CFVs | (23,867) | ||||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Asset management fees and reimbursements | 4,103 | ||||||||||
Guarantee fees | 1,238 | 1,324 | 1,324 | ||||||||
Interest income | 502 | 1,526 | |||||||||
Other expense | (598) | (1,105) | |||||||||
Net gain due to consolidation of CFVs | 853 | ||||||||||
Net losses due to deconsolidation of CFVs | (15,450) | ||||||||||
Net (loss) income allocable to the common shareholders related to CFVs | (3,290) | (3,161) | (15,171) | ||||||||
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Equity in income (losses) | (4,776) | $ (5,338) | (5,912) | ||||||||
Consolidated Funds and Ventures [Member] | SAWHF [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Equity in income (losses) | $ 343 | ||||||||||
Consolidated Funds and Ventures [Member] | Consolidated Property Partnerships [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Equity in income (losses) | $ 344 |
SEGMENT INFORMATION (Narrative)
SEGMENT INFORMATION (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest Income, Operating | $ 3,282 | $ 4,425 | $ 3,591 | $ 3,691 | $ 3,449 | $ 3,694 | $ 4,084 | $ 4,767 | $ 14,989 | $ 15,994 | $ 19,088 |
Investment Advisory, Management and Administrative Fees | $ 2,324 | $ 2,383 | $ 2,261 | $ 1,892 | $ 1,887 | $ 1,924 | $ 1,575 | $ 1,421 | $ 8,860 | 6,807 | 3,580 |
Equity in (losses) income from Lower Tier Property Partnerships in CFVs | $ (22,219) | $ (32,730) | |||||||||
SAWHF [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest | 2.70% | ||||||||||
L I H T C Funds [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investment Advisory, Management and Administrative Fees | $ 1,600 | ||||||||||
Guaranty Fee Income | 1,300 | ||||||||||
Ihs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investment Advisory, Management and Administrative Fees | $ 2,500 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | $ 3,282 | $ 4,425 | $ 3,591 | $ 3,691 | $ 3,449 | $ 3,694 | $ 4,084 | $ 4,767 | $ 14,989 | $ 15,994 | $ 19,088 |
Total interest expense | (478) | (585) | (552) | (549) | (730) | (623) | (511) | (474) | (2,164) | (2,338) | (3,120) |
Net interest income | 2,804 | 3,840 | 3,039 | 3,142 | 2,719 | 3,071 | 3,573 | 4,293 | 12,825 | 13,656 | 15,968 |
Total fee and other income | 11,828 | 13,677 | 10,656 | ||||||||
Revenue from CFVs | 1,258 | 1,163 | 726 | 819 | 579 | 209 | 133 | 67 | 3,966 | 988 | 16,494 |
Total non-interest revenue | 3,840 | 4,655 | 3,941 | 3,358 | 3,213 | 4,115 | 3,829 | 3,508 | 15,794 | 14,665 | 27,150 |
Total revenues, net of interest expense | 6,644 | 8,495 | 6,980 | 6,500 | 5,932 | 7,186 | 7,402 | 7,801 | 28,619 | 28,321 | 43,118 |
Operating and other expenses: | |||||||||||
Interest expense | (1,198) | (1,121) | (1,075) | (1,042) | (1,089) | (1,300) | (1,708) | (3,196) | (4,436) | (7,293) | (13,776) |
Operating expenses | (25,241) | (22,923) | (21,527) | ||||||||
Other expenses, net | (467) | 3 | (735) | (48) | (3,361) | (2,267) | (1,722) | (107) | (1,247) | (7,457) | (3,482) |
Expenses from CFVs | (8,790) | (10,065) | (9,014) | (8,368) | (8,577) | (10,890) | (9,014) | (9,316) | (36,237) | (37,797) | (90,435) |
Total operating and other expenses | (17,529) | (17,556) | (16,403) | (15,673) | (19,437) | (20,126) | (18,009) | (17,898) | (67,161) | (75,470) | (129,220) |
Net gains on assets, derivatives and extinguishment of liabilities | 16,403 | 31,329 | 19,367 | ||||||||
Net gains transferred into net income from AOCI due to real estate foreclosure | 10,213 | 4,205 | 11,442 | 25,860 | 2,003 | ||||||
Equity in (losses) income from unconsolidated funds and ventures | (8,382) | (21,354) | (25,992) | ||||||||
Net gains related to CFVs | 147 | (598) | 853 | (451) | 853 | 15,227 | |||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (22,219) | (32,730) | |||||||||
Net losses due to deconsolidation of CFVs | (23,867) | ||||||||||
Income (loss) from continuing operations before income taxes | 8,092 | (10,166) | (7,175) | 4,137 | (5,140) | (10,133) | (6,899) | (14,149) | (5,112) | (36,321) | (99,364) |
Income tax expense | (530) | (43) | (34) | (72) | 15 | (146) | (61) | (71) | (679) | (263) | (242) |
Income (loss) from discontinued operations, net of tax | 81 | 1,285 | 83 | 83 | 83 | 83 | 83 | 78 | 1,532 | 327 | 18,038 |
Net loss | 7,643 | (8,924) | (7,126) | 4,148 | (5,042) | (10,196) | (6,877) | (14,142) | (4,259) | (36,257) | (81,568) |
Net losses allocable to noncontrolling interests in CFVs: | 12,731 | 13,780 | 14,168 | 14,304 | (46,611) | (54,983) | (100,366) | ||||
Net income (loss) to common shareholders | 16,442 | 4,175 | 5,130 | 16,605 | 7,689 | 3,584 | 7,291 | 162 | 42,352 | 18,726 | 18,798 |
Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | 807 | 1,478 | 2,126 | 4,461 | 491 | 281 | 20 | 73 | 8,872 | 865 | 6,738 |
Lower Tier Property Partnerships [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (17,254) | ||||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from CFVs | 3,966 | 988 | 16,494 | ||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | (1,638) | (4,993) | (4,937) | (5,686) | $ (5,953) | $ (3,919) | $ (6,654) | $ (5,693) | (17,254) | (22,219) | (32,730) |
Continuing Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | $ 8,799 | $ 13,099 | $ 12,256 | $ 12,457 | 46,611 | 54,983 | 100,216 | ||||
Discontinued Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | 150 | ||||||||||
U.S. Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 15,255 | 15,844 | 20,542 | ||||||||
Total interest expense | (1,870) | (1,820) | (2,414) | ||||||||
Net interest income | 13,385 | 14,024 | 18,128 | ||||||||
Total fee and other income | 6,293 | 8,834 | 10,497 | ||||||||
Revenue from CFVs | 3,966 | 988 | 16,494 | ||||||||
Total non-interest revenue | 10,259 | 9,822 | 26,991 | ||||||||
Total revenues, net of interest expense | 23,644 | 23,846 | 45,119 | ||||||||
Operating and other expenses: | |||||||||||
Interest expense | (125) | (1,158) | (2,707) | ||||||||
Operating expenses | (9,736) | (7,957) | (6,919) | ||||||||
Other expenses, net | (2,568) | (1,656) | (4,151) | ||||||||
Expenses from CFVs | (37,723) | (39,121) | (81,176) | ||||||||
Total operating and other expenses | (50,152) | (49,892) | (94,953) | ||||||||
Net gains on assets, derivatives and extinguishment of liabilities | 16,416 | 27,154 | 18,247 | ||||||||
Net gains transferred into net income from AOCI due to real estate foreclosure | 25,860 | 2,003 | |||||||||
Net gains related to CFVs | (451) | 853 | 15,227 | ||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (22,219) | (32,730) | |||||||||
Net losses due to deconsolidation of CFVs | (39,317) | ||||||||||
Income (loss) from continuing operations before income taxes | 7,774 | (19,356) | (79,904) | ||||||||
Income tax expense | (29) | ||||||||||
Income (loss) from discontinued operations, net of tax | 1,532 | 327 | 18,038 | ||||||||
Net loss | 9,306 | (19,058) | (61,866) | ||||||||
Net income (loss) to common shareholders | 55,992 | 35,956 | 38,424 | ||||||||
U.S. Operations [Member] | Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | 9,711 | 902 | 6,500 | ||||||||
U.S. Operations [Member] | Lower Tier Property Partnerships [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (17,254) | ||||||||||
U.S. Operations [Member] | Continuing Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | 46,686 | 55,014 | 100,140 | ||||||||
U.S. Operations [Member] | Discontinued Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | 150 | ||||||||||
International Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 132 | 68 | 53 | ||||||||
Net interest income | 132 | 68 | 53 | ||||||||
Total fee and other income | 6,770 | 5,679 | 5,554 | ||||||||
Total non-interest revenue | 6,770 | 5,679 | 5,554 | ||||||||
Total revenues, net of interest expense | 6,902 | 5,747 | 5,607 | ||||||||
Operating and other expenses: | |||||||||||
Interest expense | (2) | (96) | (144) | ||||||||
Operating expenses | (8,993) | (8,974) | (8,356) | ||||||||
Other expenses, net | 836 | (4,655) | (194) | ||||||||
Total operating and other expenses | (8,159) | (13,725) | (8,694) | ||||||||
Net gains on assets, derivatives and extinguishment of liabilities | 1 | 4,175 | |||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | 343 | ||||||||||
Income (loss) from continuing operations before income taxes | (1,751) | (3,840) | (2,506) | ||||||||
Income tax expense | (300) | ||||||||||
Net loss | (2,051) | (3,840) | (2,506) | ||||||||
Net income (loss) to common shareholders | (2,126) | (3,871) | (2,430) | ||||||||
International Operations [Member] | Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | (495) | (37) | 238 | ||||||||
International Operations [Member] | Continuing Operations [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Net losses allocable to noncontrolling interests in CFVs: | (75) | (31) | 76 | ||||||||
Corporate Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 104 | 82 | 19 | ||||||||
Total interest expense | (294) | (518) | (706) | ||||||||
Net interest income | (190) | (436) | (687) | ||||||||
Total fee and other income | 3 | 488 | 32 | ||||||||
Total non-interest revenue | 3 | 488 | 32 | ||||||||
Total revenues, net of interest expense | (187) | 52 | (655) | ||||||||
Operating and other expenses: | |||||||||||
Interest expense | (4,309) | (6,039) | (10,925) | ||||||||
Operating expenses | (6,512) | (5,992) | (6,252) | ||||||||
Other expenses, net | (113) | (1,146) | (242) | ||||||||
Total operating and other expenses | (10,934) | (13,177) | (17,419) | ||||||||
Net gains on assets, derivatives and extinguishment of liabilities | (14) | 1,120 | |||||||||
Income (loss) from continuing operations before income taxes | (11,135) | (13,125) | (16,954) | ||||||||
Income tax expense | (379) | (234) | (242) | ||||||||
Net loss | (11,514) | (13,359) | (17,196) | ||||||||
Net income (loss) to common shareholders | (11,514) | (13,359) | (17,196) | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | (502) | (1,526) | |||||||||
Net interest income | (502) | (1,526) | |||||||||
Total fee and other income | (1,238) | (1,324) | (5,427) | ||||||||
Total non-interest revenue | (1,238) | (1,324) | (5,427) | ||||||||
Total revenues, net of interest expense | (1,740) | (1,324) | (6,953) | ||||||||
Operating and other expenses: | |||||||||||
Other expenses, net | 598 | 1,105 | |||||||||
Expenses from CFVs | 1,486 | 1,324 | (9,259) | ||||||||
Total operating and other expenses | 2,084 | 1,324 | (8,154) | ||||||||
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs | (343) | ||||||||||
Net losses due to deconsolidation of CFVs | 15,450 | ||||||||||
Intersegment Eliminations [Member] | Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | (344) | ||||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total interest income | 502 | 1,526 | |||||||||
Operating and other expenses: | |||||||||||
Other expenses, net | 598 | 1,105 | |||||||||
Net losses due to deconsolidation of CFVs | (15,450) | ||||||||||
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member] | |||||||||||
Operating and other expenses: | |||||||||||
Equity in (losses) income from unconsolidated funds and ventures | $ (4,776) | $ (5,338) | $ (5,912) |
SEGMENT INFORMATION (Reconcilia
SEGMENT INFORMATION (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | $ 574,199 | $ 599,071 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 574,199 | 599,071 |
U.S. Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 517,286 | 571,213 |
U.S. Operations [Member] | Consolidated Funds and Ventures [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 205,908 | 219,612 |
Corporate Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | 48,459 | 21,619 |
International Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
ASSETS | $ 8,454 | $ 6,239 |
SELECTED QUARTERLY FINANCIAL105
SELECTED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income | |||||||||||
Interest on bonds | $ 2,305 | $ 3,230 | $ 2,705 | $ 3,254 | $ 3,006 | $ 3,298 | $ 3,281 | $ 4,026 | $ 11,494 | $ 13,611 | $ 17,974 |
Interest on loans and short-term investments | 977 | 1,195 | 886 | 437 | 443 | 396 | 803 | 741 | 3,495 | 2,383 | 1,114 |
Total interest income | 3,282 | 4,425 | 3,591 | 3,691 | 3,449 | 3,694 | 4,084 | 4,767 | 14,989 | 15,994 | 19,088 |
Interest expense | |||||||||||
Bond related debt | 443 | 404 | 335 | 295 | 313 | 318 | 379 | 326 | 1,477 | 1,336 | 2,392 |
Non-bond related debt | 35 | 181 | 217 | 254 | 417 | 305 | 132 | 148 | 687 | 1,002 | 728 |
Total interest expense | 478 | 585 | 552 | 549 | 730 | 623 | 511 | 474 | 2,164 | 2,338 | 3,120 |
Net interest income | 2,804 | 3,840 | 3,039 | 3,142 | 2,719 | 3,071 | 3,573 | 4,293 | 12,825 | 13,656 | 15,968 |
Non-interest revenue | |||||||||||
Income on preferred stock investment | 419 | 1,326 | 1,311 | 1,297 | 4,353 | 5,260 | |||||
Asset management fees and reimbursements | 2,324 | 2,383 | 2,261 | 1,892 | 1,887 | 1,924 | 1,575 | 1,421 | 8,860 | 6,807 | 3,580 |
Other income | 258 | 1,109 | 954 | 647 | 328 | 656 | 810 | 723 | 2,968 | 2,517 | 1,816 |
Revenue from CFVs | 1,258 | 1,163 | 726 | 819 | 579 | 209 | 133 | 67 | 3,966 | 988 | 16,494 |
Total non-interest revenue | 3,840 | 4,655 | 3,941 | 3,358 | 3,213 | 4,115 | 3,829 | 3,508 | 15,794 | 14,665 | 27,150 |
Total revenues, net of interest expense | 6,644 | 8,495 | 6,980 | 6,500 | 5,932 | 7,186 | 7,402 | 7,801 | 28,619 | 28,321 | 43,118 |
Operating and other expenses | |||||||||||
Interest expense | 1,198 | 1,121 | 1,075 | 1,042 | 1,089 | 1,300 | 1,708 | 3,196 | 4,436 | 7,293 | 13,776 |
Salaries and benefits | 4,826 | 4,288 | 3,919 | 4,080 | 4,318 | 4,232 | 3,911 | 3,272 | 17,113 | 15,733 | 12,708 |
General and administrative | 805 | 633 | 655 | 700 | 868 | 719 | 773 | 863 | 2,793 | 3,223 | 3,447 |
Professional fees | 1,443 | 1,452 | 1,005 | 1,435 | 1,224 | 718 | 881 | 1,144 | 5,335 | 3,967 | 5,372 |
Other expenses | 467 | (3) | 735 | 48 | 3,361 | 2,267 | 1,722 | 107 | 1,247 | 7,457 | 3,482 |
Expenses from CFVs | 8,790 | 10,065 | 9,014 | 8,368 | 8,577 | 10,890 | 9,014 | 9,316 | 36,237 | 37,797 | 90,435 |
Total operating and other expenses | 17,529 | 17,556 | 16,403 | 15,673 | 19,437 | 20,126 | 18,009 | 17,898 | 67,161 | 75,470 | 129,220 |
Net gains on bonds | 9,963 | (69) | 28 | 2,295 | 1,512 | 626 | 3,792 | 583 | 12,217 | 6,513 | 12,293 |
Net gains on sale of real estate estate and other investments | 127 | 1,585 | 116 | 6,577 | 4,296 | 5,622 | 1,828 | 16,495 | 882 | ||
Net gains on derivatives, loans, other assets and extinguishment of liabilities | (642) | 894 | 1,424 | 682 | 4,885 | 1,523 | 928 | 985 | 2,358 | 8,321 | 6,192 |
Net gains transferred into net income from AOCI due to real estate foreclosure | 10,213 | 4,205 | 11,442 | 25,860 | 2,003 | ||||||
Net losses related to CFVs | 147 | (598) | 853 | (451) | 853 | 15,227 | |||||
Equity in gains (losses) from equity method investments | (8,382) | (21,354) | (25,992) | ||||||||
Net losses due to deconsolidation of CFVs | (23,867) | ||||||||||
Net gain (loss) from continuing operations before income taxes | 8,092 | (10,166) | (7,175) | 4,137 | (5,140) | (10,133) | (6,899) | (14,149) | (5,112) | (36,321) | (99,364) |
Income tax expense | (530) | (43) | (34) | (72) | 15 | (146) | (61) | (71) | (679) | (263) | (242) |
Net income from discontinued operations, net of tax | 81 | 1,285 | 83 | 83 | 83 | 83 | 83 | 78 | 1,532 | 327 | 18,038 |
Net loss | 7,643 | (8,924) | (7,126) | 4,148 | (5,042) | (10,196) | (6,877) | (14,142) | (4,259) | (36,257) | (81,568) |
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | 12,731 | 13,780 | 14,168 | 14,304 | (46,611) | (54,983) | (100,366) | ||||
Net income allocable to common shareholders | $ 16,442 | $ 4,175 | $ 5,130 | $ 16,605 | $ 7,689 | $ 3,584 | $ 7,291 | $ 162 | $ 42,352 | $ 18,726 | $ 18,798 |
Basic income (loss) per common share: | |||||||||||
Income from continuing operations (in dollars per share) | $ 2.71 | $ 0.47 | $ 0.80 | $ 2.54 | $ 1.15 | $ 0.52 | $ 1.04 | $ 0.01 | $ 6.53 | $ 2.68 | $ 0.08 |
Income from discontinued operations (in dollars per share) | 0.01 | 0.21 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.24 | 0.04 | 2.38 |
Income per common share (in dollars per share) | 2.72 | 0.68 | 0.81 | 2.55 | 1.16 | 0.53 | 1.05 | 0.02 | 6.77 | 2.72 | 2.46 |
Diluted income (loss) per common share: | |||||||||||
Income from continuing operations (in dollars per share) | 2.61 | 0.44 | 0.80 | 2.51 | 1.15 | 0.50 | 1.04 | 0.01 | 6.44 | 2.68 | 0.08 |
Income from discontinued operations (in dollars per share) | 0.01 | 0.20 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.23 | 0.04 | 2.38 |
Income per common share (in dollars per share) | $ 2.62 | $ 0.64 | $ 0.81 | $ 2.52 | $ 1.16 | $ 0.51 | $ 1.05 | $ 0.02 | $ 6.67 | $ 2.72 | $ 2.46 |
Weighted-average common shares outstanding: | |||||||||||
Basic (in shares) | 6,034 | 6,174 | 6,289 | 6,523 | 6,617 | 6,746 | 6,955 | 7,213 | 6,254 | 6,881 | 7,647 |
Diluted (in shares) | 6,408 | 6,549 | 6,289 | 6,882 | 6,617 | 7,091 | 6,955 | 7,213 | 6,628 | 6,881 | 7,647 |
Continuing Operations [Member] | |||||||||||
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | $ 8,799 | $ 13,099 | $ 12,256 | $ 12,457 | $ 46,611 | $ 54,983 | $ 100,216 | ||||
Discontinued Operations [Member] | |||||||||||
Loss allocable to noncontrolling interests: | |||||||||||
Net loss allocable to noncontrolling interests | 150 | ||||||||||
Consolidated Funds and Ventures [Member] | |||||||||||
Non-interest revenue | |||||||||||
Revenue from CFVs | 3,966 | 988 | 16,494 | ||||||||
Operating and other expenses | |||||||||||
Equity in gains (losses) from equity method investments | (1,638) | (4,993) | (4,937) | (5,686) | $ (5,953) | $ (3,919) | $ (6,654) | $ (5,693) | (17,254) | (22,219) | (32,730) |
Unconsolidated Funds and Ventures [Member] | |||||||||||
Operating and other expenses | |||||||||||
Equity in gains (losses) from equity method investments | $ 807 | $ 1,478 | $ 2,126 | $ 4,461 | $ 491 | $ 281 | $ 20 | $ 73 | $ 8,872 | $ 865 | $ 6,738 |