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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 48 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:                    
Net (loss) income $ (5,330,000) $ (1,256,000) $ 2,856,000 $ 291,623,000 $ (10,627,000) $ 347,046,000        
Adjustments to reconcile net income to net cash provided by operating activities:                    
Deferred rent and amortization of intangible assets, liabilities and lease inducements         (1,013,000) (2,019,000)        
Depreciation and amortization 5,273,000   5,180,000   15,728,000 21,995,000        
Reclassification from AOCI to interest expense     0   0 (1,806,000)        
Reclassification from other assets to interest expense for swap termination         0 1,421,000        
Change in fair value of swaps         0 209,000        
Gain on sale of real estate 0   (302,000)   0 (433,104,000)        
Impairment of real estate 0   0   0 69,000,000        
Loss on early extinguishment of debt 281,000   0   281,000 29,982,000        
Amortization of deferred loan costs         859,000 864,000        
Amortization of premiums and discounts on debt         (97,000) (150,000)        
Unrealized premium adjustment         844,000 1,293,000        
Amortization and accretion on loans receivable, net         (290,000) (250,000)        
Bad debt expense         2,311,000 73,000        
Deferred income taxes         (915,000) (76,000)        
Stock-based compensation         167,000 138,000        
Loans funded, held for sale to secondary market         (24,122,000) (20,566,000)        
Proceeds from sale of guaranteed loans         17,159,000 29,716,000        
Principal collected on loans subject to secured borrowings         3,600,000 2,477,000        
Other operating activity         (813,000) (581,000)        
Changes in operating assets and liabilities:                    
Accounts receivable and interest receivable         (60,000) 1,604,000        
Other assets         1,159,000 2,065,000        
Accounts payable and accrued expenses         598,000 (3,224,000)        
Deferred leasing costs         (440,000) (1,296,000)        
Other liabilities         (870,000) (7,956,000)        
Due to related parties         3,710,000 (4,292,000)        
Net cash provided by operating activities         7,169,000 32,563,000        
CASH FLOWS FROM INVESTING ACTIVITIES:                    
Additions to investments in real estate         (13,210,000) (19,946,000)        
Proceeds from sale of real estate, net         0 941,032,000        
Loans funded         (24,057,000) (6,855,000)        
Principal collected on loans         5,292,000 5,916,000        
Other investing activity         81,000 354,000        
Net cash (used in) provided by investing activities         (31,894,000) 920,501,000        
CASH FLOWS FROM FINANCING ACTIVITIES:                    
Payment of unsecured revolving lines of credit, revolving credit facility and or term note         (48,000,000) (135,500,000)        
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note         61,500,000 74,000,000        
Payment of mortgages payable         0 (46,000,000)        
Investments in marketable securities in connection with the legal defeasance of mortgages payable         0 (268,194,000)        
Prepayment penalties and other payments for early extinguishment of debt         0 (5,660,000)        
Payment of principal on SBA 7(a) loan-backed notes         (7,159,000) (7,625,000)        
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility         16,016,000 0        
Payment of principal on secured borrowings         (3,600,000) (2,477,000)        
Payment of deferred preferred stock offering costs         (683,000) (497,000)        
Payment of deferred loan costs         (535,000) (34,000)        
Payment of other deferred costs         (205,000) (383,000)        
Payment of common dividends         (3,319,274) (12,045,000)        
Payment of special cash dividends         0 (613,294,000)        
Net proceeds from issuance of Series A Preferred Warrants         29,000 295,000        
Payment of preferred stock dividends         (14,464,000) (17,095,000)        
Redemption of Series A Preferred Stock         (1,681,000) (156,000)        
Retirement of fractional shares of Common Stock         0 (1,000)        
Noncontrolling interests’ distributions         (45,000) (515,000)        
Noncontrolling interests’ contributions         0 455,000        
Net cash provided by (used in) financing activities         30,766,000 (1,006,191,000)        
Change in cash balances included in assets held for sale         0 755,000        
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH         6,041,000 (52,372,000)        
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:                    
Beginning of period   35,947,000   77,171,000 35,947,000 77,171,000        
End of period 41,988,000   24,799,000   41,988,000 24,799,000 $ 41,988,000      
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:                    
Cash and cash equivalents               $ 32,111,000 $ 23,801,000 $ 13,292,000
Restricted cash               9,877,000 12,146,000 11,507,000
Total cash and cash equivalents and restricted cash 41,988,000 35,947,000 24,799,000 77,171,000 41,988,000 24,799,000 41,988,000 $ 41,988,000 $ 35,947,000 $ 24,799,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                    
Cash paid during the period for interest         7,952,000 10,788,000        
Federal income taxes paid         273,000 850,000        
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                    
Additions to investments in real estate included in accounts payable and accrued expenses         1,047,000 3,275,000        
Additions to deferred costs included in accounts payable and accrued expenses         221,000 344,000        
Additions to preferred stock offering costs included in accounts payable and accrued expenses         653,000 467,000        
Accrual of dividends payable to preferred stockholders         2,715,000 1,318,000        
Preferred stock offering costs offset against redeemable preferred stock in temporary equity         451,000 249,000        
Preferred stock offering costs offset against redeemable preferred stock in permanent equity         4,000 3,000        
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 10,747,000 6,948,000 $ 7,014,000 $ 8,890,000 27,434,000 26,729,000 $ 92,387,000      
Additions to deferred loan costs included in accounts payable and accrued expenses         140,000 0        
Reclassification of loans receivable, net to real estate owned         174,000 243,000        
Establishment of right-of use asset and lease liability         0 362,000        
Marketable securities transferred in connection with the legal defeasance of mortgages payable         0 268,194,000        
Mortgage notes payable legally defeased         0 245,000,000        
Mortgage note assumed in connection with our sale of real estate         0 28,200,000        
Redeemable preferred stock deemed dividends $ 87,000 $ 161,000     300,000 0        
Issuance of shares of Common Stock for asset management fees         2,359,000 0        
Payment of management fees and base service fee in preferred stock         2,663,000 0        
Series A Preferred Stock                    
CASH FLOWS FROM FINANCING ACTIVITIES:                    
Net proceeds from issuance of Series Preferred Stock         32,466,000 28,535,000        
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                    
Redeemable Preferred Stock fees included in accounts payable and accrued expenses         386,000 0        
Series D Preferred Stock                    
CASH FLOWS FROM FINANCING ACTIVITIES:                    
Net proceeds from issuance of Series Preferred Stock         446,000 0        
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                    
Redeemable Preferred Stock fees included in accounts payable and accrued expenses         $ 6,000 $ 0