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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 54 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net (loss) income $ (3,671,000) $ (1,256,000)        
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization, net 5,017,000 5,102,000        
Amortization of deferred loan costs 324,000 266,000        
Amortization of premiums and discounts on debt 2,000 (25,000)        
Unrealized premium adjustment 467,000 451,000        
Amortization and accretion on loans receivable, net (129,000) (179,000)        
Write-offs of uncollectible receivables 811,000 225,000        
Deferred income taxes (72,000) (151,000)        
Stock-based compensation 60,000 56,000        
Loans funded, held for sale to secondary market (13,773,000) (8,883,000)        
Proceeds from sale of guaranteed loans 14,850,000 9,520,000        
Principal collected on loans subject to secured borrowings 212,000 2,014,000        
Other operating activity (83,000) (297,000)        
Changes in operating assets and liabilities:            
Accounts receivable (536,000) (300,000)        
Other assets (2,530,000) (1,355,000)        
Accounts payable and accrued expenses (722,000) 489,000        
Deferred leasing costs (87,000) (83,000)        
Other liabilities 1,863,000 (497,000)        
Due to related parties 2,631,000 886,000        
Net cash provided by operating activities 4,634,000 5,983,000        
CASH FLOWS FROM INVESTING ACTIVITIES:            
Additions to investments in real estate (374,000) (5,632,000)        
Loans funded (11,820,000) (2,961,000)        
Principal collected on loans 8,638,000 3,319,000        
Other investing activity 0 30,000        
Net cash used in investing activities (3,556,000) (5,244,000)        
CASH FLOWS FROM FINANCING ACTIVITIES:            
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (7,653,000) (9,249,000)        
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes 14,985,000 11,500,000        
Payment of principal on secured borrowings (212,000) (2,014,000)        
Payment of deferred preferred stock offering costs (148,000) (207,000)        
Payment of deferred costs (125,000) 0        
Payment of common dividends (1,112,000) (1,095,000)        
Net proceeds from issuance of Series A Preferred Warrants 0 29,000        
Net proceeds from issuance of Preferred Stock 5,465,000 8,643,000        
Payment of preferred stock dividends (10,630,000) (10,919,000)        
Redemption of Preferred Stock (687,000) (186,000)        
Noncontrolling interests’ distributions (114,000) 0        
Net cash used in financing activities (231,000) (3,498,000)        
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 847,000 (2,759,000)        
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:            
Beginning of period 43,649,000 35,947,000        
End of period 44,496,000 33,188,000 $ 44,496,000      
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:            
Cash and cash equivalents       $ 34,605,000 $ 33,636,000 $ 22,758,000
Restricted cash       9,891,000 10,013,000 10,430,000
Total cash and cash equivalents and restricted cash 44,496,000 33,188,000 44,496,000 $ 44,496,000 $ 43,649,000 $ 33,188,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
Cash paid during the period for interest 2,321,000 2,904,000        
Federal income taxes paid 25,000 0        
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:            
Accrued capital expenditures, tenant improvements and real estate developments 213,000 4,859,000        
Accrued preferred stock offering costs 739,000 538,000        
Accrual of dividends payable to preferred stockholders 3,072,000 2,209,000        
Preferred stock offering costs offset against redeemable preferred stock 87,000 178,000        
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 8,243,000 6,948,000 $ 108,700,000      
Accrued deferred costs 54,000 382,000        
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses 0 18,000        
Redeemable preferred stock deemed dividends 57,000 161,000        
Accrued redeemable preferred stock fees 541,000 78,000        
Equity-based payment for management fees $ 2,419,000 $ 0