GUARANTEES AND COLLATERAL (Tables)

12 Months Ended

Dec. 31, 2018

Guarantees and Collateral

Schedule of Financial Instruments Owned and Pledged as Collateral

	At
	December 31, 2018
			Investments				Total
	Restricted		in Debt		Investments in		Assets
(in thousands)	Cash		Securities		Partnerships		Pledged
Debt and derivatives related to TRS agreements	$	4,287	$	85,347	$	─	$	89,634
Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF		1,340		─		8,779		10,119
Other		8		─		─		8
Total	$	5,635	$	85,347	$	8,779	$	99,761

	At
	December 31, 2017
			Investments						Total
	Restricted		in Debt		Investments in		Other		Assets
(in thousands)	Cash		Securities		Partnerships		Assets		Pledged
Debt and derivatives related to TRS agreements	$	9,160	$	128,902	$	─	$	─	$	138,062
Debt and derivatives related to the Company's 11.85% ownership interest in SAWHF		5,991		─		12,695		─		18,686
Other (1)		6,120		─		─		─		6,120
CFVs		23,495		─		99,142		5,175		127,812
Total	$	44,766	$	128,902	$	111,837	$	5,175	$	290,680

The majority of this balance represents collateral pledged by the Company in connection with the tax credit guarantee.