FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value and Classification of Derivative Financial Instruments

The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets:

	March 31, 2019		December 31, 2018		Level	Balance Sheet Location
	(in thousands)
Assets:
Interest rate swaps	$	—	$	1,630	2	Other assets

Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets are as follows:

	March 31, 2019				December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to loan-backed notes	$	35,070	$	36,290	$	37,031	$	38,357	3
SBA 7(a) loans receivable, subject to credit risk	20,999		22,122		29,748		30,630		3
SBA 7(a) loans receivable, subject to secured borrowings	16,344		16,576		16,469		16,706		3
Liabilities:
Mortgages payable (1)	96,906		96,331		386,923		377,364		3
Junior subordinated notes	25,236		24,451		25,215		24,462		3

(1) The March 31, 2019 and December 31, 2018 carrying amounts and estimated fair values of mortgages payable exclude in each case one mortgage loan with carrying values of $39,292,000 and $28,018,000 that had been classified as liabilities associated with assets held for sale, net, on our consolidated balance sheets at March 31, 2019 and December 31, 2018, respectively (Notes 3 and 7).