| Schedule of Debt |
Information on our debt is as follows: | | | | | | | | | | | | December 31, | | | 2019 | | 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 | | (174 | ) | | (1,177 | ) | Total Mortgages Payable | | 96,926 |
| | 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 5.68% and 5.89% at December 31, 2019 and 2018, respectively. | | 7,845 |
| | 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 3.32% and 3.57% at December 31, 2019 and 2018, respectively. | | 4,307 |
| | 4,482 |
| | | 12,152 |
| | 15,765 |
| Unamortized premiums | | 629 |
| | 940 |
| Total Secured Borrowings—Government Guaranteed Loans | | 12,781 |
| | 16,705 |
| Revolving credit facility | | 153,000 |
| | 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. | | 22,282 |
| | 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 |
| | | 202,352 |
| | 190,839 |
| Deferred loan costs related to other debt | | (2,867 | ) | | (3,941 | ) | Discount on junior subordinated notes | | (1,771 | ) | | (1,855 | ) | Total Other Debt | | 197,714 |
| | 185,043 |
| Total Debt | | $ | 307,421 |
| | $ | 588,671 |
|
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| Future Principal Payments on Debt |
Future principal payments on our debt (face value) at December 31, 2019 are as follows: | | | | | | | | | | | | | | | | | | Years Ending December 31, | | Mortgages Payable | | Secured Borrowings Principal (1) | | Other (1) (2) | | Total | | | (in thousands) | 2020 | | $ | — |
| | $ | 1,893 |
| | $ | 2,650 |
| | $ | 4,543 |
| 2021 | | — |
| | 459 |
| | 1,349 |
| | 1,808 |
| 2022 | | — |
| | 482 |
| | 154,391 |
| | 154,873 |
| 2023 | | — |
| | 506 |
| | 1,656 |
| | 2,162 |
| 2024 | | — |
| | 532 |
| | 1,036 |
| | 1,568 |
| Thereafter | | 97,100 |
| | 8,280 |
| | 41,270 |
| | 146,650 |
| | | $ | 97,100 |
| | $ | 12,152 |
| | $ | 202,352 |
| | $ | 311,604 |
|
| | (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. |
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