DEBT (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	June 30, 2017			December 31, 2016
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $370,300,000 due on July 1, 2026. The loans are nonrecourse. One loan with an outstanding principal balance of $21,700,000 was reclassified to liabilities associated with assets held for sale at June 30, 2017 (Note 3).	$	370,300		$	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 were nonrecourse. The loans were repaid in May and June 2017 in connection with the sale of the properties that were collateral for the loans.	—			39,134
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. The loan was reclassified to liabilities associated with assets held for sale at June 30, 2017 (Note 3).	—			29,167
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan had a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan was nonrecourse. The loan was repaid in March 2017 in connection with the sale of the property that was collateral for the loan.	—			26,136
	416,300			532,437
Deferred loan costs related to mortgage loans	(1,628		)	(2,366		)
Premiums and discounts on assumed mortgages, net	—			722
Total Mortgages Payable	414,672			530,793
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 4.55% and 4.13% at June 30, 2017 and December 31, 2016, respectively.	18,504			23,122
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 2.33% and 1.83% at June 30, 2017 and December 31, 2016, respectively.	4,460			4,777
	22,964			27,899
Unamortized premiums	1,638			2,077
Total Secured Borrowings—Government Guaranteed Loans	24,602			29,976
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	—			—
	412,070			412,070
Deferred loan costs related to unsecured term loan and credit facilities	(2,534		)	(2,938		)
Discount on junior subordinated notes	(1,977		)	(2,015		)
Total Other	407,559			407,117
Total Debt	$	846,833		$	967,886

Future Principal Payments on Debt

Future principal payments on our debt (face value) at June 30, 2017 are as follows:

Years Ending December 31,	Secured Borrowings Principal (1)		Mortgages Payable (2)		Other (3)		Total
	(in thousands)
2017 (Six months ending December 31, 2017)	$	605	$	—	$	—	$	605
2018	835		—		—		835
2019	867		—		—		867
2020	902		—		—		902
2021	940		—		—		940
Thereafter	18,815		416,300		412,070		847,185
	$	22,964	$	416,300	$	412,070	$	851,334

_______________________________________________________________________________

(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) Excludes the future principal payments for 7083 Hollywood Boulevard and 4200 Scotland Street, which are classified as liabilities associated with assets held for sale on our consolidated balance sheet at June 30, 2017 (Note 3).

(3) Represents the junior subordinated notes and unsecured term loan facility.