DEBT (Tables)

9 Months Ended

Sep. 30, 2014

DEBT

Schedule of debt

	September 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.	$	27,163		$	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.		12,518			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.		32,759			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.		33,951			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.		40,693			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.		30,424			30,812
		223,508			228,319
Premiums and discounts on assumed mortgages		2,166			2,786
Total Mortgages Payable		225,674			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 3.94%		35,242			—
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%		5,117			—
		40,359			—
Premiums on loans sold for a premium and excess spread		3,325			—
Total Secured borrowings—government guaranteed loans		43,684			—
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			—
Unsecured credit facilities		330,000			164,000
		357,070			164,000
Discount on junior subordinated notes		(2,181	)		—
Total Other		354,889			164,000
Total Debt	$	624,247		$	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 (Three months ending December 31, 2014)	$	309	$	1,661	$	—	$	1,970
2015		1,265		77,055		—		78,320
2016		1,309		4,354		330,000		335,663
2017		1,354		4,642		—		5,996
2018		1,403		24,300		—		25,703
Thereafter		34,719		111,496		27,070		173,285
	$	40,359	$	223,508	$	357,070	$	620,937

(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 junior subordinated notes, and unsecured credit facility.