DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of March 31, 2022 and December 31, 2021, and the debt activity for the three months ended March 31, 2022 (in thousands):

			During the Three Months Ended March 31, 2022
	Balances as of December 31, 2021		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of March 31, 2022
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt origination costs — Mortgage Payable	(120)		—		—		6		(114)
Total Mortgage Payable	96,980		—		—		6		96,986
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	6,671		—		(374)		—		6,297
Unamortized premiums	305		—		—		(27)		278
Total Secured Borrowings — Government Guaranteed Loans	6,976		—		(374)		(27)		6,575
Other Debt:
2018 revolving credit facility	60,000		40,000		(10,000)		—		90,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	7,670		—		(1,518)		—		6,152
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	5,030		—		(1,349)		—		3,681
Deferred debt origination costs — other	(989)		—		—		291		(698)
Discount on junior subordinated notes	(1,592)		—		—		24		(1,568)
Total Other Debt	97,189		40,000		(12,867)		315		124,637
Total Debt, Net	$	201,145	$	40,000	$	(13,241)	$	294	$	228,198

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of March 31, 2022 are as follows (in thousands):

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
2022 (Nine months ending December 31, 2022)	$	—	$	370	$	90,000	$	1,797	$	92,167
2023	—		381		—		1,198		1,579
2024	—		392		—		1,210		1,602
2025	—		403		—		1,283		1,686
2026	97,100		415		—		424		97,939
Thereafter	—		4,336		—		30,991		35,327
	$	97,100	$	6,297	$	90,000	$	36,903	$	230,300

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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.