| Schedule of debt |
Information on our debt is as follows: | | | | | | | | | | | | December 31, | | | 2016 | | 2015 | | | (in thousands) | Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are nonrecourse. | | $ | 392,000 |
| | $ | — |
| 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 loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and balances totaling $35,695,000 due on March 1, 2021. The loans are nonrecourse. | | 39,134 |
| | 39,846 |
| 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. | | 29,167 |
| | 29,744 |
| 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. | | 26,136 |
| | 29,201 |
| | | 532,437 |
| | 144,791 |
| Deferred loan costs related to mortgage loans | | (2,366 | ) | | (897 | ) | Premiums and discounts on assumed mortgages, net | | 722 |
| | 1,178 |
| Total Mortgages Payable | | 530,793 |
| | 145,072 |
| 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 4.13% and 3.90% at December 31, 2016 and 2015, respectively. | | 23,122 |
| | 29,481 |
| 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 1.83% and 1.58% at December 31, 2016 and 2015, respectively. | | 4,777 |
| | 4,947 |
| | | 27,899 |
| | 34,428 |
| Unamortized premiums | | 2,077 |
| | 2,693 |
| Total Secured Borrowings—Government Guaranteed Loans | | 29,976 |
| | 37,121 |
| Unsecured term loan facility | | 385,000 |
| | 385,000 |
| Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035. | | 27,070 |
| | 27,070 |
| Unsecured credit facility | | — |
| | 107,000 |
| | | 412,070 |
| | 519,070 |
| Deferred loan costs related to unsecured term loan and credit facilities | | (2,938 | ) | | (5,216 | ) | Discount on junior subordinated notes | | (2,015 | ) | | (2,091 | ) | Total Other | | 407,117 |
| | 511,763 |
| Total Debt | | $ | 967,886 |
| | $ | 693,956 |
|
|
| Schedule of principal payments on, and estimated amortization of debt (face value) |
Future principal payments on our debt (face value) at December 31, 2016 are as follows:
| | | | | | | | | | | | | | | | | | Years Ending | | Secured Borrowings | | Mortgages | | | | | December 31, | | Principal (1) | | Payable | | Other (2) | | Total | | | (in thousands) | 2017 | | $ | 996 |
| | $ | 4,642 |
| | $ | — |
| | $ | 5,638 |
| 2018 | | 1,032 |
| | 24,300 |
| | — |
| | 25,332 |
| 2019 | | 1,067 |
| | 1,519 |
| | — |
| | 2,586 |
| 2020 | | 1,107 |
| | 1,596 |
| | — |
| | 2,703 |
| 2021 | | 1,148 |
| | 62,380 |
| | — |
| | 63,528 |
| Thereafter | | 22,549 |
| | 438,000 |
| | 412,070 |
| | 872,619 |
| | | $ | 27,899 |
| | $ | 532,437 |
| | $ | 412,070 |
| | $ | 972,406 |
|
| | (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 term loan facility. |
|