DEBT (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of March 31, 2021 and December 31, 2020, and the debt activity for the three months ended March 31, 2021 (in thousands):

			During the Three Months Ended March 31, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of March 31, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(147)		—		—		6		(141)
Total Mortgage Payable	96,953		—		—		6		96,959
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	8,457		—		(212)		—		8,245
Unamortized premiums	457		—		—		(21)		436
Total Secured Borrowings — Government Guaranteed Loans	8,914		—		(212)		(21)		8,681
Other Debt:
2018 revolving credit facility	166,500		5,000		—		—		171,500
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(1,285)		—		12,945
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		9,985		(6,368)		—		18,101
Deferred loan costs — other debt	(2,155)		—		—		318		(1,837)
Discount on junior subordinated notes	(1,683)		—		—		23		(1,660)
Total Other Debt	218,446		14,985		(7,653)		341		226,119
Total Debt, Net	$	324,313	$	14,985	$	(7,865)	$	326	$	331,759

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of March 31, 2021 are as follows (in thousands):

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
2021 (Nine months ending December 31, 2021)	$	—	$	324	$	—	$	4,849	$	5,173
2022	—		444		171,500		6,024		177,968
2023	—		457		—		3,531		3,988
2024	—		471		—		3,685		4,156
2025	—		486		—		3,325		3,811
Thereafter	97,100		6,063		—		36,702		139,865
	$	97,100	$	8,245	$	171,500	$	58,116	$	334,961

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(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. The Company’s estimate of their repayment is based on scheduled payments on the underlying loans. The Company’s estimate will differ from actual amounts to the extent the Company experiences 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.