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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,272) $ (3,905)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, net 6,634 6,567
Amortization of deferred debt origination costs 735 624
Amortization of premiums and discounts on debt 26 (14)
Unrealized premium adjustment on loans receivable 165 196
Amortization of deferred costs and accretion of fees on loans receivable, net (160) (8)
Write-offs of uncollectible receivables 168 411
Loss (gain) on interest rate caps 78 (55)
Deferred income taxes (24) 13
Stock-based compensation 55 55
Loss from unconsolidated entities 1,151 326
Loans funded, held for sale to secondary market (3,117) (5,799)
Proceeds from sale of guaranteed loans 4,588 5,471
Principal collected on loans subject to secured borrowings 12 560
Commitment fees remitted and other operating activity (104) (160)
Changes in operating assets and liabilities:    
Accounts receivable 372 (1,130)
Other assets (3,553) (793)
Accounts payable and accrued expenses (1,636) (986)
Deferred leasing costs (949) (285)
Other liabilities (1,091) 658
Due to related parties 4,130 (130)
Net cash provided by operating activities 1,208 1,616
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (6,316) (1,690)
Proceeds from sale of real estate, net 0 1,096
Investment in unconsolidated entity (815) (530)
Loans funded (1,200) (1,934)
Principal collected on loans 3,174 2,665
Net cash used in investing activities (5,157) (393)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (2,594) (3,615)
Proceeds from revolving credit facilities, term notes and mortgages 9,013 5,000
Payment of principal on secured borrowings (12) (560)
Payment of deferred preferred stock offering costs 0 (372)
Payment of deferred debt origination costs (228) 0
Payment of common dividends 0 (1,937)
Net proceeds from issuance of Preferred Stock (8) 19,549
Payment of Preferred Stock dividends (5,965) (7,651)
Redemption of Preferred Stock 0 (10,223)
Net cash provided by financing activities 206 191
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (3,743) 1,414
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 52,868 44,228
End of period 49,125 45,642
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 19,772 21,307
Restricted cash 29,353 24,335
Total cash and cash equivalents and restricted cash 49,125 45,642
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 7,686 8,636
Federal income taxes paid 0 16
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures, tenant improvements and real estate developments 4,543 1,514
Other amounts due from Unconsolidated Joint Venture partners included in other assets 396 1,445
Accrued preferred stock offering costs 0 247
Accrual of dividends payable to common stockholders 0 1,937
Accrual of dividends payable to preferred stockholders 5,423 2,610
Preferred stock offering costs offset against redeemable preferred stock in permanent equity 0 513
Accrued deferred costs 100 0
Accrued redeemable preferred stock fees $ 183 $ 246