Note 5—OTHER ASSETS

The following table summarizes other assets at June 30, 2013 and December 31, 2012:

(in thousands)	June 30, 2013		December 31, 2012
Other assets:
Solar facilities	$	5,835	$	7,960
Investment in an unconsolidated venture		6,266		6,266
Accrued interest receivable		5,994		6,035
State tax receivables, net		286		2,403
Debt issuance costs, net		3,779		10,199
Loans receivable		1,155		1,165
Other assets		2,185		3,428
Other assets held by CFVs ⁽¹⁾		22,768		17,568
Total other assets	$	48,268	$	55,024

⁽¹⁾

For more information see Note 16, “Consolidated Funds and Ventures.”

Solar Facilities

At June 30, 2013, the Company has a solar investment fund and four solar facilities with a carrying value of $5.8 million. These facilities generate energy that is sold under long-term power contracts to the owner or lessee of the properties on which the projects are built. The useful life of these solar facilities is generally twenty years.

During the second quarter of 2013, the counterparty on a long-term power contract exercised its right to terminate the contract by paying a termination fee of $1.3 million, which represented the carrying amount of the solar facility at March 31, 2013. At termination, the Company had approximately $0.8 million in non-recourse debt for which the solar facility was serving as collateral. This debt was fully paid using proceeds from the termination. The lender and the Company also agreed to $0.3 million in contingent interest in connection with the termination which resulted in a $0.3 million loss which was recognized during the second quarter of 2013.

The Company has a contingent liability to creditors of the remaining solar facilities who provided non-recourse debt to finance the solar facilities. The Company entered into agreements with these creditors to provide for contingent interest to be paid to them should the Company recover its investment in the solar facilities. The total contingent liability associated with these agreements was $1.3 million at June 30, 2013 and should the facilities generate enough cash to pay the contingent interest, the Company will begin to record the associated contingent interest expense.

Investment in an Unconsolidated Venture

Investment in an unconsolidated venture represents a 33.3% 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. The remaining interest in the partnership is held by a third party who had also loaned money to the developer on the same land parcel. The ownership interests in the partnership were determined based on the relative loan amounts provided by the Company and the third party lender. This third party interest holder is the primary beneficiary of the partnership.

The following table displays the total assets and liabilities held by the unconsolidated venture in which the Company held an equity investment at June 30, 2013 and December 31, 2012:

(in thousands)	June 30, 2013		December 31, 2012
Investment in an unconsolidated venture:
Total assets (primarily real estate)	$	18,826	$	18,820
Total liabilities		162		–

The following table displays the net (loss) income for the three months and six months ended June 30, 2013 and 2012 for the unconsolidated venture:

	For the three months ended June 30,				For the six months ended June 30,
(in thousands)	2013		2012		2013		2012
Net (loss) income	$	(27)	$	377	$	(213)	$	177

State Tax Receivables, net

State tax receivables represent the net refund position as reflected on the Company’s various state tax returns. A portion of these receivables may be subject to challenge by the relevant tax authority and therefore a liability for uncertain tax positions of $0.7 million and $2.3 million at June 30, 2013 and December 31, 2012, respectively, has been recorded through “Other liabilities.”

On March 20, 2013, the Company entered into a closing agreement with the Commonwealth of Massachusetts for all years covered by an audit of the Company by the Commonwealth of Massachusetts. Pursuant to the closing agreement, the Commonwealth of Massachusetts agreed to issue a refund of $1.8 million to the Company. The Company received the refund on April 8, 2013. This agreement also resolved $1.6 million of the Company’s uncertain tax positions recorded at December 31, 2012. As a result, during the first quarter of 2013 the Company recorded a $1.6 million benefit on the consolidated statements of operations for the reduction of the liability for unrecognized tax benefits reflected in “Income tax (expense) benefit” for the six months ended June 30, 2013.

Debt issuance costs, net

As part of the Company’s sale of its common shares in TEB on July 3, 2013, the purchaser assumed the debt obligations held by TEB at June 30, 2013 ($695.7 million of unpaid principal on the Company’s balance sheet at June 30, 2013). As a result, the Company accelerated the recognition of unamortized debt issuance costs of $5.5 million associated with this debt. As a result, the Company increased its bond-related debt interest expense by $5.5 million during the second quarter of 2013. See Note 18, “Subsequent Events” for more information.