Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,905)	$ (7,576)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	6,567	9,604
Gain on sale of real estate	0	(1,104)
Amortization of deferred debt origination costs	624	395
Amortization of premiums and discounts on debt	(14)	(1)
Unrealized premium adjustment	196	265
Amortization of deferred costs and accretion of fees on loans receivable, net	(8)	(99)
Write-offs of uncollectible receivables	411	13
(Gain) loss on interest rate caps	(55)	339
Deferred income taxes	13	(11)
Stock-based compensation	55	55
Income (loss) from unconsolidated entities	326	(768)
Loans funded, held for sale to secondary market	(5,799)	(7,849)
Proceeds from sale of guaranteed loans	5,471	6,271
Principal collected on loans subject to secured borrowings	560	605
Commitment fees remitted and other operating activity	(160)	(150)
Changes in operating assets and liabilities:
Accounts receivable	(1,130)	(4,163)
Other assets	(793)	(5,424)
Accounts payable and accrued expenses	(986)	14,007
Deferred leasing costs	(285)	(246)
Other liabilities	658	(2,119)
Due to related parties	(130)	722
Net cash provided by operating activities	1,616	2,766
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(1,690)	(4,816)
Acquisition of real estate	0	(96,731)
Proceeds from sale of real estate, net	1,096	16,714
Investment in unconsolidated entity	(530)	(6,626)
Loans funded	(1,934)	(2,932)
Principal collected on loans	2,665	3,323
Net cash used in investing activities	(393)	(91,068)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(3,615)	(108,203)
Proceeds from revolving credit facilities, term notes and mortgages	5,000	212,000
Proceeds from SBA 7(a) loan-backed notes	0	54,141
Payment of principal on secured borrowings	(560)	(607)
Payment of deferred preferred stock offering costs	(372)	(283)
Payment of deferred debt origination costs	0	(2,400)
Payment of common dividends	(1,937)	(1,933)
Net proceeds from issuance of Preferred Stock	19,549	23,644
Payment of preferred stock dividends	(7,651)	(9,820)
Redemption of Preferred Stock	(10,223)	(88,884)
Net cash provided by financing activities	191	77,655
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,414	(10,647)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	44,228	57,480
End of period	45,642	46,833
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	21,307	22,491
Restricted cash	24,335	24,342
Total cash and cash equivalents and restricted cash	45,642	46,833
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	8,636	4,093
Federal income taxes paid	16	0
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	1,514	3,494
Proceeds from the sale of real estate committed but not yet received	0	17,657
Other amounts due from Unconsolidated Joint Venture partners included in other assets	1,445	1,445
Non-cash contributions to Unconsolidated Joint Venture	0	8,600
Accrued preferred stock offering costs	247	101
Accrual of dividends payable to common stockholders	1,937	1,933
Accrual of dividends payable to preferred stockholders	2,610	1,832
Preferred stock offering costs offset against redeemable preferred stock	513	403
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	0	8,812
Mortgage notes assumed in connection with our acquisition of real estate	0	181,318
Accrued redeemable preferred stock fees	246	413
Acquisition of non-controlling interests	$ 0	$ 5,002