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DEBT (Tables)
 6 Months Ended
Jun. 30, 2014
DEBT  
Schedule of debt

 

 

 
   June 30,
2014		   December 31,
2013		  
 
   (in thousands)
  

Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse. 

   $ 27,537   $ 28,262  

Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse. 

    
46,000		    
46,000		  

Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse. 

    
12,590		    
12,737		  

Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse. 

    
33,432		    
34,755		  

Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse. 

    
34,161		    
34,583		  

Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse. 

    
40,850		    
41,170		  

Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse. 

    
30,555		    
30,812		  
           
​ ​ ​ ​ ​ ​ ​ ​

 

     225,125     228,319  

Premiums and discounts on assumed mortgages

    
2,373		    
2,786		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Mortgages Payable

     227,498     231,105  
           
​ ​ ​ ​ ​ ​ ​ ​

Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.99%

     32,057     —  

Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.58%

    
5,153		    
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

 

     37,210     —  

Premiums on loans sold for a premium and excess spread

    
3,024		    
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Secured borrowings—government guaranteed loans

     40,234     —  
           
​ ​ ​ ​ ​ ​ ​ ​

Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest payments due. Balance due at maturity on March 30, 2035. 

     27,070     —  

Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014. 

    
20,000		    
—		  

Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015. 

    
700		    
—		  

Unsecured revolving lines of credit

    
288,000		    
164,000		  
           
​ ​ ​ ​ ​ ​ ​ ​

 

     335,770     164,000  

Discount on junior subordinated notes

    
(2,199
)		  
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Other

     333,571     164,000  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Debt

   $ 601,303   $ 395,105  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of principal payments on, and estimated amortization of debt (face value)

 

 

Years Ending December 31,
  Secured
Borrowings
Principal(1)		   Mortgages
Payable		   All Other
Principal(2)		   Total  
 
   (in thousands)
  

2014 (Six months ending December 31, 2014)

   $ 575   $ 3,278   $ 208,000   $ 211,853  

2015

     1,180     77,055     700     78,935  

2016

     1,220     4,354     100,000     105,574  

2017

     1,263     4,642     —     5,905  

2018

     1,309     24,300     —     25,609  

Thereafter

     31,663     111,496     27,070     170,229  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 37,210   $ 225,125   $ 335,770   $ 598,105  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
(1)
Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal 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 revolving credit facility, term note, junior subordinated notes, and unsecured revolving lines of credit.