FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:

	March 31, 2024		December 31, 2023
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	7.83% - 11.00%	4.88% - 17.50%	7.83% - 11.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	10.00% - 11.00%	4.88% - 17.50%	10.00% - 11.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	10.00% - 10.50%	5.00% - 17.50%	10.00% - 10.50%	5.00% - 17.50%

Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows (dollar amounts in thousands):

	March 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	12,337	$	12,153	$	10,539	$	10,482	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	40,962	$	44,187	$	43,263	$	46,701	3
SBA 7(a) loans receivable, subject to secured borrowings	$	2,508	$	2,508	$	3,105	$	3,105	3
SBA 7(a) loans receivable, held for sale	$	422	$	439	$	98	$	82	3
Liabilities:
Mortgages payable (1)	$	163,700	$	159,052	$	163,700	$	158,529	2, 3
Junior subordinated notes (1)	$	27,070	$	24,708	$	27,070	$	24,667	3

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(1)The carrying amounts for the mortgages payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred debt issuance costs and discounts.