DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of December 31, 2024 and 2023, and the debt activity for the year ended December 31, 2024 (in thousands):

			During the Year Ended December 31, 2024
	Balances as of December 31, 2023		Debt Issuances & Assumptions		Repayments (1)		Accretion & (Amortization)		Balances as of December 31, 2024
Mortgages Payable:
Fixed rate mortgages payable	$	163,700	$	105,400	$	—	$	—	$	269,100
Variable rate mortgages payable	87,000		84,346		—		—		171,346
	250,700		189,746		—		—		440,446
Deferred debt issuance costs — Mortgages Payable	(954)		(3,828)		—		787		(3,995)
Total Mortgages Payable	249,746		185,918		—		787		436,451
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	3,007		—		(1,646)		—		1,361
Unamortized premiums	100		—		—		(78)		22
Total Secured Borrowings—Government Guaranteed Loans	3,107		—		(1,646)		(78)		1,383
Other Debt:
2022 credit facility revolver	97,000		20,000		(115,633)		—		1,367
2022 credit facility term loan	56,230		—		(42,597)		—		13,633
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	41,394		—		(13,537)		—		27,857
Deferred debt issuance costs — other	(1,588)		(19)		275		599		(733)
Discount on junior subordinated notes	(1,398)		—		—		102		(1,296)
Total Other Debt	218,708		19,981		(171,492)		701		67,898
Total Debt, Net	$	471,561	$	205,899	$	(173,138)	$	1,410	$	505,732

(1)The write-off of $275,000 of deferred debt issuance costs associated with the 2022 Credit Facility Term Loan resulting from the early extinguishment of debt during incurred during the year ended December 31, 2024 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 December 31, 2024 are as follows:

Years Ending December 31,	Mortgages Payable (1)		Secured Borrowings Principal (2)		2022 Credit Facility		Other (2) (3)		Total
	(in thousands)
2025	$	154,000	$	91	$	15,000	$	8,449	$	177,540
2026	97,100		97		—		8,504		105,701
2027	84,346		104		—		7,235		91,685
2028	—		111		—		3,669		3,780
2029	—		119		—		—		119
Thereafter	105,000		839		—		27,070		132,909
	$	440,446	$	1,361	$	15,000	$	54,927	$	511,734

(1)In respect to the $154.0 million of mortgages payable maturing in 2025, each such mortgage payable has a one-year extension option. The extension option for the fixed rate mortgage is at the Company’s discretion and the Company intends to execute such option. In regards to the Channel House Mortgage, see the discussion under Variable 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.