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DEBT (Tables)
 9 Months Ended
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, 2024Debt Issuances & AssumptionsRepayments (1)Accretion & (Amortization)Balances as of September 30, 2025
Mortgages Payable:
Fixed rate mortgages payable$269,100 $— $(697)$— $268,403 
Variable rate mortgages payable171,346 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 Payable436,451 39,959 (6,947)1,885 471,348 
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance1,361 — (38)— 1,323 
Unamortized premiums22 — — (2)20 
Total Secured Borrowings — Government Guaranteed Loans1,383 — (38)(2)1,343 
Other Debt:
Lending division revolving credit facility — 9,250 — — 9,250 
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 — (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 Debt67,898 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 
2026164,004 102 — 8,504 172,610 
2027176,230 108 9,250 7,235 192,823 
202830,400 116 — 3,669 34,185 
2029— 123 — — 123 
Thereafter105,000 849 — 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.