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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,757,000) $ (25,937,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, net 13,111,000 30,056,000
Gain on sale of real estate 0 (1,104,000)
Amortization of deferred debt origination costs 1,133,000 1,025,000
Amortization of premiums and discounts on debt 10,000 18,000
Unrealized premium adjustment 312,000 520,000
Amortization of deferred costs and accretion of fees on loans receivable, net (92,000) (195,000)
Write-offs (recoveries) of uncollectible receivables 314,000 (136,000)
Loss (gain) on interest rate caps 18,000 (275,000)
Deferred income taxes 31,000 31,000
Stock-based compensation 110,000 92,000
Income (loss) from unconsolidated entities (797,000) 136,000
Loans funded, held for sale to secondary market (10,821,000) (13,359,000)
Proceeds from sale of guaranteed loans 8,559,000 12,722,000
Principal collected on loans subject to secured borrowings 582,000 708,000
Commitment fees remitted and other operating activity (294,000) (245,000)
Changes in operating assets and liabilities:    
Accounts receivable (771,000) (848,000)
Other assets 1,132,000 (4,491,000)
Accounts payable and accrued expenses (2,589,000) 13,152,000
Deferred leasing costs (1,046,000) (435,000)
Other liabilities (1,045,000) (3,585,000)
Due to related parties 2,440,000 1,570,000
Net cash provided by operating activities 5,540,000 9,420,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (3,782,000) (6,455,000)
Acquisition of real estate 0 (96,731,000)
Proceeds from sale of real estate, net 1,096,000 30,613,000
Investment in unconsolidated entity (530,000) (6,680,000)
Distributions from unconsolidated entity 330,000 0
Loans funded (3,607,000) (4,769,000)
Principal collected on loans 5,105,000 6,333,000
Net cash used in investing activities (1,388,000) (77,689,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (6,428,000) (151,162,000)
Proceeds from revolving credit facilities, term notes and mortgages 20,000,000 222,415,000
Proceeds from SBA 7(a) loan-backed notes 0 54,141,000
Payment of principal on secured borrowings (582,000) (708,000)
Payment of deferred preferred stock offering costs (695,000) (501,000)
Payment of deferred debt origination costs (206,000) (3,167,000)
Payment of common dividends (3,874,000) (3,866,000)
Net proceeds from issuance of Preferred Stock 27,873,000 51,024,000
Payment of Preferred Stock dividends (15,527,000) (15,713,000)
Redemption of Preferred Stock (18,058,000) (93,330,000)
Distributions to noncontrolling interests (43,000) 0
Net cash provided by financing activities 2,460,000 59,133,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 6,612,000 (9,136,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 44,228,000 57,480,000
End of period 50,840,000 48,344,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 29,323,000 24,561,000
Restricted cash 21,517,000 23,783,000
Total cash and cash equivalents and restricted cash 50,840,000 48,344,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 16,906,000 13,032,000
Federal income taxes paid 166,000 500,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures, tenant improvements and real estate developments 3,953,000 3,813,000
Proceeds from the sale of real estate committed but not yet received 0 3,787,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets 396,000 1,445,000
Non-cash contributions to Unconsolidated Joint Venture 0 8,600,000
Accrued preferred stock offering costs 623,000 134,000
Accrual of dividends payable to common stockholders 1,937,000 1,933,000
Accrual of dividends payable to preferred stockholders 2,617,000 2,088,000
Preferred stock offering costs offset against redeemable preferred stock in permanent equity 508,000 842,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 496,000 0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 0 15,616,000
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses 0 328,000
Mortgage notes assumed in connection with our acquisition of real estate 0 181,318,000
Redeemable preferred stock deemed dividends 428,000 0
Accrued redeemable preferred stock fees 204,000 369,000
Acquisition of non-controlling interests $ 0 $ 5,002,000