DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of December 31, 2020 and 2019, and the debt activity for the year ended December 31, 2020 (in thousands):

			During the Year Ended December 31, 2020
	Balances as of December 31, 2019		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of December 31, 2020
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(174)		—		—		27		(147)
Total Mortgage Payable	96,926		—		—		27		96,953
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	12,152		—		(3,695)		—		8,457
Unamortized premiums	629		—		—		(172)		457
Total Secured Borrowings—Government Guaranteed Loans	12,781		—		(3,695)		(172)		8,914
Other Debt:
2018 revolving credit facility	153,000		61,500		(48,000)		—		166,500
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	22,282		—		(8,052)		—		14,230
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	—		16,016		(1,532)		—		14,484
Deferred loan costs — other debt (1)	(2,867)		(734)		281		1,165		(2,155)
Discount on junior subordinated notes	(1,771)		—		—		88		(1,683)
Total Other Debt	197,714		76,782		(57,303)		1,253		218,446
Total Debt, Net	$	307,421	$	76,782	$	(60,998)	$	1,108	$	324,313

(1)In connection with unamortized loan costs related to a debt modification, the Company recognized a loss on extinguishment of debt of $281,000 during the year ended December 31, 2020.

Future Principal Payments on Debt

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

Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2021	$	—	$	583	$	—	$	1,692	$	2,275
2022	—		441		166,500		7,735		174,676
2023	—		455		—		8,498		8,953
2024	—		468		—		1,058		1,526
2025	—		483		—		662		1,145
Thereafter	97,100		6,027		—		36,139		139,266
	$	97,100	$	8,457	$	166,500	$	55,784	$	327,841

(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 borrowed funds from the Federal Reserve through the PPPLF.