FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 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:

	June 30, 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	$	32,982	$	34,088	$	37,031	$	38,357	3
SBA 7(a) loans receivable, subject to credit risk	23,539		24,644		29,748		30,630		3
SBA 7(a) loans receivable, subject to secured borrowings	15,964		16,192		16,469		16,706		3
Liabilities:
Mortgages payable (1)	96,913		99,078		386,923		377,364		3
Junior subordinated notes	25,257		24,426		25,215		24,462		3

(1) The December 31, 2018 carrying amount and estimated fair value of mortgages payable exclude one mortgage loan with carrying value of $28,018,000 that had been classified as liabilities associated with assets held for sale, net, on our consolidated balance sheet at December 31, 2018 (Notes 3 and 7).