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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 72 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:                  
Net income (loss) $ (232) $ 2,302 $ 1,624 $ (3,671) $ 5,001   $ (1,520)    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                  
Depreciation and amortization, net         15,181   15,211    
Amortization of deferred debt origination costs         850   791    
Amortization of premiums and discounts on debt         30   (9)    
Unrealized premium adjustment         1,278   2,231    
Amortization of deferred costs and accretion of fees on loans receivable, net         (399)   (426)    
Write-offs (recoveries) of uncollectible receivables         215   (119)    
Deferred income taxes         15   110    
Stock-based compensation         147   165    
Income from unconsolidated entity 204   0   (176)   0    
Loans funded, held for sale to secondary market         (27,205)   (94,803)    
Proceeds from sale of guaranteed loans         27,875   82,400    
Principal collected on loans subject to secured borrowings         631   651    
Commitment fees remitted and other operating activity         (961)   (2,200)    
Return on investment from unconsolidated entity         176   0    
Changes in operating assets and liabilities:                  
Accounts receivable         (587)   (639)    
Other assets         (867)   (1,983)    
Accounts payable and accrued expenses         2,601   2,272    
Deferred leasing costs         (1,717)   (792)    
Other liabilities         2,677   5,185    
Due to related parties         3,526   7,369    
Net cash provided by operating activities         28,291   13,894    
CASH FLOWS FROM INVESTING ACTIVITIES:                  
Capital expenditures         (6,394)   (1,781)    
Acquisition of real estate         (10,776)   (2,933)    
Investment in unconsolidated entity         (22,408)   0    
Distributions from unconsolidated entity         10,259   0    
Loans funded         (8,751)   (24,676)    
Principal collected on loans         14,436   23,667    
Net cash used in investing activities         (23,634)   (5,723)    
CASH FLOWS FROM FINANCING ACTIVITIES:                  
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes         (94,952)   (132,759)    
Proceeds from revolving credit facilities and term notes         110,000   30,396    
Payment of principal on secured borrowings         (631)   (651)    
Payment of deferred preferred stock offering costs         (845)   (483)    
Payment of deferred costs         0   (2)    
Payment of common dividends         (5,725) $ (3,972) (3,979)    
Repurchase of Common Stock         (4,715)   0    
Proceeds from issuance of Common Stock         0   78,825    
Payment of Common Stock offering costs         0   (540)    
Net proceeds from issuance of Preferred Stock         77,631   20,899    
Payment of preferred stock dividends         (20,075)   (15,440)    
Repurchase of Series L Preferred Stock         (67,417)   0    
Redemption of Preferred Stock         (4,781)   (1,832)    
Noncontrolling interests’ distributions         (3)   (109)    
Noncontrolling interests’ contributions         5   0    
Net cash used in financing activities         (11,508)   (25,675)    
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH         (6,851)   (17,504)    
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:                  
Beginning of period   $ 33,651   $ 43,649 33,651   43,649    
End of period 26,800   26,145   26,800 26,800 26,145 $ 26,800  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:                  
Cash and cash equivalents 14,794   14,552   14,794 14,794 14,552 14,794 $ 22,311
Restricted cash 12,006   11,593   12,006 12,006 11,593 12,006 11,340
Total cash and cash equivalents and restricted cash 26,800   26,145   26,800 $ 26,800 26,145 26,800 $ 33,651
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                  
Cash paid during the period for interest         5,995   6,585    
Federal income taxes paid         905   2,100    
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                  
Accrued capital expenditures, tenant improvements and real estate developments         3,561   1,118    
Accrued preferred stock offering costs         477   738    
Accrual of dividends payable to preferred stockholders         5,285   3,403    
Preferred stock offering costs offset against redeemable preferred stock         1,029   296    
Reclassification of Series A Preferred Stock from temporary equity to permanent equity         24,373   34,552 $ 170,600  
Redeemable preferred stock deemed dividends $ 0   $ 90   19   253    
Accrued redeemable preferred stock fees         509   677    
Equity-based payment for management fees         4,083   4,652    
Accrued Common Stock offering costs included in additional paid-in capital         $ 0   $ 1,420