DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Activity

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

			During the Year Ended December 31, 2023
	Balances as of December 31, 2022		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2023
Mortgages Payable:
Fixed rate mortgages payable	$	97,100	$	66,600	$	—	$	—	$	163,700
Variable rate mortgage payable	—		182,600		(95,600)		—		87,000
	97,100		249,200		(95,600)		—		250,700
Deferred debt issuance costs — Mortgages Payable	(94)		(1,899)		—		1,039		(954)
Total Mortgages Payable	97,006		247,301		(95,600)		1,039		249,746
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	5,979		—		(2,972)		—		3,007
Unamortized premiums	258		—		—		(158)		100
Total Secured Borrowings—Government Guaranteed Loans	6,237		—		(2,972)		(158)		3,107
Other Debt:
2022 credit facility revolver	—		267,000		(170,000)		—		97,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	—		54,141		(12,747)		—		41,394
Deferred debt issuance costs — other	(779)		(1,312)		—		503		(1,588)
Discount on junior subordinated notes	(1,497)		—		—		99		(1,398)
Total Other Debt	81,024		319,829		(182,747)		602		218,708
Total Debt, Net	$	184,267	$	567,130	$	(281,319)	$	1,483	$	471,561

Schedule of Future Principal Payments on Debt

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

Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
	(in thousands)
2024	$	66,600	$	173	$	—	$	12,039	$	78,812
2025	87,000		188		153,230		9,947		250,365
2026	97,100		204		—		8,504		105,808
2027	—		220		—		10,904		11,124
2028	—		238		—		—		238
Thereafter	—		1,984		—		27,070		29,054
	$	250,700	$	3,007	$	153,230	$	68,464	$	475,401

(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.