Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (7,576)	$ 2,302
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	9,604	5,037
Gain on sale of real estate	(1,104)	0
Amortization of deferred debt origination costs	395	297
Amortization of premiums and discounts on debt	(1)	(3)
Unrealized premium adjustment	265	573
Amortization of deferred costs and accretion of fees on loans receivable, net	(99)	(150)
Write-offs of uncollectible receivables	13	109
Loss on interest rate caps	339	0
Deferred income taxes	(11)	56
Stock-based compensation	55	55
Income from unconsolidated entities	(768)	(120)
Loans funded, held for sale to secondary market	(7,849)	(12,369)
Proceeds from sale of guaranteed loans	6,271	12,211
Principal collected on loans subject to secured borrowings	605	374
Commitment fees remitted and other operating activity	(150)	(600)
Changes in operating assets and liabilities:
Accounts receivable	(4,163)	372
Other assets	(5,424)	(3,510)
Accounts payable and accrued expenses	14,007	(1,717)
Deferred leasing costs	(246)	(304)
Other liabilities	(2,119)	4,755
Due to related parties	722	1,271
Net cash provided by operating activities	2,766	8,639
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(4,816)	(2,383)
Acquisition of real estate	(96,731)	(2,274)
Proceeds from sale of real estate, net	16,714	0
Investment in unconsolidated entity	(6,626)	(22,408)
Loans funded	(2,932)	(10,407)
Principal collected on loans	3,323	4,393
Net cash used in investing activities	(91,068)	(33,079)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(108,203)	(12,867)
Proceeds from revolving credit facilities, term notes and mortgages	212,000	40,000
Proceeds from SBA 7(a) loan-backed notes	54,141	0
Payment of principal on secured borrowings	(607)	(374)
Payment of deferred preferred stock offering costs	(283)	(223)
Payment of deferred debt origination costs	(2,400)	0
Payment of common dividends	(1,933)	(1,753)
Net proceeds from issuance of Preferred Stock	23,644	8,942
Payment of preferred stock dividends	(9,820)	(11,166)
Redemption of Preferred Stock	(88,884)	(1,147)
Net cash provided by financing activities	77,655	21,412
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(10,647)	(3,028)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	57,480	33,651
End of period	46,833	30,623
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	22,491	17,055
Restricted cash	24,342	13,568
Total cash and cash equivalents and restricted cash	46,833	30,623
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	4,093	1,865
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	3,494	1,144
Proceeds from the sale of real estate committed but not yet paid	17,657	0
Other amounts due from unconsolidated joint venture partners included in other assets	1,445	0
Non-cash contributions to unconsolidated joint venture	8,600	0
Accrued preferred stock offering costs	101	151
Accrual of dividends payable to common stockholders	1,933	1,986
Accrual of dividends payable to preferred stockholders	1,832	3,802
Preferred stock offering costs offset against redeemable preferred stock	403	134
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	8,812	7,667
Mortgage notes assumed in connection with our acquisition of real estate	181,318	0
Redeemable preferred stock deemed dividends	0	15
Accrued redeemable preferred stock fees	413	596
Adjustment to noncontrolling interests	$ 5,002	$ 0