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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Activity | The following table summarizes the debt balances as of September 30, 2025 and December 31, 2024 and the debt activity for the nine months ended September 30, 2025 (in thousands):
|  |  |  | During the Nine Months Ended September 30, 2025 |  |
|  | Balances as of December 31, 2024 |  | Debt Issuances & Assumptions |  | Repayments (1) |  | Accretion & (Amortization) |  | Balances as of September 30, 2025
Mortgages Payable: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable |  | $ | 269,100 |  |  | $ | — |  |  | $ | (697) |  |  | $ | — |  |  | $ | 268,403 |
Variable rate mortgages payable |  | 171,346 |  |  | 42,285 |  |  | (6,250) |  |  | — |  |  | 207,381 |
|  | 440,446 |  |  | 42,285 |  |  | (6,947) |  |  | — |  |  | 475,784 |
Deferred debt origination costs — Mortgages Payable |  | (3,995) |  |  | (2,326) |  |  | — |  |  | 1,885 |  |  | (4,436) |
Total Mortgages Payable |  | 436,451 |  |  | 39,959 |  |  | (6,947) |  |  | 1,885 |  |  | 471,348 |
Secured Borrowings — Government Guaranteed Loans: |  |  |  |  |  |  |  |  |  |
Outstanding Balance |  | 1,361 |  |  | — |  |  | (38) |  |  | — |  |  | 1,323 |
Unamortized premiums |  | 22 |  |  | — |  |  | — |  |  | (2) |  |  | 20 |
Total Secured Borrowings — Government Guaranteed Loans |  | 1,383 |  |  | — |  |  | (38) |  |  | (2) |  |  | 1,343 |
Other Debt: |  |  |  |  |  |  |  |  |  |
Lending division revolving credit facility |  | — |  |  | 9,250 |  |  | — |  |  | — |  |  | 9,250 |
2022 credit facility revolver |  | 1,367 |  |  | — |  |  | (1,367) |  |  | — |  |  | — |
2022 credit facility term loan |  | 13,633 |  |  | — |  |  | (13,633) |  |  | — |  |  | — |
Junior subordinated notes |  | 27,070 |  |  | — |  |  | — |  |  | — |  |  | 27,070 |
SBA 7(a) loan-backed notes |  | 27,857 |  |  | — |  |  | (7,429) |  |  | — |  |  | 20,428 |
Deferred debt origination costs — other |  | (733) |  |  | — |  |  | 59 |  |  | 218 |  |  | (456) |
Discount on junior subordinated notes |  | (1,296) |  |  | — |  |  | — |  |  | 80 |  |  | (1,216) |
Total Other Debt |  | 67,898 |  |  | 9,250 |  |  | (22,370) |  |  | 298 |  |  | 55,076 |
Total Debt, Net |  | $ | 505,732 |  |  | $ | 49,209 |  |  | $ | (29,355) |  |  | $ | 2,181 |  |  | $ | 527,767 |
(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 nine months ended September 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 September 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 (Three months ending December 31, 2025) |  | $ | 150 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 1,020 |  |  | $ | 1,195 |
2026 |  | 164,004 |  |  | 102 |  |  | — |  |  | 8,504 |  |  | 172,610 |
2027 |  | 176,230 |  |  | 108 |  |  | 9,250 |  |  | 7,235 |  |  | 192,823 |
2028 |  | 30,400 |  |  | 116 |  |  | — |  |  | 3,669 |  |  | 34,185 |
2029 |  | — |  |  | 123 |  |  | — |  |  | — |  |  | 123 |
Thereafter |  | 105,000 |  |  | 849 |  |  | — |  |  | 27,070 |  |  | 132,919 |
|  | $ | 475,784 |  |  | $ | 1,323 |  |  | $ | 9,250 |  |  | $ | 47,498 |  |  | $ | 533,855 |
______________________ (1)In regards to the $66.3 million 1150 Clay Mortgage, which matures on June 7, 2026, see the discussion under Fixed Rate Mortgages Payable. In regards to the $97.1 million 1 Kaiser Mortgage, which matures on July 1, 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.

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