DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of June 30, 2023 and December 31, 2022, and the debt activity for the six months ended June 30, 2023 (in thousands):

			During the Six Months Ended June 30, 2023
	Balances as of December 31, 2022		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of June 30, 2023
Mortgages Payable:
Fixed rate mortgage payable	$	97,100	$	—	$	—	$	—	$	97,100
Variable rate mortgages payable	—		181,733		(16,000)		—		165,733
	97,100		181,733		(16,000)		—		262,833
Deferred debt origination costs — Mortgages Payable	(94)		(1,855)		—		484		(1,465)
Total Mortgages Payable	97,006		179,878		(16,000)		484		261,368
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	5,979		—		(708)		—		5,271
Unamortized premiums	258		—		—		(31)		227
Total Secured Borrowings — Government Guaranteed Loans	6,237		—		(708)		(31)		5,498
Other Debt:
2022 credit facility revolver	—		222,000		(130,000)		—		92,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	—		54,141		(5,162)		—		48,979
Deferred debt origination costs — other	(779)		(1,312)		—		196		(1,895)
Discount on junior subordinated notes	(1,497)		—		—		49		(1,448)
Total Other Debt	81,024		274,829		(135,162)		245		220,936
Total Debt, Net	$	184,267	$	454,707	$	(151,870)	$	698	$	487,802

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of June 30, 2023 are as follows (in thousands):

Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
2023 (Six months ending December 31, 2023)	$	—	$	179	$	—	$	3,875	$	4,054
2024	78,733		255		—		8,576		87,564
2025	87,000		275		148,230		7,767		243,272
2026	97,100		296		—		7,047		104,443
2027	—		319		—		6,436		6,755
Thereafter	—		3,947		—		42,348		46,295
	$	262,833	$	5,271	$	148,230	$	76,049	$	492,383

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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.