0000908311-23-000020 | 10-K | XBRL Viewer | Creative Media Community Trust Corp

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SUBSEQUENT EVENTS - Narrative (Details) $ / shares in Units, $ in Thousands												12 Months Ended
	Mar. 28, 2023 USD ($) unit	Mar. 20, 2023 $ / shares	Mar. 09, 2023 USD ($)	Feb. 28, 2023 USD ($) unit	Feb. 17, 2023 USD ($)	Jan. 31, 2023 USD ($) unit	Dec. 15, 2022 $ / shares	Sep. 07, 2021 $ / shares	Jun. 07, 2021 $ / shares	Mar. 05, 2021 $ / shares	May 30, 2018 USD ($)	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Percentage of ownership acquired												100.00%	100.00%
Dividends declared, common (in usd per share) \| $ / shares							$ 0.085	$ 0.075	$ 0.075	$ 0.075
SBA 7(a) loan-backed notes
Subsequent Event [Line Items]
Proceeds from SBA 7(a) loan-backed notes											$ 38,200
Effective interest rate													1.49%
SBA 7(a) loan-backed notes \| Prime Rate
Subsequent Event [Line Items]
Interest rate margin											(1.08%)
Subsequent event
Subsequent Event [Line Items]
Dividends declared, common (in usd per share) \| $ / shares		$ 0.085
Subsequent event \| SBA 7(a) loan-backed notes
Subsequent Event [Line Items]
Aggregate principal amount			$ 54,100
Proceeds from SBA 7(a) loan-backed notes			$ 43,300
Effective interest rate			7.40%
Subsequent event \| SBA 7(a) loan-backed notes \| SOFR
Subsequent Event [Line Items]
Interest rate margin			2.90%
Subsequent event \| SBA 7(a) loan-backed notes \| Prime Rate
Subsequent Event [Line Items]
Interest rate margin			0.35%
Subsequent event \| Channel House
Subsequent Event [Line Items]
Asset acquisition, percentage of voting interests acquired						89.42%
Purchase price						$ 120,400
Payment of mortgages payable						16,000
Mortgage payable assumed						$ 103,000
Subsequent event \| Channel House \| Apartment Building
Subsequent Event [Line Items]
Number of units (in apartments) \| unit						333
Subsequent event \| Land Parcel F-3
Subsequent Event [Line Items]
Purchase price						$ 200
Subsequent event \| Land Parcel Site D
Subsequent Event [Line Items]
Purchase price						$ 2,200
Subsequent event \| 4750 Wilshire Blvd
Subsequent Event [Line Items]
Asset acquisition, percentage of voting interests acquired					80.00%
Purchase price					$ 34,400
Mortgage payable assumed					38,500
Conversion cost					$ 31,000
Subsequent event \| Office Property, Los Angeles, California
Subsequent Event [Line Items]
Asset acquisition, percentage of voting interests acquired				50.00%
Purchase price				$ 19,100
Mortgage payable assumed				$ 9,600
Percentage of ownership acquired				100.00%
Subsequent event \| Office Property, Los Angeles, California \| Multifamily
Subsequent Event [Line Items]
Number of units (in apartments) \| unit				75
Subsequent event \| 1150 Clay
Subsequent Event [Line Items]
Asset acquisition, percentage of voting interests acquired	98.05%
Purchase price	$ 142,700
Mortgage payable assumed	$ 78,300
Subsequent event \| 1150 Clay \| Multifamily
Subsequent Event [Line Items]
Number of units (in apartments) \| unit	288

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

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


	Year Ended December 31,
	2022		2021
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	11.00% - 11.25%	5.00% - 17.00%	6.25% - 8.25%	5.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	N/A	N/A	5.75% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	11.00% - 11.25%	5.00% - 17.00%	7.00% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	N/A	N/A	1.00%	N/A

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

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


	December 31, 2022				December 31, 2021
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, paycheck protection program	$	—	$	—	$	4,903	$	5,050	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	—	$	—	$	18,077	$	19,635	3
SBA 7(a) loans receivable, subject to credit risk	$	56,237	$	58,432	$	42,416	$	44,399	3
SBA 7(a) loans receivable, subject to secured borrowings	$	6,158	$	6,237	$	6,891	$	6,976	3
SBA 7(a) loans receivable, held for sale	$	152	$	126	$	1,256	$	1,355	3
Liabilities:
Mortgage payable (1)	$	97,100	$	90,002	$	97,100	$	100,838	2, 3
Junior subordinated notes (1)	$	27,070	$	25,067	$	27,070	$	24,378	3

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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Principles of Consolidation—The consolidated financial statements include the accounts of the Company 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. For the year ended December 31, 2022, the Company has 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 was 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. As of December 31, 2022, the Trust held no assets or liabilites as the note holders had been paid in full. In addition, as of December 31, 2022, the Company has determined that its Unconsolidated Joint Venture (as defined below) is considered a VIE. Applying the consolidation requirements for VIEs, the Company determined that it is not the primary beneficiary based on its lack of power to direct activities and its obligations to absorb losses and right to receive benefits, and therefore the Unconsolidated joint venture does not qualify for consolidation. The Company accounts for the investment in the Unconsolidated Joint Venture as an equity method investment.

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 fair value of real estate acquired is recorded to 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.

Capitalized Project Costs

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—The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. 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. 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. The Company did not recognize any impairment of long-lived assets during the years ended December 31, 2022 and 2021 (Note 3).

Investment in Unconsolidated Entity—In February 2022, the Company invested in an unconsolidated joint venture arrangement (the “Unconsolidated Joint Venture”) with a CIM-managed separate account (the “CIM JV Partner”) to purchase an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the CIM JV Partner initially contributed the remaining balance. The Company accounts for its approximately 44% investment in the Unconsolidated Joint Venture under the equity method, as the Company has the ability to exercise significant influence over the investment. The Unconsolidated Joint Venture records its assets and liabilities at fair value. As such, the Company records its share of the Unconsolidated Joint Venture’s unrealized gains or losses as well as its share of the revenues and expenses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and such share is recognized within the Company’s income from unconsolidated entity on the consolidated statements of operations. The Company recorded income of $164,000 related to its investment in the Unconsolidated Joint Venture during the year ended December 31, 2022, in the consolidated statements of operations. In connection with the closing of the financing of the property owned by the Unconsolidated Joint Venture, the Company received a distribution from the Unconsolidated Joint Venture of $10.4 million during the year ended December 31, 2022, 164,000 of which was recognized as a return on investment and 10.3 million of which was recognized as a return of investment. The Company also made additional contributions during the year ended December 31, 2022 totaling $242,000. The Company’s investment in the Unconsolidated Joint Venture was $12.4 million and its ownership percentage remained unchanged as of December 31, 2022.

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

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.

Loans Receivable—The Company’s loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, 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 (the “SBA 7(a) Program”) and, commencing with the quarter ended June 30, 2020 and ending during the quarter ended June 30, 2021, the Paycheck Protection Program (the “PPP”).

Pursuant to the SBA 7(a) 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 $9.0 million and $9.6 million as of December 31, 2022 and 2021, 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, 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 years ended December 31, 2022 and 2021, the Company recorded net impairment losses of $0 and $19,000, respectively, on its loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired as of December 31, 2022 or 2021. 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. For the years ended December 31, 2022 and 2021, the Company has loan loss reserves of $1.1 million and $943,000, respectively.

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 10), deferred financing costs 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 A1 Preferred Stock (as defined below), Series A Preferred Stock (as defined below), and, after January 2020, Series A Preferred Stock (as defined below) and Series D Preferred Stock (as defined below), 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 Stock 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. Deferred financing costs related to the securing of a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities.

As of December 31, 2022 and 2021, deferred rent receivable and charges, net consist of the following:


	December 31, 2022		December 31, 2021
	(in thousands)
Deferred rent receivable	$	20,949	$	20,870
Deferred leasing costs, net of accumulated amortization of $9,637 and $8,971, respectively	8,319		8,453
Deferred offering costs	5,664		6,281
Deferred financing costs, net of accumulated amortization of $30 and $0 , respectively	2,120		—
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	37,543	$	36,095

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

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A1 Preferred Stock, par value $.001 per share (“Series A1 Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series A1 Preferred Stock Stated Value”), Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), or Series D Preferred Stock, par value $0.001 per share (“Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”), 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 10. The Company records the activity related to the Series A1 Preferred Stock, 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 recorded 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.

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

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

revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases, including leasing commissions, legal, and other related costs.

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

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

Revenue Recognition—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. When the Company enters into a contract or amends an existing contract, the Company evaluates if the contracts meet the definition of a lease using the following criteria:

•One party (lessor) must hold an identified asset;

•The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and

•The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.

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 $3.9 million and $4.0 million are presented net of accumulated amortization of $3.0 million and $2.7 million as of December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021, the Company recognized rental income as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	46,373	$	45,773
Variable lease payments (2)	9,853		7,065
Rental and other property income	$	56,226	$	52,838

(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 plus cash payments from tenants deemed not probable of collections.

Collectability of Lease-Related Receivables

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 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. As of December 31, 2022 and 2021, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $387,000 and $579,000, respectively, across all operating leases.

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 loan 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

The Company recognizes revenue from hotel activities separate from its leasing activities. 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 when the good or service is delivered to the customer.

At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

The Company presents hotel revenues net of sales, occupancy, and other taxes.

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Hotel properties
Hotel income	$	33,432	$	16,722
Rental and other property income	1,650		1,070

Interest and other income	131		57
Hotel revenues	$	35,213	$	17,849

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 the years ended December 31, 2022 and 2021. As of December 31, 2022, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

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

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

Earnings per Share (“EPS”)—Basic EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of Common Stock outstanding for the period. Net income attributable to common stockholders includes a deduction for dividends due to preferred stockholders. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the dilutive effect, if any, of securities such as stock-based compensation awards, warrants, including the Series A Preferred Warrants and preferred stock, including the Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company. The dilutive effect of stock-based compensation awards and warrants, including the Series A Preferred Warrants, is reflected in the weighted average diluted shares calculation by application of the treasury stock method. The dilutive effect of preferred stock, including the Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock and Series L Preferred

Stock, whose redemption is payable in shares of Common Stock or cash, at the discretion of the Company, is reflected in the weighted average diluted shares calculation by application of the if-converted method.

Distributions—Distributions on the Company’s Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock, Series L Preferred Stock and Common Stock are recorded when they are authorized by its Board of Directors and declared by the Company.

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

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

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

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

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

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

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

ASC 740, Income Taxes, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of

being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current period. The Company has reviewed all open tax years and concluded that the application of ASC 740 resulted in no material effect to its consolidated financial position or results of operations.

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. Actual results could differ from those estimates.

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

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

Segment Information—Segment information is prepared on the same basis that the Company’s management reviews information for operational decision-making purposes. The Company reportable segments for the years ended December 31, 2022 and 2021 consist of two types of commercial real estate properties, namely office and hotel, as well as a segment for its lending business. The products for the Company’s office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental. The products for the Company’s hotel segment include revenues generated from the operations of hotel properties and rental income generated from a garage located directly across the street from the hotel. The income from the Company’s lending segment includes premium income recognized from the sale of the government guaranteed portion of loans receivable, income from the yield on its loans receivable and other related fee income earned on its loans receivable.

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 adopted ASU 2016-13 and the related updates on January 1, 2023 and the adoption did not have a material impact.

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. 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.

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 254	$ 350
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	12	12
Acquired in-place Leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 846	$ 1,050

DEBT - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 303
2024	321
2025	56,571
2026	97,461
2027	383
Thereafter	31,340
Total Debt	186,379
Mortgage Payable
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	97,100
2027	0
Thereafter	0
Total Debt	97,100
2022 credit facility term loan
Debt Instrument [Line Items]
2023	303
2024	321
2025	341
2026	361
2027	383
Thereafter	4,270
Total Debt	5,979
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
2023	0
2024	0
2025	56,230
2026	0
2027	0
Thereafter	0
Total Debt	56,230
Junior subordinated notes
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	27,070
Total Debt	$ 27,070

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands		1 Months Ended			12 Months Ended
	Sep. 15, 2022	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance					$ 373,549	$ 278,114
Issuance of Preferred Stock						76,921
Repurchase of Series L Preferred Stock (in shares)		(587,714)	(33,374)	(41,374)	(662,462)
Repurchase of Series L Preferred Stock		$ (4,173)	$ (239)	$ (303)	$ (4,715)
Reclassification of Series A Preferred Stock to permanent equity					37,766	45,806
Ending balance					$ 362,033	$ 373,549
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					11,715,354	9,784,067
Beginning balance					$ 310,661	$ 262,036
Issuance of Preferred Stock (in shares)					5,966,077	37,712
Issuance of Preferred Stock					$ 147,761	$ 923
Redemption of Preferred Stock (in shares)						(112,881)
Redemption of Preferred Stock						$ (2,806)
Repurchase of Series L Preferred Stock (in shares)					(5,387,160)
Repurchase of Series L Preferred Stock					$ (152,834)
Reclassification of Series A preferred Stock to permanent equity (in shares)					1,630,765	2,006,456
Reclassification of Series A Preferred Stock to permanent equity					$ 40,998	$ 50,508
Ending balance (in shares)					13,570,353	11,715,354
Ending balance					$ 337,762	$ 310,661
Series A1 Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					0
Issuance of Preferred Stock					$ 135,391
Redemption of Preferred Stock					$ (227)
Ending balance (in shares)					5,956,147	0
Series A1 Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					0	0
Beginning balance					$ 0	$ 0
Issuance of Preferred Stock (in shares)					5,966,077
Issuance of Preferred Stock					$ 147,761
Redemption of Preferred Stock (in shares)					(9,930)
Redemption of Preferred Stock					$ (247)
Ending balance (in shares)					5,956,147	0
Ending balance					$ 147,514	$ 0
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					6,271,337
Redemption of Preferred Stock					$ (8,032)	(2,700)
Reclassification of Series A Preferred Stock to permanent equity					$ 184,000	$ 45,806
Ending balance (in shares)					7,565,349	6,271,337
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					6,271,337	4,377,762
Beginning balance					$ 156,431	$ 108,729
Redemption of Preferred Stock (in shares)					(336,753)	(112,881)
Redemption of Preferred Stock					$ (8,381)	$ (2,806)
Reclassification of Series A preferred Stock to permanent equity (in shares)					1,630,765	2,006,456
Reclassification of Series A Preferred Stock to permanent equity					$ 40,998	$ 50,508
Ending balance (in shares)					7,565,349	6,271,337
Ending balance					$ 189,048	$ 156,431
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					56,857
Issuance of Preferred Stock						$ 893
Redemption of Preferred Stock					$ (180)
Ending balance (in shares)					48,857	56,857
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					56,857	19,145
Beginning balance					$ 1,396	$ 473
Issuance of Preferred Stock (in shares)						37,712
Issuance of Preferred Stock						$ 923
Redemption of Preferred Stock (in shares)					(8,000)
Redemption of Preferred Stock					$ (196)
Ending balance (in shares)					48,857	56,857
Ending balance					$ 1,200	$ 1,396
Series L Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					5,387,160
Repurchase of Series L Preferred Stock (in shares)	(2,435,284)
Ending balance (in shares)					0	5,387,160
Series L Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					5,387,160	5,387,160
Beginning balance					$ 152,834	$ 152,834
Repurchase of Series L Preferred Stock (in shares)					(5,387,160)
Repurchase of Series L Preferred Stock					$ (152,834)
Ending balance (in shares)					0	5,387,160
Ending balance					$ 0	$ 152,834

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Mar. 22, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13610
Entity Registrant Name	CREATIVE MEDIA & COMMUNITY TRUST CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	75-6446078
Entity Address, Address Line One	17950 Preston Road,
Entity Address, Address Line Two	Suite 600,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75252
City Area Code	(972)
Local Phone Number	349-3200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 97.2
Entity Common Stock, Shares Outstanding		22,737,853
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference specified portions of Creative Media & Community Trust Corporation’s Proxy Statement for its 2023 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than April 30, 2023.
Entity Central Index Key	0000908311
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Common Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT
Security Exchange Name	NASDAQ
Common Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT-L
Series L Preferred Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Series L Preferred Stock, $0.001 Par Value
Trading Symbol	CMCTP
Security Exchange Name	NASDAQ
Series L Preferred Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Series L Preferred Stock, $0.001 Par Value
Trading Symbol	CMCTP

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

LOANS RECEIVABLE

5. LOANS RECEIVABLE

Loans receivable consist of the following:


	December 31,
	2022		2021
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	56,116	$	42,103
SBA 7(a) loans receivable, subject to loan-backed notes	—		18,050
SBA 7(a) loans receivable, Paycheck Protection Program	—		5,050
SBA 7(a) loans receivable, subject to secured borrowings	6,127		6,857
SBA 7(a) loans receivable, held for sale	117		1,200
Loans receivable	62,360		73,260
Deferred capitalized costs, net	1,293		1,226
Loan loss reserves	(1,106)		(943)
Loans receivable, net	$	62,547	$	73,543

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

SBA 7(a) Loans Receivable, Paycheck Protection Program—As an SBA 7(a) licensee, the Company originated loans under the PPP. As of December 31, 2022, all of the loans originated under the PPP have been repaid in full.

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

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

Other

As of December 31, 2022 and 2021, the Company’s loans subject to credit risk were 99.9% and 99.8%, respectively, concentrated in the hospitality industry. As of December 31, 2022 and 2021, 98.4% and 100.0%, 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 December 31, 2022 and 2021, $1.0 million and $1.1 million, respectively, of loans subject to credit risk were classified in substandard categories.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unamortized retained loan discounts	$ 9,000	$ 9,600
Loan receivable, nonaccrual, past due period (more than)	60 days
Impairment (recovery) on loans receivable	$ 0	19
Loan loss reserves	$ 1,106	$ 943

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT

7. DEBT

The following table summarizes the debt balances as of December 31, 2022 and 2021, and the debt activity for the year ended December 31, 2022 (in thousands):


			During the Year Ended December 31, 2022
	Balances as of December 31, 2021		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2022
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt issuance costs — Mortgage Payable	(120)		—		—		26		(94)
Total Mortgage Payable	96,980		—		—		26		97,006
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	6,671		—		(692)		—		5,979
Unamortized premiums	305		—		—		(47)		258
Total Secured Borrowings—Government Guaranteed Loans	6,976		—		(692)		(47)		6,237
Other Debt:
2018 revolving credit facility	60,000		110,000		(170,000)		—		—

2022 credit facility revolver	—		—		—		—		—
2022 credit facility term loan	—		56,230		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	7,670		—		(7,670)		—		—
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	5,030		—		(5,030)		—		—
Deferred debt issuance costs — other	(989)		—		—		210		(779)
Discount on junior subordinated notes	(1,592)		—		—		95		(1,497)
Total Other Debt	97,189		166,230		(182,700)		305		81,024
Total Debt, Net	$	201,145	$	166,230	$	(183,392)	$	284	$	184,267

Mortgage Payable—The mortgage payable is secured by a deed of trust on a property and assignments of rents receivable. As of December 31, 2022, the Company’s mortgage payable had a fixed interest rate of 4.14% per annum, with monthly payments of interest only, due on July 1, 2026. The loan is nonrecourse.

Secured Borrowings—Government Guaranteed Loans—Secured borrowings—government guaranteed loans represent sold loans which are treated as secured borrowings because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral. These loans included cash premiums that are amortized as a reduction to interest expense over the life of the loan using the effective interest method and are fully amortized when the underlying loan is repaid in full. As of December 31, 2022, the Company’s secured borrowings-government guaranteed loans included $3.6 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 6.88% at December 31, 2022, and $2.4 million of loans sold for an excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.57% at December 31, 2022.

2018 Revolving Credit Facility—In October 2018, the Company entered into a secured revolving credit facility with a bank syndicate that, as amended, allowed the Company to borrow up to $209.5 million, subject to a borrowing base calculation (the “2018 revolving credit facility”). The 2018 revolving credit facility was secured by properties in the Company’s

real estate portfolio: eight office properties and one hotel property. In September 2020, the 2018 revolving credit facility was amended (the “2018 Credit Facility Modification”) to remedy the effect that COVID-19 had on the Company’s ability to borrow under the 2018 revolving credit facility during the period from September 2, 2020 through August 14, 2021 (the “Deferral Period”). The 2018 revolving credit facility bore interest during the Deferral Period at (A) the base rate plus 1.05% or (B) LIBOR plus 2.05% and (ii) bore interest after the Deferral Period, at (A) the base rate plus 0.55% or (B) LIBOR plus 1.55%. The 2018 revolving credit facility was also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. In October 2022, the Company executed a one-year extension of the 2018 revolving credit facility to extend its maturity to October 2023. In connection with the extension, the Company paid 25% of the extension fee specified in the 2018 revolving credit facility (i.e., 25% of 0.15% of each lender’s commitment being extended) on October 30, 2022. On December 16, 2022, the 2018 revolving credit facility was refinanced and replaced by the 2022 credit facility (as described below) and the remaining 75% of the extension fee specified in the 2018 revolving credit facility was not incurred.

2022 Credit Facility—In December 2022 the Company refinanced its 2018 credit facility and replaced it with a new 2022 credit facility, entered into with a bank syndicate, that includes a $56.2 million term loan (the “2022 Credit Facility Term Loan”) as well as a revolver allowing the Company to borrow up to $150.0 million (the “2022 Credit Facility Revolver”), both of which are collectively subject to a borrowing base calculation. The 2022 credit facility is secured by properties in the Company’s real estate portfolio: six office properties and one hotel property (as well as the hotel’s adjacent parking garage and retail property). The 2022 credit facility bears interest at (A) the base rate plus 1.50% or (B) SOFR plus 2.60%. As of December 31, 2022, the variable interest rate was 6.93%. The 2022 Credit Facility Revolver is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The 2022 credit facility guaranteed by the Company and the Company is subject to certain financial maintenance covenants. The 2022 credit facility matures in December 2025 and provides for two one-year extension options under certain conditions, including providing notice of the election and paying an extension fee of 0.15% of each lender’s commitment being extended on the effective date of such extension. As of December 31, 2022, $56.2 million was outstanding on the 2022 Credit Facility Term Loan and no amount was outstanding on the 2022 Credit Facility Revolver, while $150.0 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—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 secured by deeds of trust or mortgages and 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 had monthly payments due as payments on the collateralized loans were received. As of December 31, 2022 all of the SBA 7(a) loan-backed notes had been paid off. The SBA 7(a) loan-backed notes bore interest at the lower of the one-month LIBOR plus 1.40% or the prime rate less 1.08%. As of December 31, 2021, the variable interest rate was 1.49%. The Company reflected 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 funds related to the Company’s SBA 7(a) loan-backed notes of $0 and $1.9 million, as of December 31, 2022 and 2021, respectively.

Paycheck Protection Program Liquidity Facility—In June 2020, the Company commenced borrowing funds from the Federal Reserve through the PPP Liquidity Facility (the “PPPLF”) to finance all the loans the Company originated under the PPP. Advances under the PPPLF carried an interest rate of 0.35%, were made on a dollar-for-dollar basis based on the amount of loans originated under the PPP and were secured by loans made by the Company under the PPP. The maturity date of PPPLF borrowings was the same as the maturity date of the loans pledged to secure the extension of credit, generally two years. As of December 31, 2022 and 2021, $0 and $5.0 million, respectively, was outstanding under the PPPLF. As the PPP has ended all borrowings from the Federal Reserve have been repaid in full as of December 31, 2022.

Deferred debt issuance 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 debt issuance costs are presented net of accumulated amortization and are a reduction to total debt.

As of December 31, 2022 and 2021, accrued interest and unused commitment fees payable of $562,000 and $467,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on the Company’s debt (face value) as of December 31, 2022 are as follows:


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Junior Subordinated Notes		Total
	(in thousands)
2023	$	—	$	303	$	—	$	—	$	303
2024	—		321		—		—		321
2025	—		341		56,230		—		56,571
2026	97,100		361		—		—		97,461
2027	—		383		—		—		383
Thereafter	—		4,270		—		27,070		31,340
	$	97,100	$	5,979	$	56,230	$	27,070	$	186,379

(1)Principal payments on secured borrowings 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Dec. 31, 2022	Dec. 31, 2021
SBA 7(a) loans receivable, Paycheck Protection Program \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable		0.0100
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1100	0.0625
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.0500
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable		0.0575
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable		0.0500
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1100	0.0700
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.0500
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1125	0.0825
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1700	0.1750
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable		0.0775
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable		0.1750
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1125	0.0775
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1700	0.1750

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Shares and the Changes During the Year

A summary of the Company’s restricted shares as of December 31, 2022 and 2021 and the changes during the years ended is as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share (1)



Balance, December 31, 2020	21,912	$	10.04
Granted	20,332	$	10.82
Vested	(21,912)	$	10.04
Balance, December 31, 2021	20,332	$	10.82
Granted	30,984	$	7.10
Vested	(20,332)	$	10.82
Balance, December 31, 2022	30,984	$	7.10

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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Discount Rate - Valuation Technique, Discounted Cash Flow	Dec. 31, 2022	Dec. 31, 2021
Mortgage Payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for debt	0.0648	0.0322
Junior subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for debt	0.0902	0.0446

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 29, 2020	Jun. 28, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants	$ 9,500
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, shares issued (in shares)	56,857		56,857
Gross proceeds from issuance of preferred stock and warrants	$ 1,400
Issuance offering costs for preferred stock and warrants	33
Reclassification to deferred rent receivable and charges	$ 13
Preferred stock, shares redeemed (in shares)	8,000
Series D Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)				$ 24.50	$ 25.00

SEGMENT DISCLOSURE - Narrative (Details) - property	12 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of types of commercial real estate properties	2	2

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 101,906	$ 90,926
Property and Lending expenses:
Interest expense	9,604	9,413
General and administrative	6,869	6,844
Total Expenses	94,994	88,785
Income from unconsolidated entity	164	0
Hotel
Segment Reporting Information [Line Items]
Revenues	35,213	17,849
Operating Segments
Property and Lending expenses:
Expense reimbursements to related parties—lending segment	1,929	1,921
Segment net operating income (loss)	46,824	47,061
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues	55,928	53,289
Property and Lending expenses:
Operating	26,537	23,431
General and administrative	225	347
Total Expenses	26,762	23,778
Income from unconsolidated entity	164	0
Segment net operating income (loss)	29,330	29,511
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	35,213	17,849
Property and Lending expenses:
Operating	23,989	15,841
General and administrative	110	128
Total Expenses	24,099	15,969
Segment net operating income (loss)	11,114	1,880
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues	10,765	19,787
Property and Lending expenses:
Interest expense	552	408
Expense reimbursements to related parties—lending segment	1,929	1,921
General and administrative	1,904	1,788
Total Expenses	4,385	4,117
Segment net operating income (loss)	$ 6,380	$ 15,670

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ 5,945	$ (851)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	20,497	20,188
Amortization of deferred loan costs	1,066	1,068
Amortization of premiums and discounts on debt	48	(61)
Unrealized premium adjustment	1,471	2,930
Amortization of deferred costs and accretion of fees on loans receivable, net	(688)	(622)
Write-offs (recoveries) of uncollectible receivables	259	(82)
Deferred income taxes	(3)	72
Stock-based compensation	202	220
Income from unconsolidated entity	(164)	0
Loans funded, held for sale to secondary market	(30,770)	(96,991)
Proceeds from sale of guaranteed loans	31,943	109,000
Principal collected on loans subject to secured borrowings	692	1,786
Commitment fees remitted and other operating activity	(1,086)	(2,559)
Return on investment from unconsolidated entity	164	0
Changes in operating assets and liabilities:
Accounts receivable	(480)	(1,519)
Other assets	(40)	(1,340)
Accounts payable and accrued expenses	801	2,574
Deferred leasing costs	(2,056)	(1,669)
Other liabilities	995	7,128
Due to related parties	3,614	7,009
Net cash provided by operating activities	32,410	46,281
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(8,816)	(4,047)
Acquisition of real estate	(10,787)	(2,933)
Investment in unconsolidated entity	(22,652)	0
Return of investment from unconsolidated entity	10,271	0
Loans funded	(9,849)	(36,299)
Principal collected on loans	19,559	30,584
Net cash used in investing activities	(22,274)	(12,695)
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	(182,700)	(157,910)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes	166,230	35,396
Payment of principal on secured borrowings	(692)	(1,786)
Payment of deferred preferred stock offering costs	(1,581)	(1,149)
Payment of deferred costs	(2,928)	(1)
Payment of common dividends	(7,658)	(3,979)
Proceeds from issuance of Common Stock	0	78,825
Payment of Common Stock offering costs	0	(1,900)
Repurchase of Common Stock	(4,715)	0
Net proceeds from issuance of Preferred Stock	148,007	29,829
Payment of preferred stock dividends	(24,327)	(18,045)
Repurchase of Series L Preferred Stock	(67,417)	0
Redemption of Preferred Stock	(8,527)	(2,755)
Noncontrolling interests’ distributions	(4)	(118)
Noncontrolling interests’ contributions	5	9
Net cash provided by (used in) financing activities	13,693	(43,584)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	23,829	(9,998)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	33,651	43,649
End of period	57,480	33,651
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	46,190	22,311
Restricted cash	11,290	11,340
Total cash and cash equivalents and restricted cash	57,480	33,651
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	8,388	8,463
Federal income taxes paid	1,105	2,900
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	3,859	2,127
Accrued deferred costs	22	0
Accrued preferred stock offering costs	68	161
Accrual of dividends payable to preferred stockholders	6,276	12,051
Accrual of dividends payable to common stockholders	1,933	1,753
Preferred stock offering costs offset against redeemable preferred stock	2,105	400
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	37,766	45,806
Reclassification of Preferred Stock from permanent equity to accounts payable	83,838	48
Redeemable preferred stock deemed dividends	19	253
Accrued Redeemable Preferred Stock fees	450	638
Equity-based payment for management fees	$ 5,000	$ 9,174

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

12. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

Level 3 Inputs—Unobservable inputs

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

Management’s estimation of the fair value of the Company’s financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for 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.

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, 2022 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 December 31, 2022 and 2021, the Company used a rate of 6.48% and 3.22%, respectively. The rate used to estimate the fair value of the Company’s junior subordinated notes was 9.02% and 4.46% as of December 31, 2022 and 2021, 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:


	Year Ended December 31,
	2022		2021
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	11.00% - 11.25%	5.00% - 17.00%	6.25% - 8.25%	5.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	N/A	N/A	5.75% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	11.00% - 11.25%	5.00% - 17.00%	7.00% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	N/A	N/A	1.00%	N/A

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 December 31, 2022 and 2021. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

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:


	December 31, 2022				December 31, 2021
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, paycheck protection program	$	—	$	—	$	4,903	$	5,050	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	—	$	—	$	18,077	$	19,635	3
SBA 7(a) loans receivable, subject to credit risk	$	56,237	$	58,432	$	42,416	$	44,399	3
SBA 7(a) loans receivable, subject to secured borrowings	$	6,158	$	6,237	$	6,891	$	6,976	3
SBA 7(a) loans receivable, held for sale	$	152	$	126	$	1,256	$	1,355	3
Liabilities:
Mortgage payable (1)	$	97,100	$	90,002	$	97,100	$	100,838	2, 3
Junior subordinated notes (1)	$	27,070	$	25,067	$	27,070	$	24,378	3

(1)The carrying amounts for the mortgage payable and junior subordinated notes represents the principal outstanding amounts, excluding deferred debt issuance 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 502,006	$ 497,984
Investment in unconsolidated entity	12,381	0
Cash and cash equivalents	46,190	22,311
Restricted cash	11,290	11,340
Loans receivable, net	62,547	73,543
Accounts receivable, net	3,780	3,396
Deferred rent receivable and charges, net	37,543	36,095
Other intangible assets, net	4,461	5,251
Other assets	10,050	10,946
TOTAL ASSETS	690,248	660,866
LIABILITIES:
Debt, net	184,267	201,145
Accounts payable and accrued expenses	107,220	26,751
Intangible liabilities, net	20	237
Due to related parties	3,155	4,541
Other liabilities	17,856	16,861
Total liabilities	312,518	249,535
COMMITMENTS AND CONTINGENCIES (Note 14)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 35,438,752 and 35,776,705 shares authorized as of December 31, 2022 and December 31, 2021, respectively; 693,741 shares issued and outstanding as of December 31, 2022 and 1,633,965 and 1,631,965 shares issued and outstanding, respectively, as of December 31, 2021; liquidation preference of $25.00 per share, subject to adjustment	15,697	37,782
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 22,737,853 and 23,369,331 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	23	24
Additional paid-in capital	861,721	866,746
Distributions in excess of earnings	(837,846)	(804,227)
Total stockholders’ equity	361,660	373,204
Noncontrolling interests	373	345
Total equity	362,033	373,549
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	690,248	660,866
Series A Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	189,048	156,431
Series A1 Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	147,514	0
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	1,200	1,396
Series L Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 0	$ 152,834

RELATED-PARTY TRANSACTIONS - Due to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties	$ 3,155	$ 4,541
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	812	2,244
Property management fees and reimbursements \| Affiliated Entity \| C I M Management Entities
Related Party Transaction [Line Items]
Due to related parties	1,214	320
Expense Reimbursements \| Affiliated Entity \| Corporate, Non-Segment
Related Party Transaction [Line Items]
Due to related parties	466	692
Expense Reimbursements \| Affiliated Entity \| Operating Segments
Related Party Transaction [Line Items]
Due to related parties	124	341
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	454	638
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	17	143
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity \| C I M Management Entities and Related Parties
Related Party Transaction [Line Items]
Due to related parties	$ 68	$ 163

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease incentives	$ 3,900,000	$ 4,000,000
Lease incentives, accumulated amortization	3,000,000	2,700,000
Allowance for uncollectible accounts receivable	387,000	579,000
Tenant recoveries outside of lease agreements	0	$ 0
Performance obligations	$ 0

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of December 31, 2022 and 2021, and the debt activity for the year ended December 31, 2022 (in thousands):


			During the Year Ended December 31, 2022
	Balances as of December 31, 2021		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2022
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt issuance costs — Mortgage Payable	(120)		—		—		26		(94)
Total Mortgage Payable	96,980		—		—		26		97,006
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	6,671		—		(692)		—		5,979
Unamortized premiums	305		—		—		(47)		258
Total Secured Borrowings—Government Guaranteed Loans	6,976		—		(692)		(47)		6,237
Other Debt:
2018 revolving credit facility	60,000		110,000		(170,000)		—		—

2022 credit facility revolver	—		—		—		—		—
2022 credit facility term loan	—		56,230		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	7,670		—		(7,670)		—		—
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	5,030		—		(5,030)		—		—
Deferred debt issuance costs — other	(989)		—		—		210		(779)
Discount on junior subordinated notes	(1,592)		—		—		95		(1,497)
Total Other Debt	97,189		166,230		(182,700)		305		81,024
Total Debt, Net	$	201,145	$	166,230	$	(183,392)	$	284	$	184,267

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of December 31, 2022 are as follows:


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Junior Subordinated Notes		Total
	(in thousands)
2023	$	—	$	303	$	—	$	—	$	303
2024	—		321		—		—		321
2025	—		341		56,230		—		56,571
2026	97,100		361		—		—		97,461
2027	—		383		—		—		383
Thereafter	—		4,270		—		27,070		31,340
	$	97,100	$	5,979	$	56,230	$	27,070	$	186,379

- 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
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-Subparagraph (SX 210.12-04(a))
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+ Details

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

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

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2022

(in thousands)


						Initial Cost				Net Improvements (Write-Offs) Since Acquisition		Gross Amount at Which Carried (2)
Property Name, City and State	Encumbrances					Land		Building and Improvements				Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
3601 S Congress Avenue (1)
Austin, TX			$	—	(1)	$	9,569	$	18,593	$	14,584	$	9,569	$	33,177	$	42,746	$	8,985	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	$	97,100				9,261		113,619		19,058		9,261		132,677		141,938		56,435		1970 / 2008	2008
2 Kaiser Plaza Parking Lot (1)
Oakland, CA			—		(1)	10,931		110		3,665		10,931		3,775		14,706		—		N/A	2015
11600 Wilshire Boulevard (1)
Los Angeles, CA			—		(1)	3,477		18,522		2,449		3,477		20,971		24,448		7,267		1955	2010
11620 Wilshire Boulevard (1)
Los Angeles, CA			—		(1)	7,672		51,999		6,989		7,672		58,988		66,660		19,721		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			—		(1)	16,633		28,985		6,533		16,633		35,518		52,151		7,476		1984 / 2014	2014
Lindblade Media Center
Los Angeles, CA			—		(1)	6,342		11,568		491		6,342		12,059		18,401		2,658		1930 & 1957 / 2010	2014
1037 N Sycamore
Los Angeles, CA			—		(1)	1,839		1,094		113		1,839		1,207		3,046		45		2000 / 2021	2021
1130 Howard Street (1)
San Francisco, CA			—		(1)	8,290		10,480		(45)		8,290		10,435		18,725		1,421		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard (1)
Los Angeles, CA			—		(1)	52,199		76,730		2,250		52,199		78,980		131,179		10,437		1959 / 2008	2018
1021 E 7th Street
Austin, TX			—		(1)	4,976		733		—		4,976		733		5,709		221		1972 / 2001	2020
3101 S Western Avenue
Los Angeles, CA			—		(1)	2,279		—		620		2,279		620		2,899		—		N/A	2022
3022 S Western Avenue
Los Angeles, CA			—		(1)	5,637		156		439		5,637		595		6,232		5		N/A	2022
1007 E 7th Street
Austin, TX			—		(1)	1,866		6		138		1,866		144		2,010		23		1920	2022
3109 S Western Avenue
Los Angeles, CA			—		(1)	709		2		23		709		25		734		—		N/A	2022

Hotel
Sheraton Grand Hotel (1)
Sacramento, CA			—		(1)	3,497		107,447		67		3,497		107,514		111,011		39,566		2001	2008
Sheraton Grand Hotel Parking & Retail (1)
Sacramento, CA	—					6,550		10,996		272		6,550		11,268		17,818		4,147		2001	2008
	$	97,100				$	151,727	$	451,040	$	57,646	$	151,727	$	508,686	$	660,413	$	158,407

(1)These properties collateralize the revolving credit facility, which had a $56.2 million outstanding balance as of December 31, 2022.

(2)The aggregate gross cost of property included above for federal income tax purposes approximates $714.3 million (unaudited) as of December 31, 2022.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2022

(in thousands)

The following table reconciles the Company’s investments in real estate from January 1, 2021 to December 31, 2022:


	Year Ended December 31,
	2022		2021
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	642,702	$	637,205

Additions:
Improvements	10,548		5,907
Property acquisitions	10,756		2,933
Deductions:



Retirements	(3,593)		(3,343)
Balance, end of period	$	660,413	$	642,702

The following table reconciles the accumulated depreciation from January 1, 2021 to December 31, 2022:


	Year Ended December 31,
	2022		2021
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(144,718)	$	(131,165)

Additions: depreciation	(17,282)		(16,896)
Deductions:
Assets held for sale	—		—
Asset sales	—		—
Retirements	3,593		3,343
Balance, end of period	$	(158,407)	$	(144,718)

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	May 30, 2018	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Restricted cash		$ 11,290	$ 11,340
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
Effective interest rate			1.49%
Restricted cash		$ 0	$ 1,900
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%)

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible assets:
Intangible assets, net	$ 4,461	$ 5,251
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $22 and $1,134, respectively, with an average useful life of 1 and 5 years, respectively	20	237
Acquired Below Market Leases
Intangible lease liabilities:
Acquired below-market leases, accumulated amortization	$ 22	$ 1,134
Acquired finite lived intangible lease liabilities average useful life	1 year	5 years
Acquired below-market leases, net of accumulated amortization of $22 and $1,134, respectively, with an average useful life of 1 and 5 years, respectively	$ 20	$ 237
Acquired in-place Leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 7,795	$ 9,030
Acquired finite lived intangible lease assets average useful life	8 years	9 years
Intangible assets, net	$ 1,488	$ 2,266
Above Market Leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 39	$ 27
Acquired finite lived intangible lease assets average useful life	6 years	6 years
Intangible assets, net	$ 16	$ 28
Trade name and license
Intangible assets:
Intangible assets, net	$ 2,957	$ 2,957

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 62,547	$ 73,543
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, percent current	98.40%	100.00%
SBA 7(a) loans receivable, subject to credit risk \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,000	$ 1,100
Accounts Receivable \| Customer Concentration Risk \| Hospitality Industry
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	99.90%	99.80%

RELATED-PARTY TRANSACTIONS - Offering-Related Fees (Details)	Jun. 16, 2022	Jan. 05, 2022
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate		0.4375%
Third Amended And Restated Dealer Manager Agreement, Upfront Dealer Manager Fee \| Affiliated Entity \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	3.00%
Third Amended And Restated Dealer Manager Agreement, Selling Commissions Payable \| Affiliated Entity \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%
Third Amended And Restated Dealer Manager Agreement, Amendment No. 1, Reallowance Of Selling Commissions \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	100.00%

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Noncontrolling Interests	Series A1 Preferred Stock	Series A1 Preferred Stock Total Stockholders' Equity	Series A1 Preferred Stock Preferred Stock	Series A1 Preferred Stock Additional Paid-in Capital	Series A1 Preferred Stock Distributions in Excess of Earnings	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	Series L Preferred Stock	Series L Preferred Stock Total Stockholders' Equity	Series L Preferred Stock Preferred Stock	Series L Preferred Stock Additional Paid-in Capital	Series L Preferred Stock Distributions in Excess of Earnings
Beginning balance (in shares) at Dec. 31, 2020			14,827,410
Beginning balance (in shares) at Dec. 31, 2020				9,784,067						0					4,377,762					19,145					5,387,160
Beginning balance at Dec. 31, 2020	$ 278,114	$ 277,659	$ 15	$ 262,036	$ 794,127	$ (778,519)	$ 455			$ 0					$ 108,729					$ 473					$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions to noncontrolling interests	9						9
Distributions to noncontrolling interests	(118)						(118)
Stock-based compensation expense (in shares)			20,332
Stock-based compensation expense	220	220			220
Common dividends	(5,732)	(5,732)				(5,732)
Dividends to holders of Series Preferred Stock													$ (10,289)	$ (10,289)			$ (10,289)	$ (65)	$ (65)			$ (65)	$ (8,406)	$ (8,406)			$ (8,406)
Issuance of shares of stock (in shares)			8,521,589	37,712																37,712
Issuance of shares of stock	76,921	76,921	$ 9	$ 923	76,912													$ 893	893	$ 923	$ (30)
Reclassification of Series A preferred Stock to permanent equity (in shares)				2,006,456											2,006,456
Reclassification of Series A Preferred Stock to permanent equity	45,806			$ 50,508									45,806	45,806	$ 50,508	$ (4,702)
Redeemable Preferred Stock deemed dividends	(253)	(253)				(253)
Redemption of Preferred Stock (in shares)				(112,881)											(112,881)
Redemption of Preferred Stock				$ (2,806)									$ (2,700)	(2,700)	$ (2,806)	219	(113)
Net (loss) income	$ (851)	(850)				(850)	(1)
Ending balance (in shares) at Dec. 31, 2021	23,369,331		23,369,331
Ending balance (in shares) at Dec. 31, 2021				11,715,354				0		0			6,271,337		6,271,337			56,857		56,857			5,387,160		5,387,160
Ending balance at Dec. 31, 2021	$ 373,549	373,204	$ 24	$ 310,661	866,746	(804,227)	345			$ 0					$ 156,431					$ 1,396					$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions to noncontrolling interests	5						5
Distributions to noncontrolling interests	(4)						(4)
Stock-based compensation expense (in shares)			30,984
Stock-based compensation expense	$ 202	202			202
Repurchase of Common and Preferred Stock (in shares)	(662,462)		(662,462)	(5,387,160)																					(5,387,160)
Repurchase of Common and Preferred Stock	$ (4,715)	(4,715)	$ (1)	$ (152,834)	(4,714)																				$ (152,834)
Common dividends	(7,838)	(7,838)				(7,838)
Dividends to holders of Series Preferred Stock								$ (2,463)	$ (2,463)			$ (2,463)	$ (8,700)	(8,700)			(8,700)	$ (62)	(62)			(62)	$ (7,329)	(7,329)			(7,329)
Issuance of shares of stock (in shares)				5,966,077						5,966,077
Issuance of shares of stock				$ 147,761				135,391	135,391	$ 147,761	$ (12,370)
Reclassification of Series A preferred Stock to permanent equity (in shares)				1,630,765											1,630,765
Reclassification of Series A Preferred Stock to permanent equity	37,766	37,766		$ 40,998	(3,232)								184,000		$ 40,998
Repurchase and Redemption of Series L Preferred Stock (in shares)																									(5,387,160)
Repurchase and Redemption of Series L Preferred Stock																							$ (151,256)	$ (151,256)	$ (152,834)	$ 14,270	$ (12,692)
Redeemable Preferred Stock deemed dividends	(19)	(19)				(19)
Redemption of Preferred Stock (in shares)										(9,930)					(336,753)					(8,000)
Redemption of Preferred Stock								$ (227)	$ (227)	$ (247)	$ 23	$ (3)	$ (8,032)	$ (8,032)	$ (8,381)	$ 789	$ (440)	$ (180)	$ (180)	$ (196)	$ 7	$ 9
Net (loss) income	$ 5,945	5,918				5,918	27
Ending balance (in shares) at Dec. 31, 2022	22,737,853		22,737,853
Ending balance (in shares) at Dec. 31, 2022				13,570,353				5,956,147		5,956,147			7,565,349		7,565,349			48,857		48,857			0		0
Ending balance at Dec. 31, 2022	$ 362,033	$ 361,660	$ 23	$ 337,762	$ 861,721	$ (837,846)	$ 373			$ 147,514					$ 189,048					$ 1,200					$ 0

INVESTMENTS IN REAL ESTATE - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2022 ft²	Dec. 31, 2022 commercial_unit	Dec. 31, 2022 parking_stall	Dec. 31, 2022 residential_unit
3109 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Square Feet \| ft²			5,900
Purchase price	$ 700
Transaction costs in acquisition of real estate	11
Number of units (in apartments)				7	6
Area of land \| ft²			5,635
1007 E 7th Street, Austin, TX
Business Acquisition [Line Items]
Square Feet \| ft²			1,352
Purchase price	1,900
Transaction costs in acquisition of real estate	52
Area of land \| ft²			7,450
3022 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Square Feet \| ft²			6,000
Purchase price	5,650
Transaction costs in acquisition of real estate	192
Number of units (in apartments) \| residential_unit						119
Area of land \| ft²			28,300
3101 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Square Feet \| ft²			3,752
Purchase price	2,260
Transaction costs in acquisition of real estate	22
Number of units (in apartments) \| residential_unit						40
Area of land \| ft²			11,300
1037 North Sycamore, Los Angeles, CA
Business Acquisition [Line Items]
Square Feet \| ft²		4,900
Purchase price		$ 2,900
Transaction costs, capitalized	$ 33

ORGANIZATION AND OPERATIONS - Narrative (Details)	Jan. 31, 2023	Dec. 31, 2022 property $ / shares shares	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.001		$ 0.001
Common stock, authorized shares (in shares) \| shares		900,000,000		900,000,000
Preferred stock, shares authorized (in shares) \| shares		100,000,000
Series A1 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
Multifamily Property \| Subsequent event
Class of Stock [Line Items]
Asset acquisition, percentage of voting interests acquired	50.00%
Hotel
Class of Stock [Line Items]
Number of real estate properties owned \| property		1

INCOME TAXES - Reconciliation of Net Income to REIT Taxable Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Income from continuing operations before income taxes for TRSs	$ 7,076	$ 2,141
Income tax provision	1,131	2,992
TRS
Income Tax Contingency [Line Items]
Income from continuing operations before income taxes for TRSs	6,128	9,242
Expected federal income tax provision	1,287	1,941
State income taxes	43	(40)
Increase in valuation allowance	300	(273)
Other	(499)	1,364
Income tax provision	$ 1,131	$ 2,992

- Definition

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

+ References

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

- Definition

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

+ References + Details

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

11. 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 years ended December 31, 2022 and 2021 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

September 22, 2022

October 17, 2022

Regular Quarterly

0.085

June 10, 2022

July 5, 2022

Regular Quarterly

0.085

March 8, 2022

April 1, 2022

Regular Quarterly

0.085

December 9, 2021

January 5, 2022

Regular Quarterly

0.075

September 7, 2021

September 29, 2021

Regular Quarterly

0.075

June 7, 2021

June 30, 2021

Regular Quarterly

0.075

March 5, 2021

March 30, 2021

Regular Quarterly

0.075

On December 15, 2022, the Company declared a cash dividend of $0.085 per share of its Common Stock, which was paid on January 9, 2023 to stockholders of record at the close of business on December 27, 2022.

On March 20, 2023, the Company declared a cash dividend of $0.085 per share of its Common Stock, to be paid on April 11, 2023 to stockholders of record at the close of business on March 30, 2023.

Rights Offering

During the year ended December 31, 2021, the Company conducted the Rights Offering pursuant to which the Company issued an aggregate of 8,521,589 shares of Common Stock at a subscription price of $9.25 per share for aggregate gross proceeds of $78.8 million. Offering costs of $1.9 million were incurred in connection with the Rights Offering and recorded as a reduction to additional paid-in capital.

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 Stock and Series A Preferred Warrants were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of December 31, 2022, the Company had 3,316,118 Series A Preferred Warrants outstanding to purchase 858,208 shares of Common Stock and allocated net proceeds of $484,000 after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.

Share Repurchase Program

In May 2022, the Company’s Board of Directors approved a repurchase program of up to $10.0 million of the Company’s Common Stock (the “SRP”). Under the SRP, the Company, in its discretion, may purchase shares of its Common Stock from time to time in the open market or in privately negotiated transactions. The amount and timing of purchases of shares will depend on a number of factors, including, without limitation, the price and availability of shares, trading volume, general market conditions and compliance with applicable securities law. The SRP has no termination date and may be suspended or discontinued at any time.

As of December 31, 2022, share repurchases executed under the SRP were as follows:


Period	Shares Repurchased	Average price paid per share	Cost of shares repurchased (in thousands)
June 2022	41,374	$7.32	$303
August 2022	33,374	$7.15	$239
September 2022	587,714	$7.10	$4,173
Total as of December 31, 2022	662,462		$4,715

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

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

12 Months Ended

Dec. 31, 2022

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 years ended December 31, 2022 and 2021:


	Year Ended December 31,
	2022		2021
	(in thousands, except per share amounts)
Numerator:
Net loss attributable to common stockholders	$	(25,785)	$	(19,979)
Redeemable preferred stock dividends declared on dilutive shares	(9)		—
Diluted net (loss) income attributable to common stockholders	$	(25,794)	$	(19,979)

Denominator:
Basic weighted average shares of Common Stock outstanding	23,153		19,187
Effect of dilutive securities—contingently issuable shares	1		—
Diluted weighted average shares and common stock equivalents outstanding	23,154		19,187

Net (loss) income attributable to common stockholders per share:
Basic	$	(1.11)	$	(1.04)
Diluted	$	(1.11)	$	(1.04)

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Feb. 28, 2022
Business Acquisition [Line Items]
Depreciation expense \| $	$ 17.3	$ 16.9
Percentage of ownership acquired	100.00%	100.00%
Number of property dispositions \| property	0	0
1910 Sunset Boulevard
Business Acquisition [Line Items]
Ownership Interest	44.00%		44.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Liabilities:
Mortgage payable	$ 97,100	$ 97,100
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, Paycheck Protection Program
Assets:
Loans receivable	0	4,903
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	0	18,077
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	56,237	42,416
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	6,158	6,891
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	152	1,256
Estimated Fair Value \| Level 2 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable	90,002	100,838
Estimated Fair Value \| Level 3 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable	90,002	100,838
Junior subordinated notes	25,067	24,378
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, Paycheck Protection Program \| Fair Value, Nonrecurring
Assets:
Loans receivable	0	5,050
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes \| Fair Value, Nonrecurring
Assets:
Loans receivable	0	19,635
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk \| Fair Value, Nonrecurring
Assets:
Loans receivable	58,432	44,399
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings \| Fair Value, Nonrecurring
Assets:
Loans receivable	6,237	6,976
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, held for sale \| Fair Value, Nonrecurring
Assets:
Loans receivable	$ 126	$ 1,355

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Mar. 20, 2023	Dec. 15, 2022	Sep. 07, 2021	Jun. 07, 2021	Mar. 05, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)		$ 0.085	$ 0.075	$ 0.075	$ 0.075
Warrant right to purchase a share of common stock (in shares)								0.25
Subsequent event
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)	$ 0.085
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)								1
Warrants outstanding (in shares)						3,316,118
Outstanding common stock available for purchase (in shares)						858,208
Net proceeds from issuance of warrants						$ 484
Rights Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)							8,521,589
Purchase price (in usd per share)							$ 9.25
Consideration received on transaction							$ 78,800
Reduction to additional paid-in capital, due to offering costs incurred							$ 1,900
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)								1
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%
Registration Statement \| Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares included in preferred stock unit (in shares)								1

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Dividends paid per common share (in usd per share)	$ 0.340	$ 0.300
Series A1 Preferred Stock
Preferred dividends, per share amount (in usd per share)	1.125
Series A Preferred Stock
Preferred dividends, per share amount (in usd per share)	1.375	1.375
Series D Preferred Stock
Preferred dividends, per share amount (in usd per share)	1.413	1.413
Series L Preferred Stock
Preferred dividends, per share amount (in usd per share)	$ 1.560	$ 1.560

RELATED-PARTY TRANSACTIONS - Affiliate Investments and Other - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²
Related Party Transaction [Line Items]
Investment in unconsolidated entity		$ 22,652	$ 0
1910 Sunset Boulevard
Related Party Transaction [Line Items]
Investment in unconsolidated entity	$ 22,400
Corporate Joint Venture \| 1910 Sunset Boulevard
Related Party Transaction [Line Items]
Investment in unconsolidated entity	$ 51,000
CIM Group \| Eleven year lease
Related Party Transaction [Line Items]
Operating lease term					11 years
Area of land (square feet) \| ft²				30	32
Rental and other property income from related party		$ 1,500	$ 1,500

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Temporary equity, par value (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	35,438,752	35,438,752
Temporary equity, shares issued (in shares)	693,741	1,633,965
Temporary equity, shares outstanding (in shares)	693,741	1,631,965
Temporary equity, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	900,000,000	900,000,000
Common stock, issued shares (in shares)	22,737,853	23,369,331
Common stock, outstanding shares (in shares)	22,737,853	23,369,331
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	35,438,752	35,438,752
Preferred stock, shares issued (in shares)	8,126,597	6,492,632
Preferred stock, shares outstanding (in shares)	7,565,349	6,271,337
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Cumulative redeemable preferred stock	$ 189,048	$ 156,431
Series A1 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	27,990,070	27,990,070
Preferred stock, shares issued (in shares)	5,966,077	0
Preferred stock, shares outstanding (in shares)	5,956,147	0
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Cumulative redeemable preferred stock	$ 147,514	$ 0
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	26,992,000	26,992,000
Preferred stock, shares issued (in shares)	56,857	56,857
Preferred stock, shares outstanding (in shares)	48,857	56,857
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Cumulative redeemable preferred stock	$ 1,200	$ 1,396
Series L Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	919,260	6,306,420
Preferred stock, shares issued (in shares)		8,080,740
Preferred stock, shares outstanding (in shares)	0	5,387,160
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37
Cumulative redeemable preferred stock	$ 0	$ 152,834

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Creative Media & Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (the “Company”), is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily acquires, develops, owns and operates both premier multifamily properties situated in vibrant communities throughout the United States and Class A and creative office real assets in markets with similar business and employment characteristics to its multifamily investments. The Company also owns one hotel in northern California and a lending platform that originates loans under the Small Business Administration (“SBA”) 7(a) loan program. The Company seeks to apply the expertise of CIM Group, L.P. (“CIM Group”) to the acquisition, development and operation of premier multifamily properties and creative office assets that cater to rapidly growing industries such as technology, media and entertainment in vibrant and emerging communities throughout the United States. Subsequent to December 31, 2022, the Company acquired two multifamily properties in Oakland, California and acquired a 50% interest in a multifamily property in.Los Angeles, California (see Note 18 for more details). 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.” The Company has authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock (“Preferred Stock”). Since June 2022, the Company has been conducting a continuous public offering with respect to shares of its Series A1 Preferred Stock, par value $0.001 per share with an initial stated value of $25.00 per share, subject to adjustment (Note 10). The Company has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Tempe, Arizona

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

15. LEASES

Future minimum rental revenue under long-term operating leases as of December 31, 2022, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands):


Years Ending December 31,	Total

2023	$	46,119
2024	45,365
2025	29,164
2026	21,441
2027	15,051
Thereafter	52,711
	$	209,851

DEBT - 2018 and 2022 Revolving Credit Facility Narrative (Details)			1 Months Ended
	Dec. 16, 2022	Oct. 30, 2022	Dec. 31, 2022 USD ($) property office_property hotel extension	Oct. 31, 2022	Sep. 30, 2020	Dec. 31, 2021 USD ($)	Oct. 31, 2018 USD ($) office_property
Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| property			1
Line of Credit \| 2022 credit facility revolver
Debt Instrument [Line Items]
Effective interest rate			6.93%
Number of extension option \| extension			2
Extension option, term			1 year
Extension fee percentage			0.15%
Line of Credit \| Revolving Credit Facility \| 2018 revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 209,500,000
Extension option, term				1 year
Extension fee percentage		25.00%
Outstanding balance			$ 0			$ 60,000,000
Remaining extension fee (as percent)	75.00%
Line of Credit \| Revolving Credit Facility \| 2022 credit facility revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			150,000,000
Outstanding balance			0			0
Amount available for future borrowings			$ 150,000,000
Line of Credit \| Revolving Credit Facility \| Office Building \| 2018 revolving credit facility
Debt Instrument [Line Items]
Number of real estate properties owned \| office_property							8
Line of Credit \| Revolving Credit Facility \| Hotel \| 2018 revolving credit facility
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel			1
Line of Credit \| 2022 credit facility term loan
Debt Instrument [Line Items]
Outstanding balance			$ 56,230,000			$ 0
Line of Credit \| 2022 credit facility term loan \| 2022 credit facility revolver
Debt Instrument [Line Items]
Outstanding balance			56,200,000
Aggregate principal amount			$ 56,200,000
Line of Credit \| 2022 credit facility term loan \| Office Building \| 2022 credit facility revolver
Debt Instrument [Line Items]
Number of real estate properties owned \| office_property			6
Line of Credit \| 2022 credit facility term loan \| Hotel \| 2022 credit facility revolver
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel			1
Line of Credit \| Minimum \| Revolving Credit Facility \| 2018 revolving credit facility
Debt Instrument [Line Items]
Unused commitment fee		0.15%
Line of Credit \| Minimum \| Revolving Credit Facility \| 2022 credit facility revolver
Debt Instrument [Line Items]
Unused commitment fee			0.15%
Line of Credit \| Maximum \| Revolving Credit Facility \| 2018 revolving credit facility
Debt Instrument [Line Items]
Unused commitment fee					0.25%
Line of Credit \| Maximum \| Revolving Credit Facility \| 2022 credit facility revolver
Debt Instrument [Line Items]
Unused commitment fee			0.25%
Line of Credit \| Base rate \| 2022 credit facility revolver
Debt Instrument [Line Items]
Interest rate margin			1.50%
Line of Credit \| Base rate \| Revolving Credit Facility \| Debt Instrument, During, Deferral Period \| 2018 revolving credit facility
Debt Instrument [Line Items]
Interest rate margin					1.05%
Line of Credit \| Base rate \| Revolving Credit Facility \| Debt Instrument, Following, Deferral Period \| 2018 revolving credit facility
Debt Instrument [Line Items]
Interest rate margin					0.55%
Line of Credit \| LIBOR \| Revolving Credit Facility \| Debt Instrument, During, Deferral Period \| 2018 revolving credit facility
Debt Instrument [Line Items]
Interest rate margin					2.05%
Line of Credit \| LIBOR \| Revolving Credit Facility \| Debt Instrument, Following, Deferral Period \| 2018 revolving credit facility
Debt Instrument [Line Items]
Interest rate margin					1.55%
Line of Credit \| SOFR \| 2022 credit facility revolver
Debt Instrument [Line Items]
Interest rate margin			2.60%

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

16. INCOME TAXES

The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal income tax on net income that is currently distributed to stockholders.

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

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	6,128	$	9,242

Expected federal income tax provision	$	1,287	$	1,941
State income taxes	43		(40)
Change in valuation allowance	300		(273)
Other	(499)		1,364
Income tax provision	$	1,131	$	2,992

The components of the Company’s net deferred tax asset, which are included in other assets, are as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,664	$	2,367
Secured borrowings—government guaranteed loans	54		64
Other	145		153
Total gross deferred tax assets	2,863		2,584
Valuation allowance	(2,670)		(2,370)
	193		214
Deferred tax liabilities:
Loans receivable	(71)		(96)

	(71)		(96)
Deferred tax asset, net	$	122	$	118

The net operating loss carryforwards as of December 31, 2022 and 2021 were generated by TRSs and are available to offset future taxable income of these TRSs.

The increase in the valuation allowance recorded in 2022 was $300,000.

The periods subject to examination for the Company’s federal and state income tax returns are 2019 through 2022. As of December 31, 2022 and 2021, no reserves for uncertain tax positions have been established and the Company does not anticipate any material changes in the amount of unrecognized tax benefits recorded to occur within the next 12 months.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Mortgage Payable
Debt Instrument [Line Items]
Fixed interest rate	4.14%
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Excess spread	$ 3.6
Weighted average rate	6.88%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess spread	$ 2.4
Weighted average rate	4.57%

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

9. EARNINGS PER SHARE (“EPS”)

The computations of basic EPS are based on the Company’s weighted average shares outstanding. In order to calculate the diluted weighted average number of shares of Common Stock outstanding for the year ended December 31, 2022, 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 D Preferred Stock. No shares of Series A Preferred Stock, Series A1 Preferred Stock, or Series L Preferred Stock outstanding as of December 31, 2022 or 2021 were included in the computation of diluted EPS because they had no dilutive effect. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the years ended December 31, 2022 and 2021 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 11).

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.


	Year Ended December 31,
	2022		2021
	(in thousands, except per share amounts)
Numerator:
Net loss attributable to common stockholders	$	(25,785)	$	(19,979)
Redeemable preferred stock dividends declared on dilutive shares	(9)		—
Diluted net (loss) income attributable to common stockholders	$	(25,794)	$	(19,979)

Denominator:
Basic weighted average shares of Common Stock outstanding	23,153		19,187
Effect of dilutive securities—contingently issuable shares	1		—
Diluted weighted average shares and common stock equivalents outstanding	23,154		19,187

Net (loss) income attributable to common stockholders per share:
Basic	$	(1.11)	$	(1.04)
Diluted	$	(1.11)	$	(1.04)

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the years ended December 31, 2022 and 2021 is as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Office:
Revenues	$	55,928	$	53,289
Property expenses:
Operating	26,537		23,431
General and administrative	225		347
Total property expenses	26,762		23,778
Income from unconsolidated entity	164		—
Segment net operating income—office	29,330		29,511
Hotel:
Revenues	35,213		17,849
Property expenses:
Operating	23,989		15,841
General and administrative	110		128
Total property expenses	24,099		15,969
Segment net operating income—hotel	11,114		1,880
Lending:
Revenues	10,765		19,787
Lending expenses:
Interest expense	552		408
Expense reimbursements to related parties—lending segment	1,929		1,921
General and administrative	1,904		1,788
Total lending expenses	4,385		4,117
Segment net operating income—lending	6,380		15,670
Total segment net operating income	$	46,824	$	47,061

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

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2022 and 2021 is as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Total segment net operating income	$	46,824	$	47,061
Interest and other income	—		1
Asset management and other fees to related parties	(3,570)		(9,030)
Expense reimbursements to related parties—corporate	(1,925)		(2,050)
Interest expense	(9,052)		(9,005)
General and administrative	(4,630)		(4,581)
Transaction costs	(223)		(143)
Depreciation and amortization	(20,348)		(20,112)



Income before provision for income taxes	7,076		2,141
Provision for income taxes	(1,131)		(2,992)
Net income (loss)	5,945		(851)
Net (income) loss attributable to noncontrolling interests	(27)		1
Net income (loss) attributable to the Company	$	5,918	$	(850)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2022 and 2021, along with capital expenditures and loan originations for the years ended December 31, 2022 and 2021 are as follows:


	December 31,
	2022		2021
	(in thousands)
Condensed assets:
Office	$	471,677	$	449,843
Hotel	99,082		101,308
Lending	76,148		96,729
Non-segment assets(1)	43,341		12,986
Total assets	$	690,248	$	660,866

Schedule of Segment Capital Expenditures and Loan Originations


	Year Ended December 31,
	2022		2021
	(in thousands)
Capital expenditures (2) and loan originations:
Office	$	9,094	$	5,714
Hotel	414		193
Total capital expenditures	9,508		5,907
Loan originations	40,619		133,290
Total capital expenditures and loan originations	$	50,127	$	139,197

(1)Includes investments in real estate of $9.9 million representing three development sites which the Company intends to develop into multifamily assets.

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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Hotel income	$ 33,432	$ 16,722
Rental and other property income	56,226	52,838
Interest and other income	12,248	21,366
Total Revenues	101,906	90,926
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	33,432	16,722
Rental and other property income	1,650	1,070
Interest and other income	131	57
Total Revenues	$ 35,213	$ 17,849

- Definition

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

+ References

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+ Details

- Definition

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

+ References

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

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended			12 Months Ended
	Dec. 23, 2022	Sep. 15, 2022	Nov. 21, 2017	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Repurchase of common stock (in shares)				587,714	33,374	41,374	662,462
Redeemable preferred stock redemptions							$ 13,126	$ 113
Series L Preferred Stock, $0.001 Par Value
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			8,080,740					8,080,740
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37	$ 28.37				$ 28.37	$ 28.37
Gross proceeds from sale of preferred stock			$ 229,300
Offering costs			15,900
Discount on shares issued			2,900
Offering costs, non-issuance specific			$ 2,500
Repurchase of common stock (in shares)		2,435,284
Share price of stock repurchased (in usd per share)		$ 27.40
Stock repurchase program, percentage of discount		3.40%
Preferred stock, dividends per share, declared (in usd per share)		$ 1.12					$ 1.56
Dividends, preferred stock, aggregate value		$ 2,700					$ 4,600
Stock repurchase program, transactions costs	$ 93	$ 700
Stock repurchase program, price per share (in usd per share)	$ 0.03	$ 0.29
Cost of shares repurchased	$ 83,800	$ 70,100
Redeemable preferred stock redemptions	$ 7,900	$ 4,800
Purchase price (in usd per share)	$ 2.65						$ 2.65

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Land	$ 151,727	$ 141,236
Land improvements	1,837	2,644
Buildings and improvements	455,275	454,431
Furniture, fixtures, and equipment	4,339	4,398
Tenant improvements	34,372	29,733
Work in progress	12,863	10,260
Investments in real estate	660,413	642,702
Accumulated depreciation	(158,407)	(144,718)
Net investments in real estate	$ 502,006	$ 497,984

RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED-PARTY TRANSACTIONS

13. RELATED-PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

Asset Management Fees; Administrative Fees and Expenses—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.

The Company 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 the Company 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.

On January 5, 2022, the Company and certain of its subsidiaries entered into a Fee Waiver (the “Fee Waiver”) with the Operator and the Administrator with respect to fees that are payable to them. The Fee Waiver is effective retroactively to January 1, 2022 (the “Effective Date”). Pursuant to the Fee Waiver, the Administrator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Master Service Agreement, and the Operator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Investment Management Agreement. Following the end of each quarter, the Administrator will deliver to the Company (i) a calculation of the cumulative fees earned by the Operator and the Administrator under the methodology prescribed by the Fee Waiver from the Effective Date through the end of such quarter and (ii) a calculation of the cumulative fees that would have been earned by the Operator and the Administrator during such period under the Master Services Agreement and the Investment Management Agreement without giving effect to the Fee Waiver. If, in respect of any quarter, the aggregate fees that are payable under the methodology prescribed by the Fee Waiver exceed the aggregate fees that would have been payable under the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, such quarter will be deemed an “Excess Quarter”. For any quarter following an Excess Quarter, the Company (upon the direction of the independent members of the Board) may, at its option and upon written notice to Administrator, elect to calculate all fees due to the Administrator and the Operator in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, from and after such Excess Quarter. Any such election by the Company will be irrevocable, and all fees due to the Administrator and the Operator from and after such election will be calculated in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver.

The fees payable to the Operator and the Administrator are determined as follows under the Fee Waiver.

1.Base Fee: A base asset management fee (the “Base Fee”) is payable quarterly in arrears to the Operator in an amount equal to an annual rate of 1% (or 0.25% per quarter) of the average of the “Net Asset Value Attributable to Common Stockholders” as of the first and last day of the applicable quarter. Net Asset Value Attributable to Common stockholders is defined as (a) the sum of the Company’s (1) investments in real estate at fair value, (2) cash, (3) loans receivable at fair value and (4) the book value of the other assets of the Company, excluding deferred costs and net of other liabilities at book value, less (b) the Company’s (i) debt at face value, (ii) outstanding preferred stock at stated value, and (iii) non-controlling interests at book value; provided, that, non-controlling interests in any UPREIT operating partnership relating to the Company shall not be excluded.

Subject to applicable laws and regulations under Nasdaq and the TASE and the agreement of the Operator, the Company will pay the Base Fee owed with respect to the first quarter of 2022 in shares of its Series A Preferred Stock and it is likely that the Company will pay some or part of the remainder of the Base Fees incurred during the year ended December 31, 2022 in shares of Series A Preferred Stock.

2.Incentive Fee: An incentive fee (the “Revised Incentive Fee”) is payable quarterly in arrears to the Administrator with respect to the quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s “Adjusted Common Equity” (as defined below) for such quarter (“Excess Core FFO”) as follows: (i) no Revised Incentive Fee in any quarter in which the Excess Core FFO is $0; (ii) 100% of any Excess Core FFO up to an amount equal to the product of (x) the average of the Adjusted Common Equity as of the first and last day of the applicable quarter and (y) 0.4375%; and (iii) 20% of any Excess Core FFO thereafter. Revised Incentive Fees payable for any partial quarter will be appropriately prorated.

“Adjusted Common Equity” means Common Equity plus Excluded Depreciation and Amortization. “Common Equity” means Total Stockholders’ Equity minus Excluded Equity. “Total Stockholders’ Equity” means the amount reflected as total stockholders’ equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Equity” means the sum of all preferred securities of the Company and its subsidiaries classified as permanent equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Depreciation and Amortization” means, for a given quarter, the amount of all accumulated depreciation and amortization of (i) the Company and its subsidiaries and (ii) to the extent allocable to the Company and its subsidiaries, the unconsolidated affiliates, in each case as of the last day of such quarter that corresponds to the periodic depreciation and amortization expense calculated in each case in accordance with GAAP that is a permitted add back to net income calculated in accordance with GAAP when calculating funds from operations.

3.Capital Gains Fee: A capital gains fee (the “Capital Gains Fee”) is payable quarterly in arrears to the Administrator in an amount equal to (i) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses (in each case since the Effective Date), minus (ii) the aggregate capital gains fees paid since the Effective Date. Realized capital gains and realized capital losses are calculated by subtracting from the sales price of a property: (a) any costs incurred to sell such property, and (b) the current gross value of the property (meaning the property’s original acquisition price plus any subsequent, non-reimbursed capital improvements thereon paid for by the Company).

In lieu of cash payment of the Base Fee, the Company has issued to the Operator shares of its Series A1 Preferred Stock as payment for the quarterly Base Fee for the nine months ended September 30, 2022.

Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 fee was calculated (without giving effect to the Fee Waiver) as a percentage of the daily average adjusted fair value of CIM Urban’s assets as follows:


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

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

Under the Master Services Agreement, for fiscal quarters prior to April 1, 2020, the Company 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 pursuant to which the Administrator was entitled to receive, on a quarterly basis, 15.00% of the Company’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 the Company’s average Adjusted Common Equity (defined above) for such quarter. The amendment was effective as of April 1, 2020 and was further modified by the Fee Waiver described above. No such incentive fee was paid by the Company.

In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and or reimbursement for performing certain services for the Company and its subsidiaries that are not covered by the Base Fee. During the years ended December 31, 2022 and 2021, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, 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 the Company and its subsidiaries). The expense for such services is included in expense reimbursements to related parties—corporate in the accompanying consolidated statements of operations.

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, with the exception of certain onsite management costs which are capitalized in some cases. 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.

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—CCO Capital, LLC (“CCO Capital”) became the exclusive dealer manager for the Company’s public offering of the Series A Preferred Stock and and Series A Preferred Warrants effective as of May 31, 2019. CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. The Company’s offering of the Series A Preferred Warrants 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 acted as the exclusive dealer manager for the Company’s public offering of its Series A Preferred Stock and Series D Preferred Stock. The Second Amended and Restated Dealer Manager Agreement was subsequently amended by the Company and CCO Capital to address changes to, among other things, selling commissions and dealer manager fees.

On June 16, 2022, the Company entered into the Third Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital has been acting as the exclusive dealer manager for the Company’s public offering of its Series A1 Preferred Stock. Thereunder, the Company agreed to compensate CCO Capital, as the dealer manager for the offering, as follows: (1) a dealer manager fee of up to 3.00% of the selling price of each share of Series A1 Preferred Stock sold and (2) selling commissions of up to 7.00% of the selling price of each share of Series A1 Preferred Stock sold. The Company has been informed that CCO Capital generally reallows 100% of the selling commissions on sales of Series A1 Preferred Stock and generally reallows substantially all of the dealer manager fee on sales of Series A1 Preferred Stock to participating broker-dealers. In addition, pursuant to the Third Amended and Restated Dealer Manager Agreement, CCO Capital will no longer solicit or make any offers for the sale of shares of Series A Preferred Stock or Series D Preferred Stock.

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	3,570	$	9,030
Property Management Fees and Reimbursements:
Property management fees(2)	$	1,747	$	1,641
Onsite management and other cost reimbursement(3)	$	2,838	$	2,687
Leasing commissions(4)	$	794	$	162
Construction management fees(5)	$	398	$	226
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate	$	1,925	$	2,050
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)	$	1,929	$	1,921
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (7)	$	1,996	$	690
Non-issuance specific offering costs (8)	$	689	$	106

(1)The Company issued to the Operator an aggregate of 270,209 shares of its Series A Preferred Stock, in lieu of cash payment of the asset management fees incurred during the year ended December 31, 2021. The Company issued to the Operator 110,285 shares of Series A1 Preferred Stock in lieu of cash payment for the asset management fees incurred during the nine months ended September 30, 2022.

(2)Does not include the company’s share of the property management fees from the Unconsolidated Joint Venture of $40,000 for the year ended December 31, 2022.

(3)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Venture of $94,000 for the year ended December 31, 2022.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Venture of $4,000 for the year ended December 31, 2022.

(5)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Venture of $21,000 for the year ended December 31, 2022, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $136,000 and $347,000 for the years ended December 31, 2022 and 2021, respectively.

(7)Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock.

(8)As of December 31, 2022 and 2021, $2.3 million and $2.0 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 A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering.

As of December 31, 2022 and 2021, due to related parties consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Asset management fees	$	812	$	2,244
Property management fees and reimbursements	1,214		320
Expense reimbursements - corporate	466		692
Expense reimbursements - lending segment	124		341
Upfront dealer manager and trailing dealer manager fees	454		638
Non-issuance specific offering costs	17		143
Other amounts due to the CIM Management Entities and certain of its affiliates	68		163
Total due to related parties	$	3,155	$	4,541

Affiliate Investments

In February 2022, the Company invested with the CIM JV Partner, a CIM-managed separate account, in the Unconsolidated Joint Venture, which purchased an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the CIM JV Partner initially contributed the remaining balance. See Note 2 and Note 4 for more information.

Other

On May 15, 2019, CIM Group entered into an approximately 11-year lease for approximately 32,000 rentable square feet with respect to a property owned by the Company. The lease was amended on August 7, 2019 to reduce the rentable square feet to approximately 30,000 rentable square feet. For the years ended December 31, 2022 and 2021, the Company recorded rental and other property income related to this tenant of $1.5 million.

DEBT - Paycheck Protection Program Liquidity Facility Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Accrued interest and unused commitment fee payable	$ 562	$ 467
Revolving Credit Facility \| Paycheck Protection Program Liquidity Facility, CARES Act \| Line of Credit
Debt Instrument [Line Items]
Fixed interest rate			0.35%
Debt outstanding	$ 0	$ 5,030

- 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

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

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

The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the years ended December 31, 2022 and 2021 (dollar amounts in thousands):



		Preferred Stock
	Series A1			Series A			Series D			Series L			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount





























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	—	—		—	—		37,712	923		—	—		37,712	923
Reclassification of Series A Preferred Stock to permanent equity	—	—		2,006,456	50,508		—	—		—	—		2,006,456	50,508



Redemption of Series A Preferred Stock	—	—		(112,881)	(2,806)		—	—		—	—		(112,881)	(2,806)


Balances, December 31, 2021	—	$	—	6,271,337	$	156,431	56,857	$	1,396	5,387,160	$	152,834	11,715,354	$	310,661
Issuance of A1 Preferred Stock	5,966,077	147,761		—	$	—	—	—		—	—		5,966,077	147,761
Redemption of Series A1 Preferred Stock	(9,930)	(247)		—	—		—	—		—	—		(9,930)	(247)
Redemption of Series D Preferred Stock	—	—		—	—		(8,000)	(196)		—	—		(8,000)	(196)
Repurchase of Series L Preferred Stock	—	—		—	—		—	—		(5,387,160)	(152,834)		(5,387,160)	(152,834)
Reclassification of Series A Preferred stock to Perm Equity	—	—		1,630,765	40,998		—	—		—	—		1,630,765	40,998
Redemption of Series A Preferred Stock	—	—		(336,753)	(8,381)		—	—		—	—		(336,753)	(8,381)
Balances, December 31, 2022	5,956,147	$	147,514	7,565,349	$	189,048	48,857	$	1,200	—	$	—	13,570,353	$	337,762

- 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
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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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 480
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Reserve for uncertain tax positions	$ 0	$ 0
TRS
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 300,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recognized Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fixed lease payments	$ 46,373	$ 45,773
Variable lease payments	9,853	7,065
Rental and other property income	$ 56,226	$ 52,838
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental and other property income

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($)	1 Months Ended			12 Months Ended
	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	May 31, 2022
Equity [Abstract]
Stock repurchase program authorized amount					$ 10,000,000
Shares Repurchased (in shares)	587,714	33,374	41,374	662,462
Shares repurchased, average price per share (in usd per share)	$ 7.10	$ 7.15	$ 7.32
Cost of shares repurchased	$ 4,173,000	$ 239,000	$ 303,000	$ 4,715,000

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

8. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”), which was approved by the Company’s stockholders. Under the 2015 Equity Incentive Plan, the Company granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors. A summary of the Company’s restricted shares as of December 31, 2022 and 2021 and the changes during the years ended is as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share (1)



Balance, December 31, 2020	21,912	$	10.04
Granted	20,332	$	10.82
Vested	(21,912)	$	10.04
Balance, December 31, 2021	20,332	$	10.82
Granted	30,984	$	7.10
Vested	(20,332)	$	10.82
Balance, December 31, 2022	30,984	$	7.10

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

Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $202,000 and $220,000 for the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, there was $92,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized ratably over the remaining vesting period.

RELATED-PARTY TRANSACTIONS - Asset Management and Other Fees to Related Parties - Narrative (Details)			12 Months Ended
	Jan. 05, 2022 USD ($)	May 11, 2020	Dec. 31, 2022 subsidiary	Apr. 01, 2020 USD ($)
Related Party Transaction [Line Items]
Incentive fee	$ 0
C I M Service Provider LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, fees payable per year under agreement				$ 1,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate	0.4375%
Affiliated Entity \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	20.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate		15.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	100.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%	1.75%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%	7.00%
Affiliated Entity \| Master Services Agreement, Amendment, Annual Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Affiliated Entity \| Capital Gain Fee
Related Party Transaction [Line Items]
Related party transaction, rate	15.00%
CIM Capital, LLC
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary			4

OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

6. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2022 and 2021, is as follows:


	As of December 31,
	2022		2021
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $7,795 and $9,030, respectively, with an average useful life of 8 and 9 years, respectively	$	1,488	$	2,266
Acquired above-market leases, net of accumulated amortization of $39 and $27, respectively, both with an average useful life of 6 years	16		28
Trade name and license	2,957		2,957
Total intangible assets, net	$	4,461	$	5,251
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $22 and $1,134, respectively, with an average useful life of 1 and 5 years, respectively	$	20	$	237

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

During the years ended December 31, 2022 and 2021, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Acquired above-market lease amortization	$	12	$	12
Acquired in-place lease amortization	$	846	$	1,050
Acquired below-market lease amortization	$	254	$	350

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2022, is as follows:


	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2023	$	10	$	503	$	(20)
2024	5		374		—
2025	1		171		—
2026	—		123		—
2027	—		123		—
Thereafter	—		194		—
	$	16	$	1,488	$	(20)

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Property Acquisitions On January 31, 2023, the Company acquired an 89.42% interest in each of Channel House, an 8-story apartment building with 333 units in Jack London Square, Oakland, California, land parcel F-3 and land parcel Site D, in each case located in Oakland, California, from related party entities also managed by CIM Group (collectively the “JLS Sellers”) for $120.4 million, $200,000 and $2.2 million, respectively (including, in the case of Channel House, an assumption of a mortgage of $103.0 million). The purchase price is based on bids received by the JLS Sellers in connection with a marketed sales process and is subject to customary post-closing adjustments and does not include transaction costs relating to the acquisition. CMCT’s knowledge of the asset, the market in which it is located and the ability of CMCT to close the transaction rapidly and with certainty were key factors in securing this opportunity. In March, 2023, the Company made a principal payment of $16.0 million on the Channel House mortgage. On February 17, 2023, an indirect wholly owned subsidiary of the Company announced the closing of a co-investment transaction pursuant to which three international co-investors acquired an 80% interest in a property owned by such subsidiary located at 4750 Wilshire Blvd in Los Angeles (“4750 Wilshire”) for an aggregate of approximately $34.4 million, excluding transaction costs. The Company intends to convert two out of the three floors of 4750 Wilshire into for-lease multifamily units. The total cost of the conversion is expected to be approximately $31.0 million, which will be financed by a combination of equity contributions from the Company and co-investors as well as a $38.5 million mortgage from a bank Pursuant to the co-investment agreement, each co-investor will pay an on-going management fee to the Company. In addition, the Company may earn incentive fees from co-investors based on the performance of 4750 Wilshire after conversion. The Company will account for its retained ownership interest in the 4750 Wilshire Project as an equity method investment. On February 28, 2023, the Company and a co-investor acquired from an unrelated third-party a 100% fee-simple interest in a 75-unit four-story multifamily property located in the Echo Park neighborhood of Los Angeles, California for a purchase price of $19.1 million, excluding transaction costs. The Company owns 50% of this property. A mortgage of $9.6 million on the property was obtained in connection with the acquisition. The Company will account for its ownership interest as an equity method investment. On March 9, 2023, our lending division completed a securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable with the issuance of $54.1 million of unguaranteed SBA 7(a) loan-backed notes (with net proceeds of approximately $43.3 million, after payment of fees and expenses in connection with the securitization and the funding of a reserve account and an escrow account). The SBA 7(a) loan-backed notes are collateralized by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of our SBA 7(a) loans receivable. The SBA 7(a) loan-backed notes mature on March 20, 2048, with monthly payments due as payments on the collateralized loans are received. The SBA 7(a) loan-backed notes bear interest at a per annum rate equal to the lesser of (i) 30-day average compounded SOFR plus 2.90% and (ii) prime rate minus 0.35%. The annual interest rate for the first interest payment date shall be 7.40%. We reflect the SBA 7(a) loans receivable as assets on our consolidated balance sheet and the SBA 7(a) loan-backed notes as debt on our consolidated balance sheet. On March 28, 2023, an indirect wholly-owned subsidiary of the Company acquired a 98.05% interest in Eleven Fifty Clay, a 16-story apartment building with 288 units in downtown Oakland, California, from a related party also managed by CIM Group (the “Clay Seller”). The purchase price is $142.7 million (including an assumption of a mortgage of $78.3 million), exclusive of transactions costs. The purchase price is based on bids received by the Clay Seller in connection with a marketed sales process and will be subject to customary adjustments at closing. CMCT’s knowledge of the asset, the market in which it is located and the ability of CMCT to close the transaction rapidly and with certainty were key factors in securing this opportunity. Dividend DeclarationOn March 20, 2023, the Company declared a cash dividend of $0.085 per share of its Common Stock, to be paid on April 11, 2023 to stockholders of record at the close of business on March 30, 2023.

INCOME TAXES - Components of Net Deferred Tax Asset (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 2,664	$ 2,367
Secured borrowings—government guaranteed loans	54	64
Other	145	153
Total gross deferred tax assets	2,863	2,584
Valuation allowance	(2,670)	(2,370)
Deferred tax asset, net of valuation allowance	193	214
Deferred tax liabilities:
Loans receivable	(71)	(96)
Deferred tax liabilities	(71)	(96)
Deferred tax asset, net	$ 122	$ 118

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following:


	December 31,
	2022		2021
	(in thousands)
Land	$	151,727	$	141,236
Land improvements	1,837		2,644
Buildings and improvements	455,275		454,431
Furniture, fixtures, and equipment	4,339		4,398
Tenant improvements	34,372		29,733
Work in progress	12,863		10,260
Investments in real estate	660,413		642,702
Accumulated depreciation	(158,407)		(144,718)
Net investments in real estate	$	502,006	$	497,984

Schedule of Asset Acquisitions

During the year ended December 31, 2022, the Company acquired a 100% fee-simple interest in the following properties from unrelated third-parties which were accounted for as asset acquisitions.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

3109 S Western Avenue, Los Angeles, CA (1)(5)

Multifamily (5)

August 4, 2022

5,900

700

1007 E 7th Street, Austin, TX (2) (6)

Office (6)

July 1, 2022

1,352

1,900

3022 S Western Avenue, Los Angeles, CA (3) (7)

Multifamily (7)

May 20, 2022

6,000

5,650

3101 S Western Avenue, Los Angeles, CA (4) (8)

Multifamily (8)

February 11, 2022

3,752

2,260

(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $11,000, which are not included in the purchase price above.

(2)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $52,000, which are not included in the purchase price above.

(3)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $192,000, which are not included in the purchase price above.

(4)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $22,000, which are not included in the purchase price above.

(5)The Company intends to redevelop approximately seven commercial units totaling 5,635 rentable square feet and six parking stalls starting in 2024.

(6)The property is located on a land site of approximately 7,450 square feet. The Company intends to complete pre-development and entitlement work to provide optionality for future development.

(7)The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 119 residential units starting in 2024.

(8)The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 40 residential units starting in 2023.

During the year ended December 31, 2021, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price

(in thousands)

1037 North Sycamore, Los Angeles, CA (1)

Office

July 13, 2021

4,900

2,900

(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $33,000, which are not included in the purchase price above.

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

The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2022 and 2021.


	Year Ended December 31,
	2022		2021
	(in thousands)
Land	$	10,491	$	1,839
Land improvements	54		33
Buildings and improvements	164		1,061
Tenant improvements	47		—
Acquired in-place leases	68		—
Acquired above-market leases	—		—
Acquired below-market leases	(37)		—
Net assets acquired	$	10,787	$	2,933

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2022 and 2021, is as follows:


	As of December 31,
	2022		2021
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $7,795 and $9,030, respectively, with an average useful life of 8 and 9 years, respectively	$	1,488	$	2,266
Acquired above-market leases, net of accumulated amortization of $39 and $27, respectively, both with an average useful life of 6 years	16		28
Trade name and license	2,957		2,957
Total intangible assets, net	$	4,461	$	5,251
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $22 and $1,134, respectively, with an average useful life of 1 and 5 years, respectively	$	20	$	237

Schedule of Amortization of Acquired Leases

During the years ended December 31, 2022 and 2021, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Acquired above-market lease amortization	$	12	$	12
Acquired in-place lease amortization	$	846	$	1,050
Acquired below-market lease amortization	$	254	$	350

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

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2022, is as follows:


	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2023	$	10	$	503	$	(20)
2024	5		374		—
2025	1		171		—
2026	—		123		—
2027	—		123		—
Thereafter	—		194		—
	$	16	$	1,488	$	(20)

INVESTMENT IN UNCONSOLIDATED ENTITY

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED ENTITY

4. INVESTMENT IN UNCONSOLIDATED ENTITY

In February 2022, the Company invested in the Unconsolidated Joint Venture with the CIM JV Partner to purchase an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the CIM JV Partner initially contributed the remaining balance. The Unconsolidated Joint Venture records its assets and liabilities at fair value.

The following table details the Company’s equity method investment in the Unconsolidated Joint Venture. See to Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (dollars in thousands):

Carrying Value

Property

Asset Type

Location

Date of Acquisition

Ownership Interest

December 31, 2022

December 31, 2021

1910 Sunset Boulevard (1)

Office

Los Angeles, CA

February 11, 2022

44%

12,381

—

______________________

(1)1910 Sunset Boulevard is an office building with 97,746 square feet of office space and 2,760 square feet of retail space. The Unconsolidated Joint Venture plans to undertake a capital improvement program to renovate and modernize the building into creative office space as well as a limited number of multifamily units.

The Company recorded income of $164,000 related to its investment in the Unconsolidated Joint Venture during the year ended December 31, 2022 in the consolidated statements of operations.

In September 2022, the Unconsolidated Joint Venture obtained financing through a mortgage loan of $23.9 million secured by its investment in real estate with an estimated fair value of $52.5 million as of December 31, 2022 (the “1910 Sunset Mortgage Loan”). The 1910 Sunset Mortgage Loan has a three-year term with interest-only monthly payments. The Company entered into a guaranty with the lender, under which the Company agreed to guarantee the Unconsolidated Joint Venture’s obligations under the 1910 Sunset Mortgage Loan (the “1910 Sunset Guarantee”). Under the terms of the Unconsolidated Joint Venture, the Company and the CIM JV Partner are subject to cross indemnity obligations pursuant to which the CIM JV Partner agrees to reimburse the Company for its share of any indemnity payment, to the extent any such indemnity payment did not result from the Company’s fraud, gross neglect, or willful misconduct.

In connection with the closing of the financing of the property owned by the Unconsolidated Joint Venture, the Company received a distribution from the Unconsolidated Joint Venture of $10.4 million during the year ended December 31, 2022, $164,000 of which was recognized as a return on investment and $10.3 million of which was recognized as a return of investment. The Company also made additional contributions during the year ended December 31, 2022 totaling $242,000. The Company’s investment in the Unconsolidated Joint Venture was $12.4 million and its ownership percentage remained unchanged as of December 31, 2022.

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 12,248	$ 21,366
Asset management and other fees to related parties	(3,570)	(9,030)
Interest expense	(9,604)	(9,413)
General and administrative	(6,869)	(6,844)
Transaction costs	(223)	(143)
Depreciation and amortization	(20,348)	(20,112)
INCOME BEFORE PROVISION FOR INCOME TAXES	7,076	2,141
Provision for income taxes	(1,131)	(2,992)
NET INCOME (LOSS)	5,945	(851)
Net (income) loss attributable to noncontrolling interests	(27)	1
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	5,918	(850)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	46,824	47,061
Expense reimbursements to related parties—corporate	(1,929)	(1,921)
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	(3,570)	(9,030)
Interest expense	(9,052)	(9,005)
General and administrative	(4,630)	(4,581)
Transaction costs	(223)	(143)
Depreciation and amortization	(20,348)	(20,112)
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (1,925)	$ (2,050)

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Paid

Cash dividends per share of Common Stock paid in respect of the years ended December 31, 2022 and 2021 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

September 22, 2022

October 17, 2022

Regular Quarterly

0.085

June 10, 2022

July 5, 2022

Regular Quarterly

0.085

March 8, 2022

April 1, 2022

Regular Quarterly

0.085

December 9, 2021

January 5, 2022

Regular Quarterly

0.075

September 7, 2021

September 29, 2021

Regular Quarterly

0.075

June 7, 2021

June 30, 2021

Regular Quarterly

0.075

March 5, 2021

March 30, 2021

Regular Quarterly

0.075

Schedule of Share Repurchase Program

As of December 31, 2022, share repurchases executed under the SRP were as follows:


Period	Shares Repurchased	Average price paid per share	Cost of shares repurchased (in thousands)
June 2022	41,374	$7.32	$303
August 2022	33,374	$7.15	$239
September 2022	587,714	$7.10	$4,173
Total as of December 31, 2022	662,462		$4,715

INVESTMENT IN UNCONSOLIDATED ENTITY (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity			$ 22,652	$ 0
Income from unconsolidated entity			164	0
Return on investment from unconsolidated entity			164	0
Return of investment from unconsolidated entity			$ 10,271	0
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity		$ 22,400
Ownership interest		44.00%	44.00%
Investment in unconsolidated entity			$ 12,381	$ 0
Income from unconsolidated entity			164
Fair value of real estate			52,500
Distributions from unconsolidated joint venture			10,400
Return on investment from unconsolidated entity			164
Return of investment from unconsolidated entity			10,300
Additional contribution			$ 242
1910 Sunset Boulevard \| Mortgage Payable
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount	$ 23,900
Term of mortgage loan	3 years
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Area of land (square feet) \| ft²			97,746
1910 Sunset Boulevard \| Retail Site
Schedule of Equity Method Investments [Line Items]
Area of land (square feet) \| ft²			2,760
Corporate Joint Venture \| 1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity		$ 51,000

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Loan Commitments—Commitments to extend credit are agreements to lend to a customer when the terms established in the contract are met. The Company’s outstanding commitments to fund loans were $19.9 million as of December 31, 2022, all 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. the Company had a total of $7.9 million in future obligations under leases to fund tenant improvements and other future construction obligations as of December 31, 2022. As of December 31, 2022, $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. 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. As of December 31, 2022, the Company serviced an aggregate of $250.2 million of the guaranteed portion of SBA 7(a) loans . 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.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate and Investment in Unconsolidated Entity (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021
Investments in Real Estate
Impairment of real estate		$ 0	$ 0
Investment in unconsolidated entity		22,652	0
Income from unconsolidated entity		164	0
Return on investment from unconsolidated entity		164	0
Return of investment from unconsolidated entity		10,271	0
Carrying value		$ 12,381	$ 0
1910 Sunset Boulevard
Investments in Real Estate
Investment in unconsolidated entity	$ 22,400
Ownership Interest	44.00%	44.00%
Income from unconsolidated entity		$ 164
Distributions from unconsolidated joint venture		10,400
Return on investment from unconsolidated entity		164
Return of investment from unconsolidated entity		10,300
Additional contribution		242
Carrying value		$ 12,400
Corporate Joint Venture \| 1910 Sunset Boulevard
Investments in Real Estate
Investment in unconsolidated entity	$ 51,000
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

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) development_site	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Total assets	$ 690,248	$ 660,866
Total capital expenditures	9,508	5,907
Loan originations	40,619	133,290
Total capital expenditures and loan originations	50,127	139,197
Investments in real estate	502,006	497,984
Office
Segment Reporting Information [Line Items]
Total capital expenditures	9,094	5,714
Hotel
Segment Reporting Information [Line Items]
Total capital expenditures	414	193
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	471,677	449,843
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	99,082	101,308
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	76,148	96,729
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	43,341	$ 12,986
Investments in real estate	$ 9,900
Number of development sites \| development_site	3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	$ 62,547	$ 73,543	$ 83,135
Loans receivable	62,360	73,260
SBA 7(a) loans receivable, Paycheck Protection Program
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable	0	$ 5,050
Total reserves
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total reserves	(1,021)
Reserves	$ 1,021
SBA 7(a) Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	193
Carrying amount of mortgages	$ 62,547
Principal amount of loans subject to delinquent principal or "interest"	104
Loans not secured by real estate	551
Federal income tax cost basis of mortgage loans (unaudited)	56,200
SBA 7(a) Loans \| Government guaranteed portions
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	117
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| SBA 7(a) loans receivable, subject to secured borrowings
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	5,979
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Total reserves
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total reserves	(1,106)
Principal amount of loans subject to delinquent principal or "interest"	0
Reserves	$ 1,106
SBA 7(a) Loans \| Ohio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	21
Carrying amount of mortgages	$ 8,208
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Ohio \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 60
Interest Rate	7.75%
SBA 7(a) Loans \| Ohio \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 880
Interest Rate	9.00%
SBA 7(a) Loans \| Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	20
Carrying amount of mortgages	$ 6,553
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Texas \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 5
Interest Rate	7.75%
SBA 7(a) Loans \| Texas \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 860
Interest Rate	9.00%
SBA 7(a) Loans \| Indiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	12
Carrying amount of mortgages	$ 4,617
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Indiana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 90
Interest Rate	7.75%
SBA 7(a) Loans \| Indiana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 950
Interest Rate	9.00%
SBA 7(a) Loans \| Michigan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	14
Carrying amount of mortgages	$ 4,075
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Michigan \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 80
Interest Rate	7.75%
SBA 7(a) Loans \| Michigan \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 950
Interest Rate	9.00%
SBA 7(a) Loans \| Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	11
Carrying amount of mortgages	$ 3,942
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Florida \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 20
Interest Rate	8.00%
SBA 7(a) Loans \| Florida \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 1,040
Interest Rate	9.00%
SBA 7(a) Loans \| West Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	7
Carrying amount of mortgages	$ 2,421
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| West Virginia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 50
Interest Rate	7.75%
SBA 7(a) Loans \| West Virginia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 860
Interest Rate	9.00%
SBA 7(a) Loans \| Louisiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	7
Carrying amount of mortgages	$ 2,158
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Louisiana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 60
Interest Rate	8.00%
SBA 7(a) Loans \| Louisiana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 580
Interest Rate	9.00%
SBA 7(a) Loans \| Pennsylvania
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 2,016
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Pennsylvania \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 300
Interest Rate	8.00%
SBA 7(a) Loans \| Pennsylvania \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 670
Interest Rate	9.00%
SBA 7(a) Loans \| Pennsylvania \| Mortgage Loans - $284,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 85
Interest Rate	6.00%
Total reserves	$ (85)
Reserves	$ 85
SBA 7(a) Loans \| Kentucky
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	9
Carrying amount of mortgages	$ 1,963
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Kentucky \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 5
Interest Rate	8.00%
SBA 7(a) Loans \| Kentucky \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 440
Interest Rate	9.00%
SBA 7(a) Loans \| Illinois
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	11
Carrying amount of mortgages	$ 1,876
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Illinois \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 50
Interest Rate	8.00%
SBA 7(a) Loans \| Illinois \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 290
Interest Rate	9.00%
SBA 7(a) Loans \| North Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	7
Carrying amount of mortgages	$ 1,793
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| North Carolina \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 60
Interest Rate	8.00%
SBA 7(a) Loans \| North Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 770
Interest Rate	9.00%
SBA 7(a) Loans \| New Mexico
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,689
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| New Mexico \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 90
Interest Rate	7.75%
SBA 7(a) Loans \| New Mexico \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 760
Interest Rate	9.00%
SBA 7(a) Loans \| Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,497
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Virginia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 110
Interest Rate	8.00%
SBA 7(a) Loans \| Virginia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 640
Interest Rate	8.75%
SBA 7(a) Loans \| Alabama
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	7
Carrying amount of mortgages	$ 1,427
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Alabama \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 20
Interest Rate	8.00%
SBA 7(a) Loans \| Alabama \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 470
Interest Rate	8.75%
SBA 7(a) Loans \| Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	6
Carrying amount of mortgages	$ 1,347
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Georgia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 110
Interest Rate	8.25%
SBA 7(a) Loans \| Georgia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 320
Interest Rate	9.00%
SBA 7(a) Loans \| South Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,284
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| South Carolina \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 270
Interest Rate	8.00%
SBA 7(a) Loans \| South Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 380
Interest Rate	9.00%
SBA 7(a) Loans \| Tennessee
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,226
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Tennessee \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 140
Interest Rate	8.50%
SBA 7(a) Loans \| Tennessee \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 440
Interest Rate	8.75%
SBA 7(a) Loans \| Wisconsin
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,167
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Wisconsin \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 100
Interest Rate	8.00%
SBA 7(a) Loans \| Wisconsin \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 500
Interest Rate	9.00%
SBA 7(a) Loans \| Colorado
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	3
Carrying amount of mortgages	$ 1,154
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Colorado \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 310
Interest Rate	7.75%
SBA 7(a) Loans \| Colorado \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 510
Interest Rate	8.50%
SBA 7(a) Loans \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	31
Carrying amount of mortgages	$ 7,144
Principal amount of loans subject to delinquent principal or "interest"	104
SBA 7(a) Loans \| Other \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 30
Interest Rate	6.00%
SBA 7(a) Loans \| Other \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 520
Interest Rate	9.00%

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Movement in Mortgage Loans on Real Estate
Balance, beginning of period	$ 73,543	$ 83,135
Additions during period:
New loans	40,619	133,290
Other - deferral of loan origination costs	1,086	2,559
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,836	1,424
Deductions during period:
Collections of principal	(20,250)	(32,370)
Cost of mortgages sold, net	(34,124)	(114,437)
Other - bad debt expense	(163)	(58)
Balance, end of period	$ 62,547	$ 73,543

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 62,360	$ 73,260
Deferred capitalized costs, net	1,293	1,226
Loan loss reserves	(1,106)	(943)
Loans receivable, net	62,547	73,543
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	56,116	42,103
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0	18,050
SBA 7(a) loans receivable, Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	0	5,050
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	6,127	6,857
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 117	$ 1,200

DEBT - Debt Activity (Details) - USD ($)	12 Months Ended
DEBT - Debt Activity (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt [Roll Forward]
Debt, beginning balance	$ 201,145,000
Debt Issuances & Assumptions	166,230,000
Repayments	(183,392,000)
Accretion & (Amortization)	1,066,000	$ 1,068,000
Amortization of debt discount (premium)	48,000	(61,000)
Accretion & (Amortization)	284,000
Deferred loan costs, ending balance	(2,120,000)
Debt, ending balance	184,267,000	201,145,000
Mortgage Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100,000
Deferred loan costs, beginning balance	(120,000)
Debt, beginning balance	96,980,000
Accretion & (Amortization)	26,000
Outstanding, ending balance	97,100,000	97,100,000
Deferred loan costs, ending balance	(94,000)	(120,000)
Debt, ending balance	97,006,000	96,980,000
Secured Borrowings - Government Guaranteed Loans
Debt [Roll Forward]
Outstanding, beginning balance	6,671,000
Debt, beginning balance	6,976,000
Premiums (discounts), beginning balance	305,000
Repayments	(692,000)
Amortization of debt discount (premium)	(47,000)
Outstanding, ending balance	5,979,000	6,671,000
Premiums (discounts), ending balance	258,000	305,000
Debt, ending balance	6,237,000	6,976,000
Other Debt
Debt [Roll Forward]
Debt, beginning balance	97,189,000
Debt Issuances & Assumptions	166,230,000
Repayments	(182,700,000)
Accretion & (Amortization)	305,000
Debt, ending balance	81,024,000	97,189,000
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070,000
Premiums (discounts), beginning balance	(1,592,000)
Amortization of debt discount (premium)	95,000
Outstanding, ending balance	27,070,000	27,070,000
Premiums (discounts), ending balance	(1,497,000)	(1,592,000)
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	7,670,000
Repayments	(7,670,000)
Outstanding, ending balance	0	7,670,000
Deferred debt issuance costs — other
Debt [Roll Forward]
Deferred loan costs, beginning balance	(989,000)
Accretion & (Amortization)	210,000
Deferred loan costs, ending balance	(779,000)	(989,000)
Revolving Credit Facility \| Line of Credit \| 2018 revolving credit facility
Debt [Roll Forward]
Outstanding, beginning balance	60,000,000
Debt Issuances & Assumptions	110,000,000
Repayments	(170,000,000)
Outstanding, ending balance	0	60,000,000
Revolving Credit Facility \| Line of Credit \| 2022 credit facility revolver
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	0
Repayments	0
Outstanding, ending balance	0	0
Revolving Credit Facility \| Line of Credit \| Paycheck Protection Program Liquidity Facility, CARES Act
Debt [Roll Forward]
Repayments	(5,030,000)
Outstanding, ending balance	0
2022 credit facility term loan \| Line of Credit
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	56,230,000
Repayments	0
Outstanding, ending balance	56,230,000	$ 0
2022 credit facility term loan \| Line of Credit \| 2022 credit facility revolver
Debt [Roll Forward]
Outstanding, ending balance	$ 56,200,000

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 97,100
Initial Cost
Land	151,727
Building and Improvements	451,040
Net Improvements (Write-Offs) Since Acquisition	57,646
Gross Amount at Which Carried
Land	151,727
Building and Improvements	508,686
Investments in real estate	660,413	$ 642,702
Accumulated Depreciation	158,407	144,718	$ 131,165
Other disclosures
Federal tax cost basis (unaudited)	714,300
Line of Credit \| 2022 credit facility term loan
Other disclosures
Outstanding balance	56,230	$ 0
Office Building \| 3601 S Congress Avenue Austin, TX
Initial Cost
Land	9,569
Building and Improvements	18,593
Net Improvements (Write-Offs) Since Acquisition	14,584
Gross Amount at Which Carried
Land	9,569
Building and Improvements	33,177
Investments in real estate	42,746
Accumulated Depreciation	8,985
Office Building \| 1 Kaiser Plaza Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	97,100
Initial Cost
Land	9,261
Building and Improvements	113,619
Net Improvements (Write-Offs) Since Acquisition	19,058
Gross Amount at Which Carried
Land	9,261
Building and Improvements	132,677
Investments in real estate	141,938
Accumulated Depreciation	56,435
Office Building \| 2 Kaiser Plaza Parking Lot Oakland, CA
Initial Cost
Land	10,931
Building and Improvements	110
Net Improvements (Write-Offs) Since Acquisition	3,665
Gross Amount at Which Carried
Land	10,931
Building and Improvements	3,775
Investments in real estate	14,706
Accumulated Depreciation	0
Office Building \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477
Building and Improvements	18,522
Net Improvements (Write-Offs) Since Acquisition	2,449
Gross Amount at Which Carried
Land	3,477
Building and Improvements	20,971
Investments in real estate	24,448
Accumulated Depreciation	7,267
Office Building \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672
Building and Improvements	51,999
Net Improvements (Write-Offs) Since Acquisition	6,989
Gross Amount at Which Carried
Land	7,672
Building and Improvements	58,988
Investments in real estate	66,660
Accumulated Depreciation	19,721
Office Building \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	16,633
Building and Improvements	28,985
Net Improvements (Write-Offs) Since Acquisition	6,533
Gross Amount at Which Carried
Land	16,633
Building and Improvements	35,518
Investments in real estate	52,151
Accumulated Depreciation	7,476
Office Building \| Lindblade Media Center Los Angeles, CA
Initial Cost
Land	6,342
Building and Improvements	11,568
Net Improvements (Write-Offs) Since Acquisition	491
Gross Amount at Which Carried
Land	6,342
Building and Improvements	12,059
Investments in real estate	18,401
Accumulated Depreciation	2,658
Office Building \| 1037 N Sycamore Los Angeles, CA
Initial Cost
Land	1,839
Building and Improvements	1,094
Net Improvements (Write-Offs) Since Acquisition	113
Gross Amount at Which Carried
Land	1,839
Building and Improvements	1,207
Investments in real estate	3,046
Accumulated Depreciation	45
Office Building \| 1130 Howard Street San Francisco, CA
Initial Cost
Land	8,290
Building and Improvements	10,480
Net Improvements (Write-Offs) Since Acquisition	(45)
Gross Amount at Which Carried
Land	8,290
Building and Improvements	10,435
Investments in real estate	18,725
Accumulated Depreciation	1,421
Office Building \| 9460 Wilshire Boulevard Los Angeles, CA
Initial Cost
Land	52,199
Building and Improvements	76,730
Net Improvements (Write-Offs) Since Acquisition	2,250
Gross Amount at Which Carried
Land	52,199
Building and Improvements	78,980
Investments in real estate	131,179
Accumulated Depreciation	10,437
Office Building \| 1021 East 7th Street, Austin, TX
Initial Cost
Land	4,976
Building and Improvements	733
Net Improvements (Write-Offs) Since Acquisition	0
Gross Amount at Which Carried
Land	4,976
Building and Improvements	733
Investments in real estate	5,709
Accumulated Depreciation	221
Office Building \| 3101 S Western Avenue Los Angeles, CA
Initial Cost
Land	2,279
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	620
Gross Amount at Which Carried
Land	2,279
Building and Improvements	620
Investments in real estate	2,899
Accumulated Depreciation	0
Office Building \| 3022 S Western Avenue Los Angeles, CA
Initial Cost
Land	5,637
Building and Improvements	156
Net Improvements (Write-Offs) Since Acquisition	439
Gross Amount at Which Carried
Land	5,637
Building and Improvements	595
Investments in real estate	6,232
Accumulated Depreciation	5
Office Building \| 1007 E 7th Street Austin, TX
Initial Cost
Land	1,866
Building and Improvements	6
Net Improvements (Write-Offs) Since Acquisition	138
Gross Amount at Which Carried
Land	1,866
Building and Improvements	144
Investments in real estate	2,010
Accumulated Depreciation	23
Office Building \| 3109 S Western Avenue Los Angeles, CA
Initial Cost
Land	709
Building and Improvements	2
Net Improvements (Write-Offs) Since Acquisition	23
Gross Amount at Which Carried
Land	709
Building and Improvements	25
Investments in real estate	734
Accumulated Depreciation	0
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,497
Building and Improvements	107,447
Net Improvements (Write-Offs) Since Acquisition	67
Gross Amount at Which Carried
Land	3,497
Building and Improvements	107,514
Investments in real estate	111,011
Accumulated Depreciation	39,566
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	6,550
Building and Improvements	10,996
Net Improvements (Write-Offs) Since Acquisition	272
Gross Amount at Which Carried
Land	6,550
Building and Improvements	11,268
Investments in real estate	17,818
Accumulated Depreciation	$ 4,147

INVESTMENT IN UNCONSOLIDATED ENTITY (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments in Unconsolidated Entities

Carrying Value

Property

Asset Type

Location

Date of Acquisition

Ownership Interest

December 31, 2022

December 31, 2021

1910 Sunset Boulevard (1)

Office

Los Angeles, CA

February 11, 2022

44%

12,381

—

______________________

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	December 31,
	2022		2021
	(in thousands)
Land	$	151,727	$	141,236
Land improvements	1,837		2,644
Buildings and improvements	455,275		454,431
Furniture, fixtures, and equipment	4,339		4,398
Tenant improvements	34,372		29,733
Work in progress	12,863		10,260
Investments in real estate	660,413		642,702
Accumulated depreciation	(158,407)		(144,718)
Net investments in real estate	$	502,006	$	497,984

For the years ended December 31, 2022 and 2021, the Company recorded depreciation expense of $17.3 million and $16.9 million, respectively.

2022 Transactions—During the year ended December 31, 2022, the Company acquired a 100% fee-simple interest in the following properties from unrelated third-parties which were accounted for as asset acquisitions.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

3109 S Western Avenue, Los Angeles, CA (1)(5)

Multifamily (5)

August 4, 2022

5,900

700

1007 E 7th Street, Austin, TX (2) (6)

Office (6)

July 1, 2022

1,352

1,900

3022 S Western Avenue, Los Angeles, CA (3) (7)

Multifamily (7)

May 20, 2022

6,000

5,650

3101 S Western Avenue, Los Angeles, CA (4) (8)

Multifamily (8)

February 11, 2022

3,752

2,260

(5)The Company intends to redevelop approximately seven commercial units totaling 5,635 rentable square feet and six parking stalls starting in 2024.

(6)The property is located on a land site of approximately 7,450 square feet. The Company intends to complete pre-development and entitlement work to provide optionality for future development.

(7)The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 119 residential units starting in 2024.

(8)The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 40 residential units starting in 2023.

Please refer to “Investments in Unconsolidated Entities” (Note 4) for information on the Company’s acquisition of an approximate 44% interest in an office property in February 2022.

There were no dispositions during the year ended December 31, 2022.

2021 Transactions—During the year ended December 31, 2021, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price

(in thousands)

1037 North Sycamore, Los Angeles, CA (1)

Office

July 13, 2021

4,900

2,900

There were no dispositions during the year ended December 31, 2021.

The results of operations of the properties the Company acquired have been included in the consolidated statements of operations from the date of acquisition. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2022 and 2021.


	Year Ended December 31,
	2022		2021
	(in thousands)
Land	$	10,491	$	1,839
Land improvements	54		33
Buildings and improvements	164		1,061
Tenant improvements	47		—
Acquired in-place leases	68		—
Acquired above-market leases	—		—
Acquired below-market leases	(37)		—
Net assets acquired	$	10,787	$	2,933

STOCK-BASED COMPENSATION PLANS - Restricted Shares and the Changes During the Year (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Balance, January 1 (in shares)	20,332	21,912
Granted (in shares)	30,984	20,332
Vested (in shares)	(20,332)	(21,912)
Balance, December 31 (in shares)	30,984	20,332
Weighted Average Grant Date Fair Value Per Share
Balance, January 1 (in dollars per share)	$ 10.82	$ 10.04
Granted (in dollars per share)	7.10	10.82
Vested (in dollars per share)	10.82	10.04
Balance, December 31 (in dollars per share)	$ 7.10	$ 10.82

REDEEMABLE PREFERRED STOCK - Series A1 and Series A Preferred Stock - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jan. 31, 2020
Class of Stock [Line Items]
Net proceeds from issuance of Preferred Stock	$ 148,007,000	$ 29,829,000
Non-issuance offering costs for preferred stock and warrants	9,500,000
Warrant right to purchase a share of common stock (in shares)				0.25
Redeemable preferred stock dividend	19,000	253,000
Reclassification of Series A Preferred Stock to permanent equity	37,766,000	$ 45,806,000
Series A Preferred Warrants
Class of Stock [Line Items]
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
Number of warrants included in preferred stock unit (in shares)				1
Warrants issued (in shares)	4,603,287
Series A1 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
Preferred stock, shares issued (in shares)	5,966,077	0
Issuance offering costs for preferred stock and warrants	$ 10,500,000
Reclassification to deferred rent receivable and charges	$ 1,900,000
Preferred stock, shares redeemed (in shares)	9,930
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	5,766,077
Gross proceeds from issuance of preferred stock and warrants	$ 142,800,000
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	200,000
Net proceeds from issuance of Preferred Stock	$ 0
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
Preferred stock, shares issued (in shares)	8,126,597	6,492,632
Gross proceeds from issuance of preferred stock and warrants	$ 205,400,000
Issuance offering costs for preferred stock and warrants	17,000,000
Reclassification to deferred rent receivable and charges	$ 1,900,000
Temporary equity and preferred stock, shares outstanding	8,259,090
Preferred stock, shares redeemed (in shares)	561,248
Redeemable preferred stock dividend	$ 19,000	$ 253,000
Reclassification of Series A Preferred Stock to permanent equity	$ 184,000,000	$ 45,806,000
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	8,251,657
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	568,681

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - C I M Urban REIT Management L P $ in Thousands	Dec. 31, 2022 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

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2022

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

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2022

(dollars in thousands, except footnotes)


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

SBA 7(a) Loans - States 2% or greater (2) (3):
Ohio	21	$	60	$	880	7.75%	to	9.00%	01/30/38	—	10/12/47	$	8,208		$	—
Texas	20	$	5	$	860	7.75%	to	9.00%	05/22/23	—	01/26/47	6,553			—
Indiana	12	$	90	$	950	7.75%	to	9.00%	05/14/36	—	08/26/46	4,617			—
Michigan	14	$	80	$	950	7.75%	to	9.00%	12/10/34	—	10/27/46	4,075			—
Florida	11	$	20	$	1,040	8.00%	to	9.00%	06/29/32	—	05/19/47	3,942			—
West Virginia	7	$	50	$	860	7.75%	to	9.00%	09/25/31	—	09/07/47	2,421			—
Louisiana	7	$	60	$	580	8.00%	to	9.00%	11/22/31	—	05/26/47	2,158			—
Pennsylvania	4	$	300	$	670	8.00%	to	9.00%	03/05/40	—	11/29/43	2,016			—
Kentucky	9	$	5	$	440	8.00%	to	9.00%	11/11/32	—	03/23/47	1,963			—
Illinois	11	$	50	$	290	8.00%	to	9.00%	09/08/39	—	10/26/47	1,876			—
North Carolina	7	$	60	$	770	8.00%	to	9.00%	09/08/32	—	04/25/47	1,793			—
New Mexico	5	$	90	$	760	7.75%	to	9.00%	11/17/34	—	08/09/46	1,689			—
Virginia	5	$	110	$	640	8.00%	to	8.75%	12/27/44	—	12/15/47	1,497			—
Alabama	7	$	20	$	470	8.00%	to	8.75%	07/27/25	—	09/10/46	1,427			—
Georgia	6	$	110	$	320	8.25%	to	9.00%	12/28/34	—	08/11/47	1,347			—
South Carolina	4	$	270	$	380	8.00%	to	9.00%	11/06/40	—	07/30/44	1,284			—
Tennessee	4	$	140	$	440	8.50%	to	8.75%	06/01/43	—	08/31/46	1,226			—
Wisconsin	5	$	100	$	500	8.00%	to	9.00%	03/05/32	—	06/09/46	1,167			—
Colorado	3	$	310	$	510	7.75%	to	8.50%	02/17/41	—	09/15/45	1,154			—
Other (4)	31	$	30	$	520	6.00%	to	9.00%	07/26/26	—	11/11/47	7,144			104
Government guaranteed portions (5)												117			—
SBA 7(a) loans, subject to secured borrowings (6)												5,979			—
Total reserves												(1,106)			—
	193											$	62,547	(7)	$	104

(1)Excludes general reserves of $1,021,000 since not specifically identified.

(2)Includes $551,000 of loans with subordinate lien positions.

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

(4)Includes a loan with a retained face value of $85,000, a valuation reserve of $85,000 and a fixed interest rate of 6.00%.

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

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

(7)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $56.2 million (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2022

(in thousands)


	Year Ended December 31,
	2022		2021
Balance, beginning of period	$	73,543	$	83,135

Additions during period:
New loans	40,619		133,290
Other - deferral of loan origination costs	1,086		2,559
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,836		1,424

Deductions during period:
Collections of principal	(20,250)		(32,370)

Cost of mortgages sold, net	(34,124)		(114,437)

Other - bad debt expense	(163)		(58)
Balance, end of period	$	62,547	$	73,543

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

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Estimated Useful Lives of Real Estate Investment Assets

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


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

Schedule of Deferred Rent Receivables and Charges, Net

As of December 31, 2022 and 2021, deferred rent receivable and charges, net consist of the following:


	December 31, 2022		December 31, 2021
	(in thousands)
Deferred rent receivable	$	20,949	$	20,870
Deferred leasing costs, net of accumulated amortization of $9,637 and $8,971, respectively	8,319		8,453
Deferred offering costs	5,664		6,281
Deferred financing costs, net of accumulated amortization of $30 and $0 , respectively	2,120		—
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	37,543	$	36,095

Schedule of Recognized Rental Income

For the years ended December 31, 2022 and 2021, the Company recognized rental income as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	46,373	$	45,773
Variable lease payments (2)	9,853		7,065
Rental and other property income	$	56,226	$	52,838

Reconciliation of Hotel Revenue

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Hotel properties
Hotel income	$	33,432	$	16,722
Rental and other property income	1,650		1,070

Interest and other income	131		57
Hotel revenues	$	35,213	$	17,849

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

10. REDEEMABLE PREFERRED STOCK



		Preferred Stock
	Series A1			Series A			Series D			Series L			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount





























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	—	—		—	—		37,712	923		—	—		37,712	923
Reclassification of Series A Preferred Stock to permanent equity	—	—		2,006,456	50,508		—	—		—	—		2,006,456	50,508



Redemption of Series A Preferred Stock	—	—		(112,881)	(2,806)		—	—		—	—		(112,881)	(2,806)


Balances, December 31, 2021	—	$	—	6,271,337	$	156,431	56,857	$	1,396	5,387,160	$	152,834	11,715,354	$	310,661
Issuance of A1 Preferred Stock	5,966,077	147,761		—	$	—	—	—		—	—		5,966,077	147,761
Redemption of Series A1 Preferred Stock	(9,930)	(247)		—	—		—	—		—	—		(9,930)	(247)
Redemption of Series D Preferred Stock	—	—		—	—		(8,000)	(196)		—	—		(8,000)	(196)
Repurchase of Series L Preferred Stock	—	—		—	—		—	—		(5,387,160)	(152,834)		(5,387,160)	(152,834)
Reclassification of Series A Preferred stock to Perm Equity	—	—		1,630,765	40,998		—	—		—	—		1,630,765	40,998
Redemption of Series A Preferred Stock	—	—		(336,753)	(8,381)		—	—		—	—		(336,753)	(8,381)
Balances, December 31, 2022	5,956,147	$	147,514	7,565,349	$	189,048	48,857	$	1,200	—	$	—	13,570,353	$	337,762

Series A1 Preferred Stock—Since June 2022, the Company has been conducting a continuous public offering with respect to shares of its Series A1 Preferred Stock, par value $0.001 per share with an initial stated value of $25.00 per share, subject to adjustment. Shares of Series A1 Preferred Stock are recorded in permanent equity at the time of their issuance. As of December 31, 2022, the Company had issued in registered public offerings 5,766,077 shares of the Series A1 Preferred Stock and received gross proceeds of $142.8 million and additionally, had issued 200,000 shares of Series A1 Preferred Stock as payment for services to the CIM Service Provider, LLC (the “Administrator”), for which no cash proceeds were received. In connection with such issuance, $10.5 million of costs specifically identifiable to the offering of Series A1 Preferred Stock was allocated to the Series A1 Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $9.5 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of December 31, 2022, the Company had reclassified and allocated $1.9 million from deferred charges to Series A1 Preferred Stock as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering.

As of December 31, 2022, there were 5,956,147 shares of Series A1 Preferred Stock outstanding and 9,930 shares of Series A1 Preferred Stock had been redeemed.

Series A Preferred Stock—The Company conducted a continuous public offering of Series A Preferred Stock (with each issued share of Series A Preferred Stock initially accompanied by one warrant (“Series A Preferred Warrant”) to purchase 0.25 of a share of Common Stock, subject to adjustment) from October 2016 through January 2020. Proceeds and expenses from the sale were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of the Company’s Series A Preferred Stock, which, since February 2020, was no longer being issued as a unit with an accompanying Series A Preferred Warrant. In June 2022, the Company concluded the offering of Series A Preferred Stock.

As of December 31, 2022, the Company had issued in registered public offerings 8,251,657 shares of Series A Preferred Stock and 4,603,287 Series A Preferred Warrants and received gross proceeds of $205.4 million and $761,000, respectively, and additionally, had issued 568,681 shares of Series A Preferred Stock as payment for services to the CIM Service Provider, LLC (the “Administrator”), for which no cash proceeds were received. In connection with the cumulative issuance of Series A Preferred Stock Series A Preferred Warrants, $17.0 million and $142,000 of costs specifically identifiable to the offering of the Series A Preferred Stock and Series A Preferred Warrants, respectively, were allocated to the Series A Preferred Stock and Series A Preferred Warrants, respectively. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $9.5 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of December 31, 2022, the Company had reclassified and allocated $1.9 million and $5,000 from deferred charges to Series A Preferred Stock and Series A Preferred Warrants, 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.

Net proceeds from the issuance of shares of Series A Preferred Stock were 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 were less than the redemption value of such shares at the time they were issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment was recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment was considered a deemed dividend for purposes of calculating basic and diluted EPS. During the years ended December 31, 2022 and December 31, 2021, the Company recorded redeemable preferred stock deemed dividends of $19,000 and $253,000, 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 December 31, 2022, the Company had reclassified an aggregate of $184.0 million in net proceeds from temporary equity to permanent equity.

As of December 31, 2022, there were 8,259,090 shares of Series A Preferred Stock outstanding and 561,248 shares of Series A Preferred Stock had been redeemed.

Series D Preferred Stock—From February 2020 through June 2022, the Company conducted 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 $24.50 per share thereafter. Shares of Series D Preferred Stock were recorded in permanent equity at the time of their issuance. In June 2022, the Company concluded the offering of its Series D Preferred Stock.

As of December 31, 2022, the Company had issued in registered public offerings 56,857 shares of Series D Preferred Stock and received gross proceeds of $1.4 million. In connection with such issuance, $33,000 of costs specifically identifiable to the offering of Series D Preferred Stock were allocated to the Series D Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $9.5 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of December 31, 2022, the Company had reclassified and allocated $13,000 from deferred charges to Series D Preferred Stock as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering.

As of December 31, 2022, there were 48,857 shares of Series D Preferred Stock outstanding and 8,000 shares of Series D Preferred Stock had been redeemed.

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.

On September 15, 2022, the Company repurchased 2,435,284 shares of its Series L Preferred Stock in a privately negotiated transaction (the “Series L Repurchase”). The shares were repurchased at a purchase price of $27.40 per share (a 3.4% discount to the stated value of $28.37 per share) plus $1.12 per share of accrued and unpaid dividends (or $2.7 million accrued and unpaid dividends in the aggregate). The total cost to complete the Series L Repurchase, including transactions costs of $700,000 (or $0.29 per share), was $70.1 million. In connection with the Series L Repurchase, the Company recognized redeemable preferred stock redemptions of $4.8 million on its consolidated statement of operations for the year ended December 31, 2022. The $4.8 million of redeemable preferred stock redemptions represents the difference between the repurchase price (including $0.29 per share of transaction costs) and the carrying value of the repurchased Series L Preferred Stock (representing the stated value of $28.37 per share reduced by $2.65 per share of stock offering costs).

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

Dividends—With respect to the payment of dividends, the Series A1 Preferred Stock, the Series A Preferred Stock and Series D Preferred Stock rank on parity with respect to each other and senior to the Common Stock. With respect to the distribution of amounts upon liquidation, dissolution or winding-up, the Series A1 Preferred Stock, the Series A Preferred Stock and the Series D Preferred Stock rank on parity with respect to each other and senior to the Common Stock.

Holders of Series A1 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 (the “Series A1 Dividend”) on each share of Series A1 Preferred Stock at the greater of (i) an annual rate of 6.0% of the Series A1 Preferred Stock Stated Value (i.e., the equivalent of $0.3750 per share per quarter) and (ii) the Federal Funds (Effective) Rate for such quarter and plus 2.5% of the Series A1 Preferred Stock Stated Value divided by four, up to a maximum of 2.5% of the Series A1 Preferred Stock Stated Value per quarter. 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 A1 Preferred Stock, 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 A1 Dividend, 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 A1 Dividend, 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.

During the year ended December 31, 2022, the Company paid $1.8 million, $11.4 million, $78,000 and $11.1 million of cash dividends on its Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. During the year ended December 31, 2021, the Company paid $9.6 million, $50,000 and $8.4 million of cash dividends on its Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively.

Redemptions—The Company’s Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock are redeemable at the option of the holder or the Company. The redemption schedule of the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock allows redemptions at the option of the holder of Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock from the date of original issuance of any such shares at the Series A1 Preferred Stock Stated Value, 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. The Company has the right to redeem the Series A1 Preferred Stock after the date that is twenty-four months following the

original issuance of such shares of Series A1 Preferred Stock at the Series A1 Preferred Stock Stated Value, plus accrued and unpaid dividends. The Company 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. With respect to redemptions of the Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock, at the Company’s discretion, the redemption price will be paid in cash and/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 had the right to require the Company to redeem, and the Company also had 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.

As announced on December 23, 2022, the Company redeemed all remaining outstanding shares of its Series L Preferred Stock in cash on January 25, 2023 at its stated value of $28.37. The total cost to complete the Series L Redemption, including transaction costs of $93,000 (or $0.03 per share), was $83.8 million. In connection with the Series L Redemption, the Company recognized redeemable preferred stock redemptions of $7.9 million on its consolidated statement of operations for the year ended December 31, 2022. The $7.9 million of redeemable preferred stock redemptions represents the difference between the repurchase price (including $0.03 per share of transaction costs) and the carrying the value of the repurchased Series L Preferred Stock (representing the stated value of $28.37 per share reduced by $2.65 per share of stock offering costs). As of December 31, 2022, $83.8 million was recorded in accounts payable and accrued expenses on the Company’s consolidated balance sheet in connection with the Series L Redemption. The accrued and unpaid dividends on the redeemed shares of Series L Preferred Stock through December 31, 2022 of $1.56 per share (or $4.6 million accrued and unpaid dividends in the aggregate) were also paid on January 25, 2023. No additional dividends will be owed on the redeemed shares of Series L Preferred Stock subsequent to December 31, 2022.

STOCKHOLDERS' EQUITY - Cash Dividends Declared and Paid (Details) - $ / shares																12 Months Ended
	Dec. 15, 2022	Oct. 17, 2022	Sep. 22, 2022	Jul. 05, 2022	Jun. 10, 2022	Apr. 01, 2022	Mar. 08, 2022	Jan. 05, 2022	Dec. 09, 2021	Sep. 29, 2021	Sep. 07, 2021	Jun. 30, 2021	Jun. 07, 2021	Mar. 30, 2021	Mar. 05, 2021	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.085										$ 0.075		$ 0.075		$ 0.075
Cash Dividend Per Share of Common Stock (in usd per share)																$ 0.340	$ 0.300
Common Stock
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)			$ 0.085		$ 0.085		$ 0.085		$ 0.075
Cash Dividend Per Share of Common Stock (in usd per share)		$ 0.085		$ 0.085		$ 0.085		$ 0.075		$ 0.075		$ 0.075		$ 0.075

RELATED-PARTY TRANSACTIONS - Fees and Expense Reimbursements (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Asset management fees
Related Party Transaction [Line Items]
Related party, amount of transaction				$ 3,570	$ 9,030
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction				1,747	1,641
Rental and other property income from related party				40
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction				2,838	2,687
Rental and other property income from related party				94
Lease commission
Related Party Transaction [Line Items]
Related party, amount of transaction				794	162
Rental and other property income from related party				4
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction				398	226
Rental and other property income from related party				21
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 1,925	$ 2,050
Expenses reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction				1,929	1,921
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, amount of transaction	1,996	690
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, amount of transaction	689	106
Related party, deferred costs	$ 2,300	$ 2,000		2,300	$ 2,000
Investment Management Agreement \| CIM Capital, LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)					270,209
Investment Management Agreement \| CIM Capital, LLC \| Series A1 Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)			110,285
Personnel fees
Related Party Transaction [Line Items]
Related party, deferred personnel costs				$ 136	$ 347

REDEEMABLE PREFERRED STOCK - Redemptions - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 23, 2022 USD ($) $ / shares	Sep. 15, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) day $ / shares	Dec. 31, 2021 USD ($) $ / shares	Jun. 30, 2022 $ / shares	Nov. 21, 2017 $ / shares
Class of Stock [Line Items]
Redeemable preferred stock redemptions \| $			$ 13,126	$ 113
Series A1 Preferred Stock
Class of Stock [Line Items]
Redemption period			24 months
Preferred stock, liquidation preference per share (in usd per share)			$ 25.00	$ 25.00	$ 25.00
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock redemption, trading days prior to redemption \| day			20
Preferred stock, liquidation preference per share (in usd per share)			$ 25.00	25.00
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37	28.37	$ 28.37		$ 28.37
Stock repurchase program, transactions costs \| $	$ 93	$ 700
Stock repurchase program, price per share (in usd per share)	$ 0.03	$ 0.29
Cost of shares repurchased \| $	$ 83,800	$ 70,100
Redeemable preferred stock redemptions \| $	$ 7,900	$ 4,800
Purchase price (in usd per share)	$ 2.65		2.65
Preferred stock, dividends per share, declared (in usd per share)		$ 1.12	$ 1.56
Dividends, preferred stock, aggregate value \| $		$ 2,700	$ 4,600

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

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Principles of Consolidation

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

Capitalized Project Costs

Recoverability of Investments in Real Estate

Investment in Unconsolidated Entity

Cash and Cash Equivalents

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

Restricted Cash

Loans Receivable and Loan Loss Reserves

Deferred Rent Receivable and Charges

Noncontrolling Interests

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

Redeemable Preferred Stock

Purchase Accounting for Acquisition of Investments in Real Estate

revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases, including leasing commissions, legal, and other related costs.

Revenue Recognition

Revenue from leasing activities

•One party (lessor) must hold an identified asset;

•The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and

•The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract.

For the years ended December 31, 2022 and 2021, the Company recognized rental income as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	46,373	$	45,773
Variable lease payments (2)	9,853		7,065
Rental and other property income	$	56,226	$	52,838

Collectability of Lease-Related Receivables

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.

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.

At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate.

The Company presents hotel revenues net of sales, occupancy, and other taxes.

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Hotel properties
Hotel income	$	33,432	$	16,722
Rental and other property income	1,650		1,070

Interest and other income	131		57
Hotel revenues	$	35,213	$	17,849

Tenant recoveries outside of the lease agreements

Premiums and Discounts on Debt

Stock-Based Compensation Plans

Earnings per Share ("EPS")

Distributions

Assets Held for Sale and Discontinued Operations

Derivative Financial Instruments

Income Taxes

Use of Estimates

Concentration of Credit Risk

Segment Information

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

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

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

Level 3 Inputs—Unobservable inputs

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Rental and other property income	$ 56,226	$ 52,838
Hotel income	33,432	16,722
Interest and other income	12,248	21,366
Total Revenues	101,906	90,926
EXPENSES:
Rental and other property operating	50,526	39,272
Asset management and other fees to related parties	3,570	9,030
Interest	9,604	9,413
General and administrative	6,869	6,844
Transaction costs	223	143
Depreciation and amortization	20,348	20,112
Total Expenses	94,994	88,785
Income from unconsolidated entity	164	0
INCOME BEFORE PROVISION FOR INCOME TAXES	7,076	2,141
Provision for income taxes	1,131	2,992
NET INCOME (LOSS)	5,945	(851)
Net (income) loss attributable to noncontrolling interests	(27)	1
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	5,918	(850)
Redeemable preferred stock dividends declared or accumulated (Note 10)	(18,558)	(18,763)
Redeemable preferred stock deemed dividends (Note 10)	(19)	(253)
Redeemable preferred stock redemptions (Note 10)	(13,126)	(113)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (25,785)	$ (19,979)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (1.11)	$ (1.04)
Diluted (in usd per share)	$ (1.11)	$ (1.04)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	23,153	19,187
Diluted (in shares)	23,154	19,187
Revenue from Contract with Customer, Product and Service [Extensible List]	Hotel	Hotel
Corporate
EXPENSES:
Expense reimbursements to related parties—lending segment	$ 1,925	$ 2,050
Lending Segment
EXPENSES:
Expense reimbursements to related parties—lending segment	$ 1,929	$ 1,921

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation plans
Award vesting period	1 year
Stock-based compensation expense	$ 202	$ 220
Unrecognized compensation expense	$ 92

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future amortization of acquisition related intangible assets
Intangible lease assets, net	$ 4,461	$ 5,251
Future accretion of acquisition related intangible liabilities
Intangible lease liabilities, net	(20)	(237)
Acquired Below Market Leases
Future accretion of acquisition related intangible liabilities
2023	(20)
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Intangible lease liabilities, net	(20)	(237)
Above Market Leases
Future amortization of acquisition related intangible assets
2023	10
2024	5
2025	1
2026	0
2027	0
Thereafter	0
Intangible lease assets, net	16	28
Acquired in-place Leases
Future amortization of acquisition related intangible assets
2023	503
2024	374
2025	171
2026	123
2027	123
Thereafter	194
Intangible lease assets, net	$ 1,488	$ 2,266

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - $ / shares	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Series A1 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 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 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

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Asset Management Fees Calculation


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

Schedule of Related Party Transactions

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	3,570	$	9,030
Property Management Fees and Reimbursements:
Property management fees(2)	$	1,747	$	1,641
Onsite management and other cost reimbursement(3)	$	2,838	$	2,687
Leasing commissions(4)	$	794	$	162
Construction management fees(5)	$	398	$	226
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate	$	1,925	$	2,050
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)	$	1,929	$	1,921
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (7)	$	1,996	$	690
Non-issuance specific offering costs (8)	$	689	$	106

(2)Does not include the company’s share of the property management fees from the Unconsolidated Joint Venture of $40,000 for the year ended December 31, 2022.

(3)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Venture of $94,000 for the year ended December 31, 2022.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Venture of $4,000 for the year ended December 31, 2022.

(5)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Venture of $21,000 for the year ended December 31, 2022, respectively.

(7)Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock.

As of December 31, 2022 and 2021, due to related parties consisted of the following:


	December 31,
	2022		2021
	(in thousands)
Asset management fees	$	812	$	2,244
Property management fees and reimbursements	1,214		320
Expense reimbursements - corporate	466		692
Expense reimbursements - lending segment	124		341
Upfront dealer manager and trailing dealer manager fees	454		638
Non-issuance specific offering costs	17		143
Other amounts due to the CIM Management Entities and certain of its affiliates	68		163
Total due to related parties	$	3,155	$	4,541

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments in Real Estate
Balance, beginning of period	$ 642,702	$ 637,205
Additions:
Improvements	10,548	5,907
Property acquisitions	10,756	2,933
Deductions:
Retirements	(3,593)	(3,343)
Balance, end of period	660,413	642,702
Accumulated Depreciation
Balance, beginning of period	(144,718)	(131,165)
Additions: depreciation	(17,282)	(16,896)
Assets held for sale	0	0
Asset sales	0	0
Retirements	3,593	3,343
Balance, end of period	$ (158,407)	$ (144,718)

REDEEMABLE PREFERRED STOCK - Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 24,327	$ 18,045
Series A1 Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	6.00%
Preferred stock, dividend rate (in usd per share)	$ 0.3750
Dividend increase per year for failure to timely declare or pay dividends, maximum increase	2.50%
Payments on preferred stock dividends	$ 1,800
Series A Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	5.50%
Preferred stock, dividend rate (in usd per share)	$ 0.34375
Payments on preferred stock dividends	$ 11,400	9,600
Series D Preferred Stock
Class of Stock [Line Items]
Annual dividend rate	5.65%
Preferred stock, dividend rate (in usd per share)	$ 0.35313
Payments on preferred stock dividends	$ 78	50
Series L Preferred Stock
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 11,100	$ 8,400

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following:


	December 31,
	2022		2021
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	56,116	$	42,103
SBA 7(a) loans receivable, subject to loan-backed notes	—		18,050
SBA 7(a) loans receivable, Paycheck Protection Program	—		5,050
SBA 7(a) loans receivable, subject to secured borrowings	6,127		6,857
SBA 7(a) loans receivable, held for sale	117		1,200
Loans receivable	62,360		73,260
Deferred capitalized costs, net	1,293		1,226
Loan loss reserves	(1,106)		(943)
Loans receivable, net	$	62,547	$	73,543

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

17. SEGMENT DISCLOSURE

The Company’s reportable segments during the years ended December 31, 2022 and 2021 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 Note 2.

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 years ended December 31, 2022 and 2021 is as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Office:
Revenues	$	55,928	$	53,289
Property expenses:
Operating	26,537		23,431
General and administrative	225		347
Total property expenses	26,762		23,778
Income from unconsolidated entity	164		—
Segment net operating income—office	29,330		29,511
Hotel:
Revenues	35,213		17,849
Property expenses:
Operating	23,989		15,841
General and administrative	110		128
Total property expenses	24,099		15,969
Segment net operating income—hotel	11,114		1,880
Lending:
Revenues	10,765		19,787
Lending expenses:
Interest expense	552		408
Expense reimbursements to related parties—lending segment	1,929		1,921
General and administrative	1,904		1,788
Total lending expenses	4,385		4,117
Segment net operating income—lending	6,380		15,670
Total segment net operating income	$	46,824	$	47,061

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2022 and 2021 is as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Total segment net operating income	$	46,824	$	47,061
Interest and other income	—		1
Asset management and other fees to related parties	(3,570)		(9,030)
Expense reimbursements to related parties—corporate	(1,925)		(2,050)
Interest expense	(9,052)		(9,005)
General and administrative	(4,630)		(4,581)
Transaction costs	(223)		(143)
Depreciation and amortization	(20,348)		(20,112)



Income before provision for income taxes	7,076		2,141
Provision for income taxes	(1,131)		(2,992)
Net income (loss)	5,945		(851)
Net (income) loss attributable to noncontrolling interests	(27)		1
Net income (loss) attributable to the Company	$	5,918	$	(850)

The condensed assets for each of the segments as of December 31, 2022 and 2021, along with capital expenditures and loan originations for the years ended December 31, 2022 and 2021 are as follows:


	December 31,
	2022		2021
	(in thousands)
Condensed assets:
Office	$	471,677	$	449,843
Hotel	99,082		101,308
Lending	76,148		96,729
Non-segment assets(1)	43,341		12,986
Total assets	$	690,248	$	660,866


	Year Ended December 31,
	2022		2021
	(in thousands)
Capital expenditures (2) and loan originations:
Office	$	9,094	$	5,714
Hotel	414		193
Total capital expenditures	9,508		5,907
Loan originations	40,619		133,290
Total capital expenditures and loan originations	$	50,127	$	139,197

(1)Includes investments in real estate of $9.9 million representing three development sites which the Company intends to develop into multifamily assets.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Deferred rent receivable	$ 20,949	$ 20,870
Deferred leasing costs, net of accumulated amortization of $9,637 and $8,971, respectively	8,319	8,453
Deferred leasing costs, accumulated amortization	9,637	8,971
Deferred offering costs	5,664	6,281
Deferred financing costs, net of accumulated amortization of $30 and $0 , respectively	2,120
Deferred financing costs, accumulated amortization	(30)	0
Other deferred costs	491	491
Deferred rent receivable and charges, net	$ 37,543	$ 36,095

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	1,000
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	0	0
Series A1 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	0	0
Series L Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	0	0

INVESTMENTS IN REAL ESTATE - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquired below-market leases	$ (37)	$ 0
Net assets acquired	10,787	2,933
Acquired in-place Leases
Business Acquisition [Line Items]
Intangible assets	68	0
Acquired above-market leases
Business Acquisition [Line Items]
Intangible assets	0	0
Land
Business Acquisition [Line Items]
Property, plant and equipment	10,491	1,839
Land improvements
Business Acquisition [Line Items]
Property, plant and equipment	54	33
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment	164	1,061
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment	$ 47	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) - property	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of types of commercial real estate properties	2	2

EARNINGS PER SHARE ("EPS") - Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (25,785)	$ (19,979)
Redeemable preferred stock dividends declared on dilutive shares	(9)	0
Diluted net (loss) income attributable to common stockholders	$ (25,794)	$ (19,979)
Denominator:
Basic weighted average shares of common stock outstanding (in shares)	23,153	19,187
Effect of dilutive securities—contingently issuable shares (in shares)	1	0
Diluted weighted average shares and common stock equivalents outstanding (in shares)	23,154	19,187
Net (loss) income attributable to common stockholders per share:
Basic (in usd per share)	$ (1.11)	$ (1.04)
Diluted (in usd per share)	$ (1.11)	$ (1.04)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to REIT Taxable Income

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	6,128	$	9,242

Expected federal income tax provision	$	1,287	$	1,941
State income taxes	43		(40)
Change in valuation allowance	300		(273)
Other	(499)		1,364
Income tax provision	$	1,131	$	2,992

Schedule of Components of Net Deferred Tax Asset

The components of the Company’s net deferred tax asset, which are included in other assets, are as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,664	$	2,367
Secured borrowings—government guaranteed loans	54		64
Other	145		153
Total gross deferred tax assets	2,863		2,584
Valuation allowance	(2,670)		(2,370)
	193		214
Deferred tax liabilities:
Loans receivable	(71)		(96)

	(71)		(96)
Deferred tax asset, net	$	122	$	118

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

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


Years Ending December 31,	Total

2023	$	46,119
2024	45,365
2025	29,164
2026	21,441
2027	15,051
Thereafter	52,711
	$	209,851

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) officer	Dec. 31, 2021 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments and approvals to fund loans	$ 19,900
Future obligations under leases to fund tenant improvements and in other future construction obligation	7,900
Restricted cash	11,290	$ 11,340
SBA 7(a) Loans \| Government guaranteed portions
Commitment and Contingencies [Line Items]
Aggregate amount serviced	$ 250,200
Employment agreements \| Executive officers
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer	1
Multiplier to annual base salary paid in event of death	2
Multiplier to annual base salary paid in event of disability	1
Restricted cash for tenant improvement allowance
Commitment and Contingencies [Line Items]
Restricted cash	$ 2,500

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 46,119
2024	45,365
2025	29,164
2026	21,441
2027	15,051
Thereafter	52,711
Total	$ 209,851