v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (18,403,000) $ (15,423,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, net 14,797,000 12,927,000
Straight-line rental income 381,000 865,000
(Gain) loss on interest rate caps (13,000) 99,000
Impairment of real estate 0 221,000
Casualty loss, net 455,000 0
Loss on early extinguishment of debt 705,000 88,000
Gain on sale of First Western (1,737,000) 0
Amortization of deferred debt origination costs 1,231,000 1,466,000
Amortization of premiums and discounts on debt 55,000 52,000
Unrealized premium adjustment 0 201,000
Amortization of deferred costs and accretion of fees on loans receivable, net 0 (235,000)
Write-offs of uncollectible receivables 198,000 687,000
Deferred income taxes 0 (117,000)
Stock-based compensation 128,000 110,000
Loss from unconsolidated entities 4,598,000 1,588,000
Loans funded, held for sale to secondary market 0 (3,993,000)
Proceeds from sale of guaranteed loans 0 5,484,000
Principal collected on loans subject to secured borrowings 0 26,000
Commitment fees remitted and other operating activity 0 (118,000)
Changes in operating assets and liabilities:    
Accounts receivable (648,000) (49,000)
Other assets (522,000) (1,978,000)
Accounts payable and accrued expenses (2,505,000) (1,018,000)
Deferred leasing costs (490,000) (901,000)
Other liabilities 415,000 (1,116,000)
Due to related parties (21,188,000) (137,000)
Net cash used in operating activities (22,543,000) (1,271,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (6,334,000) (12,751,000)
Receipt of deferred key money 787,000 0
Investment in unconsolidated entity (35,000) (1,209,000)
Return of investment from unconsolidated entity 69,000 0
Proceeds from sale of assets held for sale, net 45,630,000 0
Loans funded 0 (1,331,000)
Principal collected on loans 0 5,065,000
Net cash provided by (used in) investing activities 40,117,000 (10,226,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes (12,779,000) (20,053,000)
Proceeds from revolving credit facilities, term notes and mortgages 575,000 50,315,000
Payment of principal on secured borrowings 0 (26,000)
Payment of deferred costs (80,000) (2,069,000)
Net fees from issuance of Preferred Stock (253,000) (8,000)
Payment of Preferred Stock dividends (6,012,000) (11,395,000)
Noncontrolling interests’ distributions 0 (285,000)
Noncontrolling interests’ contributions 0 8,000
Net cash (used in) provided by financing activities (18,549,000) 16,487,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (975,000) 4,990,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 37,685,000 52,868,000
End of period 36,710,000 57,858,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 12,768,000 27,769,000
Restricted cash 23,942,000 30,089,000
Total cash and cash equivalents and restricted cash 36,710,000 57,858,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 16,355,000 17,035,000
Federal income taxes paid 0 110,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Accrued capital expenditures, tenant improvements and real estate developments 8,594,000 2,355,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets 396,000 396,000
Accrual of dividends payable to preferred stockholders 964,000 5,280,000
Reclassification of Series A1 Preferred Stock from temporary equity to permanent equity 0 8,295,000
Deferred debt origination costs included in accounts payable 0 232,000
Write off of deferred debt origination costs 0 158,000
Accrued Redeemable Preferred Stock fees $ 4,000 $ 183,000