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NOTES AND BOND PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2023
Notes and Bonds Payable [Abstract]  
Schedule of Long-term Debt Instruments
As of March 31, 2023 and December 31, 2022, the Company’s notes and bonds payable consisted of the following (dollars in thousands):
 
Book Value as of
March 31, 2023
Book Value as of
December 31, 2022
Contractual Interest Rate as of
March 31, 2023
Effective Interest Rate at
March 31, 2023 (1)
Payment Type (2)
Maturity Date (3)
Richardson Portfolio Mortgage Loan$18,754 $18,844 
SOFR + 2.50%
7.13%Principal & Interest11/01/2023
Park Centre Mortgage Loan26,152 26,233 
BSBY + 1.75%
6.67%Principal & Interest06/27/2023
1180 Raymond Mortgage Loan (4)
31,070 31,070 
BSBY + 2.25%
7.17%Interest Only12/01/2023
Pacific Oak SOR BVI Series B
Debentures (5)
323,781 331,213 3.93%3.93%
(5)
01/31/2026
Crown Pointe Mortgage Loan54,738 53,758 
SOFR + 2.30%
6.93%Interest Only04/01/2025
The Marq Mortgage Loan60,594 60,796 
BSBY + 1.55%
6.47%Principal & Interest06/06/2023
Eight & Nine Corporate Centre Mortgage Loan47,795 47,945 
BSBY + 1.60%
6.52%Principal & Interest06/08/2023
Georgia 400 Center Mortgage Loan44,129 44,129 
LIBOR + 1.55%
6.41%Interest Only05/22/2023
PORT Mortgage Loan 151,302 51,302 4.74%4.74%Interest Only10/01/2025
PORT Mortgage Loan 210,525 10,523 4.72%4.72%Interest Only03/01/2026
PORT MetLife Loan60,000 60,000 3.90%3.90%Interest Only04/10/2026
PORT II Metlife Loan (6)
93,701 93,701 3.99%3.99%Interest Only04/10/2026
Q&C Hotel Mortgage Loan24,716 24,784 
SOFR + 3.50% (7)
8.13%Principal & Interest01/31/2024
Lincoln Court Mortgage Loan (4)
35,314 35,314 
SOFR + 3.25%
7.88%Interest Only08/07/2025
Lofts at NoHo Commons Mortgage Loan71,536 71,536 
SOFR + 2.18% (8)
6.48%Interest Only09/09/2023
Oakland City Center Mortgage Loan (4)
84,750 87,000 
BSBY + 3.00%
7.92%Principal & Interest09/01/2023
Madison Square Mortgage Loan17,962 17,964 4.63%4.63%Interest Only10/07/2024
Total Notes and Bonds Payable principal outstanding1,056,819 1,066,112 
Discount on Notes and Bonds Payable, net (9)
(10,861)(11,964)
Deferred financing costs, net(8,587)(9,439)
Total Notes and Bonds Payable, net$1,037,371 $1,044,709 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2023. The interest rate is calculated as the actual interest rate in effect as of March 31, 2023 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at March 31, 2023, where applicable.
(2) Represents the payment type required under the loan as of March 31, 2023. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below.
(3) Represents the initial maturity date or the maturity date as extended as of March 31, 2023; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
(4) The Company’s notes and bonds payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of March 31, 2023, the guaranteed amount in the aggregate was $37.8 million.
(5) See “Israeli Bond Financing” below.
(6) As of March 31, 2023, $93.7 million had been disbursed to the Company and up to $6.3 million was available for future disbursements, subject to certain terms and conditions contained in the loan documents.
(7) Beginning February 1, 2023 through March 31, 2023, the interest rate is 8.25% and thereafter is SOFR + 3.5%.
(8) The variable rate is at the higher of one-month SOFR or 1.75%, plus 2.18%.
(9) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.
Schedule of Maturities of Long-term Debt The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of March 31, 2023 (in thousands):
April 1, 2023 through December 31, 2023$384,951 
2024150,434 
2025249,283 
2026272,151 
2027— 
Thereafter— 
$1,056,819