0000908311-21-000038 | 10-Q | XBRL Viewer | CIM Commercial Trust Corp

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SUBSEQUENT EVENTS (Details) - Independent Directors - Restricted Stock - shares		1 Months Ended		3 Months Ended
	May 10, 2021	Jul. 31, 2019	May 31, 2019	Mar. 31, 2021
Subsequent Event [Line Items]
Restricted stock granted to each independent member of the board of director (in shares)		81	889
Restricted stock granted to each independent member of the board of director, in aggregate (in shares)		324	3,556
Award vesting period				1 year
Subsequent Event
Subsequent Event [Line Items]
Restricted stock granted to each independent member of the board of director (in shares)	5,083
Restricted stock granted to each independent member of the board of director, in aggregate (in shares)	20,332
Award vesting period	1 year

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS In May 2021, the Company granted awards of 5,083 restricted shares of Common Stock to each of the independent members of the Board of Directors (20,332 shares in the aggregate) under the 2015 Equity Incentive Plan, which vest after one year of continuous service.

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 21, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated under the Paycheck Protection Program	$ 11,820	$ 2,961
Loans receivable	$ 84,768			$ 83,136
Loans, percent current	98.70%			98.80%
Loans receivable, net	$ 84,441			$ 83,135
Accounts Receivable \| Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percent	99.30%			99.10%
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,300			$ 1,400
SBA 7(a) loans receivable, paycheck protection program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated under the Paycheck Protection Program			$ 26,200
Loans receivable	$ 17,286			$ 14,484

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 685,883		$ 685,617
Total capital expenditures	320	$ 4,828
Loan originations	25,593	11,844
Total capital expenditures and loan originations	25,913	16,672
Office
Segment Reporting Information [Line Items]
Total capital expenditures	292	4,534
Hotel
Segment Reporting Information [Line Items]
Total capital expenditures	28	$ 294
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	462,547		472,544
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	100,902		100,285
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	101,242		94,626
Non-segment
Segment Reporting Information [Line Items]
Total assets	$ 21,192		$ 18,162

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Operations
Asset management and other fees to related parties	$ 2,259	$ 2,645
Consolidated Statements of Cash Flows
Depreciation and amortization, net	5,017	5,102
Deferred rent and amortization of intangible assets, liabilities and lease inducements		0
Other assets	(2,530)	(1,355)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(7,653)	(9,249)
Payment of principal on SBA 7(a) loan-backed notes		0
Net proceeds from issuance of Preferred Stock	5,465	8,643
Preferred stock offering costs offset against redeemable preferred stock	87	178
Preferred stock offering costs offset against redeemable preferred stock in permanent equity		0
Series D Preferred Stock
Consolidated Statements of Cash Flows
Net proceeds from issuance of Preferred Stock		0
Non-segment
Consolidated Statements of Operations
Expense reimbursements to related parties—lending segment	605	812
Operating Segments
Consolidated Statements of Operations
Expense reimbursements to related parties—lending segment	$ 731	682
As previously reported
Consolidated Statements of Operations
Asset management and other fees to related parties		4,139
Consolidated Statements of Cash Flows
Depreciation and amortization, net		5,258
Deferred rent and amortization of intangible assets, liabilities and lease inducements		(816)
Other assets		(695)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes		(5,000)
Payment of principal on SBA 7(a) loan-backed notes		(4,249)
Net proceeds from issuance of Preferred Stock		8,497
Preferred stock offering costs offset against redeemable preferred stock		176
Preferred stock offering costs offset against redeemable preferred stock in permanent equity		2
As previously reported \| Series D Preferred Stock
Consolidated Statements of Cash Flows
Net proceeds from issuance of Preferred Stock		146
As previously reported \| Non-segment
Consolidated Statements of Operations
Expense reimbursements to related parties—lending segment		0
As previously reported \| Operating Segments
Consolidated Statements of Operations
Expense reimbursements to related parties—lending segment		0
Reclassification
Consolidated Statements of Operations
Asset management and other fees to related parties		(1,494)
Consolidated Statements of Cash Flows
Depreciation and amortization, net		(156)
Deferred rent and amortization of intangible assets, liabilities and lease inducements		816
Other assets		(660)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes		(4,249)
Payment of principal on SBA 7(a) loan-backed notes		4,249
Net proceeds from issuance of Preferred Stock		146
Preferred stock offering costs offset against redeemable preferred stock		2
Preferred stock offering costs offset against redeemable preferred stock in permanent equity		(2)
Reclassification \| Series D Preferred Stock
Consolidated Statements of Cash Flows
Net proceeds from issuance of Preferred Stock		(146)
Reclassification \| Non-segment
Consolidated Statements of Operations
Expense reimbursements to related parties—lending segment		812
Reclassification \| Operating Segments
Consolidated Statements of Operations
Expense reimbursements to related parties—lending segment		$ 682

LEASES

3 Months Ended

Mar. 31, 2021

Leases, Operating [Abstract]

LEASES

14. LEASES

Future minimum rental revenue under long-term operating leases as of March 31, 2021, excluding tenant reimbursements of certain costs, are as follows (in thousands):


Years Ending December 31,	Total
2021 (Nine months ending December 31, 2021)	$	32,877
2022	41,910
2023	38,275
2024	36,547
2025	21,055
Thereafter	39,843
	$	210,507

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	May 30, 2018	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Restricted cash		$ 9,891	$ 10,013	$ 10,430
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	$ 1,200
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%)

SEGMENT DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Office:
Revenues	$	13,527	$	14,897
Property expenses:
Operating	5,655		6,046
General and administrative	85		98
Total property expenses	5,740		6,144
Segment net operating income—office	7,787		8,753
Hotel:
Revenues	1,878		8,253
Property expenses:
Operating	2,635		6,469
General and administrative	50		13
Total property expenses	2,685		6,482
Segment net operating (loss) income—hotel	(807)		1,771
Lending:
Revenues	3,474		2,384
Lending expenses:
Interest expense	191		291
Expense reimbursements to related parties—lending segment	731		682
General and administrative	446		400
Total lending expenses	1,368		1,373
Segment net operating income—lending	2,106		1,011
Total segment net operating income	$	9,086	$	11,535

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

A reconciliation of segment net operating income to net income attributable to the Company for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Total segment net operating income	$	9,086	$	11,535
Interest and other income	—		1
Asset management and other fees to related parties	(2,259)		(2,645)
Expense reimbursements to related parties—corporate	(605)		(812)
Interest expense	(2,441)		(2,876)
General and administrative	(2,041)		(1,223)

Depreciation and amortization	(5,037)		(5,258)



Loss before provision for income taxes	(3,297)		(1,278)
(Provision) benefit for income taxes	(374)		22
Net loss	(3,671)		(1,256)
Net loss (income) attributable to noncontrolling interests	1		(4)
Net loss attributable to the Company	$	(3,670)	$	(1,260)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of March 31, 2021 and December 31, 2020, along with capital expenditures and loan originations for the three months ended March 31, 2021 and 2020, are as follows (in thousands):


	March 31, 2021		December 31, 2020
Condensed assets:
Office	$	462,547	$	472,544
Hotel	100,902		100,285
Lending	101,242		94,626
Non-segment assets	21,192		18,162
Total assets	$	685,883	$	685,617

Schedule of Segment Capital Expenditures and Loan Originations


	Three Months Ended March 31,
	2021		2020
Capital expenditures (1):
Office	$	292	$	4,534
Hotel	28		294
Total capital expenditures	320		4,828
Loan originations	25,593		11,844
Total capital expenditures and loan originations	$	25,913	$	16,672

______________________

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

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Dividends

Holders of the Company’s Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by the Company out of legally available funds. In determining the Company’s dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, the Company’s 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 three months ended March 31, 2021 and 2020 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Share of Common Stock

March 5, 2021

March 30, 2021

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

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 the Company’s 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 the Company’s 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 March 31, 2021, the Company had issued 4,603,287 Series A Preferred Warrants to purchase 1,194,159 shares of Common Stock in connection with the Company’s 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.

RELATED-PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Asset Management Fees Calculation

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 (dollar amounts in thousands):


Daily Average Adjusted Fair Value of CIM Urban’s Assets
				Quarterly Fee Percentage
From Greater of		To and Including

$	—	$	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 (in thousands):


	Three Months Ended March 31,
	2021		2020
Asset Management Fees:
Asset management fees (1)	$	2,259	$	2,363
Property Management Fees and Reimbursements:
Property management fees	$	403	$	427
Onsite management and other cost reimbursement	$	809	$	969
Leasing commissions	$	15	$	40
Construction management fees	$	13	$	170
Administrative Fees and Expenses:
Base service fee (2)	$	—	$	282
Expense reimbursements to related parties - corporate	$	605	$	812
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment	$	731	$	682
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees	$	150	$	241
Non-issuance specific offering costs (3)	$	21	$	24

______________________

(1)For the three months ended March 31, 2020, the Company issued to the Operator 203,349 shares of Common Stock, in lieu of cash payment of the asset management fee for the first quarter of 2020.

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

(3)As of March 31, 2021 and December 31, 2020, $1.7 million and $1.5 million, 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 March 31, 2021 and December 31, 2020, due to related parties consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Asset management fees	$	2,227	$	2,386
Property management fees and reimbursements	1,753		1,662
Expense reimbursements - corporate	846		647
Expense reimbursements - lending segment	612		690
Upfront dealer manager and trailing dealer manager fees	541		493
Non-issuance specific offering costs	723		668
Other amounts due to the CIM Management Entities and certain of its affiliates	216		160
Total due to related parties	$	6,918	$	6,706

STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2021

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 as follows:


Grant Date (1)	Vesting Date	Restricted Shares of Common Stock - Individual	Restricted Shares of Common Stock - Aggregate
May 2019	May 2020	889	3,556
July 2019	May 2020 (2)	81	324
May 2020	February 2021 (3)	5,478	5,478
May 2020	(4)	5,478	16,434

______________________

(1)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 $60,000 and $56,000 for the three months ended March 31, 2021 and 2020, respectively.

(2)These shares vested in May 2020 concurrent with the vesting of the restricted shares of Common Stock granted in May 2019.

(3)On February 11, 2021, the Company’s Board of Directors approved the immediate vesting of 5,478 shares that had been granted in May 2020 to a former independent member of the Board of Directors, following his death.

(4)These shares vested in May 2021 after one year of continuous service.

As of March 31, 2021, there was $13,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

REDEEMABLE PREFERRED STOCK - Redemptions Narrative (Details)	3 Months Ended
	Mar. 31, 2021 day
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock redemption, trading days prior to redemption	20

DEBT (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of March 31, 2021 and December 31, 2020, and the debt activity for the three months ended March 31, 2021 (in thousands):


			During the Three Months Ended March 31, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of March 31, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(147)		—		—		6		(141)
Total Mortgage Payable	96,953		—		—		6		96,959
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	8,457		—		(212)		—		8,245
Unamortized premiums	457		—		—		(21)		436
Total Secured Borrowings — Government Guaranteed Loans	8,914		—		(212)		(21)		8,681
Other Debt:
2018 revolving credit facility	166,500		5,000		—		—		171,500
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(1,285)		—		12,945
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		9,985		(6,368)		—		18,101
Deferred loan costs — other debt	(2,155)		—		—		318		(1,837)
Discount on junior subordinated notes	(1,683)		—		—		23		(1,660)
Total Other Debt	218,446		14,985		(7,653)		341		226,119
Total Debt, Net	$	324,313	$	14,985	$	(7,865)	$	326	$	331,759

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of March 31, 2021 are as follows (in thousands):


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
2021 (Nine months ending December 31, 2021)	$	—	$	324	$	—	$	4,849	$	5,173
2022	—		444		171,500		6,024		177,968
2023	—		457		—		3,531		3,988
2024	—		471		—		3,685		4,156
2025	—		486		—		3,325		3,811
Thereafter	97,100		6,063		—		36,702		139,865
	$	97,100	$	8,245	$	171,500	$	58,116	$	334,961

______________________

(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. The Company’s estimate of their repayment is based on scheduled payments on the underlying loans. The Company’s estimate will differ from actual amounts to the extent the Company experiences 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.

- 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.

+ References

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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 84,768	$ 83,136
Deferred capitalized costs, net	662	884
Loan loss reserves	(989)	(885)
Loans receivable, net	84,441	83,135
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	33,250	32,226
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	22,765	23,631
SBA 7(a) loans receivable, paycheck protection program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	17,286	14,484
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	8,555	8,786
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 2,912	$ 4,009

LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

LOANS RECEIVABLE

4. LOANS RECEIVABLE

Loans receivable consist of the following (in thousands):


	March 31, 2021		December 31, 2020
SBA 7(a) loans receivable, subject to credit risk	$	33,250	$	32,226
SBA 7(a) loans receivable, subject to loan-backed notes	22,765		23,631
SBA 7(a) loans receivable, Paycheck Protection Program	17,286		14,484
SBA 7(a) loans receivable, subject to secured borrowings	8,555		8,786
SBA 7(a) loans receivable, held for sale	2,912		4,009
Loans receivable	84,768		83,136
Deferred capitalized costs, net	662		884
Loan loss reserves	(989)		(885)
Loans receivable, net	$	84,441	$	83,135

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—As a SBA 7(a) licensee, the Company is an authorized lender under the PPP and has originated $26.2 million in loans under the program with $17.3 million outstanding as of March 31, 2021. The Company expects 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 March 31, 2021 and December 31, 2020, the Company’s loans subject to credit risk were 99.3% and 99.1%, respectively, concentrated in the hospitality industry. As of March 31, 2021 and December 31, 2020, 98.7% and 98.8%, respectively, of the Company’s loans subject to credit risk were current. The Company classifies loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of March 31, 2021 and December 31, 2020, $1.3 million and $1.4 million, respectively, of loans subject to credit risk were classified in substandard categories.

EARNINGS PER SHARE ("EPS") (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations

The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three months ended March 31, 2021 and 2020 (in thousands, except per share amounts):


	Three Months Ended March 31,
	2021		2020
Numerator:
Net loss attributable to common stockholders	$	(8,206)	$	(6,787)
Redeemable preferred stock dividends declared on dilutive shares	—		(1)
Diluted net loss attributable to common stockholders	$	(8,206)	$	(6,788)
Denominator:
Basic weighted average shares of Common Stock outstanding	14,808		14,598
Effect of dilutive securities—contingently issuable shares	—		1
Diluted weighted average shares and common stock equivalents outstanding	14,808		14,599
Net loss attributable to common stockholders per share:
Basic	$	(0.55)	$	(0.46)
Diluted	$	(0.55)	$	(0.46)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

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:


	March 31, 2021		December 31, 2020
	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%	6.50% - 8.25%	4.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.50% - 8.00%	4.88% - 17.50%	5.50% - 8.00%	4.88% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	1.00%	N/A
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	7.00% - 7.75%	5.00% - 17.50%

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 the Company’s consolidated balance sheets are as follows (dollar amounts in thousands):


	March 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	33,552	$	33,633	$	32,509	$	32,397	3
SBA 7(a) loans receivable, subject to loan-backed notes	22,646		23,452		23,606		24,850		3
SBA 7(a) loans receivable, paycheck protection program	16,662		17,286		14,089		14,484		3
SBA 7(a) loans receivable, subject to secured borrowings	8,591		8,681		8,822		8,914		3
SBA 7(a) loans receivable, held for sale	2,990		3,373		4,109		4,527		3
Liabilities:
Mortgages payable (1)	97,100		99,689		97,100		100,799		3
Junior subordinated notes (1)	27,070		24,264		27,070		24,236		3

______________________

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

LOANS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following (in thousands):


	March 31, 2021		December 31, 2020
SBA 7(a) loans receivable, subject to credit risk	$	33,250	$	32,226
SBA 7(a) loans receivable, subject to loan-backed notes	22,765		23,631
SBA 7(a) loans receivable, Paycheck Protection Program	17,286		14,484
SBA 7(a) loans receivable, subject to secured borrowings	8,555		8,786
SBA 7(a) loans receivable, held for sale	2,912		4,009
Loans receivable	84,768		83,136
Deferred capitalized costs, net	662		884
Loan loss reserves	(989)		(885)
Loans receivable, net	$	84,441	$	83,135

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock Narrative (Details) - Series L Preferred Stock - USD ($) $ / shares in Units, $ in Millions	Nov. 21, 2017	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	8,080,740	8,080,740	5,387,160
Preferred stock, liquidation preference per share (in usd per share)		$ 28.37	$ 28.37
Gross proceeds from sale of preferred stock	$ 229.3
Offering costs	15.9
Discount on shares issued	2.9
Offering costs, non-issuance specific	$ 2.5
Minimum fixed charge coverage ratio	125.00%
Registration Statement
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37

INVESTMENT IN REAL ESTATE

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

INVESTMENT IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following (in thousands):


	March 31, 2021		December 31, 2020
Land	$	139,397	$	139,397
Land improvements	2,611		2,611
Buildings and improvements	451,204		450,741
Furniture, fixtures, and equipment	5,020		4,969
Tenant improvements	31,025		31,414
Work in progress	7,786		8,073
Investments in real estate	637,043		637,205
Accumulated depreciation	(134,921)		(131,165)
Net investments in real estate	$	502,122	$	506,040

The Company recorded depreciation expense of $4.2 million and $4.3 million for the three months ended March 31, 2021 and 2020, respectively.

The fair value of real estate acquired is recorded to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, 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 respective 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.

2021 and 2020 Transactions—There were no acquisitions or dispositions during the three months ended March 31, 2021 and 2020.

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - CIM Urban REIT Management, L.P. $ in Thousands	Mar. 31, 2021 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 CIM Urban’s Assets	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 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 CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 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 CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 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 CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 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 CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 20,000,000

SEGMENT DISCLOSURE

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

15. SEGMENT DISCLOSURE

The Company’s reportable segments during the three months ended March 31, 2021 and 2020 consist of two types of commercial real estate properties, namely, office and hotel, as well as a segment for the Company’s lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has 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 the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2021.

For the Company’s real estate segments, the Company defines net operating income (loss) 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 the Company’s lending segment, the Company defines net operating income as interest income net of interest expense and general overhead expenses.

The net operating income (loss) of the Company’s segments for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Office:
Revenues	$	13,527	$	14,897
Property expenses:
Operating	5,655		6,046
General and administrative	85		98
Total property expenses	5,740		6,144
Segment net operating income—office	7,787		8,753
Hotel:
Revenues	1,878		8,253
Property expenses:
Operating	2,635		6,469
General and administrative	50		13
Total property expenses	2,685		6,482
Segment net operating (loss) income—hotel	(807)		1,771
Lending:
Revenues	3,474		2,384
Lending expenses:
Interest expense	191		291
Expense reimbursements to related parties—lending segment	731		682
General and administrative	446		400
Total lending expenses	1,368		1,373
Segment net operating income—lending	2,106		1,011
Total segment net operating income	$	9,086	$	11,535

A reconciliation of segment net operating income to net income attributable to the Company for the three months ended March 31, 2021 and 2020 is as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Total segment net operating income	$	9,086	$	11,535
Interest and other income	—		1
Asset management and other fees to related parties	(2,259)		(2,645)
Expense reimbursements to related parties—corporate	(605)		(812)
Interest expense	(2,441)		(2,876)
General and administrative	(2,041)		(1,223)

Depreciation and amortization	(5,037)		(5,258)



Loss before provision for income taxes	(3,297)		(1,278)
(Provision) benefit for income taxes	(374)		22
Net loss	(3,671)		(1,256)
Net loss (income) attributable to noncontrolling interests	1		(4)
Net loss attributable to the Company	$	(3,670)	$	(1,260)


	March 31, 2021		December 31, 2020
Condensed assets:
Office	$	462,547	$	472,544
Hotel	100,902		100,285
Lending	101,242		94,626
Non-segment assets	21,192		18,162
Total assets	$	685,883	$	685,617


	Three Months Ended March 31,
	2021		2020
Capital expenditures (1):
Office	$	292	$	4,534
Hotel	28		294
Total capital expenditures	320		4,828
Loan originations	25,593		11,844
Total capital expenditures and loan originations	$	25,913	$	16,672

______________________

(1)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
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

REDEEMABLE PREFERRED STOCK - Dividends Narrative (Details) - USD ($)		3 Months Ended
	Dec. 22, 2020	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Initial dividend on common stock	$ 4,448,223
Payments on preferred stock dividends		$ 10,630,000	$ 10,919,000
Series A Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate		5.50%
Preferred dividend per share per quarter (in usd per share)		$ 0.34375
Payments on preferred stock dividends		$ 2,200,000	2,500,000
Series D Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate		5.65%
Preferred dividend per share per quarter (in usd per share)		$ 0.35313
Payments on preferred stock dividends		$ 7,000	0
Series L Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate		5.50%
Preferred dividend per share per quarter (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	$ 8,400,000

STOCK-BASED COMPENSATION PLANS (Details) - Restricted Stock - USD ($) $ in Thousands			1 Months Ended			3 Months Ended
	May 10, 2021	Feb. 11, 2021	May 31, 2020	Jul. 31, 2019	May 31, 2019	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation plans
Unrecognized compensation expense						$ 13
Independent Directors
Share-based compensation plans
Restricted Shares of Common Stock - Individual (in shares)				81	889
Restricted Shares of Common Stock - Aggregate (in shares)				324	3,556
Award vesting period						1 year
Stock-based compensation expense						$ 60	$ 56
Independent Directors \| Subsequent Event
Share-based compensation plans
Restricted Shares of Common Stock - Individual (in shares)	5,083
Restricted Shares of Common Stock - Aggregate (in shares)	20,332
Award vesting period	1 year
Independent Directors \| Share-based Payment Arrangement, Tranche One
Share-based compensation plans
Restricted Shares of Common Stock - Individual (in shares)			5,478
Restricted Shares of Common Stock - Aggregate (in shares)			5,478
Number of shares vested		5,478
Independent Directors \| Share-based Payment Arrangement, Tranche Two
Share-based compensation plans
Restricted Shares of Common Stock - Individual (in shares)			5,478
Restricted Shares of Common Stock - Aggregate (in shares)			16,434

ORGANIZATION AND OPERATIONS (Details)	Sep. 03, 2019 $ / shares	Mar. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Jun. 29, 2020 $ / shares	Jun. 28, 2020 $ / shares	Feb. 29, 2020 $ / shares	Jan. 31, 2020 $ / 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
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

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Investments in real estate, net	$ 502,122	$ 506,040
Cash and cash equivalents	34,605	33,636
Restricted cash	9,891	10,013
Loans receivable, net	84,441	83,135
Accounts receivable, net	1,566	1,737
Deferred rent receivable and charges, net	35,894	35,956
Other intangible assets, net	6,014	6,313
Loan servicing asset, net and other assets	11,350	8,787
TOTAL ASSETS	685,883	685,617
LIABILITIES:
Debt, net	331,759	324,313
Accounts payable and accrued expenses	11,319	20,327
Intangible liabilities, net	472	587
Due to related parties	6,918	6,706
Other liabilities	11,596	9,733
Total liabilities	362,064	361,666
COMMITMENTS AND CONTINGENCIES (Note 13)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 14,827,410 shares issued and outstanding as of March 31, 2021 and 14,827,410 shares issued and outstanding as of December 31, 2020.	15	15
Additional paid-in capital	793,344	794,127
Distributions in excess of earnings	(785,730)	(778,519)
Total stockholders’ equity	278,175	277,659
Noncontrolling interests	340	455
Total equity	278,515	278,114
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	685,883	685,617
Series A Preferred Stock
LIABILITIES:
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 1,973,186 and 1,972,786 shares issued and outstanding, respectively, as of March 31, 2021 and 2,008,256 and 2,007,856 shares issued and outstanding, respectively, as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment	45,304	45,837
Series A Cumulative Preferred Stock
EQUITY:
Preferred stock	117,140	108,729
Series D Preferred Stock
EQUITY:
Preferred stock	572	473
Series L Preferred Stock
EQUITY:
Preferred stock	$ 152,834	$ 152,834

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments in Real Estate
Impairment of real estate	$ 0	$ 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

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Paid

Cash dividends per share of Common Stock paid in respect of the three months ended March 31, 2021 and 2020 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Share of Common Stock

March 5, 2021

March 30, 2021

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans Narrative (Details) $ in Millions	Mar. 31, 2021 USD ($)
Mortgage Payble
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	$ 5.5
Weighted average rate	3.86%
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 - Paycheck Protection Program Liquidity Facility Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Accrued interest and unused commitment fee payable	$ 537	$ 564
Revolving Credit Facility \| Paycheck Protection Program Liquidity Facility, CARES Act \| Line of Credit
Debt Instrument [Line Items]
Debt outstanding	$ 18,100

- 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

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. 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. The Company’s outstanding commitments to fund loans were $60.0 million as of March 31, 2021, the majority of which are for prime-based loans to be originated by the Company’s 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, the Company has 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 March 31, 2021. As of March 31, 2021, $2.5 million was funded to reserve accounts included in restricted cash on the Company’s consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreement entered into in June 2016. Employment Agreements—The Company has an employment agreement with one of its 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—The Company is not currently involved in any material pending or threatened legal proceedings nor, to the Company’s knowledge, are any material legal proceedings currently threatened against the Company, other than routine litigation arising in the ordinary course of business. In the normal course of business, the Company is periodically party to certain legal actions and proceedings involving matters that are generally incidental to the Company’s 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 the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on Common Stock or Preferred Stock. In September 2018, the Company 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 the Company for real property transfer tax allegedly due for a transaction in a prior year. The Company disputed that such penalties, interest and legal fees were payable but, in order to contest the asserted tax obligations, the Company had to pay such amounts to the City and County of San Francisco in August 2017. The Company has 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, the Company is unable to estimate a range of potential losses due to the complexity and current status of the lawsuit. However, the Company maintains 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 the Company’s business, financial condition, results of operations, cash flow or the Company ability to satisfy its debt service obligations or to maintain the level of distributions on the Company’s 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 the Company. 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 the Company in the event that a loss is deemed to be attributable to technical deficiencies. Based on historical experience, the Company does not expect that this contingency is probable to be asserted. However, if asserted, it could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on Common Stock or Preferred Stock. Environmental Matters—In connection with the ownership and operation of real estate properties, the Company may be potentially liable for costs and damages related to environmental matters, including asbestos-containing materials. The Company has not been notified by any governmental authority of any noncompliance, liability, or other claim in connection with any of the properties, and the Company is not aware of any other environmental condition with respect to any of the properties that management believes will have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on Common Stock or Preferred Stock.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Non-controlling Interests	Series A Preferred Stock	Series A Preferred Stock Total Stockholders’ Equity	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Additional Paid-in Capital	Series A Preferred Stock Distributions in Excess of Earnings	Series D Preferred Stock	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
Beginning balance (in shares) at Dec. 31, 2019			14,602,149	8,224,254						2,837,094					0
Beginning balance at Dec. 31, 2019	$ 278,195	$ 277,690	$ 15	$ 223,467	$ 794,825	$ (740,617)	$ 505			$ 70,633					$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	56	56			56
Common dividends	(1,095)	(1,095)				(1,095)
Issuance of Series A Preferred Warrants	28	28			28
Dividends to holders of Preferred Stock								$ (3,252)	$ (3,252)			$ (3,252)	$ (3)	$ (3)			$ (3)
Issuance of Series D Preferred Stock (in shares)															5,980
Issuance of Series D Preferred Stock													145	145	$ 150	$ (5)
Reclassification of Series A Preferred Stock to permanent equity (in shares)										304,274
Reclassification of Series A Preferred Stock to permanent equity	6,948							6,948	6,948	$ 7,588	$ (640)
Redeemable Preferred Stock deemed dividends	(161)	(161)				(161)
Redemption of Series A Preferred Stock (in shares)										(2,452)
Redemption of Series A Preferred Stock								(66)	(66)	$ (61)	5	(10)
Net (loss) income	(1,256)	(1,260)				(1,260)	4
Ending balance (in shares) at Mar. 31, 2020			14,602,149	8,532,056						3,138,916					5,980
Ending balance at Mar. 31, 2020	279,539	279,030	$ 15	$ 231,144	794,269	(746,398)	509			$ 78,160					$ 150
Beginning balance (in shares) at Dec. 31, 2020			14,827,410	9,784,067						4,377,762					19,145
Beginning balance at Dec. 31, 2020	278,114	277,659	$ 15	$ 262,036	794,127	(778,519)	455			$ 108,729					$ 473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions to noncontrolling interests	0
Distributions to noncontrolling interests	(114)						(114)
Stock-based compensation expense	60	60			60
Common dividends	(1,112)	(1,112)				(1,112)
Dividends to holders of Preferred Stock								(2,350)	(2,350)			(2,350)	(9)	(9)			$ (9)
Issuance of Series D Preferred Stock (in shares)															4,045
Issuance of Series D Preferred Stock													$ 96	$ 96	$ 99	$ (3)
Reclassification of Series A Preferred Stock to permanent equity (in shares)										366,991
Reclassification of Series A Preferred Stock to permanent equity	8,243							8,243	8,243	$ 9,144	(901)
Redeemable Preferred Stock deemed dividends	(57)	(57)				(57)
Redemption of Series A Preferred Stock (in shares)										(29,462)
Redemption of Series A Preferred Stock								$ (685)	$ (685)	$ (733)	$ 61	$ (13)
Net (loss) income	(3,671)	(3,670)				(3,670)	(1)
Ending balance (in shares) at Mar. 31, 2021			14,827,410	10,125,641						4,715,291					23,190
Ending balance at Mar. 31, 2021	$ 278,515	$ 278,175	$ 15	$ 270,546	$ 793,344	$ (785,730)	$ 340			$ 117,140					$ 572

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred rent receivable	$ 20,645	$ 20,470
Deferred leasing costs, net of accumulated amortization of $8,084 and $7,742, respectively	8,534	8,950
Deferred leasing costs, accumulated amortization	8,084	7,742
Deferred offering costs	6,171	6,046
Other deferred costs	544	490
Deferred rent receivable and charges, net	$ 35,894	$ 35,956

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	14,827,410	14,827,410
Common stock, shares outstanding (in shares)	14,827,410	14,827,410
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)	1,973,186	2,008,256
Preferred stock, shares outstanding (in shares)	1,972,786	2,007,856
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)	4,851,367	4,484,376
Preferred stock, shares outstanding (in shares)	4,715,291	4,377,762
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)	23,190	19,145
Preferred stock, shares outstanding (in shares)	23,190	19,145
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	5,387,160
Preferred stock, shares outstanding (in shares)	8,080,740	5,387,160
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 06, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,847,742
Entity Central Index Key	0000908311
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Future amortization of acquisition related intangible assets
Net	$ 6,014	$ 6,313
Future accretion of acquisition related intangible liabilities
Net	(472)	(587)
Acquired below-market leases
Future accretion of acquisition related intangible liabilities
2021 (Nine months ending December 31, 2021)	(234)
2022	(236)
2023	(2)
2024	0
2025	0
Thereafter	0
Net	(472)	(587)
Acquired above-market leases
Future amortization of acquisition related intangible assets
2021 (Nine months ending December 31, 2021)	9
2022	12
2023	10
2024	5
2025	1
Thereafter	0
Net	37	40
Acquired In-Place Leases
Future amortization of acquisition related intangible assets
2021 (Nine months ending December 31, 2021)	753
2022	813
2023	470
2024	374
2025	171
Thereafter	439
Net	$ 3,020	$ 3,316

DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

6. DEBT

The following table summarizes the debt balances as of March 31, 2021 and December 31, 2020, and the debt activity for the three months ended March 31, 2021 (in thousands):


			During the Three Months Ended March 31, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments & Modifications		Accretion & (Amortization)		Balances as of March 31, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred loan costs — Mortgage Payable	(147)		—		—		6		(141)
Total Mortgage Payable	96,953		—		—		6		96,959
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	8,457		—		(212)		—		8,245
Unamortized premiums	457		—		—		(21)		436
Total Secured Borrowings — Government Guaranteed Loans	8,914		—		(212)		(21)		8,681
Other Debt:
2018 revolving credit facility	166,500		5,000		—		—		171,500
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(1,285)		—		12,945
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		9,985		(6,368)		—		18,101
Deferred loan costs — other debt	(2,155)		—		—		318		(1,837)
Discount on junior subordinated notes	(1,683)		—		—		23		(1,660)
Total Other Debt	218,446		14,985		(7,653)		341		226,119
Total Debt, Net	$	324,313	$	14,985	$	(7,865)	$	326	$	331,759

Mortgages Payable—The mortgages payable are secured by deeds of trust on certain of the properties and assignments of rents. As of March 31, 2021, 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 March 31, 2021, the Company’s secured borrowings-government guaranteed loans included $5.5 million of loans sold for a premium and excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.86%, and $2.7 million of loans sold for an excess spread, 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 March 31, 2021 and December 31, 2020, the variable interest rate was 2.16% and 2.20%, 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 the Company’s properties. During the Deferral Period, the Company’s borrowing capacity is subject to a $15.0 million reserve, which may be reduced by certain capital expenditures made in respect of the Company’s properties securing the 2018 revolving credit facility, and the requirement that the Company 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 the Company 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 March 31, 2021 and December 31, 2020, $171.5 million and $166.5 million, respectively, was outstanding under the 2018 revolving credit facility, and approximately $23.0 million and $28.0 million, respectively, was available for future borrowings.

2020 Unsecured 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 March 31, 2021, $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 the Company’s 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, the Company completed a securitization of the unguaranteed portion of certain of its 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 the Company’s 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 the Company’s collateralized SBA 7(a) loans, at issuance, the Company 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%. The Company reflects the SBA 7(a) loans receivable as assets on its consolidated balance sheets and the SBA 7(a) loan-backed notes as debt on its consolidated balance sheets. The restricted cash on the Company’s consolidated balance sheets included $1.2 million as of both March 31, 2021 and December 31, 2020, of funds related to the Company’s SBA 7(a) loan-backed notes.

Paycheck Protection Program Liquidity Facility—In June 2020, the Company commenced borrowing 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 the Company 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, the Company has been reimbursed by the SBA for a loan forgiveness (to the extent of the forgiveness), the Company has received payment from the SBA representing exercise of the loan guarantee or the Company has 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. The Company borrowed money under the PPPLF to finance all the loans the Company originated under the PPP. As of March 31, 2021, $18.1 million was outstanding under the PPPLF.

Deferred loan costs, which represent legal and third-party fees incurred in connection with the Company’s 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 net of accumulated amortization and are a reduction to total debt.

As of March 31, 2021 and December 31, 2020, accrued interest and unused commitment fees payable of $537,000 and $564,000, respectively, were included in accounts payable and accrued expenses.

Future principal payments on the Company’s debt (face value) as of March 31, 2021 are as follows (in thousands):


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
2021 (Nine months ending December 31, 2021)	$	—	$	324	$	—	$	4,849	$	5,173
2022	—		444		171,500		6,024		177,968
2023	—		457		—		3,531		3,988
2024	—		471		—		3,685		4,156
2025	—		486		—		3,325		3,811
Thereafter	97,100		6,063		—		36,702		139,865
	$	97,100	$	8,245	$	171,500	$	58,116	$	334,961

______________________

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

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Leases, Operating [Abstract]
2021 (Nine months ending December 31, 2021)	$ 32,877
2022	41,910
2023	38,275
2024	36,547
2025	21,055
Thereafter	39,843
Total	$ 210,507

STOCK-BASED COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Granted Awards of Restricted Shares of Common Stock to each Independent Members of the Board of Directors


Grant Date (1)	Vesting Date	Restricted Shares of Common Stock - Individual	Restricted Shares of Common Stock - Aggregate
May 2019	May 2020	889	3,556
July 2019	May 2020 (2)	81	324
May 2020	February 2021 (3)	5,478	5,478
May 2020	(4)	5,478	16,434

______________________

(2)These shares vested in May 2020 concurrent with the vesting of the restricted shares of Common Stock granted in May 2019.

(4)These shares vested in May 2021 after one year of continuous service.

STOCKHOLDERS' EQUITY - Cash Dividends Paid (Details) - $ / shares	Mar. 05, 2021	Mar. 02, 2020
Common Stock
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.075	$ 0.075

RELATED-PARTY TRANSACTIONS - Other Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 16, 2020 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²	Oct. 01, 2015
CIM Management Entities Affiliate
Related Party Transaction [Line Items]
Lease renewal term with related party						5 years
Rental and other property income from related party	$ 0	$ 29
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]
Rental and other property income from related party	$ 370	$ 370
Lease, term of contract with related party					11 years
Net rentable area with related party (in sq ft) \| ft²				30	32

RELATED-PARTY TRANSACTIONS - Due to Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related parties	$ 6,918	$ 6,706
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	2,227	2,386
Property management fees and reimbursements \| Affiliated Entity \| CIM Management Entities
Related Party Transaction [Line Items]
Due to related parties	1,753	1,662
Expense Reimbursements \| Affiliated Entity \| Non-segment
Related Party Transaction [Line Items]
Due to related parties	846	647
Expense Reimbursements \| Affiliated Entity \| Operating Segments
Related Party Transaction [Line Items]
Due to related parties	612	690
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	541	493
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	723	668
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity \| CIM Management Entities And Related Parties
Related Party Transaction [Line Items]
Due to related parties	$ 216	$ 160

REDEEMABLE PREFERRED STOCK

3 Months Ended

Mar. 31, 2021

Temporary Equity Disclosure [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 three months ended March 31, 2021 and 2020 (dollar amounts in thousands):


	Preferred Stock

	Series A			Series D			Series L			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
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	—	—		5,980	150		—	—		5,980	150
Reclassification of Series A Preferred Stock to permanent equity	304,274	7,588		—	—		—	—		304,274	7,588
Redemption of Series A Preferred Stock	(2,452)	(61)		—	—		—	—		(2,452)	(61)
Balances, March 31, 2020	3,138,916	$	78,160	5,980	$	150	5,387,160	$	152,834	8,532,056	$	231,144

Balances, December 31, 2020	4,377,762	$	108,729	19,145	$	473	5,387,160	$	152,834	9,784,067	$	262,036
Issuance of Series D Preferred Stock	—	—		4,045	99		—	—		4,045	99
Reclassification of Series A Preferred Stock to permanent equity	366,991	9,144		—	—		—	—		366,991	9,144
Redemption of Series A Preferred Stock	(29,462)	(733)		—	—		—	—		(29,462)	(733)
Balances, March 31, 2021	4,715,291	$	117,140	23,190	$	572	5,387,160	$	152,834	10,125,641	$	270,546

As of March 31, 2021, the Company had issued in registered public offerings 6,526,081 shares of Series A Preferred Stock, 4,603,287 Series A Preferred Warrants and 23,190 shares of Series D Preferred Stock and received gross proceeds of $163.7 million ($162.4 million of which was allocated to the Series A Preferred Stock, $761,000 of which was allocated to the Series A Preferred Warrants, and $572,000 of which was allocated to the Series D Preferred Stock) and, additionally, had issued 298,472 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 $13.5 million ($13.4 million of which was allocated to the Series A Preferred Stock, $142,000 of which was allocated to the Series A Preferred Warrants, and $18,000 of which was allocated to the Series D Preferred Stock). In addition, as of March 31, 2021, non-issuance-specific costs related to this offering totaled $7.5 million. As of March 31, 2021, the Company had reclassified and allocated $1.4 million, $5,000 and $5,000 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 March 31, 2021, there were 6,688,077 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 23,190 shares of Series D Preferred Stock outstanding. As of March 31, 2021, 136,476 shares of Series A Preferred Stock and no shares of Series D Preferred Stock had been redeemed.

Series A Preferred Stock—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 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, the Company has been conducting a continuous public offering with respect to shares of the Company’s 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. For the three months ended March 31, 2021 and 2020, the Company recorded redeemable preferred stock deemed dividends of $57,000 and $161,000, respectively, related to such adjustments.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company reclassifies 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 March 31, 2021, the Company had reclassified an aggregate of $108.7 million in net proceeds from temporary equity to permanent equity.

Series D Preferred Stock—Since February 2020, the Company has been conducting a continuous public offering with respect to shares of its 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, the Company 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. The Company 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.

Until the fifth anniversary of the date of original issuance of the Series L Preferred Stock, the Company is 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 March 31, 2021 and December 31, 2020, the Company was in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

Refer to Note 12 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 the Series L Preferred Stock and the Common Stock, and on parity with the Series D Preferred Stock. The Series L Preferred Stock ranks senior to the Common Stock (except with respect to and only to the extent of the Initial Dividend) and junior to the 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 the 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 the Series L Preferred Stock and the Common Stock. With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series L Preferred Stock ranks senior to the Common Stock, both (i) to the extent of the Series L Preferred Stock Stated Value and (ii) following payment to holders of the 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 the Series A Preferred Stock and Series D Preferred Stock, to the extent of the Series L Preferred Stock Stated Value and junior to the 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 the Company’s Board of Directors, and declared by the Company 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 the Company’s Board of Directors, and declared by the Company 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.

The Company expects to pay the Series A Dividend and Series D Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless the Company’s results of operations, 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 the Company’s 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 the Company’s Board of Directors, and declared by the Company 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.

The Company expects to pay dividends on the Series L Preferred Stock in arrears on an annual basis in accordance with the foregoing provisions, unless the Company’s results of operations, 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 the Company’s Board of Directors at the end of the prior fiscal year. On December 22, 2020, the Company announced an Initial Dividend on shares of its Common Stock for fiscal year 2021 in the aggregate amount of $4,448,223, of which $1,112,000 had been paid as of March 31, 2021.

During the three months ended March 31, 2021, the Company paid $2.2 million, $7,000 and $8.4 million of cash dividends on the Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. During the three months ended March 31, 2020, the Company paid $2.5 million, $0 and $8.4 million of cash dividends on the Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively.

Redemptions—The Company’s 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 the Company’s 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 the Company’s Series L Preferred Stock may require the Company 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) the Company does 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) the Company does 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 the Company’s Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of the Company’s 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 the Company’s Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively.

DEBT - Debt Activity (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Debt Activity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt [Roll Forward]
Debt Issuances & Assumptions	$ 14,985
Repayments & Modifications	(7,865)
Accretion & (Amortization)	324	$ 266
Amortization of debt discount (premium)	2	$ (25)
Accretion & (Amortization)	326
Total Debt	331,759		$ 324,313
Mortgage Payble
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Deferred loan costs, beginning balance	(147)
Accretion & (Amortization)	6
Deferred loan costs, ending balance	(141)
Outstanding, ending balance	97,100
Total Debt	96,959		96,953
Secured Borrowings - Government Guaranteed Loans
Debt [Roll Forward]
Outstanding, beginning balance	8,457
Premiums (discounts), beginning balance	457
Repayments & Modifications	(212)
Amortization of debt discount (premium)	(21)
Premiums (discounts), ending balance	436
Outstanding, ending balance	8,245
Total Debt	8,681		8,914
Other Debt
Debt [Roll Forward]
Debt Issuances & Assumptions	14,985
Repayments & Modifications	(7,653)
Accretion & (Amortization)	341
Total Debt	226,119		$ 218,446
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,683)
Amortization of debt discount (premium)	23
Premiums (discounts), ending balance	(1,660)
Outstanding, ending balance	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	14,230
Repayments & Modifications	(1,285)
Outstanding, ending balance	12,945
Deferred loan costs — other debt
Debt [Roll Forward]
Deferred loan costs, beginning balance	(2,155)
Accretion & (Amortization)	318
Deferred loan costs, ending balance	(1,837)
Revolving Credit Facility \| Line of Credit
Debt [Roll Forward]
Outstanding, beginning balance	166,500
Debt Issuances & Assumptions	5,000
Outstanding, ending balance	171,500
Revolving Credit Facility \| Line of Credit \| Paycheck Protection Program Liquidity Facility, CARES Act
Debt [Roll Forward]
Outstanding, beginning balance	14,484
Debt Issuances & Assumptions	9,985
Repayments & Modifications	(6,368)
Outstanding, ending balance	$ 18,101

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 3,798	$ 2,957
Asset management and other fees to related parties	(2,259)	(2,645)
Interest expense	(2,632)	(3,167)
General and administrative	(2,622)	(1,734)
Depreciation and amortization	(5,037)	(5,258)
LOSS BEFORE PROVISION (BENEFIT) FOR INCOME TAXES	(3,297)	(1,278)
(Provision) benefit for income taxes	(374)	22
NET LOSS	(3,671)	(1,256)
Net loss (income) attributable to noncontrolling interests	1	(4)
NET LOSS ATTRIBUTABLE TO THE COMPANY	(3,670)	(1,260)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	9,086	11,535
Expense reimbursements to related parties—corporate	(731)	(682)
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	0	1
Asset management and other fees to related parties	(2,259)	(2,645)
Interest expense	(2,441)	(2,876)
General and administrative	(2,041)	(1,223)
Non-segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (605)	$ (812)

REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants	$ 163,700,000
Net proceeds from issuance of preferred stock	5,465,000	$ 8,643,000
Issuance offering costs for preferred stock and warrants	13,500,000
Non-issuance offering costs for preferred stock and warrants	$ 7,500,000
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
Warrants outstanding (in shares)	4,603,287
Series A Preferred Stock
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants	$ 162,400,000
Issuance offering costs for preferred stock and warrants	13,400,000
Reclassification to deferred rent receivable and charges	$ 1,400,000
Preferred stock, shares outstanding (in shares)	6,688,077
Preferred stock, shares redeemed (in shares)	136,476
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	6,526,081
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	298,472
Net proceeds from issuance of preferred stock	$ 0
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	23,190		19,145
Gross proceeds from issuance of preferred stock and warrants	$ 572,000
Net proceeds from issuance of preferred stock		$ 0
Issuance offering costs for preferred stock and warrants	18,000
Reclassification to deferred rent receivable and charges	$ 5,000
Preferred stock, shares outstanding (in shares)	23,190	0	19,145
Preferred stock, shares redeemed (in shares)	0
Series A Preferred Unit
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)	1,194,159

INVESTMENT IN REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following (in thousands):


	March 31, 2021		December 31, 2020
Land	$	139,397	$	139,397
Land improvements	2,611		2,611
Buildings and improvements	451,204		450,741
Furniture, fixtures, and equipment	5,020		4,969
Tenant improvements	31,025		31,414
Work in progress	7,786		8,073
Investments in real estate	637,043		637,205
Accumulated depreciation	(134,921)		(131,165)
Net investments in real estate	$	502,122	$	506,040

RELATED-PARTY TRANSACTIONS - Fees and Expense Reimbursements (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
CIM 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, amount of transaction	$ 2,259	$ 2,363
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	403	427
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction	809	969
Lease commissions
Related Party Transaction [Line Items]
Related party, amount of transaction	15	40
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	13	170
Base service fee
Related Party Transaction [Line Items]
Related party, amount of transaction	0	282
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction	605	812
Expenses reimbursement to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction	731	682
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, amount of transaction	150	241
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, amount of transaction	21	$ 24
Related party, deferred costs	$ 1,700		$ 1,500
Investment Management Agreement \| CIM Capital, LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)		203,349

RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2021

RELATED-PARTY TRANSACTIONS

12. RELATED-PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

Asset Management Fees—CIM Urban and CIM Capital, LLC, an affiliate of CIM REIT and CIM Group (“CIM Capital”), have an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). CIM Capital has 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 Capital and its four wholly-owned subsidiaries.


Daily Average Adjusted Fair Value of CIM Urban’s Assets
				Quarterly Fee Percentage
From Greater of		To and Including

$	—	$	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 its Common Stock and shares of its 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 the Company 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—CIM Commercial and its subsidiaries have 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, the Company 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 three months ended March 31, 2021 and 2020, 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—The Company has a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC (“CIM SBA”), an affiliate of CIM Group, and the Company’s subsidiary, PMC Commercial Lending, LLC. The agreement provides that CIM SBA will provide personnel and resources to the Company and that the Company 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—The Company had an Amendment, Assignment and Assumption Agreement (the “Assignment Agreement”) with CCO Capital, LLC (“CCO Capital”). CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. 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. 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.


	Three Months Ended March 31,
	2021		2020
Asset Management Fees:
Asset management fees (1)	$	2,259	$	2,363
Property Management Fees and Reimbursements:
Property management fees	$	403	$	427
Onsite management and other cost reimbursement	$	809	$	969
Leasing commissions	$	15	$	40
Construction management fees	$	13	$	170
Administrative Fees and Expenses:
Base service fee (2)	$	—	$	282
Expense reimbursements to related parties - corporate	$	605	$	812
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment	$	731	$	682
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees	$	150	$	241
Non-issuance specific offering costs (3)	$	21	$	24

______________________

(1)For the three months ended March 31, 2020, the Company issued to the Operator 203,349 shares of Common Stock, in lieu of cash payment of the asset management fee for the first quarter of 2020.

As of March 31, 2021 and December 31, 2020, due to related parties consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Asset management fees	$	2,227	$	2,386
Property management fees and reimbursements	1,753		1,662
Expense reimbursements - corporate	846		647
Expense reimbursements - lending segment	612		690
Upfront dealer manager and trailing dealer manager fees	541		493
Non-issuance specific offering costs	723		668
Other amounts due to the CIM Management Entities and certain of its affiliates	216		160
Total due to related parties	$	6,918	$	6,706

Other

During the year ended December 31, 2020, the Company’s President, Jan F. Salit, retired effective as of September 16, 2020. 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 March 31, 2021, the $287,000 remained due to CIM Group.

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. The lease was amended to a month-to-month term in February 2019 and was terminated in October 2020. The Company recorded rental and other property income related to this tenant of $0 and $29,000 for the three months ended March 31, 2021 and 2020, 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. The Company recorded rental and other property income related to this tenant of $370,000 for both of the three month periods ended March 31, 2021 and 2020

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

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investments in Real Estate

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 Recognized Rental Income

For the three months ended March 31, 2021 and 2020, the Company recognized rental income as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Rental and other property income
Fixed lease payments (1)	$	12,444	$	13,345
Variable lease payments (2)	905		1,474
Rental and other property income	$	13,349	$	14,819

______________________

(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 the Company’s operating leases.

Schedule of 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 15 (in thousands):


	Three Months Ended March 31,
	2021		2020
Hotel properties
Hotel income	$	1,732	$	7,759
Rental and other property income	131		462
Interest and other income	15		32
Hotel revenues	$	1,878	$	8,253

Schedule of Deferred Rent Receivables and Charges

As of March 31, 2021 and December 31, 2020, deferred rent receivable and charges consist of the following (in thousands):


	March 31, 2021		December 31, 2020
Deferred rent receivable	$	20,645	$	20,470
Deferred leasing costs, net of accumulated amortization of $8,084 and $7,742, respectively	8,534		8,950
Deferred offering costs	6,171		6,046
Other deferred costs	544		490
Deferred rent receivable and charges, net	$	35,894	$	35,956

Reclassifications

The reclassifications have been made to the consolidated statements of operations and the consolidated statements of cash flows for the three months ended March 31, 2020 as follows (in thousands):


	Three Months Ended March 31, 2020
	As previously reported		Reclassification		As Revised
Consolidated Statements of Operations
Asset management and other fees to related parties	$	4,139	$	(1,494)	$	2,645
Expense reimbursements to related parties—corporate	$	—	$	812	$	812
Expense reimbursements to related parties—lending segment	$	—	$	682	$	682
Consolidated Statements of Cash Flows
Depreciation and amortization, net	$	5,258	$	(156)	$	5,102
Deferred rent and amortization of intangible assets, liabilities and lease inducements	$	(816)	$	816	$	—
Other assets	$	(695)	$	(660)	$	(1,355)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	$	(5,000)	$	(4,249)	$	(9,249)
Payment of principal on SBA 7(a) loan-backed notes	$	(4,249)	$	4,249	$	—


Net proceeds from issuance of Preferred Stock	$	8,497	$	146	$	8,643
Net proceeds from issuance of Series D Preferred Stock	$	146	$	(146)	$	—


Preferred stock offering costs offset against redeemable preferred stock	$	176	$	2	$	178
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	$	2	$	(2)	$	—

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Rental and other property income	$ 13,349	$ 14,819
Hotel income	$ 1,732	$ 7,759
Revenue, Product and Service [Extensible List]	srt:HotelMember	srt:HotelMember
Interest and other income	$ 3,798	$ 2,957
REVENUES	18,879	25,535
EXPENSES:
Rental and other property operating	8,290	12,515
Asset management and other fees to related parties	2,259	2,645
Interest	2,632	3,167
General and administrative	2,622	1,734
Depreciation and amortization	5,037	5,258
EXPENSES	22,176	26,813
LOSS BEFORE PROVISION (BENEFIT) FOR INCOME TAXES	(3,297)	(1,278)
Provision (benefit) for income taxes	374	(22)
NET LOSS	(3,671)	(1,256)
Net loss (income) attributable to noncontrolling interests	1	(4)
NET LOSS ATTRIBUTABLE TO THE COMPANY	(3,670)	(1,260)
Redeemable preferred stock dividends declared or accumulated (Note 9)	(4,466)	(5,356)
Redeemable preferred stock deemed dividends (Note 9)	(57)	(161)
Redeemable preferred stock redemptions (Note 9)	(13)	(10)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (8,206)	$ (6,787)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (0.55)	$ (0.46)
Diluted (in usd per share)	$ (0.55)	$ (0.46)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	14,808	14,598
Diluted (in shares)	14,808	14,599
Corporate
EXPENSES:
Expense reimbursements to related parties—lending segment	$ 605	$ 812
Lending Segment
EXPENSES:
Expense reimbursements to related parties—lending segment	$ 731	$ 682

REDEEMABLE PREFERRED STOCK - Series A Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		54 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Jan. 31, 2020
Class of Stock [Line Items]
Redeemable preferred stock dividends	$ 57	$ 161
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	8,243	6,948	$ 108,700
Registration Statement
Class of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)				0.25
Series A Preferred Stock
Class of Stock [Line Items]
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	$ 8,243	$ 6,948
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

DEBT - Schedule of Future Principal Payments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Future Principal Payments on Debt
2021 (Nine months ending December 31, 2021)	$ 5,173
2022	177,968
2023	3,988
2024	4,156
2025	3,811
Thereafter	139,865
Total Debt	334,961
Mortgage Payable
Future Principal Payments on Debt
2021 (Nine months ending December 31, 2021)	0
2022	0
2023	0
2024	0
2025	0
Thereafter	97,100
Total Debt	97,100
Secured Borrowings Principal
Future Principal Payments on Debt
2021 (Nine months ending December 31, 2021)	324
2022	444
2023	457
2024	471
2025	486
Thereafter	6,063
Total Debt	8,245
Revolving Credit Facility
Future Principal Payments on Debt
2021 (Nine months ending December 31, 2021)	0
2022	171,500
2023	0
2024	0
2025	0
Thereafter	0
Total Debt	171,500
Other Debt
Future Principal Payments on Debt
2021 (Nine months ending December 31, 2021)	4,849
2022	6,024
2023	3,531
2024	3,685
2025	3,325
Thereafter	36,702
Total Debt	$ 58,116

RELATED-PARTY TRANSACTIONS - Asset Management and Other Fees to Related Parties Narrative (Details)				3 Months Ended
	May 11, 2020	Apr. 09, 2020	Jan. 28, 2020	Mar. 31, 2021 subsidiary	Mar. 11, 2014 USD ($)
CIM Service Provider, LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, fees payable per year under agreement \| $					$ 1,000,000.0
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| CIM 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 \| CIM 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 \| CIM 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, Daily Accruing Rate Of Annual Rate \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate			0.27%
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%
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%

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		54 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (3,671,000)	$ (1,256,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	5,017,000	5,102,000
Amortization of deferred loan costs	324,000	266,000
Amortization of premiums and discounts on debt	2,000	(25,000)
Unrealized premium adjustment	467,000	451,000
Amortization and accretion on loans receivable, net	(129,000)	(179,000)
Write-offs of uncollectible receivables	811,000	225,000
Deferred income taxes	(72,000)	(151,000)
Stock-based compensation	60,000	56,000
Loans funded, held for sale to secondary market	(13,773,000)	(8,883,000)
Proceeds from sale of guaranteed loans	14,850,000	9,520,000
Principal collected on loans subject to secured borrowings	212,000	2,014,000
Other operating activity	(83,000)	(297,000)
Changes in operating assets and liabilities:
Accounts receivable	(536,000)	(300,000)
Other assets	(2,530,000)	(1,355,000)
Accounts payable and accrued expenses	(722,000)	489,000
Deferred leasing costs	(87,000)	(83,000)
Other liabilities	1,863,000	(497,000)
Due to related parties	2,631,000	886,000
Net cash provided by operating activities	4,634,000	5,983,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(374,000)	(5,632,000)
Loans funded	(11,820,000)	(2,961,000)
Principal collected on loans	8,638,000	3,319,000
Other investing activity	0	30,000
Net cash used in investing activities	(3,556,000)	(5,244,000)
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	(7,653,000)	(9,249,000)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes	14,985,000	11,500,000
Payment of principal on secured borrowings	(212,000)	(2,014,000)
Payment of deferred preferred stock offering costs	(148,000)	(207,000)
Payment of deferred costs	(125,000)	0
Payment of common dividends	(1,112,000)	(1,095,000)
Net proceeds from issuance of Series A Preferred Warrants	0	29,000
Net proceeds from issuance of Preferred Stock	5,465,000	8,643,000
Payment of preferred stock dividends	(10,630,000)	(10,919,000)
Redemption of Preferred Stock	(687,000)	(186,000)
Noncontrolling interests’ distributions	(114,000)	0
Net cash used in financing activities	(231,000)	(3,498,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	847,000	(2,759,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	43,649,000	35,947,000
End of period	44,496,000	33,188,000	$ 44,496,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents				$ 34,605,000	$ 33,636,000	$ 22,758,000
Restricted cash				9,891,000	10,013,000	10,430,000
Total cash and cash equivalents and restricted cash	44,496,000	33,188,000	44,496,000	$ 44,496,000	$ 43,649,000	$ 33,188,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	2,321,000	2,904,000
Federal income taxes paid	25,000	0
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	213,000	4,859,000
Accrued preferred stock offering costs	739,000	538,000
Accrual of dividends payable to preferred stockholders	3,072,000	2,209,000
Preferred stock offering costs offset against redeemable preferred stock	87,000	178,000
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	8,243,000	6,948,000	$ 108,700,000
Accrued deferred costs	54,000	382,000
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses	0	18,000
Redeemable preferred stock deemed dividends	57,000	161,000
Accrued redeemable preferred stock fees	541,000	78,000
Equity-based payment for management fees	$ 2,419,000	$ 0

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Intangible lease assets:
Intangible lease assets, net	$ 6,014	$ 6,313
Intangible lease liabilities:
Acquired below-market leases, accumulated amortization	$ 1,090	$ 1,786
Acquired finite lived intangible lease liabilities average useful life	5 years	4 years
Acquired below-market leases, net of accumulated amortization of $1,090 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$ 472	$ 587
Acquired below-market leases
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,090 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	472	587
Acquired in-place Leases
Intangible lease assets:
Intangible lease assets, accumulated amortization	$ 8,487	$ 9,228
Acquired finite lived intangible lease assets average useful life	9 years	8 years
Intangible lease assets, net	$ 3,020	$ 3,316
Acquired above-market leases
Intangible lease assets:
Intangible lease assets, accumulated amortization	$ 18	$ 15
Acquired finite lived intangible lease assets average useful life	6 years	6 years
Intangible lease assets, net	$ 37	$ 40
Trade name and license
Intangible lease assets:
Intangible lease assets, net	$ 2,957	$ 2,957

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 11, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized retained loan discounts	$ 8,100		$ 7,800
Loan receivable, nonaccrual, past due period (more than)	60 days
Loans receivable, impairment and (recovery) recorded	$ 92	$ (52)
Loan loss reserves	989		885
PMC Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount on acquisition				$ 33,900
Acquisition discount	$ 470		$ 492

DEBT - 2018 Revolving Credit Facility and 2020 Unsecured Reviling Credit Facility Narrative (Details)	1 Months Ended
	Sep. 30, 2020 USD ($)	May 31, 2020 USD ($)	Oct. 31, 2018 extensionOption	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 209,500,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Reserve amount	$ 15,000,000.0
Minimum balance of liquid assets				$ 15,000,000.0
Unfunded availability (up to)				5,000,000.0
Outstanding balance				171,500,000	$ 166,500,000
Amount available for future borrowings				23,000,000.0	$ 28,000,000.0
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
Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate				2.16%	2.20%
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%

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) property	Mar. 31, 2020 USD ($) property
Segment Reporting Information [Line Items]
Number of types of commercial real estate properties (in properties) \| property	2	2
Revenues	$ 18,879	$ 25,535
Property and Lending expenses:
Interest expense	2,632	3,167
General and administrative	2,622	1,734
EXPENSES	22,176	26,813
Hotel
Segment Reporting Information [Line Items]
Revenues	1,878	8,253
Operating Segments
Property and Lending expenses:
Expense reimbursements to related parties—lending segment	731	682
Segment net operating income (loss)	9,086	11,535
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues	13,527	14,897
Property and Lending expenses:
Operating	5,655	6,046
General and administrative	85	98
EXPENSES	5,740	6,144
Segment net operating income (loss)	7,787	8,753
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	1,878	8,253
Property and Lending expenses:
Operating	2,635	6,469
General and administrative	50	13
EXPENSES	2,685	6,482
Segment net operating income (loss)	(807)	1,771
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues	3,474	2,384
Property and Lending expenses:
Interest expense	191	291
Expense reimbursements to related parties—lending segment	731	682
General and administrative	446	400
EXPENSES	1,368	1,373
Segment net operating income (loss)	$ 2,106	$ 1,011

OTHER INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

5. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of March 31, 2021 and December 31, 2020 is as follows (in thousands):


	March 31, 2021		December 31, 2020
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $8,487 and $9,228, respectively, with an average useful life of 9 and 8 years, respectively	$	3,020	$	3,316
Acquired above-market leases, net of accumulated amortization of $18 and $15, respectively, both with an average useful life of 6 years	37		40
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	6,014	$	6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,090 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$	472	$	587

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 three months ended March 31, 2021 and 2020, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Acquired above-market lease amortization	$	3	$	6
Acquired in-place lease amortization	$	296	$	441
Acquired below-market lease amortization	$	115	$	254

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of March 31, 2021, is as follows (in thousands):


	Assets				Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
2021 (Nine months ending December 31, 2021)	$	9	$	753	$	(234)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	37	$	3,020	$	(472)

ORGANIZATION AND OPERATIONS	3 Months Ended
ORGANIZATION AND OPERATIONS	Mar. 31, 2021
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 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. The Company was 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.” The Company has 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 the Company’s 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 Quarterly Report on Form 10-Q 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, subject to adjustment (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, the Company has been conducting a continuous public offering of 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.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Liabilities:
Mortgages payable	$ 97,100	$ 97,100
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	33,552	32,509
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	22,646	23,606
Carrying Amount \| SBA 7(a) loans receivable, paycheck protection program
Assets:
Loans receivable	16,662	14,089
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	8,591	8,822
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	2,990	4,109
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3
Liabilities:
Mortgages payable	99,689	100,799
Junior subordinated notes	24,264	24,236
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	33,633	32,397
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	23,452	24,850
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, paycheck protection program
Assets:
Loans receivable	17,286	14,484
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	8,681	8,914
Fair Value, Measurements, Nonrecurring \| Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	$ 3,373	$ 4,527

EARNINGS PER SHARE (''EPS'')

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

8. EARNINGS PER SHARE (“EPS”)

The computations of basic EPS are based on the Company’s weighted average shares outstanding. The basic weighted average number of shares of Common Stock outstanding was 14,808,000 and 14,598,000 for the three months ended March 31, 2021 and 2020, respectively. In order to calculate the diluted weighted average number of shares of Common Stock outstanding for the three months ended March 31, 2021, the basic weighted average number of shares of Common Stock outstanding was increased by 0 shares to reflect the dilutive effect of certain shares of the Company’s Series A Preferred Stock. In order to calculate the diluted weighted average number of shares of Common Stock outstanding for the three months ended March 31, 2020, the basic weighted average number of shares of Common Stock outstanding was increased by 1,000 to reflect the dilutive effect of certain shares of the Company’s Series A Preferred Stock. No shares of Series D Preferred Stock outstanding as of March 31, 2021 had a dilutive effect and no shares of Series D Preferred Stock were outstanding as of March 31, 2020. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the three months ended March 31, 2021 and 2020 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 10). Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the three months ended March 31, 2021 and 2020 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.


	Three Months Ended March 31,
	2021		2020
Numerator:
Net loss attributable to common stockholders	$	(8,206)	$	(6,787)
Redeemable preferred stock dividends declared on dilutive shares	—		(1)
Diluted net loss attributable to common stockholders	$	(8,206)	$	(6,788)
Denominator:
Basic weighted average shares of Common Stock outstanding	14,808		14,598
Effect of dilutive securities—contingently issuable shares	—		1
Diluted weighted average shares and common stock equivalents outstanding	14,808		14,599
Net loss attributable to common stockholders per share:
Basic	$	(0.55)	$	(0.46)
Diluted	$	(0.55)	$	(0.46)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For more information regarding the Company’s significant accounting policies and estimates, please refer to “Basis of Presentation and Summary of Significant Accounting Policies” contained in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2021.

Interim Financial Information—The accompanying interim consolidated financial statements of CIM Commercial have been prepared by the Company’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 given, among other things, the uncertain impact of the novel coronavirus (“COVID-19”) on the Company’s operations during the remainder of the year. The accompanying interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2021.

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, the Company analyzes its investments in real estate in accordance with standards set forth in GAAP to determine whether they are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these investments in real estate on the Company’s consolidated financial statements. As of March 31, 2021, 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 the Company’s SBA 7(a) loans receivable is considered a VIE. Applying the consolidation requirements for VIEs, 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

The Company capitalizes 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 their 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. Any asset held for sale is 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, the Company will cease recording depreciation and amortization of

the asset. For the three months ended March 31, 2021 and 2020, the Company recognized no impairment of long-lived assets (Note 3).

Revenue Recognition—At the inception of a revenue-producing contract, the Company determines if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate treatment in accordance with GAAP is applied to the contract, including its revenue recognition.

Revenue from leasing activities

The Company operates as a lessor of real estate assets, primarily in Class A and creative office assets. The Company determined that the Company’s contracts with its tenants explicitly identify the premises and that any substitution rights to relocate tenants to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under such contracts, the Company’s tenants have the right to obtain substantially all the economic benefits from the use of the identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, the contracts with the Company’s 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, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is 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 are presented net of accumulated amortization of $2.5 million and $2.4 million as of March 31, 2021 and December 31, 2020, 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 the Company is 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. The Company has 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 the Company’s leases.

In addition to minimum rents, certain leases, including the Company’s parking leases with third-party operators, 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.

For the three months ended March 31, 2021 and 2020, the Company recognized rental income as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Rental and other property income
Fixed lease payments (1)	$	12,444	$	13,345
Variable lease payments (2)	905		1,474
Rental and other property income	$	13,349	$	14,819

______________________

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s 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 is 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 March 31, 2021 and December 31, 2020, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $2.6 million and $1.9 million, respectively.

Revenue from lending activities

Interest income included in interest and other income is comprised of interest earned on loans and the Company’s 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 (as defined below).

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 15 (in thousands):


	Three Months Ended March 31,
	2021		2020
Hotel properties
Hotel income	$	1,732	$	7,759
Rental and other property income	131		462
Interest and other income	15		32
Hotel revenues	$	1,878	$	8,253

Tenant recoveries outside of the lease agreements

Tenant recoveries outside of the lease agreements are related to construction projects in which the Company’s tenants have agreed to fully reimburse the Company 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. No such amounts were recognized for tenant recoveries outside of the lease agreements for each of the three months ended March 31, 2021 and 2020, which amounts are included in interest and other income on the consolidated statements of operations. As of March 31, 2021, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

Loans Receivable—The Company’s 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, the Company sells 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 the Company is recorded at fair value and a discount is recorded as a reduction in basis of the retained portion of the loan. Unamortized retained loan discounts were $8.1 million and $7.8 million as of March 31, 2021 and December 31, 2020, respectively.

At the Acquisition Date, the carrying value of the Company’s loans was adjusted to estimated fair market value and acquisition discounts of $33.9 million were recorded, which are being accreted to interest and other income using the effective interest method. Acquisition discounts of $470,000 and $492,000 remained as of March 31, 2021 and December 31, 2020, 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 the Company 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, the Company evaluates the collectability of its loans receivable. The Company’s 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 three months ended March 31, 2021 and 2020, the Company recorded a net impairment of $92,000 and a net recovery of $52,000, respectively, on its loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired as of March 31, 2021 or December 31, 2020. 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. The Company also establishes 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 the Company. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, the Company establishes 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. As of March 31, 2021 and December 31, 2020, the Company had loan loss reserves of $989,000 and $885,000, respectively.

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 securities issued in a given issuance to the maximum number of 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 were 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 March 31, 2021 and December 31, 2020, deferred rent receivable and charges consist of the following (in thousands):


	March 31, 2021		December 31, 2020
Deferred rent receivable	$	20,645	$	20,470
Deferred leasing costs, net of accumulated amortization of $8,084 and $7,742, respectively	8,534		8,950
Deferred offering costs	6,171		6,046
Other deferred costs	544		490
Deferred rent receivable and charges, net	$	35,894	$	35,956

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. The Company records the activity related to the 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, the Company records issuances of 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, the Company reclassifies 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.

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

Restricted Cash—The Company’s 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 the Company’s loans receivable.

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 three months ended March 31, 2020 as follows (in thousands):


	Three Months Ended March 31, 2020
	As previously reported		Reclassification		As Revised
Consolidated Statements of Operations
Asset management and other fees to related parties	$	4,139	$	(1,494)	$	2,645
Expense reimbursements to related parties—corporate	$	—	$	812	$	812
Expense reimbursements to related parties—lending segment	$	—	$	682	$	682
Consolidated Statements of Cash Flows
Depreciation and amortization, net	$	5,258	$	(156)	$	5,102
Deferred rent and amortization of intangible assets, liabilities and lease inducements	$	(816)	$	816	$	—
Other assets	$	(695)	$	(660)	$	(1,355)
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	$	(5,000)	$	(4,249)	$	(9,249)
Payment of principal on SBA 7(a) loan-backed notes	$	(4,249)	$	4,249	$	—


Net proceeds from issuance of Preferred Stock	$	8,497	$	146	$	8,643
Net proceeds from issuance of Series D Preferred Stock	$	146	$	(146)	$	—


Preferred stock offering costs offset against redeemable preferred stock	$	176	$	2	$	178
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	$	2	$	(2)	$	—

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. The Company bases such estimates on historical experience, information available at the time, and assumptions the Company believes to be reasonable under the circumstances and at such time, including the impact of extraordinary events such as COVID-19. Actual results could differ from those estimates.

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 the Company’s 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.

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding (in shares)	14,808,000	14,598,000
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive share (in shares)	0	1,000
Preferred stock, shares outstanding (in shares)	1,972,786		2,007,856
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive share (in shares)	0
Preferred stock, shares outstanding (in shares)	23,190	0	19,145

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Lease incentives		$ 4,000,000.0	$ 4,000,000.0
Lease incentives, accumulated amortization	$ 2,500,000		2,400,000
Fixed lease payments	12,444,000	13,345,000
Variable lease payments	905,000	1,474,000
Rental and other property income	13,349,000	14,819,000
Hotel income	1,732,000	7,759,000
Rental and other property income	13,349,000	14,819,000
Interest and other income	3,798,000	2,957,000
REVENUES	18,879,000	25,535,000
Tenant recoveries outside of lease agreements	0	0
Remaining performance obligations	0
Allowance for uncollectible accounts receivable	2,600,000		$ 1,900,000
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	1,732,000	7,759,000
Rental and other property income	131,000	462,000
Interest and other income	15,000	32,000
REVENUES	$ 1,878,000	$ 8,253,000

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 115	$ 254
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquires leases amortization	3	6
Acquired In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Acquires leases amortization	$ 296	$ 441

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common dividends paid (in usd per share)	$ 0.075	$ 0.075
Series A Preferred Stock
Preferred dividends paid, per share amount (in usd per share)	0.34375	0.68750
Series D Preferred Stock
Preferred dividends paid, per share amount (in usd per share)	$ 0.35313	$ 0.588542

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock Narrative (Details) - Series D Preferred Stock - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Jun. 29, 2020	Jun. 28, 2020	Feb. 29, 2020
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001			$ 0.001
Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)			$ 24.50	$ 25.00	$ 25.00

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of March 31, 2021 and December 31, 2020 is as follows (in thousands):


	March 31, 2021		December 31, 2020
Intangible lease assets:
Acquired in-place leases, net of accumulated amortization of $8,487 and $9,228, respectively, with an average useful life of 9 and 8 years, respectively	$	3,020	$	3,316
Acquired above-market leases, net of accumulated amortization of $18 and $15, respectively, both with an average useful life of 6 years	37		40
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	6,014	$	6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,090 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$	472	$	587

Schedule of Amortization of Acquired Leases

During the three months ended March 31, 2021 and 2020, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Acquired above-market lease amortization	$	3	$	6
Acquired in-place lease amortization	$	296	$	441
Acquired below-market lease amortization	$	115	$	254

Schedule of Future Amortization and Accretion of Acquired Intangible Assets and Liabilities

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of March 31, 2021, is as follows (in thousands):


	Assets				Liabilities
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases		Acquired Below-Market Leases
2021 (Nine months ending December 31, 2021)	$	9	$	753	$	(234)
2022	12		813		(236)
2023	10		470		(2)
2024	5		374		—
2025	1		171		—
Thereafter	—		439		—
	$	37	$	3,020	$	(472)

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

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Interim Financial Information

Principles of Consolidation

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

Revenue Recognition

Revenue from leasing activities

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.

Tenant recoveries outside of the lease agreements

Loans Receivable

Loan Loss Reserves

Deferred Rent Receivable and Charges

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 the Company’s 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 securities issued in a given issuance to the maximum number of 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 were 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.

Redeemable Preferred Stock

Noncontrolling Interests

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

Restricted Cash

Reclassifications

Use of Estimates

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements—In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, 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). 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 its consolidated financial statements.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 the Company’s 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.

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 the Company’s financial instruments and the Company utilizes 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 the Company could realize in a current market exchange.

EARNINGS PER SHARE (''EPS'') - Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss attributable to common stockholders	$ (8,206)	$ (6,787)
Redeemable preferred stock dividends declared on dilutive shares	0	(1)
Diluted net loss attributable to common stockholders	$ (8,206)	$ (6,788)
Denominator:
Basic weighted average shares outstanding (in shares)	14,808,000	14,598,000
Diluted weighted average shares and common stock equivalents outstanding (in shares)	14,808,000	14,599,000
Net loss attributable to common stockholders per share:
Basic (in usd per share)	$ (0.55)	$ (0.46)
Diluted (in usd per share)	$ (0.55)	$ (0.46)
Series A Preferred Stock
Denominator:
Effect of dilutive securities—contingently issuable shares (in shares)	0	1,000

REDEEMABLE PREFERRED STOCK -Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	3 Months Ended		54 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Beginning balance	$ 278,114	$ 278,195
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	8,243	6,948	$ 108,700
Ending balance	$ 278,515	$ 279,539	$ 278,515
Preferred Stock
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Beginning balance (in shares)	9,784,067	8,224,254
Beginning balance	$ 262,036	$ 223,467
Ending balance (in shares)	10,125,641	8,532,056	10,125,641
Ending balance	$ 270,546	$ 231,144	$ 270,546
Series A Preferred Stock
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	8,243	6,948
Redemption of Series A Preferred Stock	$ (685)	$ (66)
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Beginning balance (in shares)	4,377,762	2,837,094
Beginning balance	$ 108,729	$ 70,633
Reclassification of Series A Preferred Stock to permanent equity (in shares)	366,991	304,274
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	$ 9,144	$ 7,588
Redemption of Series A Preferred Stock (in shares)	(29,462)	(2,452)
Redemption of Series A Preferred Stock	$ (733)	$ (61)
Ending balance (in shares)	4,715,291	3,138,916	4,715,291
Ending balance	$ 117,140	$ 78,160	$ 117,140
Series D Preferred Stock
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Issuance of Series D Preferred Stock	$ 96	$ 145
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Beginning balance (in shares)	19,145	0
Beginning balance	$ 473	$ 0
Issuance of Series D Preferred Stock (in shares)	4,045	5,980
Issuance of Series D Preferred Stock	$ 99	$ 150
Ending balance (in shares)	23,190	5,980	23,190
Ending balance	$ 572	$ 150	$ 572
Series L Preferred Stock \| Preferred Stock
Increase (Decrease) in Preferred Stock In Permanent Equity [Roll Forward]
Beginning balance (in shares)	5,387,160	5,387,160
Beginning balance	$ 152,834	$ 152,834
Ending balance (in shares)	5,387,160	5,387,160	5,387,160
Ending balance	$ 152,834	$ 152,834	$ 152,834

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 139,397	$ 139,397
Land improvements	2,611	2,611
Buildings and improvements	451,204	450,741
Furniture, fixtures, and equipment	5,020	4,969
Tenant improvements	31,025	31,414
Work in progress	7,786	8,073
Investments in real estate	637,043	637,205
Accumulated depreciation	(134,921)	(131,165)
Net investments in real estate	$ 502,122	$ 506,040

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Mar. 31, 2021 USD ($) officer	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments to fund loans		$ 60,000
Future obligations under leases to fund tenant improvements and other future construction obligation		7,600
Restricted cash		$ 9,891	$ 10,013	$ 10,430
Employment agreements \| Executive Officers
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer		1
Multiplier used for the calculation of payments in the event of death of employee		2
Multiplier used for the calculation of payments in the event of disability to employee		1
Restricted Cash For Tenant Improvement Allowance
Commitment and Contingencies [Line Items]
Restricted cash		$ 2,500
City and County of San Francisco Real Property Transfer Tax Case \| Pending Litigation
Commitment and Contingencies [Line Items]
Refund sought for penalties, interest and legal fees paid for real property transfer tax	$ 11,800

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuance of warrants	$ 0	$ 29
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)			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]
Number of securities called by warrants or rights (in shares)	1,194,159
Net proceeds from issuance of warrants	$ 614
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants issued (in shares)	4,603,287

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) property	Mar. 31, 2020 USD ($) property
Real Estate [Abstract]
Depreciation expense \| $	$ 4.2	$ 4.3
Number of property acquisitions (in properties)	0	0
Number of property acquisition disposed (in properties)	0	0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Measurement Input, Discount Rate - Valuation Technique, Discounted Cash Flow	Mar. 31, 2021	Dec. 31, 2020
Mortgages Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for debt	0.0359	0.0338
Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for debt	0.0444	0.0449

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

11. 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

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 the Company’s 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. The Company determines the fair value of mortgage notes payable and junior subordinated notes by performing discounted cash flow analyses using an appropriate market discount rate. The Company calculates the market discount rate for its mortgage notes payable by obtaining period-end treasury or swap rates, as applicable, for maturities that correspond to the maturities of the Company’s debt and then adding an appropriate credit spread. These credit spreads take into account factors such as the Company’s 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 the Company’s mortgages payable as of March 31, 2021 and December 31, 2020, the Company used a rate of 3.59% and 3.38%, respectively. The rate used to estimate the fair value of the Company’s junior subordinated notes was 4.44% and 4.49% as of March 31, 2021 and December 31, 2020, respectively.

Loans Receivable—The Company determines 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:


	March 31, 2021		December 31, 2020
	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%	6.50% - 8.25%	4.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.50% - 8.00%	4.88% - 17.50%	5.50% - 8.00%	4.88% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	1.00%	N/A
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	7.00% - 7.75%	5.00% - 17.50%

Other Financial Instruments—The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at March 31, 2021 and December 31, 2020.


	March 31, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	33,552	$	33,633	$	32,509	$	32,397	3
SBA 7(a) loans receivable, subject to loan-backed notes	22,646		23,452		23,606		24,850		3
SBA 7(a) loans receivable, paycheck protection program	16,662		17,286		14,089		14,484		3
SBA 7(a) loans receivable, subject to secured borrowings	8,591		8,681		8,822		8,914		3
SBA 7(a) loans receivable, held for sale	2,990		3,373		4,109		4,527		3
Liabilities:
Mortgages payable (1)	97,100		99,689		97,100		100,799		3
Junior subordinated notes (1)	27,070		24,264		27,070		24,236		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

REDEEMABLE PREFERRED STOCK (Tables)

3 Months Ended

Mar. 31, 2021

Temporary Equity Disclosure [Abstract]

Schedule 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, 2019	2,837,094	$	70,633	—	$	—	5,387,160	$	152,834	8,224,254	$	223,467
Issuance of Series D Preferred Stock	—	—		5,980	150		—	—		5,980	150
Reclassification of Series A Preferred Stock to permanent equity	304,274	7,588		—	—		—	—		304,274	7,588
Redemption of Series A Preferred Stock	(2,452)	(61)		—	—		—	—		(2,452)	(61)
Balances, March 31, 2020	3,138,916	$	78,160	5,980	$	150	5,387,160	$	152,834	8,532,056	$	231,144

Balances, December 31, 2020	4,377,762	$	108,729	19,145	$	473	5,387,160	$	152,834	9,784,067	$	262,036
Issuance of Series D Preferred Stock	—	—		4,045	99		—	—		4,045	99
Reclassification of Series A Preferred Stock to permanent equity	366,991	9,144		—	—		—	—		366,991	9,144
Redemption of Series A Preferred Stock	(29,462)	(733)		—	—		—	—		(29,462)	(733)
Balances, March 31, 2021	4,715,291	$	117,140	23,190	$	572	5,387,160	$	152,834	10,125,641	$	270,546

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Leases, Operating [Abstract]

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

Future minimum rental revenue under long-term operating leases as of March 31, 2021, excluding tenant reimbursements of certain costs, are as follows (in thousands):


Years Ending December 31,	Total
2021 (Nine months ending December 31, 2021)	$	32,877
2022	41,910
2023	38,275
2024	36,547
2025	21,055
Thereafter	39,843
	$	210,507

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Mar. 31, 2021	Dec. 31, 2020
SBA 7(a) loans receivable, paycheck protection program \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0100	0.0100
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0650	0.0650
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0400	0.0400
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0550	0.0550
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0488	0.0488
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0700	0.0700
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.0500
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0825	0.0825
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, 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 \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0800	0.0800
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, 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 secured borrowings \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0775	0.0775
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1750