DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Activity

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

			During the Year Ended December 31, 2022
	Balances as of December 31, 2021		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2022
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt issuance costs — Mortgage Payable	(120)		—		—		26		(94)
Total Mortgage Payable	96,980		—		—		26		97,006
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	6,671		—		(692)		—		5,979
Unamortized premiums	305		—		—		(47)		258
Total Secured Borrowings—Government Guaranteed Loans	6,976		—		(692)		(47)		6,237
Other Debt:
2018 revolving credit facility	60,000		110,000		(170,000)		—		—
2022 credit facility revolver	—		—		—		—		—
2022 credit facility term loan	—		56,230		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	7,670		—		(7,670)		—		—
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	5,030		—		(5,030)		—		—
Deferred debt issuance costs — other	(989)		—		—		210		(779)
Discount on junior subordinated notes	(1,592)		—		—		95		(1,497)
Total Other Debt	97,189		166,230		(182,700)		305		81,024
Total Debt, Net	$	201,145	$	166,230	$	(183,392)	$	284	$	184,267

Schedule of Future Principal Payments on Debt

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

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Junior Subordinated Notes		Total
	(in thousands)
2023	$	—	$	303	$	—	$	—	$	303
2024	—		321		—		—		321
2025	—		341		56,230		—		56,571
2026	97,100		361		—		—		97,461
2027	—		383		—		—		383
Thereafter	—		4,270		—		27,070		31,340
	$	97,100	$	5,979	$	56,230	$	27,070	$	186,379

(1)Principal payments on secured borrowings 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.