DEBT (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	September 30, 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	(1,404		)	(1,540		)
Total Mortgages Payable	414,896			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 5.61% and 4.85% at September 30, 2018 and December 31, 2017, respectively.	15,296			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 3.32% and 2.60% at September 30, 2018 and December 31, 2017, respectively.	4,525			3,879
	19,821			20,691
Unamortized premiums	1,294			1,466
Total Secured Borrowings—Government Guaranteed Loans	21,115			22,157
Unsecured term loan facility	170,000			170,000
SBA 7(a) loan-backed notes with a variable interest rate which resets monthly based on the lesser of the one-month LIBOR plus 1.40% or the prime rate less 1.08%, with payments due monthly of interest and principal. Balance due at maturity in March 20, 2043.	34,961			—
Junior subordinated notes with a variable interest rate which resets quarterly based on the three-month 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	—			—
	232,031			197,070
Deferred loan costs related to other debt	(1,766		)	(1,198		)
Discount on junior subordinated notes	(1,876		)	(1,937		)
Total Other Debt	228,389			193,935
Total Debt	$	664,400		$	630,852

Future Principal Payments on Debt

Future principal payments on our debt (face value) at September 30, 2018 are as follows:

Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		Other (1)(2)		Total
	(in thousands)
2018 (Three months ending December 31, 2018)	$	—	$	346	$	602	$	948
2019	—		719		2,466		3,185
2020	—		755		2,532		3,287
2021	—		794		2,598		3,392
2022	679		834		172,674		174,187
Thereafter	415,621		16,373		51,159		483,153
	$	416,300	$	19,821	$	232,031	$	668,152

(1) Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled 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, SBA 7(a) loan-backed notes, and unsecured credit and term loan facilities.