0000908311-21-000024 | 10-K | XBRL Viewer | CIM Commercial Trust Corp

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Mar. 11, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13610
Entity Registrant Name	CIM COMMERCIAL TRUST CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	75-6446078
Entity Address, Address Line One	17950 Preston Road,
Entity Address, Address Line Two	Suite 600,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75252
City Area Code	(972)
Local Phone Number	349-3200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 126.5
Entity Common Stock, Shares Outstanding		14,827,410
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference specified portions of CIM Commercial Trust Corporation’s Proxy Statement for its 2021 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than April 30, 2021.
Entity Central Index Key	0000908311
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Common Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT
Security Exchange Name	NASDAQ
Common Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT-L
Series L Preferred Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Series L Preferred Stock, $0.001 Par Value
Trading Symbol	CMCTP
Security Exchange Name	NASDAQ
Series L Preferred Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Series L Preferred Stock, $0.001 Par Value
Trading Symbol	CMCTP

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Investments in real estate, net	$ 506,040	$ 508,707
Cash and cash equivalents	33,636	23,801
Restricted cash	10,013	12,146
Loans receivable, net	83,135	68,079
Accounts receivable, net	1,737	3,520
Deferred rent receivable and charges, net	35,956	34,857
Other intangible assets, net	6,313	7,260
Loan servicing asset, net and other assets	8,787	9,222
TOTAL ASSETS	685,617	667,592
LIABILITIES:
Debt, net	324,313	307,421
Accounts payable and accrued expenses	20,327	24,309
Intangible liabilities, net	587	1,282
Due to related parties	6,706	9,431
Other liabilities	9,733	10,113
Total liabilities	361,666	352,556
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 14,827,410 and 14,602,149 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively	15	15
Additional paid-in capital	794,127	794,825
Distributions in excess of earnings	(778,519)	(740,617)
Total stockholders’ equity	277,659	277,690
Noncontrolling interests	455	505
Total equity	278,114	278,195
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	685,617	667,592
Series A Preferred Stock
LIABILITIES:
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 2,008,256 and 2,007,856 shares issued and outstanding, respectively, as of December 31, 2020 and 1,630,821 and 1,630,421 shares issued and outstanding, respectively, as of December 31, 2019; liquidation preference of $25.00 per share, subject to adjustment	45,837	36,841
Series A Cumulative Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	108,729	70,633
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	473	0
Series L Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 152,834	$ 152,834

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	900,000,000	900,000,000
Common stock, issued shares (in shares)	14,827,410	14,602,149
Common stock, outstanding shares (in shares)	14,827,410	14,602,149
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	36,000,000	36,000,000
Preferred stock, shares issued (in shares)	2,008,256	1,630,821
Preferred stock, shares outstanding (in shares)	2,007,856	1,630,421
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series A Cumulative Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	36,000,000	36,000,000
Preferred stock, shares issued (in shares)	4,484,376	2,853,555
Preferred stock, shares outstanding (in shares)	4,377,762	2,837,094
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	32,000,000	32,000,000
Preferred stock, shares issued (in shares)	19,145	0
Preferred stock, shares outstanding (in shares)	19,145	0
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series L Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	9,000,000	9,000,000
Preferred stock, shares issued (in shares)	8,080,740	8,080,740
Preferred stock, shares outstanding (in shares)	5,387,160	5,387,160
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

REVENUES:

Rental and other property income

$ 54,823

$ 88,331

$ 147,095

Hotel income

$ 11,882

$ 35,633

$ 35,672

Revenue from Contract with Customer, Product and Service [Extensible List]

srt:HotelMember

Interest and other income

$ 10,503

$ 16,025

$ 14,703

Total Revenues

77,208

139,989

197,470

EXPENSES:

Rental and other property operating

37,544

62,928

79,917

Asset management and other fees to related parties

9,793

13,121

18,959

Interest

11,415

12,175

26,894

General and administrative

6,772

6,354

9,167

Transaction costs

574

938

Depreciation and amortization

21,406

27,374

53,228

Loss on early extinguishment of debt (Note 6)

281

29,982

808

Impairment of real estate (Note 3)

69,000

EXPENSES

92,945

226,690

195,403

Gain on sale of real estate (Note 3)

433,104

(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES

(15,737)

346,403

2,067

(Benefit) provision for income taxes

(722)

882

925

NET (LOSS) INCOME

(15,015)

345,521

1,142

Net (income) loss attributable to noncontrolling interests

(1)

152

(21)

NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY

(15,016)

345,673

1,121

Redeemable preferred stock dividends declared or accumulated (Note 9)

(18,002)

(17,095)

(15,423)

Redeemable preferred stock deemed dividends (Note 9)

(377)

Redeemable preferred stock redemptions (Note 9)

(72)

(5,882)

Redeemable preferred stock redemptions (Note 9)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (33,467)

$ 322,696

$ (14,298)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:

Basic (in usd per share)

^[1]

$ (2.27)

$ 22.11

$ (0.98)

Diluted (in usd per share)

^[1]

$ (2.27)

$ 19.74

$ (0.98)

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

Basic (in shares)

^[1]

14,748

14,598

14,597

Diluted (in shares)

^[1]

14,748

16,493

14,597

Corporate

EXPENSES:

Expense reimbursements to related parties

$ 2,243

$ 2,800

$ 3,047

Lending Segment

EXPENSES:

Expense reimbursements to related parties

$ 3,491

$ 2,382

$ 2,445

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

Consolidated Statements of Operations (Parenthetical)	Sep. 03, 2019
Income Statement [Abstract]
Reverse stock split ratio, common stock	0.3333

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (15,015)	$ 345,521	$ 1,142
Other comprehensive (loss) income: cash flow hedges	0	(1,806)	175
COMPREHENSIVE (LOSS) INCOME	(15,015)	343,715	1,317
Comprehensive (income) loss attributable to noncontrolling interests	(1)	152	(21)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	$ (15,016)	$ 343,867	$ 1,296

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Statements of Equity - USD ($)
$ in Thousands

Total

Total Stockholders' Equity

Common Stock

Preferred Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income (Loss)

Distributions in Excess of Earnings

Noncontrolling Interests

Series A Preferred Stock

Total Stockholders' Equity

Series A Preferred Stock

Preferred Stock

Series A Preferred Stock

Distributions in Excess of Earnings

Series L Preferred Stock

Total Stockholders' Equity

Series L Preferred Stock

Preferred Stock

Series L Preferred Stock

Additional Paid-in Capital

Series L Preferred Stock

Distributions in Excess of Earnings

Series D Preferred Stock

Total Stockholders' Equity

Series D Preferred Stock

Preferred Stock

Series D Preferred Stock

Additional Paid-in Capital

Series D Preferred Stock

Distributions in Excess of Earnings

Common Stock

Total Stockholders' Equity

Common Stock

Additional Paid-in Capital

Beginning balance (in shares) at Dec. 31, 2017

14,594,979

^[1]

8,141,332

60,592

8,080,740

Beginning balance at Dec. 31, 2017

$ 626,705

$ 625,815

$ 44

^[1]

$ 230,759

$ 792,631

$ 1,631

$ (399,250)

$ 890

$ 1,508

$ 229,251

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions to noncontrolling interests

(74)

Stock based compensation expense (in shares)

^[1]

3,378

Stock-based compensation expense

162

Common dividends

^[1]

(21,895)

Issuance of Series A Preferred Warrants

Dividends to holders of Series Preferred Stock

$ (2,814)

$ (14,045)

Reclassification of Series A Preferred Stock to permanent equity (in shares)

1,223,032

Reclassification of Series A Preferred Stock to permanent equity

27,887

$ 30,403

(2,516)

$ 30,403

Redemption of Series A Preferred Stock (in shares)

(1,820)

Redemption of Series A Preferred Stock

(41)

$ (45)

Other comprehensive (loss) income

175

Net income (loss)

1,142

1,121

Ending balance (in shares) at Dec. 31, 2018

14,598,357

^[1]

9,362,544

1,281,804

8,080,740

Ending balance at Dec. 31, 2018

617,275

616,438

$ 44

^[1]

$ 261,117

790,354

1,806

(436,883)

837

$ 31,866

$ 229,251

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Contributions to noncontrolling interests

455

Distributions to noncontrolling interests

(522)

Extinguishment of noncontrolling interests

(113)

Stock based compensation expense (in shares)

^[1]

3,880

Stock-based compensation expense

194

Retirement of fractional shares (in shares)

^[1]

(88)

Retirement of fractional shares

(1)

Change in par value

$ (29)

^[1]

Special cash dividends ($42.000 per share) (Note 10)

(613,294)

Common dividends

^[1]

(13,140)

Issuance of Series A Preferred Warrants

382

Dividends to holders of Series Preferred Stock

(4,945)

(12,150)

Repurchase of Series L Preferred Stock (in shares)

(2,693,580)

Repurchase of Series L Preferred Stock

$ (76,417)

(75,155)

$ (76,417)

$ 7,135

(5,873)

Reclassification of Series A Preferred Stock to permanent equity (in shares)

1,561,746

Reclassification of Series A Preferred Stock to permanent equity

35,649

$ 38,927

(3,278)

$ 38,927

Redemption of Series A Preferred Stock (in shares)

(6,456)

Redemption of Series A Preferred Stock

(155)

$ (160)

(5)

$ (160)

Other comprehensive (loss) income

(1,806)

Net income (loss)

345,521

345,673

(152)

Ending balance (in shares) at Dec. 31, 2019

14,602,149

8,224,254

2,837,094

5,387,160

Ending balance at Dec. 31, 2019

278,195

277,690

$ 15

$ 223,467

794,825

$ 0

(740,617)

505

$ 70,633

$ 152,834

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions to noncontrolling interests

(51)

Stock based compensation expense (in shares)

21,912

Stock-based compensation expense

222

Issuance of Stock (in shares)

19,145

203,349

Issuance of Stock

$ 473

$ 456

$ 473

$ (17)

$ 2,359

Common dividends

(4,431)

Issuance of Series A Preferred Warrants

Dividends to holders of Series Preferred Stock

(9,579)

$ (9,579)

$ (8,406)

$ (21)

Reclassification of Series A Preferred Stock to permanent equity (in shares)

1,570,421

Reclassification of Series A Preferred Stock to permanent equity

35,483

$ 38,837

(3,354)

$ 100,400

$ 38,837

Redeemable Preferred Stock deemed dividends

(377)

Redemption of Series A Preferred Stock (in shares)

(29,753)

Redemption of Series A Preferred Stock

(749)

$ (741)

(72)

$ (741)

Other comprehensive (loss) income

Net income (loss)

(15,015)

(15,016)

Ending balance (in shares) at Dec. 31, 2020

14,827,410

9,784,067

4,377,762

5,387,160

19,145

Ending balance at Dec. 31, 2020

$ 278,114

$ 277,659

$ 15

$ 262,036

$ 794,127

$ (778,519)

$ 455

$ 108,729

$ 152,834

$ 473

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

Consolidated Statements of Equity (Parenthetical)

12 Months Ended

Dec. 31, 2020

$ / shares

Dec. 31, 2019

$ / shares

Dec. 31, 2018

$ / shares

Dividends paid per common share (in usd per share)

$ 0.300

$ 0.900

^[1]

$ 1.500

^[1]

Series A Preferred Stock

Preferred dividends, per share amount (in usd per share)

1.719

1.375

Series L Preferred Stock

Preferred dividends, per share amount (in usd per share)

1.560

$ 1.738

Series D Preferred Stock

Preferred dividends, per share amount (in usd per share)

$ 1.648

Special Dividend

Dividends paid per common share (in usd per share)

$ 42.000

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (15,015)	$ 345,521	$ 1,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	21,085	26,608	52,230
Reclassification from AOCI to interest expense	0	(1,806)	(1,552)
Reclassification from other assets to interest expense for swap termination	0	1,421	0
Change in fair value of swaps	0	209	1,728
Gain on sale of real estate	0	(433,104)	0
Impairment of real estate	0	69,000	0
Loss on early extinguishment of debt	281	29,982	808
Amortization of deferred loan costs	1,192	1,133	896
Amortization of premiums and discounts on debt	(84)	(227)	(444)
Unrealized premium adjustment	1,281	1,697	2,522
Amortization of deferred costs and accretion of fees on loans receivable, net	(410)	(501)	(41)
Write-offs of uncollectible receivables	2,622	40	494
Deferred income taxes	(995)	(81)	(3)
Stock-based compensation	222	194	162
Loans funded, held for sale to secondary market	(28,131)	(29,694)	(55,655)
Proceeds from sale of guaranteed loans	25,722	40,033	54,142
Principal collected on loans subject to secured borrowings	3,695	3,613	5,698
Other operating activity	(935)	(822)	(1,587)
Changes in operating assets and liabilities:
Accounts receivable	(419)	3,197	6,692
Other assets	1,233	1,019	(4,077)
Accounts payable and accrued expenses	(1,080)	(6,326)	(365)
Deferred leasing costs	(1,838)	(1,695)	(5,773)
Other liabilities	(274)	(6,825)	2,221
Due to related parties	4,675	(1,601)	2,218
Net cash provided by operating activities	12,827	40,985	61,456
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(14,731)	(24,600)	(12,055)
Acquisition of real estate	(6,131)	0	(112,048)
Proceeds from sale of real estate, net	0	941,032	0
Loans funded	(25,393)	(9,898)	(18,579)
Principal collected on loans	7,884	10,273	10,770
Other investing activity	51	386	178
Net cash (used in) provided by investing activities	(38,320)	917,193	(131,734)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(57,584)	(192,987)	(186,231)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes	77,516	158,500	180,000
Investments in marketable securities in connection with the legal defeasance of mortgages payable	0	(268,194)	0
Prepayment penalties and other payments for early extinguishment of debt	0	(5,660)	0
Payment of principal on secured borrowings	(3,695)	(3,613)	(5,698)
Proceeds from secured borrowings	0	0	772
Payment of deferred preferred stock offering costs	(943)	(1,320)	(1,136)
Payment of deferred costs	(983)	(423)	(4,469)
Payment of common dividends	(4,431)	(13,141)	(21,895)
Payment of special cash dividends	0	(613,294)	(1,575)
Net proceeds from issuance of Series A Preferred Warrants	28	385	73
Net proceeds from issuance of Preferred Stock	41,958	37,197	35,984
Repurchase of Preferred Stock	0	(75,155)	0
Payment of preferred stock dividends	(16,536)	(22,157)	(2,173)
Redemption of Preferred Stock	(2,084)	(228)	(113)
Noncontrolling interests’ distributions	(51)	(522)	(74)
Noncontrolling interests’ contributions	0	455	0
Net cash provided by (used in) financing activities	33,195	(1,000,157)	(6,535)
Change in cash balances included in assets held for sale	0	755	(755)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	7,702	(41,224)	(77,568)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	35,947	77,171	154,739
End of period	43,649	35,947	77,171
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Total cash and cash equivalents and restricted cash	43,649	77,171	154,739
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	10,315	13,674	27,473
Federal income taxes paid	273	1,000	622
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	267	5,663	11,875
Net increase in fair value of derivatives applied to other comprehensive income	0	0	1,727
Accrued deferred costs	125	35	206
Accrued preferred stock offering costs	675	264	172
Accrual of dividends payable to preferred stockholders	11,343	9,873	14,935
Preferred stock offering costs offset against redeemable preferred stock	583	350	229
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	35,483	35,649	27,887
Reclassification of loans receivable, net to real estate owned	174	243	0
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses	25	20	0
Establishment of right-of-use asset and lease liability	0	362	0
Marketable securities transferred in connection with the legal defeasance of mortgages payable	0	268,194	0
Mortgage notes payable legally defeased	0	245,000	0
Mortgage note assumed in connection with our sale of real estate	0	28,200	0
Redeemable preferred stock deemed dividends	377	0	0
Accrued Redeemable Preferred Stock fees	493	0	0
Equity-based payment for management fees and base service fee	$ 7,400	$ 0	$ 0

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS CIM Commercial Trust Corporation (“CIM Commercial” or the “Company”), a Maryland corporation and real estate investment trust (“REIT”), together with its wholly-owned subsidiaries (“we,” “us” or “our”) primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States (including improving and developing such assets). These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers to entry, high population density, positive population trends and a propensity for growth. We were originally organized in 1993 as PMC Commercial Trust (“PMC Commercial”), a Texas real estate investment trust. On July 8, 2013, PMC Commercial entered into a merger agreement with CIM Urban REIT, LLC (“CIM REIT”), an affiliate of CIM Group, L.P. (“CIM Group” or “CIM”), and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, L.P. (“CIM Urban”). The merger was completed on March 11, 2014 (the “Acquisition Date”). The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CMCT”, and on the Tel Aviv Stock Exchange (the “TASE”) under the ticker symbol “CMCT-L.” The Company’s Series L preferred stock, $0.001 par value per share (“Series L Preferred Stock”), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol “CMCTP.” We have authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock (“Preferred Stock”). The Company filed Articles of Amendment (the “Reverse Stock Split Amendment”) to effectuate a one-for-three reverse stock split of our Common Stock, effective on September 3, 2019 (the “Reverse Stock Split”). Pursuant to the Reverse Stock Split Amendment, every three shares of Common Stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split were converted into one share of Common Stock, par value $0.003 per share. In connection with the Reverse Split Amendment, the Company filed Articles of Amendment to revert the par value of the Common Stock issued and outstanding from $0.003 per share to $0.001 per share, effective as of September 3, 2019, following the effective time of the Reverse Split Amendment. All Common Stock and per share of Common Stock amounts set forth in this Annual Report on Form 10-K have been adjusted to give retroactive effect to the Reverse Stock Split, unless otherwise stated. The Company conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company (collectively, the “Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), and one warrant (collectively, the “Series A Preferred Warrants”) to purchase 0.25 of a share of Common Stock depending on when such Series A Preferred Warrant was issued (Note 10). Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. Since February 2020, we conducted a continuous public offering of our Series A Preferred Stock and Series D preferred stock, par value $0.001 per share (the “Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”). The selling price of the Series A Preferred Stock in the offering has been, and is expected to continue to be, $25.00 per share and the selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and is expected to be, and since June 29, 2020, has been, $24.50 per share through the end of the life of the offering. CIM Commercial has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”).

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, we analyze our investments in real estate in accordance with this accounting standard to determine whether they are variable interest entities (“VIEs”), and if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a VIE involves consideration of various factors, including the form of our ownership interest, our voting interest, the size of our investment (including loans), and our ability to participate in major policy-making decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in real estate on our consolidated financial statements. As of December 31, 2020, the Company determined that the trust formed for the benefit of the note holders (the “Trust”) for the securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable is considered a VIE. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 810, Consolidation, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits. (Note 6)

Investments in Real Estate—Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

We capitalize project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred.

Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate—Investments in real estate are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and its eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. For the Company’s hotel property, additional inputs considered include revenue per available room and average daily rate. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Assets held for sale are reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Company as held for sale, we will cease recording depreciation and amortization of the asset. We recognized impairment of long-lived assets of $0, $69.0 million and $0 during the years ended December 31, 2020, 2019 and 2018, respectively (Note 3).

Cash and Cash Equivalents—Cash and cash equivalents include short-term liquid investments with initial maturities of three months or less.

Restricted Cash—Our mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash required to be segregated in connection with certain of our loans receivable.

Loans Receivable—Our loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, deferred origination fees, retained loan discounts and loan loss reserves. Acquisition discounts or premiums, origination fees and retained loan discounts are amortized as a component of interest and other income using the effective interest method over the life of the respective loans, or on a straight-line basis when it approximates the effective interest method. All loans were originated pursuant to programs sponsored by the Small Business Administration (the “SBA”). The programs consist of loans originated under the SBA 7(a) Small Business Loan Program and, commencing with the quarter ended June 30, 2020, the Paycheck Protection Program (the “PPP”).

Pursuant to the SBA 7(a) Small Business Loan Program, we sell the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loans, which are accounted for as sales, the unguaranteed portion of the loan retained by us is fair valued and a discount (the “Retained Loan Discount”) is recorded as a reduction in basis of the retained portion of the loan. Unamortized retained loan discounts were $7.8 million and $7.6 million as of December 31, 2020 and 2019, respectively.

At the Acquisition Date, the carrying value of our loans was adjusted to estimated fair market value and acquisition discounts were recorded, which are being accreted to interest and other income using the effective interest method. Acquisition discounts of $492,000 and $624,000 remained as of December 31, 2020 and 2019, respectively.

A loan receivable is generally classified as non-accrual (a “Non-Accrual Loan”) if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and or interest is in doubt. Generally, loans are charged-off when management determines that we will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in interest and other income, on a Non-Accrual Loan is recognized on the cost recovery basis.

Loan Loss Reserves—On a quarterly basis, and more frequently if indicators exist, we evaluate the collectability of our loans receivable. Our evaluation of collectability involves significant judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers’ business models and future operations. For the years ended December 31, 2020, 2019 and 2018, we recorded a net recovery of $16,000, and net impairment losses of $66,000 and $147,000, respectively, on our loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired as of December 31, 2020 or 2019. The Company considers a loan to be impaired when the Company does not expect to collect all of the contractual interest and principal payments as scheduled in the loan agreements. We also establish a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to us. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, we establish the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions. For the years ended December 31, 2020 and 2019, we have loan loss reserves of $885,000 and $598,000, respectively.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 9) and other deferred costs. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight-line basis over the terms of the related leases. Deferred offering costs represent direct costs incurred in connection with our offerings of Series A Preferred Units and, after January 2020, Series A Preferred Stock and Series D Preferred Stock, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other offering fees and expenses. Generally, for a specific issuance of securities, issuance-specific offering costs are recorded as a reduction of proceeds raised on the issuance date and offering costs incurred but not directly related to a specifically identifiable closing of a security are deferred. Deferred offering costs are first allocated to each issuance of a security on a pro-rata basis equal to the ratio of the number of units or securities issued in a given issuance to the maximum number of units or securities that are expected to be issued in the related offering. In the case of the Series A Preferred Units, which were issued prior to February 2020, the issuance-specific offering costs and the deferred offering costs allocated to such issuance are further allocated to the Series A Preferred Stock and Series A Preferred Warrants issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock and Series A Preferred Warrants are reductions to temporary equity and permanent equity, respectively.

As of December 31, 2020 and 2019, deferred rent receivable and charges, net consist of the following:


	December 31, 2020		December 31, 2019
	(in thousands)
Deferred rent receivable	$	20,470	$	19,988
Deferred leasing costs, net of accumulated amortization of $7,742 and $7,438, respectively	8,950		9,443
Deferred offering costs	6,046		5,275
Other deferred costs	490		151
Deferred rent receivable and charges, net	$	35,956	$	34,857

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A Preferred Stock or Series D Preferred Stock, and from and after the fifth anniversary date of the original issuance of the Series L Preferred Stock, the holder of such shares has the right to require the Company to redeem such shares, subject to certain limitations as discussed in Note 9. We record the activity related to our Series A Preferred Warrants, Series D Preferred Stock and Series L Preferred Stock in permanent equity. In the event a holder of Series A Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, we record issuances of our Series A Preferred Stock in temporary equity. On the first anniversary of the date of original issuance of a particular share of Series A Preferred Stock, we reclassify such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date.

Purchase Accounting for Acquisition of Investments in Real Estate—We apply the acquisition method to all acquired real estate assets. The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded at fair value to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their relative fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land (or acquired ground lease if the land is subject to a ground lease), land improvements, building and improvements, and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases, including leasing commissions, legal, and other related costs.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market leases, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The

value of in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

Revenue Recognition—We use a five-step model to recognize revenue for contracts with customers. The five-step model requires that we (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) we satisfy the performance obligation.

Revenue from leasing activities

We operate as a lessor of real estate assets, primarily in Class A and creative office assets. In determining whether our contracts with our tenants constitute leases, we determined that our contracts explicitly identify the premises and that any substitution rights to relocate the tenant to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under these contracts, our tenants have the right to obtain substantially all the economic benefits from the use of this identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, our contracts with our tenants constitute leases.

All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is probable and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, we determine whether the tenant improvements, for accounting purposes, are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as an incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Lease incentives of $4.0 million and $4.0 million are presented net of accumulated amortization of $2.4 million and $2.0 million as of December 31, 2020 and 2019, respectively.

Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance, and other recoverable costs, are recognized as revenue and are included in rental and other property income in the period the expenses are incurred, with the corresponding expenses included in rental and other property operating expense. Tenant reimbursements are recognized and presented on a gross basis when we are primarily responsible for fulfilling the promise to provide the specified good or service and control that specified good or service before it is transferred to the tenant. We have elected not to separate lease and non-lease components as the pattern of revenue recognition does not differ for the two components, and the non-lease component is not the primary component in our leases.

In addition to minimum rents, certain leases provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Percentage rent is recognized once lessees’ specified sales targets have been met.

We derive parking revenues from leases with third-party operators. Our parking leases provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Parking percentage rent is recognized once lessees’ specific sales targets have been met.

For the years ended December 31, 2020, 2019 and 2018, we recognized rental income as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	50,245	$	80,205	$	136,145
Variable lease payments (2)	4,578		8,126		10,950
Rental and other property income	$	54,823	$	88,331	$	147,095

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives.

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from our operating leases.

The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable. As of December 31, 2020 and 2019, the Company identified certain tenants where collection was no longer considered probable and decreased outstanding receivables of $1.9 million and $45,000, respectively.

Revenue from lending activities

Interest income included in interest and other income is comprised of interest earned on loans and our short-term investments and the accretion of net loan origination fees and discounts. Interest income on loans is accrued as earned with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan.

Revenue from hotel activities

Hotel revenue is recognized upon establishment of a contract with a customer. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows:

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer.

Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time as the good or service is delivered to the customer.

At inception of these contracts with customers for hotel revenues, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Hotel properties
Hotel income	$	11,882	$	35,633	$	35,672
Rental and other property income	1,353		2,947		2,922

Interest and other income	79		168		195
Hotel revenues	$	13,314	$	38,748	$	38,789

Tenant recoveries outside of the lease agreements

Tenant recoveries outside of the lease agreements are related to construction projects in which our tenants have agreed to fully reimburse us for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the customer, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the context of the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed. Amounts recognized for tenant recoveries outside of the lease agreements were $0, $205,000 and $399,000 for the years ended December 31, 2020, 2019 and 2018, respectively, which amounts are included in interest and other income on the consolidated statements of operations. As of December 31, 2020, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

Premiums and Discounts on Debt— Premiums and discounts on debt are accreted or amortized to interest expense using the effective interest method or on a straight-line basis over the respective term of the debt, which approximates the effective interest method.

Stock-Based Compensation Plans—We have issued and continue to issue restricted shares under stock-based compensation plans described more fully in Note 8. We use fair value recognition provisions to account for all awards granted, modified or settled.

Earnings per Share (“EPS”)—Basic EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Net income attributable to common stockholders includes a deduction for dividends due to preferred stockholders. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the dilutive effect, if any, of securities such as stock-based compensation awards, warrants, including the Series A Preferred Warrants and preferred stock, including the Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company. The dilutive effect of stock-based compensation awards and warrants, including the Series A Preferred Warrants, is reflected in the weighted average diluted shares calculation by application of the treasury stock method. The dilutive effect of preferred stock, including the Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company, is reflected in the weighted average diluted shares calculation by application of the if-converted method.

Distributions—Distributions on our Series A Preferred Stock, Series D Preferred Stock, Series L Preferred Stock and Common Stock are recorded when they are authorized by our Board of Directors and declared by the Company.

Assets Held for Sale and Discontinued Operations—In the ordinary course of business, we may periodically enter into agreements to dispose of our assets. Some of these agreements are non-binding because either they do not obligate either party to pursue any transactions until the execution of a definitive agreement or they provide the potential buyer with the ability to terminate without penalty or forfeiture of any material deposit, subject to certain specified contingencies, such as completion of due diligence at the discretion of such buyer. We do not classify assets that are subject to such non-binding agreements as held for sale.

We classify assets as held for sale, if material, when they meet the necessary criteria, which include: a) management commits to and actively embarks upon a plan to sell the assets, b) the assets to be sold are available for immediate sale in their present condition, c) the sale is expected to be completed within one year under terms usual and customary for such sales and d) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally believe that we meet these criteria when the plan for sale has been approved by our management, having the authority to approve the sale, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year.

Assets held for sale are recorded at the lower of cost or estimated fair value less cost to sell. In addition, if we were to determine that the asset disposal associated with assets held for sale or disposed of represents a strategic shift, the revenues, expenses and net gain (loss) on dispositions would be recorded in discontinued operations for all periods presented through the date of the applicable disposition.

Derivative Financial Instruments—As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the derivative instrument that is designated as a hedge is recorded as other comprehensive income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.

Income Taxes—We have elected to be taxed as a REIT under the provisions of the Code. To the extent we qualify for taxation as a REIT, we generally will not be subject to a federal corporate income tax on our taxable income that is distributed to our stockholders. We may, however, be subject to certain federal excise taxes and state and local taxes on our income and property. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates and will not be able to qualify as a REIT for four subsequent taxable years. In order to remain qualified as a REIT under the Code, we must satisfy various requirements in each taxable year, including, among others, limitations on share ownership, asset diversification, sources of income, and the distribution of at least 90% of our taxable income within the specified time in accordance with the Code.

We have wholly-owned taxable REIT subsidiaries (“TRS’s”) which are subject to federal income taxes. The income generated from the taxable REIT subsidiaries is taxed at normal corporate rates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases.

We have established a policy on classification of penalties and interest related to audits of our federal and state income tax returns. If incurred, our policy for recording interest and penalties associated with audits will be to record such items as a component of general and administrative expense. Penalties, if incurred, will be recorded in general and administrative expense and interest paid or received will be recorded in interest expense or interest income, respectively, in our consolidated statements of operations.

ASC 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current period. We have reviewed all open tax years and concluded that the application of ASC 740 resulted in no material effect to our consolidated financial position or results of operations.

contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications—Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported totals or subtotals. The reclassifications have been made to the consolidated statements of operations and the consolidated statements of cash flows for the years ended December 31, 2019 and 2018 as follows:


	Year ended December 31, 2019						Year ended December 31, 2018
	As previously reported		Reclassification		As Revised		As previously reported		Reclassification		As Revised
Consolidated Statements of Operations
Asset management and other fees to related parties	$	18,303	$	(5,182)	$	13,121	$	24,451	$	(5,492)	$	18,959
Expense reimbursements to related parties—corporate	$	—	$	2,800	$	2,800	$	—	$	3,047	$	3,047
Expense reimbursements to related parties—lending segment	$	—	$	2,382	$	2,382	$	—	$	2,445	$	2,445
Consolidated Statements of Cash Flows
Depreciation and amortization, net	$	27,374	$	(766)	$	26,608	$	53,228	$	(998)	$	52,230
Straight-line rent, below-market ground lease and amortization of intangible assets	$	—	$	—	$	—	$	(18)	$	18	$	—
Deferred rent and amortization of intangible assets, liabilities and lease inducements	$	(2,727)	$	2,727	$	—	$	(3,636)	$	3,636	$	—
Other assets	$	2,980	$	(1,961)	$	1,019	$	(1,421)	$	(2,656)	$	(4,077)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	$	(135,500)	$	(57,487)	$	(192,987)	$	(220,000)	$	33,769	$	(186,231)
Payment of mortgages payable	$	(46,000)	$	46,000	$	—	$	—	$	—	$	—
Proceeds from SBA 7(a) loan-backed notes	$	—	$	—	$	—	$	38,200	$	(38,200)	$	—
Payment of principal on SBA 7(a) loan-backed notes	$	(11,487)	$	11,487	$	—	$	(4,431)	$	4,431	$	—
Payment of deferred costs	$	(389)	$	(34)	$	(423)	$	(235)	$	(4,234)	$	(4,469)
Payment of deferred loan costs	$	(34)	$	34	$	—	$	(4,234)	$	4,234	$	—
Payment of common dividends	$	(13,140)	$	(1)	$	(13,141)	$	(21,895)	$	—	$	(21,895)
Retirement of fractional shares of Common Stock	$	(1)	$	1	$	—	$	—	$	—	$	—
Additions to deferred loan costs included in accounts payable and accrued expenses	$	—	$	—	$	—	$	32	$	(32)	$	—
Accrued deferred costs	$	35	$	—	$	35	$	174	$	32	$	206
Preferred stock offering costs offset against redeemable preferred stock	$	347	$	3	$	350	$	229	$	—	$	229
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	$	3	$	(3)	$	—	$	—	$	—	$	—

Concentration of Credit Risk—Financial instruments that subject us to credit risk consist primarily of cash and cash equivalents and interest rate swap agreements. We have our cash and cash equivalents on deposit with what we believe to be high-quality financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Management routinely assesses the financial strength of its tenants and, as a consequence, believes that its accounts receivable credit risk exposure is limited.

The majority of our revenues are earned from properties located in California. We are subject to risks incidental to the ownership and operation of commercial real estate. These include, among others, the risks normally associated with changes in the general economic climate in the communities in which we operate, trends in the real estate industry, changes in tax laws, interest rate levels, availability of financing, and the potential liability under environmental and other laws.

Segment Information—Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. Our reportable segments for the years ended December 31, 2020 and 2019 consist of two types of commercial real estate properties, namely office and hotel, as well as a segment for our lending business. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental. The products for our hotel segment include revenues generated from the operations of hotel properties and rental income generated from a garage located directly across the street from one of the hotels. The income from our lending segment includes income from the yield and other related fee income earned on our loans receivable.

Recently Issued Accounting Pronouncements—In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (ASU 2016-13), which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”) in November 2018. Subsequently, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-02 to provide additional guidance on the credit losses standard. ASU 2016-13 and the related updates improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held-for-investment, held-to-maturity debt securities, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASU No. 2016-02, Leases (Topic 842) (“ASC 842”). For smaller reporting companies, public entities that are not SEC filers, and entities that are not public business entities, the ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2022. Early adoption is permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. The Company has not yet adopted ASU 2016-13 and the related updates and remains in the process of evaluating the impact of adoption of this new accounting guidance on our consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public entities will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2019. Early adoption is permitted in any interim period after issuance of the ASU. We adopted ASU No. 2018-13 beginning January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements.

In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (the “SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The guidance permits the use of the OIS rate based on the SOFR as a U.S. benchmark rate for purposes of applying hedge accounting. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2019. Early adoption is permitted in any interim period after issuance of the ASU. We adopted ASU No. 2018-16 beginning on January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. For public entities, the ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2020. Early adoption is permitted in any interim period after the issuance of the ASU. We adopted ASU No. 2019-12 beginning on January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients for various agreements and contracts that utilize the London Interbank Offered Rate (“LIBOR”) as the benchmark reference rate. To be eligible for the optional expedients under this guidance, modifications of contractual terms that change, or have the potential to change, the amount or timing of contractual cash flows must be related to replacement of a reference rate. As it relates to the Company, the relevant optional expedient for contract modifications provides that entities can account for these modifications as a continuation of the existing contract without additional analysis. The ASU is effective for all business entities for interim and annual periods beginning on March 12, 2020 and provides for temporary relief through December 31, 2022. We adopted ASU No. 2020-04 beginning on January 1, 2020 and the adoption of such ASU did not have a material impact on our consolidated financial statements, and have not yet adopted the optional relief.

On April 10, 2020, the FASB issued a question-and-answer document (the “Q&A”) to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of COVID-19. The lease modification guidance in Topic 842, Leases, (or Topic 840, Leases) would require the Company to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was made pursuant to the enforceable rights and obligations of the existing lease agreement (precluded from applying the lease modification accounting framework). However, the Q&A provides that the Company may bypass the lease by lease analysis if certain criteria are met, and instead elect to either consistently apply, or consistently not apply, the lease modification framework to groups of leases with similar characteristics and similar circumstances. As described below, the Company has elected not to apply the lease modification guidance to concessions related to the effects of COVID-19 that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than the total payments required by the original lease.

During the year ended December 31, 2020, the Company provided rental concessions to certain tenants in response to the impact of COVID-19. The Company’s rental concessions during the year ended December 31, 2020 primarily provided for a deferral of rental payments or the application of security deposits to rental payments and replenishment of such security deposits with no substantive changes to the consideration provided for in the original lease. Such changes affected the timing, but not the amount, of the rental payments. In accordance with the above, the Company is accounting for these deferrals as if no changes were made to the leases. The Q&A had no material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020; however, its future impact on the Company is dependent upon the extent of lease concessions granted to tenants as a result of COVID-19 in future periods and the elections made by the Company at the time of entering into such concessions.

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	December 31,
	2020		2019
	(in thousands)
Land	$	139,397	$	134,421
Land improvements	2,611		2,713
Buildings and improvements	450,741		438,349
Furniture, fixtures, and equipment	4,969		4,628
Tenant improvements	31,414		35,667
Work in progress	8,073		13,484
Investments in real estate	637,205		629,262
Accumulated depreciation	(131,165)		(120,555)
Net investments in real estate	$	506,040	$	508,707

For the years ended December 31, 2020, 2019, and 2018, we recorded depreciation expense of $17.7 million, $22.2 million, and $43.5 million, respectively.

2020 Transactions—During the year ended December 31, 2020, we acquired a 100% fee-simple interest in the following property from an unrelated third-party.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

1021 East 7th Street, Austin, TX

Office

November 30, 2020

11,180

6,079

(1)Transaction costs that were capitalized in connection with the acquisition of this property totaled $51,000, which are not included in the purchase price above.

There were no dispositions during the year ended December 31, 2020.

2019 Transactions—There were no acquisitions during the year ended December 31, 2019.

We sold 100% fee-simple interests in the following properties to unrelated third-parties during the year ended December 31, 2019. Transaction costs related to these sales were expensed as incurred. The results of operations of the properties we sold have been included in the consolidated statements of operations through each properties' respective disposition date.


Property	Asset Type	Date of Sale	Square Feet	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
March Oakland Properties, Oakland, CA (1)	Office / Parking Garage	March 1, 2019	975,596	$	512,016	$	8,971	$	289,779
830 1st Street, Washington, D.C.	Office	March 1, 2019	247,337	116,550		2,438		45,710
260 Townsend Street, San Francisco, CA	Office	March 14, 2019	66,682	66,000		2,539		42,092
1333 Broadway, Oakland, CA	Office	May 16, 2019	254,523	115,430		658		55,221
Union Square Properties, Washington, D.C. (2)	Office / Land	July 30, 2019	630,650	181,000		3,744		302
				$	990,996	$	18,350	$	433,104

(1)The “March Oakland Properties” consist of 1901 Harrison Street, 2100 Franklin Street, 2101 Webster Street, and 2353 Webster Street Parking Garage.

(2)The “Union Square Properties” consist of 899 North Capitol Street, 901 North Capitol Street and 999 North Capitol Street. Prior to the sale, we determined that the book values of such properties exceeded their estimated fair values and recognized an impairment charge of $69.0 million for the year ended December 31, 2019 (Note 2). Our determination of the fair values of these properties was based on negotiations with the third-party buyer and the contract sales price. The gain on sale includes $113,000 of extinguishment of noncontrolling interests as a result of the sale.

2018 Transactions—During the year ended December 31, 2018, we acquired a 100% fee-simple interest in an office property known as 9460 Wilshire Boulevard from an unrelated third-party. The property has approximately 68,866 square feet of office space and 22,884 square feet of retail space and is located in Beverly Hills, California. The acquisition was funded with proceeds from our Series L Preferred Stock offering, and the acquired property is reported as part of the office segment (Note 17).

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

9460 Wilshire Boulevard, Beverly Hills, CA

Office

January 18, 2018

91,750

132,000

(1)In December 2017, at the time we entered into the purchase and sale agreement, we made a $20.0 million non-refundable deposit to an escrow account that was included in other assets on our consolidated balance sheet as of December 31, 2017. Transaction costs that were capitalized in connection with the acquisition of this property totaled $48,000, which are not included in the purchase price above.

There were no dispositions during the year ended December 31, 2018.

The results of operations of the properties we acquired have been included in the consolidated statements of operations from the date of acquisition. The purchase price of the acquisitions completed during the years ended December 31, 2020 and 2018 were less than 10% of our total assets as of the respective most recent annual consolidated financial statements filed at or prior to the date of acquisition. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Land	$	4,976	$	—	$	52,199
Land improvements	9		—		756
Buildings and improvements	534		—		74,522
Tenant improvements	190		—		1,451
Acquired in-place leases (1)	408		—		7,003
Acquired above-market leases (2)	18		—		109
Acquired below-market leases (3)	(5)		—		(3,992)
Net assets acquired	$	6,130	$	—	$	132,048

(1)Acquired in-place leases have a weighted average amortization period of 3 years for both the 2020 and 2018 acquisitions.

(2)Acquired above-market leases have a weighted average amortization period of 3 years and 2 years for the 2020 and 2018 acquisitions, respectively.

(3)Acquired below-market leases have a weighted average amortization period of 3 years for both the 2020 and 2018 acquisitions.

Property Concentrations—Kaiser Foundation Health Plan, Incorporated (“Kaiser”), which occupied space in one of our Oakland, California properties accounted for 30.0% of our annualized rental income for the year ended December 31, 2020.

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

LOANS RECEIVABLE

4. LOANS RECEIVABLE

Loans receivable consist of the following:


	December 31,
	2020		2019
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	32,226	$	25,689
SBA 7(a) loans receivable, subject to loan-backed notes	23,631		27,598
SBA 7(a) loans receivable, Paycheck Protection Program	14,484		—
SBA 7(a) loans receivable, subject to secured borrowings	8,786		12,644
SBA 7(a) loans receivable, held for sale	4,009		1,601
Loans receivable	83,136		67,532
Deferred capitalized costs, net	884		1,145
Loan loss reserves	(885)		(598)
Loans receivable, net	$	83,135	$	68,079

SBA 7(a) Loans Receivable, Subject to Credit Risk—Represents the unguaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were retained by the Company.

SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes—Represents the unguaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were transferred to a trust and are held as collateral in connection with a securitization transaction. The proceeds received from the transfer are reflected as loan-backed notes payable (Note 6). These loans are subject to credit risk.

SBA 7(a) Loans Receivable, Paycheck Protection Program—Enacted in March 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) implemented the PPP, a SBA 7(a) loan program that provides small businesses with uncollateralized and unguaranteed loans at an interest rate of 1.00%. The loans will be fully forgiven, subject to certain limitations, when used by the borrower for payroll costs, interest on mortgages, rent, and utilities. For those loans that are forgiven, the SBA will remit 100% of the remaining outstanding principal plus accrued interest to us. For those loans whose borrowers do not meet the criteria required for forgiveness, repayment obligations commence after the applicable deferment period in equal installments over the remaining term to maturity. A substantial portion of the loans that we originated under the PPP have a two-year term and originally had a deferment period of six months; however, as a result of amendments to the PPP, these loans now are deferred for up to 16 months. All loans approved by the SBA after June 5, 2020 have a five-year term and deferment period of 16 months. Loans originated under the PPP are fully guaranteed by the SBA provided that originating lenders follow the requirements set forth therein. Accordingly, there is no credit risk associated with these loans since the SBA has guaranteed payment of the principal and interest. Neither the government nor lenders charged borrowers any fees in connection with the PPP loans; however, the SBA paid lenders a fee upon funding loans under the PPP.

As a SBA 7(a) licensee, we are an authorized lender under the PPP and have originated $16.0 million loans under the program with $14.5 million outstanding as of December 31, 2020. We expect a significant portion of these loans will be forgiven and repaid, either in part or in full, by the SBA, including both principal and accrued interest.

SBA 7(a) Loans Receivable, Subject to Secured Borrowings—Represents the government guaranteed portions of loans originated under the SBA 7(a) Small Business Loan Program which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

SBA 7(a) Loans Receivable, Held for Sale— Represents the government guaranteed portion of loans held for sale at the end of the period or that had been sold but in respect of which proceeds had not been received as of the end of the period.

Other

As of December 31, 2020 and 2019, our loans subject to credit risk were 99.1% and 98.7%, respectively, concentrated in the hospitality industry. As of December 31, 2020 and 2019, 98.8% and 99.6%, respectively, of our loans subject to credit risk were current. We classify loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of December 31, 2020 and 2019, $1.4 million and $1.4 million, respectively, of loans subject to credit risk were classified in substandard categories.

OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

5. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2020 and 2019, is as follows:


	As of December 31,
	2020		2019
	(in thousands)
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $9,228 and $9,382, respectively, both with an average useful life of 8 years	$	3,316	$	4,271
Acquired above-market leases, net of accumulated amortization of $15 and $42, respectively, with an average useful life of 6 and 5 years, respectively	40		32
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	6,313	$	7,260
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,786 and $2,239, respectively, both with an average useful life of 4 years	$	587	$	1,282

Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations.

During the years ended December 31, 2020, 2019 and 2018, we recognized amortization related to our intangible assets and liabilities as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Acquired above-market lease amortization	$	10	$	63	$	51
Acquired in-place lease amortization	$	1,364	$	2,112	$	3,691
Acquired below-market lease amortization	$	700	$	1,590	$	2,190

A schedule of future amortization and accretion of acquisition-related intangible assets and liabilities as of December 31, 2020, is as follows:


	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2021	$	12	$	1,049	$	(349)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	40	$	3,316	$	(587)

DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

DEBT

6. DEBT

The following table summarizes the debt balances as of December 31, 2020 and 2019, and the debt activity for the year ended December 31, 2020 (in thousands):


			During the Year Ended December 31, 2020
	Balances as of December 31, 2019		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of December 31, 2020
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(174)		—		—		27		(147)
Total Mortgage Payable	96,926		—		—		27		96,953
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	12,152		—		(3,695)		—		8,457
Unamortized premiums	629		—		—		(172)		457
Total Secured Borrowings—Government Guaranteed Loans	12,781		—		(3,695)		(172)		8,914
Other Debt:
2018 revolving credit facility	153,000		61,500		(48,000)		—		166,500
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	22,282		—		(8,052)		—		14,230
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	—		16,016		(1,532)		—		14,484
Deferred loan costs — other debt (1)	(2,867)		(734)		281		1,165		(2,155)
Discount on junior subordinated notes	(1,771)		—		—		88		(1,683)
Total Other Debt	197,714		76,782		(57,303)		1,253		218,446
Total Debt, Net	$	307,421	$	76,782	$	(60,998)	$	1,108	$	324,313

(1)In connection with unamortized loan costs related to a debt modification, the Company recognized a loss on extinguishment of debt of $281,000 during the year ended December 31, 2020.

Mortgages Payable—The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents. As of December 31, 2020, the Company’s mortgages payable had a fixed interest rate of 4.14% per annum, with monthly payments of interest only, due on July 1, 2026. The loan is nonrecourse.

Secured Borrowings—Government Guaranteed Loans—Secured borrowings—government guaranteed loans represent sold loans which are treated as secured borrowings because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral. These loans included cash premiums that are amortized as a reduction to interest expense over the life of the loan using the effective interest method and are fully amortized when the underlying loan is repaid in full. As of December 31, 2020, the Company had secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread of $5.7 million, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.87%, and secured borrowing principal on SBA 7(a) loans sold for excess spread of $2.7 million, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.56%.

2018 Revolving Credit Facility—In October 2018, CIM Commercial entered into a secured revolving credit facility with a bank syndicate that, as amended, allows CIM Commercial to borrow up to $209.5 million, subject to a borrowing base calculation (the “2018 revolving credit facility”). In September 2020, the 2018 revolving credit facility was amended (the “2018 Credit Facility Modification”) to remedy the effect that COVID-19 had on CIM Commercial’s ability to borrow under the 2018 revolving credit facility during the period from September 2, 2020 through June 30, 2021 (the “Deferral Period”). The 2018 revolving credit facility bears interest (i) during the Deferral Period at (A) the base rate plus 1.05% or (B) LIBOR plus 2.05% and (ii) after the Deferral Period, at (A) the base rate plus 0.55% or (B) LIBOR plus 1.55%. As of December 31, 2020 and 2019, the variable interest rate was 2.20% and 3.29%, respectively. The 2018 revolving credit facility is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The 2018 revolving credit facility is secured by deeds of trust on certain of our properties. During the Deferral Period, our borrowing capacity is subject to a $15.0 million reserve, which may be reduced by certain capital expenditures made in respect of our properties securing the 2018 revolving credit facility, and the requirement that we maintain a minimum balance of “liquid assets” of $15.0 million, which are defined as (1) unencumbered cash and cash equivalents and (2) up to $5.0 million unfunded availability under the 2018 revolving credit facility. Other than as described in the preceding sentence, the 2018 revolving credit facility contains customary covenants and is not subject to any financial covenants (though the amount we may borrow under the 2018 revolving credit facility is determined by a borrowing base calculation). The 2018 revolving credit facility matures in October 2022 and provides for one one-year extension option under certain conditions. As of December 31, 2020 and 2019, $166.5 million and $153.0 million, respectively, was outstanding under the 2018 revolving credit facility, and approximately $28.0 million and $73.9 million, respectively, was available for future borrowings.

2020 Revolving Credit Facility—In May 2020, to further enhance its liquidity position and maintain financial flexibility, CIM Commercial entered into an unsecured revolving credit facility with a bank (the “2020 unsecured revolving credit facility”) pursuant to which CIM Commercial can borrow up to a maximum of $10.0 million. Outstanding advances under the 2020 unsecured revolving credit facility bear interest at the rate of 1.00%. CIM Commercial also pays a revolving credit facility fee of 1.12% with each advance under the 2020 unsecured revolving credit facility, which fee is subject to a cap of $112,000 in the aggregate. The 2020 unsecured revolving credit facility contains certain customary covenants including a maximum leverage ratio and a minimum fixed charge coverage ratio, as well as certain other conditions. The 2020 unsecured revolving credit facility matures in May 2022. As of December 31, 2020, $0 was outstanding under the 2020 unsecured revolving credit facility and $10.0 million was available for future borrowings.

Junior Subordinated Notes—The Company has junior subordinated notes with a variable interest rate which resets quarterly based on the three-month LIBOR plus 3.25%, with quarterly interest only payments. The junior subordinated balance is due at maturity on March 30, 2035. The junior subordinated notes may be redeemed at par at our option.

SBA 7(a) Loan-Backed Notes—SBA 7(a) loan-backed notes are secured by deeds of trust or mortgages. On May 30, 2018, we completed a securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable with the issuance of $38.2 million of unguaranteed SBA 7(a) loan-backed notes. The SBA 7(a) loan-backed notes are collateralized solely by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of our SBA 7(a) loans receivable. The SBA 7(a) loan-backed notes mature on March 20, 2043, with monthly payments due as payments on the collateralized loans are received. Based on the anticipated repayments of our collateralized SBA 7(a) loans, at issuance, we estimated the weighted average life of the SBA 7(a) loan-backed notes to be approximately two years. The SBA 7(a) loan-backed notes bear interest at the lower of the one-month LIBOR plus 1.40% or the prime rate less 1.08%. We reflect the SBA 7(a) loans receivable as assets on our consolidated balance sheets and the SBA 7(a) loan-backed notes as debt on our consolidated balance sheets. The restricted cash on our consolidated balance sheets as of December 31, 2020 and 2019 included $1.2 million and $3.3 million, respectively, of funds related to our SBA 7(a) loan-backed notes.

Paycheck Protection Program Liquidity Facility—In June 2020, we borrowed funds from the Federal Reserve through the PPP Liquidity Facility (the “PPPLF”). Advances under the PPPLF carry an interest rate of 0.35%, are made on a dollar-for-dollar basis based on the amount of loans originated under the PPP and are secured by loans made by us under the PPP. The PPPLF contains customary covenants but is not subject to any financial covenants. The maturity date of PPPLF borrowings is the same as the maturity date of the loans pledged to secure the extension of credit, generally two years. At maturity, both principal and accrued interest are due. The maturity date of a PPPLF borrowing will be accelerated if, among other things, we have been reimbursed by the SBA for a loan forgiveness (to the extent of the forgiveness), we have received payment from the SBA representing exercise of the loan guarantee or we have received payment from the underlying borrower (to the extent of the payment received). No new extensions of credit will be made under the PPPLF after June 30, 2021 unless the Federal Reserve Board and the United States Department of the Treasury decide to extend the PPPLF. We borrowed money

under the PPPLF to finance all the loans we originated under the PPP. As of December 31, 2020, $14.5 million was outstanding under the PPPLF.

Deferred loan costs, which represent legal and third-party fees incurred in connection with our borrowing activities, are capitalized and amortized to interest expense on a straight-line basis over the life of the related loan, approximating the effective interest method. Deferred loan costs are presented in the above table net of accumulated amortization and are a reduction to total debt.

As of December 31, 2020 and 2019, accrued interest and unused commitment fees payable of $564,000 and $650,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on our debt (face value) as of December 31, 2020 are as follows:


Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2021	$	—	$	583	$	—	$	1,692	$	2,275
2022	—		441		166,500		7,735		174,676
2023	—		455		—		8,498		8,953
2024	—		468		—		1,058		1,526
2025	—		483		—		662		1,145
Thereafter	97,100		6,027		—		36,139		139,266
	$	97,100	$	8,457	$	166,500	$	55,784	$	327,841

(1)Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

(2)Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and borrowed funds from the Federal Reserve through the PPPLF.

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

7. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the CIM Commercial Trust Corporation 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”), which was approved by the Company’s stockholders. Under the 2015 Equity Incentive Plan, the Company granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors. A summary of the Company’s restricted shares as of December 31, 2020, 2019 and 2018 and the changes during the years ended is as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share (1)
Balance, January 1, 2018	3,195	$	46.95
Granted	3,378	$	44.40
Vested	(3,195)	$	46.95
Balance, December 31, 2018	3,378	$	44.40
Granted	3,880	$	56.66
Vested	(3,378)	$	44.40
Balance, December 31, 2019	3,880	$	56.66
Granted	21,912	$	10.04
Vested	(3,880)	$	56.66
Balance, December 31, 2020	21,912	$	10.04

(1)Amounts have been adjusted to give retroactive effect to the Reverse Stock Split.

Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $222,000, $194,000 and $162,000, for the years ended December 31, 2020, 2019 and 2018, respectively.

As of December 31, 2020, there was $73,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized ratably over the remaining vesting period. The estimated fair value of restricted shares vested during 2020, 2019 and 2018 was $220,000, $150,000 and $150,000, respectively.

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

8. EARNINGS PER SHARE (“EPS”)

The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net (loss) income attributable to common stockholders for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
	(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	$	(33,467)	$	322,696	$	(14,298)
Redeemable preferred stock dividends declared on dilutive shares	(1)		2,804		—
Diluted net (loss) income attributable to common stockholders	$	(33,468)	$	325,500	$	(14,298)

Denominator:
Basic weighted average shares of Common Stock outstanding	14,748		14,598		14,597
Effect of dilutive securities—contingently issuable shares	—		1,895		—
Diluted weighted average shares and common stock equivalents outstanding	14,748		16,493		14,597

Net (loss) income attributable to common stockholders per share:
Basic	$	(2.27)	$	22.11	$	(0.98)
Diluted	$	(2.27)	$	19.74	$	(0.98)

The computations of basic EPS are based on our weighted average shares outstanding. The computation of diluted EPS does not include outstanding shares of Series A Preferred Stock for the year ended December 31, 2018 because their impact was deemed to be anti-dilutive. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the years ended December 31, 2020, 2019 and 2018 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 10). No shares of Series D Preferred Stock outstanding as of December 31, 2020 had a dilutive effect and no shares of Series D Preferred Stock were outstanding as of December 31, 2019 and 2018. Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the years ended December 31, 2020, 2019 and 2018 because such shares were not redeemable during such periods.

EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

9. REDEEMABLE PREFERRED STOCK

The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the years ended December 31, 2020, 2019 and 2018 (dollar amounts in thousands):



	Preferred Stock
		Series A			Series D			Series L			Total
		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balances, December 31, 2017		60,592	$	1,508	—	$	—	8,080,740	$	229,251	8,141,332	$	230,759






Reclassification of Series A Preferred Stock to permanent equity		1,223,032	30,403		—	—		—	—		1,223,032	30,403
Redemption of Series A Preferred Stock		(1,820)	(45)		—	—		—	—		(1,820)	(45)


Balances, December 31, 2018		1,281,804	$	31,866	—	$	—	8,080,740	$	229,251	9,362,544	$	261,117











Repurchase of Series L Preferred Stock		—	—		—	—		(2,693,580)	(76,417)		(2,693,580)	(76,417)
Reclassification of Series A Preferred Stock to permanent equity		1,561,746	38,927		—	—		—	—		1,561,746	38,927
Redemption of Series A Preferred Stock		(6,456)	(160)		—	—		—	—		(6,456)	(160)


Balances, December 31, 2019		2,837,094	$	70,633	—	$	—	5,387,160	$	152,834	8,224,254	$	223,467







Issuance of Series D Preferred Stock		—	—		19,145	473		—	—		19,145	473


Reclassification of Series A Preferred Stock to permanent equity		1,570,421	38,837		—	—		—	—		1,570,421	38,837

Redemption of Series A Preferred Stock		(29,753)	(741)		—	—		—	—		(29,753)	(741)

Balances, December 31, 2020		4,377,762	$	108,729	19,145	$	473	5,387,160	$	152,834	9,784,067	$	262,036

As of December 31, 2020, we had issued in registered public offerings 6,290,900 shares of Series A Preferred Stock, 4,603,287 Series A Preferred Warrants and 19,145 shares of Series D Preferred Stock and received gross proceeds of $157.7 million ($156.5 million of which was allocated to the Series A Preferred Stock, $761,000 of which was allocated to the Series A Preferred Warrants, and $473,000 of which was allocated to the Series D Preferred Stock) and, additionally, had issued 201,732 shares of Series A Preferred Stock as payment for services to the Administrator, for which no cash proceeds were received. In connection with such issuance, costs specifically identifiable to the offering of Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock, such as commissions, dealer manager fees and other offering fees and expenses, totaled $13.0 million ($12.8 million of which was allocated to the Series A Preferred Stock, $142,000 of which was allocated to the Series A Preferred Warrants, and $14,000 of which was allocated to the Series D Preferred Stock). In addition, as of December 31, 2020, non-issuance-specific costs related to this offering totaled $7.3 million. As of December 31, 2020, we have reclassified and allocated $1.3 million, $5,000 and $4,000 from deferred charges to Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering. As of December 31, 2020, there were 6,385,618 shares of Series A Preferred Stock outstanding, 4,603,287 Series A Preferred Warrants to purchase 1,194,159 shares of Common Stock outstanding, and 19,145 shares of Series D Preferred Stock outstanding. As of December 31, 2020, 107,014 shares of Series A Preferred Stock and no shares of Series D Preferred Stock have been redeemed.

Series A Preferred Stock—We conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company with an initial stated value of $25.00 per share, subject to adjustment, and one warrant to

purchase 0.25 of a share of Common Stock. Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

Since February 2020, we have been conducting a continuous public offering with respect to shares of our Series A Preferred Stock, which, since such time, is no longer being issued as a unit with an accompanying Series A Preferred Warrant.

Net proceeds from the issuance of shares of Series A Preferred Stock are initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. If the net proceeds from the issuance of shares of Series A Preferred Stock are less than the redemption value of such shares at the time they are issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment is recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment is considered a deemed dividend for purposes of calculating basic and diluted EPS. During the year ended December 31, 2020, we recorded redeemable preferred stock deemed dividends of $377,000 related to such adjustments. No such adjustments were recorded during the years ended December 31, 2019 and 2018.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, we reclassify such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. As of December 31, 2020, we have reclassified an aggregate of $100.4 million in net proceeds from temporary equity to permanent equity.

Series D Preferred Stock—Since February 2020, we have been conducting a continuous public offering with respect to shares of our Series D Preferred Stock, par value $0.001 per share, subject to adjustment. The selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and is expected to be, and since June 29, 2020, has been, $24.50 per share through the end of the life of the offering. Shares of Series D Preferred Stock are recorded in permanent equity at the time of their issuance.

Series L Preferred Stock—On November 21, 2017, we issued 8,080,740 shares of Series L Preferred Stock having an initial stated value of $28.37 per share (“Series L Preferred Stock Stated Value”), subject to adjustment. We received gross proceeds of $229.3 million from the sale of the Series L Preferred Stock, which was reduced by issuance-specific offering costs, such as commissions, dealer manager fees, and other offering fees and expenses, totaling $15.9 million, a discount of $2.9 million, and non-issuance-specific costs of $2.5 million. These fees have been recorded as a reduction to the gross proceeds in permanent equity.

On October 22, 2019, the Company commenced a tender offer for the purchase of up to 2,693,580 shares of Series L Preferred Stock (the “Tender Offer”), representing one-third of the then-outstanding shares of Series L Preferred Stock. The Tender Offer was oversubscribed, and pursuant to the terms of the Tender Offer, shares of Series L Preferred Stock were accepted for purchase on a pro rata basis. We repurchased 2,693,580 shares of Series L Preferred Stock at a purchase price of $29.12 per share (of which $1.39, or $3.7 million in the aggregate, reflects the amount of accrued and unpaid dividends on the Series L Preferred Stock as of November 20, 2019), as converted to and paid in ILS. The total cost to repurchase the tendered shares, including professional fees to complete the Tender Offer of $462,000 but excluding the dividends accrued in respect of such shares, was $75.2 million, which was primarily funded from borrowings under the 2018 revolving credit facility (Note 6). We recognized $5.9 million of redeemable preferred stock redemptions in our consolidated statement of operations for the year ended December 31, 2019 in connection with the Tender Offer. The shares of Series L Preferred Stock accepted for payment by the Company were restored to the status of authorized but unissued shares of preferred stock without designation as to class or series.

Until the fifth anniversary of the date of original issuance of our Series L Preferred Stock, we are prohibited from issuing any shares of preferred stock ranking senior to or on parity with the Series L Preferred Stock with respect to the payment of dividends, other distributions, liquidation, and or dissolution or winding up of the Company unless the Minimum Fixed Charge Coverage Ratio, calculated in accordance with the Articles Supplementary describing the Series L Preferred Stock, is equal to or greater than 1.25:1.00. As of December 31, 2020 and 2019, we were in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

Refer to Note 13 for a discussion of certain payments the Company has made in shares of Common Stock and in shares of Preferred Stock and may make in shares of Preferred Stock in lieu of cash payments in order to remain in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

Dividends—With respect to the payment of dividends, the Series A Preferred Stock ranks senior to our Series L Preferred Stock and our Common Stock, and on parity with our Series D Preferred Stock. The Series L Preferred Stock ranks senior to our Common Stock (except with respect to and only to the extent of the Initial Dividend) and junior to our Series A Preferred Stock, Series D Preferred Stock and Common Stock (with respect to and only to the extent of the Initial Dividend). With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series A Preferred Stock ranks on parity with our Series D Preferred Stock and Series L Preferred Stock, to the extent of the Series L Preferred Stock Stated Value, and otherwise ranks senior to our Series L Preferred Stock and our Common Stock. With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series L Preferred Stock ranks senior to our Common Stock, both (i) to the extent of the Series L Preferred Stock Stated Value and (ii) following payment to holders of our Common Stock of an amount equal to any unpaid Initial Dividend, to the extent of any accrued and unpaid dividends on the Series L Preferred Stock, on parity with our Series A Preferred Stock and Series D Preferred Stock, to the extent of the Series L Preferred Stock Stated Value and junior to our Series A Preferred Stock, Series D Preferred Stock and Common Stock (to the extent of the Initial Dividend), in all instances with respect to any accrued and unpaid dividends on the Series L Preferred Stock.

Holders of Series A Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.50% of the Series A Preferred Stock Stated Value (i.e., the equivalent of $0.34375 per share per quarter) (the “Series A Dividend”). Holders of Series D Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series D Preferred Stock at an annual rate of 5.65% of the Series D Preferred Stock Stated Value (i.e., the equivalent of $0.35313 per share per quarter) (the “Series D Dividend”). Dividends on each share of Series A Preferred Stock and Series D Preferred Stock begin accruing on, and are cumulative from, the date of issuance.

We expect to pay the Series A Dividend and Series D Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. The timing and amount of the Series A Dividend and the Series D Dividend will be determined by our Board of Directors, in its sole discretion, and may vary from time to time.

Holders of Series L Preferred Stock are entitled to receive, if, as and when authorized by our Board of Directors, and declared by us out of legally available funds, cumulative cash dividends on each share of Series L Preferred Stock at an annual rate of 5.50% of the Series L Preferred Stock Stated Value (i.e., the equivalent of $1.56035 per share per year). Dividends on each share of Series L Preferred Stock began accruing on, and are cumulative from, the date of issuance.

We expect to pay dividends on the Series L Preferred Stock in arrears on an annual basis in accordance with the foregoing provisions, unless our results of operations, our general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. If the Company fails to timely declare distributions or fails to timely pay distributions on the Series L Preferred Stock, the annual dividend rate of the Series L Preferred Stock will temporarily increase by 1.00% per year, up to a maximum rate of 8.50% per annum. However, prior to the payment of any distributions on Series L Preferred Stock in respect of a given year, the Company must first declare and pay dividends on the Common Stock in respect of such year in an aggregate amount equal to the Initial Dividend announced by our Board of Directors at the end of the prior fiscal year. On December 22, 2020, the Company announced an Initial Dividend on shares of our Common Stock for fiscal year 2021 in the aggregate amount of $4,448,223.

During the year ended December 31, 2020, the Company paid $8.1 million, $12,000 and $8.4 million of cash dividends on our Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. During the year ended December 31, 2019, the Company paid $4.4 million, $0 and $17.8 million of cash dividends on our Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively.

Redemptions—Our Series A Preferred Stock and Series D Preferred Stock are redeemable at the option of the holder or CIM Commercial. The redemption schedule of the Series A Preferred Stock and Series D Preferred Stock allows redemptions at the option of the holder of Series A Preferred Stock or Series D Preferred Stock from the date of original issuance of any such shares at the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. CIM Commercial has the right to redeem the Series A Preferred Stock or Series D Preferred Stock after the fifth anniversary of the date of original issuance of such shares at the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, plus accrued and unpaid dividends. At the Company's discretion, the redemption price will be paid in cash or in Common Stock based on the volume weighted average price of our Common Stock for the 20 trading days prior to the

redemption; provided that the redemption price of any shares of Series A Preferred Stock redeemed prior to the first anniversary of the date of original issuance of such shares must be paid in cash.From and after the fifth anniversary of the date of original issuance of the Series L Preferred Stock, each holder will have the right to require the Company to redeem, and the Company will also have the option to redeem (subject to certain conditions), such shares of Series L Preferred Stock at a redemption price equal to the Series L Preferred Stock Stated Value, plus, provided certain conditions are met, all accrued and unpaid distributions. Notwithstanding the foregoing, a holder of shares of our Series L Preferred Stock may require us to redeem such shares at any time prior to the fifth anniversary of the date of original issuance of the Series L Preferred Stock if (1) we do not declare and pay in full the distribution on the Series L Preferred Stock for any annual period prior to such fifth anniversary or (2) we do not declare and pay all accrued and unpaid distributions on the Series L Preferred Stock for all past dividend periods prior to the applicable holder redemption date. The applicable redemption price payable upon redemption of any Series L Preferred Stock will be made, in the Company’s sole discretion, in the form of (A) cash in ILS at the then-current currency exchange rate determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, (B) in equal value through the issuance of shares of Common Stock, with the value of such Common Stock to be deemed the lower of (i) the NAV per share of our Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of our Common Stock, determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, or (C) in a combination of cash in ILS and our Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Dividends

Holders of our Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by us out of legally available funds. In determining our dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, our financial position, applicable requirements of the MGCL, any applicable contractual restrictions, and future growth in NAV and cash flow per share prospects. Consequently, the dividend rate on a quarterly basis does not necessarily correlate directly to any individual factor. Cash dividends per share of Common Stock paid in respect of the years ended December 31, 2020 and 2019 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

December 2, 2020

December 29, 2020

Regular Quarterly

0.075

September 2, 2020

September 29, 2020

Regular Quarterly

0.075

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

December 3, 2019

December 27, 2019

Regular Quarterly

0.075

August 8, 2019

September 18, 2019

Regular Quarterly

0.075

August 8, 2019

August 30, 2019

Special Cash

42.000

June 4, 2019

June 27, 2019

Regular Quarterly

0.375

February 20, 2019

March 25, 2019

Regular Quarterly

0.375

On March 5, 2021, we declared a cash dividend of $0.075 per share of our Common Stock, to be paid on March 30, 2021 to stockholders of record at the close of business on March 15, 2021.

Series A Preferred Warrants

Prior to February 2020, the Series A Preferred Stock was sold as a unit that included one share of Series A Preferred Stock and one Series A Preferred Warrant that could be exercised to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants are exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. At the time of issuance, the exercise price of each Series A Preferred Warrant was at a 15.0% premium to the per share estimated NAV of our Common Stock then most recently published and designated as

the Applicable NAV. However, in accordance with the terms of the Series A Preferred Warrants, the exercise price of each Series A Preferred Warrant issued prior to the Reverse Stock Split was automatically adjusted to reflect the effect of the Reverse Stock Split and, in the discretion of our Board of Directors, the exercise price and the number of shares issuable upon exercise of each Series A Preferred Warrant issued prior to the Special Dividend was adjusted to reflect the effect of the Special Dividend.

Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of December 31, 2020, we had issued 4,603,287 Series A Preferred Warrants to purchase 1,194,159 shares of Common Stock in connection with our offering of Series A Preferred Units and allocated net proceeds of $614,000, after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

11. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

Hedges of Interest Rate Risk

In order to manage financing costs and interest rate exposure related to the one-month LIBOR indexed variable rate borrowings, on August 13, 2015, we entered into ten interest rate swap agreements with multiple counterparties totaling $385.0 million of notional value. These swap agreements became effective on November 2, 2015. During the year ended December 31, 2019, we terminated our two remaining interest rate swaps with an aggregate notional value of $120.0 million, for which we received aggregate termination payments, net of fees, of $1.3 million. The fair value of our two remaining swaps at the time of termination was $1.4 million resulting in a net loss of $119,000, which was recorded as a net increase to interest expense on our consolidated statement of operations for the year ended December 31, 2019.

Each of our interest rate swap agreements initially met the criteria for cash flow hedge accounting treatment and we had designated the interest rate swap agreements as cash flow hedges of the risk of variability attributable to changes in the one-month LIBOR. Accordingly, the interest rate swaps were recorded on our consolidated balance sheets at fair value, and prior to August 1, 2018, the changes in the fair value of the swaps were recorded in OCI and reclassified to earnings as an adjustment to interest expense as interest became receivable or payable (Note 2). Beginning on August 1, 2018, changes in the fair value of the swaps were recorded in interest expense on our consolidated statements of operations. For the years ended December 31, 2019 and 2018, $1.8 million and $1.6 million, respectively, was reclassified from AOCI and decreased interest expense on our consolidated statements of operations, which, during the year ended December 31, 2019, included a write off of $1.6 million at the time our two remaining interest rate swaps were terminated. For the years ended December 31, 2019 and 2018, $209,000 and $1.7 million, respectively, was included as an increase in interest expense on our consolidated statements of operations related to the change in the fair value of our interest rate swaps.

Impact of Hedges on AOCI and Consolidated Statements of Operations

The changes in the balance of each component of AOCI related to our interest rate swaps designated as cash flow hedges are as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	—	$	1,806	$	1,631
Other comprehensive income before reclassifications	—		—		1,973
Amounts reclassified (to) from accumulated other comprehensive income (loss) (1)	—		(1,806)		(1,798)
Net current period other comprehensive income (loss)	—		(1,806)		175
Accumulated other comprehensive income, at end of period	$	—	$	—	$	1,806

(1)The amounts from AOCI were reclassified as a (decrease) increase to interest expense in our consolidated statements of operations.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

12. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The hierarchy for inputs used in measuring fair value is as follows:

Level 1 Inputs—Quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—Unobservable inputs

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Management’s estimation of the fair value of the Company’s financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for our financial instruments and we utilize other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs available. Accordingly, Level 3 inputs are used to measure fair value.

In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented are made at a point in time and may not be indicative of the amounts we could realize in a current market exchange.

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities.

Debt—The carrying amounts of our secured borrowings—government guaranteed loans, SBA 7(a) loan-backed notes, 2018 revolving credit facility and borrowed funds from the Federal Reserve through the PPPLF approximate their fair values,

as the interest rates on these securities are variable and approximate current market interest rates. We determine the fair value of mortgage notes payable and junior subordinated notes by performing discounted cash flow analyses using an appropriate market discount rate. We calculate the market discount rate for our mortgage notes payable by obtaining period-end treasury or swap rates, as applicable, for maturities that correspond to the maturities of our debt and then adding an appropriate credit spread. These credit spreads take into account factors such as our credit standing, the maturity of the debt, whether the debt is secured or unsecured, and the loan-to-value ratios of the debt. When estimating the fair value of our mortgages payable as of December 31, 2020 and 2019, we used a rate of 3.38% and 3.67%, respectively. The rate used to estimate the fair value of our junior subordinated notes was 4.49% and 6.16% as of December 31, 2020 and 2019, respectively.

Loans Receivable—We determine the fair value of loans receivable by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk and using an anticipated prepayment rate. The value of the government guaranteed portions of loans held for sale is based primarily on the anticipated proceeds to be received upon sale. The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:


	Year Ended December 31,
	2020		2019
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	6.50% - 8.25%	4.00% - 17.50%	5.25% - 7.75%	9.85% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.50% - 8.00%	4.88% - 17.50%	5.25% - 7.25%	13.41% - 16.80%
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	6.75% - 7.50%	11.77% - 16.80%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	N/A	N/A

Other Financial Instruments—The carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at December 31, 2020 and 2019.

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets are as follows:


	December 31, 2020				December 31, 2019
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, paycheck protection program	$	14,089	$	14,484	$	—	$	—	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	23,606	$	24,850	$	27,595	$	30,076	3
SBA 7(a) loans receivable, subject to credit risk	$	32,509	$	32,397	$	26,149	$	28,041	3
SBA 7(a) loans receivable, subject to secured borrowings	$	8,822	$	8,914	$	12,682	$	12,780	3
SBA 7(a) loans receivable, held for sale	$	4,109	$	4,527	$	1,653	$	1,753	3
Liabilities:
Mortgage payable (1)	$	97,100	$	100,799	$	97,100	$	99,764	3
Junior subordinated notes (1)	$	27,070	$	24,236	$	27,070	$	24,406	3

(1)The carrying amounts for the mortgage payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred loan costs and discounts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED-PARTY TRANSACTIONS

13. RELATED-PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

Asset Management Fees—In December 2015, CIM Urban and CIM Capital, LLC (formerly CIM Investment Advisors, LLC), an affiliate of CIM REIT and CIM Group (“CIM Capital”), entered into an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). On January 1, 2019, CIM Capital assigned its duties under the Investment Management Agreement to its four wholly-owned subsidiaries: CIM Capital Securities Management, LLC, a securities manager, CIM Capital RE Debt Management, LLC, a debt manager, CIM Capital Controlled Company Management, LLC, a controlled company manager, and CIM Capital Real Property Management, LLC, a real property manager. The “Operator” refers to CIM Investment Advisors, LLC from December 10, 2015 to December 31, 2018 and to CIM Capital and its four wholly-owned subsidiaries on and after January 1, 2019.

CIM Urban pays asset management fees to the Operator on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban’s assets:


Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage
(in thousands)
$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

Asset management fees are included in asset management and other fees to related parties in the accompanying consolidated statements of operations.

In lieu of cash payment of the asset management fee during the year ended December 31, 2020, the Company issued to the Operator shares of our Common Stock and shares of our Series A Preferred Stock. Subject to applicable laws and regulations under Nasdaq and the TASE and the agreement of the Operator, it is likely that we will seek to pay some or part of the asset management fees for part of 2021 in shares of Series A Preferred Stock.

Property Management Fees and Reimbursements—CIM Management, Inc. and certain of its affiliates (collectively, the “CIM Management Entities”), all affiliates of CIM REIT and CIM Group, provide property management, leasing, and development services to CIM Urban. Property management fees earned by the CIM Management entities and onsite management costs incurred on behalf of CIM Urban are included in rental and other property operating expenses in the accompanying consolidated statements of operations. Leasing commissions earned are capitalized to deferred charges on the accompanying consolidated balance sheets. Construction management fees are capitalized to investments in real estate on the accompanying consolidated balance sheets.

Administrative Fees and Expenses—On March 11, 2014, CIM Commercial and its subsidiaries entered into a master services agreement (the “Master Services Agreement”) with CIM Service Provider, LLC (the “Administrator”), an affiliate of CIM Group, pursuant to which the Administrator provides, or arranges for other service providers to provide, management and administration services to CIM Commercial and its subsidiaries. Pursuant to the Master Services Agreement, we appointed an affiliate of CIM Group as the administrator of Urban Partners GP, LLC. Under the Master Services Agreement, CIM Commercial paid a base service fee (the “Base Service Fee”) to the Administrator initially set at $1.0 million per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee with an incentive fee (the “Incentive Fee”) pursuant to which the Administrator receives, on a quarterly basis, 15.00% of CIM Commercial’s quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of CIM Commercial’s average adjusted common stockholders’ equity (i.e., common stockholders’ equity plus accumulated depreciation and amortization) for such quarter. The amendment is effective as of April 1, 2020. The Base Service Fee is included in asset management and other fees to related parties in the accompanying consolidated statements of operations.

In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and or reimbursement for performing certain services for CIM Commercial and its subsidiaries that are not covered by the Base Service Fee or the Incentive Fee, as the case may be. During the years ended December 31, 2020, 2019 and 2018, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, and from and after September 2018, operational and on-going support in connection with the Company’s offering of Preferred Stock. The Administrator’s compensation is based on the salaries and benefits of the employees of the Administrator and or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). The expense for such services is included in expense reimbursements to related parties—corporate in the accompanying consolidated statements of operations.

Lending Segment Expenses—On January 1, 2015, the Company entered into a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC (“CIM SBA”), an affiliate of CIM Group, and our subsidiary, PMC Commercial Lending, LLC. The agreement provides that CIM SBA will provide personnel and resources to us and that we will reimburse CIM SBA for the costs and expenses of providing such personnel and resources. The expense for such services is included in expense reimbursements to related parties—lending segment in the accompanying consolidated statements of operations.

Offering-Related Fees—On May 10, 2018, the Company entered into the wholesaling agreement (the “Wholesaling Agreement”) with International Assets Advisors, LLC (“IAA”) and CCO Capital, LLC (“CCO Capital”). CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. IAA was the exclusive dealer manager for the Company’s public offering of Series A Preferred Units until May 31, 2019. Under the Wholesaling Agreement, among other things, CCO Capital, in its capacity as the wholesaler for the offering, assisted IAA with the sale of Series A Preferred Units. In exchange for such services, IAA paid CCO Capital a fee equal to 2.75% of the selling price of each Series A Preferred Unit for which a sale was completed, reduced by any applicable fee reallowances payable to soliciting dealers pursuant to separate soliciting dealer agreements between IAA and soliciting dealers. The foregoing fee was reduced, and may have been exceeded, by a fixed monthly payment by CCO Capital to IAA for IAA’s services in connection with periodic closings and settlements for the offering.

On May 31, 2019, the Company, IAA and CCO Capital entered into an Amendment, Assignment and Assumption Agreement (the “Assignment Agreement”), pursuant to which CCO Capital assumed all of the rights and obligations of IAA under the dealer manager agreement, dated as of June 28, 2016, as amended, by and between the Company and IAA. As a result of the Assignment Agreement, CCO Capital became the exclusive dealer manager for the Company’s public offering of the Series A Preferred Units effective as of May 31, 2019. In connection with the execution of the Assignment Agreement, the Company terminated the Wholesaling Agreement effective as of May 31, 2019. The Company’s offering of the Series A Preferred Units ended at the end of January 2020. On January 28, 2020, the Company entered into the Second Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acts as the exclusive dealer manager for the Company’s public offering of its Series A Preferred Stock and Series D Preferred Stock. Thereunder, the Company agreed to pay CCO Capital, as the dealer manager for the offering, (1) an upfront dealer manager fee of up to 1.25% of the selling price of each share of Preferred Stock sold, (2) selling commissions of up to 5.50% of the selling price of each share of Series A Preferred Stock sold (with no selling commissions payable in respect of shares of Series D Preferred Stock sold) and (3) a trailing dealer manager fee that accrues daily in an amount equal to 1/365th of 0.25% per annum of the selling price of each share of Preferred Stock sold. CCO Capital, in its sole discretion, may reallow to another broker-dealer authorized by it to sell shares in the offering a portion of the upfront dealer manager fee earned by it in respect of shares sold by such broker-dealer.

On April 9, 2020, the Company entered into Amendment No. 1 to the Second Amended and Restated Dealer Manager Agreement, pursuant to which the selling commissions were increased from up to 5.50% to up to 7.00% of the selling price of each share of Series A Preferred Stock sold thereafter. The Company has been informed that CCO Capital generally reallows 100% of the selling commissions on sales of Series A Preferred Stock and generally reallows substantially all of the upfront dealer manager fee on sales of Series A Preferred Stock and Series D Preferred Stock, to participating broker-dealers.

The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	9,511	$	12,019	$	17,880
Property Management Fees and Reimbursements:
Property management fees	$	1,670	$	2,562	$	4,365
Onsite management and other cost reimbursement	$	3,356	$	5,852	$	6,065
Leasing commissions	$	112	$	658	$	1,548
Construction management fees	$	344	$	525	$	580
Administrative Fees and Expenses:
Base service fee (2)	$	282	$	1,102	$	1,079
Expense reimbursements to related parties - corporate	$	2,243	$	2,577	$	2,783
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (3)	$	3,491	$	2,382	$	2,445
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees	$	1,149	$	1,121	$	—
Non-issuance specific offering costs (4)	$	99	$	—	$	—

(1)For the year ended December 31, 2020, we issued to the Operator 203,349 shares of our Common Stock, in lieu of cash payment of the asset management fee for the first quarter of 2020, and 190,459 shares of our Series A Preferred Stock, in lieu of cash payment of the asset management fee for the second and third quarters of 2020.

(2)For the year ended December 31, 2020, we issued to the Administrator 11,273 shares of our Series A Preferred Stock, in lieu of cash as payment of the Base Service Fee for the first quarter of 2020.

(3)In addition, for the years ended December 31, 2020, 2019 and 2018, we deferred personnel costs of $136,000, $112,000 and $330,000, respectively, associated with services provided for originating loans.

(4)As of December 31, 2020, 2019 and 2018, $1.5 million, $621,000 and $200,000, respectively, was included in deferred costs as reimbursable expenses incurred pursuant to the Master Services Agreement and the then applicable dealer manager agreement with CCO Capital. These non-issuance specific costs are allocated against the gross proceeds from the sale of the Series A Preferred Stock and the Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering.

As of December 31, 2020 and 2019, due to related parties consisted of the following:


	December 31,
	2020		2019
	(in thousands)
Asset management fees	$	2,386	$	2,356
Property management fees and reimbursements	1,662		4,107
Expense reimbursements - corporate	647		1,673
Expense reimbursements - lending segment	690		1,029
Upfront dealer manager and trailing dealer manager fees	493		—
Non-issuance specific offering costs	668		169
Other amounts due to the CIM Management Entities and certain of its affiliates	160		97
Total due to related parties	$	6,706	$	9,431

Other

Our President, Jan F. Salit, retired effective as of September 16, 2020. We had an employment agreement with Mr. Salit which, under certain circumstances, provided for severance payment equal to the annual base salary paid to Mr Salit. In connection with his retirement, the Company entered into an agreement with Mr. Salit pursuant to which, among other things, Mr. Salit received a $450,000 payment, representing one year of his base salary, upon the satisfaction of certain conditions specified therein, including the execution of an agreement with the Company that contains, among other things, mutual release and non-disparagement provisions. Related to this payment, $287,000 was borne by the Company based on the time that Mr. Salit devoted to the Company relative to other matters relating to CIM Group. As of December 31, 2020, $287,000 was due to CIM Group for the Company’s portion of the payment.

On October 1, 2015, an affiliate of CIM Group entered into a five-year lease renewal with respect to a property owned by the Company, which lease was amended to a month-to-month term in February 2019 and was terminated in October 2020. For the years ended December 31, 2020, 2019 and 2018, we recorded rental and other property income related to this tenant of $87,000, $112,000 and $108,000, respectively.

On May 15, 2019, CIM Group entered into an approximately 11-year lease for approximately 32,000 rentable square feet with respect to a property owned by the Company. The lease was amended on August 7, 2019 to reduce the rentable square feet to approximately 30,000 rentable square feet. For the years ended December 31, 2020, 2019 and 2018, we recorded rental and other property income related to this tenant of $1.5 million, $932,000 and $0, respectively.

In October 2019, our Administrator acquired 2,468,390 shares of our Common Stock, representing approximately 16.9% of the outstanding shares of our Common Stock at such time, for $19.1685 per share from an affiliate of CIM Group in a private transaction.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Loan Commitments—Commitments to extend credit are agreements to lend to a customer provided the terms established in the contract are met. Our outstanding commitments to fund loans were $34.1 million as of December 31, 2020, the majority of which are for prime-based loans to be originated by our subsidiary engaged in SBA 7(a) Small Business Loan Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. General—In connection with the ownership and operation of real estate properties, we have certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. CIM Commercial had a total of $7.6 million in future obligations under leases to fund tenant improvements and other future construction obligations as of December 31, 2020. As of December 31, 2020, $2.8 million was funded to reserve accounts included in restricted cash on our consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreement entered into in June 2016. Employment Agreements—We have an employment agreement with one of our officers. Under certain circumstances, this employment agreement provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officer. Litigation—We are not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, are any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business. In the normal course of business, we are periodically party to certain legal actions and proceedings involving matters that are generally incidental to our business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management’s opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock. In September 2018, we filed a lawsuit against the City and County of San Francisco seeking a refund of the $11.8 million in penalties, interest and legal fees paid by us for real property transfer tax allegedly due for a transaction in a prior year. We disputed that such penalties, interest and legal fees were payable but, in order to contest the asserted tax obligations, we had to pay such amounts to the City and County of San Francisco in August 2017. We have been vigorously pursuing this litigation and intend to continue to do so. A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. While it is possible that a loss may be incurred, we are unable to estimate a range of potential losses due to the complexity and current status of the lawsuit. However, we maintain insurance coverage to mitigate the impact of adverse exposures in lawsuits of this nature and do not expect this lawsuit to have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock. SBA Related—If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the PPP or the SBA 7(a) Small Business Loan Program, the SBA may seek recovery of the principal loss related to the deficiency from us. With respect to the guaranteed portion of SBA loans that have been sold, the SBA will first honor its guarantee and then seek compensation from us in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, we do not expect that this contingency is probable to be asserted. However, if asserted, it could have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock. Environmental Matters—In connection with the ownership and operation of real estate properties, we may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. We have not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and we are not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions on our Common Stock or Preferred Stock.

LEASES

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

15. LEASES

Future minimum rental revenue under long-term operating leases as of December 31, 2020, excluding tenant reimbursements of certain costs, are as follows:


Years Ending December 31,	Total
	(in thousands)
2021	$	43,933
2022	42,341
2023	38,188
2024	36,499
2025	21,009
Thereafter	39,063
	$	221,033

The Company determined that there was one office lease for our lending segment where the Company was the lessee that was material to the consolidated balance sheet. Based on our assessment, the lease was classified as an operating lease and the Company recorded approximately $362,000 as a right-of-use asset in loan servicing asset, net and other assets and lease liability in other liabilities on the consolidated balance sheet on the effective date of January 1, 2019, which matured as of June 30, 2020. As of December 31, 2020 and 2019, the right-of-use asset and lease liability balance were approximately $0 and $106,000, respectively.

LEASES

15. LEASES

Future minimum rental revenue under long-term operating leases as of December 31, 2020, excluding tenant reimbursements of certain costs, are as follows:


Years Ending December 31,	Total
	(in thousands)
2021	$	43,933
2022	42,341
2023	38,188
2024	36,499
2025	21,009
Thereafter	39,063
	$	221,033

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

16. INCOME TAXES

We have elected to be taxed as a REIT under the Code. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our taxable income to

our stockholders. As a REIT, we generally will not be subject to corporate level federal income tax on net income that is currently distributed to stockholders.

We have wholly-owned TRS’s which are subject to federal and state income taxes. The income generated from the TRS’s is taxed at normal corporate rates.

The provision for income taxes results in effective tax rates that differ from federal and state statutory rates. A reconciliation of the provision for income tax attributable to the TRSs’ income from continuing operations computed at federal statutory rates to the income tax provision reported in the financial statements is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
(Loss) income from continuing operations before income taxes for TRSs	$	(7,995)	$	4,414	$	4,962

Expected federal income tax (benefit) provision	$	(1,679)	$	927	$	1,042
State income taxes	(1,562)		21		35
Change in valuation allowance	2,605		—		—
Other	(86)		(66)		(152)
Income tax (benefit) provision	$	(722)	$	882	$	925

The components of our net deferred tax asset, which are included in other assets, are as follows:


	December 31,
	2020		2019
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,645	$	39
Secured borrowings—government guaranteed loans	96		132
Other	160		166
Total gross deferred tax assets	2,901		337
Valuation allowance	(2,643)		(38)
	258		299
Deferred tax liabilities:
Loans receivable	(67)		(210)

	(67)		(210)
Deferred tax asset, net	$	191	$	89

The net operating loss carryforwards as of December 31, 2020 and 2019 were generated by TRSs and are available to offset future taxable income of these TRSs.

The increase in the valuation allowance recorded in 2020 was $2.6 million.

The periods subject to examination for our federal and state income tax returns are 2017 through 2020. As of December 31, 2020 and 2019, no reserves for uncertain tax positions have been established and we do not anticipate any material changes in the amount of unrecognized tax benefits recorded to occur within the next 12 months.

The Tax Cuts and Jobs Act of 2017, signed into law in late December 2017, made sweeping changes to provisions of the Code applicable to businesses. The CARES Act, signed into law in March 2020, made additional changes to provisions on the Code applicable to the businesses. Management has reviewed these statutory changes and determined that the impact to our consolidated financial statements is not material.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

17. SEGMENT DISCLOSURE

In accordance with ASC Topic 280, Segment Reporting, our reportable segments during the years ended December 31, 2020, 2019 and 2018 consist of two types of commercial real estate properties, namely, office and hotel, as well as a segment for our lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. We also have certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in Note 2.

For our real estate segments, we define net operating income as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision (benefit) for income taxes. For our lending segment, we define net operating income as interest income net of interest expense and general overhead expenses.

The net operating income of our segments for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Office:
Revenues	$	55,468	$	86,948	$	147,811
Property expenses:
Operating	23,485		36,638		54,654
General and administrative	490		521		2,350
Total property expenses	23,975		37,159		57,004
Segment net operating income—office	31,493		49,789		90,807
Hotel:
Revenues	13,314		38,748		38,789
Property expenses:
Operating	14,059		26,290		25,263
General and administrative	64		134		32
Total property expenses	14,123		26,424		25,295
Segment net operating (loss) income—hotel	(809)		12,324		13,494
Lending:
Revenues	8,322		10,964		10,870
Lending expenses:
Interest expense	868		1,814		1,412
Expense reimbursements to related parties—lending segment	3,491		2,382		2,445
General and administrative	2,006		1,630		1,857
Total lending expenses	6,365		5,826		5,714
Segment net operating income—lending	1,957		5,138		5,156
Total segment net operating income	$	32,641	$	67,251	$	109,457

A reconciliation of our segment net operating income to net income attributable to the Company for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Total segment net operating income	$	32,641	$	67,251	$	109,457
Interest and other income	104		3,329		—
Asset management and other fees to related parties	(9,793)		(13,121)		(18,959)
Expense reimbursements to related parties—corporate	(2,243)		(2,800)		(3,047)
Interest expense	(10,547)		(10,361)		(25,482)
General and administrative	(4,212)		(4,069)		(4,928)
Transaction costs	—		(574)		(938)
Depreciation and amortization	(21,406)		(27,374)		(53,228)
Loss on early extinguishment of debt	(281)		(29,982)		(808)
Impairment of real estate	—		(69,000)		—
Gain on sale of real estate	—		433,104		—
(Loss) Income before provision for income taxes	(15,737)		346,403		2,067
Benefit (provision) for income taxes	722		(882)		(925)
Net (loss) income	(15,015)		345,521		1,142
Net (income) loss attributable to noncontrolling interests	(1)		152		(21)
Net (loss) income attributable to the Company	$	(15,016)	$	345,673	$	1,121

The condensed assets for each of the segments as of December 31, 2020 and 2019, along with capital expenditures and loan originations for the years ended December 31, 2020, 2019, and 2018 are as follows:


	December 31,
	2020		2019
	(in thousands)
Condensed assets:
Office (1)	$	472,544	$	460,951
Hotel	100,285		104,029
Lending	94,626		82,140
Non-segment assets	18,162		20,472
Total assets	$	685,617	$	667,592


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Capital expenditures (2):
Office (1)	$	8,514	$	16,006	$	12,669
Hotel	821		2,382		2,237
Total capital expenditures	9,335		18,388		14,906
Loan originations	53,524		39,592		74,234
Total capital expenditures and loan originations	$	62,859	$	57,980	$	89,140

(1)The December 31, 2018 balances include the assets of 260 Townsend Street, which was classified as held for sale on our consolidated balance sheet as of December 31, 2018 and sold in March 2019 (Note 3).

(2)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

18. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following is a summary of quarterly financial information for the year ended December 31, 2020:


	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(in thousands, except per share amounts)
2020
Revenues	$	25,535	$	16,510	$	17,334	$	17,829
Net loss	$	(1,256)	$	(4,041)	$	(5,330)	$	(4,388)
Net loss attributable to the Company	$	(1,260)	$	(4,043)	$	(5,323)	$	(4,390)
Net loss attributable to common stockholders	$	(6,787)	$	(8,141)	$	(9,678)	$	(8,861)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE (1)
Basic	$	(0.46)	$	(0.55)	$	(0.65)	$	(0.60)
Diluted	$	(0.46)	$	(0.55)	$	(0.65)	$	(0.60)

(1)EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.

The following is a summary of quarterly financial information for the year ended December 31, 2019:


	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(in thousands except per share amounts)
2019
Revenues	$	47,277	$	36,856	$	29,215	$	26,641
Net income (loss)	$	291,623	$	52,567	$	2,856	$	(1,525)
Net income (loss) attributable to the Company	$	291,797	$	52,566	$	2,848	$	(1,538)
Net income (loss) attributable to common stockholders	$	287,631	$	48,260	$	(1,622)	$	(11,573)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE (1) (2):
Basic	$	19.70	$	3.31	$	(0.11)	$	(0.79)
Diluted	$	18.90	$	3.20	$	(0.11)	$	(0.79)

(2)Amounts have been adjusted to give retroactive effect to the Reverse Stock Split.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS On January 21, 2021, we issued to the Operator an aggregate of 96,740 shares of our Series A Preferred Stock as payment, in lieu of cash, for $2.4 million of asset management fees owed to the Operator under the Investment Management Agreement in respect of the fourth fiscal quarter of the year ended December 31, 2020. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. It is likely that we will seek to pay some or part of the asset management fees for part of the year ending December 31, 2021 in shares of Series A Preferred Stock. On March 5, 2021, we declared a cash dividend of $0.075 per share of our Common Stock, to be paid on March 30, 2021 to stockholders of record at the close of business on March 15, 2021. On March 5, 2021, we declared a quarterly cash dividend of $0.34375 per share of CMCT's Series A Preferred Stock for the second quarter of 2021. The dividend will be payable as follows: $0.114583 per share to be paid on May 17, 2021 to Series A Preferred Stockholders of record on May 5, 2021; $0.114583 per share to be paid on June 15, 2021 to Series A Preferred Stockholders of record on June 5, 2021; and $0.114583 per share to be paid on July 15, 2021 to Series A Preferred Stockholders of record on July 5, 2021. For shares of Series A Preferred Stock issued during the second quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as applicable. On March 5, 2021, we declared a quarterly cash dividend of $0.353125 per share of CMCT’s Series D Preferred Stock for the second quarter of 2021. The dividend will be payable as follows: $0.117708 per share to be paid on May 17, 2021 to Series D Preferred Stockholders of record on May 5, 2021; $0.117708 per share to be paid on June 15, 2021 to Series D Preferred Stockholders of record on June 5, 2021; and $0.117708 per share to be paid on July 15, 2021 to Series D Preferred Stockholders of record on July 5, 2021. For shares of Series D Preferred Stock issued during the second quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as applicable.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2020

(in thousands)


				Initial Cost				Net Improvements (Write-Offs) Since Acquisition		Gross Amount at Which Carried (2)
Property Name, City and State	Encumbrances			Land		Building and Improvements				Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
3601 S Congress Avenue
Austin, TX			(1)	$	9,569	$	18,593	$	10,528	$	9,569	$	29,121	$	38,690	$	8,075	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	$	97,100		9,261		113,619		18,538		9,261		132,157		141,418		47,775		1970 / 2008	2008
2 Kaiser Plaza Parking Lot
Oakland, CA	—			10,931		110		3,120		10,931		3,230		14,161		32		N/A	2015
11600 Wilshire Boulevard
Los Angeles, CA			(1)	3,477		18,522		1,954		3,477		20,476		23,953		6,071		1955	2010
11620 Wilshire Boulevard
Los Angeles, CA			(1)	7,672		51,999		7,331		7,672		59,330		67,002		17,011		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			(1)	16,633		28,985		5,067		16,633		34,052		50,685		5,245		1984 / 2014	2014
Lindblade Media Center
Los Angeles, CA			(1)	6,342		11,568		(101)		6,342		11,467		17,809		1,832		1930 & 1957 / 2010	2014
1130 Howard Street
San Francisco, CA			(1)	8,290		10,480		131		8,290		10,611		18,901		966		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard
Los Angeles, CA			(1)	52,199		76,730		916		52,199		77,646		129,845		6,686		1959 / 2008	2018
1021 E 7th Street
Austin, TX	—			4,976		733		—		4,976		733		5,709		9		1972 / 2001	2020

Hotel
Sheraton Grand Hotel
Sacramento, CA			(1)	3,497		107,447		320		3,497		107,767		111,264		33,932		2001	2008
Sheraton Grand Hotel Parking & Retail
Sacramento, CA	—			6,550		10,996		222		6,550		11,218		17,768		3,531		2001	2008
	$	97,100		$	139,397	$	449,782	$	48,026	$	139,397	$	497,808	$	637,205	$	131,165

(1)These properties collateralize the revolving credit facility, which had a $166.5 million outstanding balance as of December 31, 2020.

(2)The aggregate gross cost of property included above for federal income tax purposes approximates $687.7 million (unaudited) as of December 31, 2020.

The following table reconciles our investments in real estate from January 1, 2018 to December 31, 2020:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	629,262	$	1,344,636	$	1,228,780

Additions:
Improvements	9,335		18,388		14,906
Property acquisitions	5,709		—		128,928
Deductions:
Assets held for sale	—		—		(24,832)
Asset sales	—		(659,849)		—
Impairment	—		(69,000)		—
Retirements	(7,101)		(4,913)		(3,146)
Balance, end of period	$	637,205	$	629,262	$	1,344,636

The following table reconciles the accumulated depreciation from January 1, 2018 to December 31, 2020:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(120,555)	$	(303,699)	$	(271,055)

Additions: depreciation	(17,711)		(22,209)		(43,499)
Deductions:
Assets held for sale	—		—		7,709
Asset sales	—		200,440		—
Retirements	7,101		4,913		3,146
Balance, end of period	$	(131,165)	$	(120,555)	$	(303,699)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2020

(dollars in thousands, except footnotes)


															Principal
															Amount of
															Loans Subject
Geographic	Number								Final			Carrying			to Delinquent
Dispersion of	of	Size of Loans							Maturity			Amount of			Principal or
Collateral	Loans	From		To		Interest Rate			Date Range			Mortgages (1)			“Interest”

SBA 7(a) Loans - States 2% or greater (2) (3):
Indiana	16	$	100	$	990	4.75%	to	6.00%	05/14/36	—	12/22/45	$	8,368		$	—
Texas	23	$	10	$	1,000	4.13%	to	6.00%	06/19/21	—	10/24/44	7,885			—
Ohio	20	$	90	$	740	4.75%	to	6.00%	03/26/37	—	09/25/45	6,941			—
Michigan	17	$	10	$	990	4.75%	to	6.00%	10/10/33	—	12/22/45	5,308			—
Florida	9	$	60	$	1,090	5.00%	to	6.00%	06/29/32	—	01/26/44	3,758			—
Pennsylvania	4	$	310	$	740	5.00%	to	6.00%	03/05/40	—	11/29/43	2,174			—
Illinois	8	$	50	$	540	5.00%	to	6.00%	09/17/35	—	09/21/45	1,959			—
North Carolina	5	$	70	$	620	5.25%	to	6.00%	09/08/32	—	08/28/45	1,651			—
Colorado	5	$	60	$	540	4.75%	to	6.00%	01/21/36	—	09/15/45	1,629			—
Louisiana	4	$	110	$	600	5.00%	to	6.00%	11/17/41	—	05/21/44	1,525			—
Kentucky	6	$	90	$	420	5.00%	to	6.00%	04/09/35	—	09/22/45	1,487			—
Alabama	6	$	30	$	490	5.00%	to	5.75%	07/27/25	—	12/16/45	1,467			—
South Carolina	4	$	280	$	400	5.00%	to	6.00%	11/06/40	—	07/30/44	1,337			—
Georgia	5	$	120	$	360	5.25%	to	6.00%	12/28/34	—	09/22/45	1,226			—
Virginia	4	$	200	$	470	5.25%	to	6.00%	07/20/37	—	12/27/44	1,202			—
Mississippi	4	$	140	$	510	5.25%	to	6.00%	08/31/29	—	08/31/43	1,175			—
Other (4)	34	$	10	$	890	4.75%	to	6.00%	03/29/22	—	09/25/45	8,315			152
Government guaranteed portions (5)												4,009			—
SBA 7(a) loans, subject to secured borrowings (6)												8,458			—
Paycheck Protection Program loans, net (7)												14,089			—
General reserves												(828)			—
	174											$	83,135	(8)	$	152

(1)Excludes general reserves of $828,000 since not specifically identified.

(2)Includes $1.1 million of loans with subordinate lien positions.

(3)Interest rates are variable at spreads over the prime rate unless otherwise noted.

(4)Includes a loan with a retained face value of $152,000, a valuation reserve of $57,000 and a fixed interest rate of 6.00%.

(5)Represents the government guaranteed portions of our SBA 7(a) loans detailed above retained by us. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful.

(6)Represents the guaranteed portion of SBA 7(a) loans which were sold with the proceeds received from the sale reflected as secured borrowings. For Federal income tax purposes, these proceeds are treated as sales and reduce the carrying value of loans receivable.

(7)PPP loans are 100% guaranteed. As there is no risk of loss to us related to these loans, the geographic information is not presented as it is not meaningful. Face value of these loans is $14.5 million.

(8)For Federal income tax purposes, the aggregate cost basis of our loans was approximately $74.4 million (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2020

(in thousands)


	Year Ended December 31,
	2020		2019		2018
Balance, beginning of period	$	68,079	$	83,248	$	81,056

Additions during period:
New loans	53,524		39,592		74,234
Other - deferral for collection of commitment fees, net of costs	382		802		1,587
Other - accretion of loan fees and discounts	933		1,303		1,026

Deductions during period:
Collections of principal	(11,580)		(13,886)		(16,468)
Foreclosures	(174)		(241)		—
Cost of mortgages sold, net	(27,609)		(42,663)		(57,947)
Other - reclassification from secured borrowings	—		—		—
Other - bad debt expense	(420)		(76)		(240)
Balance, end of period	$	83,135	$	68,079	$	83,248

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Basis of Presentation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Principles of Consolidation

Principles of Consolidation—The consolidated financial statements include the accounts of CIM Commercial and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, we analyze our investments in real estate in accordance with this accounting standard to determine whether they are variable interest entities (“VIEs”), and if so, whether we are the primary beneficiary. Our judgment with respect to our level of influence or control over an entity and whether we are the primary beneficiary of a VIE involves consideration of various factors, including the form of our ownership interest, our voting interest, the size of our investment (including loans), and our ability to participate in major policy-making decisions. Our ability to correctly assess our influence or control over an entity affects the presentation of these investments in real estate on our consolidated financial statements. As of December 31, 2020, the Company determined that the trust formed for the benefit of the note holders (the “Trust”) for the securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable is considered a VIE. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 810, Consolidation, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits.

Investments in Real Estate

Investments in Real Estate—Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents include short-term liquid investments with initial maturities of three months or less.

Restricted Cash

Loans Receivable

Loan Loss Reserves

Deferred Rent Receivable and Charges

Noncontrolling Interests

Noncontrolling Interests—Noncontrolling interests represent the interests in various properties owned by third parties.

Redeemable Preferred Stock

Purchase Accounting for Acquisition of Investments in Real Estate

Revenue Recognition

Revenue from leasing activities

For the years ended December 31, 2020, 2019 and 2018, we recognized rental income as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	50,245	$	80,205	$	136,145
Variable lease payments (2)	4,578		8,126		10,950
Rental and other property income	$	54,823	$	88,331	$	147,095

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from our operating leases.

Revenue from lending activities

Revenue from hotel activities

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

At inception of these contracts with customers for hotel revenues, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Hotel properties
Hotel income	$	11,882	$	35,633	$	35,672
Rental and other property income	1,353		2,947		2,922

Interest and other income	79		168		195
Hotel revenues	$	13,314	$	38,748	$	38,789

Tenant recoveries outside of the lease agreements

Premiums and Discounts on Debt

Stock-Based Compensation Plans

Earnings per Share ("EPS")

Distributions

Assets Held for Sale and Discontinued Operations

Derivative Financial Instruments

Income Taxes

Use of Estimates

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

Reclassifications—Certain prior period amounts have been reclassified to conform with the current period presentation.

Concentration of Credit Risk

Segment Information

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

Level 1 Inputs—Quoted prices in active markets for identical assets or liabilities

Level 2 Inputs—Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs—Unobservable inputs

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Estimated Useful Lives of Real Estate Investment Assets

Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:


Buildings and improvements			15 - 40 years
Furniture, fixtures, and equipment			3 - 5 years
Tenant improvements			Lesser of useful life or lease term

Schedule of Deferred Rent Receivables and Charges, Net

As of December 31, 2020 and 2019, deferred rent receivable and charges, net consist of the following:


	December 31, 2020		December 31, 2019
	(in thousands)
Deferred rent receivable	$	20,470	$	19,988
Deferred leasing costs, net of accumulated amortization of $7,742 and $7,438, respectively	8,950		9,443
Deferred offering costs	6,046		5,275
Other deferred costs	490		151
Deferred rent receivable and charges, net	$	35,956	$	34,857

Schedule of Recognized Rental Income

For the years ended December 31, 2020, 2019 and 2018, we recognized rental income as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	50,245	$	80,205	$	136,145
Variable lease payments (2)	4,578		8,126		10,950
Rental and other property income	$	54,823	$	88,331	$	147,095

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from our operating leases.

Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Hotel properties
Hotel income	$	11,882	$	35,633	$	35,672
Rental and other property income	1,353		2,947		2,922

Interest and other income	79		168		195
Hotel revenues	$	13,314	$	38,748	$	38,789

Reclassifications

The reclassifications have been made to the consolidated statements of operations and the consolidated statements of cash flows for the years ended December 31, 2019 and 2018 as follows:


	Year ended December 31, 2019						Year ended December 31, 2018
	As previously reported		Reclassification		As Revised		As previously reported		Reclassification		As Revised
Consolidated Statements of Operations
Asset management and other fees to related parties	$	18,303	$	(5,182)	$	13,121	$	24,451	$	(5,492)	$	18,959
Expense reimbursements to related parties—corporate	$	—	$	2,800	$	2,800	$	—	$	3,047	$	3,047
Expense reimbursements to related parties—lending segment	$	—	$	2,382	$	2,382	$	—	$	2,445	$	2,445
Consolidated Statements of Cash Flows
Depreciation and amortization, net	$	27,374	$	(766)	$	26,608	$	53,228	$	(998)	$	52,230
Straight-line rent, below-market ground lease and amortization of intangible assets	$	—	$	—	$	—	$	(18)	$	18	$	—
Deferred rent and amortization of intangible assets, liabilities and lease inducements	$	(2,727)	$	2,727	$	—	$	(3,636)	$	3,636	$	—
Other assets	$	2,980	$	(1,961)	$	1,019	$	(1,421)	$	(2,656)	$	(4,077)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	$	(135,500)	$	(57,487)	$	(192,987)	$	(220,000)	$	33,769	$	(186,231)
Payment of mortgages payable	$	(46,000)	$	46,000	$	—	$	—	$	—	$	—
Proceeds from SBA 7(a) loan-backed notes	$	—	$	—	$	—	$	38,200	$	(38,200)	$	—
Payment of principal on SBA 7(a) loan-backed notes	$	(11,487)	$	11,487	$	—	$	(4,431)	$	4,431	$	—
Payment of deferred costs	$	(389)	$	(34)	$	(423)	$	(235)	$	(4,234)	$	(4,469)
Payment of deferred loan costs	$	(34)	$	34	$	—	$	(4,234)	$	4,234	$	—
Payment of common dividends	$	(13,140)	$	(1)	$	(13,141)	$	(21,895)	$	—	$	(21,895)
Retirement of fractional shares of Common Stock	$	(1)	$	1	$	—	$	—	$	—	$	—
Additions to deferred loan costs included in accounts payable and accrued expenses	$	—	$	—	$	—	$	32	$	(32)	$	—
Accrued deferred costs	$	35	$	—	$	35	$	174	$	32	$	206
Preferred stock offering costs offset against redeemable preferred stock	$	347	$	3	$	350	$	229	$	—	$	229
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	$	3	$	(3)	$	—	$	—	$	—	$	—

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following:


	December 31,
	2020		2019
	(in thousands)
Land	$	139,397	$	134,421
Land improvements	2,611		2,713
Buildings and improvements	450,741		438,349
Furniture, fixtures, and equipment	4,969		4,628
Tenant improvements	31,414		35,667
Work in progress	8,073		13,484
Investments in real estate	637,205		629,262
Accumulated depreciation	(131,165)		(120,555)
Net investments in real estate	$	506,040	$	508,707

Schedule of Asset Acquisitions

During the year ended December 31, 2020, we acquired a 100% fee-simple interest in the following property from an unrelated third-party.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

1021 East 7th Street, Austin, TX

Office

November 30, 2020

11,180

6,079

(1)Transaction costs that were capitalized in connection with the acquisition of this property totaled $51,000, which are not included in the purchase price above.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

9460 Wilshire Boulevard, Beverly Hills, CA

Office

January 18, 2018

91,750

132,000

Schedule of Assets Sold


Property	Asset Type	Date of Sale	Square Feet	Sales Price		Transaction Costs		Gain on Sale
				(in thousands)
March Oakland Properties, Oakland, CA (1)	Office / Parking Garage	March 1, 2019	975,596	$	512,016	$	8,971	$	289,779
830 1st Street, Washington, D.C.	Office	March 1, 2019	247,337	116,550		2,438		45,710
260 Townsend Street, San Francisco, CA	Office	March 14, 2019	66,682	66,000		2,539		42,092
1333 Broadway, Oakland, CA	Office	May 16, 2019	254,523	115,430		658		55,221
Union Square Properties, Washington, D.C. (2)	Office / Land	July 30, 2019	630,650	181,000		3,744		302
				$	990,996	$	18,350	$	433,104

(1)The “March Oakland Properties” consist of 1901 Harrison Street, 2100 Franklin Street, 2101 Webster Street, and 2353 Webster Street Parking Garage.

Schedule of the Fair Value of the Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Land	$	4,976	$	—	$	52,199
Land improvements	9		—		756
Buildings and improvements	534		—		74,522
Tenant improvements	190		—		1,451
Acquired in-place leases (1)	408		—		7,003
Acquired above-market leases (2)	18		—		109
Acquired below-market leases (3)	(5)		—		(3,992)
Net assets acquired	$	6,130	$	—	$	132,048

(1)Acquired in-place leases have a weighted average amortization period of 3 years for both the 2020 and 2018 acquisitions.

(2)Acquired above-market leases have a weighted average amortization period of 3 years and 2 years for the 2020 and 2018 acquisitions, respectively.

(3)Acquired below-market leases have a weighted average amortization period of 3 years for both the 2020 and 2018 acquisitions.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following:


	December 31,
	2020		2019
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	32,226	$	25,689
SBA 7(a) loans receivable, subject to loan-backed notes	23,631		27,598
SBA 7(a) loans receivable, Paycheck Protection Program	14,484		—
SBA 7(a) loans receivable, subject to secured borrowings	8,786		12,644
SBA 7(a) loans receivable, held for sale	4,009		1,601
Loans receivable	83,136		67,532
Deferred capitalized costs, net	884		1,145
Loan loss reserves	(885)		(598)
Loans receivable, net	$	83,135	$	68,079

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2020 and 2019, is as follows:


	As of December 31,
	2020		2019
	(in thousands)
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $9,228 and $9,382, respectively, both with an average useful life of 8 years	$	3,316	$	4,271
Acquired above-market leases, net of accumulated amortization of $15 and $42, respectively, with an average useful life of 6 and 5 years, respectively	40		32
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	6,313	$	7,260
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,786 and $2,239, respectively, both with an average useful life of 4 years	$	587	$	1,282

Schedule of Finite-Lived Intangible Assets

During the years ended December 31, 2020, 2019 and 2018, we recognized amortization related to our intangible assets and liabilities as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Acquired above-market lease amortization	$	10	$	63	$	51
Acquired in-place lease amortization	$	1,364	$	2,112	$	3,691
Acquired below-market lease amortization	$	700	$	1,590	$	2,190

Schedule of Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities

A schedule of future amortization and accretion of acquisition-related intangible assets and liabilities as of December 31, 2020, is as follows:


	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2021	$	12	$	1,049	$	(349)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	40	$	3,316	$	(587)

DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of December 31, 2020 and 2019, and the debt activity for the year ended December 31, 2020 (in thousands):


			During the Year Ended December 31, 2020
	Balances as of December 31, 2019		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of December 31, 2020
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(174)		—		—		27		(147)
Total Mortgage Payable	96,926		—		—		27		96,953
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	12,152		—		(3,695)		—		8,457
Unamortized premiums	629		—		—		(172)		457
Total Secured Borrowings—Government Guaranteed Loans	12,781		—		(3,695)		(172)		8,914
Other Debt:
2018 revolving credit facility	153,000		61,500		(48,000)		—		166,500
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	22,282		—		(8,052)		—		14,230
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	—		16,016		(1,532)		—		14,484
Deferred loan costs — other debt (1)	(2,867)		(734)		281		1,165		(2,155)
Discount on junior subordinated notes	(1,771)		—		—		88		(1,683)
Total Other Debt	197,714		76,782		(57,303)		1,253		218,446
Total Debt, Net	$	307,421	$	76,782	$	(60,998)	$	1,108	$	324,313

(1)In connection with unamortized loan costs related to a debt modification, the Company recognized a loss on extinguishment of debt of $281,000 during the year ended December 31, 2020.

Future Principal Payments on Debt

Future principal payments on our debt (face value) as of December 31, 2020 are as follows:


Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2021	$	—	$	583	$	—	$	1,692	$	2,275
2022	—		441		166,500		7,735		174,676
2023	—		455		—		8,498		8,953
2024	—		468		—		1,058		1,526
2025	—		483		—		662		1,145
Thereafter	97,100		6,027		—		36,139		139,266
	$	97,100	$	8,457	$	166,500	$	55,784	$	327,841

(2)Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and borrowed funds from the Federal Reserve through the PPPLF.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Restricted Shares and the Changes During the Year

A summary of the Company’s restricted shares as of December 31, 2020, 2019 and 2018 and the changes during the years ended is as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share (1)
Balance, January 1, 2018	3,195	$	46.95
Granted	3,378	$	44.40
Vested	(3,195)	$	46.95
Balance, December 31, 2018	3,378	$	44.40
Granted	3,880	$	56.66
Vested	(3,378)	$	44.40
Balance, December 31, 2019	3,880	$	56.66
Granted	21,912	$	10.04
Vested	(3,880)	$	56.66
Balance, December 31, 2020	21,912	$	10.04

(1)Amounts have been adjusted to give retroactive effect to the Reverse Stock Split.

EARNINGS PER SHARE (''EPS'') (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share


	Year Ended December 31,
	2020		2019		2018
	(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	$	(33,467)	$	322,696	$	(14,298)
Redeemable preferred stock dividends declared on dilutive shares	(1)		2,804		—
Diluted net (loss) income attributable to common stockholders	$	(33,468)	$	325,500	$	(14,298)

Denominator:
Basic weighted average shares of Common Stock outstanding	14,748		14,598		14,597
Effect of dilutive securities—contingently issuable shares	—		1,895		—
Diluted weighted average shares and common stock equivalents outstanding	14,748		16,493		14,597

Net (loss) income attributable to common stockholders per share:
Basic	$	(2.27)	$	22.11	$	(0.98)
Diluted	$	(2.27)	$	19.74	$	(0.98)

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity



	Preferred Stock
		Series A			Series D			Series L			Total
		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balances, December 31, 2017		60,592	$	1,508	—	$	—	8,080,740	$	229,251	8,141,332	$	230,759






Reclassification of Series A Preferred Stock to permanent equity		1,223,032	30,403		—	—		—	—		1,223,032	30,403
Redemption of Series A Preferred Stock		(1,820)	(45)		—	—		—	—		(1,820)	(45)


Balances, December 31, 2018		1,281,804	$	31,866	—	$	—	8,080,740	$	229,251	9,362,544	$	261,117











Repurchase of Series L Preferred Stock		—	—		—	—		(2,693,580)	(76,417)		(2,693,580)	(76,417)
Reclassification of Series A Preferred Stock to permanent equity		1,561,746	38,927		—	—		—	—		1,561,746	38,927
Redemption of Series A Preferred Stock		(6,456)	(160)		—	—		—	—		(6,456)	(160)


Balances, December 31, 2019		2,837,094	$	70,633	—	$	—	5,387,160	$	152,834	8,224,254	$	223,467







Issuance of Series D Preferred Stock		—	—		19,145	473		—	—		19,145	473


Reclassification of Series A Preferred Stock to permanent equity		1,570,421	38,837		—	—		—	—		1,570,421	38,837

Redemption of Series A Preferred Stock		(29,753)	(741)		—	—		—	—		(29,753)	(741)

Balances, December 31, 2020		4,377,762	$	108,729	19,145	$	473	5,387,160	$	152,834	9,784,067	$	262,036

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Paid

Cash dividends per share of Common Stock paid in respect of the years ended December 31, 2020 and 2019 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

December 2, 2020

December 29, 2020

Regular Quarterly

0.075

September 2, 2020

September 29, 2020

Regular Quarterly

0.075

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

December 3, 2019

December 27, 2019

Regular Quarterly

0.075

August 8, 2019

September 18, 2019

Regular Quarterly

0.075

August 8, 2019

August 30, 2019

Special Cash

42.000

June 4, 2019

June 27, 2019

Regular Quarterly

0.375

February 20, 2019

March 25, 2019

Regular Quarterly

0.375

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Changes in the Balance of Each Component of AOCI Related to Our Cash Flow Hedges

The changes in the balance of each component of AOCI related to our interest rate swaps designated as cash flow hedges are as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Accumulated other comprehensive income (loss), at beginning of period	$	—	$	1,806	$	1,631
Other comprehensive income before reclassifications	—		—		1,973
Amounts reclassified (to) from accumulated other comprehensive income (loss) (1)	—		(1,806)		(1,798)
Net current period other comprehensive income (loss)	—		(1,806)		175
Accumulated other comprehensive income, at end of period	$	—	$	—	$	1,806

(1)The amounts from AOCI were reclassified as a (decrease) increase to interest expense in our consolidated statements of operations.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable:


	Year Ended December 31,
	2020		2019
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	6.50% - 8.25%	4.00% - 17.50%	5.25% - 7.75%	9.85% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.50% - 8.00%	4.88% - 17.50%	5.25% - 7.25%	13.41% - 16.80%
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	6.75% - 7.50%	11.77% - 16.80%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	N/A	N/A

Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis

The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on our consolidated balance sheets are as follows:


	December 31, 2020				December 31, 2019
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, paycheck protection program	$	14,089	$	14,484	$	—	$	—	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	23,606	$	24,850	$	27,595	$	30,076	3
SBA 7(a) loans receivable, subject to credit risk	$	32,509	$	32,397	$	26,149	$	28,041	3
SBA 7(a) loans receivable, subject to secured borrowings	$	8,822	$	8,914	$	12,682	$	12,780	3
SBA 7(a) loans receivable, held for sale	$	4,109	$	4,527	$	1,653	$	1,753	3
Liabilities:
Mortgage payable (1)	$	97,100	$	100,799	$	97,100	$	99,764	3
Junior subordinated notes (1)	$	27,070	$	24,236	$	27,070	$	24,406	3

(1)The carrying amounts for the mortgage payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred loan costs and discounts.

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Asset Management Fees Calculation

The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban’s assets:


Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage
(in thousands)
$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

Schedule of Related Party Transactions

The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	9,511	$	12,019	$	17,880
Property Management Fees and Reimbursements:
Property management fees	$	1,670	$	2,562	$	4,365
Onsite management and other cost reimbursement	$	3,356	$	5,852	$	6,065
Leasing commissions	$	112	$	658	$	1,548
Construction management fees	$	344	$	525	$	580
Administrative Fees and Expenses:
Base service fee (2)	$	282	$	1,102	$	1,079
Expense reimbursements to related parties - corporate	$	2,243	$	2,577	$	2,783
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (3)	$	3,491	$	2,382	$	2,445
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees	$	1,149	$	1,121	$	—
Non-issuance specific offering costs (4)	$	99	$	—	$	—

As of December 31, 2020 and 2019, due to related parties consisted of the following:


	December 31,
	2020		2019
	(in thousands)
Asset management fees	$	2,386	$	2,356
Property management fees and reimbursements	1,662		4,107
Expense reimbursements - corporate	647		1,673
Expense reimbursements - lending segment	690		1,029
Upfront dealer manager and trailing dealer manager fees	493		—
Non-issuance specific offering costs	668		169
Other amounts due to the CIM Management Entities and certain of its affiliates	160		97
Total due to related parties	$	6,706	$	9,431

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Future Minimum Rental Revenue Under Long-Term Operating Leases

Future minimum rental revenue under long-term operating leases as of December 31, 2020, excluding tenant reimbursements of certain costs, are as follows:


Years Ending December 31,	Total
	(in thousands)
2021	$	43,933
2022	42,341
2023	38,188
2024	36,499
2025	21,009
Thereafter	39,063
	$	221,033

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliation of Net Income to REIT Taxable Income

A reconciliation of the provision for income tax attributable to the TRSs’ income from continuing operations computed at federal statutory rates to the income tax provision reported in the financial statements is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
(Loss) income from continuing operations before income taxes for TRSs	$	(7,995)	$	4,414	$	4,962

Expected federal income tax (benefit) provision	$	(1,679)	$	927	$	1,042
State income taxes	(1,562)		21		35
Change in valuation allowance	2,605		—		—
Other	(86)		(66)		(152)
Income tax (benefit) provision	$	(722)	$	882	$	925

Schedule of Components of Net Deferred Tax Asset

The components of our net deferred tax asset, which are included in other assets, are as follows:


	December 31,
	2020		2019
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,645	$	39
Secured borrowings—government guaranteed loans	96		132
Other	160		166
Total gross deferred tax assets	2,901		337
Valuation allowance	(2,643)		(38)
	258		299
Deferred tax liabilities:
Loans receivable	(67)		(210)

	(67)		(210)
Deferred tax asset, net	$	191	$	89

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Net Operating Income of Reportable Segments

The net operating income of our segments for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Office:
Revenues	$	55,468	$	86,948	$	147,811
Property expenses:
Operating	23,485		36,638		54,654
General and administrative	490		521		2,350
Total property expenses	23,975		37,159		57,004
Segment net operating income—office	31,493		49,789		90,807
Hotel:
Revenues	13,314		38,748		38,789
Property expenses:
Operating	14,059		26,290		25,263
General and administrative	64		134		32
Total property expenses	14,123		26,424		25,295
Segment net operating (loss) income—hotel	(809)		12,324		13,494
Lending:
Revenues	8,322		10,964		10,870
Lending expenses:
Interest expense	868		1,814		1,412
Expense reimbursements to related parties—lending segment	3,491		2,382		2,445
General and administrative	2,006		1,630		1,857
Total lending expenses	6,365		5,826		5,714
Segment net operating income—lending	1,957		5,138		5,156
Total segment net operating income	$	32,641	$	67,251	$	109,457

Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company

A reconciliation of our segment net operating income to net income attributable to the Company for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Total segment net operating income	$	32,641	$	67,251	$	109,457
Interest and other income	104		3,329		—
Asset management and other fees to related parties	(9,793)		(13,121)		(18,959)
Expense reimbursements to related parties—corporate	(2,243)		(2,800)		(3,047)
Interest expense	(10,547)		(10,361)		(25,482)
General and administrative	(4,212)		(4,069)		(4,928)
Transaction costs	—		(574)		(938)
Depreciation and amortization	(21,406)		(27,374)		(53,228)
Loss on early extinguishment of debt	(281)		(29,982)		(808)
Impairment of real estate	—		(69,000)		—
Gain on sale of real estate	—		433,104		—
(Loss) Income before provision for income taxes	(15,737)		346,403		2,067
Benefit (provision) for income taxes	722		(882)		(925)
Net (loss) income	(15,015)		345,521		1,142
Net (income) loss attributable to noncontrolling interests	(1)		152		(21)
Net (loss) income attributable to the Company	$	(15,016)	$	345,673	$	1,121

Schedule of Segment Condensed Assets


	December 31,
	2020		2019
	(in thousands)
Condensed assets:
Office (1)	$	472,544	$	460,951
Hotel	100,285		104,029
Lending	94,626		82,140
Non-segment assets	18,162		20,472
Total assets	$	685,617	$	667,592

Schedule of Capital Expenditures and Loan Originations


	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Capital expenditures (2):
Office (1)	$	8,514	$	16,006	$	12,669
Hotel	821		2,382		2,237
Total capital expenditures	9,335		18,388		14,906
Loan originations	53,524		39,592		74,234
Total capital expenditures and loan originations	$	62,859	$	57,980	$	89,140

(2)Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information

The following is a summary of quarterly financial information for the year ended December 31, 2020:


	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(in thousands, except per share amounts)
2020
Revenues	$	25,535	$	16,510	$	17,334	$	17,829
Net loss	$	(1,256)	$	(4,041)	$	(5,330)	$	(4,388)
Net loss attributable to the Company	$	(1,260)	$	(4,043)	$	(5,323)	$	(4,390)
Net loss attributable to common stockholders	$	(6,787)	$	(8,141)	$	(9,678)	$	(8,861)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE (1)
Basic	$	(0.46)	$	(0.55)	$	(0.65)	$	(0.60)
Diluted	$	(0.46)	$	(0.55)	$	(0.65)	$	(0.60)

The following is a summary of quarterly financial information for the year ended December 31, 2019:


	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(in thousands except per share amounts)
2019
Revenues	$	47,277	$	36,856	$	29,215	$	26,641
Net income (loss)	$	291,623	$	52,567	$	2,856	$	(1,525)
Net income (loss) attributable to the Company	$	291,797	$	52,566	$	2,848	$	(1,538)
Net income (loss) attributable to common stockholders	$	287,631	$	48,260	$	(1,622)	$	(11,573)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE (1) (2):
Basic	$	19.70	$	3.31	$	(0.11)	$	(0.79)
Diluted	$	18.90	$	3.20	$	(0.11)	$	(0.79)

(2)Amounts have been adjusted to give retroactive effect to the Reverse Stock Split.

ORGANIZATION AND OPERATIONS (Details)	Sep. 03, 2019 $ / shares	Dec. 31, 2020 $ / shares shares	Jun. 29, 2020 $ / shares	Jun. 28, 2020 $ / shares	Feb. 29, 2020 $ / shares	Jan. 31, 2020 shares	Dec. 31, 2019 $ / shares shares	Nov. 21, 2017 $ / shares
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.003	$ 0.001					$ 0.001
Common stock, shares authorized (in shares) \| shares		900,000,000					900,000,000
Preferred stock, shares authorized (in shares) \| shares		100,000,000
Reverse stock split ratio, common stock	0.3333
Registration Statement
Class of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares) \| shares		0.25				0.25
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001					$ 0.001
Preferred stock, liquidation preference per share (in usd per share)		28.37					28.37
Series L Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)								$ 28.37
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		0.001					0.001
Preferred stock, liquidation preference per share (in usd per share)		25.00					25.00
Series A Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		0.001
Preferred stock, stated value (in usd per share)		25.00
Series A Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)					$ 25.00
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		0.001			0.001		0.001
Preferred stock, liquidation preference per share (in usd per share)		$ 25.00			25.00		$ 25.00
Series D Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)			$ 24.50	$ 25.00	$ 25.00

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in Real Estate
Impairment of real estate	$ 0	$ 69,000	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized retained loan discounts	$ 7,800	$ 7,600
Loan receivable, nonaccrual, past due period (more than)	60 days
Impairment (recovery) on loans receivable	$ (16)	66	$ 147
Loan loss reserves	885	598
PMC Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition discounts	$ 492	$ 624

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Deferred rent receivable	$ 20,470	$ 19,988
Deferred leasing costs, net of accumulated amortization of $7,742 and $7,438, respectively	8,950	9,443
Deferred leasing costs, accumulated amortization	7,742	7,438
Deferred offering costs	6,046	5,275
Other deferred costs	490	151
Deferred rent receivable and charges, net	$ 35,956	$ 34,857

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease incentives	$ 4,000,000.0	$ 4,000,000.0
Lease incentives, accumulated amortization	2,400,000	2,000,000.0
Allowance for uncollectible accounts receivable	1,900,000	45,000
Tenant recoveries outside of lease agreements	0	$ 205,000	$ 399,000
Performance obligations	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recognized Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Fixed lease payments	$ 50,245	$ 80,205	$ 136,145
Variable lease payments	4,578	8,126	10,950
Rental and other property income	$ 54,823	$ 88,331	$ 147,095

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Hotel income									$ 11,882	$ 35,633	$ 35,672
Rental and other property income									54,823	88,331	147,095
Interest and other income									10,503	16,025	14,703
Total Revenues	$ 17,829	$ 17,334	$ 16,510	$ 25,535	$ 26,641	$ 29,215	$ 36,856	$ 47,277	77,208	139,989	197,470
Hotel
Disaggregation of Revenue [Line Items]
Hotel income									11,882	35,633	35,672
Rental and other property income									1,353	2,947	2,922
Interest and other income									79	168	195
Total Revenues									$ 13,314	$ 38,748	$ 38,789

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Operations
Asset management and other fees to related parties	$ 9,793	$ 13,121	$ 18,959
Consolidated Statements of Cash Flows
Depreciation and amortization	21,085	26,608	52,230
Straight-line rent, below-market ground lease and amortization of intangible assets		0	0
Deferred rent and amortization of intangible assets, liabilities and lease inducements		0	0
Other assets	1,233	1,019	(4,077)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(57,584)	(192,987)	(186,231)
Payment of mortgages payable		0	0
Proceeds from SBA 7(a) loan-backed notes		0	0
Payment of principal on SBA 7(a) loan-backed notes		0	0
Payment of deferred costs	(983)	(423)	(4,469)
Payment of deferred loan costs		0	0
Payment of common dividends	(4,431)	(13,141)	(21,895)
Retirement of fractional shares of Common Stock		0	0
Additions to deferred loan costs included in accounts payable and accrued expenses		0	0
Accrued deferred costs	125	35	206
Preferred stock offering costs offset against redeemable preferred stock	583	350	229
Preferred stock offering costs offset against redeemable preferred stock in permanent equity		0	0
Corporate, Non-Segment
Consolidated Statements of Operations
Expense reimbursements to related parties	2,243	2,800	3,047
Operating Segments
Consolidated Statements of Operations
Expense reimbursements to related parties	$ 3,491	2,382	2,445
As previously reported
Consolidated Statements of Operations
Asset management and other fees to related parties		18,303	24,451
Consolidated Statements of Cash Flows
Depreciation and amortization		27,374	53,228
Straight-line rent, below-market ground lease and amortization of intangible assets		0	(18)
Deferred rent and amortization of intangible assets, liabilities and lease inducements		(2,727)	(3,636)
Other assets		2,980	(1,421)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes		(135,500)	(220,000)
Payment of mortgages payable		(46,000)	0
Proceeds from SBA 7(a) loan-backed notes		0	38,200
Payment of principal on SBA 7(a) loan-backed notes		(11,487)	(4,431)
Payment of deferred costs		(389)	(235)
Payment of deferred loan costs		(34)	(4,234)
Payment of common dividends		(13,140)	(21,895)
Retirement of fractional shares of Common Stock		(1)	0
Additions to deferred loan costs included in accounts payable and accrued expenses		0	32
Accrued deferred costs		35	174
Preferred stock offering costs offset against redeemable preferred stock		347	229
Preferred stock offering costs offset against redeemable preferred stock in permanent equity		3	0
As previously reported \| Corporate, Non-Segment
Consolidated Statements of Operations
Expense reimbursements to related parties		0	0
As previously reported \| Operating Segments
Consolidated Statements of Operations
Expense reimbursements to related parties		0	0
Reclassification
Consolidated Statements of Operations
Asset management and other fees to related parties		(5,182)	(5,492)
Consolidated Statements of Cash Flows
Depreciation and amortization		(766)	(998)
Straight-line rent, below-market ground lease and amortization of intangible assets		0	18
Deferred rent and amortization of intangible assets, liabilities and lease inducements		2,727	3,636
Other assets		(1,961)	(2,656)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes		(57,487)	33,769
Payment of mortgages payable		46,000	0
Proceeds from SBA 7(a) loan-backed notes		0	(38,200)
Payment of principal on SBA 7(a) loan-backed notes		11,487	4,431
Payment of deferred costs		(34)	(4,234)
Payment of deferred loan costs		34	4,234
Payment of common dividends		(1)	0
Retirement of fractional shares of Common Stock		1	0
Additions to deferred loan costs included in accounts payable and accrued expenses		0	(32)
Accrued deferred costs		0	32
Preferred stock offering costs offset against redeemable preferred stock		3	0
Preferred stock offering costs offset against redeemable preferred stock in permanent equity		(3)	0
Reclassification \| Corporate, Non-Segment
Consolidated Statements of Operations
Expense reimbursements to related parties		2,800	3,047
Reclassification \| Operating Segments
Consolidated Statements of Operations
Expense reimbursements to related parties		$ 2,382	$ 2,445

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) - property	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of types of commercial real estate properties	2	2	2

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Land	$ 139,397	$ 134,421
Land improvements	2,611	2,713
Buildings and improvements	450,741	438,349
Furniture, fixtures, and equipment	4,969	4,628
Tenant improvements	31,414	35,667
Work in progress	8,073	13,484
Investments in real estate	637,205	629,262
Accumulated depreciation	(131,165)	(120,555)
Net investments in real estate	$ 506,040	$ 508,707

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) ft² property	Nov. 30, 2020 ft²
Business Acquisition [Line Items]
Depreciation expense \| $	$ 17.7	$ 22.2	$ 43.5
Number of property dispositions \| property	0		0
Number of property acquisitions \| property		0
Percentage of ownership sold		100.00%
Kaiser Foundation Health Plan, Inc. \| Revenues \| Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk, percent	30.00%
1021 East 7th Street, Austin, TX
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
Square feet				11,180
9460 Wilshire Boulevard, Beverly Hills, CA
Business Acquisition [Line Items]
Percentage of ownership acquired			100.00%
Square feet			91,750
9460 Wilshire Boulevard in Los Angeles, California - Office Space
Business Acquisition [Line Items]
Square feet			68,866
9460 Wilshire Boulevard in Los Angeles, California - Retail Space
Business Acquisition [Line Items]
Square feet			22,884

INVESTMENTS IN REAL ESTATE - Acquisitions (Details) $ in Thousands		12 Months Ended
	Nov. 30, 2020 USD ($) ft²	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($)
1021 East 7th Street, Austin, TX
Business Acquisition [Line Items]
Square Feet \| ft²	11,180
Purchase price	$ 6,079
Transaction costs, capitalized	$ 51
9460 Wilshire Boulevard, Beverly Hills, CA
Business Acquisition [Line Items]
Square Feet \| ft²		91,750
Purchase price		$ 132,000
Transaction costs, capitalized			$ 48
Escrow deposit			$ 20,000

INVESTMENTS IN REAL ESTATE - Dispositions (Details) $ in Thousands					12 Months Ended
	Jul. 30, 2019 USD ($) ft²	May 16, 2019 USD ($) ft²	Mar. 14, 2019 USD ($) ft²	Mar. 01, 2019 USD ($) ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					$ 0	$ 941,032	$ 0
Gain on Sale					0	433,104	0
Impairment of real estate					$ 0	69,000	$ 0
Extinguishment of noncontrolling interests as a result of the sale						113
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price						990,996
Transaction Costs						18,350
Gain on Sale						$ 433,104
March Oakland Properties, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet \| ft²				975,596
Sales Price				$ 512,016
Transaction Costs				8,971
Gain on Sale				$ 289,779
830 1st Street, Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet \| ft²				247,337
Sales Price				$ 116,550
Transaction Costs				2,438
Gain on Sale				$ 45,710
260 Townsend Street, San Francisco, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet \| ft²			66,682
Sales Price			$ 66,000
Transaction Costs			2,539
Gain on Sale			$ 42,092
1333 Broadway, Oakland, CA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet \| ft²		254,523
Sales Price		$ 115,430
Transaction Costs		658
Gain on Sale		$ 55,221
Union Square Properties,Washington, D.C. \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet \| ft²	630,650
Sales Price	$ 181,000
Transaction Costs	3,744
Gain on Sale	$ 302

INVESTMENTS IN REAL ESTATE - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Acquired below-market leases	$ (5)	$ 0	$ (3,992)
Net assets acquired	6,130	0	132,048
Land
Business Acquisition [Line Items]
Property, plant and equipment	4,976	0	52,199
Land improvements
Business Acquisition [Line Items]
Property, plant and equipment	9	0	756
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment	534	0	74,522
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment	190	0	1,451
Acquired in-place Leases
Business Acquisition [Line Items]
Intangible assets	$ 408	$ 0	7,003
Weighted average amortization period	8 years	8 years
Acquired above-market leases
Business Acquisition [Line Items]
Intangible assets	$ 18	$ 0	$ 109
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquired below market lease, weighted average amortization period	3 years		3 years
Series of Individually Immaterial Business Acquisitions \| Acquired in-place Leases
Business Acquisition [Line Items]
Weighted average amortization period	3 years		3 years
Series of Individually Immaterial Business Acquisitions \| Acquired above-market leases
Business Acquisition [Line Items]
Weighted average amortization period	3 years		2 years

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 83,136	$ 67,532
Deferred capitalized costs, net	884	1,145
Loan loss reserves	(885)	(598)
Loans receivable, net	83,135	68,079
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	32,226	25,689
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	23,631	27,598
SBA 7(a) loans receivable, Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	14,484	0
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	8,786	12,644
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 4,009	$ 1,601

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated under the Paycheck Protection Program	$ 25,393	$ 9,898	$ 18,579
Loans receivable	83,136	67,532
Loans receivable, net	$ 83,135	$ 68,079
Accounts Receivable \| Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percent	99.10%	98.70%
SBA 7(a) loans receivable, Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated under the Paycheck Protection Program	$ 16,000
Loans receivable	14,484	$ 0
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 32,226	$ 25,689
Loans, percent current	98.80%	99.60%
SBA 7(a) loans receivable, subject to credit risk \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,400	$ 1,400

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible lease assets:
Intangible lease assets, net	$ 6,313	$ 7,260
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,786 and $2,239, respectively, both with an average useful life of 4 years	587	1,282
Acquired Below Market Leases
Intangible lease liabilities:
Acquired below-market leases, accumulated amortization	$ 1,786	$ 2,239
Acquired finite lived intangible lease liabilities average useful life	4 years	4 years
Acquired below-market leases, net of accumulated amortization of $1,786 and $2,239, respectively, both with an average useful life of 4 years	$ 587	$ 1,282
Acquired in-place Leases
Intangible lease assets:
Intangible lease assets, accumulated amortization	9,228	9,382
Intangible lease assets, net	$ 3,316	$ 4,271
Acquired finite lived intangible lease assets average useful life	8 years	8 years
Above Market Leases
Intangible lease assets:
Intangible lease assets, accumulated amortization	$ 15	$ 42
Intangible lease assets, net	$ 40	$ 32
Acquired finite lived intangible lease assets average useful life	6 years	5 years
Trade name and license
Intangible lease assets:
Intangible lease assets, net	$ 2,957	$ 2,957

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 700	$ 1,590	$ 2,190
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization expenses	10	63	51
Acquired in-place Leases
Finite-Lived Intangible Assets [Line Items]
Amortization expenses	$ 1,364	$ 2,112	$ 3,691

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future amortization of acquisition related intangible assets
Intangible lease assets, net	$ 6,313	$ 7,260
Future accretion of acquisition related intangible liabilities
Intangible lease liabilities, net	(587)	(1,282)
Acquired Below Market Leases
Future accretion of acquisition related intangible liabilities
2021	(349)
2022	(236)
2023	(2)
2024	0
2025	0
Thereafter	0
Intangible lease liabilities, net	(587)	(1,282)
Above Market Leases
Future amortization of acquisition related intangible assets
2021	12
2022	12
2023	10
2024	5
2025	1
Thereafter	0
Intangible lease assets, net	40	32
Acquired in-place Leases
Future amortization of acquisition related intangible assets
2021	1,049
2022	813
2023	470
2024	374
2025	171
Thereafter	439
Intangible lease assets, net	$ 3,316	$ 4,271

DEBT - Debt Activity (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Debt Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt [Roll Forward]
Debt Issuances & Assumptions	$ 76,782
Repayments & Modifications	(60,998)
Accretion & (Amortization)	1,192	$ 1,133	$ 896
Amortization of debt discount (premium)	(84)	(227)	$ (444)
Accretion & (Amortization)	1,108
Total Debt	324,313	307,421
Mortgage Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Deferred loan costs, beginning balance	(174)
Accretion & (Amortization)	27
Deferred loan costs, ending balance	(147)	(174)
Outstanding, ending balance	97,100	97,100
Total Debt	96,953	96,926
Secured Borrowings - Government Guaranteed Loans
Debt [Roll Forward]
Outstanding, beginning balance	12,152
Premiums (discounts), beginning balance	629
Repayments & Modifications	(3,695)
Amortization of debt discount (premium)	(172)
Premiums (discounts), ending balance	457	629
Outstanding, ending balance	8,457	12,152
Total Debt	8,914	12,781
Other Debt
Debt [Roll Forward]
Debt Issuances & Assumptions	76,782
Repayments & Modifications	(57,303)
Accretion & (Amortization)	1,253
Total Debt	218,446	197,714
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,771)
Amortization of debt discount (premium)	88
Premiums (discounts), ending balance	(1,683)	(1,771)
Outstanding, ending balance	27,070	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	22,282
Repayments & Modifications	(8,052)
Outstanding, ending balance	14,230	22,282
Deferred loan costs — other debt (1)
Debt [Roll Forward]
Deferred loan costs, beginning balance	(2,867)
Debt Issuances & Assumptions	734
Repayments & Modifications	(281)
Accretion & (Amortization)	1,165
Deferred loan costs, ending balance	(2,155)	(2,867)
Revolving Credit Facility \| Line of Credit
Debt [Roll Forward]
Outstanding, beginning balance	153,000
Debt Issuances & Assumptions	61,500
Repayments & Modifications	(48,000)
Outstanding, ending balance	166,500	$ 153,000
Revolving Credit Facility \| Line of Credit \| Paycheck Protection Program Liquidity Facility, CARES Act
Debt [Roll Forward]
Debt Issuances & Assumptions	16,016
Repayments & Modifications	(1,532)
Outstanding, ending balance	$ 14,484

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)
Mortgage Payable
Debt Instrument [Line Items]
Fixed interest rate	4.14%
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Excess Spread	$ 5.7
Weighted average rate	3.87%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess Spread	$ 2.7
Weighted average rate	1.56%

DEBT - 2018 and 2020 Revolving Credit Facility Narrative (Details)	1 Months Ended			12 Months Ended
	Sep. 30, 2020 USD ($)	May 31, 2020 USD ($)	Oct. 31, 2018 extensionOption	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 76,782,000
Repayments of debt				$ 60,998,000
Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate				2.20%	3.29%
Number of extension options \| extensionOption			1
Extension option, term			1 year
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee			0.15%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee			0.25%
Revolving Credit Facility \| Base rate \| Debt Instrument, During, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	1.05%
Revolving Credit Facility \| Base rate \| Debt Instrument, Following, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	0.55%
Revolving Credit Facility \| LIBOR \| Debt Instrument, During, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	2.05%
Revolving Credit Facility \| LIBOR \| Debt Instrument, Following, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	1.55%
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 209,500,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 61,500,000
Repayments of debt				48,000,000
Outstanding balance				166,500,000	$ 153,000,000
Amount available for future borrowings				28,000,000.0	$ 73,900,000
Reserve amount	$ 15,000,000.0
Minimum balance of liquid assets				15,000,000.0
Unfunded availability (up to)				5,000,000.0
Line of Credit \| Revolving Credit Facility \| Unsecured Revolving Credit Facility Due May 2022
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000.0
Amount available for future borrowings				10,000,000.0
Fixed interest rate		1.00%
Fee percentage for each advance made		1.12%
Maximum fee amount payable		$ 112,000
Debt outstanding				$ 0

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	May 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from SBA 7(a) loan-backed notes			$ 0	$ 0
Restricted cash		$ 10,013	12,146	$ 22,512
Junior subordinated notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin		3.25%
SBA 7(a) loan-backed notes
Debt Instrument [Line Items]
Proceeds from SBA 7(a) loan-backed notes	$ 38,200
Weighted average life of notes	2 years
Restricted cash		$ 1,200	$ 3,300
SBA 7(a) loan-backed notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.40%
SBA 7(a) loan-backed notes \| Prime Rate
Debt Instrument [Line Items]
Interest rate margin	(1.08%)

DEBT - Paycheck Protection Program Liquidity Facility Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Accrued interest and unused commitment fee payable	$ 564	$ 650
Revolving Credit Facility \| Paycheck Protection Program Liquidity Facility, CARES Act \| Line of Credit
Debt Instrument [Line Items]
Debt outstanding	$ 14,500

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

DEBT - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2021	$ 2,275
2022	174,676
2023	8,953
2024	1,526
2025	1,145
Thereafter	139,266
Total Debt	327,841
Mortgage Payable
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	97,100
Total Debt	97,100
Secured Borrowings Principal
Debt Instrument [Line Items]
2021	583
2022	441
2023	455
2024	468
2025	483
Thereafter	6,027
Total Debt	8,457
2018 Revolving Credit Facility
Debt Instrument [Line Items]
2021	0
2022	166,500
2023	0
2024	0
2025	0
Thereafter	0
Total Debt	166,500
Other
Debt Instrument [Line Items]
2021	1,692
2022	7,735
2023	8,498
2024	1,058
2025	662
Thereafter	36,139
Total Debt	$ 55,784

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based compensation plans
Award vesting period	1 year
Stock-based compensation expense	$ 222	$ 194	$ 162
Unrecognized compensation expense	73
Fair value of shares vested	$ 220	$ 150	$ 150

STOCK-BASED COMPENSATION PLANS - Restricted Shares and the Changes During the Year (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Balance, January 1 (in shares)	3,880	3,378	3,195
Granted (in shares)	21,912	3,880	3,378
Vested (in shares)	(3,880)	(3,378)	(3,195)
Balance, December 31 (in shares)	21,912	3,880	3,378
Weighted Average Grant Date Fair Value Per Share
Balance, January 1 (in dollars per share)	$ 56.66	$ 44.40	$ 46.95
Granted (in dollars per share)	10.04	56.66	44.40
Vested (in dollars per share)	56.66	44.40	46.95
Balance, December 31 (in dollars per share)	$ 10.04	$ 56.66	$ 44.40

EARNINGS PER SHARE ("EPS") - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Numerator:

Net (loss) income attributable to common stockholders

$ (8,861)

$ (9,678)

$ (8,141)

$ (6,787)

$ (11,573)

$ (1,622)

$ 48,260

$ 287,631

$ (33,467)

$ 322,696

$ (14,298)

Redeemable preferred stock dividends declared on dilutive shares

(1)

2,804

Diluted net (loss) income attributable to common stockholders

$ (33,468)

$ 325,500

$ (14,298)

Denominator:

Basic weighted average shares of common stock outstanding (in shares)

^[1]

14,748,000

14,598,000

14,597,000

Effect of dilutive securities—contingently issuable shares (in shares)

1,895,000

Diluted weighted average shares and common stock equivalents outstanding (in shares)

^[1]

14,748,000

16,493,000

14,597,000

Net (loss) income attributable to common stockholders per share:

Basic (in usd per share)

$ (0.60)

$ (0.65)

$ (0.55)

$ (0.46)

$ (0.79)

$ (0.11)

$ 3.31

$ 19.70

$ (2.27)

^[1]

$ 22.11

^[1]

$ (0.98)

^[1]

Diluted (in usd per share)

$ (0.60)

$ (0.65)

$ (0.55)

$ (0.46)

$ (0.79)

$ (0.11)

$ 3.20

$ 18.90

$ (2.27)

^[1]

$ 19.74

^[1]

$ (0.98)

^[1]

Series D Preferred Stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Weighted average number diluted shares (in shares)

Preferred stock, shares outstanding (in shares)

19,145

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 278,195	$ 617,275	$ 626,705
Reclassification of Series A Preferred Stock to permanent equity	35,483	35,649	27,887
Redemption of Series A Preferred Stock	(749)	(155)	(41)
Ending balance	$ 278,114	$ 278,195	$ 617,275
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	8,224,254	9,362,544	8,141,332
Beginning balance	$ 223,467	$ 261,117	$ 230,759
Reclassification of Series A Preferred Stock to permanent equity (in shares)	1,570,421	1,561,746	1,223,032
Reclassification of Series A Preferred Stock to permanent equity	$ 38,837	$ 38,927	$ 30,403
Redemption of Series A Preferred Stock (in shares)	(29,753)	(6,456)	(1,820)
Redemption of Series A Preferred Stock	$ (741)	$ (160)	$ (45)
Repurchase of Series L Preferred Stock (in shares)		(2,693,580)
Repurchase of Series L Preferred Stock		$ (76,417)
Issuance of Series D Preferred Stock (in shares)	19,145
Issuance of Series D Preferred Stock	$ 473
Ending balance (in shares)	9,784,067	8,224,254	9,362,544
Ending balance	$ 262,036	$ 223,467	$ 261,117
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of Series A Preferred Stock to permanent equity	$ 100,400
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,837,094	1,281,804	60,592
Beginning balance	$ 70,633	$ 31,866	$ 1,508
Reclassification of Series A Preferred Stock to permanent equity (in shares)	1,570,421	1,561,746	1,223,032
Reclassification of Series A Preferred Stock to permanent equity	$ 38,837	$ 38,927	$ 30,403
Redemption of Series A Preferred Stock (in shares)	(29,753)	(6,456)	(1,820)
Redemption of Series A Preferred Stock	$ (741)	$ (160)	$ (45)
Ending balance (in shares)	4,377,762	2,837,094	1,281,804
Ending balance	$ 108,729	$ 70,633	$ 31,866
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series D Preferred Stock	$ 456
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0
Beginning balance	$ 0
Issuance of Series D Preferred Stock (in shares)	19,145
Issuance of Series D Preferred Stock	$ 473
Ending balance (in shares)	19,145	0
Ending balance	$ 473	$ 0
Series L Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Series L Preferred Stock		$ (75,155)
Series L Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,387,160	8,080,740	8,080,740
Beginning balance	$ 152,834	$ 229,251	$ 229,251
Repurchase of Series L Preferred Stock (in shares)		(2,693,580)
Repurchase of Series L Preferred Stock		$ (76,417)
Ending balance (in shares)	5,387,160	5,387,160	8,080,740
Ending balance	$ 152,834	$ 152,834	$ 229,251

REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants	$ 157,700,000
Net proceeds from issuance of Preferred Stock	41,958,000	$ 37,197,000	$ 35,984,000
Issuance offering costs for preferred stock and warrants	13,000,000.0
Non-issuance offering costs for preferred stock and warrants	$ 7,300,000
Series A Preferred Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	4,603,287
Gross proceeds from issuance of preferred stock and warrants	$ 761,000
Issuance offering costs for preferred stock and warrants	142,000
Reclassification to deferred rent receivable and charges	5,000
Series A Preferred Stock
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants	156,500,000
Issuance offering costs for preferred stock and warrants	12,800,000
Reclassification to deferred rent receivable and charges	$ 1,300,000
Preferred stock, shares outstanding (in shares)	6,385,618
Preferred stock, shares redeemed (in shares)	107,014
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	6,290,900
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	201,732
Net proceeds from issuance of Preferred Stock	$ 0
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	19,145	0
Gross proceeds from issuance of preferred stock and warrants	$ 473,000
Issuance offering costs for preferred stock and warrants	14,000
Reclassification to deferred rent receivable and charges	$ 4,000
Preferred stock, shares outstanding (in shares)	19,145	0	0
Preferred stock, shares redeemed (in shares)	0
Series A Preferred Unit
Class of Stock [Line Items]
Outstanding common stock available for purchase (in shares)	1,194,159

REDEEMABLE PREFERRED STOCK - Series A Preferred Stock Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2020
Class of Stock [Line Items]
Redeemable preferred stock dividend	$ 377,000	$ 0	$ 0
Reclassification of Series A Preferred Stock to permanent equity	$ 35,483,000	35,649,000	27,887,000
Registration Statement
Class of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)	0.25			0.25
Series A Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock dividend	$ 377,000	$ 0	$ 0
Reclassification of Series A Preferred Stock to permanent equity	$ 100,400,000
Series A Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001
Preferred stock, stated value (in usd per share)	$ 25.00

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock Narrative (Details) - Series D Preferred Stock - $ / shares	Dec. 31, 2020	Jun. 29, 2020	Jun. 28, 2020	Feb. 29, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001			$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00			25.00	$ 25.00
Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)		$ 24.50	$ 25.00	$ 25.00

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			11 Months Ended	12 Months Ended
	Oct. 22, 2019	Nov. 21, 2017	Nov. 20, 2019	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Redeemable preferred stock redemptions				$ 72	$ 5,882
Series L Preferred Stock, $0.001 Par Value
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		8,080,740		8,080,740	8,080,740
Preferred stock, liquidation preference per share (in usd per share)				$ 28.37	$ 28.37
Gross proceeds from sale of preferred stock		$ 229,300
Offering costs		15,900
Discount on shares issued		2,900
Offering costs, non-issuance specific		$ 2,500
Minimum fixed charge coverage ratio		125.00%
Series L Preferred Stock, $0.001 Par Value \| Tender Offer
Class of Stock [Line Items]
Authorized shares for repurchase (in shares)	2,693,580
Authorized shares for repurchase, percentage of share outstanding	33.00%
Purchase price (in usd per share)	$ 29.12
Preferred stock, dividends per share, declared (in usd per share)	$ 1.39
Dividends, preferred stock, aggregate value			$ 3,700
Professional fees	$ 462
Cost to repurchase tendered shares	$ 75,200
Redeemable preferred stock redemptions					$ 5,900
Series L Preferred Stock, $0.001 Par Value \| Registration Statement
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)		$ 28.37

REDEEMABLE PREFERRED STOCK - Dividends Narrative (Details) - USD ($)		12 Months Ended
	Dec. 22, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Initial dividend on common stock	$ 4,448,223
Payments on preferred stock dividends		$ 16,536,000	$ 22,157,000	$ 2,173,000
Series A Preferred Stock
Class of Stock [Line Items]
Annual dividend rate		5.50%
Preferred stock, dividend rate (in usd per share)		$ 0.34375
Payments on preferred stock dividends		$ 8,100,000	4,400,000
Series D Preferred Stock
Class of Stock [Line Items]
Annual dividend rate		5.65%
Preferred stock, dividend rate (in usd per share)		$ 0.35313
Payments on preferred stock dividends		$ 12,000	0
Series L Preferred Stock
Class of Stock [Line Items]
Annual dividend rate		5.50%
Preferred stock, dividend rate (in usd per share)		$ 1.56035
Dividend increase per year for failure to timely declare or pay dividends		1.00%
Dividend increase per year for failure to timely declare or pay dividends, maximum increase		8.50%
Payments on preferred stock dividends		$ 8,400,000	$ 17,800,000

REDEEMABLE PREFERRED STOCK - Redemptions Narrative (Details)	12 Months Ended
	Dec. 31, 2020 day
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock redemption, trading days prior to redemption	20

STOCKHOLDERS' EQUITY - Cash Dividends Paid (Details) - Common Stock, $0.001 Par Value - $ / shares	Dec. 02, 2020	Sep. 02, 2020	Jun. 03, 2020	Mar. 02, 2020	Dec. 03, 2019	Aug. 08, 2019	Jun. 04, 2019	Feb. 20, 2019
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.375	$ 0.375
Special Dividend
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)						$ 42.000

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 05, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuance of warrants		$ 28	$ 385	$ 73
Subsequent event
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)	$ 0.075
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)		0.25			0.25
Premium of the exercise price of the warrant as a percent to net asset value of common stock					15.00%
Series A Preferred Unit
Subsidiary, Sale of Stock [Line Items]
Outstanding common stock available for purchase (in shares)		1,194,159
Net proceeds from issuance of warrants		$ 614
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares issued (in shares)		4,603,287

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) swap	Dec. 31, 2018 USD ($)	Aug. 13, 2015 USD ($) swap
Derivative [Line Items]
Number of swaps terminated \| swap		2
Notional amount of terminated swaps		$ 120,000
Proceeds from termination payments, net of fees		1,300
Reclassification from AOCI to interest expense	$ 0	1,806	$ 1,552
Write-off of terminated interest rate swaps		1,600
Change in fair value of swaps	$ 0	(209)	(1,728)
Interest Expense
Derivative [Line Items]
Change in fair value of swaps		209	$ 1,700
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swaps \| swap				10
Derivative, notional amount				$ 385,000
Derivative, fair value		1,400
Derivative, gain (loss) on derivative, net		$ (119)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 278,195	$ 617,275	$ 626,705
Other comprehensive income before reclassifications	0	0	1,973
Amounts reclassified (to) from accumulated other comprehensive income (loss)	0	(1,806)	(1,798)
Net current period other comprehensive income (loss)	0	(1,806)	175
Ending balance	278,114	278,195	617,275
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	1,806	1,631
Ending balance	$ 0	$ 0	$ 1,806

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 40
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-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Discount Rate	Dec. 31, 2020	Dec. 31, 2019
Mortgage Payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for debt	0.0338	0.0367
Junior subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for debt	0.0449	0.0616

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Dec. 31, 2020	Dec. 31, 2019
SBA 7(a) loans receivable, Paycheck Protection Program \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0100
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0650	0.0525
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0400	0.0985
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0550	0.0525
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0488	0.1341
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0700	0.0675
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.1177
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0825	0.0775
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1750
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0800	0.0725
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1680
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0775	0.0750
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1680

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Estimated Fair Value \| Level 3 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable (1)	$ 100,799	$ 99,764
Junior subordinated notes (1)	24,236	24,406
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, Paycheck Protection Program \| Fair Value, Nonrecurring
Assets:
Loans receivable	14,484	0
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes \| Fair Value, Nonrecurring
Assets:
Loans receivable	24,850	30,076
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk \| Fair Value, Nonrecurring
Assets:
Loans receivable	32,397	28,041
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings \| Fair Value, Nonrecurring
Assets:
Loans receivable	8,914	12,780
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, held for sale \| Fair Value, Nonrecurring
Assets:
Loans receivable	4,527	1,753
Carrying Amount
Liabilities:
Mortgage payable (1)	97,100	97,100
Junior subordinated notes (1)	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, Paycheck Protection Program
Assets:
Loans receivable	14,089	0
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	23,606	27,595
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	32,509	26,149
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	8,822	12,682
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	$ 4,109	$ 1,653

RELATED-PARTY TRANSACTIONS - Asset Management and Other Fees to Related Parties Narrative (Details) $ in Millions	May 11, 2020	Apr. 09, 2020	Jan. 28, 2020	Jan. 01, 2019 subsidiary	May 10, 2018	Dec. 31, 2020 shares	Mar. 11, 2014 USD ($)
Related Party Transaction [Line Items]
Wholesaling agreement, percent of selling price fee per share					2.75%
Affiliated Entity \| C I M Service Provider LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)						11,273
Affiliated Entity \| Investment Management Agreement \| CIM Capital, LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)						190,459
Affiliated Entity \| Investment Management Agreement \| CIM Capital, LLC \| Common Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)						203,349
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	15.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Upfront Dealer Manager Fee \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate			1.25%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Selling Commissions Payable \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate			5.50%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Annual \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate			0.25%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Amendment No. 1, Selling Commissions Payable \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate		7.00%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Daily Accruing Rate Of Annual Rate \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate			0.27%
C I M Service Provider LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, fees payable per year under agreement \| $							$ 1.0
CIM Capital, LLC
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary				4
CCO Capital, LLC \| Second Amended And Restated Dealer Manager Agreement, Amendment No. 1, Reallowance Of Selling Commissions
Related Party Transaction [Line Items]
Related party transaction, rate		100.00%

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - C I M Urban REIT Management L P $ in Thousands	Dec. 31, 2020 USD ($)
0 - 500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.25%
0 - 500,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 500,000
500,000 - 1,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2375%
500,000 - 1,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,000,000
1,000,000 - 1,500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.225%
1,000,000 - 1,500,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,500,000
1,500,000 - 4,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2125%
1,500,000 - 4,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 4,000,000
4,000,000 - 20,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.10%
4,000,000 - 20,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 20,000,000

RELATED-PARTY TRANSACTIONS - Fees and Expense Reimbursements (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
C I M Service Provider LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)	11,273
Asset management fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	$ 9,511	$ 12,019	$ 17,880
Property management fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	1,670	2,562	4,365
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	3,356	5,852	6,065
Lease commission
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	112	658	1,548
Construction management fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	344	525	580
Base service fee
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	282	1,102	1,079
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	2,243	2,577	2,783
Expenses reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	3,491	2,382	2,445
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	1,149	1,121	0
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	99	0	0
Deferred costs	$ 1,500	621	200
Investment Management Agreement \| CIM Capital, LLC \| Common Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)	203,349
Investment Management Agreement \| CIM Capital, LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)	190,459
Personnel Fees
Related Party Transaction [Line Items]
Deferred personnel costs	$ 136	$ 112	$ 330

RELATED-PARTY TRANSACTIONS - Due to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to related parties	$ 6,706	$ 9,431
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	2,386	2,356
Property management fees and reimbursements \| Affiliated Entity \| C I M Management Entities
Related Party Transaction [Line Items]
Due to related parties	1,662	4,107
Expense Reimbursements \| Affiliated Entity \| Corporate, Non-Segment
Related Party Transaction [Line Items]
Due to related parties	647	1,673
Expense Reimbursements \| Affiliated Entity \| Operating Segments
Related Party Transaction [Line Items]
Due to related parties	690	1,029
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	493	0
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	668	169
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity \| C I M Management Entities and Related Parties
Related Party Transaction [Line Items]
Due to related parties	$ 160	$ 97

RELATED-PARTY TRANSACTIONS - Other Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2019 $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²	Oct. 01, 2015
C I M Management Entities Affiiate
Related Party Transaction [Line Items]
Lease renewal term							5 years
Revenue from related parties		$ 87	$ 112	$ 108
Administrator
Related Party Transaction [Line Items]
Related party, shares acquired (in shares) \| shares	2,468,390
Related party, percentage of common stock outstanding	16.90%
Related party, per share amount (in usd per share) \| $ / shares	$ 19.1685
Employment Agreement \| President
Related Party Transaction [Line Items]
Contractual obligation in connection with retirement of company president		450
Employment Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related party		287
Eleven year lease \| CIM Group
Related Party Transaction [Line Items]
Revenue from related parties		$ 1,500	$ 932	$ 0
Operating lease term						11 years
Square feet \| ft²					30,000	32,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Dec. 31, 2020 USD ($) officer	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments and approvals to fund loans		$ 34,100
Future obligations under leases to fund tenant improvements and in other future construction obligation		7,600
Restricted cash		$ 10,013	$ 12,146	$ 22,512
Pending litigation \| City and County of San Francisco Real Property Transfer Tax Case
Commitment and Contingencies [Line Items]
Refund sought for penalties, interest and legal fees paid for real property transfer tax	$ 11,800
Executive officers \| Employment agreements
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer		1
Multiplier to annual base salary paid in event of death		2
Multiplier to annual base salary paid in event of disability		1
Restricted cash for tenant improvement allowance
Commitment and Contingencies [Line Items]
Restricted cash		$ 2,800

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 43,933
2022	42,341
2023	38,188
2024	36,499
2025	21,009
Thereafter	39,063
Total	$ 221,033

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 0	$ 106
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease, liability	$ 0	$ 106
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Lending
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of lease contracts \| contract	1
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset			$ 362
Operating lease, liability			$ 362

INCOME TAXES - Reconciliation of Net Income to REIT Taxable Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
(Loss) income from continuing operations before income taxes for TRSs	$ (15,737,000)	$ 346,403,000	$ 2,067,000
Income tax (benefit) provision	(722,000)	882,000	925,000
Reserve for uncertain tax positions	0	0
TRS
Income Tax Contingency [Line Items]
(Loss) income from continuing operations before income taxes for TRSs	(7,995,000)	4,414,000	4,962,000
Expected federal income tax (benefit) provision	(1,679,000)	927,000	1,042,000
State income taxes	(1,562,000)	21,000	35,000
Change in valuation allowance	2,605,000	0	0
Other	(86,000)	(66,000)	(152,000)
Income tax (benefit) provision	$ (722,000)	$ 882,000	$ 925,000

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of Net Deferred Tax Asset (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating losses	$ 2,645	$ 39
Secured borrowings—government guaranteed loans	96	132
Other	160	166
Total gross deferred tax assets	2,901	337
Valuation allowance	(2,643)	(38)
Deferred tax asset, net of valuation allowance	258	299
Deferred tax liabilities:
Loans receivable	(67)	(210)
Deferred tax liabilities	(67)	(210)
Deferred tax asset, net	$ 191	$ 89

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Reserve for uncertain tax positions	$ 0	$ 0
TRS
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 2,600,000

SEGMENT DISCLOSURE - Narrative (Details) - property	12 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Number of types of commercial real estate properties	2	2	2

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 17,829	$ 17,334	$ 16,510	$ 25,535	$ 26,641	$ 29,215	$ 36,856	$ 47,277	$ 77,208	$ 139,989	$ 197,470
Property and Lending expenses:
Interest expense									11,415	12,175	26,894
General and administrative									6,772	6,354	9,167
EXPENSES									92,945	226,690	195,403
Hotel
Segment Reporting Information [Line Items]
Revenues									13,314	38,748	38,789
Operating Segments
Property and Lending expenses:
Expense reimbursements to related parties									3,491	2,382	2,445
Segment net operating income (loss)									32,641	67,251	109,457
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues									55,468	86,948	147,811
Property and Lending expenses:
Operating									23,485	36,638	54,654
General and administrative									490	521	2,350
EXPENSES									23,975	37,159	57,004
Segment net operating income (loss)									31,493	49,789	90,807
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues									13,314	38,748	38,789
Property and Lending expenses:
Operating									14,059	26,290	25,263
General and administrative									64	134	32
EXPENSES									14,123	26,424	25,295
Segment net operating income (loss)									(809)	12,324	13,494
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues									8,322	10,964	10,870
Property and Lending expenses:
Interest expense									868	1,814	1,412
Expense reimbursements to related parties									3,491	2,382	2,445
General and administrative									2,006	1,630	1,857
EXPENSES									6,365	5,826	5,714
Segment net operating income (loss)									$ 1,957	$ 5,138	$ 5,156

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income									$ 10,503	$ 16,025	$ 14,703
Asset management and other fees to related parties									(9,793)	(13,121)	(18,959)
Interest expense									(11,415)	(12,175)	(26,894)
General and administrative									(6,772)	(6,354)	(9,167)
Transaction costs									0	(574)	(938)
Depreciation and amortization									(21,406)	(27,374)	(53,228)
Loss on early extinguishment of debt									(281)	(29,982)	(808)
Impairment of real estate									0	(69,000)	0
Gain on sale of real estate									0	433,104	0
(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES									(15,737)	346,403	2,067
Benefit (provision) for income taxes									722	(882)	(925)
NET (LOSS) INCOME	$ (4,388)	$ (5,330)	$ (4,041)	$ (1,256)	$ (1,525)	$ 2,856	$ 52,567	$ 291,623	(15,015)	345,521	1,142
Net (income) loss attributable to noncontrolling interests									(1)	152	(21)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	$ (4,390)	$ (5,323)	$ (4,043)	$ (1,260)	$ (1,538)	$ 2,848	$ 52,566	$ 291,797	(15,016)	345,673	1,121
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income									32,641	67,251	109,457
Expense reimbursements to related parties—corporate									(3,491)	(2,382)	(2,445)
Corporate And Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income									104	3,329	0
Asset management and other fees to related parties									(9,793)	(13,121)	(18,959)
Interest expense									(10,547)	(10,361)	(25,482)
General and administrative									(4,212)	(4,069)	(4,928)
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate									$ (2,243)	$ (2,800)	$ (3,047)

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 685,617	$ 667,592
Total capital expenditures	9,335	18,388	$ 14,906
Loan originations	53,524	39,592	74,234
Total capital expenditures and loan originations	62,859	57,980	89,140
Office
Segment Reporting Information [Line Items]
Total capital expenditures	8,514	16,006	12,669
Hotel
Segment Reporting Information [Line Items]
Total capital expenditures	821	2,382	$ 2,237
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	472,544	460,951
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	100,285	104,029
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	94,626	82,140
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	$ 18,162	$ 20,472

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Revenues

$ 17,829

$ 17,334

$ 16,510

$ 25,535

$ 26,641

$ 29,215

$ 36,856

$ 47,277

$ 77,208

$ 139,989

$ 197,470

Net loss

(4,388)

(5,330)

(4,041)

(1,256)

(1,525)

2,856

52,567

291,623

(15,015)

345,521

1,142

Net loss attributable to the Company

(4,390)

(5,323)

(4,043)

(1,260)

(1,538)

2,848

52,566

291,797

(15,016)

345,673

1,121

Net (loss) income attributable to common stockholders

$ (8,861)

$ (9,678)

$ (8,141)

$ (6,787)

$ (11,573)

$ (1,622)

$ 48,260

$ 287,631

$ (33,467)

$ 322,696

$ (14,298)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE

Basic (in usd per share)

$ (0.60)

$ (0.65)

$ (0.55)

$ (0.46)

$ (0.79)

$ (0.11)

$ 3.31

$ 19.70

$ (2.27)

^[1]

$ 22.11

^[1]

$ (0.98)

^[1]

Diluted (in usd per share)

$ (0.60)

$ (0.65)

$ (0.55)

$ (0.46)

$ (0.79)

$ (0.11)

$ 3.20

$ 18.90

$ (2.27)

^[1]

$ 19.74

^[1]

$ (0.98)

^[1]

[1]	All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended
	Jul. 15, 2021	Jun. 15, 2021	May 17, 2021	Mar. 05, 2021	Jan. 21, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Series A Preferred Stock
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)						$ 1.719	$ 1.375	$ 1.375
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)						$ 1.648
Forecast \| Series A Preferred Stock
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)	$ 0.114583	$ 0.114583	$ 0.114583
Forecast \| Series D Preferred Stock
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)	$ 0.117708	$ 0.117708	$ 0.117708
Subsequent event
Subsequent Event [Line Items]
Dividends declared, common (in usd per share)				$ 0.075
Subsequent event \| Series A Preferred Stock
Subsequent Event [Line Items]
Stock issued in lieu of cash for asset management fees (in shares)					96,740
Equity-based payment for asset management fees					$ 2.4
Preferred stock, dividends per share, declared (in usd per share)				0.34375
Subsequent event \| Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in usd per share)				$ 0.353125

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 97,100
Initial Cost
Land	139,397
Building and Improvements	449,782
Net Improvements (Write-Offs) Since Acquisition	48,026
Gross Amount at Which Carried
Land	139,397
Building and Improvements	497,808
Investments in real estate	637,205	$ 629,262
Accumulated Depreciation	131,165	120,555	$ 303,699	$ 271,055
Other disclosures
Federal tax cost basis (unaudited)	687,700
Office Building \| 3601 S Congress Avenue Austin, TX
Initial Cost
Land	9,569
Building and Improvements	18,593
Net Improvements (Write-Offs) Since Acquisition	10,528
Gross Amount at Which Carried
Land	9,569
Building and Improvements	29,121
Investments in real estate	38,690
Accumulated Depreciation	8,075
Office Building \| 1 Kaiser Plaza Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	97,100
Initial Cost
Land	9,261
Building and Improvements	113,619
Net Improvements (Write-Offs) Since Acquisition	18,538
Gross Amount at Which Carried
Land	9,261
Building and Improvements	132,157
Investments in real estate	141,418
Accumulated Depreciation	47,775
Office Building \| 2 Kaiser Plaza Parking Lot Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	10,931
Building and Improvements	110
Net Improvements (Write-Offs) Since Acquisition	3,120
Gross Amount at Which Carried
Land	10,931
Building and Improvements	3,230
Investments in real estate	14,161
Accumulated Depreciation	32
Office Building \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477
Building and Improvements	18,522
Net Improvements (Write-Offs) Since Acquisition	1,954
Gross Amount at Which Carried
Land	3,477
Building and Improvements	20,476
Investments in real estate	23,953
Accumulated Depreciation	6,071
Office Building \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672
Building and Improvements	51,999
Net Improvements (Write-Offs) Since Acquisition	7,331
Gross Amount at Which Carried
Land	7,672
Building and Improvements	59,330
Investments in real estate	67,002
Accumulated Depreciation	17,011
Office Building \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	16,633
Building and Improvements	28,985
Net Improvements (Write-Offs) Since Acquisition	5,067
Gross Amount at Which Carried
Land	16,633
Building and Improvements	34,052
Investments in real estate	50,685
Accumulated Depreciation	5,245
Office Building \| Lindblade Media Center Los Angeles, CA
Initial Cost
Land	6,342
Building and Improvements	11,568
Net Improvements (Write-Offs) Since Acquisition	(101)
Gross Amount at Which Carried
Land	6,342
Building and Improvements	11,467
Investments in real estate	17,809
Accumulated Depreciation	1,832
Office Building \| 1130 Howard Street San Francisco, CA
Initial Cost
Land	8,290
Building and Improvements	10,480
Net Improvements (Write-Offs) Since Acquisition	131
Gross Amount at Which Carried
Land	8,290
Building and Improvements	10,611
Investments in real estate	18,901
Accumulated Depreciation	966
Office Building \| 9460 Wilshire Boulevard Los Angeles, CA
Initial Cost
Land	52,199
Building and Improvements	76,730
Net Improvements (Write-Offs) Since Acquisition	916
Gross Amount at Which Carried
Land	52,199
Building and Improvements	77,646
Investments in real estate	129,845
Accumulated Depreciation	6,686
Office Building \| 1021 East 7th Street, Austin, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	4,976
Building and Improvements	733
Net Improvements (Write-Offs) Since Acquisition	0
Gross Amount at Which Carried
Land	4,976
Building and Improvements	733
Investments in real estate	5,709
Accumulated Depreciation	9
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,497
Building and Improvements	107,447
Net Improvements (Write-Offs) Since Acquisition	320
Gross Amount at Which Carried
Land	3,497
Building and Improvements	107,767
Investments in real estate	111,264
Accumulated Depreciation	33,932
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	6,550
Building and Improvements	10,996
Net Improvements (Write-Offs) Since Acquisition	222
Gross Amount at Which Carried
Land	6,550
Building and Improvements	11,218
Investments in real estate	17,768
Accumulated Depreciation	3,531
Line of Credit \| Revolving Credit Facility
Other disclosures
Outstanding balance	$ 166,500	$ 153,000

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in Real Estate
Balance, beginning of period	$ 629,262	$ 1,344,636	$ 1,228,780
Additions:
Improvements	9,335	18,388	14,906
Property acquisitions	5,709	0	128,928
Deductions:
Assets held for sale	0	0	(24,832)
Asset sales	0	(659,849)	0
Impairment	0	(69,000)	0
Retirements	(7,101)	(4,913)	(3,146)
Balance, end of period	637,205	629,262	1,344,636
Accumulated Depreciation
Balance, beginning of period	(120,555)	(303,699)	(271,055)
Additions: depreciation	(17,711)	(22,209)	(43,499)
Assets held for sale	0	0	7,709
Asset sales	0	200,440	0
Retirements	7,101	4,913	3,146
Balance, end of period	$ (131,165)	$ (120,555)	$ (303,699)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Mortgage Loans on Real Estate
Balance, beginning of period	$ 68,079	$ 83,248	$ 81,056
Additions during period:
New loans	53,524	39,592	74,234
Other - deferral for collection of commitment fees, net of costs	382	802	1,587
Other - accretion of loan fees and discounts	933	1,303	1,026
Deductions during period:
Collections of principal	(11,580)	(13,886)	(16,468)
Foreclosures	(174)	(241)	0
Cost of mortgages sold, net	(27,609)	(42,663)	(57,947)
Other - reclassification from secured borrowings	0	0	0
Other - bad debt expense	(420)	(76)	(240)
Balance, end of period	$ 83,135	$ 68,079	$ 83,248

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	$ 83,135	$ 68,079	$ 83,248	$ 81,056
Loans receivable	83,136	67,532
SBA 7(a) loans receivable, Paycheck Protection Program
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable	$ 14,484	$ 0
SBA 7(a) Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	174
Carrying amount of mortgages	$ 83,135
Principal amount of loans subject to delinquent principal or "interest"	152
Loans not secured by real estate	1,100
Federal income tax cost basis of mortgage loans (unaudited)	74,400
SBA 7(a) Loans \| Government guaranteed portions
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	4,009
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| SBA 7(a) loans receivable, subject to secured borrowings
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	8,458
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| SBA 7(a) loans receivable, Paycheck Protection Program
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	14,089
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| General reserves
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal amount of loans subject to delinquent principal or "interest"	0
Reserves	$ 828
SBA 7(a) Loans \| Indiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	16
Carrying amount of mortgages	$ 8,368
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Indiana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 100
Interest Rate	4.75%
SBA 7(a) Loans \| Indiana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 990
Interest Rate	6.00%
SBA 7(a) Loans \| Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	23
Size of loans	$ 10
Carrying amount of mortgages	7,885
Principal amount of loans subject to delinquent principal or "interest"	$ 0
SBA 7(a) Loans \| Texas \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.13%
SBA 7(a) Loans \| Texas \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 1,000
Interest Rate	6.00%
SBA 7(a) Loans \| Ohio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	20
Carrying amount of mortgages	$ 6,941
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Ohio \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 90
Interest Rate	4.75%
SBA 7(a) Loans \| Ohio \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 740
Interest Rate	6.00%
SBA 7(a) Loans \| Michigan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	17
Carrying amount of mortgages	$ 5,308
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Michigan \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 10
Interest Rate	4.75%
SBA 7(a) Loans \| Michigan \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 990
Interest Rate	6.00%
SBA 7(a) Loans \| Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	9
Carrying amount of mortgages	$ 3,758
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Florida \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 60
Interest Rate	5.00%
SBA 7(a) Loans \| Florida \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 1,090
Interest Rate	6.00%
SBA 7(a) Loans \| Pennsylvania
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 2,174
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Pennsylvania \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 310
Interest Rate	5.00%
SBA 7(a) Loans \| Pennsylvania \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 740
Interest Rate	6.00%
SBA 7(a) Loans \| Illinois
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	8
Carrying amount of mortgages	$ 1,959
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Illinois \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 50
Interest Rate	5.00%
SBA 7(a) Loans \| Illinois \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 540
Interest Rate	6.00%
SBA 7(a) Loans \| North Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,651
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| North Carolina \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 70
Interest Rate	5.25%
SBA 7(a) Loans \| North Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 620
Interest Rate	6.00%
SBA 7(a) Loans \| Colorado
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,629
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Colorado \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 60
Interest Rate	4.75%
SBA 7(a) Loans \| Colorado \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 540
Interest Rate	6.00%
SBA 7(a) Loans \| Louisiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,525
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Louisiana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 110
Interest Rate	5.00%
SBA 7(a) Loans \| Louisiana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 600
Interest Rate	6.00%
SBA 7(a) Loans \| Kentucky
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	6
Carrying amount of mortgages	$ 1,487
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Kentucky \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 90
Interest Rate	5.00%
SBA 7(a) Loans \| Kentucky \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 420
Interest Rate	6.00%
SBA 7(a) Loans \| Alabama
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	6
Carrying amount of mortgages	$ 1,467
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Alabama \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 30
Interest Rate	5.00%
SBA 7(a) Loans \| Alabama \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 490
Interest Rate	5.75%
SBA 7(a) Loans \| South Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,337
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| South Carolina \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 280
Interest Rate	5.00%
SBA 7(a) Loans \| South Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 400
Interest Rate	6.00%
SBA 7(a) Loans \| Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,226
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Georgia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 120
Interest Rate	5.25%
SBA 7(a) Loans \| Georgia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 360
Interest Rate	6.00%
SBA 7(a) Loans \| Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,202
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Virginia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 200
Interest Rate	5.25%
SBA 7(a) Loans \| Virginia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 470
Interest Rate	6.00%
SBA 7(a) Loans \| Mississippi
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,175
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Mississippi \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 140
Interest Rate	5.25%
SBA 7(a) Loans \| Mississippi \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 510
Interest Rate	6.00%
SBA 7(a) Loans \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	34
Carrying amount of mortgages	$ 8,315
Principal amount of loans subject to delinquent principal or "interest"	152
SBA 7(a) Loans \| Other \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 10
Interest Rate	4.75%
SBA 7(a) Loans \| Other \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 890
Interest Rate	6.00%
Mortgage Loans - $284,000 \| SBA 7(a) Loans \| Pennsylvania
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 152
Interest Rate	6.00%
Reserves	$ 57