FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:

	June 30, 2022		December 31, 2021
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	8.00% - 10.00%	4.33% - 17.50%	6.25% - 8.25%	5.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	7.50% - 9.50%	5.00% - 17.50%	5.75% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	1.00%	N/A
SBA 7(a) loans receivable, subject to secured borrowings	8.75% - 9.50%	5.00% - 17.50%	7.00% - 7.75%	5.00% - 17.50%

Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows (dollar amounts in thousands):

	June 30, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	44,895	$	46,246	$	42,416	$	44,399	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	15,988	$	17,283	$	18,077	$	19,635	3
SBA 7(a) loans receivable, paycheck protection program	$	197	$	204	$	4,903	$	5,050	3
SBA 7(a) loans receivable, subject to secured borrowings	$	6,419	$	6,501	$	6,891	$	6,976	3
SBA 7(a) loans receivable, held for sale	$	1,041	$	1,044	$	1,256	$	1,355	3
Liabilities:
Mortgages payable (1)	$	97,100	$	93,287	$	97,100	$	100,838	2, 3
Junior subordinated notes (1)	$	27,070	$	24,732	$	27,070	$	24,378	3

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(1)The carrying amounts for the mortgage payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred debt issuance costs and discounts.