DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	June 30, 2020		December 31, 2019
	(in thousands)
Mortgage loan with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and a balance of $97,100,000 due on July 1, 2026. The loan is nonrecourse.	$	97,100	$	97,100
Deferred loan costs related to mortgage loans	(161)		(174)
Total Mortgage Payable	96,939		96,926
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.88% and 5.68% at June 30, 2020 and December 31, 2019, respectively.	6,727		7,845
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.57% and 3.32% at June 30, 2020 and December 31, 2019, respectively.	2,812		4,307
	9,539		12,152
Unamortized premiums	534		629
Total Secured Borrowings—Government Guaranteed Loans	10,073		12,781
2018 revolving credit facility	209,500		153,000
2020 unsecured revolving credit facility	—		—
Junior subordinated notes with a variable interest rate which resets quarterly based on the three-month LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070		27,070
SBA 7(a) loan-backed notes with a variable interest rate which resets monthly based on the lesser of the one-month LIBOR plus 1.40% or the prime rate less 1.08%, with payments of interest and principal due monthly. Balance due at maturity in March 20, 2043.	16,912		22,282
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility with a fixed interest rate of 0.35%.	15,466		—
	268,948		202,352
Deferred loan costs related to other debt	(2,567)		(2,867)
Discount on junior subordinated notes	(1,727)		(1,771)
Total Other Debt	264,654		197,714
Total Debt	$	371,666	$	307,421

Future Principal Payments on Debt

Future principal payments on our debt (face value) at June 30, 2020 are as follows:

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2020 (Six months ending December 31, 2020)	$	—	$	235	$	—	$	2,859	$	3,094
2021	—		480		—		11,335		11,815
2022	—		495		209,500		5,035		215,030
2023	—		511		—		1,257		1,768
2024	—		527		—		786		1,313
Thereafter	97,100		7,291		—		38,176		142,567
	$	97,100	$	9,539	$	209,500	$	59,448	$	375,587

(1)Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

(2)Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and borrowed funds from the Federal Reserve through the PPPLF.