DEBT (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	March 31, 2018			December 31, 2017
	(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.	$	370,300		$	370,300
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
	416,300			416,300
Deferred loan costs related to mortgage loans	(1,494		)	(1,540		)
Total Mortgages Payable	414,806			414,760
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 5.10% and 4.85% at March 31, 2018 and December 31, 2017, respectively.	16,347			16,812
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 2.82% and 2.60% at March 31, 2018 and December 31, 2017, respectively.	4,607			3,879
	20,954			20,691
Unamortized premiums	1,412			1,466
Total Secured Borrowings—Government Guaranteed Loans	22,366			22,157
Unsecured term loan facility	170,000			170,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR (as defined below) plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	10,000			—
	207,070			197,070
Deferred loan costs related to unsecured term loan and credit facilities	(1,068		)	(1,198		)
Discount on junior subordinated notes	(1,917		)	(1,937		)
Total Other	204,085			193,935
Total Debt	$	641,257		$	630,852

Future Principal Payments on Debt

Future principal payments on our debt (face value) at March 31, 2018 are as follows:

Years Ending December 31,	Secured Borrowings Principal (1)		Mortgages Payable		Other (2)		Total
	(in thousands)
2018 (Nine months ending December 31, 2018)	$	555	$	—	$	10,000	$	10,555
2019	770		—		—		770
2020	805		—		—		805
2021	842		—		—		842
2022	881		679		170,000		171,560
Thereafter	17,101		415,621		27,070		459,792
	$	20,954	$	416,300	$	207,070	$	644,324

(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 and term loan facilities.