Note 15—Discontinued Operations

As part of the Disposition, the Company sold the following to Hunt: (i) its LIHTC business; (ii) its international asset and investment management business (“International Operations”); (iii) the loan origination, servicing and management components of its Energy Capital business; (iv) its bond servicing platform and (v) certain miscellaneous investments. This sale transaction also included certain management, expense reimbursement and other contractual rights held by the Company with respect to its Energy Capital business, LIHTC business and International Operations.

The table below provides information about income and expenses related to the Company’s discontinued operations reported in its Consolidated Statements of Operations:


	For the year ended
	December 31,
(in thousands)	2019		2018
Interest on bonds	$	─	$	6
Interest on loans and short-term investments		─		746
Asset management fee and reimbursements		─		1,370
Equity in income from unconsolidated funds and ventures		─		1
Other income		─		53
Salaries and benefits		─		(53)
General and administrative		─		(68)
Professional fees		(8)		(45)
Other expenses		─		(527)
Gains on sales and operations of real estate, net		─		63
Net (loss) income from discontinued operations, net of tax		(8)		1,546
Disposal:
Net gains on loans		─		400
Net gain on disposal of discontinued operations (1)		─		33,410
Net (loss) income from discontinued operations	$	(8)	$	35,356

⁽¹⁾

Includes $3.4 million of cumulative translation adjustments reclassified out of AOCI and into earnings due to the sale of our international asset and investment management business as part of the Disposition for the year ended December 31, 2018.

The table below provides information about operating and investing cash flows related to the Company’s discontinued operations reported in its Consolidated Statements of Cash Flows:


	For the year ended
	December 31,
(in thousands)	2019		2018
Depreciation and amortization	$	─	$	29

Net change in assets, liabilities and equity due to sale of business:
Decrease in investments in debt securities related to CFVs		─		(5,450)
Decrease in loans		─		(231)
Decrease in other assets ($24,140 related to CFVs)		─		(35,724)
Decrease in debt ($6,144 related to CFVs)		─		8,308
Decrease in accounts payable and accrued expenses		─		7,201
Decrease in other liabilities ($480 related to CFVs)		─		18,333
Decrease in noncontrolling interests in CFVs		─		5,620
Increase in accumulated other comprehensive income		─		(3,404)