FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of fair value of derivatives and their classification on consolidated balance sheets

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



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

Schedule of estimated fair values of financial instruments not recorded at fair value on consolidated balance sheets

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:



	December 31, 2019				December 31, 2018
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to loan-backed notes	$	27,595	$	30,076	$	37,031	$	38,357	3
SBA 7(a) loans receivable, subject to credit risk	27,802		29,794		29,748		30,630		3
SBA 7(a) loans receivable, subject to secured borrowings	12,682		12,780		16,469		16,706		3
Liabilities:
Mortgages payable (1)	96,926		99,764		386,923		377,364		3
Junior subordinated notes	25,299		24,406		25,215		24,462		3


(1)	The December 31, 2018 carrying amount and estimated fair value of mortgages payable exclude one mortgage loan with a 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).