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DEBT (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Activity
The following table summarizes the debt balances as of September 30, 2024 and December 31, 2023, and the debt activity for the nine months ended September 30, 2024 (in thousands):
During the Nine Months Ended September 30, 2024
Balances as of December 31, 2023Debt Issuances & AssumptionsRepayments Accretion & (Amortization)Balances as of September 30, 2024
Mortgages Payable:
Fixed rate mortgages payable$163,700 $— $— $— $163,700 
Variable rate mortgage payable87,000 — — — 87,000 
250,700 — — — 250,700 
Deferred debt origination costs — Mortgages Payable(954)— — 569 (385)
Total Mortgages Payable249,746 — — 569 250,315 
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance3,007 — (1,198)— 1,809 
Unamortized premiums100 — — (77)23 
Total Secured Borrowings — Government Guaranteed Loans3,107 — (1,198)(77)1,832 
Other Debt:
2022 credit facility revolver97,000 20,000 (3,967)— 113,033 
2022 credit facility term loan56,230 — — — 56,230 
Junior subordinated notes27,070 — — — 27,070 
SBA 7(a) loan-backed notes41,394 — (8,723)— 32,671 
Deferred debt origination costs — other(1,588)(373)— 471 (1,490)
Discount on junior subordinated notes(1,398)— — 76 (1,322)
Total Other Debt218,708 19,627 (12,690)547 226,192 
Total Debt, Net$471,561 $19,627 $(13,888)$1,039 $478,339 
Schedule of Future Principal Payments on Debt
Future principal payments on the Company’s debt (face value) as of September 30, 2024 are as follows (in thousands):
Years Ending December 31,Mortgage Payable
Secured Borrowings Principal (1)
2022 Credit Facility
Other (1) (2)
Total
2024 (Three months ending December 31, 2024)$— $479 $— $3,316 $3,795 
2025153,600 89 169,263 9,947 332,899 
202697,100 96 — 8,504 105,700 
2027— 103 — 10,904 11,007 
2028— 111 — — 111 
Thereafter— 931 — 27,070 28,001 
$250,700 $1,809 $169,263 $59,741 $481,513 
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(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.
(2)Represents the junior subordinated notes and SBA 7(a) loan-backed notes.