0000908311-24-000011 | 10-K | XBRL Viewer | Creative Media Community Trust Corp

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REDEEMABLE PREFERRED STOCK - Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 29,500	$ 24,327
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	$ 13,900	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	$ 10,900	11,400
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	$ 69	78
Series L Preferred Stock
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 4,600	$ 11,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Affiliate Investments and Other - Narrative (Details)	1 Months Ended			3 Months Ended	12 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft²	Feb. 28, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft² asset	Dec. 31, 2022 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²
Related Party Transaction [Line Items]
Investment in unconsolidated entity					$ 14,279,000	$ 22,652,000
Percentage of ownership acquired						100.00%
Rental and other property income					66,002,000	$ 56,226,000
(Loss) income from unconsolidated entities					$ (427,000)	164,000
1910 Sunset Boulevard
Related Party Transaction [Line Items]
Investment in unconsolidated entity			$ 22,400,000
Ownership Interest					44.20%
(Loss) income from unconsolidated entities					$ (2,400,000)	164,000
1910 Sunset Boulevard \| Office Building
Related Party Transaction [Line Items]
Square Feet \| ft²					104,764
1902 Park Avenue
Related Party Transaction [Line Items]
Ownership Interest					50.00%
1902 Park JV
Related Party Transaction [Line Items]
Investment in unconsolidated entity		$ 6,600,000
1015 N Mansfield Avenue
Related Party Transaction [Line Items]
Ownership Interest					28.80%
1015 N Mansfield Avenue \| Office Building
Related Party Transaction [Line Items]
Square Feet \| ft²					44,141
4750 Wilshire Boulevard
Related Party Transaction [Line Items]
Ownership Interest					20.00%
4750 Wilshire Boulevard \| Office Building
Related Party Transaction [Line Items]
Square Feet \| ft²		30,335			30,335
4750 Wilshire JV
Related Party Transaction [Line Items]
Ownership Interest					20.00%
Eleven year lease \| 4750 Wilshire Boulevard
Related Party Transaction [Line Items]
Ownership percentage sold		80.00%
Eleven year lease \| 4750 Wilshire JV
Related Party Transaction [Line Items]
Ownership Interest		20.00%
Acquisition Of Four Assets
Related Party Transaction [Line Items]
Number of assets from entities \| asset					4
Payment for interest acquired					$ 282,900,000
Corporate Joint Venture \| 1910 Sunset Boulevard
Related Party Transaction [Line Items]
Investment in unconsolidated entity			$ 51,000,000
Corporate Joint Venture \| 1902 Park Avenue
Related Party Transaction [Line Items]
Purchase price		$ 19,100,000
Ownership Interest		50.00%
(Loss) income from unconsolidated entities					156,000
Corporate Joint Venture \| 1902 Park JV \| Mortgages Payable
Related Party Transaction [Line Items]
Aggregate principal amount		$ 9,600,000
Corporate Joint Venture \| 1015 N Mansfield Avenue
Related Party Transaction [Line Items]
Purchase price	$ 18,000,000
Ownership Interest	28.80%
Percentage of ownership acquired	100.00%
(Loss) income from unconsolidated entities					13,000
Corporate Joint Venture \| 1015 N Mansfield Avenue \| Office Building
Related Party Transaction [Line Items]
Area of land (square feet) \| ft²	44,141
Corporate Joint Venture \| 4750 Wilshire Boulevard
Related Party Transaction [Line Items]
(Loss) income from unconsolidated entities					1,800,000
Corporate Joint Venture \| Eleven year lease
Related Party Transaction [Line Items]
Operating lease term								11 years
Square Feet \| ft²							30,000	32,000
Rental and other property income				$ 194,000		$ 1,500,000
Corporate Joint Venture \| Eleven year lease \| 4750 Wilshire JV
Related Party Transaction [Line Items]
(Loss) income from unconsolidated entities					$ 170,000

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

10. EARNINGS PER SHARE (“EPS”)

The computation of basic EPS is based on the Company’s weighted average shares outstanding. No shares of Series D Preferred Stock, Series A Preferred Stock, or Series A1 Preferred Stock outstanding as of December 31, 2023 were included in the computation of diluted EPS because they had no dilutive effect. 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. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the years ended December 31, 2023 and 2022 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 12). Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the year ended December 31, 2023 (because they were redeemed in January 2023) and 2022 (because such shares were not redeemable during such period).

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

The following 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, 2023 and 2022:


	Year Ended December 31,
	2023		2022
	(in thousands, except per share amounts)
Numerator:
Net loss attributable to common stockholders	$	(75,727)	$	(25,785)
Redeemable preferred stock dividends declared on dilutive shares	—		(9)
Diluted net loss attributable to common stockholders	$	(75,727)	$	(25,794)

Denominator:
Basic weighted average shares of Common Stock outstanding	22,723		23,153
Effect of dilutive securities—contingently issuable shares	—		1
Diluted weighted average shares and common stock equivalents outstanding	22,723		23,154

Net loss attributable to common stockholders per share:
Basic	$	(3.33)	$	(1.11)
Diluted	$	(3.33)	$	(1.11)

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 243	$ 254
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	80	12
Acquired in-place Leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 27,714	$ 846

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

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

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

Principles of Consolidation

Principles of Consolidation—The consolidated financial statements include the accounts of 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, 2023, 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 is considered a VIE. Applying the consolidation requirements for VIEs, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits. In addition, as of December 31, 2023, the Company has determined that its Unconsolidated Joint Ventures (as defined below) are considered VIEs. 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. Therefore, the Unconsolidated Joint Ventures do not qualify for consolidation. The Company accounts for its investments in Unconsolidated Joint Ventures as equity method investments.

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

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

Recoverability of Investments in Real Estate—The Company 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.

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities—The Company accounts for its investments in the Unconsolidated Joint Ventures (the “Unconsolidated Joint Ventures”) under the equity method, as the Company has the ability to exercise significant influence over the investments. The Unconsolidated Joint Ventures record their assets and liabilities at fair value. As such, the Company records its share of the Unconsolidated Joint Ventures’ 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 entities on the consolidated statements of operations.

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

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 and with its SBA 7(a) loan-backed notes.

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 reserves for expected credit losses. 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 expected 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”) under the SBA 7(a) Small Business Loan Program (the “SBA 7(a) Program”).

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 $8.4 million and $9.0 million as of December 31, 2023 and 2022, 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.

Current Expected Credit Losses/Recently Issued Accounting Pronouncements

Current Expected Credit Losses—On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses, and subsequent amendments (“ASU 2016-13”). The current expected credit losses (“CECL”) required under ASU 2016-13 reflects the Company’s current estimate of potential credit losses related to the Company’s loans receivable included in the consolidated balance sheets. The initial current expected credit losses recorded on January 1, 2023 is reflected as a direct charge to distributions in excess of earnings on the Company’s consolidated statements of equity; however, subsequent changes to CECL are recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining CECL, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the credit loss model have some amount of loss reserve to reflect the GAAP principal underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.

The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. The Company recorded a cumulative-effective adjustment to the opening distributions in excess of earnings in its consolidated statement of equity as of January 1, 2023 of $619,000. This represents a total CECL reserve transition adjustment of approximately $783,000, net of a $164,000 deferred tax asset.

Prior to adoption, the Company considered a loan to be impaired when the Company did not expect to collect all of the contractual interest and principal payments as scheduled in the loan agreements. The Company also established a general loan loss reserve when available information indicated that it was probable a loss had occurred based on the carrying value of the portfolio and if the amount of the loss could be reasonably estimated. As of December 31, 2022, the Company had a current expected credit loss of approximately $1.1 million, which is recorded as a reduction to the loans receivable, net balance on the consolidated balance sheet. As of December 31, 2023, the Company had a total current expected credit loss of approximately $1.7 million.

The Company estimates CECL for its loans primarily using its historical experience with loan write-offs, historical charge-offs from third-party firms, and the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) Staff Q&A Topic 326, No. 1. This method requires the Company to reference historical loan loss data across a comparable data set and apply such loss rate to each loan investment over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loans that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans with respect to which the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data.

Quarterly, the Company evaluates the risk of all loans receivable and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value (“LTV”) ratio and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, dynamics of the geography, local market, physical condition and stability of cash flow; and (iii) quality, experience and financial condition of the borrower.

Based on a 5-point scale, the Company’s loans receivable are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-Acceptable — These are assets of high quality;

2-Other Assets Especially Mentioned (“OAEM”) — These are assets that are generally profitable but exhibit potential weakness or weaknesses, including, but not limited to, no significant pay history as detailed below for loan originated generally within the last year. This weakness or these weaknesses could result in deterioration if not corrected;

3-Substandard — These assets generally have a well-defined weakness or weaknesses which could hinder collection efforts;

4-Doubtful — These assets have weakness or weaknesses similar to substandard loans; however, the weakness or weaknesses are so extreme that significant loss potential exists in all cases; and

5-Loss — Assets assigned this classification have no value and thus have been or are in the process of being charged off.

The Company generally assigns a risk rating of “2” to all newly originated loans (generally within the last year) due to lack of management expertise and/or lack of adequate historical debt coverage at origination date. These loans likely will be classified to acceptable within two years of origination.

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 March 31, 2022, the FASB issued ASU No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures (Topic 326) (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The ASU became effective for the Company beginning January 1, 2023 and was applied prospectively. ASU 2022-02 did not have an impact on the Company’s consolidated financial statements for the year ended December 31, 2023.

In August 2023, the FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The Company does not believe the adoption of ASU 2023-05 will have a material impact on its consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements and disclosures.

Deferred Rent Receivable and Charges

Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 11), 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.

Noncontrolling Interests

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

Redeemable Preferred Stock

Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A1 Preferred Stock, par value $0.001 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”), the holder of such shares has the right to require the Company to redeem such shares, subject to certain limitations as discussed in Note 11. The Company records the activity related to the Series A1 Preferred Stock, Series A Preferred Warrants and Series D 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

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

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 both office and multifamily 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. As of December 31, 2023 and 2022, lease incentives of $3.9 million and $3.9 million, respectively, are presented net of accumulated amortization of $3.3 million and $3.0 million as of December 31, 2023 and 2022, 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.

Collectability of Lease-Related Receivables

The Company periodically 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, 2023 and 2022, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $868,000 and $387,000, 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.

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.

Premiums and Discounts on Debt

Premiums and Discounts on Debt— Premiums and discounts on debt are amortized or accreted 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

Stock-Based Compensation Plans—The Company has issued and continue to issue restricted shares under stock-based compensation plans described more fully in Note 9. The Company uses fair value recognition provisions to account for all awards granted, modified or settled.

Earnings per Share ("EPS")

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—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

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

Derivative Financial Instruments—As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument.

Income Taxes

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

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 at such time. Actual results could differ from those estimates.

Concentration of Credit Risk

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—Segment information is prepared on the same basis that the Company’s management reviews information for operational decision-making purposes. The Company’s reportable segments for the year ended December 31, 2023 consist of three types of commercial real estate properties, namely office, hotel and multifamily, as well as a segment for the Company’s lending business. The Company’s reportable segments for the year ended December 31, 2022 consisted of two types of commercial real estate properties, namely office and hotel, as well as a segment for the Company’s 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.

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.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Tempe, Arizona

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Total Stockholders' Equity	Total Stockholders' Equity Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Distributions in Excess of Earnings Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	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 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	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
Beginning balance (in shares) at Dec. 31, 2021					23,369,331
Beginning balance at Dec. 31, 2021	$ 373,549		$ 373,204		$ 24	$ 310,661	$ 866,746	$ (804,227)		$ 345			$ 0					$ 1,396					$ 152,834					$ 156,431
Beginning balance (in shares) at Dec. 31, 2021						11,715,354							0					56,857					5,387,160					6,271,337
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 stock (in shares)					(662,462)
Repurchase of common stock	(4,715)		(4,715)		$ (1)		(4,714)
Common dividends	(7,838)		(7,838)					(7,838)
Issuance of A1 Preferred Stock (in shares)													5,966,077
Issuance of A1 Preferred Stock											$ 135,391	$ 135,391	$ 147,761	$ (12,370)
Redemption of Preferred Stock (in shares)													(9,930)					(8,000)					(5,387,160)					(336,753)
Redemption of Preferred Stock											(227)	(227)	$ (247)	23	$ (3)	$ (180)	$ (180)	$ (196)	$ 7	$ 9			$ (152,834)			$ (8,032)	$ (8,032)	$ (8,381)	$ 789	$ (440)
Dividends to holders of Series Preferred Stock											$ (2,463)	(2,463)			(2,463)	$ (62)	(62)			(62)	$ (7,329)	$ (7,329)			$ (7,329)	(8,700)	(8,700)			(8,700)
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)
Reclassification of Series A preferred Stock to permanent equity (in shares)																												1,630,765
Reclassification of Series A Preferred Stock to permanent equity	37,766																									$ 37,766	37,766	$ 40,998	(3,232)
Redeemable Preferred Stock deemed dividends	(19)		(19)					(19)
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 at Dec. 31, 2022	$ 362,033	$ (619)	361,660	$ (619)	$ 23	$ 337,762	861,721	(837,846)	$ (619)	373			$ 147,514					$ 1,200					$ 0					$ 189,048
Ending balance (in shares) at Dec. 31, 2022						13,570,353					5,956,147		5,956,147			48,857		48,857					0			7,565,349		7,565,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update	Accounting Standards Update 2016-13 [Member]
Preferred dividends, per share amount (in usd per share)											$ 1.125					$ 1.413					$ 1.560					$ 1.375
Dividends paid per common share (in usd per share)	$ 0.340
Contributions to noncontrolling interests	$ 5,002									5,002
Distributions to noncontrolling interests	(38)									(38)
Stock-based compensation expense (in shares)					48,888
Stock-based compensation expense	$ 183		183				183
Repurchase of common stock (in shares)	(662,462)
Repurchase of common stock	$ (4,715)
Common dividends	(7,740)		(7,740)					(7,740)
Issuance of A1 Preferred Stock (in shares)													4,507,292
Issuance of A1 Preferred Stock											$ 101,729	101,729	$ 111,520	(9,791)
Redemption of Preferred Stock (in shares)													(85,096)					(410)										(823,681)
Redemption of Preferred Stock											(2,025)	(2,025)	$ (2,099)	$ 173	(99)	$ (10)	(10)	$ (10)								$ (20,182)	(20,182)	$ (20,505)	1,735	(1,412)
Dividends to holders of Series Preferred Stock											$ (14,825)	$ (14,825)			$ (14,825)	$ (69)	$ (69)			$ (69)						(10,830)	(10,830)			$ (10,830)
Reclassification of Series A preferred Stock to permanent equity (in shares)																												690,171
Reclassification of Series A Preferred Stock to permanent equity	15,616																									$ 15,616	$ 15,616	$ 17,161	$ (1,545)
Net (loss) income	$ (51,456)		(48,485)					(48,485)		(2,971)
Ending balance (in shares) at Dec. 31, 2023	22,786,741				22,786,741
Ending balance at Dec. 31, 2023	$ 376,769		$ 374,403		$ 23	$ 443,829	$ 852,476	$ (921,925)		$ 2,366			$ 256,935					$ 1,190					$ 0					$ 185,704
Ending balance (in shares) at Dec. 31, 2023						17,858,629					10,378,343		10,378,343			48,447		48,447					0			7,431,839		7,431,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends, per share amount (in usd per share)											$ 1.801					$ 1.413										$ 1.375
Dividends paid per common share (in usd per share)	$ 0.340

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Office:
Revenues	$	55,033	$	55,928
Property expenses:
Operating	25,731		26,537
General and administrative	344		225
Total property expenses	26,075		26,762
(Loss) income from unconsolidated entities	(582)		164
Segment net operating income—office	28,376		29,330
Hotel:
Revenues	41,096		35,213
Property expenses:
Operating	27,959		23,989
General and administrative	33		110
Total property expenses	27,992		24,099
Segment net operating income—hotel	13,104		11,114
Multifamily:
Revenues	11,224		—
Property expenses:
Operating	8,803		—
General and administrative	661		—
Total property expenses	9,464		—
Income from unconsolidated entity	155
Segment net operating income—multifamily	1,915		—
Lending:
Revenues	11,458		10,765
Lending expenses:
Interest expense	3,692		552
Expense reimbursements to related parties—lending segment	2,579		1,929
General and administrative	1,628		1,904
Total lending expenses	7,899		4,385
Segment net operating income—lending	3,559		6,380
Total segment net operating income	$	46,954	$	46,824

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, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Total segment net operating income	$	46,954	$	46,824
Interest and other income	447		—
Asset management and other fees to related parties	(2,627)		(3,570)
Expense reimbursements to related parties—corporate	(2,342)		(1,925)
Interest expense	(31,406)		(9,052)
General and administrative	(5,453)		(4,630)
Transaction costs	(4,421)		(223)
Depreciation and amortization	(52,484)		(20,348)


Gain on sale of real estate	1,104		—
(Loss) income before provision for income taxes	(50,228)		7,076
Provision for income taxes	(1,228)		(1,131)
Net (loss) income	(51,456)		5,945
Net loss (income) attributable to noncontrolling interests	2,971		(27)
Net (loss) income attributable to the Company	$	(48,485)	$	5,918

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2023 and 2022, along with capital expenditures and loan originations for the years ended December 31, 2023 and 2022 are as follows:


	December 31,
	2023		2022
	(in thousands)
Condensed assets:
Office	$	419,443	$	471,677
Hotel	95,998		99,082
Multifamily	278,492		—
Lending	76,374		76,148
Non-segment assets	20,893		43,341
Total assets	$	891,200	$	690,248

Schedule of Segment Capital Expenditures and Loan Originations


	Year Ended December 31,
	2023		2022
	(in thousands)
Capital expenditures (1) and loan originations:
Office	$	7,395	$	9,094
Hotel	2,098		414
Multifamily	1,476		—
Total capital expenditures	10,969		9,508
Loan originations	45,188		40,619
Total capital expenditures and loan originations	$	56,157	$	50,127

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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Liabilities:
Mortgage payable	$ 163,700	$ 97,100
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	43,263	0
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	10,539	56,237
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	3,105	6,158
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	98	152
Estimated Fair Value \| Level 3 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable	158,529	90,002
Junior subordinated notes	24,667	25,067
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes \| Fair Value, Nonrecurring
Assets:
Loans receivable	46,701	0
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk \| Fair Value, Nonrecurring
Assets:
Loans receivable	10,482	58,432
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings \| Fair Value, Nonrecurring
Assets:
Loans receivable	3,105	6,237
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, held for sale \| Fair Value, Nonrecurring
Assets:
Loans receivable	82	126
Estimated Fair Value \| Level 2 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable	$ 158,529	$ 90,002

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

11. REDEEMABLE PREFERRED STOCK

The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the years ended December 31, 2023 and 2022 (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, 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 Permanent 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
Issuances of A1 Preferred Stock	4,507,292	111,520		—	$	—	—	—		—	—		4,507,292	111,520
Redemption of Series A1 Preferred Stock	(85,096)	(2,099)		—	—		—	—		—	—		(85,096)	(2,099)
Redemption of Series D Preferred Stock	—	—		—	—		(410)	(10)		—	—		(410)	(10)
Reclassification of Series A Preferred stock to Permanent Equity	—	—		690,171	17,161		—	—		—	—		690,171	17,161
Redemption of Series A Preferred Stock	—	—		(823,681)	(20,505)		—	—		—	—		(823,681)	(20,505)
Balances, December 31, 2023	10,378,343	$	256,935	7,431,839	$	185,704	48,447	$	1,190	—	$	—	17,858,629	$	443,829

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, 2023, the Company had issued in registered public offerings 10,273,369 shares of the Series A1 Preferred Stock and received gross proceeds of $254.3 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 the issuance of shares of Series A1 Preferred Stock, $18.6 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 $10.4 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, 2023, the Company had reclassified and allocated $3.5 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, 2023, there were 10,378,343 shares of Series A1 Preferred Stock outstanding and 95,026 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, 2023, 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 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 $10.4 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, 2023, 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, 2023 and December 31, 2022, the Company recorded redeemable preferred stock deemed dividends of $0 and $19,000, respectively, related to such adjustments.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company reclassified 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, 2023, the Company had reclassified an aggregate of $199.6 million in net proceeds from temporary equity to permanent equity.

As of December 31, 2023, there were 7,431,839 shares of Series A Preferred Stock outstanding and 1,388,499 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, 2023, 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, $35,000 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 $10.4 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, 2023, 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, 2023, there were 48,447 shares of Series D Preferred Stock outstanding and 8,410 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.

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).

In December 2022, the Company announced the redemption of all outstanding shares of its Series L Preferred Stock. In January 2023, the Company completed such previously-announced redemption of all outstanding shares of its Series L Preferred Stock in cash at its stated value of $28.37 per share (plus accrued and unpaid dividend of $1.56 per share, or $4.6 million in the aggregate). The total cost to complete the Series L Redemption, including transaction costs of $93,000 (or $0.03 per share), was $83.8 million.

Dividends—With respect to the payment of dividends or 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, 2023, the Company paid $13.9 million, $10.9 million, $69,000 and $4.6 million of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. 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 the Series A1 Preferred Stock, 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.

In December 2022, the Company announced the redemption of all outstanding shares of its Series L Preferred Stock. In January 2023, the Company completed such previously-announced redemption of all outstanding shares of its Series L Preferred Stock in cash at its stated value of $28.37 per share (plus accrued and unpaid dividends of $1.56 per share, or $4.6 million in the aggregate). The total cost to complete the Series L Redemption, including transaction costs of $93,000 (or $0.03 per share), was $83.8 million.

REDEEMABLE PREFERRED STOCK - Series A1 and Series A Preferred Stock Narrative (Details) - USD ($)	12 Months Ended		87 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Jan. 31, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants	$ 10,400,000
Warrant right to purchase a share of common stock (in shares)				0.25
Net proceeds from issuance of preferred stock	103,228,000	$ 148,007,000
Redeemable preferred stock deemed dividends	0	19,000
Reclassification of Series A Preferred Stock to permanent equity	15,616,000	$ 37,766,000
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		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)	10,473,369	5,966,077	10,473,369
Issuance offering costs for preferred stock and warrants	$ 18,600,000
Reclassification to deferred rent receivable and charges	$ 3,500,000
Preferred stock, shares outstanding (in shares)	10,378,343	5,956,147	10,378,343
Preferred stock, shares redeemed (in shares)	95,026
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	10,273,369		10,273,369
Gross proceeds from issuance of preferred stock and warrants	$ 254,300,000
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	200,000		200,000
Series A 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)	8,820,338	8,126,597	8,820,338
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
Preferred stock, shares outstanding (in shares)	7,431,839	7,565,349	7,431,839
Preferred stock, shares redeemed (in shares)	1,388,499
Redeemable preferred stock deemed dividends	$ 0	$ 19,000
Reclassification of Series A Preferred Stock to permanent equity	$ 15,616,000	$ 37,766,000	$ 199,600,000
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	8,251,657		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		568,681
Net proceeds from issuance of preferred stock	$ 0

SUBSEQUENT EVENTS (Details) - $ / shares	Mar. 27, 2024	Dec. 20, 2023
Subsequent Event [Line Items]
Dividends declared, common (in usd per share)		$ 0.085
Subsequent event
Subsequent Event [Line Items]
Dividends declared, common (in usd per share)	$ 0.085

LOANS RECEIVABLE - Schedule of Credit Quality Indicators Net Book Value of Loans Receivable Portfolio (Details) $ in Thousands	Dec. 31, 2023 USD ($) loan	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Amortized Cost of Loans Receivable by Year of Origination
Loans receivable	$ 57,555				$ 62,360
Deferred capitalized costs, net	1,130				1,293
Less: Current expected credit losses	(1,680)	$ (1,704)	$ (1,713)	$ (1,940)	(1,106)
Loans receivable, net	$ 57,005				62,547
Weighted average risk rating	1.3
SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	169
Amortized Cost of Loans Receivable by Year of Origination
2023	$ 10,011
2022	8,367
2021	11,255
2020	5,604
2019	5,189
Prior	14,024
Loans receivable	54,450
SBA 7(a) loans receivable, subject to secured borrowings
Amortized Cost of Loans Receivable by Year of Origination
Loans receivable	$ 3,105				$ 6,127
1 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	120
Amortized Cost of Loans Receivable by Year of Origination
2023	$ 3,479
2022	6,073
2021	10,117
2020	3,445
2019	3,697
Prior	9,475
Loans receivable	$ 36,286
2 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	48
Amortized Cost of Loans Receivable by Year of Origination
2023	$ 6,532
2022	2,294
2021	1,138
2020	2,159
2019	1,492
Prior	4,377
Loans receivable	$ 17,992
3 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	1
Amortized Cost of Loans Receivable by Year of Origination
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Prior	172
Loans receivable	$ 172
4 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0
Amortized Cost of Loans Receivable by Year of Origination
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Prior	0
Loans receivable	$ 0
5 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0
Amortized Cost of Loans Receivable by Year of Origination
2023	$ 0
2022	0
2021	0
2020	0
2019	0
Prior	0
Loans receivable	$ 0

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Asset Management and Other Fees to Related Parties - Narrative (Details)				12 Months Ended
	Jan. 05, 2022 USD ($)	May 11, 2020	Apr. 01, 2020 USD ($)	Dec. 31, 2023 subsidiary
Related Party Transaction [Line Items]
Incentive fee	$ 0
Master Services Agreement, Base Service Fee \| C I M Service Provider LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, amount of transaction			$ 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, Annual Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
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 \| 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

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 57,555				$ 62,360
Deferred capitalized costs, net	1,130				1,293
Current expected credit losses	(1,680)	$ (1,704)	$ (1,713)	$ (1,940)	(1,106)
Loans receivable, net	57,005				62,547
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	10,393				56,116
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	43,983				0
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	3,105				6,127
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 74				$ 117

- Definition

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

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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+ Details

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Creative Media & Community 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 Management, LLC and its affiliates (collectively, “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. 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 11). The Company has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized retained loan discounts	$ 8,400					$ 9,000
Loan receivable, nonaccrual, past due period (more than)	60 days
Cumulative-effective adjustment	$ (376,769)					(362,033)	$ (373,549)
Loan loss reserves	1,680	$ 1,704	$ 1,713	$ 1,940		1,106
Distributions in Excess of Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment	$ 921,925					837,846	$ 804,227
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment						619
Loan loss reserves						783
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2) \| Distributions in Excess of Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment					$ 619	$ 619
CECL reserve transition gross					783
CECL reserve transition, deferred tax asset					$ 164

- Definition

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

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Recognized Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Fixed lease payments	$ 55,520	$ 46,373
Variable lease payments	10,482	9,853
Rental and other property income	$ 66,002	$ 56,226
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental and other property income	Rental and other property income

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following:


	December 31,
	2023		2022
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	10,393	$	56,116
SBA 7(a) loans receivable, subject to loan-backed notes	43,983		—

SBA 7(a) loans receivable, subject to secured borrowings	3,105		6,127
SBA 7(a) loans receivable, held for sale	74		117
Loans receivable	57,555		62,360
Deferred capitalized costs, net	1,130		1,293
Current expected credit losses (1)	(1,680)		(1,106)
Loans receivable, net	$	57,005	$	62,547

____________________

(1)On January 1, 2023, the Company adopted ASU 2016-13. As such, the amounts as of December 31, 2023 reflect the Company’s current estimate of potential credit losses related to the Company’s loans receivable.

Schedule of Allowance for Credit Losses

The following table presents the activity in the Company’s current expected credit losses for the year ended December 31, 2023 (dollar amounts in thousands):


	Loans Receivable
Allowance for credit losses as of December 31, 2022	$	1,106
Transition adjustment on January 1, 2023	783
Net adjustment to reserve for expected credit losses	51
Current expected credit losses as of March 31, 2023	1,940
Write-offs	(85)
Net adjustment to reserve for expected credit losses	(142)
Current expected credit losses as of June 30, 2023	1,713

Net adjustment to reserve for expected credit losses	(9)
Current expected credit losses as of September 30, 2023	1,704
Net adjustment to reserve for expected credit losses	(24)
Current expected credit losses as of December 31, 2023	$	1,680

Schedule of Credit Quality Indicators Net Book Value of Loans Receivable Portfolio

The following table presents the net book value of the Company’s loans receivable portfolio as of December 31, 2023 by year of origination, loan type, and risk rating (dollar amounts in thousands):


		Amortized Cost of Loans Receivable by Year of Origination As of December 31, 2023
	Number of Loans	2023		2022		2021		2020		2019		Prior		Total
Loans by internal risk rating:
1	120	$	3,479	$	6,073	$	10,117	$	3,445	$	3,697	$	9,475	$	36,286
2	48	6,532		2,294		1,138		2,159		1,492		4,377		17,992
3	1	—		—		—		—		—		172		172
4	—	—		—		—		—		—		—		—
5	—	—		—		—		—		—		—		—
Total	169	$	10,011	$	8,367	$	11,255	$	5,604	$	5,189	$	14,024	$	54,450
Plus: SBA 7(a) loans receivable, subject to secured borrowings (1)														3,105
Plus: Deferred capitalized costs, net														1,130
Less: Current expected credit losses														(1,680)
Total loans receivable, net														$	57,005

Weighted average risk rating														1.3

____________________

(1)The Company does not assign a risk rating to its SBA 7(a) loans receivable, subject to secured borrowings, as this balance represents the government guaranteed portions of its loans and has determined there is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Dividend Declaration On March 27, 2024, the Company declared a cash dividend of $0.085 per share of its Common Stock, to be paid on April 22, 2024 to stockholders of record at the close of business on April 8, 2024.

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Asset Management Fees Calculation (Details) - C I M Urban REIT Management L P $ in Thousands	Dec. 31, 2023 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

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

September 27, 2023

October 23, 2023

Regular Quarterly

0.085

June 27, 2023

July 24, 2023

Regular Quarterly

0.085

March 20, 2023

April 11, 2023

Regular Quarterly

0.085

December 15, 2022

January 9, 2023

Regular Quarterly

0.085

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

Schedule of Share Repurchase Program

As of December 31, 2023, 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, 2023	662,462		$4,715

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 891,200	$ 690,248
Total capital expenditures	10,969	9,508
Loan originations	45,188	40,619
Total capital expenditures and loan originations	56,157	50,127
Office
Segment Reporting Information [Line Items]
Total capital expenditures	7,395	9,094
Hotel
Segment Reporting Information [Line Items]
Total capital expenditures	2,098	414
Multifamily
Segment Reporting Information [Line Items]
Total capital expenditures	1,476	0
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	419,443	471,677
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	95,998	99,082
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Total assets	278,492	0
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	76,374	76,148
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	$ 20,893	$ 43,341

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 09, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Restricted cash		$ 24,938	$ 11,290
Accrued interest and unused commitment fee payable		$ 1,800	$ 562
Junior subordinated notes \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin		3.51%
SBA 7(a) loan-backed notes
Debt Instrument [Line Items]
Proceeds from Notes Payable	$ 54,100
Maximum borrowing capacity	$ 43,300
Effective interest rate		8.15%
Restricted cash		$ 5,700
SBA 7(a) loan-backed notes \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin	2.90%
SBA 7(a) loan-backed notes \| Prime Rate
Debt Instrument [Line Items]
Interest rate margin	0.35%

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Fees and Expense Reimbursements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Asset management fees
Related Party Transaction [Line Items]
Related party, amount of transaction		$ 2,627	$ 3,570
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction		2,107	1,747
Property management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction		78	40
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction		5,794	2,838
Onsite management and other cost reimbursement \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction		336	94
Lease commission
Related Party Transaction [Line Items]
Related party, amount of transaction		101	794
Lease commission \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction		32	4
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction		308	398
Construction management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction		183	21
Development management reimbursement
Related Party Transaction [Line Items]
Related party, amount of transaction		1,321	0
Development management reimbursement \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction		481
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction		2,342	1,925
Expenses reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction		2,579	1,929
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, amount of transaction		1,391	1,996
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, amount of transaction		623	689
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred costs		2,500	2,300
Investment Management Agreement \| Affiliated Entity \| CIM Capital, LLC \| Series A1 Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)	110,285
Personnel fees \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred personnel costs		$ 121	$ 136

REDEEMABLE PREFERRED STOCK - Redemptions Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 15, 2022 USD ($) $ / shares	Jan. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 day $ / shares	Dec. 31, 2022 $ / shares	Nov. 21, 2017 $ / shares
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
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
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 \| $	$ 700	$ 93
Stock repurchase program, price per share (in usd per share)	$ 0.29	$ 0.03
Cost of shares repurchased \| $	$ 70,100	$ 83,800

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

16. LEASES

Future minimum rental revenue under long-term operating leases as of December 31, 2023, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands):


Years Ending December 31,	Total

2024	$	62,035
2025	33,055
2026	23,491
2027	15,866
2028	12,381
Thereafter	37,929
	$	184,757

DERIVATIVES - Narrative (Details) $ in Thousands		12 Months Ended
DERIVATIVES - Narrative (Details) $ in Thousands	Dec. 28, 2023 USD ($) interest_rate_cap	Dec. 31, 2023 USD ($) interest_rate_cap mortgage_loan
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of mortgage loans assumed \| mortgage_loan		2
Interest Rate Cap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of derivative assets held \| interest_rate_cap		2
Number of instruments terminated \| interest_rate_cap	1
Fair Value of Assets	$ 1,200	$ 491
Outstanding notional amount	79,600	87,000
Loss on termination	1,100
Instrument terminated, receivable	$ 1,200
Unrealized loss on derivatives		$ 539

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2023
Movement in Mortgage Loans on Real Estate
Balance, beginning of period	$ 62,547	$ 73,543
Additions during period:
New loans	45,188	40,619
Other - deferral of loan origination costs	742	1,086
Other - bad debt recovery	125	0
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,643	1,836
Deductions during period:
Collections of principal	(16,843)	(20,250)
Cost of mortgages sold, net	(35,614)	(34,124)
Other - bad debt expense	0	(163)
Balance, end of period	57,005	62,547
Cumulative adjustment	57,005	62,547
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Movement in Mortgage Loans on Real Estate
Balance, beginning of period	$ (783)	0
Deductions during period:
Balance, end of period		(783)
Cumulative adjustment		$ (783)	$ 783

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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”).

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

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

Loans Receivable—The Company’s loans receivable are carried at their unamortized principal balance less

Based on a 5-point scale, the Company’s loans receivable are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-Acceptable — These are assets of high quality;

3-Substandard — These assets generally have a well-defined weakness or weaknesses which could hinder collection efforts;

4-Doubtful — These assets have weakness or weaknesses similar to substandard loans; however, the weakness or weaknesses are so extreme that significant loss potential exists in all cases; and

5-Loss — Assets assigned this classification have no value and thus have been or are in the process of being charged off.

As of December 31, 2023 and 2022, deferred rent receivable and charges, net consist of the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Deferred rent receivable	$	14,757	$	20,949
Deferred leasing costs, net of accumulated amortization of $10,483 and $9,637, respectively	6,613		8,319
Deferred offering costs	4,925		5,664
Deferred financing costs, net of accumulated amortization of $764 and $30, respectively	1,436		2,120
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	28,222	$	37,543

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

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, 2023 and 2022, the Company recognized rental income as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	55,520	$	46,373
Variable lease payments (2)	10,482		9,853
Rental and other property income	$	66,002	$	56,226

(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

Revenue from lending activities

Revenue from hotel activities

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

At inception of 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 18:


	Year Ended December 31,
	2023		2022
	(in thousands)
Hotel properties
Hotel income	$	39,063	$	33,432
Rental and other property income	1,676		1,650

Interest and other income	357		131
Hotel revenues	$	41,096	$	35,213

Tenant recoveries outside of the lease agreements

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. See Note 8 for further disclosures about our derivative financial instruments and hedging activities.

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.

DEBT - Future Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 78,812
2025	250,365
2026	105,808
2027	11,124
2028	238
Thereafter	29,054
Total Debt	475,401
Mortgages Payable
Debt Instrument [Line Items]
2024	66,600
2025	87,000
2026	97,100
2027	0
2028	0
Thereafter	0
Total Debt	250,700	$ 97,100
Secured Borrowings Principal
Debt Instrument [Line Items]
2024	173
2025	188
2026	204
2027	220
2028	238
Thereafter	1,984
Total Debt	3,007	$ 5,979
Line of Credit
Debt Instrument [Line Items]
Total Debt	153,200
Line of Credit \| 2022 Credit Facility
Debt Instrument [Line Items]
2024	0
2025	153,230
2026	0
2027	0
2028	0
Thereafter	0
Total Debt	153,230
Other
Debt Instrument [Line Items]
2024	12,039
2025	9,947
2026	8,504
2027	10,904
2028	0
Thereafter	27,070
Total Debt	$ 68,464

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Shares and the Changes During the Year

The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:


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



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
Granted	48,888	$	4.50
Vested	(30,984)	$	7.10
Balance, December 31, 2023	48,888	$	4.50

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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Dec. 31, 2023	Dec. 31, 2022
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	0.0783	0.1100
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	0.0488	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	10.00
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	4.88
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	0.1000	0.1100
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	0.1100	0.1125
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1700
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	11.00
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	0.1050	0.1125
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1700

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Lease incentives	$ 3,900,000	$ 3,900,000
Lease incentives, accumulated amortization	3,300,000	3,000,000
Allowance for uncollectible accounts receivable	868,000	387,000
Tenant recoveries outside of lease agreements	0	$ 0
Performance obligations	$ 0

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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


Years Ending December 31,	Total

2024	$	62,035
2025	33,055
2026	23,491
2027	15,866
2028	12,381
Thereafter	37,929
	$	184,757

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	25.00	25.00
Series A Preferred Stock
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. 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 $12.6 million as of December 31, 2023, 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 $5.0 million in future obligations under leases to fund tenant improvements and other future construction obligations as of December 31, 2023. As of December 31, 2023, $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 Paycheck Protection Program 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, 2023, the Company serviced an aggregate of $236.8 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.

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	12 Months Ended		87 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 362,033	$ 373,549
Reclassification of Series A Preferred Stock to permanent equity	15,616	37,766
Ending balance	$ 376,769	$ 362,033	$ 376,769
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	13,570,353	11,715,354
Beginning balance	$ 337,762	$ 310,661
Ending balance (in shares)	17,858,629	13,570,353	17,858,629
Ending balance	$ 443,829	$ 337,762	$ 443,829
Series A1 Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,956,147
Issuance of Preferred Stock	$ 101,729	135,391
Redemption of Preferred Stock	$ (2,025)	$ (227)
Ending balance (in shares)	10,378,343	5,956,147	10,378,343
Series A1 Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,956,147	0
Beginning balance	$ 147,514	$ 0
Issuance of Preferred Stock (in shares)	4,507,292	5,966,077
Issuance of Preferred Stock	$ 111,520	$ 147,761
Redemption of Preferred Stock (in shares)	(85,096)	(9,930)
Redemption of Preferred Stock	$ (2,099)	$ (247)
Ending balance (in shares)	10,378,343	5,956,147	10,378,343
Ending balance	$ 256,935	$ 147,514	$ 256,935
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,565,349
Redemption of Preferred Stock	$ (20,182)	(8,032)
Reclassification of Series A Preferred Stock to permanent equity	$ 15,616	$ 37,766	$ 199,600
Ending balance (in shares)	7,431,839	7,565,349	7,431,839
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,565,349	6,271,337
Beginning balance	$ 189,048	$ 156,431
Redemption of Preferred Stock (in shares)	(823,681)	(336,753)
Redemption of Preferred Stock	$ (20,505)	$ (8,381)
Reclassification of Series A preferred Stock to permanent equity (in shares)	690,171	1,630,765
Reclassification of Series A Preferred Stock to permanent equity	$ 17,161	$ 40,998
Ending balance (in shares)	7,431,839	7,565,349	7,431,839
Ending balance	$ 185,704	$ 189,048	$ 185,704
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	48,857
Redemption of Preferred Stock	$ (10)	$ (180)
Ending balance (in shares)	48,447	48,857	48,447
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	48,857	56,857
Beginning balance	$ 1,200	$ 1,396
Redemption of Preferred Stock (in shares)	(410)	(8,000)
Redemption of Preferred Stock	$ (10)	$ (196)
Ending balance (in shares)	48,447	48,857	48,447
Ending balance	$ 1,190	$ 1,200	$ 1,190
Series L Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	5,387,160
Beginning balance	$ 0	$ 152,834
Redemption of Preferred Stock (in shares)		(5,387,160)
Redemption of Preferred Stock		$ (152,834)
Ending balance (in shares)	0	0	0
Ending balance	$ 0	$ 0	$ 0

INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details)	1 Months Ended			12 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft² investor	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Income (loss) from investments				$ (427,000)	$ 164,000
Investments in unconsolidated entities				33,505,000	$ 12,381,000
Percentage of ownership acquired					100.00%
Office Property, Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 22,400,000
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Income (loss) from investments				(2,400,000)	$ 164,000
Investments in unconsolidated entities				$ 12,040,000	12,381,000
Ownership Interest				44.20%
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²				104,764
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				$ 9,119,000	0
Interests acquired		20.00%
Ownership Interest				20.00%
4750 Wilshire Boulevard \| Three Co-Investors
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 34,400,000
Number of co-investors \| investor		3
Interests acquired		80.00%
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²		30,335		30,335
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				$ 7,082,000	0
Ownership Interest				50.00%
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities				$ 5,264,000	$ 0
Ownership Interest				28.80%
1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²				44,141
Corporate Joint Venture \| Office Property, Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 51,000,000
Corporate Joint Venture \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Income (loss) from investments				$ 1,800,000
Investments in unconsolidated entities				9,100,000
Conversion cost		$ 31,000,000
Corporate Joint Venture \| 1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 19,100,000
Income (loss) from investments				156,000
Investments in unconsolidated entities				7,100,000
Ownership Interest		50.00%
Corporate Joint Venture \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 18,000,000
Income (loss) from investments				13,000
Investments in unconsolidated entities				$ 5,300,000
Ownership Interest	28.80%
Percentage of ownership acquired	100.00%
Corporate Joint Venture \| 1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Area of land (square feet) \| ft²	44,141
Corporate Joint Venture \| Mortgages Payable \| Office Property, Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount						$ 23,900,000
Corporate Joint Venture \| Mortgages Payable \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Mortgage payable assumed		$ 38,500,000
Corporate Joint Venture \| Mortgages Payable \| 1902 Park JV
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount		$ 9,600,000

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Dividends paid per common share (in usd per share)	$ 0.340	$ 0.340
Series A1 Preferred Stock
Preferred dividends, per share amount (in usd per share)	1.801	1.125
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
Series A Preferred Stock
Preferred dividends, per share amount (in usd per share)	$ 1.375	$ 1.375

SEGMENT DISCLOSURE - Narrative (Details) - property	12 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of types of commercial real estate properties	3	2

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

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%

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,
	2023		2022
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	2,627	$	3,570
Property Management Fees and Reimbursements:
Property management fees(2)	$	2,107	$	1,747
Onsite management and other cost reimbursement(3)	$	5,794	$	2,838
Leasing commissions(4)	$	101	$	794
Construction management fees(5)	$	308	$	398
Development management reimbursements(6)	$	1,321	$	—
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate	$	2,342	$	1,925
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (7)	$	2,579	$	1,929
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (8)	$	1,391	$	1,996
Non-issuance specific offering costs (9)	$	623	$	689

(1)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 Ventures of $78,000 and $40,000 for the years ended December 31, 2023 and 2022, respectively.

(3)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $336,000 and $94,000 for the years ended December 31, 2023 and 2022, respectively.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $32,000 and $4,000 for the year ended December 31, 2023 and 2022, respectively.

(5)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $183,000 and $21,000 for the years ended December 31, 2023 and 2022, respectively.

(6)Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $481,000 for the year ended December 31, 2023.

(7)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $121,000 and $136,000 for the years ended December 31, 2023 and 2022, respectively.

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

(9)As of December 31, 2023 and 2022, $2.5 million and $2.3 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, 2023 and 2022, due to related parties consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Asset management fees	$	555	$	812
Property management fees and reimbursements	1,505		1,214
Expense reimbursements - corporate	613		466
Expense reimbursements - lending segment	156		124
Upfront dealer manager and trailing dealer manager fees	283		454
Non-issuance specific offering costs	61		17
Other amounts due to the CIM Management Entities and certain of its affiliates	290		68
Total due to related parties	$	3,463	$	3,155

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	0	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
Series A1 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	0

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 175,715	$ 151,727
Land improvements	5,862	1,837
Buildings and improvements	633,299	455,275
Furniture, fixtures, and equipment	11,627	4,339
Tenant improvements	26,460	34,372
Work in progress	15,915	12,863
Investments in real estate	868,878	660,413
Accumulated depreciation	(164,116)	(158,407)
Net investments in real estate	$ 704,762	$ 502,006

STOCK-BASED COMPENSATION PLANS - Restricted Shares and the Changes During the Year (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Balance, January 1 (in shares)	30,984	20,332
Granted (in shares)	48,888	30,984
Vested (in shares)	(30,984)	(20,332)
Balance, December 31 (in shares)	48,888	30,984
Weighted Average Grant Date Fair Value Per Share
Balance, January 1 (in usd per share)	$ 7.10	$ 10.82
Granted (in usd per share)	4.50	7.10
Vested (in usd per share)	7.10	10.82
Balance, December 31 (in dollars per share)	$ 4.50	$ 7.10

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Hotel income	$ 39,063	$ 33,432
Rental and other property income	66,002	56,226
Interest and other income	14,193	12,248
Total Revenues	119,258	101,906
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	39,063	33,432
Rental and other property income	1,676	1,650
Interest and other income	357	131
Total Revenues	$ 41,096	$ 35,213

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ 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

+ Details

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	December 31,
	2023		2022
	(in thousands)
Land	$	175,715	$	151,727
Land improvements	5,862		1,837
Buildings and improvements	633,299		455,275
Furniture, fixtures, and equipment	11,627		4,339
Tenant improvements	26,460		34,372
Work in progress	15,915		12,863
Investments in real estate	868,878		660,413
Accumulated depreciation	(164,116)		(158,407)
Net investments in real estate	$	704,762	$	502,006

For the years ended December 31, 2023 and 2022, the Company recorded depreciation expense of $22.4 million and $17.3 million, respectively.

2023 Transactions—During the year ended December 31, 2023, the Company acquired an interest in the following properties from subsidiaries indirectly wholly owned by a fund that is managed by affiliates of CIM Group. The acquisitions were accounted for as asset acquisitions.


	Asset	Date of		Interest		Purchase
Property	Type	Acquisition	Units	Acquired		Price
						(in thousands)
Channel House	Multifamily(1)	January 31, 2023	333	89.4	%	$	134,615
F3 Land Site	Multifamily (Development) (1)	January 31, 2023	N/A	89.4	%	$	250
466 Water Street Land Site	Multifamily (Development) (1)	January 31, 2023	N/A	89.4	%	$	2,500
1150 Clay	Multifamily (2)	March 28, 2023	288	98.1	%	$	145,500

(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of these properties totaled $37,000, which are not included in the purchase prices above. The building at Channel House also includes approximately 1,864 square feet of retail space. The F3 Land Site is currently being utilized as a surface parking lot and being evaluated for future development options including hotel development.

(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 $149,000, which are not included in the purchase price above. The building also includes approximately 3,968 square feet of retail space.

Please refer to “Investments in Unconsolidated Entities” (Note 4) for information on the Company’s real estate acquisitions through its investments in unconsolidated entities.

The Company sold an interest in the following property during the year ended December 31, 2023.

Asset

Date of

Interest

Sales

Gain on

Property

Type

Sale

Sold

Price

Sale

(in thousands)

4750 Wilshire Boulevard (1)

Office / Multifamily (Development)

February 17, 2023

80.0

34,400

1,104

(1)The Company sold 80% of its interest in 4750 Wilshire Boulevard (excluding a vacant land parcel which was not included in the sale) to the 4750 Wilshire JV Partners (defined in Note 4). At the acquisition date, the Company received net proceeds of $16.7 million and recorded a receivable of $17.6 million. As of December 31, 2023, the remaining proceeds receivable was $1.1 million and is included in other assets on the Company’s consolidated balance sheet. Additionally, the Company has a receivable of $1.4 million due from the 4750 Wilshire JV (defined in Note 4) included in other assets on the Company’s consolidated balance sheet related to development costs incurred by the Company at 4750 Wilshire Boulevard prior to the sale of the property to the 4750 Wilshire JV. The Company owns a 20% interest in the 4750 Wilshire JV and accounts for its investment as an equity method investment as of December 31, 2023.

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 transaction was accounted for as an asset acquisition.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price

(in thousands)

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

Multifamily (Development)

August 4, 2022

5,900

700

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

Office

July 1, 2022

1,352

1,900

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

Multifamily (Development)

May 20, 2022

6,000

5,650

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

Multifamily (Development)

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

(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. 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, including multifamily development.

(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. 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.

(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. 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.

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

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, 2023 and 2022.


	Year Ended December 31,
	2023		2022
	(in thousands)
Land	$	36,613	$	10,491
Land improvements	4,523		54
Buildings and improvements	206,717		164
Tenant improvements	—		47
Furniture, fixtures, and equipment	8,140		—
Acquired in-place leases (1)	27,210		68
Acquired above-market leases (2)	71		—
Acquired below-market leases (3)	(223)		(37)
Net assets acquired	$	283,051	$	10,787

(1)The amortization period for the in-place leases acquired during the year ended December 31, 2023 was approximately 6 months at the date of acquisition.

(2)The amortization period for the above-market leases acquired during the year ended December 31, 2023 was approximately 7 months at the date of acquisition.

(3)The amortization period for the below-market leases acquired during the year ended December 31, 2023 was approximately 5 months at the date of acquisition.

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following:


	December 31,
	2023		2022
	(in thousands)
Land	$	175,715	$	151,727
Land improvements	5,862		1,837
Buildings and improvements	633,299		455,275
Furniture, fixtures, and equipment	11,627		4,339
Tenant improvements	26,460		34,372
Work in progress	15,915		12,863
Investments in real estate	868,878		660,413
Accumulated depreciation	(164,116)		(158,407)
Net investments in real estate	$	704,762	$	502,006

The Company sold an interest in the following property during the year ended December 31, 2023.

Asset

Date of

Interest

Sales

Gain on

Property

Type

Sale

Sold

Price

Sale

(in thousands)

4750 Wilshire Boulevard (1)

Office / Multifamily (Development)

February 17, 2023

80.0

34,400

1,104

Schedule of Asset Acquisitions

During the year ended December 31, 2023, the Company acquired an interest in the following properties from subsidiaries indirectly wholly owned by a fund that is managed by affiliates of CIM Group. The acquisitions were accounted for as asset acquisitions.


	Asset	Date of		Interest		Purchase
Property	Type	Acquisition	Units	Acquired		Price
						(in thousands)
Channel House	Multifamily(1)	January 31, 2023	333	89.4	%	$	134,615
F3 Land Site	Multifamily (Development) (1)	January 31, 2023	N/A	89.4	%	$	250
466 Water Street Land Site	Multifamily (Development) (1)	January 31, 2023	N/A	89.4	%	$	2,500
1150 Clay	Multifamily (2)	March 28, 2023	288	98.1	%	$	145,500

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

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price

(in thousands)

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

Multifamily (Development)

August 4, 2022

5,900

700

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

Office

July 1, 2022

1,352

1,900

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

Multifamily (Development)

May 20, 2022

6,000

5,650

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

Multifamily (Development)

February 11, 2022

3,752

2,260

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, 2023 and 2022.


	Year Ended December 31,
	2023		2022
	(in thousands)
Land	$	36,613	$	10,491
Land improvements	4,523		54
Buildings and improvements	206,717		164
Tenant improvements	—		47
Furniture, fixtures, and equipment	8,140		—
Acquired in-place leases (1)	27,210		68
Acquired above-market leases (2)	71		—
Acquired below-market leases (3)	(223)		(37)
Net assets acquired	$	283,051	$	10,787

(1)The amortization period for the in-place leases acquired during the year ended December 31, 2023 was approximately 6 months at the date of acquisition.

(2)The amortization period for the above-market leases acquired during the year ended December 31, 2023 was approximately 7 months at the date of acquisition.

(3)The amortization period for the below-market leases acquired during the year ended December 31, 2023 was approximately 5 months at the date of acquisition.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 119,258	$ 101,906
EXPENSES:
Interest expense	35,098	9,604
General and administrative	8,119	6,869
Total Expenses	170,163	94,994
(Loss) income from unconsolidated entities	(427)	164
Hotel
Segment Reporting Information [Line Items]
Revenues	41,096	35,213
Operating Segments
EXPENSES:
Expense reimbursements to related parties	2,579	1,929
Segment net operating income (loss)	46,954	46,824
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues	55,033	55,928
EXPENSES:
Operating	25,731	26,537
General and administrative	344	225
Total Expenses	26,075	26,762
(Loss) income from unconsolidated entities	(582)	164
Segment net operating income (loss)	28,376	29,330
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	41,096	35,213
EXPENSES:
Operating	27,959	23,989
General and administrative	33	110
Total Expenses	27,992	24,099
Segment net operating income (loss)	13,104	11,114
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Revenues	11,224	0
EXPENSES:
Operating	8,803	0
General and administrative	661	0
Total Expenses	9,464	0
(Loss) income from unconsolidated entities	155
Segment net operating income (loss)	1,915	0
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues	11,458	10,765
EXPENSES:
Interest expense	3,692	552
Expense reimbursements to related parties	2,579	1,929
General and administrative	1,628	1,904
Total Expenses	7,899	4,385
Segment net operating income (loss)	$ 3,559	$ 6,380

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	4,711	$	6,128

Expected federal income tax provision	$	989	$	1,287
State income taxes	44		43
Change in valuation allowance	(2,619)		300
Other	2,814		(499)
Income tax provision	$	1,228	$	1,131

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,
	2023		2022
	(in thousands)
Deferred tax assets:
Net operating losses	$	44	$	2,664
Secured borrowings—government guaranteed loans	21		54
Other	232		145
Total gross deferred tax assets	297		2,863
Valuation allowance	(52)		(2,670)
	245		193
Deferred tax liabilities:
Loans receivable	—		(71)

	—		(71)
Deferred tax asset, net	$	245	$	122

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

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investment in Real Estate

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


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

Schedule of Deferred Rent Receivables and Charges, Net

As of December 31, 2023 and 2022, deferred rent receivable and charges, net consist of the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Deferred rent receivable	$	14,757	$	20,949
Deferred leasing costs, net of accumulated amortization of $10,483 and $9,637, respectively	6,613		8,319
Deferred offering costs	4,925		5,664
Deferred financing costs, net of accumulated amortization of $764 and $30, respectively	1,436		2,120
Other deferred costs	491		491
Deferred rent receivable and charges, net	$	28,222	$	37,543

Schedule of Recognized Rental Income

For the years ended December 31, 2023 and 2022, the Company recognized rental income as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	55,520	$	46,373
Variable lease payments (2)	10,482		9,853
Rental and other property income	$	66,002	$	56,226

Schedule of Reconciliation of Hotel Revenue

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 18:


	Year Ended December 31,
	2023		2022
	(in thousands)
Hotel properties
Hotel income	$	39,063	$	33,432
Rental and other property income	1,676		1,650

Interest and other income	357		131
Hotel revenues	$	41,096	$	35,213

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s Equity Incentive Plan (the “Equity Incentive Plan”), which was approved by the Company’s stockholders. On June 27, 2023, the Equity Incentive Plan was amended by the Board of Directors, and subsequently approved by the Company’s stockholders, to authorize additional shares of Common Stock for issuance as compensation. The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:


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



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
Granted	48,888	$	4.50
Vested	(30,984)	$	7.10
Balance, December 31, 2023	48,888	$	4.50

(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 $183,000 and $202,000 for the years ended December 31, 2023 and 2022, respectively.

As of December 31, 2023, there was $128,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

INVESTMENTS IN REAL ESTATE - Transactions (Details) $ in Thousands		12 Months Ended
	Feb. 17, 2023 USD ($)	Dec. 31, 2023 USD ($) ft² unit	Dec. 31, 2022 USD ($) unit	Dec. 31, 2022 ft²	Dec. 31, 2022 commercial_unit	Dec. 31, 2022 parking_stall
Business Acquisition [Line Items]
Gain on sale		$ 1,104	$ 0
Proceeds from the sale of real estate committed but not yet received		1,096	0
Other amounts due from Unconsolidated Joint Venture partners included in other assets		$ 1,445	$ 0
Percentage of ownership acquired			100.00%
4750 Wilshire JV
Business Acquisition [Line Items]
Ownership Interest		20.00%
Channel House
Business Acquisition [Line Items]
Units \| unit		333
Interest acquired		89.40%
Purchase price		$ 134,615
Channel House \| Retail Site
Business Acquisition [Line Items]
Rentable area (square feet) \| ft²		1,864
F3 Land Site
Business Acquisition [Line Items]
Interest acquired		89.40%
Purchase price		$ 250
466 Water Street Land Site
Business Acquisition [Line Items]
Interest acquired		89.40%
Purchase price		$ 2,500
1150 Clay
Business Acquisition [Line Items]
Units \| unit		288
Interest acquired		98.10%
Purchase price		$ 145,500
Transaction costs in acquisition of real estate		$ 149
1150 Clay \| Retail Site
Business Acquisition [Line Items]
Rentable area (square feet) \| ft²		3,968
466 Water Street Land Site, F3 Land Site And Channel House
Business Acquisition [Line Items]
Transaction costs in acquisition of real estate		$ 37
4750 Wilshire Boulevard
Business Acquisition [Line Items]
Interest sold	80.00%	80.00%
Sales price		$ 34,400
Gain on sale		1,104
Net proceeds	$ 16,700
Accounts receivable	$ 17,600
Proceeds from the sale of real estate committed but not yet received		1,100
Other amounts due from Unconsolidated Joint Venture partners included in other assets		$ 1,400
3109 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Units					7	6
Purchase price			$ 700
Transaction costs in acquisition of real estate			11
Rentable area (square feet) \| ft²				5,900
Area of land (square feet) \| ft²				5,635
1007 E 7th Street, Austin, TX
Business Acquisition [Line Items]
Purchase price			1,900
Transaction costs in acquisition of real estate			$ 52
Rentable area (square feet) \| ft²				1,352
Area of land (square feet) \| ft²				7,450
3022 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Units \| unit			119
Purchase price			$ 5,650
Transaction costs in acquisition of real estate			$ 192
Rentable area (square feet) \| ft²				6,000
Area of land (square feet) \| ft²				28,300
3101 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Units \| unit			40
Purchase price			$ 2,260
Transaction costs in acquisition of real estate			$ 22
Rentable area (square feet) \| ft²				3,752
Area of land (square feet) \| ft²				11,300

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Rental and other property income	$ 66,002	$ 56,226
Hotel income	39,063	33,432
Interest and other income	14,193	12,248
Total Revenues	119,258	101,906
EXPENSES:
Rental and other property operating	62,493	50,526
Asset management and other fees to related parties	2,627	3,570
Interest	35,098	9,604
General and administrative	8,119	6,869
Transaction costs	4,421	223
Depreciation and amortization	52,484	20,348
Total Expenses	170,163	94,994
(Loss) income from unconsolidated entities	(427)	164
Gain on sale of real estate (Note 3)	1,104	0
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES	(50,228)	7,076
Provision for income taxes	1,228	1,131
NET (LOSS) INCOME	(51,456)	5,945
Net loss (income) attributable to noncontrolling interests	2,971	(27)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(48,485)	5,918
Redeemable preferred stock dividends declared or accumulated (Note 11)	(25,731)	(18,558)
Redeemable preferred stock deemed dividends (Note 11)	0	(19)
Redeemable preferred stock redemptions (Note 11)	(1,511)	(13,126)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (75,727)	$ (25,785)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (3.33)	$ (1.11)
Diluted (in usd per share)	$ (3.33)	$ (1.11)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	22,723	23,153
Diluted (in shares)	22,723	23,154
Revenue from Contract with Customer, Product and Service [Extensible List]	Hotel	Hotel
Corporate
EXPENSES:
Expense reimbursements to related parties	$ 2,342	$ 1,925
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 2,579	$ 1,929

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 14,193	$ 12,248
Asset management and other fees to related parties	(2,627)	(3,570)
Interest expense	(35,098)	(9,604)
General and administrative	(8,119)	(6,869)
Transaction costs	(4,421)	(223)
Depreciation and amortization	(52,484)	(20,348)
Gain on sale of real estate	1,104	0
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES	(50,228)	7,076
Provision for income taxes	(1,228)	(1,131)
NET (LOSS) INCOME	(51,456)	5,945
Net loss (income) attributable to noncontrolling interests	2,971	(27)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(48,485)	5,918
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	46,954	46,824
Expense reimbursements to related parties—corporate	(2,579)	(1,929)
Corporate And Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	447	0
Asset management and other fees to related parties	(2,627)	(3,570)
Interest expense	(31,406)	(9,052)
General and administrative	(5,453)	(4,630)
Transaction costs	(4,421)	(223)
Depreciation and amortization	(52,484)	(20,348)
Gain on sale of real estate	1,104	0
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (2,342)	$ (1,925)

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property
Real Estate [Abstract]
Depreciation expense \| $	$ 22.4	$ 17.3
Number of property dispositions \| property		0

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 27, 2024	Dec. 20, 2023	Dec. 31, 2023	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)		$ 0.085
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)			1,749,732
Outstanding common stock available for purchase (in shares)			449,382
Net proceeds from issuance of warrants			$ 410
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

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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



		Preferred Stock
	Series A1			Series A			Series D			Series L			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
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 Permanent 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
Issuances of A1 Preferred Stock	4,507,292	111,520		—	$	—	—	—		—	—		4,507,292	111,520
Redemption of Series A1 Preferred Stock	(85,096)	(2,099)		—	—		—	—		—	—		(85,096)	(2,099)
Redemption of Series D Preferred Stock	—	—		—	—		(410)	(10)		—	—		(410)	(10)
Reclassification of Series A Preferred stock to Permanent Equity	—	—		690,171	17,161		—	—		—	—		690,171	17,161
Redemption of Series A Preferred Stock	—	—		(823,681)	(20,505)		—	—		—	—		(823,681)	(20,505)
Balances, December 31, 2023	10,378,343	$	256,935	7,431,839	$	185,704	48,447	$	1,190	—	$	—	17,858,629	$	443,829

- 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
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.5-02(27))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (48,485)	$ 5,918

- Definition

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

+ References

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+ Details

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

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, 2023

(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			$	—	$	9,569	$	18,593	$	14,976	$	9,569	$	33,569	$	43,138	$	10,468	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	97,100				9,261		113,619		14,353		9,261		127,972		137,233		54,338		1970 / 2008	2008
2 Kaiser Plaza Parking Lot (1)
Oakland, CA			—		10,931		110		3,624		10,931		3,734		14,665		—		N/A	2015
11600 Wilshire Boulevard (1)
Los Angeles, CA			—		3,477		18,522		2,780		3,477		21,302		24,779		7,902		1955	2010
11620 Wilshire Boulevard (1)
Los Angeles, CA			—		7,672		51,999		8,214		7,672		60,213		67,885		21,902		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			—		4,000		—		172		4,000		172		4,172		—		1984 / 2014	2014
Lindblade Media Center
Los Angeles, CA			—		6,341		11,568		721		6,341		12,289		18,630		3,136		1930 & 1957 / 2010	2014
1037 N Sycamore
Los Angeles, CA			—		1,839		1,094		130		1,839		1,224		3,063		81		2000 / 2021	2021
1130 Howard Street (1)
San Francisco, CA			—		8,290		10,480		(49)		8,290		10,431		18,721		1,706		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard (1)
Los Angeles, CA			—		52,199		76,730		3,038		52,199		79,768		131,967		12,677		1959 / 2008	2018
1021 E 7th Street
Austin, TX			—		4,979		733		(188)		4,979		545		5,524		112		1972 / 2001	2020
3101 S Western Avenue
Los Angeles, CA			—		2,279		—		1,091		2,279		1,091		3,370		—		N/A	2022
3022 S Western Avenue
Los Angeles, CA			—		5,638		156		716		5,638		872		6,510		12		N/A	2022
1007 E 7th Street
Austin, TX			—		1,866		6		264		1,866		270		2,136		—		1920	2022
3109 S Western Avenue
Los Angeles, CA			—		712		2		117		712		119		831		—		N/A	2022
Channel House
Oakland, CA	87,000				17,214		103,553		214		17,214		103,767		120,981		2,934		2021	2023
1150 Clay
Oakland, CA	66,600				16,643		115,828		288		16,643		116,116		132,759		2,968		2021	2023
F3 Land Site
Oakland, CA			—		251		—		31		251		31		282		—		N/A	2023
466 Water Street Land Site
Oakland, CA			—		2,505		—		95		2,505		95		2,600		—		N/A	2023

Hotel
Sheraton Grand Hotel (1)
Sacramento, CA			—		3,498		107,447		818		3,498		108,265		111,763		41,538		2001	2008
Sheraton Grand Hotel Parking & Retail (1)
Sacramento, CA	—				6,551		10,996		322		6,551		11,318		17,869		4,342		2001	2008
	$	250,700			$	175,715	$	641,436	$	51,727	$	175,715	$	693,163	$	868,878	$	164,116

(1)These properties collateralize the revolving credit facility, which had a $153.2 million outstanding balance as of December 31, 2023.

(2)The aggregate gross cost of property included above for federal income tax purposes approximates $956.9 million (unaudited) as of December 31, 2023.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2023

(in thousands)

The following table reconciles the Company’s investments in real estate from January 1, 2022 to December 31, 2023:


	Year Ended December 31,
	2023		2022
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	660,413	$	642,702

Additions:
Improvements	10,969		10,548
Property acquisitions	255,993		10,756
Deductions:

Asset sales	(49,484)		—

Retirements	(9,013)		(3,593)
Balance, end of period	$	868,878	$	660,413

The following table reconciles the accumulated depreciation from January 1, 2022 to December 31, 2023:


	Year Ended December 31,
	2023		2022
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(158,407)	$	(144,718)

Additions: depreciation	(22,384)		(17,282)
Deductions:
Assets held for sale	—		—
Asset sales	7,662		—
Retirements	9,013		3,593
Balance, end of period	$	(164,116)	$	(158,407)

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (51,456)	$ 5,945
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	52,669	20,497
Change in fair value of swaps	(539)	0
Gain on sale of real estate	(1,104)	0
Amortization of deferred loan costs	2,286	1,066
Amortization of premiums and discounts on debt	(59)	48
Unrealized premium adjustment	1,215	1,471
Amortization of deferred costs and accretion of fees on loans receivable, net	(404)	(688)
Write-offs of uncollectible receivables	299	259
Deferred income taxes	42	(3)
Stock-based compensation	183	202
(Loss) income from unconsolidated entities	427	(164)
Loans funded, held for sale to secondary market	(33,654)	(30,770)
Proceeds from sale of guaranteed loans	33,672	31,943
Principal collected on loans subject to secured borrowings	2,972	692
Commitment fees remitted and other operating activity	(742)	(1,086)
Return on investment from unconsolidated entities	1,328	164
Changes in operating assets and liabilities:
Accounts receivable	(1,991)	(480)
Other assets	2,062	(40)
Accounts payable and accrued expenses	10,407	801
Deferred leasing costs	(1,049)	(2,056)
Other liabilities	(4,875)	995
Due to related parties	308	3,614
Net cash provided by operating activities	11,997	32,410
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(13,326)	(8,816)
Acquisition of real estate	(96,731)	(10,787)
Proceeds from sale of real estate, net	33,304	0
Investment in unconsolidated entity	(14,279)	(22,652)
Return of investment from unconsolidated entity	0	10,271
Loans funded	(11,534)	(9,849)
Principal collected on loans	13,871	19,559
Net cash used in investing activities	(88,695)	(22,274)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(278,347)	(182,700)
Proceeds from revolving credit facilities, term notes and mortgages	334,882	166,230
Proceeds from SBA 7(a) loan-backed notes	54,141	0
Payment of principal on secured borrowings	(2,972)	(692)
Payment of deferred preferred stock offering costs	(859)	(1,581)
Payment of deferred costs	(3,211)	(2,928)
Payment of common dividends	(7,732)	(7,658)
Repurchase of Common Stock	0	(4,715)
Net proceeds from issuance of Preferred Stock	103,228	148,007
Repurchase of Series L Preferred Stock	0	(67,417)
Payment of preferred stock dividends	(29,500)	(24,327)
Redemption of Preferred Stock	(106,146)	(8,527)
Noncontrolling interests’ distributions	(38)	(4)
Noncontrolling interests’ contributions	0	5
Net cash provided by financing activities	63,446	13,693
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(13,252)	23,829
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	57,480	33,651
End of period	44,228	57,480
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	19,290	46,190
Restricted cash	24,938	11,290
Total cash and cash equivalents and restricted cash	44,228	57,480
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	31,079	8,388
Federal income taxes paid	1,560	1,105
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	1,502	3,859
Proceeds from the sale of real estate committed but not yet received	1,096	0
Other amounts due from Unconsolidated Joint Venture partners included in other assets	1,445	0
Non-cash contributions to Unconsolidated Joint Venture	8,600	0
Accrued deferred costs	0	22
Accrued preferred stock offering costs	125	68
Accrual of dividends payable to preferred stockholders	2,508	6,276
Accrual of dividends payable to common stockholders	1,937	1,933
Preferred stock offering costs offset against redeemable preferred stock	1,655	2,105
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	15,616	37,766
Mortgage notes assumed in connection with our acquisition of real estate	181,318	0
Reclassification of Preferred Stock from permanent equity to accounts payable	0	83,838
Redeemable preferred stock deemed dividends	0	19
Accrued Redeemable Preferred Stock fees	282	450
Acquisition of noncontrolling interests	5,002	0
Equity-based payment for management fees	$ 0	$ 5,000

INVESTMENTS IN REAL ESTATE - Net Assets Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Acquired below-market leases	$ (223)	$ (37)
Net assets acquired	$ 283,051	10,787
Amortization period for acquired below market leases	5 months
Acquired in-place Leases
Business Acquisition [Line Items]
Acquired leases	$ 27,210	68
Amortization period for the acquired leases	6 months
Acquired above-market leases
Business Acquisition [Line Items]
Acquired leases	$ 71	0
Amortization period for the acquired leases	7 months
Land
Business Acquisition [Line Items]
Property, plant and equipment	$ 36,613	10,491
Land improvements
Business Acquisition [Line Items]
Property, plant and equipment	4,523	54
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment	206,717	164
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment	0	47
Furniture, fixtures, and equipment
Business Acquisition [Line Items]
Property, plant and equipment	$ 8,140	$ 0

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2023

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, 2023

(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			“Interest”

SBA 7(a) Loans - States 2% or greater (1) (2):
Ohio	16	$	100	$	800	9.75%	to	11.25%	07/28/41	—	11/06/48	$	7,876		$	—
Texas	19	$	20	$	850	9.50%	to	11.25%	07/13/34	—	06/13/48	7,140			—
Michigan (3)	14	$	20	$	940	9.00%	to	11.25%	12/10/34	—	12/18/48	4,044			198
Florida	11	$	30	$	1,030	10.50%	to	11.25%	06/29/32	—	02/07/48	3,957			—
Indiana	7	$	80	$	930	10.00%	to	11.25%	05/14/36	—	08/26/46	2,770			—
Louisiana	6	$	60	$	960	9.50%	to	11.25%	11/22/31	—	12/07/48	2,408			—
West Virginia	7	$	50	$	850	10.00%	to	11.25%	09/25/31	—	09/07/47	2,400			—
Kentucky	7	$	60	$	430	10.25%	to	11.25%	03/11/33	—	05/08/48	1,893			—
Pennsylvania	4	$	290	$	660	10.25%	to	11.25%	03/05/40	—	11/29/43	1,810			—
North Carolina	7	$	50	$	760	10.25%	to	11.25%	09/08/32	—	04/25/47	1,771			—
Illinois	9	$	50	$	280	10.25%	to	11.25%	09/08/39	—	10/26/47	1,564			—
New York	4	$	190	$	700	10.50%	to	11.25%	02/11/47	—	09/26/48	1,472			—
Washington	2	$	300	$	1,140	10.00%	to	10.75%	03/09/46	—	10/12/48	1,435			—
Colorado	4	$	260	$	500	10.00%	to	10.75%	02/17/41	—	05/22/48	1,406			—
Montana	4	$	150	$	470	9.50%	to	11.00%	07/14/45	—	10/10/48	1,365			—
New Mexico	4	$	90	$	750	9.50%	to	11.25%	11/17/34	—	04/19/48	1,329			—
Georgia	5	$	100	$	320	10.50%	to	11.25%	12/28/34	—	08/11/47	1,133			—
Other	39	$	20	$	850	9.50%	to	11.25%	07/27/25	—	11/17/49	9,831			—
Government guaranteed portions (4)												74			—
SBA 7(a) loans, subject to secured borrowings (5)												3,007			—
Current expected credit losses												(1,680)			—
	169											$	57,005	(6)	$	198

(1)Includes $724,000 of loans with subordinate lien positions.

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

(3)Includes a loan with a retained face value of $172,000 and a fixed interest rate of 9.00%.

(4)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.

(5)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.

(6)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $54.5 million (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2023

(in thousands)


	Year Ended December 31,
	2023		2022
Balance, beginning of period	$	62,547	$	73,543

Additions during period:
New loans	45,188		40,619
Other - deferral of loan origination costs	742		1,086
Other - bad debt recovery	125		—
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,643		1,836

Deductions during period:
Collections of principal	(16,843)		(20,250)

Cost of mortgages sold, net	(35,614)		(34,124)
Other - adoption of ASU 2016-13 (1)	(783)		—
Other - bad debt expense	—		(163)
Balance, end of period	$	57,005	$	62,547

(1)Effective January 1, 2023, the Company adopted ASU 2016-13 and recorded a cumulative adjustment of $783,000 representing a non cash transaction.

STOCKHOLDERS' EQUITY - Cash Dividends Declared and Paid (Details) - $ / shares																12 Months Ended
	Dec. 20, 2023	Oct. 23, 2023	Sep. 27, 2023	Jul. 24, 2023	Jun. 27, 2023	Apr. 11, 2023	Mar. 20, 2023	Jan. 09, 2023	Dec. 15, 2022	Oct. 17, 2022	Sep. 22, 2022	Jul. 05, 2022	Jun. 10, 2022	Apr. 01, 2022	Mar. 08, 2022	Dec. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.085
Cash Dividend Per Share of Common Stock (in usd per share)																$ 0.340	$ 0.340
Common Stock
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)			$ 0.085		$ 0.085		$ 0.085		$ 0.085		$ 0.085		$ 0.085		$ 0.085
Cash Dividend Per Share of Common Stock (in usd per share)		$ 0.085		$ 0.085		$ 0.085		$ 0.085		$ 0.085		$ 0.085		$ 0.085

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

13. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

Level 3 Inputs—Unobservable inputs

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

Debt—The carrying amounts of the Company’s secured borrowings - government guaranteed loans, SBA 7(a) loan-backed notes, 2022 Credit Facility and variable rate mortgage payable 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 fixed rate mortgage notes payable and junior subordinated notes by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs.

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,
	2023		2022
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	7.83% - 11.00%	4.88% - 17.50%	11.00% - 11.25%	5.00% - 17.00%
SBA 7(a) loans receivable, subject to loan-backed notes	10.00% - 11.00%	4.88% - 17.50%	N/A	N/A
SBA 7(a) loans receivable, subject to secured borrowings	10.00% - 10.50%	5.00% - 17.50%	11.00% - 11.25%	5.00% - 17.00%

Derivative Instruments— The Company’s derivative instrument is comprised of an interest rate cap. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of this instrument is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties.

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, 2023 and 2022. 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, 2023				December 31, 2022
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to loan-backed notes	$	43,263	$	46,701	$	—	$	—	3
SBA 7(a) loans receivable, subject to credit risk	$	10,539	$	10,482	$	56,237	$	58,432	3
SBA 7(a) loans receivable, subject to secured borrowings	$	3,105	$	3,105	$	6,158	$	6,237	3
SBA 7(a) loans receivable, held for sale	$	98	$	82	$	152	$	126	3
Liabilities:
Mortgages payable (1)	$	163,700	$	158,529	$	97,100	$	90,002	2, 3
Junior subordinated notes (1)	$	27,070	$	24,667	$	27,070	$	25,067	3

(1)The carrying amounts for the mortgages 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

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

12. 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, 2023 and 2022 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

September 27, 2023

October 23, 2023

Regular Quarterly

0.085

June 27, 2023

July 24, 2023

Regular Quarterly

0.085

March 20, 2023

April 11, 2023

Regular Quarterly

0.085

December 15, 2022

January 9, 2023

Regular Quarterly

0.085

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

On December 20, 2023, the Company declared a cash dividend of $0.085 per share of its Common Stock, which was paid on January 16, 2024 to stockholders of record at the close of business on January 2, 2024.

On March 27, 2024, the Company declared a cash dividend of $0.085 per share of its Common Stock, to be paid on April 22, 2024 to stockholders of record at the close of business on April 8, 2024.

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, 2023, the Company had 1,749,732 Series A Preferred Warrants outstanding to purchase 449,382 shares of Common Stock in connection with the Company’s offering of Series A Preferred Units and allocated net proceeds of $410,000 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, 2023, 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, 2023	662,462		$4,715

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($)	1 Months Ended			12 Months Ended
	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Dec. 31, 2023	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	$ 4,715,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 31, 2023	Dec. 21, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding balance	$ 475,401		$ 475,401
Repayments of debt			281,319
Mortgages Payable
Debt Instrument [Line Items]
Outstanding balance	250,700		250,700	$ 97,100
Repayments of debt			95,600
Mortgages Payable \| Fixed Rate Mortgage Payable
Debt Instrument [Line Items]
Fixed interest rate		6.25%
Outstanding balance	$ 163,700	$ 66,600	163,700	97,100
Repayments of debt			$ 0
Mortgages Payable \| Fixed Rate Mortgage Payable Due July 1, 2026
Debt Instrument [Line Items]
Fixed interest rate	4.14%		4.14%
Mortgages Payable \| Fixed Rate Mortgage Payable Due July 7, 2024
Debt Instrument [Line Items]
Maturity extension option	1 year		1 year
Mortgages Payable \| Variable Rate Mortgages Payable
Debt Instrument [Line Items]
Mortgage prepayment		$ 13,000
Outstanding balance	$ 87,000		$ 87,000	$ 0
Repayments of debt			95,600
Mortgages Payable \| Variable Rate Mortgages Payable \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin	3.36%
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Excess spread	$ 1,400		$ 1,400
Weighted average rate	9.28%		9.28%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess spread	$ 1,600		$ 1,600
Weighted average rate	6.88%		6.88%

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future amortization of acquisition related intangible assets
Intangible lease assets, net	$ 3,948	$ 4,461
Acquired above-market leases
Future amortization of acquisition related intangible assets
2024	6
2025	1
2026	0
2027	0
2028	0
Thereafter	0
Intangible lease assets, net	7	16
Acquired in-place Leases
Future amortization of acquisition related intangible assets
2024	373
2025	171
2026	123
2027	123
2028	122
Thereafter	72
Intangible lease assets, net	$ 984	$ 1,488

DERIVATIVES - Interest Rate Cap Derivatives (Details) - Interest Rate Cap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 28, 2023
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Outstanding Notional Amount	$ 87,000	$ 79,600
Fair Value of Assets	$ 491	$ 1,200
Secured Overnight Financing Rate (SOFR)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	4.50%

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible assets:
Intangible assets, net	$ 3,948	$ 4,461
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $0 and $22, respectively, with an average useful life of 0 and 1 years, respectively	0	20
Acquired Below Market Leases
Intangible lease liabilities:
Acquired below-market leases, accumulated amortization	$ 0	$ 22
Acquired finite lived intangible lease liabilities average useful life	0 years	1 year
Acquired below-market leases, net of accumulated amortization of $0 and $22, respectively, with an average useful life of 0 and 1 years, respectively	$ 0	$ 20
Acquired in-place Leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 4,821	$ 7,795
Acquired finite lived intangible lease assets average useful life	6 years	8 years
Intangible assets, net	$ 984	$ 1,488
Acquired above-market leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 30	$ 39
Acquired finite lived intangible lease assets average useful life	7 years	7 years
Intangible assets, net	$ 7	$ 16
Trade name and license
Intangible assets:
Intangible assets, net	$ 2,957	$ 2,957

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - 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%

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Mar. 21, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	5956 Sherry Lane
Entity Address, Address Line Two	Suite 700,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 58.0
Entity Common Stock, Shares Outstanding		22,786,741
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 2024 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than April 30, 2024.
Entity Central Index Key	0000908311
Amendment Flag	false
Document Fiscal Year Focus	2023
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

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Cap Derivatives

The following table summarizes the terms of the Company’s interest rate cap agreement as of December 31, 2023 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets as of

Balance Sheet

Amount as of

Strike

Effective

Maturity

December 31,

Location

December 31, 2023

Rates (1)

Date

2023

Interest Rate Cap

Other assets

87,000

4.5%

5/03/2023

7/07/2025

491

____________________________________

(1)The index used for the Company’s interest rate cap agreement is 1-Month Term SOFR.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 704,762	$ 502,006
Investments in unconsolidated entities	33,505	12,381
Cash and cash equivalents	19,290	46,190
Restricted cash	24,938	11,290
Loans receivable, net (Note 5)	57,005	62,547
Accounts receivable, net	5,347	3,780
Deferred rent receivable and charges, net	28,222	37,543
Other intangible assets, net	3,948	4,461
Other assets	14,183	10,050
TOTAL ASSETS	891,200	690,248
LIABILITIES:
Debt, net	471,561	184,267
Accounts payable and accrued expenses	26,426	107,220
Intangible liabilities, net	0	20
Due to related parties	3,463	3,155
Other liabilities	12,981	17,856
Total liabilities	514,431	312,518
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 34,611,501 and 35,438,752 shares authorized as of December 31, 2023 and December 31, 2022, respectively; no shares issued and outstanding as of December 31, 2023 and 693,741 shares issued and outstanding as of December 31, 2022; liquidation preference of $25.00 per share, subject to adjustment	0	15,697
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 22,786,741 and 22,737,853 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	23	23
Additional paid-in capital	852,476	861,721
Distributions in excess of earnings	(921,925)	(837,846)
Total stockholders’ equity	374,403	361,660
Noncontrolling interests	2,366	373
Total equity	376,769	362,033
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	891,200	690,248
Series A Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	185,704	189,048
Series A1 Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	256,935	147,514
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 1,190	$ 1,200

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	7.83% - 11.00%	4.88% - 17.50%	11.00% - 11.25%	5.00% - 17.00%
SBA 7(a) loans receivable, subject to loan-backed notes	10.00% - 11.00%	4.88% - 17.50%	N/A	N/A
SBA 7(a) loans receivable, subject to secured borrowings	10.00% - 10.50%	5.00% - 17.50%	11.00% - 11.25%	5.00% - 17.00%

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, 2023				December 31, 2022
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, subject to loan-backed notes	$	43,263	$	46,701	$	—	$	—	3
SBA 7(a) loans receivable, subject to credit risk	$	10,539	$	10,482	$	56,237	$	58,432	3
SBA 7(a) loans receivable, subject to secured borrowings	$	3,105	$	3,105	$	6,158	$	6,237	3
SBA 7(a) loans receivable, held for sale	$	98	$	82	$	152	$	126	3
Liabilities:
Mortgages payable (1)	$	163,700	$	158,529	$	97,100	$	90,002	2, 3
Junior subordinated notes (1)	$	27,070	$	24,667	$	27,070	$	25,067	3

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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Temporary equity, par value (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	34,611,501	35,438,752
Temporary equity, shares issued (in shares)	0	693,741
Temporary equity, shares outstanding (in shares)	0	693,741
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)	22,786,741	22,737,853
Common stock, outstanding shares (in shares)	22,786,741	22,737,853
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	34,611,501	35,438,752
Preferred stock, shares issued (in shares)	8,820,338	8,126,597
Preferred stock, shares outstanding (in shares)	7,431,839	7,565,349
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series A1 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	27,904,974	27,990,070
Preferred stock, shares issued (in shares)	10,473,369	5,966,077
Preferred stock, shares outstanding (in shares)	10,378,343	5,956,147
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	26,991,590	26,992,000
Preferred stock, shares issued (in shares)	56,857	56,857
Preferred stock, shares outstanding (in shares)	48,447	48,857
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Reserve for uncertain tax positions	$ 0	$ 0
TRS
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 2,619,000

DEBT - 2022 Revolving Credit Facility Narrative (Details)	1 Months Ended
	Dec. 31, 2022 USD ($) hotel office_property extension	Dec. 31, 2023 USD ($) hotel
Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel		1
Line of Credit \| 2022 credit facility revolver
Debt Instrument [Line Items]
Effective interest rate		7.96%
Number of extension option \| extension	2
Extension option, term	1 year
Extension fee percentage	0.15%
Line of Credit \| 2022 credit facility term loan \| 2022 credit facility revolver
Debt Instrument [Line Items]
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 \| Revolving Credit Facility \| 2022 credit facility revolver
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Amount available for future borrowings	$ 150,000,000	$ 53,000,000
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 \| 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 \| Secured Overnight Financing Rate (SOFR) \| 2022 credit facility revolver
Debt Instrument [Line Items]
Interest rate margin	2.60%

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 29, 2020	Jun. 28, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants	$ 10,400
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	35
Reclassification to deferred rent receivable and charges	$ 13
Preferred stock, shares outstanding (in shares)	48,447	48,857
Preferred stock, shares redeemed (in shares)	8,410
Series D Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)				$ 24.50	$ 25.00

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Investments in Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in Real Estate
Impairment of real estate	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

DEBT - Debt Activity (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Debt Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt [Roll Forward]
Long-term debt, beginning balance	$ 184,267
Repayments	(281,319)
Accretion & (Amortization)	2,286	$ 1,066
Amortization of debt discount (premium)	(59)	48
Accretion & (Amortization)	1,483
Net proceeds	567,130
Long-term debt, ending balance	471,561	184,267
Outstanding, ending balance	475,401
Mortgages Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Deferred debt origination costs — other	(954)	(94)
Long-term debt, beginning balance	97,006
Debt Issuances & Assumptions	249,200
Payments of debt issuances & assumptions	(1,899)
Repayments	(95,600)
Accretion & (Amortization)	1,039
Net proceeds	247,301
Long-term debt, ending balance	249,746	97,006
Outstanding, ending balance	250,700	97,100
Mortgages Payable \| Fixed Rate Mortgage Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Debt Issuances & Assumptions	66,600
Repayments	0
Outstanding, ending balance	163,700	97,100
Mortgages Payable \| Variable Rate Mortgages Payable
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	182,600
Repayments	(95,600)
Outstanding, ending balance	87,000	0
Secured Borrowings Principal
Debt [Roll Forward]
Outstanding, beginning balance	5,979
Long-term debt, beginning balance	6,237
Premiums (discounts), beginning balance	258
Repayments	(2,972)
Amortization of debt discount (premium)	(158)
Premiums (discounts), ending balance	100	258
Long-term debt, ending balance	3,107	6,237
Outstanding, ending balance	3,007	5,979
Other Debt
Debt [Roll Forward]
Long-term debt, beginning balance	81,024
Repayments	(182,747)
Accretion & (Amortization)	602
Net proceeds	319,829
Long-term debt, ending balance	218,708	81,024
Outstanding, ending balance	68,464
Line of Credit
Debt [Roll Forward]
Outstanding, ending balance	153,200
Line of Credit \| Revolving Credit Facility
Debt [Roll Forward]
Outstanding, ending balance	153,230
Line of Credit \| Revolving Credit Facility \| 2022 credit facility revolver
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	267,000
Repayments	(170,000)
Outstanding, ending balance	97,000	0
Line of Credit \| 2022 credit facility term loan
Debt [Roll Forward]
Outstanding, beginning balance	56,230
Debt Issuances & Assumptions	0
Repayments	0
Outstanding, ending balance	56,230	56,230
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,497)
Debt Issuances & Assumptions	0
Repayments	0
Accretion & (Amortization)	99
Premiums (discounts), ending balance	(1,398)	(1,497)
Outstanding, ending balance	27,070	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	54,141
Repayments	(12,747)
Outstanding, ending balance	41,394	0
Deferred debt issuance costs — other
Debt [Roll Forward]
Deferred debt origination costs — other	(1,588)	$ (779)
Payments of debt issuances & assumptions	(1,312)
Accretion & (Amortization)	$ 503

INVESTMENT IN UNCONSOLIDATED ENTITIES

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED ENTITIES

4. INVESTMENT IN UNCONSOLIDATED ENTITIES

The following table details the Company’s equity method investments in the Unconsolidated Joint Venture. See 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, 2023

December 31, 2022

1910 Sunset Boulevard (1)

Office / Multifamily (Development)

Los Angeles, CA

February 11, 2022

44.2%

12,040

12,381

4750 Wilshire Boulevard (2)

Office / Multifamily (Development)

Los Angeles, CA

February 17, 2023

20.0%

9,119

—

1902 Park Avenue (3)

Multifamily

Los Angeles, CA

February 28, 2023

50.0%

7,082

—

1015 N Mansfield Avenue (4)

Office (Development)

Los Angeles, CA

October 10, 2023

28.8%

5,264

—

Total investments in unconsolidated entities

33,505

12,381

______________________

(1)1910 Sunset Boulevard is an office building with 104,764 square feet of office space and 2,760 square feet of retail space. The plan for the property is to undertake a capital improvement program to renovate and modernize the building into creative office space and to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building, for which the 1910 Sunset JV has received all necessary entitlements.

(2)4750 Wilshire Boulevard is a three-story office building with 30,335 square feet of office space located on the first floor. The remainder of the building is being converted into for-lease multifamily units.

(3)1902 Park Avenue is a 75-unit four-story multifamily building.

(4)1015 N Mansfield Avenue is an office building with a 44,141 square foot site area and a parking garage. The site is being evaluated for different development options, including creative office or other commercial space.

1910 Sunset Boulevard— In February 2022, the Company invested in a joint venture (the “1910 Sunset JV”) with a CIM-managed separate account (the “1910 Sunset JV Partner) to purchase an office property at 1910 Sunset Boulevard in Los Angeles, California along with an adjacent vacant land parcel at 1915 Park Avenue, for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the 1910 Sunset JV Partner initially contributed the remaining balance. In September 2022, the 1910 Sunset JV obtained financing through a mortgage loan of $23.9 million secured by the office property (the “1910 Sunset Mortgage Loan”). The Company provided a limited guarantee to the lender under the 1910 Sunset Mortgage Loan.

The Company recorded a loss of $2.4 million related to its investment in the 1910 Sunset JV during the year ended December 31, 2023 and income of $164,000 during the year ended December 31, 2022 in the consolidated statements of operations. The Company’s investment in the 1910 Sunset JV was $12.0 million and its ownership percentage remained unchanged as of December 31, 2023.

4750 Wilshire Boulevard— In February 2023, three co-investors (the “4750 Wilshire JV Partners”) acquired an 80% interest in a property owned by a subsidiary of the Company located at 4750 Wilshire Boulevard in Los Angeles, California (“4750 Wilshire”) for a gross sales price of $34.4 million (excluding transaction costs). The Company retained a 20% interest in 4750 Wilshire through a joint venture arrangement between the Company and the 4750 Wilshire JV Partners (the “4750 Wilshire JV”). The 4750 Wilshire JV is converting two of the three floors of 4750 Wilshire from office-use into for-lease multifamily units, with the first floor of 4750 Wilshire continuing to function as 30,335 square feet of office space. 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 4750 Wilshire JV Partners and a third-party construction loan secured by 4750 Wilshire, which closed in March 2023 and that allows for total draws of $38.5 million (the “4750 Wilshire Construction Loan”). The Company provided

a limited guarantee to the lender under the 4750 Wilshire Construction Loan. Pursuant to the co-investment agreement, the 4750 Wilshire JV pays an ongoing management fee to the Company. In addition, the Company may earn incentive fees based on the performance of 4750 Wilshire after the conversion.

The Company recorded income of $1.8 million related to its investment in the 4750 Wilshire JV during the year ended December 31, 2023 in the consolidated statements of operations. The Company’s investment in the 4750 Wilshire JV was $9.1 million and its ownership percentage remained unchanged at 20% as of December 31, 2023.

1902 Park Avenue— In February 2023, the Company and a CIM-managed interval fund (the “1902 Park JV Partner”) purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million (excluding transaction costs) (the “1902 Park JV”). The Company owns 50% of the 1902 Park JV. In connection with the closing of this transaction in February 2023, the 1902 Park JV obtained financing through a mortgage loan of $9.6 million secured by the multifamily property (the “1902 Park Mortgage Loan”). The Company provided a limited guarantee to the lender under the 1902 Park Mortgage Loan.

The Company recorded income of $156,000 related to its investment in the 1902 Park JV during the year ended December 31, 2023 in the consolidated statements of operations. The Company’s investment in the 1902 Park JV was $7.1 million as of December 31, 2023.

1015 N Mansfield Avenue— In October, 2023, the Company and a co-investor affiliated with CIM Group (the “1015 N Mansfield JV Partner”) acquired from an unrelated third party a 100% fee-simple interest in a plot of land located in the Sycamore media district of Los Angeles, California for a gross purchase price of $18.0 million (excluding transaction costs) (the “1015 N Mansfield JV”). The property has a site area of approximately 44,141 square feet and contains a parking garage that has been leased to a third party tenant. The site is being evaluated for different creative office or other commercial space development options. The Company owns 28.8% of the 1015 N Mansfield JV.

The Company recorded income of $13,000 related to its investment in the 1015 N Mansfield JV during the year ended December 31, 2023 in the consolidated statements of operations. The Company’s investment in the 1015 N Mansfield JV was $5.3 million as of December 31, 2023.

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) officer	Dec. 31, 2022 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments and approvals to fund loans	$ 12,600
Future obligations under leases to fund tenant improvements and in other future construction obligation	5,000
Restricted cash	24,938	$ 11,290
SBA 7(a) Loans \| Government guaranteed portions
Commitment and Contingencies [Line Items]
Aggregate amount serviced	$ 236,800
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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Schedule of Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred rent receivable	$ 14,757	$ 20,949
Deferred leasing costs, net of accumulated amortization of $10,483 and $9,637, respectively	6,613	8,319
Deferred offering costs	4,925	5,664
Deferred financing costs, net of accumulated amortization of $764 and $30, respectively	1,436	2,120
Other deferred costs	491	491
Deferred rent receivable and charges, net	28,222	37,543
Deferred leasing costs, accumulated amortization	10,483	9,637
Deferred loan costs, accumulated amortization	$ 764	$ 30

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Mar. 31, 2023	Jan. 01, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in credit losses		$ 124
Write-offs	$ 85	85
Loan loss reserves	$ 1,713	1,680	$ 1,106	$ 1,704	$ 1,940
Loans receivable, net (Note 5)		$ 57,005	62,547
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan loss reserves			$ 783
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2) \| Distributions in Excess of Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve transition gross						$ 783
CECL reserve transition, deferred tax asset						$ 164
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, percent current		99.30%	98.40%
SBA 7(a) loans receivable, subject to credit risk \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net (Note 5)		$ 1,300	$ 1,000
Accounts Receivable \| Customer Concentration Risk \| Hospitality Industry
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk		100.00%	99.90%

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended				12 Months Ended
	Sep. 15, 2022	Nov. 21, 2017	Jan. 31, 2023	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Repurchase of common stock (in shares)				587,714	33,374	41,374	662,462
Redeemable preferred stock redemptions							$ 1,511	$ 13,126
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		8,080,740
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37	$ 28.37
Gross proceeds from sale of preferred stock		$ 229,300
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	$ 700		$ 93
Stock repurchase program, price per share (in usd per share)	$ 0.29		$ 0.03
Cost of shares repurchased	$ 70,100		$ 83,800
Redeemable preferred stock redemptions	$ 4,800
Purchase price (in usd per share)							$ 2.65

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 250,700
Initial Cost
Land	175,715
Building and Improvements	641,436
Net Improvements (Write-Offs) Since Acquisition	51,727
Gross Amount at Which Carried
Land	175,715
Building and Improvements	693,163
Investments in real estate	868,878	$ 660,413
Accumulated Depreciation	164,116	$ 158,407	$ 144,718
Other disclosures
Outstanding balance	475,401
Federal tax cost basis (unaudited)	956,900
Line of Credit
Other disclosures
Outstanding balance	153,200
Office Building \| 3601 S Congress Avenue Austin, TX
Initial Cost
Land	9,569
Building and Improvements	18,593
Net Improvements (Write-Offs) Since Acquisition	14,976
Gross Amount at Which Carried
Land	9,569
Building and Improvements	33,569
Investments in real estate	43,138
Accumulated Depreciation	10,468
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	14,353
Gross Amount at Which Carried
Land	9,261
Building and Improvements	127,972
Investments in real estate	137,233
Accumulated Depreciation	54,338
Office Building \| 2 Kaiser Plaza Parking Lot Oakland, CA
Initial Cost
Land	10,931
Building and Improvements	110
Net Improvements (Write-Offs) Since Acquisition	3,624
Gross Amount at Which Carried
Land	10,931
Building and Improvements	3,734
Investments in real estate	14,665
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	2,780
Gross Amount at Which Carried
Land	3,477
Building and Improvements	21,302
Investments in real estate	24,779
Accumulated Depreciation	7,902
Office Building \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672
Building and Improvements	51,999
Net Improvements (Write-Offs) Since Acquisition	8,214
Gross Amount at Which Carried
Land	7,672
Building and Improvements	60,213
Investments in real estate	67,885
Accumulated Depreciation	21,902
Office Building \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	4,000
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	172
Gross Amount at Which Carried
Land	4,000
Building and Improvements	172
Investments in real estate	4,172
Accumulated Depreciation	0
Office Building \| Lindblade Media Center Los Angeles, CA
Initial Cost
Land	6,341
Building and Improvements	11,568
Net Improvements (Write-Offs) Since Acquisition	721
Gross Amount at Which Carried
Land	6,341
Building and Improvements	12,289
Investments in real estate	18,630
Accumulated Depreciation	3,136
Office Building \| 1037 N Sycamore Los Angeles, CA
Initial Cost
Land	1,839
Building and Improvements	1,094
Net Improvements (Write-Offs) Since Acquisition	130
Gross Amount at Which Carried
Land	1,839
Building and Improvements	1,224
Investments in real estate	3,063
Accumulated Depreciation	81
Office Building \| 1130 Howard Street San Francisco, CA
Initial Cost
Land	8,290
Building and Improvements	10,480
Net Improvements (Write-Offs) Since Acquisition	(49)
Gross Amount at Which Carried
Land	8,290
Building and Improvements	10,431
Investments in real estate	18,721
Accumulated Depreciation	1,706
Office Building \| 9460 Wilshire Boulevard Los Angeles, CA
Initial Cost
Land	52,199
Building and Improvements	76,730
Net Improvements (Write-Offs) Since Acquisition	3,038
Gross Amount at Which Carried
Land	52,199
Building and Improvements	79,768
Investments in real estate	131,967
Accumulated Depreciation	12,677
Office Building \| 1021 East 7th Street, Austin, TX
Initial Cost
Land	4,979
Building and Improvements	733
Net Improvements (Write-Offs) Since Acquisition	(188)
Gross Amount at Which Carried
Land	4,979
Building and Improvements	545
Investments in real estate	5,524
Accumulated Depreciation	112
Office Building \| 3101 S Western Avenue Los Angeles, CA
Initial Cost
Land	2,279
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	1,091
Gross Amount at Which Carried
Land	2,279
Building and Improvements	1,091
Investments in real estate	3,370
Accumulated Depreciation	0
Office Building \| 3022 S Western Avenue Los Angeles, CA
Initial Cost
Land	5,638
Building and Improvements	156
Net Improvements (Write-Offs) Since Acquisition	716
Gross Amount at Which Carried
Land	5,638
Building and Improvements	872
Investments in real estate	6,510
Accumulated Depreciation	12
Office Building \| 1007 E 7th Street Austin, TX
Initial Cost
Land	1,866
Building and Improvements	6
Net Improvements (Write-Offs) Since Acquisition	264
Gross Amount at Which Carried
Land	1,866
Building and Improvements	270
Investments in real estate	2,136
Accumulated Depreciation	0
Office Building \| 3109 S Western Avenue Los Angeles, CA
Initial Cost
Land	712
Building and Improvements	2
Net Improvements (Write-Offs) Since Acquisition	117
Gross Amount at Which Carried
Land	712
Building and Improvements	119
Investments in real estate	831
Accumulated Depreciation	0
Office Building \| Channel House Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	87,000
Initial Cost
Land	17,214
Building and Improvements	103,553
Net Improvements (Write-Offs) Since Acquisition	214
Gross Amount at Which Carried
Land	17,214
Building and Improvements	103,767
Investments in real estate	120,981
Accumulated Depreciation	2,934
Office Building \| 1150 Clay Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	66,600
Initial Cost
Land	16,643
Building and Improvements	115,828
Net Improvements (Write-Offs) Since Acquisition	288
Gross Amount at Which Carried
Land	16,643
Building and Improvements	116,116
Investments in real estate	132,759
Accumulated Depreciation	2,968
Office Building \| F3 Land Site, Oakland, CA
Initial Cost
Land	251
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	31
Gross Amount at Which Carried
Land	251
Building and Improvements	31
Investments in real estate	282
Accumulated Depreciation	0
Office Building \| 466 Water Street Land Site, Oakland, CA
Initial Cost
Land	2,505
Building and Improvements	0
Net Improvements (Write-Offs) Since Acquisition	95
Gross Amount at Which Carried
Land	2,505
Building and Improvements	95
Investments in real estate	2,600
Accumulated Depreciation	0
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,498
Building and Improvements	107,447
Net Improvements (Write-Offs) Since Acquisition	818
Gross Amount at Which Carried
Land	3,498
Building and Improvements	108,265
Investments in real estate	111,763
Accumulated Depreciation	41,538
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
Initial Cost
Land	6,551
Building and Improvements	10,996
Net Improvements (Write-Offs) Since Acquisition	322
Gross Amount at Which Carried
Land	6,551
Building and Improvements	11,318
Investments in real estate	17,869
Accumulated Depreciation	$ 4,342

DERIVATIVES

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

8. DERIVATIVES

In the ordinary course of business, the Company may use certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2023, the Company entered into two interest rate cap agreements in connection with the assumption of two mortgage loans.

On December 28, 2023, the Company terminated one of its interest rate cap agreements with a value of $1.2 million and an outstanding notional amount of $79.6 million. In connection with the termination of the interest rate cap agreement, a realized loss of $1.1 million was recorded as a change to interest expense on the accompanying consolidated statements of operations and a receivable of $1.2 million was recorded in accounts receivable, net on the accompanying consolidated balance sheet and which was paid in January 2024.

The following table summarizes the terms of the Company’s interest rate cap agreement as of December 31, 2023 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets as of

Balance Sheet

Amount as of

Strike

Effective

Maturity

December 31,

Location

December 31, 2023

Rates (1)

Date

2023

Interest Rate Cap

Other assets

87,000

4.5%

5/03/2023

7/07/2025

491

____________________________________

(1)The index used for the Company’s interest rate cap agreement is 1-Month Term SOFR.

Additional disclosures related to the fair value of the Company’s derivative instrument are included in Note 13. The notional amount under the derivative instrument is an indication of the extent of the Company’s involvement in such instrument but does not represent exposure to credit, interest rate or market risks.

Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. During the year ended December 31, 2023, the Company recorded an unrealized loss of $539,000, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate caps.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) - property	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Number of types of commercial real estate properties	3	2

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Equity Investments in Unconsolidated Entities (Details) $ in Thousands	Dec. 31, 2023 USD ($) ft² unit	Feb. 28, 2023 ft²	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 33,505		$ 12,381
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	44.20%
Investments in unconsolidated entities	$ 12,040		12,381
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²	104,764
1910 Sunset Boulevard \| Retail Site
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²	2,760
1910 Sunset Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Units \| unit	36
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	20.00%
Investments in unconsolidated entities	$ 9,119		0
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²	30,335	30,335
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%
Investments in unconsolidated entities	$ 7,082		0
1902 Park Avenue \| Multifamily
Schedule of Equity Method Investments [Line Items]
Units \| unit	75
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	28.80%
Investments in unconsolidated entities	$ 5,264		$ 0
1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Square Feet \| ft²	44,141

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

18. SEGMENT DISCLOSURE

The Company’s reportable segments during the year ended December 31, 2023 consist of three types of commercial real estate properties, namely office, hotel and multifamily, as well as a segment for the Company’s lending business. The Company’s reportable segments during the year ended December 31, 2022 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, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Office:
Revenues	$	55,033	$	55,928
Property expenses:
Operating	25,731		26,537
General and administrative	344		225
Total property expenses	26,075		26,762
(Loss) income from unconsolidated entities	(582)		164
Segment net operating income—office	28,376		29,330
Hotel:
Revenues	41,096		35,213
Property expenses:
Operating	27,959		23,989
General and administrative	33		110
Total property expenses	27,992		24,099
Segment net operating income—hotel	13,104		11,114
Multifamily:
Revenues	11,224		—
Property expenses:
Operating	8,803		—
General and administrative	661		—
Total property expenses	9,464		—
Income from unconsolidated entity	155
Segment net operating income—multifamily	1,915		—
Lending:
Revenues	11,458		10,765
Lending expenses:
Interest expense	3,692		552
Expense reimbursements to related parties—lending segment	2,579		1,929
General and administrative	1,628		1,904
Total lending expenses	7,899		4,385
Segment net operating income—lending	3,559		6,380
Total segment net operating income	$	46,954	$	46,824

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Total segment net operating income	$	46,954	$	46,824
Interest and other income	447		—
Asset management and other fees to related parties	(2,627)		(3,570)
Expense reimbursements to related parties—corporate	(2,342)		(1,925)
Interest expense	(31,406)		(9,052)
General and administrative	(5,453)		(4,630)
Transaction costs	(4,421)		(223)
Depreciation and amortization	(52,484)		(20,348)


Gain on sale of real estate	1,104		—
(Loss) income before provision for income taxes	(50,228)		7,076
Provision for income taxes	(1,228)		(1,131)
Net (loss) income	(51,456)		5,945
Net loss (income) attributable to noncontrolling interests	2,971		(27)
Net (loss) income attributable to the Company	$	(48,485)	$	5,918

The condensed assets for each of the segments as of December 31, 2023 and 2022, along with capital expenditures and loan originations for the years ended December 31, 2023 and 2022 are as follows:


	December 31,
	2023		2022
	(in thousands)
Condensed assets:
Office	$	419,443	$	471,677
Hotel	95,998		99,082
Multifamily	278,492		—
Lending	76,374		76,148
Non-segment assets	20,893		43,341
Total assets	$	891,200	$	690,248


	Year Ended December 31,
	2023		2022
	(in thousands)
Capital expenditures (1) and loan originations:
Office	$	7,395	$	9,094
Hotel	2,098		414
Multifamily	1,476		—
Total capital expenditures	10,969		9,508
Loan originations	45,188		40,619
Total capital expenditures and loan originations	$	56,157	$	50,127

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

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, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (75,727)	$ (25,785)
Redeemable preferred stock dividends declared on dilutive shares	0	(9)
Diluted net loss attributable to common stockholders	$ (75,727)	$ (25,794)
Denominator:
Basic weighted average shares of common stock outstanding (in shares)	22,723	23,153
Effect of dilutive securities—contingently issuable shares (in shares)	0	1
Diluted weighted average shares and common stock equivalents outstanding (in shares)	22,723	23,154
Net loss attributable to common stockholders per share:
Basic (in usd per share)	$ (3.33)	$ (1.11)
Diluted (in usd per share)	$ (3.33)	$ (1.11)

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, is as follows:


	As of December 31,
	2023		2022
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $4,821 and $7,795, respectively, with an average useful life of 6 and 8 years, respectively	$	984	$	1,488
Acquired above-market leases, net of accumulated amortization of $30 and $39, respectively, both with an average useful life of 7 years	7		16
Trade name and license	2,957		2,957
Total intangible assets, net	$	3,948	$	4,461
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $0 and $22, respectively, with an average useful life of 0 and 1 years, respectively	$	—	$	20

Schedule of Amortization of Acquired Leases

During the years ended December 31, 2023 and 2022, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Acquired above-market lease amortization	$	80	$	12
Acquired in-place lease amortization	$	27,714	$	846
Acquired below-market lease amortization	$	243	$	254

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, 2023, is as follows:


	Assets
	Acquired		Acquired
	Above-Market		In-Place
Years Ending December 31,	Leases		Leases
	(in thousands)
2024	$	6	$	373
2025	1		171
2026	—		123
2027	—		123
2028	—		122
Thereafter	—		72
	$	7	$	984

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation plans
Award vesting period	1 year
Stock-based compensation expense	$ 183	$ 202
Unrecognized compensation expense	$ 128

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(i)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

LOANS RECEIVABLE

5. LOANS RECEIVABLE

Loans receivable consist of the following:


	December 31,
	2023		2022
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	10,393	$	56,116
SBA 7(a) loans receivable, subject to loan-backed notes	43,983		—

SBA 7(a) loans receivable, subject to secured borrowings	3,105		6,127
SBA 7(a) loans receivable, held for sale	74		117
Loans receivable	57,555		62,360
Deferred capitalized costs, net	1,130		1,293
Current expected credit losses (1)	(1,680)		(1,106)
Loans receivable, net	$	57,005	$	62,547

____________________

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, 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.

Current Expected Credit Losses

Current expected credit losses (“CECL”) reflect the Company’s current estimate of potential credit losses related to loans receivable included in the Company’s consolidated balance sheets as of December 31, 2023 pursuant to ASU 2016-13 as implemented effective January 1, 2023. Refer to Note 2 for further discussion of CECL.

The following table presents the activity in the Company’s current expected credit losses for the year ended December 31, 2023 (dollar amounts in thousands):


	Loans Receivable
Allowance for credit losses as of December 31, 2022	$	1,106
Transition adjustment on January 1, 2023	783
Net adjustment to reserve for expected credit losses	51
Current expected credit losses as of March 31, 2023	1,940
Write-offs	(85)
Net adjustment to reserve for expected credit losses	(142)
Current expected credit losses as of June 30, 2023	1,713

Net adjustment to reserve for expected credit losses	(9)
Current expected credit losses as of September 30, 2023	1,704
Net adjustment to reserve for expected credit losses	(24)
Current expected credit losses as of December 31, 2023	$	1,680

The Company’s initial estimate of its current expected credit losses against the loans receivable of $783,000, net of a $164,000 deferred tax asset, was recorded on January 1, 2023 directly to distributions in excess of earnings on the Company’s consolidated statements of equity. Subsequent changes to the allowance for credit losses are recognized through net income on the Company’s consolidated statements of operations. During the year ended December 31, 2023, the Company recorded a decrease of $124,000 in its current expected credit losses related to its loans receivable, which was recorded in general and administrative expenses in the consolidated statement of operations, and recorded a decrease due to write-offs of $85,000 during the year ended December 31, 2023, bringing the total current expected credit loss to $1.7 million as of December 31, 2023.

Risk Ratings

As further described in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies, the Company evaluates its loans receivable portfolio on a quarterly basis. Each quarter, the Company assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, loan and credit structure, current LTV ratio, debt yield, collateral performance, and the quality and condition of the sponsor, borrower, and guarantor(s). Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies.

The Company’s primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company’s loans receivable portfolio as of December 31, 2023 by year of origination, loan type, and risk rating (dollar amounts in thousands):


		Amortized Cost of Loans Receivable by Year of Origination As of December 31, 2023
	Number of Loans	2023		2022		2021		2020		2019		Prior		Total
Loans by internal risk rating:
1	120	$	3,479	$	6,073	$	10,117	$	3,445	$	3,697	$	9,475	$	36,286
2	48	6,532		2,294		1,138		2,159		1,492		4,377		17,992
3	1	—		—		—		—		—		172		172
4	—	—		—		—		—		—		—		—
5	—	—		—		—		—		—		—		—
Total	169	$	10,011	$	8,367	$	11,255	$	5,604	$	5,189	$	14,024	$	54,450
Plus: SBA 7(a) loans receivable, subject to secured borrowings (1)														3,105
Plus: Deferred capitalized costs, net														1,130
Less: Current expected credit losses														(1,680)
Total loans receivable, net														$	57,005

Weighted average risk rating														1.3

____________________

Other

As of December 31, 2023 and 2022, the Company’s loans subject to credit risk were 100.0% and 99.9%, respectively, concentrated in the hospitality industry. As of December 31, 2023 and 2022, 99.3% and 98.4%, 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, 2023 and 2022, $1.3 million and $1.0 million, respectively, of loans subject to credit risk were classified in substandard categories.

OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, is as follows:


	As of December 31,
	2023		2022
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $4,821 and $7,795, respectively, with an average useful life of 6 and 8 years, respectively	$	984	$	1,488
Acquired above-market leases, net of accumulated amortization of $30 and $39, respectively, both with an average useful life of 7 years	7		16
Trade name and license	2,957		2,957
Total intangible assets, net	$	3,948	$	4,461
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $0 and $22, respectively, with an average useful life of 0 and 1 years, respectively	$	—	$	20

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, 2023 and 2022, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Acquired above-market lease amortization	$	80	$	12
Acquired in-place lease amortization	$	27,714	$	846
Acquired below-market lease amortization	$	243	$	254

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2023, is as follows:


	Assets
	Acquired		Acquired
	Above-Market		In-Place
Years Ending December 31,	Leases		Leases
	(in thousands)
2024	$	6	$	373
2025	1		171
2026	—		123
2027	—		123
2028	—		122
Thereafter	—		72
	$	7	$	984

INCOME TAXES - Reconciliation of Net Income to REIT Taxable Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Income from continuing operations before income taxes for TRSs	$ (50,228)	$ 7,076
Income tax provision	1,228	1,131
TRS
Income Tax Contingency [Line Items]
Income from continuing operations before income taxes for TRSs	4,711	6,128
Expected federal income tax provision	989	1,287
State income taxes	44	43
Change in valuation allowance	(2,619)	300
Other	2,814	(499)
Income tax provision	$ 1,228	$ 1,131

- 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
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

INCOME TAXES - Components of Net Deferred Tax Asset (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 44	$ 2,664
Secured borrowings—government guaranteed loans	21	54
Other	232	145
Total gross deferred tax assets	297	2,863
Valuation allowance	(52)	(2,670)
Deferred tax asset, net of valuation allowance	245	193
Deferred tax liabilities:
Loans receivable	0	(71)
Deferred tax liabilities	0	(71)
Deferred tax asset, net	$ 245	$ 122

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

12 Months Ended

Dec. 31, 2023

14. RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

Asset Management and Other Fees to Related Parties

Asset Management Fees; Administrative Fees and Expenses—CIM Urban Partners, L.P., a wholly owned subsidiary of the Company, and CIM Capital, LLC, an affiliate of 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.

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).


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, 2023 and 2022, 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 Company will also reimburse the Administrator for the Company’s share of broken deal expenses that are incurred by the Administrator and its affiliates (i.e., fees and expenses relating to investments that were contemplated but the Company did not make and/or transactions that could have been executed by the Company but that the Company did not consummate, including fees and expenses associated with performing due diligence review and negotiating the terms of such investments or transactions). 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 Group, provide property management, leasing, and development services to properties owned by the Company. Property management fees earned by the CIM Management entities and onsite management costs incurred 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 and development management reimbursements 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 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,
	2023		2022
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	2,627	$	3,570
Property Management Fees and Reimbursements:
Property management fees(2)	$	2,107	$	1,747
Onsite management and other cost reimbursement(3)	$	5,794	$	2,838
Leasing commissions(4)	$	101	$	794
Construction management fees(5)	$	308	$	398
Development management reimbursements(6)	$	1,321	$	—
Administrative Fees and Expenses:

Expense reimbursements to related parties - corporate	$	2,342	$	1,925
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (7)	$	2,579	$	1,929
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (8)	$	1,391	$	1,996
Non-issuance specific offering costs (9)	$	623	$	689

(1)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 Ventures of $78,000 and $40,000 for the years ended December 31, 2023 and 2022, respectively.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $32,000 and $4,000 for the year ended December 31, 2023 and 2022, respectively.

(6)Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $481,000 for the year ended December 31, 2023.

(8)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, 2023 and 2022, due to related parties consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Asset management fees	$	555	$	812
Property management fees and reimbursements	1,505		1,214
Expense reimbursements - corporate	613		466
Expense reimbursements - lending segment	156		124
Upfront dealer manager and trailing dealer manager fees	283		454
Non-issuance specific offering costs	61		17
Other amounts due to the CIM Management Entities and certain of its affiliates	290		68
Total due to related parties	$	3,463	$	3,155

Investments with Affiliates of CIM Group

In February 2022, the Company invested with the 1910 Sunset JV Partner, a CIM-managed separate account, in the 1910 Sunset JV 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 1910 Sunset JV Partner initially contributed the remaining balance. See Note 2 and Note 4 for more information.

In February 2023, the Company and the 1902 Park JV Partner invested in the 1902 Park JV, which purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million. The Company owns 50% of the 1902 Park JV. In connection with the closing in February 2023, the 1902 Park JV obtained financing of $9.6 million through the 1902 Park Mortgage Loan. The Company and the 1902 Park JV Partner both initially contributed $6.6 million to the 1902 Park JV. See Note 2 and Note 4 for more information.

In October 2023, the Company and the 1015 N Mansfield JV Partner acquired from an unrelated third-party a 100% fee-simple interest in a plot of land located in the Sycamore media district of Los Angeles, California for a gross purchase price of $18.0 million (excluding transaction costs). The property has a site area of approximately 44,141 square feet and contains a parking garage that has been leased to a third party tenant. The site is being evaluated for different creative office development options. The Company owns 28.8% of the 1015 N Mansfield JV.

Other

On May 15, 2019, an affiliate of 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 (4750 Wilshire). The lease was amended on August 7, 2019 to reduce the rentable square feet to approximately 30,000 rentable square feet. In February 2023, the Company sold an 80% interest in 4750 Wilshire and now holds its retained 20% interest in the property through the 4750 Wilshire JV. Prior to the sale, for the three months ended March 31, 2023, the Company recorded rental and other property income related to this tenant of $194,000 and for the year ended December 31, 2022, recorded rental and other property income from the tenant of $1.5 million. For the year ended December 31, 2023, the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $170,000.

During the year ended December 31, 2023, the Company acquired an interest in four assets from entities indirectly wholly owned by a fund that is managed by affiliates of CIM Group for $282.9 million (exclusive of transactions costs). See Note 3 and Note 7 for more information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

ORGANIZATION AND OPERATIONS - Narrative (Details)	Dec. 31, 2023 hotel $ / shares shares	Dec. 31, 2022 $ / 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
Hotel
Class of Stock [Line Items]
Number of real estate properties owned \| hotel	1
Series A1 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in Real Estate
Balance, beginning of period	$ 660,413	$ 642,702
Additions:
Improvements	10,969	10,548
Property acquisitions	255,993	10,756
Deductions:
Asset sales	(49,484)	0
Retirements	(9,013)	(3,593)
Balance, end of period	868,878	660,413
Accumulated Depreciation
Balance, beginning of period	(158,407)	(144,718)
Additions: depreciation	(22,384)	(17,282)
Assets held for sale	0	0
Asset sales	7,662	0
Retirements	9,013	3,593
Balance, end of period	$ (164,116)	$ (158,407)

RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Due to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties	$ 3,463	$ 3,155
Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	3,463	3,155
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	555	812
Property management fees and reimbursements \| Affiliated Entity \| C I M Management Entities
Related Party Transaction [Line Items]
Due to related parties	1,505	1,214
Expense reimbursements \| Affiliated Entity \| Corporate, Non-Segment
Related Party Transaction [Line Items]
Due to related parties	613	466
Expense reimbursements \| Affiliated Entity \| Operating Segments
Related Party Transaction [Line Items]
Due to related parties	156	124
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	283	454
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	61	17
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	$ 290	$ 68

LOANS RECEIVABLE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,704	$ 1,713	$ 1,940	$ 1,106	$ 1,106
Write-offs			(85)		(85)
Net adjustment to reserve for expected credit losses	(24)	(9)	(142)	51
Ending balance	$ 1,680	$ 1,704	$ 1,713	1,940	1,680
Transition adjustment on January 1, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance				$ 783	$ 783

- Definition

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

+ References + Details

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

17. 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,
	2023		2022
	(in thousands)
Income from continuing operations before income taxes for TRSs	$	4,711	$	6,128

Expected federal income tax provision	$	989	$	1,287
State income taxes	44		43
Change in valuation allowance	(2,619)		300
Other	2,814		(499)
Income tax provision	$	1,228	$	1,131

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


	December 31,
	2023		2022
	(in thousands)
Deferred tax assets:
Net operating losses	$	44	$	2,664
Secured borrowings—government guaranteed loans	21		54
Other	232		145
Total gross deferred tax assets	297		2,863
Valuation allowance	(52)		(2,670)
	245		193
Deferred tax liabilities:
Loans receivable	—		(71)

	—		(71)
Deferred tax asset, net	$	245	$	122

The net operating loss carryforwards as of December 31, 2023 and 2022 were generated by TRSs and are available to offset future taxable income of these TRSs.

The increase in the valuation allowance recorded in 2023 was $2,619,000.

The periods subject to examination for the Company’s federal and state income tax returns are 2020 through 2023. As of December 31, 2023 and 2022, 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

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+ Details

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

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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


	Year Ended December 31,
	2023		2022
	(in thousands, except per share amounts)
Numerator:
Net loss attributable to common stockholders	$	(75,727)	$	(25,785)
Redeemable preferred stock dividends declared on dilutive shares	—		(9)
Diluted net loss attributable to common stockholders	$	(75,727)	$	(25,794)

Denominator:
Basic weighted average shares of Common Stock outstanding	22,723		23,153
Effect of dilutive securities—contingently issuable shares	—		1
Diluted weighted average shares and common stock equivalents outstanding	22,723		23,154

Net loss attributable to common stockholders per share:
Basic	$	(3.33)	$	(1.11)
Diluted	$	(3.33)	$	(1.11)

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023

December 31, 2022

1910 Sunset Boulevard (1)

Office / Multifamily (Development)

Los Angeles, CA

February 11, 2022

44.2%

12,040

12,381

4750 Wilshire Boulevard (2)

Office / Multifamily (Development)

Los Angeles, CA

February 17, 2023

20.0%

9,119

—

1902 Park Avenue (3)

Multifamily

Los Angeles, CA

February 28, 2023

50.0%

7,082

—

1015 N Mansfield Avenue (4)

Office (Development)

Los Angeles, CA

October 10, 2023

28.8%

5,264

—

Total investments in unconsolidated entities

33,505

12,381

______________________

(3)1902 Park Avenue is a 75-unit four-story multifamily building.

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of December 31, 2023 and 2022, and the debt activity for the year ended December 31, 2023 (in thousands):


			During the Year Ended December 31, 2023
	Balances as of December 31, 2022		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2023
Mortgages Payable:
Fixed rate mortgages payable	$	97,100	$	66,600	$	—	$	—	$	163,700
Variable rate mortgage payable	—		182,600		(95,600)		—		87,000
	97,100		249,200		(95,600)		—		250,700
Deferred debt issuance costs — Mortgages Payable	(94)		(1,899)		—		1,039		(954)
Total Mortgages Payable	97,006		247,301		(95,600)		1,039		249,746
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	5,979		—		(2,972)		—		3,007
Unamortized premiums	258		—		—		(158)		100
Total Secured Borrowings—Government Guaranteed Loans	6,237		—		(2,972)		(158)		3,107
Other Debt:

2022 credit facility revolver	—		267,000		(170,000)		—		97,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	—		54,141		(12,747)		—		41,394

Deferred debt issuance costs — other	(779)		(1,312)		—		503		(1,588)
Discount on junior subordinated notes	(1,497)		—		—		99		(1,398)
Total Other Debt	81,024		319,829		(182,747)		602		218,708
Total Debt, Net	$	184,267	$	567,130	$	(281,319)	$	1,483	$	471,561

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of December 31, 2023 are as follows:


Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
	(in thousands)
2024	$	66,600	$	173	$	—	$	12,039	$	78,812
2025	87,000		188		153,230		9,947		250,365
2026	97,100		204		—		8,504		105,808
2027	—		220		—		10,904		11,124
2028	—		238		—		—		238
Thereafter	—		1,984		—		27,070		29,054
	$	250,700	$	3,007	$	153,230	$	68,464	$	475,401

(1)Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally dependent upon cash flows received from the underlying loans. The Company’s estimate of their repayment is based on scheduled payments on the underlying loans. The Company’s estimate will differ from actual amounts to the extent the Company experiences prepayments and/or loan liquidations or charge-offs.

(2)Represents the junior subordinated notes and SBA 7(a) loan-backed notes.

- 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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+ Details

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 62,035
2025	33,055
2026	23,491
2027	15,866
2028	12,381
Thereafter	37,929
Total	$ 184,757

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

7. DEBT

The following table summarizes the debt balances as of December 31, 2023 and 2022, and the debt activity for the year ended December 31, 2023 (in thousands):


			During the Year Ended December 31, 2023
	Balances as of December 31, 2022		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2023
Mortgages Payable:
Fixed rate mortgages payable	$	97,100	$	66,600	$	—	$	—	$	163,700
Variable rate mortgage payable	—		182,600		(95,600)		—		87,000
	97,100		249,200		(95,600)		—		250,700
Deferred debt issuance costs — Mortgages Payable	(94)		(1,899)		—		1,039		(954)
Total Mortgages Payable	97,006		247,301		(95,600)		1,039		249,746
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	5,979		—		(2,972)		—		3,007
Unamortized premiums	258		—		—		(158)		100
Total Secured Borrowings—Government Guaranteed Loans	6,237		—		(2,972)		(158)		3,107
Other Debt:

2022 credit facility revolver	—		267,000		(170,000)		—		97,000
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	—		54,141		(12,747)		—		41,394

Deferred debt issuance costs — other	(779)		(1,312)		—		503		(1,588)
Discount on junior subordinated notes	(1,497)		—		—		99		(1,398)
Total Other Debt	81,024		319,829		(182,747)		602		218,708
Total Debt, Net	$	184,267	$	567,130	$	(281,319)	$	1,483	$	471,561

Fixed Rate Mortgages Payable—The Company’s fixed rate mortgages payable are secured by a deed of trust on the properties underlying such mortgages and assignments of rents receivable. As of December 31, 2023, the Company’s fixed rate mortgages payable had fixed interest rates of 4.14% and 6.25% per annum, with payments of interest only, due on July 1, 2026 and June 7, 2024, respectively. In regards to the mortgage payable maturing on June 7, 2024, there is a one-year extension option available which the Company expects to execute prior to maturity. These loans are nonrecourse.

On December 21, 2023, the Company made a prepayment of $13.0 million on one of its variable rate mortgages and refinanced the remaining $66.6 million, changing the rate from a variable interest rate to a fixed rate of 6.25% per annum (the “1150 Clay Refinance”).

Variable Rate Mortgage Payable—The Company’s variable rate mortgage payable is secured by a deed of trust on the property and assignment of rents receivable. As of December 31, 2023, the Company’s variable rate mortgage payable had a variable interest rate of SOFR plus 3.36%, with monthly payments of interest only due on July 7, 2025 with an extension option subject to certain conditions being met. The loan is nonrecourse.

The $95.6 million of variable rate mortgage repayments in the table above includes the impact of the 1150 Clay Refinance.

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, 2023, the Company’s secured borrowings-government guaranteed loans included $1.4 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 9.28% at December 31, 2023, and $1.6 million of loans sold for an excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 6.88% at December 31, 2023.

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 certain 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, 2023, the variable interest rate was 7.96%. 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 is 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, 2023 and 2022, $53.0 million and $150.0 million, respectively, 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 SOFR plus 3.51%, 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 March 9, 2023, the Company completed a securitization of the unguaranteed portion of certain of its 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) the 30-day average compounded SOFR plus 2.90% and (ii) the prime rate minus 0.35%. As of December 31, 2023, the variable interest rate was 8.15%. The Company reflects the SBA 7(a) loans receivable as assets on its consolidated balance sheet and the SBA 7(a) loan-backed notes as debt on its consolidated balance sheet. The restricted cash on the Company’s consolidated balance sheets included funds related to the Company’s SBA 7(a) loan-backed notes was $5.7 million as of December 31, 2023.

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, 2023 and 2022, accrued interest and unused commitment fees payable of $1.8 million and $562,000, respectively, are included in accounts payable and accrued expenses.

Future principal payments on the Company’s debt (face value) as of December 31, 2023 are as follows:


Years Ending December 31,	Mortgages Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
	(in thousands)
2024	$	66,600	$	173	$	—	$	12,039	$	78,812
2025	87,000		188		153,230		9,947		250,365
2026	97,100		204		—		8,504		105,808
2027	—		220		—		10,904		11,124
2028	—		238		—		—		238
Thereafter	—		1,984		—		27,070		29,054
	$	250,700	$	3,007	$	153,230	$	68,464	$	475,401

(2)Represents the junior subordinated notes and SBA 7(a) loan-backed notes.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Cumulative adjustment	$ 57,005	$ 62,547	$ 73,543
SBA 7(a) Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	169
Cumulative adjustment	$ 57,005
Principal amount of loans subject to delinquent principal or "interest"	198
Loans not secured by real estate	724
Federal income tax cost basis of mortgage loans (unaudited)	54,500
SBA 7(a) Loans \| General Reserves
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Current expected credit losses	(1,680)
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Government guaranteed portions
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Cumulative adjustment	74
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]
Cumulative adjustment	3,007
Principal amount of loans subject to delinquent principal or "interest"	$ 0
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	16
Cumulative adjustment	$ 7,876
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	$ 100
Interest Rate	9.75%
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	$ 800
Interest Rate	11.25%
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	19
Cumulative adjustment	$ 7,140
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	$ 20
Interest Rate	9.50%
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	$ 850
Interest Rate	11.25%
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
Cumulative adjustment	$ 4,044
Principal amount of loans subject to delinquent principal or "interest"	198
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	$ 20
Interest Rate	9.00%
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	$ 940
Interest Rate	11.25%
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
Cumulative adjustment	$ 3,957
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	$ 30
Interest Rate	10.50%
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	$ 1,030
Interest Rate	11.25%
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	7
Cumulative adjustment	$ 2,770
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	$ 80
Interest Rate	10.00%
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	$ 930
Interest Rate	11.25%
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	6
Cumulative adjustment	$ 2,408
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	9.50%
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	$ 960
Interest Rate	11.25%
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
Cumulative adjustment	$ 2,400
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	10.00%
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	$ 850
Interest Rate	11.25%
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	7
Cumulative adjustment	$ 1,893
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	$ 60
Interest Rate	10.25%
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	$ 430
Interest Rate	11.25%
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
Cumulative adjustment	$ 1,810
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	$ 290
Interest Rate	10.25%
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	$ 660
Interest Rate	11.25%
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	$ 172
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
Cumulative adjustment	$ 1,771
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	$ 50
Interest Rate	10.25%
SBA 7(a) Loans \| North Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 760
Interest Rate	11.25%
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	9
Cumulative adjustment	$ 1,564
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	10.25%
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	$ 280
Interest Rate	11.25%
SBA 7(a) Loans \| New York
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Cumulative adjustment	$ 1,472
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| New York \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 190
Interest Rate	10.50%
SBA 7(a) Loans \| New York \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 700
Interest Rate	11.25%
SBA 7(a) Loans \| Washington
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	2
Cumulative adjustment	$ 1,435
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Washington \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 300
Interest Rate	10.00%
SBA 7(a) Loans \| Washington \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 1,140
Interest Rate	10.75%
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	4
Cumulative adjustment	$ 1,406
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	$ 260
Interest Rate	10.00%
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	$ 500
Interest Rate	10.75%
SBA 7(a) Loans \| Montana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Cumulative adjustment	$ 1,365
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Montana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 150
Interest Rate	9.50%
SBA 7(a) Loans \| Montana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 470
Interest Rate	11.00%
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	4
Cumulative adjustment	$ 1,329
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	9.50%
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	$ 750
Interest Rate	11.25%
SBA 7(a) Loans \| Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Cumulative adjustment	$ 1,133
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	$ 100
Interest Rate	10.50%
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	11.25%
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	39
Cumulative adjustment	$ 9,831
Principal amount of loans subject to delinquent principal or "interest"	0
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	$ 20
Interest Rate	9.50%
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	$ 850
Interest Rate	11.25%