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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (15,423,000) $ (4,757,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization, net 12,927,000 13,111,000
Impairment of real estate 221,000 0
Loss on early extinguishment of debt 88,000 0
Amortization of deferred debt origination costs 1,466,000 1,133,000
Amortization of premiums and discounts on debt 52,000 10,000
Unrealized premium adjustment on loans receivable 201,000 312,000
Amortization of deferred costs and accretion of fees on loans receivable, net (235,000) (92,000)
Write-offs of uncollectible receivables 687,000 314,000
Loss on interest rate caps 99,000 18,000
Deferred income taxes (117,000) 31,000
Stock-based compensation 110,000 110,000
Loss (income) from unconsolidated entities 1,588,000 (797,000)
Loans funded, held for sale to secondary market (3,993,000) (10,821,000)
Proceeds from sale of guaranteed loans 5,484,000 8,559,000
Principal collected on loans subject to secured borrowings 26,000 582,000
Commitment fees remitted and other operating activity (118,000) (294,000)
Changes in operating assets and liabilities:    
Accounts receivable (49,000) (771,000)
Other assets (1,113,000) 1,132,000
Accounts payable and accrued expenses (1,018,000) (2,589,000)
Deferred leasing costs (901,000) (1,046,000)
Other liabilities (1,116,000) (1,045,000)
Due to related parties (137,000) 2,440,000
Net cash (used in) provided by operating activities (1,271,000) 5,540,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (12,751,000) (3,782,000)
Proceeds from sale of real estate, net 0 1,096,000
Investment in unconsolidated entity (1,209,000) (530,000)
Distributions from unconsolidated entity 0 330,000
Loans funded (1,331,000) (3,607,000)
Principal collected on loans 5,065,000 5,105,000
Net cash used in investing activities (10,226,000) (1,388,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (20,053,000) (6,428,000)
Proceeds from revolving credit facilities, term notes and mortgages 50,315,000 20,000,000
Payment of principal on secured borrowings (26,000) (582,000)
Payment of deferred preferred stock offering costs 0 (695,000)
Payment of deferred debt origination costs (2,069,000) (206,000)
Payment of common dividends 0 (3,874,000)
Net proceeds from issuance of Preferred Stock (8,000) 27,873,000
Payment of Preferred Stock dividends (11,395,000) (15,527,000)
Redemption of Preferred Stock 0 (18,058,000)
Contributions from noncontrolling interests 8,000 0
Distributions to noncontrolling interests (285,000) (43,000)
Net cash provided by financing activities 16,487,000 2,460,000
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,990,000 6,612,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 52,868,000 44,228,000
End of period 57,858,000 50,840,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 27,769,000 29,323,000
Restricted cash 30,089,000 21,517,000
Total cash and cash equivalents and restricted cash 57,858,000 50,840,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 17,035,000 16,906,000
Federal income taxes paid 110,000 166,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures, tenant improvements and real estate developments 2,355,000 3,953,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets 396,000 396,000
Accrued preferred stock offering costs 0 623,000
Accrual of dividends payable to common stockholders 0 1,937,000
Accrual of dividends payable to preferred stockholders 5,280,000 2,617,000
Preferred stock offering costs offset against redeemable preferred stock in permanent equity 0 508,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 0 496,000
Reclassification of Series A1 Preferred Stock from temporary equity to permanent equity 8,295,000 0
Deferred debt origination costs included in accounts payable 232,000 0
Write off of deferred debt origination costs 158,000 0
Redeemable preferred stock deemed dividends 0 428,000
Accrued redeemable preferred stock fees $ 183,000 $ 204,000