DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of March 31, 2024 and December 31, 2023, and the debt activity for the three months ended March 31, 2024 (in thousands):

			During the Three Months Ended March 31, 2024
	Balances as of December 31, 2023		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of March 31, 2024
Mortgages Payable:
Fixed rate mortgages payable	$	163,700	$	—	$	—	$	—	$	163,700
Variable rate mortgage payable	87,000		—		—		—		87,000
	250,700		—		—		—		250,700
Deferred debt origination costs — Mortgages Payable	(954)		—		—		277		(677)
Total Mortgages Payable	249,746		—		—		277		250,023
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	3,007		—		(560)		—		2,447
Unamortized premiums	100		—		—		(39)		61
Total Secured Borrowings — Government Guaranteed Loans	3,107		—		(560)		(39)		2,508
Other Debt:
2022 credit facility revolver	97,000		5,000		—		—		102,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	41,394		—		(3,615)		—		37,779
Deferred debt origination costs — other	(1,588)		—		—		164		(1,424)
Discount on junior subordinated notes	(1,398)		—		—		25		(1,373)
Total Other Debt	218,708		5,000		(3,615)		189		220,282
Total Debt, Net	$	471,561	$	5,000	$	(4,175)	$	427	$	472,813

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of March 31, 2024 are as follows (in thousands):

Years Ending December 31,	Mortgage Payable(1)		Secured Borrowings Principal (2)		2022 Credit Facility		Other (2) (3)		Total
2024 (Nine months ending December 31, 2024)	$	66,600	$	114	$	—	$	8,424	$	75,138
2025	87,000		163		158,230		9,947		255,340
2026	97,100		176		—		8,504		105,780
2027	—		189		—		10,904		11,093
2028	—		204		—		—		204
Thereafter	—		1,601		—		27,070		28,671
	$	250,700	$	2,447	$	158,230	$	64,849	$	476,226

______________________

(1)With regards to the $66.6 million mortgage payable maturing on June 7, 2024, the Company exercised its one-year extension option in April 2024, extending the maturity of the mortgage by one year.

(2)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.

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