Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (51,456)	$ 5,945
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	52,669	20,497
Change in fair value of swaps	(539)	0
Gain on sale of real estate	(1,104)	0
Amortization of deferred loan costs	2,286	1,066
Amortization of premiums and discounts on debt	(59)	48
Unrealized premium adjustment	1,215	1,471
Amortization of deferred costs and accretion of fees on loans receivable, net	(404)	(688)
Write-offs of uncollectible receivables	299	259
Deferred income taxes	42	(3)
Stock-based compensation	183	202
(Loss) income from unconsolidated entities	427	(164)
Loans funded, held for sale to secondary market	(33,654)	(30,770)
Proceeds from sale of guaranteed loans	33,672	31,943
Principal collected on loans subject to secured borrowings	2,972	692
Commitment fees remitted and other operating activity	(742)	(1,086)
Return on investment from unconsolidated entities	1,328	164
Changes in operating assets and liabilities:
Accounts receivable	(1,991)	(480)
Other assets	2,062	(40)
Accounts payable and accrued expenses	10,407	801
Deferred leasing costs	(1,049)	(2,056)
Other liabilities	(4,875)	995
Due to related parties	308	3,614
Net cash provided by operating activities	11,997	32,410
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(13,326)	(8,816)
Acquisition of real estate	(96,731)	(10,787)
Proceeds from sale of real estate, net	33,304	0
Investment in unconsolidated entity	(14,279)	(22,652)
Return of investment from unconsolidated entity	0	10,271
Loans funded	(11,534)	(9,849)
Principal collected on loans	13,871	19,559
Net cash used in investing activities	(88,695)	(22,274)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(278,347)	(182,700)
Proceeds from revolving credit facilities, term notes and mortgages	334,882	166,230
Proceeds from SBA 7(a) loan-backed notes	54,141	0
Payment of principal on secured borrowings	(2,972)	(692)
Payment of deferred preferred stock offering costs	(859)	(1,581)
Payment of deferred costs	(3,211)	(2,928)
Payment of common dividends	(7,732)	(7,658)
Repurchase of Common Stock	0	(4,715)
Net proceeds from issuance of Preferred Stock	103,228	148,007
Repurchase of Series L Preferred Stock	0	(67,417)
Payment of preferred stock dividends	(29,500)	(24,327)
Redemption of Preferred Stock	(106,146)	(8,527)
Noncontrolling interests’ distributions	(38)	(4)
Noncontrolling interests’ contributions	0	5
Net cash provided by financing activities	63,446	13,693
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(13,252)	23,829
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	57,480	33,651
End of period	44,228	57,480
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	19,290	46,190
Restricted cash	24,938	11,290
Total cash and cash equivalents and restricted cash	44,228	57,480
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	31,079	8,388
Federal income taxes paid	1,560	1,105
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	1,502	3,859
Proceeds from the sale of real estate committed but not yet received	1,096	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 deferred costs	0	22
Accrued preferred stock offering costs	125	68
Accrual of dividends payable to preferred stockholders	2,508	6,276
Accrual of dividends payable to common stockholders	1,937	1,933
Preferred stock offering costs offset against redeemable preferred stock	1,655	2,105
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	15,616	37,766
Mortgage notes assumed in connection with our acquisition of real estate	181,318	0
Reclassification of Preferred Stock from permanent equity to accounts payable	0	83,838
Redeemable preferred stock deemed dividends	0	19
Accrued Redeemable Preferred Stock fees	282	450
Acquisition of noncontrolling interests	5,002	0
Equity-based payment for management fees	$ 0	$ 5,000