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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:

			June 30, 2025												December 31, 2024
			Discount Rate						Prepayment Rate						Discount Rate						Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk			7.30% - 10.75%						4.07% - 17.50%						7.30% - 10.75%						4.07% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes			9.50% - 10.75%						4.81% - 17.50%						9.00% - 10.75%						4.81% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings			10.25% - 10.25%						5.00% - 17.50%						10.25% - 10.25%						5.00% - 17.50%

Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows (dollar amounts in thousands):

						June 30, 2025												December 31, 2024
						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value						Level
Assets:
SBA 7(a) loans receivable, subject to credit risk						$	19,572					$	19,967					$	18,850					$	18,994					3
SBA 7(a) loans receivable, subject to loan-backed notes						$	30,166					$	33,245					$	34,452					$	37,657					3
SBA 7(a) loans receivable, subject to secured borrowings						$	1,356					$	1,356					$	1,383					$	1,383					3
SBA 7(a) loans receivable, held for sale						$	—					$	—					$	1,525					$	1,600					3
Liabilities:
Mortgages payable (1)						$	269,100					$	233,949					$	269,100					$	233,364					3
Junior subordinated notes (1)						$	27,070					$	26,137					$	27,070					$	25,415					3

______________________

(1)The carrying amounts for the mortgages payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred debt issuance costs and discounts.

Schedule of Impairment Charges by Asset Class

The following table presents the impairment charges by asset class recorded during the three and six months ended June 30, 2025 (in thousands):

						Three and Six Months Ended June 30, 2025
Asset class impaired:
Work in progress						$	(221)
Total impairment loss						$	(221)

X

- Definition

Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

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