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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Activity | The following table summarizes the debt balances as of December 31, 2024 and 2023, and the debt activity for the year ended December 31, 2024 (in thousands):
|  |  |  | During the Year Ended December 31, 2024 |  |
|  | Balances as of December 31, 2023 |  | Debt Issuances & Assumptions |  | Repayments (1) |  | Accretion & (Amortization) |  | Balances as of December 31, 2024
Mortgages Payable: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable |  | $ | 163,700 |  |  | $ | 105,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 269,100 |
Variable rate mortgages payable |  | 87,000 |  |  | 84,346 |  |  | — |  |  | — |  |  | 171,346 |
|  | 250,700 |  |  | 189,746 |  |  | — |  |  | — |  |  | 440,446 |
Deferred debt issuance costs — Mortgages Payable |  | (954) |  |  | (3,828) |  |  | — |  |  | 787 |  |  | (3,995) |
Total Mortgages Payable |  | 249,746 |  |  | 185,918 |  |  | — |  |  | 787 |  |  | 436,451 |
Secured Borrowings – Government Guaranteed Loans: |  |  |  |  |  |  |  |  |  |
Outstanding Balance |  | 3,007 |  |  | — |  |  | (1,646) |  |  | — |  |  | 1,361 |
Unamortized premiums |  | 100 |  |  | — |  |  | — |  |  | (78) |  |  | 22 |
Total Secured Borrowings—Government Guaranteed Loans |  | 3,107 |  |  | — |  |  | (1,646) |  |  | (78) |  |  | 1,383 |
Other Debt: |  |  |  |  |  |  |  |  |  |
2022 credit facility revolver |  | 97,000 |  |  | 20,000 |  |  | (115,633) |  |  | — |  |  | 1,367 |
2022 credit facility term loan |  | 56,230 |  |  | — |  |  | (42,597) |  |  | — |  |  | 13,633 |
Junior subordinated notes |  | 27,070 |  |  | — |  |  | — |  |  | — |  |  | 27,070 |
SBA 7(a) loan-backed notes |  | 41,394 |  |  | — |  |  | (13,537) |  |  | — |  |  | 27,857 |
Deferred debt issuance costs — other |  | (1,588) |  |  | (19) |  |  | 275 |  |  | 599 |  |  | (733) |
Discount on junior subordinated notes |  | (1,398) |  |  | — |  |  | — |  |  | 102 |  |  | (1,296) |
Total Other Debt |  | 218,708 |  |  | 19,981 |  |  | (171,492) |  |  | 701 |  |  | 67,898 |
Total Debt, Net |  | $ | 471,561 |  |  | $ | 205,899 |  |  | $ | (173,138) |  |  | $ | 1,410 |  |  | $ | 505,732 |
(1)The write-off of $275,000 of deferred debt issuance costs associated with the 2022 Credit Facility Term Loan resulting from the early extinguishment of debt during incurred during the year ended December 31, 2024 is reflected here within Deferred debt issuance costs — other. See further discussion under 2022 Credit Facility.
Schedule of Future Principal Payments on Debt | Future principal payments on the Company’s debt (face value) as of December 31, 2024 are as follows:
Years Ending December 31, |  | Mortgages Payable (1) |  | Secured Borrowings Principal (2) |  | 2022 Credit Facility |  | Other (2) (3) |  | Total
|  | (in thousands)
2025 |  | $ | 154,000 |  |  | $ | 91 |  |  | $ | 15,000 |  |  | $ | 8,449 |  |  | $ | 177,540 |
2026 |  | 97,100 |  |  | 97 |  |  | — |  |  | 8,504 |  |  | 105,701 |
2027 |  | 84,346 |  |  | 104 |  |  | — |  |  | 7,235 |  |  | 91,685 |
2028 |  | — |  |  | 111 |  |  | — |  |  | 3,669 |  |  | 3,780 |
2029 |  | — |  |  | 119 |  |  | — |  |  | — |  |  | 119 |
Thereafter |  | 105,000 |  |  | 839 |  |  | — |  |  | 27,070 |  |  | 132,909 |
|  | $ | 440,446 |  |  | $ | 1,361 |  |  | $ | 15,000 |  |  | $ | 54,927 |  |  | $ | 511,734 |
(1)In respect to the $154.0 million of mortgages payable maturing in 2025, each such mortgage payable has a one-year extension option. The extension option for the fixed rate mortgage is at the Company’s discretion and the Company intends to execute such option. In regards to the Channel House Mortgage, see the discussion under Variable Rate Mortgages Payable. (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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