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DEBT (Tables) | 3 Months Ended
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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.

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