DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	March 31, 2020			December 31, 2019
	(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.	$	97,100		$	97,100
Deferred loan costs related to mortgage loans	(167		)	(174		)
Total Mortgages Payable	96,933			96,926
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 5.42% and 5.68% at March 31, 2020 and December 31, 2019, respectively.	7,312			7,845
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 3.07% and 3.32% at March 31, 2020 and December 31, 2019, respectively.	2,826			4,307
	10,138			12,152
Unamortized premiums	582			629
Total Secured Borrowings—Government Guaranteed Loans	10,720			12,781
Revolving credit facility	159,500			153,000
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.	18,033			22,282
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
	204,603			202,352
Deferred loan costs related to other debt	(2,608		)	(2,867		)
Discount on junior subordinated notes	(1,749		)	(1,771		)
Total Other Debt	200,246			197,714
Total Debt	$	307,899		$	307,421

Future Principal Payments on Debt

Future principal payments on our debt (face value) at March 31, 2020 are as follows:

Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		Other (1) (2)		Total
	(in thousands)
2020 (Nine months ending December 31, 2020)	$	—	$	366	$	536	$	902
2021	—		502		1,092		1,594
2022	—		518		160,625		161,143
2023	—		535		1,340		1,875
2024	—		552		838		1,390
Thereafter	97,100		7,665		40,172		144,937
	$	97,100	$	10,138	$	204,603	$	311,841

(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.