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DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Activity
The following table summarizes the debt balances as of March 31, 2025 and December 31, 2024, and the debt activity for the three months ended March 31, 2025 (in thousands):
During the Three Months Ended March 31, 2025
Balances as of December 31, 2024Debt Issuances & AssumptionsRepaymentsAccretion & (Amortization)Balances as of March 31, 2025
Mortgages Payable:
Fixed rate mortgages payable$269,100 $— $— $— $269,100 
Variable rate mortgage payable171,346 9,013 — — 180,359 
440,446 9,013 — — 449,459 
Deferred debt origination costs — Mortgages Payable(3,995)(119)— 517 (3,597)
Total Mortgages Payable436,451 8,894 — 517 445,862 
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance1,361 — (12)— 1,349 
Unamortized premiums22 — — (1)21 
Total Secured Borrowings — Government Guaranteed Loans1,383 — (12)(1)1,370 
Other Debt:
2022 credit facility revolver1,367 — — — 1,367 
2022 credit facility term loan13,633 — — — 13,633 
Junior subordinated notes27,070 — — — 27,070 
SBA 7(a) loan-backed notes27,857 — (2,594)— 25,263 
Deferred debt origination costs — other(733)(73)— 168 (638)
Discount on junior subordinated notes(1,296)— — 27 (1,269)
Total Other Debt67,898 (73)(2,594)195 65,426 
Total Debt, Net$505,732 $8,821 $(2,606)$711 $512,658 
Schedule of Future Principal Payments on Debt
Future principal payments on the Company’s debt (face value) as of March 31, 2025 are as follows (in thousands):
Years Ending December 31,
Mortgage Payable (1)
Secured Borrowings Principal (2)
2022 Credit Facility (3)
Other (2) (4)
Total
2025 (Nine months ending December 31, 2025)$154,000 $70 $15,000 $5,855 $174,925 
202697,100 100 — 8,504 105,704 
202793,359 107 — 7,235 100,701 
2028— 114 — 3,669 3,783 
2029— 121 — — 121 
Thereafter105,000 837 — 27,070 132,907 
$449,459 $1,349 $15,000 $52,333 $518,141 
______________________
(1)With 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)The 2022 Credit Facility paid off and terminated in April 2025.
(4)Represents the junior subordinated notes and SBA 7(a) loan-backed notes.