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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 66 Months Ended
Mar. 31, 2022
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income (loss) $ 2,302   $ (3,671)    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization, net 5,037   5,017    
Amortization of deferred debt origination costs 297   324    
Amortization of premiums and discounts on debt (3)   2    
Unrealized premium adjustment 573   467    
Amortization of deferred costs and accretion of fees on loans receivable, net (150)   (129)    
(Recoveries) write-offs of uncollectible receivables 109   811    
Deferred income taxes 56   (72)    
Stock-based compensation 55   60    
Income from unconsolidated entity (120)   0    
Loans funded, held for sale to secondary market (12,369)   (13,773)    
Proceeds from sale of guaranteed loans 12,211   14,850    
Principal collected on loans subject to secured borrowings 374   212    
Commitment fees remitted and other operating activity (600)   (83)    
Changes in operating assets and liabilities:          
Accounts receivable 372   (536)    
Other assets (3,510)   (2,530)    
Accounts payable and accrued expenses (1,717)   (722)    
Deferred leasing costs (304)   (87)    
Other liabilities 4,755   1,863    
Due to related parties 1,271   2,631    
Net cash provided by operating activities 8,639   4,634    
CASH FLOWS FROM INVESTING ACTIVITIES:          
Capital expenditures (2,383)   (374)    
Acquisition of real estate (2,274)   0    
Investment in unconsolidated entity (22,408)   0    
Loans funded (10,407)   (11,820)    
Principal collected on loans 4,393   8,638    
Net cash used in investing activities (33,079)   (3,556)    
CASH FLOWS FROM FINANCING ACTIVITIES:          
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (12,867)   (7,653)    
Proceeds from revolving credit facilities and term notes 40,000   14,985    
Payment of principal on secured borrowings (374)   (212)    
Payment of deferred preferred stock offering costs (223)   (148)    
Payment of deferred costs 0   (125)    
Payment of common dividends (1,753) $ (1,986) (1,112)    
Net proceeds from issuance of Preferred Stock 8,942   5,465    
Payment of preferred stock dividends (11,166)   (10,630)    
Redemption of Preferred Stock (1,147)   (687)    
Noncontrolling interests’ distributions 0   (114)    
Net cash provided by (used in) financing activities 21,412   (231)    
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (3,028)   847    
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:          
Beginning of period 33,651   43,649    
End of period 30,623 30,623 44,496 $ 30,623  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:          
Cash and cash equivalents 17,055 17,055 34,605 17,055 $ 22,311
Restricted cash 13,568 13,568 9,891 13,568 11,340
Total cash and cash equivalents and restricted cash 30,623 $ 30,623 44,496 30,623 $ 33,651
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid during the period for interest 1,865   2,321    
Federal income taxes paid 0   25    
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:          
Accrued capital expenditures, tenant improvements and real estate developments 1,144   213    
Accrued preferred stock offering costs 151   739    
Accrual of dividends payable to preferred stockholders 3,802   3,072    
Preferred stock offering costs offset against redeemable preferred stock 134   87    
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 7,667   8,243 $ 153,900  
Accrued deferred costs 0   54    
Redeemable preferred stock deemed dividends 15   57    
Accrued redeemable preferred stock fees 596   541    
Equity-based payment for management fees $ 0   $ 2,419