DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of June 30, 2021 and December 31, 2020, and the debt activity for the six months ended June 30, 2021 (in thousands):

			During the Six Months Ended June 30, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of June 30, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(147)		—		—		13		(134)
Total Mortgage Payable	96,953		—		—		13		96,966
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	8,457		—		(291)		—		8,166
Unamortized premiums	457		—		—		(30)		427
Total Secured Borrowings — Government Guaranteed Loans	8,914		—		(291)		(30)		8,593
Other Debt:
2018 revolving credit facility	166,500		20,000		(79,500)		—		107,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(2,379)		—		11,851
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		10,396		(12,472)		—		12,408
Deferred loan costs — other debt	(2,155)		—		—		622		(1,533)
Discount on junior subordinated notes	(1,683)		—		—		45		(1,638)
Total Other Debt	218,446		30,396		(94,351)		667		155,158
Total Debt, Net	$	324,313	$	30,396	$	(94,642)	$	650	$	260,717

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of June 30, 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 (Six months ending December 31, 2021)	$	—	$	471	$	—	$	1,783	$	2,254
2022	—		431		107,000		3,296		110,727
2023	—		444		—		3,575		4,019
2024	—		458		—		3,716		4,174
2025	—		472		—		3,386		3,858
Thereafter	97,100		5,890		—		35,573		138,563
	$	97,100	$	8,166	$	107,000	$	51,329	$	263,595

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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.