DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	March 31, 2019			December 31, 2018
	(in thousands)
Mortgage loan with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and a balance of $97,100,000 due on July 1, 2026. The loan is nonrecourse. On March 1, 2019, mortgage loans with an aggregate outstanding principal balance of $205,500,000 were legally defeased in connection with the sale of the properties that were collateral for the loans. In March 2019, one loan with an outstanding principal balance of $39,500,000 was reclassified to liabilities associated with assets held for sale, net (Note 3).	$	97,100		$	342,100
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 had a $42,008,000 balance due on January 5, 2027. The loan was nonrecourse. On March 1, 2019, the mortgage loan was prepaid in connection with the sale of the property that was collateral for the loan.	—			46,000
	97,100			388,100
Deferred loan costs related to mortgage loans	(194		)	(1,177		)
Total Mortgages Payable	96,906			386,923
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 6.14% and 5.89% at March 31, 2019 and December 31, 2018, respectively.	11,208			11,283
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 3.82% and 3.57% at March 31, 2019 and December 31, 2018, respectively.	4,445			4,482
	15,653			15,765
Unamortized premiums	923			940
Total Secured Borrowings—Government Guaranteed Loans	16,576			16,705
Revolving credit facility	—			130,000
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 of interest and principal due monthly. Balance due at maturity in March 20, 2043.	30,498			33,769
Junior subordinated notes with a variable interest rate which resets quarterly based on the three-month LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
	57,568			190,839
Deferred loan costs related to other debt	(3,666		)	(3,941		)
Discount on junior subordinated notes	(1,834		)	(1,855		)
Total Other Debt	52,068			185,043
Total Debt	$	165,550		$	588,671

Future Principal Payments on Debt

Future principal payments on our debt (face value) at March 31, 2019 are as follows:

Years Ending December 31,	Mortgages Payable (1)		Secured Borrowings Principal (2)		Other (2) (3)		Total
	(in thousands)
2019 (Nine months ending December 31, 2019)	$	—	$	424	$	525	$	949
2020	—		592		2,151		2,743
2021	—		625		2,208		2,833
2022	—		659		2,267		2,926
2023	—		696		2,333		3,029
Thereafter	97,100		12,657		48,084		157,841
	$	97,100	$	15,653	$	57,568	$	170,321

(1) Excludes the future principal payments for 1333 Broadway's mortgage, which is classified as liabilities associated with assets held for sale, net, on our consolidated balance sheet at March 31, 2019 (Note 3).

(2) 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.

(3) Represents the junior subordinated notes and SBA 7(a) loan-backed notes.