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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 57 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss $ 527,000 $ (3,671,000) $ (4,041,000) $ (1,256,000) $ (3,144,000) $ (5,297,000)    
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization, net         10,095,000 10,244,000    
Amortization of deferred loan costs         635,000 548,000    
Amortization of premiums and discounts on debt         15,000 (51,000)    
Unrealized premium adjustment         1,457,000 518,000    
Amortization and accretion on loans receivable, net         (279,000) (261,000)    
Write-offs of uncollectible receivables         1,076,000 302,000    
Deferred income taxes         (13,000) (867,000)    
Stock-based compensation         110,000 112,000    
Loans funded, held for sale to secondary market         (45,464,000) (9,303,000)    
Proceeds from sale of guaranteed loans         49,207,000 10,902,000    
Principal collected on loans subject to secured borrowings         291,000 2,613,000    
Other operating activity         (925,000) (407,000)    
Changes in operating assets and liabilities:                
Accounts receivable         (1,089,000) 586,000    
Other assets         (2,191,000) (552,000)    
Accounts payable and accrued expenses         (553,000) (2,902,000)    
Deferred leasing costs         (413,000) (332,000)    
Other liabilities         2,680,000 (1,554,000)    
Due to related parties         6,345,000 942,000    
Net cash provided by operating activities         17,840,000 5,241,000    
CASH FLOWS FROM INVESTING ACTIVITIES:                
Additions to investments in real estate         (823,000) (9,545,000)    
Loans funded         (19,746,000) (18,567,000)    
Principal collected on loans         15,747,000 4,710,000    
Other investing activity         0 59,000    
Net cash used in investing activities         (4,822,000) (23,343,000)    
CASH FLOWS FROM FINANCING ACTIVITIES:                
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes         (94,351,000) (10,370,000)    
Proceeds from revolving credit facilities and term notes         30,396,000 76,966,000    
Payment of principal on secured borrowings         (291,000) (2,613,000)    
Payment of deferred preferred stock offering costs         (268,000) (501,000)    
Payment of deferred costs         (125,000) (203,000)    
Payment of common dividends         (2,226,000) (2,207,000)    
Proceeds from issuance of Common Stock         78,825,000 0    
Payment of Common Stock offering costs         (325,000) 0    
Net proceeds from issuance of Series A Preferred Warrants         0 29,000    
Net proceeds from issuance of Preferred Stock         15,484,000 21,466,000    
Payment of preferred stock dividends         (12,965,000) (12,589,000)    
Redemption of Preferred Stock         (1,173,000) (1,626,000)    
Noncontrolling interests’ distributions         (114,000) (45,000)    
Net cash provided by financing activities         12,867,000 68,307,000    
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH         25,885,000 50,205,000    
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:                
Beginning of period   $ 43,649,000   $ 35,947,000 43,649,000 35,947,000    
End of period 69,534,000   86,152,000   69,534,000 86,152,000 $ 69,534,000  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:                
Cash and cash equivalents 59,730,000   75,192,000   59,730,000 75,192,000 59,730,000 $ 33,636,000
Restricted cash 9,804,000   10,960,000   9,804,000 10,960,000 9,804,000 10,013,000
Total cash and cash equivalents and restricted cash 69,534,000   86,152,000   69,534,000 86,152,000 69,534,000 $ 43,649,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
Cash paid during the period for interest         4,582,000 5,567,000    
Federal income taxes paid         425,000 100,000    
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                
Accrued capital expenditures, tenant improvements and real estate developments         390,000 3,761,000    
Accrued preferred stock offering costs         984,000 616,000    
Accrual of dividends payable to preferred stockholders         3,260,000 2,428,000    
Preferred stock offering costs offset against redeemable preferred stock         250,000 305,000    
Reclassification of Series A Preferred Stock from temporary equity to permanent equity         20,724,000 16,687,000 $ 121,200,000  
Accrued deferred costs         1,000 457,000    
Reclassification of loans receivable, net to real estate owned         0 174,000    
Redeemable preferred stock deemed dividends $ 106,000   $ 52,000   163,000 213,000    
Accrued redeemable preferred stock fees         640,000 249,000    
Equity-based payment for management fees         2,419,000 2,359,000    
Accrued Common Stock offering costs included in additional paid-in capital         $ 1,557,000 $ 0