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Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (28,009,000) $ (15,333,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, net 20,279,000 19,624,000
Gain on sale of real estate (679,000) 0
Impairment of real estate 221,000 0
Loss on early extinguishment of debt 88,000 0
Amortization of deferred debt origination costs 2,179,000 1,639,000
Amortization of premiums and discounts on debt 78,000 (1,000)
Unrealized premium adjustment on loans receivable 343,000 549,000
Amortization of deferred costs and accretion of fees on loans receivable, net (230,000) (105,000)
Write-offs of uncollectible receivables 978,000 782,000
Write-off of other deferred costs 0 491,000
Loss on interest rate caps 142,000 425,000
Deferred income taxes (149,000) (27,000)
Stock-based compensation 165,000 165,000
Loss from unconsolidated entities 2,285,000 442,000
Loans funded, held for sale to secondary market (10,707,000) (13,017,000)
Proceeds from sale of guaranteed loans 11,427,000 15,257,000
Principal collected on loans subject to secured borrowings 38,000 1,198,000
Commitment fees remitted and other operating activity (251,000) (461,000)
Changes in operating assets and liabilities:    
Accounts receivable 572,000 553,000
Other assets 236,000 2,536,000
Accounts payable and accrued expenses 3,569,000 (766,000)
Deferred leasing costs (2,630,000) (1,095,000)
Other liabilities (2,017,000) (2,377,000)
Due to related parties 4,543,000 5,401,000
Net cash provided by operating activities 2,471,000 15,880,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (15,667,000) (12,778,000)
Receipt of deferred key money 2,290,000 0
Proceeds from sale of real estate, net 1,161,000 1,096,000
Investment in unconsolidated entity (1,209,000) (1,463,000)
Distributions from unconsolidated entity 0 330,000
Loans funded (3,569,000) (9,279,000)
Principal collected on loans 7,697,000 7,390,000
Net cash used in investing activities (9,297,000) (14,704,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (29,376,000) (12,690,000)
Proceeds from revolving credit facilities, term notes and mortgages 51,535,000 20,000,000
Payment of principal on secured borrowings (38,000) (1,198,000)
Payment of deferred preferred stock offering costs 0 (1,029,000)
Payment of deferred debt origination costs (2,964,000) (622,000)
Payment of common dividends 0 (5,811,000)
Net proceeds from issuance of Preferred Stock (8,000) 40,450,000
Payment of Preferred Stock dividends (16,677,000) (23,543,000)
Redemption of Preferred Stock 0 (24,943,000)
Contributions from noncontrolling interests 8,000 0
Distributions to noncontrolling interests (295,000) (43,000)
Net cash provided by (used in) financing activities 2,185,000 (9,429,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (4,641,000) (8,253,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 52,868,000 44,228,000
End of period 48,227,000 35,975,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 17,320,000 18,454,000
Restricted cash 30,907,000 17,521,000
Total cash and cash equivalents and restricted cash 48,227,000 35,975,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 26,701,000 25,714,000
Federal income taxes paid 284,000 366,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures, tenant improvements and real estate developments 4,677,000 4,327,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets 396,000 396,000
Accrued preferred stock offering costs 0 714,000
Accrual of dividends payable to preferred stockholders 5,280,000 2,045,000
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 0 912,000
Reclassification of Series A1 Preferred Stock from temporary equity to permanent equity 20,799,000 0
Deferred debt origination costs included in accounts payable 5,000 0
Write off of deferred debt origination costs 158,000 0
Redeemable preferred stock deemed dividends 0 755,000
Accrued redeemable preferred stock fees 183,000 191,000
Write-off of preferred stock deferred offering costs $ 0 $ 5,123,000