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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Debt Activity | The following table summarizes the debt balances as of December 31, 2022 and 2021, and the debt activity for the year ended December 31, 2022 (in thousands):
|  |  |  | During the Year Ended December 31, 2022 |  |
|  | Balances as of December 31, 2021 |  | Debt Issuances & Assumptions |  | Repayments |  | Accretion & (Amortization) |  | Balances as of December 31, 2022
Mortgage Payable: |  |  |  |  |  |  |  |  |  |
Outstanding Balance |  | $ | 97,100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 97,100 |
Deferred debt issuance costs — Mortgage Payable |  | (120) |  |  | — |  |  | — |  |  | 26 |  |  | (94) |
Total Mortgage Payable |  | 96,980 |  |  | — |  |  | — |  |  | 26 |  |  | 97,006 |
Secured Borrowings – Government Guaranteed Loans: |  |  |  |  |  |  |  |  |  |
Outstanding Balance |  | 6,671 |  |  | — |  |  | (692) |  |  | — |  |  | 5,979 |
Unamortized premiums |  | 305 |  |  | — |  |  | — |  |  | (47) |  |  | 258 |
Total Secured Borrowings—Government Guaranteed Loans |  | 6,976 |  |  | — |  |  | (692) |  |  | (47) |  |  | 6,237 |
Other Debt: |  |  |  |  |  |  |  |  |  |
2018 revolving credit facility |  | 60,000 |  |  | 110,000 |  |  | (170,000) |  |  | — |  |  | — |
2022 credit facility revolver |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2022 credit facility term loan |  | — |  |  | 56,230 |  |  | — |  |  | — |  |  | 56,230 |
Junior subordinated notes |  | 27,070 |  |  | — |  |  | — |  |  | — |  |  | 27,070 |
SBA 7(a) loan-backed notes |  | 7,670 |  |  | — |  |  | (7,670) |  |  | — |  |  | — |
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility |  | 5,030 |  |  | — |  |  | (5,030) |  |  | — |  |  | — |
Deferred debt issuance costs — other |  | (989) |  |  | — |  |  | — |  |  | 210 |  |  | (779) |
Discount on junior subordinated notes |  | (1,592) |  |  | — |  |  | — |  |  | 95 |  |  | (1,497) |
Total Other Debt |  | 97,189 |  |  | 166,230 |  |  | (182,700) |  |  | 305 |  |  | 81,024 |
Total Debt, Net |  | $ | 201,145 |  |  | $ | 166,230 |  |  | $ | (183,392) |  |  | $ | 284 |  |  | $ | 184,267 |
Schedule of Future Principal Payments on Debt | Future principal payments on the Company’s debt (face value) as of December 31, 2022 are as follows:
Years Ending December 31, |  | Mortgage Payable |  | Secured Borrowings Principal (1) |  | 2022 Credit Facility |  | Junior Subordinated Notes |  | Total
|  | (in thousands)
2023 |  | $ | — |  |  | $ | 303 |  |  | $ | — |  |  | $ | — |  |  | $ | 303 |
2024 |  | — |  |  | 321 |  |  | — |  |  | — |  |  | 321 |
2025 |  | — |  |  | 341 |  |  | 56,230 |  |  | — |  |  | 56,571 |
2026 |  | 97,100 |  |  | 361 |  |  | — |  |  | — |  |  | 97,461 |
2027 |  | — |  |  | 383 |  |  | — |  |  | — |  |  | 383 |
Thereafter |  | — |  |  | 4,270 |  |  | — |  |  | 27,070 |  |  | 31,340 |
|  | $ | 97,100 |  |  | $ | 5,979 |  |  | $ | 56,230 |  |  | $ | 27,070 |  |  | $ | 186,379 |
(1)Principal payments on secured borrowings 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.

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