DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	September 30, 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. On May 16, 2019, one loan with an outstanding principal balance of $39,500,000 was legally defeased in connection with the sale of the property that was collateral for the loan.	$	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	(181		)	(1,177		)
Total Mortgages Payable	96,919			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 6.21% and 5.89% at September 30, 2019 and December 31, 2018, respectively.	8,935			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 September 30, 2019 and December 31, 2018, respectively.	4,353			4,482
	13,288			15,765
Unamortized premiums	727			940
Total Secured Borrowings—Government Guaranteed Loans	14,015			16,705
Revolving credit facility	68,500			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.	26,144			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
	121,714			190,839
Deferred loan costs related to other debt	(3,129		)	(3,941		)
Discount on junior subordinated notes	(1,792		)	(1,855		)
Total Other Debt	116,793			185,043
Total Debt	$	227,727		$	588,671

Future Principal Payments on Debt

Future principal payments on our debt (face value) at September 30, 2019 are as follows:

Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		Other (1) (2)		Total
	(in thousands)
2019 (Three months ending December 31, 2019)	$	—	$	128	$	1,351	$	1,479
2020	—		529		1,844		2,373
2021	—		557		1,893		2,450
2022	—		588		70,443		71,031
2023	—		620		2,000		2,620
Thereafter	97,100		10,866		44,183		152,149
	$	97,100	$	13,288	$	121,714	$	232,102

(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 revolving credit facility.