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Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (15,333,000) $ (42,584,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, net 19,624,000 46,153,000
Gain on sale of real estate 0 (1,104,000)
Amortization of deferred debt origination costs 1,639,000 1,646,000
Amortization of premiums and discounts on debt (1,000) 36,000
Unrealized premium adjustment 549,000 548,000
Amortization of deferred costs and accretion of fees on loans receivable, net (105,000) (279,000)
Write-offs (recoveries) of uncollectible receivables 782,000 160,000
Write-off of other deferred costs 491,000 0
Loss (gain) on interest rate caps 425,000 349,000
Deferred income taxes (27,000) 28,000
Stock-based compensation 165,000 128,000
Loss (income) from unconsolidated entities 442,000 (1,053,000)
Loans funded, held for sale to secondary market (13,017,000) (13,468,000)
Proceeds from sale of guaranteed loans 15,257,000 13,560,000
Principal collected on loans subject to secured borrowings 1,198,000 1,434,000
Commitment fees remitted and other operating activity (461,000) (314,000)
Changes in operating assets and liabilities:    
Accounts receivable 553,000 695,000
Other assets 2,536,000 (3,961,000)
Accounts payable and accrued expenses (766,000) 18,376,000
Deferred leasing costs (1,095,000) (717,000)
Other liabilities (2,377,000) (4,455,000)
Due to related parties 5,401,000 1,584,000
Net cash provided by operating activities 15,880,000 16,762,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (12,778,000) (10,895,000)
Acquisition of real estate 0 (96,731,000)
Proceeds from sale of real estate, net 1,096,000 31,419,000
Investment in unconsolidated entity (1,463,000) (7,218,000)
Distributions from unconsolidated entity 330,000 0
Loans funded (9,279,000) (8,550,000)
Principal collected on loans 7,390,000 9,108,000
Net cash used in investing activities (14,704,000) (82,867,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (12,690,000) (194,239,000)
Proceeds from revolving credit facilities, term notes and mortgages 20,000,000 248,282,000
Proceeds from SBA 7(a) loan-backed notes 0 54,141,000
Payment of principal on secured borrowings (1,198,000) (1,434,000)
Payment of deferred preferred stock offering costs (1,029,000) (665,000)
Payment of deferred debt origination costs (622,000) (3,164,000)
Payment of common dividends (5,811,000) (5,795,000)
Net proceeds from issuance of Preferred Stock 40,450,000 76,082,000
Payment of Preferred Stock dividends (23,543,000) (22,303,000)
Redemption of Preferred Stock (24,943,000) (99,031,000)
Distributions to noncontrolling interests (43,000) (38,000)
Net cash (used in) provided by financing activities (9,429,000) 51,836,000
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (8,253,000) (14,269,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 44,228,000 57,480,000
End of period 35,975,000 43,211,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 18,454,000 19,261,000
Restricted cash 17,521,000 23,950,000
Total cash and cash equivalents and restricted cash 35,975,000 43,211,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 25,714,000 21,525,000
Federal income taxes paid 366,000 575,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures, tenant improvements and real estate developments 4,327,000 1,555,000
Proceeds from the sale of real estate committed but not yet received 0 2,981,000
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 714,000 166,000
Accrual of dividends payable to common stockholders 0 1,937,000
Accrual of dividends payable to preferred stockholders 2,045,000 2,307,000
Preferred stock offering costs offset against redeemable preferred stock in permanent equity 508,000 1,242,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 912,000 0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 0 15,616,000
Mortgage notes assumed in connection with our acquisition of real estate 0 181,318,000
Redeemable preferred stock deemed dividends 755,000 0
Accrued redeemable preferred stock fees 191,000 369,000
Acquisition of non-controlling interests 0 5,002,000
Write-off of preferred stock deferred offering costs $ 5,123,000 $ 0