XML 45 R34.htm IDEA: XBRL DOCUMENT v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Activity
The following table summarizes the debt balances as of June 30, 2025 and December 31, 2024, and the debt activity for the six months ended June 30, 2025 (in thousands):
During the Six Months Ended June 30, 2025
Balances as of December 31, 2024Debt Issuances & AssumptionsRepayments (1)Accretion & (Amortization)Balances as of June 30, 2025
Mortgages Payable:
Fixed rate mortgages payable$269,100 $— $— $— $269,100 
Variable rate mortgages payable171,346 42,065 (100)— 213,311 
440,446 42,065 (100)— 482,411 
Deferred debt origination costs — Mortgages Payable(3,995)(1,880)— 1,236 (4,639)
Total Mortgages Payable436,451 40,185 (100)1,236 477,772 
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance1,361 — (26)— 1,335 
Unamortized premiums22 — — (1)21 
Total Secured Borrowings — Government Guaranteed Loans1,383 — (26)(1)1,356 
Other Debt:
Lending division revolving credit facility — 8,250 — — 8,250 
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 — (4,953)— 22,904 
Deferred debt origination costs — other(733)— 59 170 (504)
Discount on junior subordinated notes(1,296)— — 53 (1,243)
Total Other Debt67,898 8,250 (19,894)223 56,477 
Total Debt, Net$505,732 $48,435 $(20,020)$1,458 $535,605 
(1)The write-off of $59,000 of deferred debt issuance costs associated with the 2022 Credit Facility Term Loan (as defined below) resulting from the early extinguishment of debt incurred during the quarter ended June 30, 2025 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 June 30, 2025 are as follows (in thousands):
Years Ending December 31,
Mortgage Payable (1)
Secured Borrowings Principal (2)
Lending Division Revolving Credit Facility
Other (2) (3)
Total
2025 (Six months ending December 31, 2025)$87,300 $49 $— $3,496 $90,845 
2026164,700 101 — 8,504 173,305 
202795,011 107 8,250 7,235 110,603 
202830,400 114 — 3,669 34,183 
2029— 122 — — 122 
Thereafter105,000 842 — 27,070 132,912 
$482,411 $1,335 $8,250 $49,974 $541,970 
______________________
(1)In regards to the $87.0 million Channel House Mortgage, which matures in 2025, see the discussion under Variable Rate Mortgages Payable. In regards to the $67.0 million 1150 Clay Mortgage, which matures on June 7, 2026, see the discussion under Fixed 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.