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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Debt | Information on our debt is as follows:
|  | September 30, 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 |  | (154) |  |  | (174) |
Total Mortgage Payable |  | 96,946 |  |  | 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 3.87% and 5.68% as of September 30, 2020 and December 31, 2019, respectively. |  | 5,772 |  |  | 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 1.56% and 3.32% as of September 30, 2020 and December 31, 2019, respectively. |  | 2,780 |  |  | 4,307 |
|  | 8,552 |  |  | 12,152 |
Unamortized premiums |  | 466 |  |  | 629 |
Total Secured Borrowings—Government Guaranteed Loans |  | 9,018 |  |  | 12,781 |
2018 revolving credit facility |  | 166,500 |  |  | 153,000 |
2020 unsecured revolving credit facility |  | — |  |  | — |
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 |
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. |  | 15,123 |  |  | 22,282 |
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility with a fixed interest rate of 0.35%. |  | 16,016 |  |  | — |
|  | 224,709 |  |  | 202,352 |
Deferred loan costs related to other debt |  | (2,422) |  |  | (2,867) |
Discount on junior subordinated notes |  | (1,705) |  |  | (1,771) |
Total Other Debt |  | 220,582 |  |  | 197,714 |
Total Debt |  | $ | 326,546 |  |  | $ | 307,421 |
Schedule of Future Principal Payments on Debt | Future principal payments on our debt (face value) as of September 30, 2020 are as follows:
Years Ending December 31, |  | Mortgage Payable |  | Secured Borrowings Principal (1) |  | 2018 Revolving Credit Facility |  | Other (1) (2) |  | Total
|  | (in thousands)
2020 (Three months ending December 31, 2020) |  | $ | — |  |  | $ | 107 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 557 |
2021 |  | — |  |  | 435 |  |  | — |  |  | 8,542 |  |  | 8,977 |
2022 |  | — |  |  | 449 |  |  | 166,500 |  |  | 9,333 |  |  | 176,282 |
2023 |  | — |  |  | 462 |  |  | — |  |  | 1,124 |  |  | 1,586 |
2024 |  | — |  |  | 477 |  |  | — |  |  | 703 |  |  | 1,180 |
Thereafter |  | 97,100 |  |  | 6,622 |  |  | — |  |  | 38,057 |  |  | 141,779 |
|  | $ | 97,100 |  |  | $ | 8,552 |  |  | $ | 166,500 |  |  | $ | 58,209 |  |  | $ | 330,361 |
(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 borrowed funds from the Federal Reserve through the PPPLF.

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