CFVs are entities for which the Company is deemed to be the primary beneficiary. The Company earns revenue from these CFVs mainly through asset management fees, interest income (mostly relating to interest on bonds) and guarantee fees.

	For the three months ended September 30, 2013
(in thousands)	US Operations		International Operations		CFVs		Income Allocation Reclasses		Note Ref.	CFVs Adjustments		MMA Consolidated

Total interest income	$	4,644	$	10	$	3,739	$	(274)	A	$	(3,739)	$	4,380
Total interest expense		2,199		–		1,527		(274)	A		(1,253)		2,199
Net interest income		2,445		10		2,212		–			(2,486)		2,181

Total fee and other income		2,651		703		3,736		(1,219)	B		(3,736)		2,135
Revenue from CFVs		–		–		–		–			7,475		7,475
Total non-interest revenue		2,651		703		3,736		(1,219)			3,739		9,610
Total revenues, net of interest expense		5,096		713		5,948		(1,219)			1,253		11,791

Operating and other expenses:
Interest expense		3,593		35		–		–			–		3,628
Operating expenses		4,016		1,356		4,915		(1,219)	B		(3,696)		5,372

Impairment on bonds and provision for loan losses		939		5		–		–			–		944
Other expenses		1,463		72		9,905		(357)	C, D		(9,905)		1,178
Expenses from CFVs		–		–		–		–			14,854		14,854
Total operating and other expenses		10,011		1,468		14,820		(1,576)			1,253		25,976
Net gains on assets, derivatives and extinguishment of liabilities		76,304		16		3,812		–			(3,812)		76,320
Net gains due to real estate consolidation and foreclosure		2,411		–		–		–			–		2,411
Net gains related to CFVs		–		–		–		–			3,812		3,812
Equity in losses from Lower Tier Property Partnerships		–		–		(6,111)		(232)	C		–		(6,343)
Income (loss) from continuing operations before income taxes		73,800		(739)		(11,171)		125			–		62,015
Income tax benefit		(123)		–		–		–			–		(123)
Income from discontinued operations, net of tax		274		–		129		–			–		403
Net income (loss)		73,951		(739)		(11,042)		125			–		62,295
Income allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company		(36)		–		–		–			–		(36)

Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations		–		140		11,171		(125)	D		–		11,186
Related to discontinued operations		–		–		(129)		–			–		(129)
Net income (loss) to common shareholders	$	73,915	$	(599)	$	–	$	–		$	–	$	73,316

	For the three months ended September 30, 2012
(in thousands)	US Operations		International Operations		CFVs		Income Allocation Reclasses		Note Ref.	CFVs Adjustments		MMA Consolidated

Total interest income	$	17,387	$	7	$	2,267	$	(1,169)	A	$	(2,267)	$	16,225
Total interest expense		6,547		–		1,610		(1,169)	A		(441)		6,547
Net interest income		10,840		7		657		–			(1,826)		9,678

Total fee and other income		2,336		761		1,800		(1,268)	B		(1,800)		1,829
Revenue from CFVs		–		–		–		–			4,067		4,067
Total non-interest revenue		2,336		761		1,800		(1,268)			2,267		5,896
Total revenues, net of interest expense		13,176		768		2,457		(1,268)			441		15,574

Operating and other expenses:
Interest expense		4,607		32		–		–			–		4,639
Operating expenses		3,722		1,546		3,191		(1,268)	B		(1,923)		5,268
Impairment on bonds and provision for loan losses		919		–		–		–			–		919
Other expenses		2,038		152		6,675		(1,235)	C,D		(6,675)		955
Expenses from CFVs		–		–		–		–			9,039		9,039
Total operating and other expenses		11,286		1,730		9,866		(2,503)			441		20,820
Net losses on assets, derivatives and extinguishment of liabilities		(501)		–		(4,608)		–			4,608		(501)
Net gains due to real estate consolidation and foreclosure		2,853		–		–		–			–		2,853
Net gains related to CFVs		–		–		–		–			(4,608)		(4,608)
Equity in losses from Lower Tier Property Partnerships		–		–		(5,295)		(1,191)	C		–		(6,486)
Income (loss) from continuing operations before income taxes		4,242		(962)		(17,312)		44			–		(13,988)
Income tax expense		(24)		–		–		–			–		(24)
Income from discontinued operations, net of tax		(393)		–		995		–			–		602
Net income (loss)		3,825		(962)		(16,317)		44					(13,410)
Income allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company		(2,284)		–		–		–			–		(2,284)

Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations		–		139		17,312		(44)	D		–		17,407
Related to discontinued operations		–		–		(995)		–			–		(995)
Net income (loss) to common shareholders	$	1,541	$	(823)	$	–	$	–		$	–	$	718

	For the nine months ended September 30, 2013
(in thousands)		US Operations	International Operations		CFVs		Income Allocation Reclasses		Note Ref.		CFVs Adjustments	MMA Consolidated

Total interest income	$	36,931	$	25	$	7,784	$	(1,779)	A	$	(7,784)	$	35,177
Total interest expense		22,213		–		4,007		(1,779)	A		(2,228)		22,213
Net interest income		14,718		25		3,777		–			(5,556)		12,964

Total fee and other income		7,203		2,220		9,096		(3,622)	B		(9,096)		5,801
Revenue from CFVs		–		–		–		–			16,880		16,880
Total non-interest revenue		7,203		2,220		9,096		(3,622)			7,784		22,681
Total revenues, net of interest expense		21,921		2,245		12,873		(3,622)			2,228		35,645

Operating and other expenses:
Interest expense		11,273		101		–		–			–		11,374
Operating expenses		15,843		4,507		12,224		(3,622)	B		(8,602)		20,350

Impairment on bonds and provision for loan losses		1,772		5		–		–			–		1,777
Other expenses		7,265		140		29,118		(2,440)	C,D		(29,118)		4,965
Expenses from CFVs		–		–		–		–			39,948		39,948
Total operating and other expenses		36,153		4,753		41,342		(6,062)			2,228		78,414
Net gains on assets, derivatives and extinguishment of liabilities		114,672		16		27,732		–			(27,732)		114,688
Net gains due to real estate consolidation and foreclosure		10,895		–		–		–			–		10,895
Net gains related to CFVs		–		–		–		–			27,732		27,732
Equity in losses from Lower Tier Property Partnerships		–		–		(17,951)		(2,178)	C		–		(20,129)
Income (loss) from continuing operations before income taxes		111,335		(2,492)		(18,688)		262			–		90,417
Income tax benefit		1,309		–		–		–			–		1,309
Income from discontinued operations, net of tax		5,215		–		1,312		–			–		6,527
Net income (loss)		117,859		(2,492)		(17,376)		262					98,253
Income allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company		(3,714)		–		–		–			–		(3,714)

Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations		–		489		18,688		(262)	D		–		18,915
Related to discontinued operations		–		–		(1,312)		–			–		(1,312)
Net income (loss) to common shareholders	$	114,145	$	(2,003)	$	–	$	–		$	–	$	112,142

	For the nine months ended September 30, 2012
(in thousands)	US Operations		International Operations		CFVs		Income Allocation Reclasses		Note Ref.	CFVs Adjustments		MMA Consolidated

Total interest income	$	51,946	$	30	$	4,743	$	(1,789)	A	$	(4,743)	$	50,187
Total interest expense		20,090		–		3,026		(1,789)	A		(1,237)		20,090
Net interest income		31,856		30		1,717		–			(3,506)		30,097

Total fee and other income		7,690		2,964		3,715		(4,563)	B		(3,715)		6,091
Revenue from CFVs		–		–		–		–			8,458		8,458
Total non-interest revenue		7,690		2,964		3,715		(4,563)			4,743		14,549
Total revenues, net of interest expense		39,546		2,994		5,432		(4,563)			1,237		44,646

Operating and other expenses:
Interest expense		14,074		105		–		–			–		14,179
Operating expenses		11,948		4,786		9,143		(4,563)	B		(4,580)		16,734

Impairment on bonds and recovery of loan losses		(2,278)		–		–		–			–		(2,278)
Other expenses		5,993		(42)		15,306		(3,001)	C,D		(15,306)		2,950
Expenses from CFVs		–		–		–		–			21,123		21,123
Total operating and other expenses		29,737		4,849		24,449		(7,564)			1,237		52,708
Net losses on assets, derivatives and extinguishment of liabilities		(1,167)		–		5,407		–			(5,407)		(1,167)
Net gains due to real estate consolidation and foreclosure		5,404		–		–		–			–		5,404
Net gains related to CFVs		–		–		–		–			5,407		5,407
Equity in losses from Lower Tier Property Partnerships		–		–		(23,051)		(2,866)	C		–		(25,917)
Income (loss) from continuing operations before income taxes		14,046		(1,855)		(36,661)		135			–		(24,335)
Income tax expense		(65)		–		–		–			–		(65)
Income (loss) from discontinued operations, net of tax		1,342		–		(648)		–			–		694
Net income (loss)		15,323		(1,855)		(37,309)		135			–		(23,706)
Income allocable to noncontrolling interests:
Income allocable to perpetual preferred shareholders of a subsidiary company		(6,852)		–		–		–			–		(6,852)

Net losses (income) allocable to noncontrolling interests in CFVs:
Related to continuing operations		–		358		36,661		(135)	D		–		36,884
Related to discontinued operations		–		–		648		–			–		648
Net income (loss) to common shareholders	$	8,471	$	(1,497)	$	–	$	–		$	–	$	6,974

A. Primarily related to interest on bonds that the Company earned by holding the bond but which is eliminated because the Company consolidates two non-profits and the associated Lower Tier Property Partnerships and its related real estate. These Lower Tier Property Partnerships each have a mortgage debt obligation that collateralizes a bond.

B. Primarily related to asset management fees earned by the Company for asset management services provided to the SA Fund and LIHTC Funds.

C. Primarily relates to equity in losses from the Lower Tier Property Partnerships associated with the Company’s LIHTC Funds for which the Company has provided bond financing to the Lower Tier Property Partnerships.

D. Includes losses recorded by the Company related to guarantees provided by the Company associated with third party debt obligations of certain Lower Tier Property Partnerships.