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LOANS RECEIVABLE (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Loans Receivable
Loans receivable consist of the following:
December 31,
20242023
(in thousands)
SBA 7(a) loans receivable, subject to credit risk$19,306 $10,393 
SBA 7(a) loans receivable, subject to loan-backed notes34,930 43,983 
SBA 7(a) loans receivable, subject to secured borrowings1,383 3,105 
SBA 7(a) loans receivable, held for sale1,494 74 
Loans receivable57,113 57,555 
Deferred capitalized costs, net1,129 1,130 
Current expected credit losses(2,032)(1,680)
Loans receivable, net$56,210 $57,005 
Schedule of Allowance for Credit Losses
The following table presents the activity in the Company’s CECL for the year ended December 31, 2024 (dollar amounts in thousands):
Loans Receivable
Allowance for credit losses as of December 31, 2022
$1,106 
Transition adjustment on January 1, 2023783 
Net adjustment to reserve for expected credit losses(124)
Write-offs
(85)
Current expected credit losses as of December 31, 2023
1,680 
Net adjustment to reserve for expected credit losses352 
Current expected credit losses as of December 31, 2024
$2,032 
Schedule of Credit Quality Indicators Net Book Value of Loans Receivable Portfolio The following table presents the net book value of the Company’s loans receivable portfolio as of December 31, 2024 by year of origination, loan type, and risk rating (dollar amounts in thousands):
Amortized Cost of Loans Receivable by Year of Origination
As of December 31, 2024
Number of Loans20242023202220212020Prior Total
Loans by internal risk rating:
1111$9,690 $5,401 $4,458 $6,143 $839 $9,310 $35,841 
249328 4,065 3,987 2,806 1,846 5,509 $18,541 
31— — — 439 — — $439 
41— 909 — — — — $909 
5—— — — — — — $— 
Total162$10,018 $10,375 $8,445 $9,388 $2,685 $14,819 $55,730 
Plus: SBA 7(a) loans receivable, subject to secured borrowings (1)
1,383 
Plus: Deferred capitalized costs, net1,129 
Less: Current expected credit losses
(2,032)
Total loans receivable, net$56,210 
Weighted average risk rating1.3
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(1)The Company does not assign a risk rating to its SBA 7(a) loans receivable that are subject to secured borrowings or the government guaranteed portion of loans held for sale. The Company has determined there is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.