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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Measurements [Abstract]  
Fair Value Measurement, Recurring

Assets and liabilities measured at fair value on a recurring basis are summarized below:

 

 

 

Fair Value Measurements at June 30, 2016

 

Description

 

Assets and

Liabilities at Fair

Value

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant

Unobservable Inputs (Level 3)

 

Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage revenue bonds

 

$

648,397,372

 

 

$

-

 

 

$

-

 

 

$

648,397,372

 

Bond purchase commitments

 

 

17,218,819

 

 

 

-

 

 

 

-

 

 

 

17,218,819

 

PHC Certificates

 

 

62,180,059

 

 

 

-

 

 

 

-

 

 

 

62,180,059

 

Taxable bonds

 

 

5,294,229

 

 

 

-

 

 

 

-

 

 

 

5,294,229

 

Interest rate derivatives, net

 

 

(2,615,093

)

 

 

-

 

 

 

-

 

 

 

(2,615,093

)

Total Assets and Liabilities at Fair Value, net

 

$

730,475,386

 

 

$

-

 

 

$

-

 

 

$

730,475,386

 

 

 

 

For Three Months Ended June 30, 2016

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

 

Mortgage

Revenue Bonds

 

 

Bond Purchase

Commitments

 

 

PHC Certificates

 

 

Taxable Bonds

 

 

Interest Rate

Derivatives

 

 

Total

 

Beginning Balance April 1, 2016

 

$

596,376,369

 

 

$

7,222,173

 

 

$

60,505,340

 

 

$

4,938,104

 

 

$

(2,083,704

)

 

$

666,958,282

 

Total gains (losses)

   (realized/unrealized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings (interest

   expense)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(531,389

)

 

 

(531,389

)

Included in other comprehensive

   (loss) income

 

 

57,767,098

 

 

 

9,996,646

 

 

 

1,688,370

 

 

 

378,861

 

 

 

-

 

 

 

69,830,975

 

Settlements

 

 

(5,746,096

)

 

 

-

 

 

 

(13,651

)

 

 

(22,736

)

 

 

-

 

 

 

(5,782,483

)

Ending Balance June 30, 2016

 

$

648,397,372

 

 

$

17,218,819

 

 

$

62,180,059

 

 

$

5,294,229

 

 

$

(2,615,093

)

 

$

730,475,386

 

Total amount of losses for the period

   included in earnings attributable to the

   change in unrealized losses relating to

   assets or liabilities held on June 30, 2016

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(531,389

)

 

$

(531,389

)

 

 

 

For Six Months Ended June 30, 2016

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

 

Mortgage

Revenue Bonds

 

 

Bond Purchase

Commitments

 

 

PHC Certificates

 

 

Taxable Bonds

 

 

Interest Rate

Derivatives

 

 

Total

 

Beginning Balance January 1, 2016

 

$

583,683,137

 

 

$

5,634,360

 

 

$

60,707,290

 

 

$

4,824,060

 

 

$

(972,898

)

 

$

653,875,949

 

Total gains (losses)

   (realized/unrealized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings (interest

   expense)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,641,796

)

 

 

(1,641,796

)

Included in other comprehensive

   (loss) income

 

 

69,118,725

 

 

 

11,584,459

 

 

 

2,557,714

 

 

 

495,317

 

 

 

-

 

 

 

83,756,215

 

Purchases

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

Sale of securities

 

 

(9,747,124

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(399

)

 

 

(9,747,523

)

Settlements

 

 

(6,157,366

)

 

 

-

 

 

 

(1,084,945

)

 

 

(25,148

)

 

 

-

 

 

 

(7,267,459

)

Ending Balance June 30, 2016

 

$

648,397,372

 

 

$

17,218,819

 

 

$

62,180,059

 

 

$

5,294,229

 

 

$

(2,615,093

)

 

$

730,475,386

 

Total amount of losses for the period

   included in earnings attributable to the

   change in unrealized losses relating to

   assets or liabilities held on June 30, 2016

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(1,641,796

)

 

$

(1,641,796

)

 

 

 

Fair Value Measurements at December 31, 2015

 

Description

 

Assets and

Liabilities at Fair

Value

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant

Unobservable Inputs (Level 3)

 

Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage revenue bonds

 

$

583,683,137

 

 

$

-

 

 

$

-

 

 

$

583,683,137

 

Bond purchase commitments

 

 

5,634,360

 

 

 

-

 

 

 

-

 

 

 

5,634,360

 

PHC Certificates

 

 

60,707,290

 

 

 

-

 

 

 

-

 

 

 

60,707,290

 

MBS Securities

 

 

14,775,309

 

 

 

-

 

 

 

14,775,309

 

 

 

-

 

Taxable bonds

 

 

4,824,060

 

 

 

-

 

 

 

-

 

 

 

4,824,060

 

Interest rate derivatives

 

 

(972,898

)

 

 

-

 

 

 

-

 

 

 

(972,898

)

Total Assets and Liabilities at Fair Value

 

$

668,651,258

 

 

$

-

 

 

$

14,775,309

 

 

$

653,875,949

 

 

 

 

For Three Months Ended June 30, 2015

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

 

Mortgage

Revenue Bonds

 

 

Bond Purchase Commitments

 

 

PHC Certificates

 

 

Taxable Bonds

 

 

Interest Rate Derivatives

 

 

Total

 

Beginning Balance April 1, 2015

 

$

507,898,698

 

 

$

5,204,188

 

 

$

60,272,941

 

 

$

4,411,214

 

 

$

(642,704

)

 

$

577,144,337

 

Total gains (losses) (realized/unrealized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings (interest expense)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

198,743

 

 

 

198,743

 

Included in other comprehensive income

 

 

(16,544,139

)

 

 

(4,320,189

)

 

 

(304,327

)

 

 

(128,709

)

 

 

-

 

 

 

(21,297,364

)

Purchases

 

 

72,540,000

 

 

 

-

 

 

 

-

 

 

 

500,000

 

 

 

-

 

 

 

73,040,000

 

Settlements

 

 

(14,958,574

)

 

 

-

 

 

 

(977,177

)

 

 

(70,818

)

 

 

-

 

 

 

(16,006,569

)

Ending Balance June 30, 2015

 

$

548,935,985

 

 

$

883,999

 

 

$

58,991,437

 

 

$

4,711,687

 

 

$

(443,961

)

 

$

613,079,147

 

Total amount of losses for the period

   included in earning attributable to the

   change in unrealized gains or losses

   relating to assets or liabilities held

   on June 30, 2015

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

198,743

 

 

$

198,743

 

 

 

 

For Six Months Ended June 30, 2015

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

 

Mortgage

Revenue Bonds

 

 

Bond Purchase Commitments

 

 

PHC Certificates

 

 

Taxable Bonds

 

 

Interest Rate Derivatives

 

 

Total

 

Beginning Balance January 1, 2015

 

$

449,024,137

 

 

$

5,780,413

 

 

$

61,263,123

 

 

$

4,616,565

 

 

$

267,669

 

 

$

520,951,907

 

Total gains (losses)

   (realized/unrealized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings (interest

    expense)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(701,130

)

 

 

(701,130

)

Included in other comprehensive

   income

 

 

(16,469,539

)

 

 

(4,896,414

)

 

 

(1,280,859

)

 

 

(334,060

)

 

 

-

 

 

 

(22,980,872

)

Purchases

 

 

131,485,000

 

 

 

-

 

 

 

-

 

 

 

500,000

 

 

 

-

 

 

 

131,985,000

 

Refund of interest rate derivative cost

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,500

)

 

 

(10,500

)

Settlements

 

 

(15,103,613

)

 

 

-

 

 

 

(990,827

)

 

 

(70,818

)

 

 

-

 

 

 

(16,165,258

)

Ending Balance June 30, 2015

 

$

548,935,985

 

 

$

883,999

 

 

$

58,991,437

 

 

$

4,711,687

 

 

$

(443,961

)

 

$

613,079,147

 

Total amount of losses for the period

   included in earnings attributable to the

   change in unrealized losses relating to

   assets or liabilities held on June 30, 2016

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(701,130

)

 

$

(701,130

)

 
Fair Value, by Balance Sheet Grouping

The table below represents the fair value of the financial liabilities held on the Condensed Consolidated Balance Sheets for June 30, 2016 and December 31, 2015, respectively.

 

 

 

June 30, 2016

 

 

December 31, 2015

 

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt financing and unsecured LOCs

 

$

454,060,339

 

 

$

455,804,190

 

 

$

468,993,716

 

 

$

475,415,345

 

Mortgages payable and other secured financing

 

$

52,067,325

 

 

$

51,968,567

 

 

$

69,247,574

 

 

$

67,735,213