DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Activity

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

			During the Nine Months Ended September 30, 2023
	Balances as of December 31, 2022		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of September 30, 2023
Mortgages Payable:
Fixed rate mortgage payable	$	97,100	$	—	$	—	$	—	$	97,100
Variable rate mortgages payable	—		182,600		(16,000)		—		166,600
	97,100		182,600		(16,000)		—		263,700
Deferred debt origination costs — Mortgages Payable	(94)		(1,852)		—		749		(1,197)
Total Mortgages Payable	97,006		180,748		(16,000)		749		262,503
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	5,979		—		(1,434)		—		4,545
Unamortized premiums	258		—		—		(37)		221
Total Secured Borrowings — Government Guaranteed Loans	6,237		—		(1,434)		(37)		4,766
Other Debt:
2022 credit facility revolver	—		247,000		(170,000)		—		77,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	—		54,141		(8,239)		—		45,902
Deferred debt origination costs — other	(779)		(1,312)		—		368		(1,723)
Discount on junior subordinated notes	(1,497)		—		—		74		(1,423)
Total Other Debt	81,024		299,829		(178,239)		442		203,056
Total Debt, Net	$	184,267	$	480,577	$	(195,673)	$	1,154	$	470,325

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of September 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 (Three months ending December 31, 2023)	$	—	$	54	$	—	$	798	$	852
2024	79,600		229		—		8,576		88,405
2025	87,000		248		133,230		7,767		228,245
2026	97,100		245		—		7,047		104,392
2027	—		289		—		6,436		6,725
Thereafter	—		3,480		—		42,348		45,828
	$	263,700	$	4,545	$	133,230	$	72,972	$	474,447

______________________

(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.