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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 60 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss $ 1,624,000 $ (3,671,000) $ (5,330,000) $ (1,256,000) $ (1,520,000) $ (10,627,000)    
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization, net         15,211,000 15,461,000    
Loss on early extinguishment of debt 0   281,000   0 281,000    
Amortization of deferred loan costs         791,000 859,000    
Amortization of premiums and discounts on debt         (9,000) (97,000)    
Unrealized premium adjustment         2,231,000 844,000    
Amortization and accretion on loans receivable, net         (426,000) (290,000)    
(Recoveries) write-offs of uncollectible receivables         (119,000) 2,311,000    
Deferred income taxes         110,000 (915,000)    
Stock-based compensation         165,000 167,000    
Loans funded, held for sale to secondary market         (94,803,000) (24,122,000)    
Proceeds from sale of guaranteed loans         82,400,000 17,159,000    
Principal collected on loans subject to secured borrowings         651,000 3,600,000    
Commitment fees remitted and other operating activity         (2,200,000) (813,000)    
Changes in operating assets and liabilities:                
Accounts receivable         (639,000) (60,000)    
Other assets         (1,983,000) 413,000    
Accounts payable and accrued expenses         2,272,000 598,000    
Deferred leasing costs         (792,000) (440,000)    
Other liabilities         5,185,000 (870,000)    
Due to related parties         7,369,000 3,710,000    
Net cash provided by operating activities         13,894,000 7,169,000    
CASH FLOWS FROM INVESTING ACTIVITIES:                
Capital expenditures         (1,781,000) (13,210,000)    
Acquisition of real estate         (2,933,000) 0    
Loans funded         (24,676,000) (24,057,000)    
Principal collected on loans         23,667,000 5,292,000    
Other investing activity         0 81,000    
Net cash used in investing activities         (5,723,000) (31,894,000)    
CASH FLOWS FROM FINANCING ACTIVITIES:                
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes         (132,759,000) (55,159,000)    
Proceeds from revolving credit facilities and term notes         30,396,000 77,516,000    
Payment of principal on secured borrowings         (651,000) (3,600,000)    
Payment of deferred preferred stock offering costs         (483,000) (683,000)    
Payment of deferred costs         (2,000) (740,000)    
Payment of common dividends         (3,979,000) (3,319,000)    
Proceeds from issuance of Common Stock         78,825,000 0    
Payment of Common Stock offering costs         (540,000) 0    
Net proceeds from issuance of Series A Preferred Warrants         0 29,000    
Net proceeds from issuance of Preferred Stock         20,899,000 32,912,000    
Payment of preferred stock dividends         (15,440,000) (14,464,000)    
Redemption of Preferred Stock         (1,832,000) (1,681,000)    
Noncontrolling interests’ distributions         (109,000) (45,000)    
Net cash (used in) provided by financing activities         (25,675,000) 30,766,000    
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH         (17,504,000) 6,041,000    
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 26,145,000   41,988,000   26,145,000 41,988,000 $ 26,145,000  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:                
Cash and cash equivalents 14,552,000   32,111,000   14,552,000 32,111,000 14,552,000 $ 33,636,000
Restricted cash 11,593,000   9,877,000   11,593,000 9,877,000 11,593,000 10,013,000
Total cash and cash equivalents and restricted cash 26,145,000   41,988,000   26,145,000 41,988,000 26,145,000 $ 43,649,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
Cash paid during the period for interest         6,585,000 7,952,000    
Federal income taxes paid         2,100,000 273,000    
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                
Accrued capital expenditures, tenant improvements and real estate developments         1,118,000 1,047,000    
Accrued preferred stock offering costs         738,000 653,000    
Accrual of dividends payable to preferred stockholders         3,403,000 2,715,000    
Preferred stock offering costs offset against redeemable preferred stock         296,000 455,000    
Reclassification of Series A Preferred Stock from temporary equity to permanent equity         34,552,000 27,434,000 $ 134,700,000  
Accrued deferred costs         0 361,000    
Reclassification of loans receivable, net to real estate owned         0 174,000    
Redeemable preferred stock deemed dividends $ 90,000   $ 87,000   253,000 300,000    
Accrued redeemable preferred stock fees         677,000 392,000    
Equity-based payment for management fees         4,652,000 5,022,000    
Accrued Common Stock offering costs included in additional paid-in capital         $ 1,420,000 $ 0