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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt Activity | The following table summarizes the debt balances as of June 30, 2022 and December 31, 2021, and the debt activity for the six months ended June 30, 2022 (in thousands):
|  |  |  | During the Six Months Ended June 30, 2022 |  |
|  | Balances as of December 31, 2021 |  | Debt Issuances & Assumptions |  | Repayments |  | Accretion & (Amortization) |  | Balances as of June 30, 2022
Mortgage Payable: |  |  |  |  |  |  |  |  |  |
Outstanding Balance |  | $ | 97,100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 97,100 |
Deferred debt origination costs — Mortgage Payable |  | (120) |  |  | — |  |  | — |  |  | 13 |  |  | (107) |
Total Mortgage Payable |  | 96,980 |  |  | — |  |  | — |  |  | 13 |  |  | 96,993 |
Secured Borrowings — Government Guaranteed Loans: |  |  |  |  |  |  |  |  |  |
Outstanding Balance |  | 6,671 |  |  | — |  |  | (441) |  |  | — |  |  | 6,230 |
Unamortized premiums |  | 305 |  |  | — |  |  | — |  |  | (34) |  |  | 271 |
Total Secured Borrowings — Government Guaranteed Loans |  | 6,976 |  |  | — |  |  | (441) |  |  | (34) |  |  | 6,501 |
Other Debt: |  |  |  |  |  |  |  |  |  |
2018 revolving credit facility |  | 60,000 |  |  | 40,000 |  |  | (25,000) |  |  | — |  |  | 75,000 |
2020 unsecured revolving credit facility |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Junior subordinated notes |  | 27,070 |  |  | — |  |  | — |  |  | — |  |  | 27,070 |
SBA 7(a) loan-backed notes |  | 7,670 |  |  | — |  |  | (3,656) |  |  | — |  |  | 4,014 |
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility |  | 5,030 |  |  | — |  |  | (4,825) |  |  | — |  |  | 205 |
Deferred debt origination costs — other |  | (989) |  |  | — |  |  | — |  |  | 567 |  |  | (422) |
Discount on junior subordinated notes |  | (1,592) |  |  | — |  |  | — |  |  | 47 |  |  | (1,545) |
Total Other Debt |  | 97,189 |  |  | 40,000 |  |  | (33,481) |  |  | 614 |  |  | 104,322 |
Total Debt, Net |  | $ | 201,145 |  |  | $ | 40,000 |  |  | $ | (33,922) |  |  | $ | 593 |  |  | $ | 207,816 |
Schedule of Future Principal Payments on Debt | Future principal payments on the Company’s debt (face value) as of June 30, 2022 are as follows (in thousands):
Years Ending December 31, |  | Mortgage Payable |  | Secured Borrowings Principal (1) |  | 2018 Revolving Credit Facility |  | Other (1) (2) |  | Total
2022 (Six months ending December 31, 2022) |  | $ | — |  |  | $ | 365 |  |  | $ | 75,000 |  |  | $ | 682 |  |  | $ | 76,047 |
2023 |  | — |  |  | 376 |  |  | — |  |  | 243 |  |  | 619 |
2024 |  | — |  |  | 388 |  |  | — |  |  | 250 |  |  | 638 |
2025 |  | — |  |  | 400 |  |  | — |  |  | 298 |  |  | 698 |
2026 |  | 97,100 |  |  | 413 |  |  | — |  |  | 187 |  |  | 97,700 |
Thereafter |  | — |  |  | 4,289 |  |  | — |  |  | 29,628 |  |  | 33,917 |
|  | $ | 97,100 |  |  | $ | 6,230 |  |  | $ | 75,000 |  |  | $ | 31,289 |  |  | $ | 209,619 |
______________________ (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. No payment is due unless payments are received from the borrowers on the underlying loans. (2)Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and borrowed funds from the Federal Reserve through the PPPLF.

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