DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of March 31, 2023 and December 31, 2022, and the debt activity for the three months ended March 31, 2023 (in thousands):

			During the Three Months Ended March 31, 2023
	Balances as of December 31, 2022		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of March 31, 2023
Mortgages Payable:
Fixed rate mortgage payable	$	97,100	$	—	$	—	$	—	$	97,100
Variable rate mortgages payable			181,318		(16,000)		—		165,318
	97,100		181,318		(16,000)		—		262,418
Deferred debt origination costs — Mortgages Payable	(94)		(1,088)		—		135		(1,047)
Total Mortgages Payable	97,006		180,230		(16,000)		135		261,371
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	5,979		—		(607)		—		5,372
Unamortized premiums	258		—		—		(26)		232
Total Secured Borrowings — Government Guaranteed Loans	6,237		—		(607)		(26)		5,604
Other Debt:
2022 credit facility revolver	—		212,000		(90,000)		—		122,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	—		54,141		(2,203)		—		51,938
Deferred debt origination costs — other	(779)		(1,312)		—		98		(1,993)
Discount on junior subordinated notes	(1,497)		—		—		25		(1,472)
Total Other Debt	81,024		264,829		(92,203)		123		253,773
Total Debt, Net	$	184,267	$	445,059	$	(108,810)	$	232	$	520,748

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of March 31, 2023 are as follows (in thousands):

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
2023 (Nine months ending December 31, 2023)	$	—	$	186	$	—	$	6,834	$	7,020
2024	78,318		263		—		8,576		87,157
2025	87,000		282		178,230		7,767		273,279
2026	97,100		302		—		7,047		104,449
2027	—		323		—		6,436		6,759
Thereafter	—		4,016		—		42,348		46,364
	$	262,418	$	5,372	$	178,230	$	79,008	$	525,028

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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.

(2)Represents the junior subordinated notes and SBA 7(a) loan-backed notes.