DEBT (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

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

			During the Nine Months Ended September 30, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of September 30, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(147)		—		—		20		(127)
Total Mortgage Payable	96,953		—		—		20		96,973
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	8,457		—		(651)		—		7,806
Unamortized premiums	457		—		—		(77)		380
Total Secured Borrowings — Government Guaranteed Loans	8,914		—		(651)		(77)		8,186
Other Debt:
2018 revolving credit facility	166,500		20,000		(111,500)		—		75,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(3,981)		—		10,249
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		10,396		(17,278)		—		7,602
Deferred loan costs — other debt	(2,155)		—		125		771		(1,259)
Discount on junior subordinated notes	(1,683)		—		—		68		(1,615)
Total Other Debt	218,446		30,396		(132,634)		839		117,047
Total Debt, Net	$	324,313	$	30,396	$	(133,285)	$	782	$	222,206

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of September 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 (Three months ending December 31, 2021)	$	—	$	469	$	—	$	1,206	$	1,675
2022	—		412		75,000		2,436		77,848
2023	—		424		—		2,321		2,745
2024	—		437		—		2,443		2,880
2025	—		450		—		2,157		2,607
Thereafter	97,100		5,614		—		34,358		137,072
	$	97,100	$	7,806	$	75,000	$	44,921	$	224,827

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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.