DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of September 30, 2022 and December 31, 2021, and the debt activity for the nine months ended September 30, 2022 (in thousands):

			During the Nine Months Ended September 30, 2022
	Balances as of December 31, 2021		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of September 30, 2022
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt origination costs — Mortgage Payable	(120)		—		—		19		(101)
Total Mortgage Payable	96,980		—		—		19		96,999
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	6,671		—		(631)		—		6,040
Unamortized premiums	305		—		—		(41)		264
Total Secured Borrowings — Government Guaranteed Loans	6,976		—		(631)		(41)		6,304
Other Debt:
2018 revolving credit facility	60,000		110,000		(85,000)		—		85,000
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	7,670		—		(4,922)		—		2,748
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	5,030		—		(5,030)		—		—
Deferred debt origination costs — other	(989)		—		—		831		(158)
Discount on junior subordinated notes	(1,592)		—		—		71		(1,521)
Total Other Debt	97,189		110,000		(94,952)		902		113,139
Total Debt, Net	$	201,145	$	110,000	$	(95,583)	$	880	$	216,442

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of September 30, 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 (Three months ending December 31, 2022)	$	—	$	81	$	—	$	327	$	408
2023	—		335		85,000		166		85,501
2024	—		349		—		171		520
2025	—		365		—		204		569
2026	97,100		382		—		128		97,610
Thereafter	—		4,528		—		28,822		33,350
	$	97,100	$	6,040	$	85,000	$	29,818	$	217,958

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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 and SBA 7(a) loan-backed notes.