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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 84 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net (loss) income $ (16,647) $ (7,576) $ (232) $ 2,302 $ (42,584) $ 5,001    
Adjustments to reconcile net (loss) income to net cash provided by operating activities:                
Depreciation and amortization, net         46,153 15,181    
Gain on sale of real estate 0   0   (1,104) 0    
Amortization of deferred debt origination costs         1,646 850    
Amortization of premiums and discounts on debt         36 30    
Unrealized premium adjustment         548 1,278    
Amortization of deferred costs and accretion of fees on loans receivable, net         (279) (399)    
Write-offs of uncollectible receivables         160 215    
Loss on interest rate caps         349 0    
Deferred income taxes         28 15    
Stock-based compensation         128 147    
Income from unconsolidated entities (1,189)   204   (1,053) (176)    
Loans funded, held for sale to secondary market         (13,468) (27,205)    
Proceeds from sale of guaranteed loans         13,560 27,875    
Principal collected on loans subject to secured borrowings         1,434 631    
Commitment fees remitted and other operating activity         (314) (961)    
Return on investment from unconsolidated entity         0 176    
Changes in operating assets and liabilities:                
Accounts receivable         695 (587)    
Other assets         (3,961) (867)    
Accounts payable and accrued expenses         18,376 2,601    
Deferred leasing costs         (717) (1,717)    
Other liabilities         (4,455) 2,677    
Due to related parties         1,584 3,526    
Net cash provided by operating activities         16,762 28,291    
CASH FLOWS FROM INVESTING ACTIVITIES:                
Capital expenditures         (10,895) (6,394)    
Acquisition of real estate         (96,731) (10,776)    
Proceeds from sale of real estate, net         31,419 0    
Investment in unconsolidated entity         (7,218) (22,408)    
Distributions from unconsolidated entity         0 10,259    
Loans funded         (8,550) (8,751)    
Principal collected on loans         9,108 14,436    
Net cash used in investing activities         (82,867) (23,634)    
CASH FLOWS FROM FINANCING ACTIVITIES:                
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes         (194,239) (94,952)    
Proceeds from revolving credit facilities, term notes and mortgages         248,282 110,000    
Proceeds from the issuance of SBA 7(a) loan-backed notes         54,141 0    
Payment of principal on secured borrowings         (1,434) (631)    
Payment of deferred preferred stock offering costs         (665) (845)    
Payment of deferred debt origination costs         (3,164) 0    
Payment of common dividends         (5,795) (5,725)    
Repurchase of Common Stock         0 (4,715)    
Net proceeds from issuance of Preferred Stock         76,082 77,631    
Payment of preferred stock dividends         (22,303) (20,075)    
Repurchase of Series L Preferred Stock         0 (67,417)    
Redemption of Preferred Stock         (99,031) (4,781)    
Noncontrolling interests’ distributions         (38) (3)    
Noncontrolling interests’ contributions         0 5    
Net cash provided by (used in) financing activities         51,836 (11,508)    
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH         (14,269) (6,851)    
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:                
Beginning of period   $ 57,480   $ 33,651 57,480 33,651    
End of period 43,211   26,800   43,211 26,800 $ 43,211  
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:                
Cash and cash equivalents 19,261   14,794   19,261 14,794 19,261 $ 46,190
Restricted cash 23,950   12,006   23,950 12,006 23,950 11,290
Total cash and cash equivalents and restricted cash 43,211   26,800   43,211 26,800 43,211 $ 57,480
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
Cash paid during the period for interest         21,525 5,995    
Federal income taxes paid         575 905    
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:                
Accrued capital expenditures, tenant improvements and real estate developments         1,555 3,561    
Proceeds from the sale of real estate committed but not yet received         2,981 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         166 477    
Accrual of dividends payable to common stockholders 1,937   0   1,937 0 1,937  
Accrual of dividends payable to preferred stockholders         2,307 5,285    
Preferred stock offering costs offset against redeemable preferred stock         1,242 1,029    
Reclassification of Series A Preferred Stock from temporary equity to permanent equity         15,616 24,373 $ 199,600  
Mortgage notes assumed in connection with our acquisition of real estate         181,318 0    
Redeemable preferred stock deemed dividends $ 0   $ 0   0 19    
Accrued redeemable preferred stock fees         369 509    
Acquisition of noncontrolling interests         5,002 0    
Equity-based payment for management fees         $ 0 $ 4,083