CONSOLIDATED FUNDS AND VENTURES (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of More Information Related to Assets Consolidated Fund or Ventures

	At		At
	December 31,		December 31,
(in thousands)	2018		2017
Cash, cash equivalents and restricted cash	$	─	$	23,495
Investments in LTPPs		─		99,142
Other assets		─		5,175
Total assets of CFVs	$	─	$	127,812

Schedule of Investments in Partnerships

	At		At
	December 31,		December 31,
(in thousands)	2018		2017
Investment in Solar Ventures	$	126,339	$	97,011
Investments in U.S. real estate partnerships (includes $898 and $1,046 related    to VIEs) (1)		19,961		19,114
Investment in South Africa Workforce Housing Fund ("SAWHF")		8,779		12,695
Investments in LTPPs related to CFVs (2)		─		99,142
Total investments in partnerships	$	155,079	$	227,962

⁽¹⁾ We do not consolidate any of the investees that were assessed to meet the definition of a VIE because the Company was deemed not to be the primary beneficiary.

⁽²⁾ See Note 16, “Consolidated Funds and Ventures,” for more information.

Schedule of More Information Related to Liabilities Consolidated Fund and Venture

	At		At
	December 31,		December 31,
(in thousands)	2018		2017
Debt (1)	$	─	$	6,712
Unfunded equity commitments to unconsolidated LTPPs		─		8,003
Asset management fee payable		─		31,840
Other liabilities		─		4,010
Total liabilities of CFVs	$	─	$	50,565

⁽¹⁾ At December 31, 2017, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 6.5%, and was due on demand.

Schedule of Income Statement of Consolidated Funds and Ventures

	For the year ended
	December 31,
(in thousands)	2018		2017
Revenue:
Interest and other income related to CFVs	$	─	$	250
Expenses:
Interest expense		─		415
Professional fees		─		672
Asset management fee expense		─		5,698
Other expenses		─		1,825
Impairments		─		25,074
Total expenses related to CFVs		─		33,684
Equity in losses from LTPPs of CFVs		─		(14,547)
Net loss		─		(47,981)
Net losses allocable to noncontrolling interests in CFVs from continuing operations		─		43,673
Net loss allocable to the common shareholders related to CFVs from continuing operations	$	─	$	(4,308)

Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures

	For the year ended
	December 31,
(in thousands)	2018		2017
Equity in losses from LTPPs	$	─	$	(4,320)
Equity in income from consolidated property partnerships		─		12
Other expenses		─		─
Net loss allocable to the common shareholders related to CFVs from continuing operations	$	─	$	(4,308)

L I H T C Funds

Schedule of Investments in Partnerships

	At		At
	December 31,		December 31,
(in thousands)	2018		2017
Total assets of the LTPPs (1)	$	─	$	1,085,998
Total debt of the LTPPs		─		771,027
Total other liabilities of the LTPPs		─		165,500

⁽¹⁾ The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.

Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures

	For the year ended
	December 31,
(in thousands)	2018		2017
Gross revenue	$	─	$	150,711
Operating expenses		─		88,118
Net loss and net loss attributable to entity		─		(23,387)