DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	September 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	(154)		(174)
Total Mortgage Payable	96,946		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 3.87% and 5.68% as of September 30, 2020 and December 31, 2019, respectively.	5,772		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 1.56% and 3.32% as of September 30, 2020 and December 31, 2019, respectively.	2,780		4,307
	8,552		12,152
Unamortized premiums	466		629
Total Secured Borrowings—Government Guaranteed Loans	9,018		12,781
2018 revolving credit facility	166,500		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.	15,123		22,282
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility with a fixed interest rate of 0.35%.	16,016		—
	224,709		202,352
Deferred loan costs related to other debt	(2,422)		(2,867)
Discount on junior subordinated notes	(1,705)		(1,771)
Total Other Debt	220,582		197,714
Total Debt	$	326,546	$	307,421

Schedule of Future Principal Payments on Debt

Future principal payments on our debt (face value) as of September 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 (Three months ending December 31, 2020)	$	—	$	107	$	—	$	450	$	557
2021	—		435		—		8,542		8,977
2022	—		449		166,500		9,333		176,282
2023	—		462		—		1,124		1,586
2024	—		477		—		703		1,180
Thereafter	97,100		6,622		—		38,057		141,779
	$	97,100	$	8,552	$	166,500	$	58,209	$	330,361

(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.