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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 69 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:                  
Net income (loss) $ 2,931 $ 2,302 $ 527 $ (3,671) $ 5,233   $ (3,144)    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                  
Depreciation and amortization, net         10,054   10,095    
Amortization of deferred debt origination costs         580   635    
Amortization of premiums and discounts on debt         13   15    
Unrealized premium adjustment         1,095   1,457    
Amortization of deferred costs and accretion of fees on loans receivable, net         (294)   (279)    
Write-offs of uncollectible receivables         39   1,076    
Deferred income taxes         47   (13)    
Stock-based compensation         92   110    
Income from unconsolidated entity (260)   0   (380)   0    
Loans funded, held for sale to secondary market         (18,426)   (45,464)    
Proceeds from sale of guaranteed loans         23,638   49,207    
Principal collected on loans subject to secured borrowings         441   291    
Commitment fees remitted and other operating activity         (839)   (925)    
Changes in operating assets and liabilities:                  
Accounts receivable         15   (1,089)    
Other assets         (1,174)   (2,191)    
Accounts payable and accrued expenses         (180)   (553)    
Deferred leasing costs         (748)   (413)    
Other liabilities         3,610   2,680    
Due to related parties         2,472   6,345    
Net cash provided by operating activities         25,288   17,840    
CASH FLOWS FROM INVESTING ACTIVITIES:                  
Capital expenditures         (4,601)   (823)    
Acquisition of real estate         (8,115)   0    
Investment in unconsolidated entity         (22,408)   0    
Loans funded         (12,256)   (19,746)    
Principal collected on loans         11,634   15,747    
Net cash used in investing activities         (35,746)   (4,822)    
CASH FLOWS FROM FINANCING ACTIVITIES:                  
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes         (33,481)   (94,351)    
Proceeds from revolving credit facilities and term notes         40,000   30,396    
Payment of principal on secured borrowings         (441)   (291)    
Payment of deferred preferred stock offering costs         (408)   (268)    
Payment of deferred costs         0   (125)    
Payment of common dividends         (3,739) $ (3,972) (2,226)    
Repurchase of Common Stock         (303)   0    
Proceeds from issuance of Common Stock         0   78,825    
Payment of Common Stock offering costs         0   (325)    
Net proceeds from issuance of Preferred Stock         20,246   15,484    
Payment of preferred stock dividends         (14,038)   (12,965)    
Redemption of Preferred Stock         (3,343)   (1,173)    
Noncontrolling interests’ distributions         (3)   (114)    
Noncontrolling interests’ contributions         5   0    
Net cash provided by financing activities         4,495   12,867    
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH         (5,963)   25,885    
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:                  
Beginning of period   $ 33,651   $ 43,649 33,651   43,649    
End of period 27,688   69,534   27,688 27,688 69,534 $ 27,688  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:                  
Cash and cash equivalents 16,480   59,730   16,480 16,480 59,730 16,480 $ 22,311
Restricted cash 11,208   9,804   11,208 11,208 9,804 11,208 11,340
Total cash and cash equivalents and restricted cash 27,688   69,534   27,688 $ 27,688 69,534 27,688 $ 33,651
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                  
Cash paid during the period for interest         3,789   4,582    
Federal income taxes paid         555   425    
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                  
Accrued capital expenditures, tenant improvements and real estate developments         2,477   390    
Accrued preferred stock offering costs         392   984    
Accrual of dividends payable to preferred stockholders         3,984   3,260    
Preferred stock offering costs offset against redeemable preferred stock         296   250    
Reclassification of Series A Preferred Stock from temporary equity to permanent equity         17,335   20,724 $ 163,600  
Accrued deferred costs         0   1    
Redeemable preferred stock deemed dividends $ 4   $ 106   19   163    
Accrued redeemable preferred stock fees         563   640    
Equity-based payment for management fees         0   2,419    
Accrued Common Stock offering costs included in additional paid-in capital         $ 0   $ 1,557