DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

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

			During the Year Ended December 31, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt issuance costs — Mortgage Payable	(147)		—		—		27		(120)
Total Mortgage Payable	96,953		—		—		27		96,980
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	8,457		—		(1,786)		—		6,671
Unamortized premiums	457		—		—		(152)		305
Total Secured Borrowings—Government Guaranteed Loans	8,914		—		(1,786)		(152)		6,976
Other Debt:
2018 revolving credit facility	166,500		25,000		(131,500)		—		60,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(6,560)		—		7,670
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		10,396		(19,850)		—		5,030
Deferred debt issuance costs — other	(2,155)		—		—		1,166		(989)
Discount on junior subordinated notes	(1,683)		—		—		91		(1,592)
Total Other Debt	218,446		35,396		(157,910)		1,257		97,189
Total Debt, Net	$	324,313	$	35,396	$	(159,696)	$	1,132	$	201,145

Schedule of Future Principal Payments on Debt

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

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2022	$	—	$	380	$	60,000	$	2,446	$	62,826
2023	—		391		—		1,598		1,989
2024	—		402		—		1,613		2,015
2025	—		414		—		1,704		2,118
2026	97,100		426		—		452		97,978
Thereafter	—		4,658		—		31,957		36,615
	$	97,100	$	6,671	$	60,000	$	39,770	$	203,541

(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.