0000908311-24-000063 | 10-Q | XBRL Viewer | Creative Media Community Trust Corp

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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.

The following table summarizes the terms of the Company’s interest rate cap agreement as of September 30, 2024 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets as of

Balance Sheet

Amount as of

Strike

Effective

Maturity

September 30,

Location

September 30, 2024

Rates (1)

Dates

2024

Interest Rate Caps

Other assets

87,000

4.5%

5/03/2023

7/07/2025

____________________________________

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

Additional disclosures related to the fair value of the Company’s derivative instrument is included in Note 13. The notional amount under the derivative instrument is an indication of the extent of the Company’s involvement in the 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 an interest rate cap that is used to manage exposure to interest rate movements but does not meet the requirements to be designated as a hedging instrument. The change in fair value of the derivative instrument that is not designated as a hedge is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recorded an unrealized loss of $407,000 and $425,000, respectively, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate cap. During the three and nine months ended September 30, 2023, the Company recorded an unrealized loss of $624,024 and $348,912, respectively, which was included in interest expense on the accompanying consolidated statements of operations related to its interest rate caps.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Liabilities:
Mortgage payable	$ 163,700	$ 163,700
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	15,435	10,539
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	36,913	43,263
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	1,832	3,105
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	1,562	98
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3
Liabilities:
Mortgage payable	160,545	158,529
Junior subordinated notes	24,839	24,667
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	15,400	10,482
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	39,815	46,701
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	1,832	3,105
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	$ 1,699	$ 82

SEGMENT DISCLOSURE

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

17. SEGMENT DISCLOSURE

The Company’s reportable segments during the three and nine months ended September 30, 2024 and September 30, 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. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2023 included in the 2023 Form 10-K.

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

The net operating income (loss) of the Company’s segments for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Office:
Revenues	$	13,819	$	14,049	$	42,531	$	41,511
Property expenses:
Operating	7,444		6,267		20,634		19,159
General and administrative	122		75		192		232
Total property expenses	7,566		6,342		20,826		19,391
(Loss) income from unconsolidated entities	(834)		1,611		487		837
Segment net operating income—office	5,419		9,318		22,192		22,957
Hotel:
Revenues	7,142		7,948		31,151		31,108
Property expenses:
Operating	6,147		6,030		21,763		20,912
General and administrative	22		(3)		33		17
Total property expenses	6,169		6,027		21,796		20,929
Segment net operating income—hotel	973		1,921		9,355		10,179
Multifamily:
Revenues	4,773		3,331		14,971		8,632
Property expenses:
Operating	3,782		3,212		10,153		7,642
General and administrative	78		88		212		400
Total property expenses	3,860		3,300		10,365		8,042
(Loss) income from unconsolidated entity	(405)		(422)		(929)		216
Segment net operating income (loss)—multifamily	508		(391)		3,677		806
Lending:
Revenues	2,724		2,570		7,928		8,243
Lending expenses:
Interest expense	786		1,177		2,586		2,737
Expense reimbursements to related parties—lending segment	672		648		1,908		2,166
General and administrative	578		379		1,214		1,092

Total lending expenses	2,036		2,204		5,708		5,995
Segment net operating income—lending	688		366		2,220		2,248
Total segment net operating income	$	7,588	$	11,214	$	37,444	$	36,190

A reconciliation of segment net operating income to net income attributable to the Company for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total segment net operating income	$	7,588	$	11,214	$	37,444	$	36,190
Interest and other income	158		220		472		296
Asset management and other fees to related parties	(515)		(724)		(1,334)		(2,071)
Expense reimbursements to related parties—corporate	(592)		(524)		(1,809)		(1,729)
Interest expense	(8,830)		(8,556)		(25,233)		(21,941)
General and administrative	(1,421)		(1,603)		(3,592)		(4,010)
Transaction-related costs	(526)		(38)		(1,351)		(3,398)
Depreciation and amortization	(6,423)		(16,082)		(19,357)		(46,056)


Gain on sale of real estate	—		—		—		1,104
Loss before provision for income taxes	(10,561)		(16,093)		(14,760)		(41,615)
Provision for income taxes	(15)		(554)		(573)		(969)
Net loss	(10,576)		(16,647)		(15,333)		(42,584)
Net loss attributable to non-controlling interests	192		874		423		2,501
Net loss attributable to the Company	$	(10,384)	$	(15,773)	$	(14,910)	$	(40,083)

The condensed assets for each of the segments as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	September 30, 2024		December 31, 2023
Condensed assets:
Office	$	418,886	$	419,443
Hotel	102,621		95,998
Multifamily	270,260		278,492
Lending	75,472		76,374
Non-segment assets	810		20,893
Total assets	$	868,049	$	891,200

- 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.

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+ Details

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
Depreciation expense \| $	$ 5.9	$ 5.9	$ 17.5	$ 16.6
Number of property acquisitions or dispositions \| property			0

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 868,049	$ 891,200
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	418,886	419,443
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	102,621	95,998
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Total assets	270,260	278,492
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	75,472	76,374
Non-segment assets
Segment Reporting Information [Line Items]
Total assets	$ 810	$ 20,893

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

LOANS RECEIVABLE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,607	$ 1,644	$ 1,680	$ 1,713	$ 1,940	$ 1,106
Net adjustment to reserve for expected credit losses	259	(37)	(36)	(9)	(142)	51
Write-offs				(85)	(85)
Ending balance	$ 1,866	$ 1,607	$ 1,644	$ 1,704	$ 1,713	1,940
Transition adjustment on January 1, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance						$ 783

- Definition

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

+ References + Details

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended			9 Months Ended	29 Months Ended
	Sep. 15, 2022	Nov. 21, 2017	Jan. 31, 2023	Sep. 30, 2024	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2024	Sep. 30, 2024
Class of Stock [Line Items]
Shares repurchased (in shares)				0			0	662,462
Share price (in usd per share)				$ 1.985			$ 1.985	$ 1.985
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
Shares repurchased (in shares)	2,435,284
Share price (in usd per share)	$ 27.40
Stock repurchase program, percentage of discount	3.40%
Preferred dividends declared (in usd per share)					$ 1.56	$ 1.12
Aggregate value of accrued and unpaid dividends	$ 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

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended						12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Standards Update [Extensible Enumeration]							Accounting Standards Update 2016-13 [Member]
Dividends paid per common share (in usd per share)	$ 0.04	$ 0.085	$ 0.085	$ 0.085	$ 0.085	$ 0.085
Series A1 Preferred Stock
Preferred dividends, per share amount (in usd per share)		0.48938	0.48938	0.47375	0.4425	0.39563
Series D Preferred Stock
Preferred dividends, per share amount (in usd per share)	0.35313	0.35313	0.35313	0.35313	0.35313	0.35313
Series A Preferred Stock
Preferred dividends, per share amount (in usd per share)	$ 0.34375	$ 0.34375	$ 0.34375	$ 0.34375	$ 0.34375	$ 0.34375

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

RELATED-PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

RELATED-PARTY TRANSACTIONS

14. RELATED-PARTY TRANSACTIONS

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.

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).

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 (dollar amounts in thousands):


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

$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

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 November 22, 2022, the Company entered into the Fourth 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 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30, 2024
	2024		2023		2024		2023
Asset Management Fees:
Asset management fees	$	515	$	724	$	1,334	$	2,071
Property Management Fees and Reimbursements:
Property management fees(1)	$	582	$	551	$	1,742	$	1,579
Onsite management and other cost reimbursements(2)	$	2,397	$	1,707	$	5,866	$	4,238
Leasing commissions(3)	$	97	$	27	$	335	$	103
Construction management fees(4)	$	362	$	112	$	552	$	282
Development management reimbursements(5)	$	397	$	327	$	1,410	$	980
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	592	$	524	$	1,809	$	1,729
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(6)	$	672	$	648	$	1,908	$	2,166
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(7)	$	169	$	337	$	546	$	1,027
Non-issuance specific offering costs (8)	$	183	$	154	$	606	$	460

______________________

(1)Does not include the Company’s share of the property management fees from the Unconsolidated Joint Ventures of $24,000 and $74,000 for the three and nine months ended September 30, 2024, respectively, and $20,000 and $57,000 for the three and nine months ended September 30, 2023, respectively.

(2)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $176,000 and $414,000 for the three and nine months ended September 30, 2024, respectively, and $114,000 and $255,000 for the three and nine months ended September 30, 2023, respectively.

(3)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $0 and $10,000 for the three and nine months ended September 30, 2024, respectively, and $18,000 and $32,000 for the three and nine months ended September 30, 2023, respectively.

(4)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $6,000 and $128,000 for the three and nine months ended September 30, 2024, respectively, and $26,000 and $85,000 for the three and nine months ended September 30, 2023, respectively.

(5)Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $241,000 and $625,000 for the three and nine months ended September 30, 2024, respectively, and $135,000 and $322,000 for the three and nine months ended September 30, 2023, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $24,000 and $84,000 for the three and nine months ended September 30, 2024, respectively, and $6,000 and $67,000 for the three and nine months ended September 30, 2023, respectively.

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

(8)As of September 30, 2024 and September 30, 2023, $3.2 million and $2.6 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 September 30, 2024 and December 31, 2023, due to related parties consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Asset management fees	$	939	$	555
Property management fees and reimbursements	4,500		1,505
Expense reimbursements - corporate	1,204		613
Expense reimbursements - lending segment	1,337		156
Upfront dealer manager and trailing dealer manager fees	191		283
Non-issuance specific offering costs	289		61
Other amounts due to the CIM Management Entities and certain of its affiliates	404		290
Total due to related parties	$	8,864	$	3,463

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, Note 4 and Note 18 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 Company owns 28.8% of the 1015 N Mansfield JV.

During the nine months ended September 30, 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.

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. For the three and nine months ended September 30, 2024 the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $84,000 and $248,000, respectively, and for the three and nine months ended September 30, 2023, the Company’s share of the income from the tenant earned by the 4750 Wilshire JV was $80,000 and $170,000, respectively.

- 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
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-Paragraph 5
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INVESTMENTS IN REAL ESTATE - Transactions (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 17, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) ft² unit	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) ft² unit
Business Acquisition [Line Items]
Gain on sale		$ 0	$ 0	$ 0	$ 1,104
Other amounts due from Unconsolidated Joint Venture partners included in other assets				$ 396	$ 1,445
4750 Wilshire JV
Business Acquisition [Line Items]
Ownership Interest		20.00%		20.00%
Channel House
Business Acquisition [Line Items]
Units \| unit			333		333
Interest Acquired		93.90%	89.40%	93.90%	89.40%
Purchase price					$ 134,615
Channel House \| Retail Site
Business Acquisition [Line Items]
Rentable area (square feet) \| ft²			1,864		1,864
F3 Land Site
Business Acquisition [Line Items]
Interest Acquired		93.20%	89.40%	93.20%	89.40%
Purchase price					$ 250
466 Water Street Land Site
Business Acquisition [Line Items]
Interest Acquired		90.90%	89.40%	90.90%	89.40%
Purchase price					$ 2,500
1150 Clay
Business Acquisition [Line Items]
Units \| unit			288		288
Interest Acquired			98.10%		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		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		$ 34,400
Gain on sale					$ 1,104
Net proceeds	$ 16,700
Accounts receivable	$ 17,700
Other amounts due from Unconsolidated Joint Venture partners included in other assets				$ 396

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Activity

The following table summarizes the debt balances as of September 30, 2024 and December 31, 2023, and the debt activity for the nine months ended September 30, 2024 (in thousands):


			During the Nine Months Ended September 30, 2024
	Balances as of December 31, 2023		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of September 30, 2024
Mortgages Payable:
Fixed rate mortgages payable	$	163,700	$	—	$	—	$	—	$	163,700
Variable rate mortgage payable	87,000		—		—		—		87,000
	250,700		—		—		—		250,700
Deferred debt origination costs — Mortgages Payable	(954)		—		—		569		(385)
Total Mortgages Payable	249,746		—		—		569		250,315
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	3,007		—		(1,198)		—		1,809
Unamortized premiums	100		—		—		(77)		23
Total Secured Borrowings — Government Guaranteed Loans	3,107		—		(1,198)		(77)		1,832
Other Debt:
2022 credit facility revolver	97,000		20,000		(3,967)		—		113,033
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	41,394		—		(8,723)		—		32,671
Deferred debt origination costs — other	(1,588)		(373)		—		471		(1,490)
Discount on junior subordinated notes	(1,398)		—		—		76		(1,322)
Total Other Debt	218,708		19,627		(12,690)		547		226,192
Total Debt, Net	$	471,561	$	19,627	$	(13,888)	$	1,039	$	478,339

Schedule of Future Principal Payments on Debt

Future principal payments on the Company’s debt (face value) as of September 30, 2024 are as follows (in thousands):


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
2024 (Three months ending December 31, 2024)	$	—	$	479	$	—	$	3,316	$	3,795
2025	153,600		89		169,263		9,947		332,899
2026	97,100		96		—		8,504		105,700
2027	—		103		—		10,904		11,007
2028	—		111		—		—		111
Thereafter	—		931		—		27,070		28,001
	$	250,700	$	1,809	$	169,263	$	59,741	$	481,513

______________________

(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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Distributions from unconsolidated entity		$ 330	$ 0
1902 Park JV \| Subsequent Event
Subsequent Event [Line Items]
Distributions from unconsolidated entity	$ 1,000

DEBT - 2022 Credit Facility (Narrative) (Details)		1 Months Ended
DEBT - 2022 Credit Facility (Narrative) (Details)	Aug. 07, 2024 USD ($)	Dec. 31, 2022 USD ($) hotel office_property extension	Oct. 24, 2024 USD ($)	Oct. 23, 2024 USD ($)	Sep. 30, 2024 USD ($) hotel	Dec. 31, 2023 USD ($)
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					7.53%
Number of extension option \| extension		2
Extension option, term		1 year
Extension fee (as percent)		0.15%
Debt instrument, repaid principal amount	$ 4,000,000
Line of Credit \| 2022 credit facility revolver \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 169,300,000	$ 206,200,000
Line of Credit \| 2022 credit facility revolver \| Base Rate
Debt Instrument [Line Items]
Interest rate margin		1.50%
Line of Credit \| 2022 credit facility revolver \| SOFR
Debt Instrument [Line Items]
Interest rate margin		2.60%
Line of Credit \| 2022 credit facility revolver \| Secured Borrowings Principal
Debt Instrument [Line Items]
Aggregate principal amount		$ 56,200,000
Line of Credit \| 2022 credit facility revolver \| Secured Borrowings Principal \| Office properties
Debt Instrument [Line Items]
Number of real estate properties owned \| office_property		6
Line of Credit \| 2022 credit facility revolver \| Secured Borrowings Principal \| Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel		1
Line of Credit \| 2022 credit facility revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000
Amount available for future borrowings					$ 0	$ 53,000,000.0
Line of Credit \| 2022 credit facility revolver \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee		0.15%
Line of Credit \| 2022 credit facility revolver \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee		0.25%

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 0	$ 93	$ 0	$ 243
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	1	21	4	79
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 94	$ 9,488	$ 281	$ 27,620

- 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

REDEEMABLE PREFERRED STOCK

9 Months Ended

Sep. 30, 2024

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 three and nine months ended September 30, 2024 and 2023 (dollar amounts in thousands):


	Preferred Stock

	Series A1			Series A			Series D			Total
	Shares	Amount		Shares	Amount		Shares	Amount			Shares	Amount
Balances, December 31, 2022	5,956,147	$	147,514	7,565,349	$	189,048	48,857	$	1,200		13,570,353	$	337,762
Issuance of Series A1 Preferred Stock	1,032,433	25,569		—	—		—	—			1,032,433	25,569
Redemption of Series A1 Preferred Stock paid in cash	(12,870)	(319)		—	—		—	—			(12,870)	(319)

Reclassification of Series A Preferred stock to permanent equity	—	—		389,325	9,699		—	—			389,325	9,699
Redemption of Series A Preferred Stock paid in cash	—	—		(189,753)	(4,723)		—	—			(189,753)	(4,723)
Balances, March 31, 2023	6,975,710	$	172,764	7,764,921	$	194,024	48,857	$	1,200		14,789,488	$	367,988
Issuance of Series A1 Preferred Stock	1,195,589	29,582		—	—		—	—			1,195,589	29,582
Redemption of Series A1 Preferred Stock paid in cash	(11,200)	(277)		—	—		—	—			(11,200)	(277)
Redemption of Series D Preferred Stock paid in cash	—	—		—	—		(410)	(10)			(410)	(10)
Reclassification of Series A Preferred stock to permanent equity	—	—		300,846	7,462		—	—			300,846	7,462
Redemption of Series A Preferred Stock paid in cash	—	—		(183,809)	(4,575)		—	—			(183,809)	(4,575)
Balances, June 30, 2023	8,160,099	$	202,069	7,881,958	$	196,911	48,447	$	1,190		16,090,504	$	400,170
Issuance of Series A1 Preferred Stock	1,094,386	27,015		—	—		—	—			1,094,386	27,015
Redemption of Series A1 Preferred Stock paid in cash	(30,941)	(760)		—	—		—	—			(30,941)	(760)
Redemption of Series A Preferred Stock paid in cash	—	—		(187,759)	(4,676)		—	—			(187,759)	(4,676)
Balances, September 30, 2023	9,223,544	$	228,324	7,694,199	$	192,235	48,447	$	1,190		16,966,190	$	421,749

Balances, December 31, 2023	10,378,343	$	256,935	7,431,839	$	185,704	48,447	$	1,190		17,858,629	$	443,829
Issuance of Series A1 Preferred Stock	853,879	21,246		—	—		—	—			853,879	21,246
Redemption of Series A1 Preferred Stock paid in cash	(24,046)	(595)		—	—		—	—			(24,046)	(595)


Redemption of Series A Preferred Stock paid in cash	—	—		(389,506)	(9,698)		—	—			(389,506)	(9,698)
Balances, March 31, 2024	11,208,176	$	277,586	7,042,333	$	176,006	48,447	$	1,190		18,298,956	$	454,782

Redemption of Series A1 Preferred Stock paid in cash	(32,002)	(791)		—	—		—	—			(32,002)	(791)
Redemption of Series A Preferred Stock paid in cash	—	—		(287,474)	(7,162)		—	—			(287,474)	(7,162)
Balances, June 30, 2024	11,176,174	$	276,795	6,754,859	$	168,844	48,447	$	1,190		17,979,480	$	446,829
Redemption of Series A1 Preferred Stock paid in cash	(31,967)	$	(791)	—	$	—	—	$	—		(31,967)	$	(791)
Redemption of Series A1 Preferred Stock paid in Common Stock	(2,590,616)	$	(64,127)	—	$	—	—	$	—		(2,590,616)	$	(64,127)
Redemption of Series A Preferred Stock paid in cash	—	$	—	(247,627)	$	(6,214)	—	$	—		(247,627)	$	(6,214)
Redemption of Series A Preferred Stock paid in Common Stock	—	$	—	(2,167,156)	$	(53,927)	—	$	—		(2,167,156)	$	(53,927)
Balances, September 30, 2024	8,553,591	$	211,877	4,340,076	$	108,703	48,447	$	1,190		12,942,114	$	321,770

Series A1 Preferred Stock—From June 2022 through September 2024, the Company conducted a 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. As of September 2024, the Company has suspended its offering of Series A1 Preferred Stock.

Shares of Series A1 Preferred Stock issued from June 2022 through May 2024 were recorded in permanent equity at the time of their issuance. With respect to Series A1 Preferred Stock, for shares issued in June 2024 and thereafter, in the event

a holder of Series A1 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, net proceeds from the issuance of shares of Series A1 Preferred Stock from June 2024 and through September 2024 were initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A1 Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, on the first anniversary of the issuance of a particular share of such Series A1 Preferred Stock, the Company will reclassify such shares of Series A1 Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. As of September 30, 2024, the Company had made no such reclassification from temporary equity to permanent equity.

As of September 30, 2024, the Company had issued in registered public offerings 12,040,878 shares of the Series A1 Preferred Stock and received gross proceeds of $298.2 million, and additionally had issued 200,000 shares of Series A1 Preferred Stock as payment for services to 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, $22.0 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 $12.0 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 September 30, 2024, the Company had reclassified and allocated $5.0 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.

If the net proceeds from the issuance of shares of Series A1 Preferred Stock are 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 is recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment is considered a deemed dividend for purposes of calculating basic and diluted EPS. The Company recorded redeemable preferred stock deemed dividends related to such adjustments of $327,000 and $755,000 during the three and nine months ended September 30, 2024, respectively, and recorded no deemed dividends during the three and nine months ended September 30, 2023.

As of September 30, 2024, there were 9,467,221 shares of Series A1 Preferred Stock outstanding and 2,773,657 shares of Series A1 Preferred Stock had been redeemed. Of the 2,773,657 shares of Series A1 Preferred Stock that have been redeemed, the redemption of 183,041 shares of Series A1 Preferred Stock were paid in cash (all of which were redeemed at the option of the holders). In September, the Company (at its option) redeemed 2,589,606 shares of Series A1 Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of each redemption date and, in addition, in September 1,010 shares redeemed at the option of the holders were paid in shares of Common stock, including all accrued and unpaid dividends as of the redemption date (collectively the “Series A1 In-Kind Redemptions”). The Series A1 In-Kind Redemptions resulted in the aggregate issuance of 32,998,865 shares of Common Stock, all of which were issued in September 2024.

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 September 30, 2024, 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 and 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 $12.0 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 September 30, 2024, 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.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company reclassifies such share of Series A Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. As of September 30, 2024, the Company had reclassified an aggregate of $199.6 million in net proceeds from temporary equity to permanent equity.

As of September 30, 2024, there were 4,340,076 shares of Series A Preferred Stock outstanding and 4,480,262 shares of Series A Preferred Stock had been redeemed. Of the 4,480,262 shares of Series A Preferred Stock that have been redeemed, the redemption of 2,313,106 shares of Series A Preferred Stock were paid in cash (all of which were redeemed at the option of the holders). In September, the Company (at its option) redeemed 2,167,156 shares of Series A Preferred Stock, all of which were paid in shares of Common Stock, including all accrued and unpaid dividends as of each redemption date (the “Series A In-Kind Redemptions”). The Series A In-Kind Redemptions resulted in the aggregate issuance of 27,553,834 shares of Common Stock, all of which were issued in September 2024.

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 September 30, 2024, 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 $12.0 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 September 30, 2024, 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 September 30, 2024, there were 48,447 shares of Series D Preferred Stock outstanding and 8,410 shares of Series D Preferred Stock had been redeemed (all such redemptions were paid in cash and redeemed at the option of the holders).

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 December 2022, the Company announced the redemption of all remaining 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.

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 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.

During the nine months ended September 30, 2024, the Company paid $16.2 million, $7.3 million, and $51,000 of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock, and Series D Preferred Stock, respectively. During the nine months ended September 30, 2023, the Company paid $9.3 million, $8.3 million, $52,000 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.

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 A1 Preferred Stock issued in June 2024 and thereafter that are redeemed prior to the first anniversary of the date of original issuance of such shares must be paid in cash.The Company currently plans to continue to satisfy some or all redemption requests submitted by holders of its shares of Preferred Stock in shares of Common Stock during the fourth quarter of 2024.

RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Asset Management Fees Calculation


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

$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%


	Three Months Ended September 30,				Nine Months Ended September 30, 2024
	2024		2023		2024		2023
Asset Management Fees:
Asset management fees	$	515	$	724	$	1,334	$	2,071
Property Management Fees and Reimbursements:
Property management fees(1)	$	582	$	551	$	1,742	$	1,579
Onsite management and other cost reimbursements(2)	$	2,397	$	1,707	$	5,866	$	4,238
Leasing commissions(3)	$	97	$	27	$	335	$	103
Construction management fees(4)	$	362	$	112	$	552	$	282
Development management reimbursements(5)	$	397	$	327	$	1,410	$	980
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	592	$	524	$	1,809	$	1,729
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(6)	$	672	$	648	$	1,908	$	2,166
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(7)	$	169	$	337	$	546	$	1,027
Non-issuance specific offering costs (8)	$	183	$	154	$	606	$	460

______________________

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

As of September 30, 2024 and December 31, 2023, due to related parties consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Asset management fees	$	939	$	555
Property management fees and reimbursements	4,500		1,505
Expense reimbursements - corporate	1,204		613
Expense reimbursements - lending segment	1,337		156
Upfront dealer manager and trailing dealer manager fees	191		283
Non-issuance specific offering costs	289		61
Other amounts due to the CIM Management Entities and certain of its affiliates	404		290
Total due to related parties	$	8,864	$	3,463

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired above-market leases
Future amortization of acquisition related intangible assets
2024 (Three months ended December 31, 2024)	$ 2
2025	1
2026	0
2027	0
2028	0
Thereafter	0
Intangible assets, net	3	$ 7
Acquired in-place leases
Future amortization of acquisition related intangible assets
2024 (Three months ended December 31, 2024)	92
2025	171
2026	123
2027	123
2028	122
Thereafter	72
Intangible assets, net	$ 703	$ 984

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

7. DEBT

The following table summarizes the debt balances as of September 30, 2024 and December 31, 2023, and the debt activity for the nine months ended September 30, 2024 (in thousands):


			During the Nine Months Ended September 30, 2024
	Balances as of December 31, 2023		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of September 30, 2024
Mortgages Payable:
Fixed rate mortgages payable	$	163,700	$	—	$	—	$	—	$	163,700
Variable rate mortgage payable	87,000		—		—		—		87,000
	250,700		—		—		—		250,700
Deferred debt origination costs — Mortgages Payable	(954)		—		—		569		(385)
Total Mortgages Payable	249,746		—		—		569		250,315
Secured Borrowings — Government Guaranteed Loans:
Outstanding Balance	3,007		—		(1,198)		—		1,809
Unamortized premiums	100		—		—		(77)		23
Total Secured Borrowings — Government Guaranteed Loans	3,107		—		(1,198)		(77)		1,832
Other Debt:
2022 credit facility revolver	97,000		20,000		(3,967)		—		113,033
2022 credit facility term loan	56,230		—		—		—		56,230
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	41,394		—		(8,723)		—		32,671
Deferred debt origination costs — other	(1,588)		(373)		—		471		(1,490)
Discount on junior subordinated notes	(1,398)		—		—		76		(1,322)
Total Other Debt	218,708		19,627		(12,690)		547		226,192
Total Debt, Net	$	471,561	$	19,627	$	(13,888)	$	1,039	$	478,339

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 September 30, 2024, the Company’s fixed rate mortgages payable had fixed interest rates of 4.14% and 6.25% per annum, respectively, with payments of interest only and initial maturity dates of July 1, 2026 and June 7, 2025, respectively. In regards to the mortgage payable maturing on June 7, 2025, the Company has a one-year extension option at its discretion. These loans are non-recourse.

The Company has been in discussion with the largest tenant at One Kaiser Plaza in Oakland, California, a property that is secured by a fixed rate mortgage with a balance of $97.1 million as of September 30, 2024, about renewing a portion of its existing lease. This extension would require a sizable capital investment by the Company for tenant improvements, leasing commissions and certain building improvements and may not meet the Company’s return hurdles and falls outside of the Company’s strategy of reducing its footprint in traditional office investments. The Company is exploring whether the lender holding the fixed-rate mortgage on the property will agree to loan concessions relating to such upfront capital costs. If we are not able to receive such concessions, we may elect to cease interest payments on the mortgage, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, declare principal and interest on the mortgage loan to be immediately due and payable.

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 September 30, 2024, the Company’s variable rate mortgage payable had a variable interest rate of SOFR plus 3.36%, with monthly payments of interest only, with an initial maturity date of July 7, 2025 and an extension option subject to certain conditions being met. The loan is non-recourse.

The Company has been in discussions with the lender under its variable rate mortgage for Channel House, a multifamily property in Oakland, California, to restructure the terms of the mortgage, as rent payments from the property will likely be insufficient to meet debt service payments under the mortgage. There can be no assurance that such restructuring will occur. If the Company and the lender under the variable rate mortgage cannot agree on a modification of the mortgage and the Company fails to make a required monthly debt service payment, such failure would constitute an event of default under the mortgage and would allow the lender to, among other remedies, declare principal and interest under the mortgage loan to be immediately due and payable.

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 September 30, 2024, the Company’s secured borrowings-government guaranteed loans included $355,000 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 9.21% at September 30, 2024, and $1.5 million of loans sold for an excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 6.87% at September 30, 2024.

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 included a $56.2 million term loan (the “2022 Credit Facility Term Loan”) as well as a revolver that originally allowed 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 September 30, 2024, the variable interest rate was 7.53%. 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 September 30, 2024 and December 31, 2023, $0 and $53.0 million, respectively, was available for future borrowings.

As of each of March 31, 2024, June 30, 2024 and September 30, 2024, the Company was not in compliance with a financial covenant under the 2022 credit facility. Such non-compliance constituted an event of default under the 2022 Credit Facility. On May 14, 2024, lenders under the 2022 Credit Facility and the Company entered into an agreement (the “First Modification Agreement”) pursuant to which the lenders waived such event of default with respect to the test period ending March 31, 2024. Among other restrictions, the First Modification Agreement also prohibits subsidiaries of the Company that own properties that secured the 2022 Credit Facility from making any distributions to its parent entities. On August 7, 2024, lenders under the 2022 Credit Facility and the Company entered into an agreement (the “Second Modification Agreement”) pursuant to which the lenders waived such event of default with respect to the test period ending June 30, 2024. Simultaneously with the execution of the Second Modification Agreement, the Company made a $4.0 million repayment under the 2022 credit facility. On October 24, 2024, lenders under the 2022 Credit Facility and the Company entered into an agreement (the “Third Modification Agreement”) pursuant to which the lenders waived such event of default with respect to the test period ending September 30, 2024. Pursuant to the Third Modification Agreement, the Company will not be able to borrow under the 2022 Credit Facility without the consent of the lenders until certain conditions are satisfied, including delivery of a revised business plan acceptable to the lenders and re-establishing compliance with the financial covenant. Under the Third Modification Agreement, the aggregate commitments under the 2022 Credit Facility were reduced from $206.2 million to $169.3 million. Pursuant to the Third Modification Agreement, the Company and the lenders agreed that, starting April 1, 2025, excess cash flow generated by the borrowers under the 2022 Credit Facility will be deposited into a collateral account controlled by the administrative agent. The borrowers’ ability to withdraw funds from the collateral account will be limited to specified uses and subject to certain requirements. In addition, the lenders agreed (i) to modify the borrowing base formula to remove certain limitations on the inclusion of office, retail, flex office/industrial and standalone parking assets and (ii) subject to certain conditions, to release assets relating to the Sacramento Sheraton to facilitate a refinancing of such property. The Third Modification Agreement did not waive compliance with the financial covenant for the test period ending December 31, 2024 or any future period.

If the Company breaches any financial covenant under the 2022 Credit Facility in the future and is unable to obtain a further waiver from the lenders thereunder with respect to such breach, an event of default would occur under the 2022 Credit

Facility, which would allow lenders under the 2022 Credit Facility to, among other remedies, declare the unpaid principal amount of all outstanding loans, and all interest accrued and unpaid thereon, to be immediately due and payable. The occurrence of any future event of default would raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to address any possible future event of default under the 2022 Credit Facility by entering into new financing arrangements to repay amounts outstanding under the 2022 Credit Facility. The Company is in the process of obtaining refinancing for the Company’s hotel in Sacramento, California (the “Sheraton Refinancing”). If completed, the Company intends to use the proceeds of the Sheraton Refinancing to repay part of the amount outstanding under the 2022 Credit Facility and to pay for the Hotel Renovation described above. In addition, the Company is in the process of obtaining refinancing (the “Los Angeles Refinancing”) for three of its properties in Los Angeles, California. If completed, the proceeds of the Los Angeles Refinancing, along with a portion of the proceeds from the Sheraton Refinancing, are anticipated to be in an amount sufficient to repay all amounts outstanding under the 2022 Credit Facility, with the rest to be used for general corporate purposes. The Company expects that each of the Sheraton Refinancing and the Los Angeles Refinancing will close by the end of the first quarter of 2025.

Management of the Company believes that its plans to repay amounts outstanding under the 2022 Credit Facility are probable based on the following: (1) the Company has executed term sheets with the respective lenders under the Sheraton Refinancing and the Los Angles Refinancing; (2) the Company expects that both the Los Angeles Refinancing and the Sheraton Refinancing will close by the end of the first quarter of 2025; (3) the favorable loan-to-value ratios (“LTVs”) of the properties that are the subject of the Sheraton Refinancing and the Los Angeles Refinancing and (4) the Company’s plans and efforts to date to obtain additional financing to be secured by two properties that it owns (in addition to the Sheraton Refinancing and the Los Angeles Refinancing), and the favorable LTVs of these two properties. Management’s plans are intended to mitigate the relevant condition that would raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the interim financial information contained in this Quarterly Report on Form 10-Q is issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue its operations as a going concern and do not include any adjustments that might result from the outcome of events described in this paragraph.

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) 30-day average compounded SOFR plus 2.90% and (ii) prime rate minus 0.35%. As of September 30, 2024, 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 $3.6 million as of September 30, 2024.

Other—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 or effective interest method over the life of the related loan. Deferred debt issuance costs are presented net of accumulated amortization and are a reduction to total debt.

As of September 30, 2024 and December 31, 2023, accrued interest and unused commitment fees payable of $1.8 million and $1.8 million, respectively, were included in accounts payable and accrued expenses.

Future principal payments on the Company’s debt (face value) as of September 30, 2024 are as follows (in thousands):


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2022 Credit Facility		Other (1) (2)		Total
2024 (Three months ending December 31, 2024)	$	—	$	479	$	—	$	3,316	$	3,795
2025	153,600		89		169,263		9,947		332,899
2026	97,100		96		—		8,504		105,700
2027	—		103		—		10,904		11,007
2028	—		111		—		—		111
Thereafter	—		931		—		27,070		28,001
	$	250,700	$	1,809	$	169,263	$	59,741	$	481,513

______________________

(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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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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 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 175,682	$ 175,715
Land improvements	5,863	5,862
Buildings and improvements	635,150	633,299
Furniture, fixtures, and equipment	11,973	11,627
Tenant improvements	26,601	26,460
Work in progress	27,074	15,915
Investments in real estate	882,343	868,878
Accumulated depreciation	(179,498)	(164,116)
Net investments in real estate	$ 702,845	$ 704,762

INVESTMENTS IN REAL ESTATE (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate

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


	September 30, 2024		December 31, 2023
Land	$	175,682	$	175,715
Land improvements	5,863		5,862
Buildings and improvements	635,150		633,299
Furniture, fixtures, and equipment	11,973		11,627
Tenant improvements	26,601		26,460
Work in progress	27,074		15,915
Investments in real estate	882,343		868,878
Accumulated depreciation	(179,498)		(164,116)
Net investments in real estate	$	702,845	$	704,762

The Company sold an interest in the following property during the nine months ended September 30, 2023.

Asset

Date of

Interest

Sales

Gain on

Property

Type

Sale

Sold

Price

Sale

(in thousands)

4750 Wilshire Boulevard (1)

Office / Multifamily

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 co-investors with whom the Company formed the 4750 Wilshire JV (defined in Note 4). At the acquisition date, the Company received net proceeds of $16.7 million and recorded a receivable of $17.7 million, all of which has been collected as of September 30, 2024. Additionally, as of September 30, 2024, the Company has a receivable of $396,000 due from the 4750 Wilshire JV 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 80% of its interest in 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.

Schedule of Asset Acquisitions

During the nine months ended September 30, 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 purchases were accounted for as asset acquisitions.


	Asset	Date of		Interest		Purchase
Property	Type	Acquisition	Units	Acquired (1)		Price
						(in thousands)
Channel House	Multifamily(2)	January 31, 2023	333	89.4	%	$	134,615
F3 Land Site	Multifamily (2)	January 31, 2023	N/A	89.4	%	$	250
466 Water Street Land Site	Multifamily (2)	January 31, 2023	N/A	89.4	%	$	2,500
1150 Clay	Multifamily (3)	March 28, 2023	288	98.1	%	$	145,500

(1)As of September 30, 2024 the Company’s ownership interests in Channel House, F3 Land Site, and 466 Water Street Land Site had changed to 93.9%, 93.2%, and 90.9%, respectively, as result of additional contributions made to the entities by the Company subsequent to the applicable initial acquisition.

(2)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 but there are no formal plans in place to begin development as of September 30, 2024.

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

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 nine months ended September 30, 2023. There were no acquisitions during the nine months ended September 30, 2024.


	Nine Months Ended September 30, 2023



	(in thousands)
Land	$	36,613
Land improvements	4,523
Buildings and improvements	206,717

Furniture, fixtures, and equipment	8,140
Acquired in-place leases (1)	27,210
Acquired above-market leases (2)	71
Acquired below-market leases (3)	(223)
Net assets acquired	$	283,051

(1)The amortization period for the in-place leases acquired during the nine months ended September 30, 2023 was approximately 6 months at the date of acquisition.

(2)The amortization period for the above-market leases acquired during the nine months ended September 30, 2023 was approximately 7 months at the date of acquisition.

(3)The amortization period for the below-market leases acquired during the nine months ended September 30, 2023 was approximately 5 months at the date of acquisition.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For more information regarding the Company’s significant accounting policies and estimates, please refer to “Basis of Presentation and Summary of Significant Accounting Policies” contained in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 29, 2024.

Interim Financial Information—The accompanying interim consolidated financial statements of the Company have been prepared by the Company’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto, included in the 2023 Form 10-K.

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. As of September 30, 2024, 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 September 30, 2024, 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 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 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.

Capitalized Project Costs

The Company capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate—The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Investments in real estate are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the asset. The Company did not recognize any impairment of long-lived assets during the three and nine months ended September 30, 2024 and 2023 (Note 3).

Investments 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.

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 or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument.

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.

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 September 30, 2024 and December 31, 2023, lease incentives of $3.9 million and $3.9 million, respectively, are presented net of accumulated amortization of $3.6 million and $3.3 million, respectively.

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

In addition to minimum rents, certain leases, including the Company’s parking leases with third-party operators, provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Percentage rent is recognized once lessees’ specified sales targets have been met.

For the three and nine months ended September 30, 2024 and 2023, the Company recognized rental income as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Rental and other property income
Fixed lease payments (1)	$	15,397	$	14,579	$	48,083	$	42,251
Variable lease payments (2)	2,753		2,482		8,089		7,748
Rental and other property income	$	18,150	$	17,061	$	56,172	$	49,999

______________________

(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 collection.

Collectability of Future Lease Payments

The Company continually reviews whether collection of future lease payments, 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 future lease payments 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 future lease payments is based on the best information available at the time of estimate. The Company does not use a general reserve approach. As of September 30, 2024 and December 31, 2023, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $536,000 and $868,000, respectively, across all operating leases.

Revenue from lending activities

Interest income included in interest and other income is comprised of interest earned on loans and the Company’s short-term investments and the accretion of loan discounts. Interest income on loans is accrued as earned with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan (as defined below).

Revenue from hotel activities

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

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

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

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

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

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Hotel properties
Hotel income	$	6,808	$	7,485	$	29,768	$	29,590
Rental and other property income	221		367		1,056		1,259
Interest and other income	113		96		327		259
Hotel revenues	$	7,142	$	7,948	$	31,151	$	31,108

Tenant recoveries outside of the lease agreements

Tenant recoveries outside of the lease agreements are related to construction projects in which the Company’s tenants have agreed to fully reimburse the Company for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the customer, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the context of the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed. No such amounts were recognized for tenant recoveries outside of the lease agreements for each of the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

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

unamortized acquisition discounts and premiums, 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 $7.9 million and $8.4 million as of September 30, 2024 and December 31, 2023, 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—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 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. As of September 30, 2024 and December 31, 2023, the Company had a total CECL of $1.9 million and $1.7 million, respectively.

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 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, which are 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 loans originated generally within the last year. Such 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 one year of origination) due to lack of management experience and/or lack of adequate historical debt coverage at the origination date. These loans likely will be classified to acceptable within two years of origination.

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 represented 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 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 were 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 were expected to be issued in the related offering. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, in the event a holder of Series A1 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, from June 2024 through September 2024, deferred offering costs allocated to each issuance were recorded as reductions to temporary equity and will subsequently be reclassified to permanent equity on the first anniversary of each issuance. 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 were reductions to temporary equity and permanent equity, respectively, with the deferred offering costs allocated to Series A Preferred Stock being reclassified from temporary equity to permanent equity on the first anniversary of each issuance.

The Company discontinued its issuance of Series A Preferred Stock and Series D Preferred stock in June 2022. In September 2024, the Company, at its option, redeemed 2,589,606 and 2,167,156 shares of its Series A1 Preferred Stock and Series A Preferred Stock, respectively, in shares of Common Stock and suspended its offering of Series A1 Preferred Stock. Following the suspension of its Series A1 Preferred Stock’s offering, the Company no longer deemed it probable that future proceeds would be raised from the sale of these securities and, as a result, the Company recognized $5.1 million of redeemable preferred stock redemptions in its consolidated statement of operations for the three months ended September 30, 2024 related to amounts that had been recorded as deferred offering costs.

Deferred financing costs related to the securing of a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities.

As of September 30, 2024 and December 31, 2023, deferred rent receivable and charges consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Deferred rent receivable	$	13,849	$	14,757
Deferred leasing costs, net of accumulated amortization of $11,413 and $10,483, respectively	6,152		6,613
Deferred offering costs	—		4,925
Deferred financing costs, net of accumulated amortization of $1,363 and $764, respectively	1,086		1,436
Other deferred costs	—		491
Deferred rent receivable and charges, net	$	21,087	$	28,222

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 (for issuances prior to June 2024), Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock in permanent equity. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, in the event a holder of Series A1 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, beginning from June 2024 through September 2024, the Company recorded issuances of Series A1 Preferred Stock in temporary equity. With respect to shares of Series A1 Preferred Stock issued from June 2024 through September 2024, on the first anniversary of the date of original issuance of a particular share of Series A1 Preferred Stock the Company reclassifies such share of Series A1 Preferred Stock from temporary equity to permanent equity as the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date.

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

Restricted Cash—The Company’s mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash required to be segregated in connection with certain of the Company’s loans receivable and with its SBA 7(a) loan-backed notes.

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.

Recently Issued Accounting Pronouncements—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 interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating whether the the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements and disclosures.

REDEEMABLE PREFERRED STOCK - Redemptions Narrative (Details) - Series A1	9 Months Ended
	Sep. 30, 2024 day
Class of Stock [Line Items]
Redemption term	24 months
Preferred stock redemption, trading days prior to redemption (in days)	20

- 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
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.4-08(d))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ORGANIZATION AND OPERATIONS (Details)	Sep. 30, 2024 hotel $ / shares	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001
Hotel
Class of Stock [Line Items]
Number of real estate properties owned \| hotel	1

- 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

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in credit losses	$ 259	$ (9)		$ 186	$ (100)
Write-offs		$ 85	$ 85
Loans receivable, net	$ 55,742			$ 55,742		$ 57,005
SBA 7(a) Loans Receivable, Subject to Credit Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, percent current	94.90%			94.90%		99.30%
SBA 7(a) Loans Receivable, Subject to Credit Risk \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,000			$ 4,000		$ 1,300
Accounts Receivable \| Customer Concentration Risk \| Hospitality Industry
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk				99.40%		100.00%

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 (dollar amounts in thousands):

Outstanding Notional

Fair Value of Assets as of

Balance Sheet

Amount as of

Strike

Effective

Maturity

September 30,

Location

September 30, 2024

Rates (1)

Dates

2024

Interest Rate Caps

Other assets

87,000

4.5%

5/03/2023

7/07/2025

____________________________________

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

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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

Future minimum rental revenue under long-term operating leases as of September 30, 2024, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands):


Years Ending December 31,	Total
2024 (Three months ending December 31, 2024)	$	14,540
2025	41,259
2026	27,370
2027	19,463
2028	15,091
Thereafter	52,760
	$	170,483

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

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Interim Financial Information

Principles of Consolidation

Investments in Real Estate

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


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

Capitalized Project Costs

Recoverability of Investments in Real Estate

Investments in Unconsolidated Entities

Derivative Financial Instruments

Revenue Recognition

Revenue from leasing activities

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

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

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

Collectability of Future Lease Payments

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.

Tenant recoveries outside of the lease agreements

Loans Receivable

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

Current Expected Credit Losses / Recently Issued Accounting Pronouncements

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.

Deferred Rent Receivable and Charges

Redeemable Preferred Stock

Noncontrolling Interests

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

Restricted Cash

Use of Estimates

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.

LOANS RECEIVABLE

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

LOANS RECEIVABLE

5. LOANS RECEIVABLE

Loans receivable consist of the following (in thousands):


	September 30, 2024		December 31, 2023
SBA 7(a) loans receivable, subject to credit risk	$	13,660	$	10,393
SBA 7(a) loans receivable, subject to loan-backed notes	39,466		43,983
SBA 7(a) loans receivable, subject to secured borrowings	1,832		3,105
SBA 7(a) loans receivable, held for sale	1,539		74
Loans receivable	56,497		57,555
Deferred capitalized costs, net	1,111		1,130
Current expected credit losses	(1,866)		(1,680)
Loans receivable, net	$	55,742	$	57,005

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 are 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 is no credit risk associated with these loans since the SBA guarantees 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

CECL reflects the Company’s current estimate of potential credit losses related to loans receivable included in the Company’s consolidated balance sheets as of September 30, 2024 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 CECL for the nine months ended September 30, 2024 and September 30, 2023 (dollar amounts in thousands):


	Loans Receivable
Current expected credit losses as of December 31, 2023	$	1,680
Net adjustment to reserve for expected credit losses	(36)

Current expected credit losses as of March 31, 2024	$	1,644
Net adjustment to reserve for expected credit losses	(37)
Current expected credit losses as of June 30, 2024	$	1,607
Net adjustment to reserve for expected credit losses	259
Current expected credit losses as of September 30, 2024	$	1,866

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)
Reserve for expected credit losses	(142)
Current expected credit losses as of June 30, 2023	$	1,713
Reserve for expected credit losses	(9)
Current expected credit losses as of September 30, 2023	$	1,704

The net adjustments to the reserve for expected credit losses are recognized through net income on the Company’s consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recorded an increase of $259,000 and $186,000, respectively, in its CECL related to its loans receivable, which was recorded in general and administrative expenses in the consolidated statement of operations. During the three and nine months ended September 30, 2023, the Company recorded a decrease of $9,000 and $100,000, respectively, in its CECL related to its loan receivable, which is recorded in general and administrative expenses in the consolidated statement of operations, and recorded a decrease due to write-offs of $85,000.

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 September 30, 2024 by year of origination, loan type and risk rating (dollar amounts in thousands):


		Amortized Cost of Loans Receivable by Year of Origination As of September 30, 2024
	Number of Loans	2024		2023		2022		2021		2020		Prior		Total
Loans by internal risk rating:
1	106	$	4,050	$	5,357	$	4,807	$	6,946	$	2,187	$	10,089	$	33,436
2	55	475		4,100		3,475		2,491		1,494		6,323		$	18,358
3	1	—		—		—		430		—		—		$	430
4	1	—		902		—		—		—		—		$	902
5	—	—		—		—		—		—		—		—
Total	163	$	4,525	$	10,359	$	8,282	$	9,867	$	3,681	$	16,412	$	53,126
Plus: SBA 7(a) loans receivable, subject to secured borrowings (1)														1,832
Plus: Deferred capitalized costs, net														1,111
Less: Current expected credit losses														(1,866)
Less: Held for sale guaranteed portion														1,539
Total loans receivable, net														$	55,742

Weighted average risk rating														1.4

____________________

(1)The Company does not assign a risk rating to its SBA 7(a) loans receivable that are subject to secured borrowings or the government guaranteed portion of loans held for sale. The Company has determined there is no credit risk associated with these loans since the SBA has guaranteed payment of the principal.

Other

As of September 30, 2024 and December 31, 2023, 99.4% and 100.0%, respectively, of the Company’s loans subject to credit risk were concentrated in the hospitality industry. As of September 30, 2024 and December 31, 2023, 94.9% and 99.3%, 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 September 30, 2024 and December 31, 2023, $4.0 million and $1.3 million, respectively, of loans subject to credit risk were classified in substandard categories.

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments in Unconsolidated Entities

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


					Carrying Value
Joint Venture	Asset Type	Location	Acquisition Date	Ownership Interest	September 30, 2024		December 31, 2023
1910 Sunset Boulevard (1)	Office / Multifamily (Development)	Los Angeles, CA	February 11, 2022	44.2%	$	12,159	$	12,040
4750 Wilshire Boulevard (2)	Office / Multifamily	Los Angeles, CA	February 17, 2023	20.0%	9,342		9,119
1902 Park Avenue (3)	Multifamily	Los Angeles, CA	February 28, 2023	50.0%	6,303		7,082
1015 N Mansfield Avenue (4)	Office (Development)	Los Angeles, CA	October 10, 2023	28.8%	6,392		5,264

Total investments in unconsolidated entities					$	34,196	$	33,505

______________________

(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 1910 Sunset JV (defined below). The 1910 Sunset JV has begun the 1915 Park Project (defined below) to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building.

(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 was substantially converted into 68 for-lease multifamily units in September, 2024.

(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. As of September 30, 2024, this property was in pre-development phase and the Company has not finalized the formal development plan for the property.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Hotel income	$ 6,808	$ 7,485	$ 29,768	$ 29,590
Rental and other property income	18,150	17,061	56,172	49,999
Interest and other income	3,658	3,572	11,113	10,201
Hotel revenues	28,616	28,118	97,053	89,790
Hotel properties
Disaggregation of Revenue [Line Items]
Hotel income	6,808	7,485	29,768	29,590
Rental and other property income	221	367	1,056	1,259
Interest and other income	113	96	327	259
Hotel revenues	$ 7,142	$ 7,948	$ 31,151	$ 31,108

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

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+ Details

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	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	$ 56,497			$ 57,555
Deferred capitalized costs, net	1,111			1,130
Current expected credit losses	(1,866)	$ (1,607)	$ (1,644)	(1,680)	$ (1,704)	$ (1,713)	$ (1,940)	$ (1,106)
Total loans receivable, net	55,742			57,005
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	13,660			10,393
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	39,466			43,983
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	1,832			3,105
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 1,539			$ 74

- 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

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
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 $18.5 million as of September 30, 2024, 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 $12.6 million in future obligations under leases to fund tenant improvements and other future construction obligations as of September 30, 2024. As of September 30, 2024, $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. Such subsidiary has reached an agreement in principle to settle the lawsuit with the plaintiff pursuant to which such subsidiary’s share of the settlement payment will be approximately $700,000. The Company anticipates that such payment will be made directly from the Company’s insurance carrier, which will be responsible for the entire payment. Accordingly, the Company does not expect this lawsuit to have any 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 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 September 30, 2024, the Company serviced an aggregate of $221.9 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.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Redeemable preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Redeemable preferred stock, share authorized (in shares)	25,226,343	27,904,974
Redeemable preferred stock, shares issued (in shares)	913,630	0
Redeemable preferred stock, shares outstanding (in shares)	913,630	0
Redeemable preferred stock liquidation preference (in usd per share)	$ 25.00	$ 25.00
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	83,447,280	22,786,741
Common stock, shares outstanding (in shares)	83,447,280	22,786,741
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	31,519,738	34,611,501
Preferred stock, shares issued (in shares)	8,820,338	8,820,338
Preferred stock, shares outstanding (in shares)	4,340,076	7,431,839
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, shares issued (in shares)	27,553,834
Series A1 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,226,343	27,904,974
Preferred stock, shares issued (in shares)	11,327,248	10,473,369
Preferred stock, shares outstanding (in shares)	8,553,591	10,378,343
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Common stock, shares issued (in shares)	32,998,865
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	26,991,590
Preferred stock, shares issued (in shares)	56,857	56,857
Preferred stock, shares outstanding (in shares)	48,447	48,447
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Deferred rent receivable	$ 13,849	$ 14,757
Deferred leasing costs, net of accumulated amortization of $11,413 and $10,483, respectively	6,152	6,613
Deferred offering costs	0	4,925
Deferred financing costs, net of accumulated amortization of $1,363 and $764, respectively	1,086	1,436
Other deferred costs	0	491
Deferred rent receivable and charges, net	21,087	28,222
Deferred leasing costs, accumulated amortization	11,413	10,483
Deferred financing costs, accumulated amortization	$ 1,363	$ 764

Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES:
Rental and other property income	$ 18,150,000	$ 17,061,000	$ 56,172,000	$ 49,999,000
Hotel income	6,808,000	7,485,000	29,768,000	29,590,000
Interest and other income	3,658,000	3,572,000	11,113,000	10,201,000
Hotel revenues	28,616,000	28,118,000	97,053,000	89,790,000
EXPENSES:
Rental and other property operating	17,373,000	15,509,000	52,550,000	47,713,000
Asset management and other fees to related parties	515,000	724,000	1,334,000	2,071,000
Interest	9,616,000	9,733,000	27,819,000	24,678,000
General and administrative	2,221,000	2,142,000	5,243,000	5,751,000
Transaction-related costs	526,000	38,000	1,351,000	3,398,000
Depreciation and amortization	6,423,000	16,082,000	19,357,000	46,056,000
Total Expenses	37,938,000	45,400,000	111,371,000	133,562,000
(Loss) income from unconsolidated entities	(1,239,000)	1,189,000	(442,000)	1,053,000
Gain on sale of real estate (Note 3)	0	0	0	1,104,000
LOSS BEFORE PROVISION FOR INCOME TAXES	(10,561,000)	(16,093,000)	(14,760,000)	(41,615,000)
Provision for income taxes	15,000	554,000	573,000	969,000
NET LOSS	(10,576,000)	(16,647,000)	(15,333,000)	(42,584,000)
Net loss attributable to non-controlling interests	192,000	874,000	423,000	2,501,000
NET LOSS ATTRIBUTABLE TO THE COMPANY	(10,384,000)	(15,773,000)	(14,910,000)	(40,083,000)
Redeemable preferred stock dividends declared or accumulated (Note 11)	(7,966,000)	(6,809,000)	(23,601,000)	(18,341,000)
Redeemable preferred stock deemed dividends (Note 11)	(327,000)	0	(755,000)	0
Redeemable preferred stock redemptions (Note 11)	(16,098,000)	(352,000)	(17,471,000)	(1,040,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (34,775,000)	$ (22,934,000)	$ (56,737,000)	$ (59,464,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (1.22)	$ (0.94)	$ (2.20)	$ (2.44)
Diluted (in usd per share)	$ (1.22)	$ (0.94)	$ (2.20)	$ (2.44)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	28,493	24,422	25,789	24,402
Diluted (in shares)	28,493	24,422	25,789	24,402
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Hotel [Member]	Hotel [Member]	Hotel [Member]	Hotel [Member]
Corporate
EXPENSES:
Expense reimbursements to related parties	$ 592,000	$ 524,000	$ 1,809,000	$ 1,729,000
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 672,000	$ 648,000	$ 1,908,000	$ 2,166,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recognized Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Fixed lease payments	$ 15,397	$ 14,579	$ 48,083	$ 42,251
Variable lease payments	2,753	2,482	8,089	7,748
Rental and other property income	$ 18,150	$ 17,061	$ 56,172	$ 49,999

LOANS RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Loans Receivable, Net

Loans receivable consist of the following (in thousands):


	September 30, 2024		December 31, 2023
SBA 7(a) loans receivable, subject to credit risk	$	13,660	$	10,393
SBA 7(a) loans receivable, subject to loan-backed notes	39,466		43,983
SBA 7(a) loans receivable, subject to secured borrowings	1,832		3,105
SBA 7(a) loans receivable, held for sale	1,539		74
Loans receivable	56,497		57,555
Deferred capitalized costs, net	1,111		1,130
Current expected credit losses	(1,866)		(1,680)
Loans receivable, net	$	55,742	$	57,005

Schedule of Allowance for Credit Losses

The following table presents the activity in the Company’s CECL for the nine months ended September 30, 2024 and September 30, 2023 (dollar amounts in thousands):


	Loans Receivable
Current expected credit losses as of December 31, 2023	$	1,680
Net adjustment to reserve for expected credit losses	(36)

Current expected credit losses as of March 31, 2024	$	1,644
Net adjustment to reserve for expected credit losses	(37)
Current expected credit losses as of June 30, 2024	$	1,607
Net adjustment to reserve for expected credit losses	259
Current expected credit losses as of September 30, 2024	$	1,866

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)
Reserve for expected credit losses	(142)
Current expected credit losses as of June 30, 2023	$	1,713
Reserve for expected credit losses	(9)
Current expected credit losses as of September 30, 2023	$	1,704

Schedule of Net Book Value of Loans Receivable Portfolio by Year of Origination, Loan Type and Risk Rating

The following table presents the net book value of the Company’s loans receivable portfolio as of September 30, 2024 by year of origination, loan type and risk rating (dollar amounts in thousands):


		Amortized Cost of Loans Receivable by Year of Origination As of September 30, 2024
	Number of Loans	2024		2023		2022		2021		2020		Prior		Total
Loans by internal risk rating:
1	106	$	4,050	$	5,357	$	4,807	$	6,946	$	2,187	$	10,089	$	33,436
2	55	475		4,100		3,475		2,491		1,494		6,323		$	18,358
3	1	—		—		—		430		—		—		$	430
4	1	—		902		—		—		—		—		$	902
5	—	—		—		—		—		—		—		—
Total	163	$	4,525	$	10,359	$	8,282	$	9,867	$	3,681	$	16,412	$	53,126
Plus: SBA 7(a) loans receivable, subject to secured borrowings (1)														1,832
Plus: Deferred capitalized costs, net														1,111
Less: Current expected credit losses														(1,866)
Less: Held for sale guaranteed portion														1,539
Total loans receivable, net														$	55,742

Weighted average risk rating														1.4

____________________

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Intangible assets:
Total intangible assets, net	$ 3,663	$ 3,948
Trade name and license
Intangible assets:
Trade name and license	2,957	2,957
Acquired in-place leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 5,102	$ 4,821
Acquired finite lived intangible lease assets average useful life	6 years	6 years
Intangible assets, net	$ 703	$ 984
Acquired above-market leases
Intangible assets:
Intangible lease assets, accumulated amortization	$ 34	$ 30
Acquired finite lived intangible lease assets average useful life	7 years	7 years
Intangible assets, net	$ 3	$ 7

EARNINGS PER SHARE ("EPS") (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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

The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(34,775)	$	(22,934)	$	(56,737)	$	(59,464)
Redeemable preferred stock dividends declared on dilutive shares	—		—		—		—
Diluted net loss attributable to common stockholders	$	(34,775)	$	(22,934)	$	(56,737)	$	(59,464)
Denominator:
Basic weighted average shares of Common Stock outstanding	28,493		24,422		25,789		24,402
Effect of dilutive securities—contingently issuable shares	—		—		—		—
Diluted weighted average shares and common stock equivalents outstanding	28,493		24,422		25,789		24,402
Net loss attributable to common stockholders per share:
Basic	$	(1.22)	$	(0.94)	$	(2.20)	$	(2.44)
Diluted	$	(1.22)	$	(0.94)	$	(2.20)	$	(2.44)

RELATED-PARTY TRANSACTIONS - Affiliate Investments and Other Narrative (Details)	1 Months Ended			3 Months Ended			9 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft²	Feb. 28, 2022 USD ($)	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($) asset	Aug. 07, 2019 ft²	May 15, 2019 ft²
Related Party Transaction [Line Items]
Payments to acquire equity method investment							$ 1,463,000	$ 7,218,000
Rental and other property income				$ 18,150,000	$ 17,061,000		56,172,000	49,999,000
Income from unconsolidated entities				$ (1,239,000)	1,189,000		$ (442,000)	$ 1,053,000
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 \| Eleven Year Lease
Related Party Transaction [Line Items]
Lease, term of contract with related party										11 years
Rentable area (square feet) \| ft²									30,000	32,000
Rental and other property income						$ 194,000
1910 Sunset Boulevard
Related Party Transaction [Line Items]
Payments to acquire equity method investment			$ 22,400,000
Ownership Interest				44.20%			44.20%
Income from unconsolidated entities				$ (763,000)	(402,000)		$ (764,000)	(683,000)
1910 Sunset Boulevard \| Office Building
Related Party Transaction [Line Items]
Rentable area (square feet) \| ft²				104,764			104,764
1910 Sunset Boulevard \| Corporate Joint Venture
Related Party Transaction [Line Items]
Payments to acquire equity method investment			$ 51,000,000
1902 Park Avenue
Related Party Transaction [Line Items]
Ownership Interest				50.00%			50.00%
1902 Park Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price		$ 19,100,000
Ownership Interest		50.00%
Income from unconsolidated entities				$ (405,000)	(422,000)		$ (929,000)	216,000
1902 Park JV
Related Party Transaction [Line Items]
Payments to acquire equity method investment		$ 6,600,000
1902 Park JV \| Corporate Joint Venture \| Mortgage Payable
Related Party Transaction [Line Items]
Aggregate principal amount		$ 9,600,000
1015 N Mansfield Avenue
Related Party Transaction [Line Items]
Ownership Interest				28.80%			28.80%
1015 N Mansfield Avenue \| Office Building
Related Party Transaction [Line Items]
Rentable area (square feet) \| ft²				44,141			44,141
1015 N Mansfield Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price	$ 18,000,000
Ownership Interest	28.80%
Percentage of ownership acquired	100.00%
Income from unconsolidated entities				$ 0			$ 1,100,000
1015 N Mansfield Avenue \| Corporate Joint Venture \| Office Building
Related Party Transaction [Line Items]
Area of land (square feet) \| ft²	44,141
4750 Wilshire Boulevard
Related Party Transaction [Line Items]
Ownership Interest				20.00%			20.00%
4750 Wilshire Boulevard \| Office Building
Related Party Transaction [Line Items]
Rentable area (square feet) \| ft²		30,335		30,335			30,335
4750 Wilshire Boulevard \| Eleven Year Lease
Related Party Transaction [Line Items]
Ownership percentage sold		80.00%
4750 Wilshire JV
Related Party Transaction [Line Items]
Ownership Interest				20.00%			20.00%
4750 Wilshire JV \| Eleven Year Lease
Related Party Transaction [Line Items]
Ownership Interest		20.00%
4750 Wilshire JV \| Corporate Joint Venture
Related Party Transaction [Line Items]
Income from unconsolidated entities				$ (71,000)	2,000,000		$ 123,000	1,500,000
4750 Wilshire JV \| Corporate Joint Venture \| Eleven Year Lease
Related Party Transaction [Line Items]
Income from unconsolidated entities				$ 84,000	$ 80,000		$ 248,000	$ 170,000

DEBT - Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 (Three months ending December 31, 2024)	$ 3,795
2025	332,899
2026	105,700
2027	11,007
2028	111
Thereafter	28,001
Total Debt	481,513
Mortgage Payable
Debt Instrument [Line Items]
2024 (Three months ending December 31, 2024)	0
2025	153,600
2026	97,100
2027	0
2028	0
Thereafter	0
Total Debt	250,700	$ 250,700
Secured Borrowings Principal
Debt Instrument [Line Items]
2024 (Three months ending December 31, 2024)	479
2025	89
2026	96
2027	103
2028	111
Thereafter	931
Total Debt	1,809	$ 3,007
2022 Credit Facility \| 2022 Credit Facility
Debt Instrument [Line Items]
2024 (Three months ending December 31, 2024)	0
2025	169,263
2026	0
2027	0
2028	0
Thereafter	0
Total Debt	169,263
Other
Debt Instrument [Line Items]
2024 (Three months ending December 31, 2024)	3,316
2025	9,947
2026	8,504
2027	10,904
2028	0
Thereafter	27,070
Total Debt	$ 59,741

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)	0	0	0	0
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)			0	0
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)			0	0
Series A1
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive shares (in shares)			0	0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rend Receivable and Charges (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		28 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Class of Stock [Line Items]
Redeemable preferred stock redemptions		$ 16,098	$ 352	$ 17,471	$ 1,040
Series A1
Class of Stock [Line Items]
Redeemable preferred stock redemptions		$ 5,100
Series A1 \| Preferred Stock, Redemption Period One
Class of Stock [Line Items]
Redemption of Preferred Stock paid in Common Stock (in shares)	2,589,606
Series A Preferred Stock
Class of Stock [Line Items]
Redemption of Preferred Stock paid in Common Stock (in shares)	2,167,156					2,167,156

- 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

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,689,854
Entity Central Index Key	0000908311
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2024 USD ($) officer	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments to fund loans	$ 18,500
Future obligations under leases to fund tenant improvements and other future construction obligation	12,600
Restricted cash	17,521	$ 24,938	$ 23,950
SBA 7(a) Loans \| Government Guaranteed Portions
Commitment and Contingencies [Line Items]
Aggregate amount serviced	221,900
Subsidiary of Common Parent
Commitment and Contingencies [Line Items]
Litigation settlement amount	$ 700
Employment agreements \| Executive Officers
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer	1
Multiplier used for the calculation of payments in the event of death of employee	2
Multiplier used for the calculation of payments in the event of disability to employee	1
Restricted Cash for Tenant Improvement Allowance
Commitment and Contingencies [Line Items]
Restricted cash	$ 2,500

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024		December 31, 2023
	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%	7.83% - 11.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	10.00% - 11.00%	4.88% - 17.50%	10.00% - 11.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	10.00% - 10.50%	5.00% - 17.50%	10.00% - 10.50%	5.00% - 17.50%

Derivative Instruments — The Company’s derivative instruments are comprised of interest rate caps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments 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

September 30, 2024 and December 31, 2023. 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 (dollar amounts in thousands):


	September 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	15,435	$	15,400	$	10,539	$	10,482	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	36,913	$	39,815	$	43,263	$	46,701	3
SBA 7(a) loans receivable, subject to secured borrowings	$	1,832	$	1,832	$	3,105	$	3,105	3
SBA 7(a) loans receivable, held for sale	$	1,562	$	1,699	$	98	$	82	3
Liabilities:
Mortgages payable (1)	$	163,700	$	160,545	$	163,700	$	158,529	3
Junior subordinated notes (1)	$	27,070	$	24,839	$	27,070	$	24,667	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.

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Interest Rate Cap Derivatives (Details) - Interest Rate Caps $ in Thousands	Sep. 30, 2024 USD ($)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Outstanding Notional Amount	$ 87,000
Strike Rates	4.50%
Fair Value of Assets	$ 65

- 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.

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+ Details

STOCK-BASED COMPENSATION PLANS

9 Months Ended

Sep. 30, 2024

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:

Grant Date (1)

Vesting Date

Restricted Shares of Common Stock - Individual

Restricted Shares of Common Stock - Aggregate

August 2023

August 2024

12,222

48,888

August 2024

August 2025

26,960

107,840

______________________

(1)Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $55,000 and $36,000 for the three months ended September 30, 2024 and 2023, respectively, and $165,000 and $128,000 for the nine months ended September 30, 2024 and 2023.

As of September 30, 2024, there was $183,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

LEASES

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

16. LEASES


Years Ending December 31,	Total
2024 (Three months ending December 31, 2024)	$	14,540
2025	41,259
2026	27,370
2027	19,463
2028	15,091
Thereafter	52,760
	$	170,483

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	56 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2022	Jun. 29, 2020	Jun. 28, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants	$ 12,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	56,857	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	48,447	48,447
Redemption of preferred stock (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

INVESTMENTS IN REAL ESTATE - Net Assets Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 acquisition	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Number of property acquisitions \| acquisition	0
Acquired below-market leases		$ (223)
Net assets acquired		$ 283,051
Amortization period for acquired below market leases		5 months
Acquired in-place leases
Business Acquisition [Line Items]
Acquired leases		$ 27,210
Amortization period for the acquired leases		6 months
Acquired above-market leases
Business Acquisition [Line Items]
Acquired leases		$ 71
Amortization period for the acquired leases		7 months
Land
Business Acquisition [Line Items]
Property, plant, and equipment		$ 36,613
Land improvements
Business Acquisition [Line Items]
Property, plant, and equipment		4,523
Buildings and improvements
Business Acquisition [Line Items]
Property, plant, and equipment		206,717
Furniture, fixtures, and equipment
Business Acquisition [Line Items]
Property, plant, and equipment		$ 8,140

DEBT - Debt Activity (Details) - USD ($) $ in Thousands	9 Months Ended
DEBT - Debt Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt [Roll Forward]
Long-term debt, beginning balance	$ 471,561
Payment of deferred debt origination costs	(622)	$ (3,164)
Repayments	(13,888)
Accretion & (Amortization)	1,639	1,646
Amortization of debt discount (premium)	(1)	$ 36
Accretion & (Amortization)	1,039
Net proceeds	19,627
Long-term debt, ending balance	478,339
Outstanding, ending balance	481,513
Mortgage Payable
Debt [Roll Forward]
Outstanding, beginning balance	250,700
Deferred debt origination costs	(385)		$ (954)
Long-term debt, beginning balance	249,746
Debt Issuances & Assumptions	0
Payment of deferred debt origination costs	0
Repayments	0
Accretion & (Amortization)	569
Long-term debt, ending balance	250,315
Outstanding, ending balance	250,700
Mortgage Payable \| Fixed rate mortgages payable
Debt [Roll Forward]
Outstanding, beginning balance	163,700
Debt Issuances & Assumptions	0
Repayments	0
Outstanding, ending balance	163,700
Mortgage Payable \| Variable rate mortgage payable
Debt [Roll Forward]
Outstanding, beginning balance	87,000
Debt Issuances & Assumptions	0
Repayments	0
Outstanding, ending balance	87,000
Secured Borrowings Principal
Debt [Roll Forward]
Outstanding, beginning balance	3,007
Long-term debt, beginning balance	3,107
Premiums (discounts), beginning balance	100
Repayments	(1,198)
Amortization of debt discount (premium)	(77)
Premiums (discounts), ending balance	23
Long-term debt, ending balance	1,832
Outstanding, ending balance	1,809
Other Debt
Debt [Roll Forward]
Long-term debt, beginning balance	218,708
Debt Issuances & Assumptions	19,627
Repayments	(12,690)
Accretion & (Amortization)	547
Long-term debt, ending balance	226,192
Outstanding, ending balance	59,741
Line of Credit \| Revolving Credit Facility
Debt [Roll Forward]
Outstanding, ending balance	169,263
Line of Credit \| Revolving Credit Facility \| 2022 credit facility revolver
Debt [Roll Forward]
Outstanding, beginning balance	97,000
Debt Issuances & Assumptions	20,000
Repayments	(3,967)
Outstanding, ending balance	113,033
Line of Credit \| Secured Borrowings Principal
Debt [Roll Forward]
Outstanding, beginning balance	56,230
Debt Issuances & Assumptions	0
Repayments	0
Outstanding, ending balance	56,230
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,398)
Debt Issuances & Assumptions	0
Repayments	0
Accretion & (Amortization)	76
Premiums (discounts), ending balance	(1,322)
Outstanding, ending balance	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	41,394
Debt Issuances & Assumptions	0
Repayments	(8,723)
Outstanding, ending balance	32,671
Deferred debt origination costs — other
Debt [Roll Forward]
Deferred debt origination costs	(1,490)		$ (1,588)
Payment of deferred debt origination costs	(373)
Accretion & (Amortization)	$ 471

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,333,000)	$ (42,584,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	19,624,000	46,153,000
Gain on sale of real estate	0	(1,104,000)
Amortization of deferred debt origination costs	1,639,000	1,646,000
Amortization of premiums and discounts on debt	(1,000)	36,000
Unrealized premium adjustment	549,000	548,000
Amortization of deferred costs and accretion of fees on loans receivable, net	(105,000)	(279,000)
Write-offs (recoveries) of uncollectible receivables	782,000	160,000
Write-off of other deferred costs	491,000	0
Loss (gain) on interest rate caps	425,000	349,000
Deferred income taxes	(27,000)	28,000
Stock-based compensation	165,000	128,000
Loss (income) from unconsolidated entities	442,000	(1,053,000)
Loans funded, held for sale to secondary market	(13,017,000)	(13,468,000)
Proceeds from sale of guaranteed loans	15,257,000	13,560,000
Principal collected on loans subject to secured borrowings	1,198,000	1,434,000
Commitment fees remitted and other operating activity	(461,000)	(314,000)
Changes in operating assets and liabilities:
Accounts receivable	553,000	695,000
Other assets	2,536,000	(3,961,000)
Accounts payable and accrued expenses	(766,000)	18,376,000
Deferred leasing costs	(1,095,000)	(717,000)
Other liabilities	(2,377,000)	(4,455,000)
Due to related parties	5,401,000	1,584,000
Net cash provided by operating activities	15,880,000	16,762,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(12,778,000)	(10,895,000)
Acquisition of real estate	0	(96,731,000)
Proceeds from sale of real estate, net	1,096,000	31,419,000
Investment in unconsolidated entity	(1,463,000)	(7,218,000)
Distributions from unconsolidated entity	330,000	0
Loans funded	(9,279,000)	(8,550,000)
Principal collected on loans	7,390,000	9,108,000
Net cash used in investing activities	(14,704,000)	(82,867,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(12,690,000)	(194,239,000)
Proceeds from revolving credit facilities, term notes and mortgages	20,000,000	248,282,000
Proceeds from SBA 7(a) loan-backed notes	0	54,141,000
Payment of principal on secured borrowings	(1,198,000)	(1,434,000)
Payment of deferred preferred stock offering costs	(1,029,000)	(665,000)
Payment of deferred debt origination costs	(622,000)	(3,164,000)
Payment of common dividends	(5,811,000)	(5,795,000)
Net proceeds from issuance of Preferred Stock	40,450,000	76,082,000
Payment of Preferred Stock dividends	(23,543,000)	(22,303,000)
Redemption of Preferred Stock	(24,943,000)	(99,031,000)
Distributions to noncontrolling interests	(43,000)	(38,000)
Net cash (used in) provided by financing activities	(9,429,000)	51,836,000
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(8,253,000)	(14,269,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	44,228,000	57,480,000
End of period	35,975,000	43,211,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	18,454,000	19,261,000
Restricted cash	17,521,000	23,950,000
Total cash and cash equivalents and restricted cash	35,975,000	43,211,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	25,714,000	21,525,000
Federal income taxes paid	366,000	575,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	4,327,000	1,555,000
Proceeds from the sale of real estate committed but not yet received	0	2,981,000
Other amounts due from Unconsolidated Joint Venture partners included in other assets	396,000	1,445,000
Non-cash contributions to Unconsolidated Joint Venture	0	8,600,000
Accrued preferred stock offering costs	714,000	166,000
Accrual of dividends payable to common stockholders	0	1,937,000
Accrual of dividends payable to preferred stockholders	2,045,000	2,307,000
Preferred stock offering costs offset against redeemable preferred stock in permanent equity	508,000	1,242,000
Preferred stock offering costs offset against redeemable preferred stock in temporary equity	912,000	0
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	0	15,616,000
Mortgage notes assumed in connection with our acquisition of real estate	0	181,318,000
Redeemable preferred stock deemed dividends	755,000	0
Accrued redeemable preferred stock fees	191,000	369,000
Acquisition of non-controlling interests	0	5,002,000
Write-off of preferred stock deferred offering costs	$ 5,123,000	$ 0

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($)		1 Months Ended	3 Months Ended						9 Months Ended		28 Months Ended	56 Months Ended	96 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 353,161,000	$ 372,079,000	$ 376,769,000	$ 381,322,000	$ 378,682,000	$ 362,033,000	$ 376,769,000	$ 362,033,000
Reclassification of Series A Preferred stock to permanent equity									0	15,616,000
Ending balance	$ 322,861,000	$ 322,861,000	$ 322,861,000	$ 353,161,000	$ 372,079,000	$ 375,260,000	$ 381,322,000	$ 378,682,000	$ 322,861,000	$ 375,260,000	$ 322,861,000	$ 322,861,000	$ 322,861,000
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			17,979,480	18,298,956	17,858,629	16,090,504	14,789,488	13,570,353	17,858,629	13,570,353
Beginning balance			$ 446,829,000	$ 454,782,000	$ 443,829,000	$ 400,170,000	$ 367,988,000	$ 337,762,000	$ 443,829,000	$ 337,762,000
Ending balance (in shares)	12,942,114	12,942,114	12,942,114	17,979,480	18,298,956	16,966,190	16,090,504	14,789,488	12,942,114	16,966,190	12,942,114	12,942,114	12,942,114
Ending balance	$ 321,770,000	$ 321,770,000	$ 321,770,000	$ 446,829,000	$ 454,782,000	$ 421,749,000	$ 400,170,000	$ 367,988,000	$ 321,770,000	$ 421,749,000	$ 321,770,000	$ 321,770,000	$ 321,770,000
Series A1 Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					10,378,343				10,378,343
Issuance of Series A1 Preferred Stock					$ 19,066,000	24,701,000	26,985,000	23,278,000
Redemption of Preferred Stock (in shares)	(183,041)										(2,773,657)
Redemption of Preferred Stock			(738,000)	$ (738,000)	$ (567,000)	$ (737,000)	$ (278,000)	$ (302,000)
Redemption of Preferred Stock paid in Common Stock			$ (2,387,000)
Reclassification of Series A Preferred stock to permanent equity									$ 0
Ending balance (in shares)	8,553,591	8,553,591	8,553,591						8,553,591		8,553,591	8,553,591	8,553,591
Series A1 Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			11,176,174	11,208,176	10,378,343	8,160,099	6,975,710	5,956,147	10,378,343	5,956,147
Beginning balance			$ 276,795,000	$ 277,586,000	$ 256,935,000	$ 202,069,000	$ 172,764,000	$ 147,514,000	$ 256,935,000	$ 147,514,000
Issuance of Series A1 Preferred Stock ( in shares )					853,879	1,094,386	1,195,589	1,032,433
Issuance of Series A1 Preferred Stock					$ 21,246,000	$ 27,015,000	$ 29,582,000	$ 25,569,000
Redemption of Preferred Stock (in shares)			(31,967)	(32,002)	(24,046)	(30,941)	(11,200)	(12,870)
Redemption of Preferred Stock			$ (791,000)	$ (791,000)	$ (595,000)	$ (760,000)	$ (277,000)	$ (319,000)
Redemption of Preferred Stock paid in Common Stock (in shares)			(2,590,616)
Redemption of Preferred Stock paid in Common Stock			$ (64,127,000)
Ending balance (in shares)	8,553,591	8,553,591	8,553,591	11,176,174	11,208,176	9,223,544	8,160,099	6,975,710	8,553,591	9,223,544	8,553,591	8,553,591	8,553,591
Ending balance	$ 211,877,000	$ 211,877,000	$ 211,877,000	$ 276,795,000	$ 277,586,000	$ 228,324,000	$ 202,069,000	$ 172,764,000	$ 211,877,000	$ 228,324,000	$ 211,877,000	$ 211,877,000	$ 211,877,000
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					7,431,839				7,431,839
Redemption of Preferred Stock (in shares)									(2,313,106)		(4,480,262)
Redemption of Preferred Stock			(6,143,000)	$ (7,099,000)	$ (9,643,000)	$ (4,631,000)	(4,465,000)	(4,682,000)
Redemption of Preferred Stock paid in Common Stock (in shares)		(2,167,156)									(2,167,156)
Redemption of Preferred Stock paid in Common Stock			(2,218,000)
Reclassification of Series A Preferred stock to permanent equity			$ 0				$ 6,804,000	$ 8,812,000					$ 199,600,000
Ending balance (in shares)	4,340,076	4,340,076	4,340,076						4,340,076		4,340,076	4,340,076	4,340,076
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			6,754,859	7,042,333	7,431,839	7,881,958	7,764,921	7,565,349	7,431,839	7,565,349
Beginning balance			$ 168,844,000	$ 176,006,000	$ 185,704,000	$ 196,911,000	$ 194,024,000	$ 189,048,000	$ 185,704,000	$ 189,048,000
Redemption of Preferred Stock (in shares)			(247,627)	(287,474)	(389,506)	(187,759)	(183,809)	(189,753)
Redemption of Preferred Stock			$ (6,214,000)	$ (7,162,000)	$ (9,698,000)	$ (4,676,000)	$ (4,575,000)	$ (4,723,000)
Redemption of Preferred Stock paid in Common Stock (in shares)			(2,167,156)
Redemption of Preferred Stock paid in Common Stock			$ (53,927,000)
Reclassification of Series A Preferred stock to permanent equity (in shares)							300,846	389,325
Reclassification of Series A Preferred stock to permanent equity							$ 7,462,000	$ 9,699,000
Ending balance (in shares)	4,340,076	4,340,076	4,340,076	6,754,859	7,042,333	7,694,199	7,881,958	7,764,921	4,340,076	7,694,199	4,340,076	4,340,076	4,340,076
Ending balance	$ 108,703,000	$ 108,703,000	$ 108,703,000	$ 168,844,000	$ 176,006,000	$ 192,235,000	$ 196,911,000	$ 194,024,000	$ 108,703,000	$ 192,235,000	$ 108,703,000	$ 108,703,000	$ 108,703,000
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					48,447				48,447
Redemption of Preferred Stock (in shares)												(8,410)
Redemption of Preferred Stock			$ 0				$ (10,000)
Ending balance (in shares)	48,447	48,447	48,447						48,447		48,447	48,447	48,447
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			48,447	48,447	48,447	48,447	48,857	48,857	48,447	48,857
Beginning balance			$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,200,000	$ 1,200,000	$ 1,190,000	$ 1,200,000
Redemption of Preferred Stock (in shares)							(410)
Redemption of Preferred Stock							$ (10,000)
Ending balance (in shares)	48,447	48,447	48,447	48,447	48,447	48,447	48,447	48,857	48,447	48,447	48,447	48,447	48,447
Ending balance	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,200,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000	$ 1,190,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized retained loan discounts	$ 7,900			$ 8,400
Loan receivable, nonaccrual, past due period (more than)	60 days
Cumulative-effective adjustment	$ 322,861	$ 353,161	$ 372,079	376,769	$ 375,260	$ 381,322	$ 378,682		$ 362,033
Allowance for credit losses	1,866	1,607	1,644	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	$ (985,874)	$ (947,762)	$ (936,151)	$ (921,925)	$ (903,725)	$ (878,854)	$ (853,108)		(837,846)
Cumulative-effect adjustment upon adoption of ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment									(619)
Allowance for credit losses									783
Cumulative-effect adjustment upon adoption of ASU 2016-13 \| 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.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

INVESTMENT IN UNCONSOLIDATED ENTITIES - Schedule of Equity Investments in Unconsolidated Entities (Details) $ in Thousands	Sep. 30, 2024 USD ($) ft² unit	Dec. 31, 2023 USD ($)	Feb. 28, 2023 ft²
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities	$ 34,196	$ 33,505
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	44.20%
Total investments in unconsolidated entities	$ 12,159	12,040
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	104,764
1910 Sunset Boulevard \| Retail Site
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	2,760
1910 Sunset Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	36
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest	20.00%
Total investments in unconsolidated entities	$ 9,342	9,119
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	30,335		30,335
4750 Wilshire Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	68
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.00%
Total investments in unconsolidated entities	$ 6,303	7,082
1902 Park Avenue \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit	75
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	28.80%
Total investments in unconsolidated entities	$ 6,392	$ 5,264
1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	44,141

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments in Real Estate
Impairment of real estate	$ 0	$ 0	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years		15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years		40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years		3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years		5 years

STOCK-BASED COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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

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:

Grant Date (1)

Vesting Date

Restricted Shares of Common Stock - Individual

Restricted Shares of Common Stock - Aggregate

August 2023

August 2024

12,222

48,888

August 2024

August 2025

26,960

107,840

______________________

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of September 30, 2024 and December 31, 2023 is as follows (in thousands):


	September 30, 2024		December 31, 2023
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $5,102 and $4,821, respectively, both with an average useful life of 6 years, respectively.	$	703	$	984
Acquired above-market leases, net of accumulated amortization of $34 and $30, respectively, both with an average useful life of 7 years, respectively	3		7
Trade name and license	2,957		2,957
Total intangible assets, net	$	3,663	$	3,948

Schedule of Amortization of Acquired Leases

During the three and nine months ended September 30, 2024 and 2023, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Acquired above-market lease amortization	$	1	$	21	$	4	$	79
Acquired in-place lease amortization	$	94	$	9,488	$	281	$	27,620
Acquired below-market lease amortization	$	—	$	93	$	—	$	243

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

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of September 30, 2024, is as follows (in thousands):


	Assets
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases
2024 (Three months ended December 31, 2024)	$	2	$	92
2025	1		171
2026	—		123
2027	—		123
2028	—		122
Thereafter	—		72
	$	3	$	703

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 702,845	$ 704,762
Investments in unconsolidated entities	34,196	33,505
Cash and cash equivalents	18,454	19,290
Restricted cash	17,521	24,938
Loans receivable, net (Note 5)	55,742	57,005
Accounts receivable, net	4,198	5,347
Deferred rent receivable and charges, net	21,087	28,222
Other intangible assets, net	3,663	3,948
Other assets	10,343	14,183
TOTAL ASSETS	868,049	891,200
LIABILITIES:
Debt, net	478,339	471,561
Accounts payable and accrued expenses	26,582	26,426
Due to related parties	8,864	3,463
Other liabilities	10,604	12,981
Total liabilities	524,389	514,431
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 25,226,343 and 27,904,974 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 913,630 shares issued and outstanding as of September 30, 2024 and no shares issued or outstanding as of December 31, 2023; liquidation preference of $25.00 per share, subject to adjustment	20,799	0
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 83,447,280 shares issued and outstanding as of September 30, 2024 and 22,786,741 shares issued and outstanding as of December 31, 2023	87	23
Additional paid-in capital	984,978	852,476
Distributions in excess of earnings	(985,874)	(921,925)
Total stockholders’ equity	320,961	374,403
Non-controlling interests	1,900	2,366
Total equity	322,861	376,769
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	868,049	891,200
Series A Preferred Stock
EQUITY:
Preferred stock	108,703	185,704
Series A1 Preferred Stock
EQUITY:
Preferred stock	211,877	256,935
Series D Preferred Stock
EQUITY:
Preferred stock	$ 1,190	$ 1,190

SEGMENT DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Office:
Revenues	$	13,819	$	14,049	$	42,531	$	41,511
Property expenses:
Operating	7,444		6,267		20,634		19,159
General and administrative	122		75		192		232
Total property expenses	7,566		6,342		20,826		19,391
(Loss) income from unconsolidated entities	(834)		1,611		487		837
Segment net operating income—office	5,419		9,318		22,192		22,957
Hotel:
Revenues	7,142		7,948		31,151		31,108
Property expenses:
Operating	6,147		6,030		21,763		20,912
General and administrative	22		(3)		33		17
Total property expenses	6,169		6,027		21,796		20,929
Segment net operating income—hotel	973		1,921		9,355		10,179
Multifamily:
Revenues	4,773		3,331		14,971		8,632
Property expenses:
Operating	3,782		3,212		10,153		7,642
General and administrative	78		88		212		400
Total property expenses	3,860		3,300		10,365		8,042
(Loss) income from unconsolidated entity	(405)		(422)		(929)		216
Segment net operating income (loss)—multifamily	508		(391)		3,677		806
Lending:
Revenues	2,724		2,570		7,928		8,243
Lending expenses:
Interest expense	786		1,177		2,586		2,737
Expense reimbursements to related parties—lending segment	672		648		1,908		2,166
General and administrative	578		379		1,214		1,092

Total lending expenses	2,036		2,204		5,708		5,995
Segment net operating income—lending	688		366		2,220		2,248
Total segment net operating income	$	7,588	$	11,214	$	37,444	$	36,190

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

A reconciliation of segment net operating income to net income attributable to the Company for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total segment net operating income	$	7,588	$	11,214	$	37,444	$	36,190
Interest and other income	158		220		472		296
Asset management and other fees to related parties	(515)		(724)		(1,334)		(2,071)
Expense reimbursements to related parties—corporate	(592)		(524)		(1,809)		(1,729)
Interest expense	(8,830)		(8,556)		(25,233)		(21,941)
General and administrative	(1,421)		(1,603)		(3,592)		(4,010)
Transaction-related costs	(526)		(38)		(1,351)		(3,398)
Depreciation and amortization	(6,423)		(16,082)		(19,357)		(46,056)


Gain on sale of real estate	—		—		—		1,104
Loss before provision for income taxes	(10,561)		(16,093)		(14,760)		(41,615)
Provision for income taxes	(15)		(554)		(573)		(969)
Net loss	(10,576)		(16,647)		(15,333)		(42,584)
Net loss attributable to non-controlling interests	192		874		423		2,501
Net loss attributable to the Company	$	(10,384)	$	(15,773)	$	(14,910)	$	(40,083)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	September 30, 2024		December 31, 2023
Condensed assets:
Office	$	418,886	$	419,443
Hotel	102,621		95,998
Multifamily	270,260		278,492
Lending	75,472		76,374
Non-segment assets	810		20,893
Total assets	$	868,049	$	891,200

RELATED-PARTY TRANSACTIONS - Fees and Expense Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 515	$ 724	$ 1,334	$ 2,071
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	582	551	1,742	1,579
Property management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	24	20	74	57
Onsite management and other cost reimbursements
Related Party Transaction [Line Items]
Related party, amount of transaction	2,397	1,707	5,866	4,238
Onsite management and other cost reimbursements \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	176	114	414	255
Leasing commissions
Related Party Transaction [Line Items]
Related party, amount of transaction	97	27	335	103
Leasing commissions \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	0	18	10	32
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	362	112	552	282
Construction management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	6	26	128	85
Development management reimbursements
Related Party Transaction [Line Items]
Related party, amount of transaction	397	327	1,410	980
Development management reimbursements \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	241	135	625	322
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction	592	524	1,809	1,729
Expense reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction	672	648	1,908	2,166
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, amount of transaction	169	337	546	1,027
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, amount of transaction	183	154	606	460
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred costs	3,200	2,600	3,200	2,600
Personnel fees \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred personnel costs	$ 24	$ 6	$ 84	$ 67

REDEEMABLE PREFERRED STOCK (Tables)

9 Months Ended

Sep. 30, 2024

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			Total
	Shares	Amount		Shares	Amount		Shares	Amount			Shares	Amount
Balances, December 31, 2022	5,956,147	$	147,514	7,565,349	$	189,048	48,857	$	1,200		13,570,353	$	337,762
Issuance of Series A1 Preferred Stock	1,032,433	25,569		—	—		—	—			1,032,433	25,569
Redemption of Series A1 Preferred Stock paid in cash	(12,870)	(319)		—	—		—	—			(12,870)	(319)

Reclassification of Series A Preferred stock to permanent equity	—	—		389,325	9,699		—	—			389,325	9,699
Redemption of Series A Preferred Stock paid in cash	—	—		(189,753)	(4,723)		—	—			(189,753)	(4,723)
Balances, March 31, 2023	6,975,710	$	172,764	7,764,921	$	194,024	48,857	$	1,200		14,789,488	$	367,988
Issuance of Series A1 Preferred Stock	1,195,589	29,582		—	—		—	—			1,195,589	29,582
Redemption of Series A1 Preferred Stock paid in cash	(11,200)	(277)		—	—		—	—			(11,200)	(277)
Redemption of Series D Preferred Stock paid in cash	—	—		—	—		(410)	(10)			(410)	(10)
Reclassification of Series A Preferred stock to permanent equity	—	—		300,846	7,462		—	—			300,846	7,462
Redemption of Series A Preferred Stock paid in cash	—	—		(183,809)	(4,575)		—	—			(183,809)	(4,575)
Balances, June 30, 2023	8,160,099	$	202,069	7,881,958	$	196,911	48,447	$	1,190		16,090,504	$	400,170
Issuance of Series A1 Preferred Stock	1,094,386	27,015		—	—		—	—			1,094,386	27,015
Redemption of Series A1 Preferred Stock paid in cash	(30,941)	(760)		—	—		—	—			(30,941)	(760)
Redemption of Series A Preferred Stock paid in cash	—	—		(187,759)	(4,676)		—	—			(187,759)	(4,676)
Balances, September 30, 2023	9,223,544	$	228,324	7,694,199	$	192,235	48,447	$	1,190		16,966,190	$	421,749

Balances, December 31, 2023	10,378,343	$	256,935	7,431,839	$	185,704	48,447	$	1,190		17,858,629	$	443,829
Issuance of Series A1 Preferred Stock	853,879	21,246		—	—		—	—			853,879	21,246
Redemption of Series A1 Preferred Stock paid in cash	(24,046)	(595)		—	—		—	—			(24,046)	(595)


Redemption of Series A Preferred Stock paid in cash	—	—		(389,506)	(9,698)		—	—			(389,506)	(9,698)
Balances, March 31, 2024	11,208,176	$	277,586	7,042,333	$	176,006	48,447	$	1,190		18,298,956	$	454,782

Redemption of Series A1 Preferred Stock paid in cash	(32,002)	(791)		—	—		—	—			(32,002)	(791)
Redemption of Series A Preferred Stock paid in cash	—	—		(287,474)	(7,162)		—	—			(287,474)	(7,162)
Balances, June 30, 2024	11,176,174	$	276,795	6,754,859	$	168,844	48,447	$	1,190		17,979,480	$	446,829
Redemption of Series A1 Preferred Stock paid in cash	(31,967)	$	(791)	—	$	—	—	$	—		(31,967)	$	(791)
Redemption of Series A1 Preferred Stock paid in Common Stock	(2,590,616)	$	(64,127)	—	$	—	—	$	—		(2,590,616)	$	(64,127)
Redemption of Series A Preferred Stock paid in cash	—	$	—	(247,627)	$	(6,214)	—	$	—		(247,627)	$	(6,214)
Redemption of Series A Preferred Stock paid in Common Stock	—	$	—	(2,167,156)	$	(53,927)	—	$	—		(2,167,156)	$	(53,927)
Balances, September 30, 2024	8,553,591	$	211,877	4,340,076	$	108,703	48,447	$	1,190		12,942,114	$	321,770

- 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
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

REDEEMABLE PREFERRED STOCK - Dividends Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 23,543	$ 22,303
Series A1 Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate	6.00%
Preferred dividend per share per quarter (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	$ 16,200	9,300
Series A Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate	5.50%
Preferred dividend per share per quarter (in usd per share)	$ 0.34375
Payments on preferred stock dividends	$ 7,300	8,300
Series D Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate	5.65%
Preferred dividend per share per quarter (in usd per share)	$ 0.35313
Payments on preferred stock dividends	$ 51	52
Series L Preferred Stock
Class of Stock [Line Items]
Payments on preferred stock dividends		$ 4,600

- 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

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding balance	$ 481,513
Mortgage Payable
Debt Instrument [Line Items]
Outstanding balance	250,700	$ 250,700
Mortgage Payable \| Fixed Rate Mortgage Payable
Debt Instrument [Line Items]
Outstanding balance	163,700	163,700
Mortgage Payable \| Fixed Rate Mortgage Payable \| One Kaiser Plaza, Oakland, California
Debt Instrument [Line Items]
Outstanding balance	$ 97,100
Mortgage Payable \| Fixed Rate Mortgage Payable Due July 1, 2026
Debt Instrument [Line Items]
Fixed interest rate	4.14%
Mortgage Payable \| Fixed Rate Mortgage Payable Due July 7, 2025
Debt Instrument [Line Items]
Fixed interest rate	6.25%
Maturity extension option	1 year
Mortgage Payable \| Variable Rate Mortgages Payable
Debt Instrument [Line Items]
Outstanding balance	$ 87,000	$ 87,000
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	$ 355
Weighted average rate	9.21%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess spread	$ 1,500
Weighted average rate	6.87%

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - Affiliated Entity - CIM Urban REIT Management, L.P. $ in Thousands	Sep. 30, 2024 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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Lease incentives	$ 3,900,000		$ 3,900,000		$ 3,900,000
Lease incentives, accumulated amortization	3,600,000		3,600,000		3,300,000
Allowance for uncollectible accounts receivable	536,000		536,000		$ 868,000
Tenant recoveries outside of lease agreements	0	$ 0	0	$ 0
Remaining performance obligations	$ 0		$ 0

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 28,616	$ 28,118	$ 97,053	$ 89,790
EXPENSES:
Interest expense	9,616	9,733	27,819	24,678
General and administrative	2,221	2,142	5,243	5,751
Total Expenses	37,938	45,400	111,371	133,562
(Loss) income from unconsolidated entities	(1,239)	1,189	(442)	1,053
Hotel
Segment Reporting Information [Line Items]
Revenues	7,142	7,948	31,151	31,108
Operating Segments
EXPENSES:
Expense reimbursements to related parties—lending segment	672	648	1,908	2,166
Total segment net operating income	7,588	11,214	37,444	36,190
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues	13,819	14,049	42,531	41,511
EXPENSES:
Operating	7,444	6,267	20,634	19,159
General and administrative	122	75	192	232
Total Expenses	7,566	6,342	20,826	19,391
(Loss) income from unconsolidated entities	(834)	1,611	487	837
Total segment net operating income	5,419	9,318	22,192	22,957
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	7,142	7,948	31,151	31,108
EXPENSES:
Operating	6,147	6,030	21,763	20,912
General and administrative	22	(3)	33	17
Total Expenses	6,169	6,027	21,796	20,929
Total segment net operating income	973	1,921	9,355	10,179
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Revenues	4,773	3,331	14,971	8,632
EXPENSES:
Operating	3,782	3,212	10,153	7,642
General and administrative	78	88	212	400
Total Expenses	3,860	3,300	10,365	8,042
(Loss) income from unconsolidated entities	(405)	(422)	(929)	216
Total segment net operating income	508	(391)	3,677	806
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues	2,724	2,570	7,928	8,243
EXPENSES:
Interest expense	786	1,177	2,586	2,737
Expense reimbursements to related parties—lending segment	672	648	1,908	2,166
General and administrative	578	379	1,214	1,092
Total Expenses	2,036	2,204	5,708	5,995
Total segment net operating income	$ 688	$ 366	$ 2,220	$ 2,248

OTHER INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

6. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of September 30, 2024 and December 31, 2023 is as follows (in thousands):


	September 30, 2024		December 31, 2023
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $5,102 and $4,821, respectively, both with an average useful life of 6 years, respectively.	$	703	$	984
Acquired above-market leases, net of accumulated amortization of $34 and $30, respectively, both with an average useful life of 7 years, respectively	3		7
Trade name and license	2,957		2,957
Total intangible assets, net	$	3,663	$	3,948

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

During the three and nine months ended September 30, 2024 and 2023, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Acquired above-market lease amortization	$	1	$	21	$	4	$	79
Acquired in-place lease amortization	$	94	$	9,488	$	281	$	27,620
Acquired below-market lease amortization	$	—	$	93	$	—	$	243

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of September 30, 2024, is as follows (in thousands):


	Assets
Years Ending December 31,	Acquired Above-Market Leases		Acquired In-Place Leases
2024 (Three months ended December 31, 2024)	$	2	$	92
2025	1		171
2026	—		123
2027	—		123
2028	—		122
Thereafter	—		72
	$	3	$	703

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($)	3 Months Ended	9 Months Ended	29 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024	May 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program authorized amount				$ 10,000,000.0
Shares repurchased (in shares)	0	0	662,462
Cost of shares repurchased			$ 4,700,000

- 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

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)		0.25
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)		1
Warrants issued (in shares)	498,420
Number of securities called by warrants or rights (in shares)	124,605
Net proceeds from issuance of warrants	$ 118
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)		1
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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023	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

INVESTMENT IN UNCONSOLIDATED ENTITIES - Narrative (Details)	1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft² investor	Feb. 28, 2022 USD ($)	Sep. 30, 2024 USD ($) ft² unit	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² unit	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Work in progress				$ 27,074,000		$ 27,074,000		$ 15,915,000
(Loss) income from unconsolidated entities				(1,239,000)	$ 1,189,000	(442,000)	$ 1,053,000
Total investments in unconsolidated entities				34,196,000		34,196,000		33,505,000
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
(Loss) income from unconsolidated entities				(763,000)	(402,000)	(764,000)	(683,000)
Total investments in unconsolidated entities				$ 12,159,000		$ 12,159,000		12,040,000
Ownership Interest				44.20%		44.20%
1910 Sunset Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				36		36
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²				104,764		104,764
1915 Park Project
Schedule of Equity Method Investments [Line Items]
Equity method investment, projected project costs						$ 6,500,000
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Equity method investment, projected project costs		$ 6,200,000
Total investments in unconsolidated entities				$ 9,342,000		$ 9,342,000		9,119,000
Percentage of interest acquired		20.00%
Ownership Interest				20.00%		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
Percentage of interest acquired		80.00%
4750 Wilshire Boulevard \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				68		68
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²		30,335		30,335		30,335
4750 Wilshire JV
Schedule of Equity Method Investments [Line Items]
Ownership Interest				20.00%		20.00%
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities				$ 6,303,000		$ 6,303,000		7,082,000
Ownership Interest				50.00%		50.00%
1902 Park Avenue \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit				75		75
1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities				$ 6,392,000		$ 6,392,000		$ 5,264,000
Ownership Interest				28.80%		28.80%
1015 N Mansfield Avenue \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²				44,141		44,141
Corporate Joint Venture \| 1915 Park Project
Schedule of Equity Method Investments [Line Items]
Equity method investment, projected project costs						$ 14,700,000
Work in progress				$ 4,800,000		4,800,000
Corporate Joint Venture \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Work in progress				27,900,000		27,900,000
Total investments in unconsolidated entities				9,300,000		9,300,000
Conversion cost		$ 31,000,000
Corporate Joint Venture \| 4750 Wilshire JV
Schedule of Equity Method Investments [Line Items]
(Loss) income from unconsolidated entities				(71,000)	2,000,000	123,000	1,500,000
Corporate Joint Venture \| 1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 19,100,000
(Loss) income from unconsolidated entities				(405,000)	$ (422,000)	(929,000)	$ 216,000
Total investments in unconsolidated entities				6,300,000		6,300,000
Ownership Interest		50.00%
Corporate Joint Venture \| 1015 N Mansfield Avenue
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 18,000,000
(Loss) income from unconsolidated entities				0		1,100,000
Total investments in unconsolidated entities				$ 6,400,000		$ 6,400,000
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 \| Mortgage Payable \| 4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Mortgage payable assumed		$ 38,500,000
Corporate Joint Venture \| Mortgage Payable \| 1902 Park JV
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount		$ 9,600,000
Property In Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 22,400,000
Property In Los Angeles, California \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Purchase price			$ 51,000,000.0
Property In Los Angeles, California \| Corporate Joint Venture \| Mortgage Payable
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount									$ 23,900,000

SEGMENT DISCLOSURE - Narrative (Details) - property	3 Months Ended		9 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Number of types of commercial real estate properties	3	3	3	3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Pro forma net income (loss) attributable to the Company	$ (10,384)	$ (15,773)	$ (14,910)	$ (40,083)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)(2)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 11
-Subparagraph (a)
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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/exampleRef
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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 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-Publisher FASB
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Paid

Cash dividends per share of Common Stock paid in respect of the nine months ended September 30, 2024 and 2023 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Share of Common Stock

September 16, 2024

October 8, 2024

Quarterly - Stock Dividend

(1)

June 25, 2024

July 22, 2024

Regular Quarterly

0.085

March 27, 2024

April 8, 2024

Regular Quarterly

0.085

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

______________________

(1)The Company’s Board of Directors declared a stock dividend of $0.04 (or 0.0202 shares of Common Stock) per share of Common Stock, payable in shares of Common Stock, using a price of $1.985 per share, resulting in the issuance of 1,684,634 shares of Common Stock. The stock dividend was retrospectively applied to the periods reflected in the consolidated statements of operations included in this Quarterly Report on Form 10-Q.

RELATED-PARTY TRANSACTIONS - Offering-Related Fees (Details)	Nov. 22, 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%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024		December 31, 2023
	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%	7.83% - 11.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	10.00% - 11.00%	4.88% - 17.50%	10.00% - 11.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	10.00% - 10.50%	5.00% - 17.50%	10.00% - 10.50%	5.00% - 17.50%

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


	September 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Level
Assets:
SBA 7(a) loans receivable, subject to credit risk	$	15,435	$	15,400	$	10,539	$	10,482	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	36,913	$	39,815	$	43,263	$	46,701	3
SBA 7(a) loans receivable, subject to secured borrowings	$	1,832	$	1,832	$	3,105	$	3,105	3
SBA 7(a) loans receivable, held for sale	$	1,562	$	1,699	$	98	$	82	3
Liabilities:
Mortgages payable (1)	$	163,700	$	160,545	$	163,700	$	158,529	3
Junior subordinated notes (1)	$	27,070	$	24,839	$	27,070	$	24,667	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.

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 3,658			$ 3,572			$ 11,113	$ 10,201
Asset management and other fees to related parties	(515)			(724)			(1,334)	(2,071)
Interest expense	(9,616)			(9,733)			(27,819)	(24,678)
General and administrative	(2,221)			(2,142)			(5,243)	(5,751)
Transaction-related costs	(526)			(38)			(1,351)	(3,398)
Depreciation and amortization	(6,423)			(16,082)			(19,357)	(46,056)
Gain on sale of real estate	0			0			0	1,104
LOSS BEFORE PROVISION FOR INCOME TAXES	(10,561)			(16,093)			(14,760)	(41,615)
Provision for income taxes	(15)			(554)			(573)	(969)
NET LOSS	(10,576)	$ (852)	$ (3,905)	(16,647)	$ (18,361)	$ (7,576)	(15,333)	(42,584)
Net loss attributable to non-controlling interests	192			874			423	2,501
NET LOSS ATTRIBUTABLE TO THE COMPANY	(10,384)			(15,773)			(14,910)	(40,083)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	7,588			11,214			37,444	36,190
Expense reimbursements to related parties—corporate	(672)			(648)			(1,908)	(2,166)
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	158			220			472	296
Asset management and other fees to related parties	(515)			(724)			(1,334)	(2,071)
Interest expense	(8,830)			(8,556)			(25,233)	(21,941)
General and administrative	(1,421)			(1,603)			(3,592)	(4,010)
Transaction-related costs	(526)			(38)			(1,351)	(3,398)
Depreciation and amortization	(6,423)			(16,082)			(19,357)	(46,056)
Gain on sale of real estate	0			0			0	1,104
Corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (592)			$ (524)			$ (1,809)	$ (1,729)

ORGANIZATION AND OPERATIONS	9 Months Ended
ORGANIZATION AND OPERATIONS	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Creative Media & Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (the “Company”), is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily acquires, develops, owns and operates both premier multifamily properties situated in vibrant communities throughout the United States and Class A and creative office real assets in markets with similar business and employment characteristics to its multifamily investments. The Company also owns one hotel in northern California and a lending platform that originates loans under the Small Business Administration (“SBA”) 7(a) loan program. The Company seeks to apply the expertise of CIM Group Management, LLC (“CIM Group”) and its affiliates 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.”

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Rate Caps
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Unrealized loss on derivatives	$ 407,000	$ 624,024	$ 425,000	$ 348,912

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

LOANS RECEIVABLE - Schedule of Credit Quality Indicators Net Book Value of Loans Receivable Portfolio (Details) $ in Thousands	Sep. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	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
Total	$ 56,497			$ 57,555
Plus: Deferred capitalized costs, net	1,111			1,130
Less: Current expected credit losses	(1,866)	$ (1,607)	$ (1,644)	(1,680)	$ (1,704)	$ (1,713)	$ (1,940)	$ (1,106)
Less: Held for sale guaranteed portion	1,539
Total loans receivable, net	$ 55,742			57,005
Weighted average risk rating	1.4
SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	163
Amortized Cost of Loans Receivable by Year of Origination
2024	$ 4,525
2023	10,359
2022	8,282
2021	9,867
2020	3,681
Prior	16,412
Total	53,126
SBA 7(a) loans receivable, subject to secured borrowings
Amortized Cost of Loans Receivable by Year of Origination
Total	$ 1,832			$ 3,105
1 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	106
Amortized Cost of Loans Receivable by Year of Origination
2024	$ 4,050
2023	5,357
2022	4,807
2021	6,946
2020	2,187
Prior	10,089
Total	$ 33,436
2 \| SBA 7(a) Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	55
Amortized Cost of Loans Receivable by Year of Origination
2024	$ 475
2023	4,100
2022	3,475
2021	2,491
2020	1,494
Prior	6,323
Total	$ 18,358
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
2024	$ 0
2023	0
2022	0
2021	430
2020	0
Prior	0
Total	$ 430
4 \| 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
2024	$ 0
2023	902
2022	0
2021	0
2020	0
Prior	0
Total	$ 902
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
2024	$ 0
2023	0
2022	0
2021	0
2020	0
Prior	0
Total	$ 0

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (Three months ending December 31, 2024)	$ 14,540
2025	41,259
2026	27,370
2027	19,463
2028	15,091
Thereafter	52,760
Total	$ 170,483

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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (34,775)	$ (22,934)	$ (56,737)	$ (59,464)
Redeemable preferred stock dividends declared on dilutive shares	0	0	0	0
Diluted net loss attributable to common stockholders	$ (34,775)	$ (22,934)	$ (56,737)	$ (59,464)
Denominator:
Basic weighted average shares of Common Stock outstanding (in shares)	28,493	24,422	25,789	24,402
Effect of dilutive securities—contingently issuable shares (in shares)	0	0	0	0
Diluted weighted average shares and common stock equivalents outstanding (in shares)	28,493	24,422	25,789	24,402
Net loss attributable to common stockholders per share:
Basic (in usd per share)	$ (1.22)	$ (0.94)	$ (2.20)	$ (2.44)
Diluted (in usd per share)	$ (1.22)	$ (0.94)	$ (2.20)	$ (2.44)

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes (Narrative) (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 09, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Restricted cash		$ 17,521	$ 24,938	$ 23,950
Accrued interest and unused commitment fee payable		$ 1,800	$ 1,800
Junior subordinated notes \| SOFR
Debt Instrument [Line Items]
Interest rate margin		3.51%
SBA 7(a) loan-backed notes
Debt Instrument [Line Items]
Proceeds from SBA 7(a) loan-backed notes	$ 54,100
Maximum borrowing capacity	$ 43,300
Effective interest rate		8.15%
Restricted cash		$ 3,600
SBA 7(a) loan-backed notes \| 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 - Asset Management Fees and Administrative Fees and Expenses (Details)				9 Months Ended
	Jan. 05, 2022 USD ($)	May 11, 2020	Apr. 01, 2020 USD ($)	Sep. 30, 2024 subsidiary
Related Party Transaction [Line Items]
Incentive fee expense	$ 0
Master Services Agreement, Amendment, Quarterly Incentive Fee \| CIM Service Provider, LLC
Related Party Transaction [Line Items]
Related party transaction, rate		15.00%
Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| CIM Service Provider, LLC
Related Party Transaction [Line Items]
Related party transaction, rate		1.75%
Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| CIM Service Provider, LLC
Related Party Transaction [Line Items]
Related party transaction, rate		7.00%
Master Services Agreement, Base Service Fee \| CIM Service Provider, LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, amount of transaction			$ 1,000,000.0
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 \| 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 \| CIM Service Provider, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| CIM Service Provider, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7.00%
Affiliated Entity \| 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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Sep. 30, 2024	Dec. 31, 2023
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	0.0783
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	0.0488
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1000	0.1000
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0488	0.0488
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	0.1000
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	0.1100
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1750
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1100	0.1100
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1750
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	0.1050
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	0.1750

STOCKHOLDERS' EQUITY - Cash Dividends Paid (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.04	$ 0.085	$ 0.085	$ 0.085	$ 0.085	$ 0.085
Common stock, dividends, shares per share, declared	0.0202
Share price (in usd per share)	$ 1.985
Common stock issued as dividends (in shares)	1,684,634

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS At the end of October, 2024, the 1902 JV Partner admitted a new third party co-investor and used part of the net capital contribution of such third party co-investor to satisfy the 1902 Park Mortgage Loan in full. The remaining contribution was used to make a distribution of approximately $1.0 million to each of the Company and the 1902 Park JV Partner. Subsequent to this contribution, the Company’s ownership share of the 1902 Park JV was approximately 25.5%. In addition, the Company and the 1902 Park JV Partner will be receiving an on-going fee from such third party co-investor in connection with its co-investment in 1902 Park JV.

STOCK-BASED COMPENSATION PLANS (Details) - Restricted Stock - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2024	Aug. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 183		$ 183
Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares of Common Stock - Individual (in shares)	26,960	12,222
Restricted Shares of Common Stock - Aggregate (in shares)	107,840	48,888
Award vesting period					1 year
Stock-based compensation expense			$ 55	$ 36	$ 165	$ 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
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+ Details

REDEEMABLE PREFERRED STOCK - Series A1 and Series A Preferred Stock Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended				9 Months Ended		28 Months Ended	96 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Jan. 31, 2020
Class of Stock [Line Items]
Reclassification of Series A Preferred Stock from temporary equity to permanent equity							$ 0	$ 15,616,000
Non-issuance offering costs for preferred stock and warrants							12,000,000.0
Redeemable preferred stock deemed dividends			$ 327,000	$ 0			$ 755,000	0
Common stock, shares issued (in shares)	83,447,280	83,447,280	83,447,280				83,447,280		83,447,280	83,447,280	22,786,741
Warrant right to purchase a share of common stock (in shares)												0.25
Net proceeds from issuance of preferred stock							$ 40,450,000	$ 76,082,000
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	4,603,287				4,603,287		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				$ 0.001		$ 0.001	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00	$ 25.00				$ 25.00		$ 25.00	$ 25.00	$ 25.00
Reclassification of Series A Preferred Stock from temporary equity to permanent equity							$ 0
Preferred stock, shares issued (in shares)	11,327,248	11,327,248	11,327,248				11,327,248		11,327,248	11,327,248	10,473,369
Gross proceeds from issuance of preferred stock and warrants							$ 298,200,000
Issuance offering costs for preferred stock and warrants							22,000,000.0
Reclassification to deferred rent receivable and charges							$ 5,000,000.0
Preferred stock, shares outstanding (in shares)	9,467,221	9,467,221	9,467,221				9,467,221		9,467,221	9,467,221
Redemption of preferred stock (in shares)	183,041								2,773,657
Common stock, shares issued (in shares)	32,998,865	32,998,865	32,998,865				32,998,865		32,998,865	32,998,865
Preferred stock, shares outstanding (in shares)	8,553,591	8,553,591	8,553,591				8,553,591		8,553,591	8,553,591	10,378,343
Series A1 Preferred Stock \| Preferred Stock, Redemption Period One
Class of Stock [Line Items]
Redemption of Preferred Stock paid in Common Stock (in shares)		2,589,606
Series A1 Preferred Stock \| Preferred Stock, Redemption Period Two
Class of Stock [Line Items]
Redemption of Preferred Stock paid in Common Stock (in shares)		1,010
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	12,040,878	12,040,878	12,040,878				12,040,878		12,040,878	12,040,878
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	200,000	200,000	200,000				200,000		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				$ 0.001		$ 0.001	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00	$ 25.00				$ 25.00		$ 25.00	$ 25.00	$ 25.00
Reclassification of Series A Preferred Stock from temporary equity to permanent equity			$ 0		$ 6,804,000	$ 8,812,000				$ 199,600,000
Preferred stock, shares issued (in shares)	8,820,338	8,820,338	8,820,338				8,820,338		8,820,338	8,820,338	8,820,338
Gross proceeds from issuance of preferred stock and warrants							$ 205,400,000
Issuance offering costs for preferred stock and warrants							17,000,000.0
Reclassification to deferred rent receivable and charges							$ 1,900,000
Redemption of preferred stock (in shares)							2,313,106		4,480,262
Redemption of Preferred Stock paid in Common Stock (in shares)		2,167,156							2,167,156
Common stock, shares issued (in shares)	27,553,834	27,553,834	27,553,834				27,553,834		27,553,834	27,553,834
Preferred stock, shares outstanding (in shares)	4,340,076	4,340,076	4,340,076				4,340,076		4,340,076	4,340,076	7,431,839
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	8,251,657				8,251,657		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	568,681				568,681		568,681	568,681
Net proceeds from issuance of preferred stock							$ 0

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per Share of Common Stock

September 16, 2024

October 8, 2024

Quarterly - Stock Dividend

(1)

June 25, 2024

July 22, 2024

Regular Quarterly

0.085

March 27, 2024

April 8, 2024

Regular Quarterly

0.085

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

______________________

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 September 30, 2024, the Company had 498,420 Series A Preferred Warrants outstanding to purchase 124,605 shares of Common Stock in connection with the Company’s offering of Series A Preferred Units and allocated net proceeds of $118,000, 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.

There were no repurchases during the three and nine months ended September 30, 2024. As of September 30, 2024, the Company had repurchased 662,462 shares of Common Stock for $4.7 million.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Investments in Real Estate

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


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

Schedule of Recognized Rental Income

For the three and nine months ended September 30, 2024 and 2023, the Company recognized rental income as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Rental and other property income
Fixed lease payments (1)	$	15,397	$	14,579	$	48,083	$	42,251
Variable lease payments (2)	2,753		2,482		8,089		7,748
Rental and other property income	$	18,150	$	17,061	$	56,172	$	49,999

______________________

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 17 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Hotel properties
Hotel income	$	6,808	$	7,485	$	29,768	$	29,590
Rental and other property income	221		367		1,056		1,259
Interest and other income	113		96		327		259
Hotel revenues	$	7,142	$	7,948	$	31,151	$	31,108

Schedule of Deferred Rent Receivables and Charges, Net

As of September 30, 2024 and December 31, 2023, deferred rent receivable and charges consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Deferred rent receivable	$	13,849	$	14,757
Deferred leasing costs, net of accumulated amortization of $11,413 and $10,483, respectively	6,152		6,613
Deferred offering costs	—		4,925
Deferred financing costs, net of accumulated amortization of $1,363 and $764, respectively	1,086		1,436
Other deferred costs	—		491
Deferred rent receivable and charges, net	$	21,087	$	28,222

Consolidated Statements of Equity - USD ($)	Total	Cumulative-effect adjustment upon adoption of ASU 2016-13	Total Stockholders’ Equity	Total Stockholders’ Equity Cumulative-effect adjustment upon adoption of ASU 2016-13	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	Non-controlling Interests	Series A1 Preferred Stock	Series A1 Preferred Stock Total Stockholders’ Equity	Series A1 Preferred Stock Common Stock	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 Distributions in Excess of Earnings	Series A Preferred Stock	Series A Preferred Stock Total Stockholders’ Equity	Series A Preferred Stock Common Stock	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, 2022					22,737,853
Beginning balance at Dec. 31, 2022	$ 362,033,000	$ (619,000)	$ 361,660,000	$ (619,000)	$ 23,000	$ 337,762,000	$ 861,721,000	$ (837,846,000)	$ (619,000)	$ 373,000				$ 147,514,000					$ 1,200,000					$ 189,048,000
Beginning balance (in shares) at Dec. 31, 2022						13,570,353								5,956,147					48,857					7,565,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of non-controlling interests	5,002,000									5,002,000
Stock-based compensation expense	55,000		55,000				55,000
Common dividends	(1,933,000)		(1,933,000)					(1,933,000)
Issuance of Series A1 Preferred Stock (in shares)														1,032,433
Issuance of Series A1 Preferred Stock											$ 23,278,000	$ 23,278,000		$ 25,569,000	$ (2,291,000)
Redemption of Preferred Stock (in shares)														(12,870)										(189,753)
Redemption of Preferred Stock											(302,000)	(302,000)		$ (319,000)	28,000	$ (11,000)					$ (4,682,000)	$ (4,682,000)		$ (4,723,000)	$ 403,000	$ (362,000)
Dividends to holders of Preferred Stock											(2,559,000)	(2,559,000)				(2,559,000)	$ (17,000)	$ (17,000)		$ (17,000)	(2,810,000)	(2,810,000)				(2,810,000)
Reclassification of Series A Preferred stock to permanent equity (in shares)																								389,325
Reclassification of Series A Preferred stock to permanent equity																					8,812,000	8,812,000		$ 9,699,000	(887,000)
Net loss	(7,576,000)		(6,951,000)					(6,951,000)		(625,000)
Ending balance (in shares) at Mar. 31, 2023					22,737,853
Ending balance at Mar. 31, 2023	378,682,000		373,932,000		$ 23,000	$ 367,988,000	859,029,000	(853,108,000)		4,750,000				$ 172,764,000					$ 1,200,000					$ 194,024,000
Ending balance (in shares) at Mar. 31, 2023						14,789,488								6,975,710					48,857					7,764,921
Beginning balance (in shares) at Dec. 31, 2022					22,737,853
Beginning balance at Dec. 31, 2022	362,033,000	$ (619,000)	361,660,000	$ (619,000)	$ 23,000	$ 337,762,000	861,721,000	(837,846,000)	$ (619,000)	373,000				$ 147,514,000					$ 1,200,000					$ 189,048,000
Beginning balance (in shares) at Dec. 31, 2022						13,570,353								5,956,147					48,857					7,565,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of Series A Preferred stock to permanent equity	15,616,000
Net loss	(42,584,000)
Ending balance (in shares) at Sep. 30, 2023					22,786,741
Ending balance at Sep. 30, 2023	375,260,000		372,424,000		$ 23,000	$ 421,749,000	854,377,000	(903,725,000)		2,836,000				$ 228,324,000					$ 1,190,000					$ 192,235,000
Ending balance (in shares) at Sep. 30, 2023						16,966,190								9,223,544					48,447					7,694,199
Beginning balance (in shares) at Mar. 31, 2023					22,737,853
Beginning balance at Mar. 31, 2023	378,682,000		373,932,000		$ 23,000	$ 367,988,000	859,029,000	(853,108,000)		4,750,000				$ 172,764,000					$ 1,200,000					$ 194,024,000
Beginning balance (in shares) at Mar. 31, 2023						14,789,488								6,975,710					48,857					7,764,921
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	37,000		37,000				37,000
Common dividends	(1,933,000)		(1,933,000)					(1,933,000)
Issuance of Series A1 Preferred Stock (in shares)														1,195,589
Issuance of Series A1 Preferred Stock											26,985,000	26,985,000		$ 29,582,000	(2,597,000)
Redemption of Preferred Stock (in shares)														(11,200)					(410)					(183,809)
Redemption of Preferred Stock											(278,000)	(278,000)		$ (277,000)	23,000	(24,000)	(10,000)	(10,000)	$ (10,000)		(4,465,000)	(4,465,000)		$ (4,575,000)	401,000	(291,000)
Dividends to holders of Preferred Stock											(3,373,000)	(3,373,000)				(3,373,000)	(17,000)	(17,000)		(17,000)	(2,749,000)	(2,749,000)				(2,749,000)
Reclassification of Series A Preferred stock to permanent equity (in shares)																								300,846
Reclassification of Series A Preferred stock to permanent equity																					6,804,000	6,804,000		$ 7,462,000	(658,000)
Net loss	(18,361,000)		(17,359,000)					(17,359,000)		(1,002,000)
Ending balance (in shares) at Jun. 30, 2023					22,737,853
Ending balance at Jun. 30, 2023	381,322,000		377,574,000		$ 23,000	$ 400,170,000	856,235,000	(878,854,000)		3,748,000				$ 202,069,000					$ 1,190,000					$ 196,911,000
Ending balance (in shares) at Jun. 30, 2023						16,090,504								8,160,099					48,447					7,881,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to noncontrolling interests	(38,000)									(38,000)
Stock based compensation expense (in shares)					48,888
Stock-based compensation expense	36,000		36,000				36,000
Common dividends	(1,937,000)		(1,937,000)					(1,937,000)
Issuance of Series A1 Preferred Stock (in shares)														1,094,386
Issuance of Series A1 Preferred Stock											24,701,000	24,701,000		$ 27,015,000	(2,314,000)
Redemption of Preferred Stock (in shares)														(30,941)										(187,759)
Redemption of Preferred Stock											(737,000)	(737,000)		$ (760,000)	64,000	(41,000)					(4,631,000)	(4,631,000)		$ (4,676,000)	356,000	(311,000)
Dividends to holders of Preferred Stock											$ (4,116,000)	(4,116,000)				(4,116,000)	$ (17,000)	(17,000)		(17,000)	$ (2,676,000)	(2,676,000)				(2,676,000)
Net loss	(16,647,000)		(15,773,000)					(15,773,000)		(874,000)
Ending balance (in shares) at Sep. 30, 2023					22,786,741
Ending balance at Sep. 30, 2023	$ 375,260,000		372,424,000		$ 23,000	$ 421,749,000	854,377,000	(903,725,000)		2,836,000				$ 228,324,000					$ 1,190,000					$ 192,235,000
Ending balance (in shares) at Sep. 30, 2023						16,966,190								9,223,544					48,447					7,694,199
Beginning balance (in shares) at Dec. 31, 2023	22,786,741				22,786,741
Beginning balance at Dec. 31, 2023	$ 376,769,000		374,403,000		$ 23,000	$ 443,829,000	852,476,000	(921,925,000)		2,366,000				$ 256,935,000					$ 1,190,000					$ 185,704,000
Beginning balance (in shares) at Dec. 31, 2023						17,858,629					10,378,343			10,378,343			48,447		48,447		7,431,839			7,431,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	55,000		55,000				55,000
Common dividends	(1,937,000)		(1,937,000)					(1,937,000)
Issuance of Series A1 Preferred Stock (in shares)														853,879
Issuance of Series A1 Preferred Stock											$ 19,066,000	19,066,000		$ 21,246,000	(2,180,000)
Redemption of Preferred Stock (in shares)														(24,046)										(389,506)
Redemption of Preferred Stock											(567,000)	(567,000)		$ (595,000)	52,000	(24,000)					$ (9,643,000)	(9,643,000)		$ (9,698,000)	831,000	(776,000)
Dividends to holders of Preferred Stock											$ (5,251,000)	(5,251,000)				(5,251,000)	$ (17,000)	(17,000)		(17,000)	$ (2,491,000)	(2,491,000)				(2,491,000)
Net loss	(3,905,000)		(3,730,000)					(3,730,000)		(175,000)
Ending balance (in shares) at Mar. 31, 2024					22,786,741
Ending balance at Mar. 31, 2024	$ 372,079,000		369,888,000		$ 23,000	$ 454,782,000	851,234,000	(936,151,000)		2,191,000				$ 277,586,000					$ 1,190,000					$ 176,006,000
Ending balance (in shares) at Mar. 31, 2024						18,298,956								11,208,176					48,447					7,042,333
Beginning balance (in shares) at Dec. 31, 2023	22,786,741				22,786,741
Beginning balance at Dec. 31, 2023	$ 376,769,000		374,403,000		$ 23,000	$ 443,829,000	852,476,000	(921,925,000)		2,366,000				$ 256,935,000					$ 1,190,000					$ 185,704,000
Beginning balance (in shares) at Dec. 31, 2023						17,858,629					10,378,343			10,378,343			48,447		48,447		7,431,839			7,431,839
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of Preferred Stock (in shares)																					(2,313,106)
Reclassification of Series A Preferred stock to permanent equity	0										$ 0
Net loss	$ (15,333,000)
Ending balance (in shares) at Sep. 30, 2024	83,447,280				83,447,280
Ending balance at Sep. 30, 2024	$ 322,861,000		320,961,000		$ 87,000	$ 321,770,000	984,978,000	(985,874,000)		1,900,000				$ 211,877,000					$ 1,190,000					$ 108,703,000
Ending balance (in shares) at Sep. 30, 2024						12,942,114					8,553,591			8,553,591			48,447		48,447		4,340,076			4,340,076
Beginning balance (in shares) at Mar. 31, 2024					22,786,741
Beginning balance at Mar. 31, 2024	372,079,000		369,888,000		$ 23,000	$ 454,782,000	851,234,000	(936,151,000)		2,191,000				$ 277,586,000					$ 1,190,000					$ 176,006,000
Beginning balance (in shares) at Mar. 31, 2024						18,298,956								11,208,176					48,447					7,042,333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to noncontrolling interests	(43,000)									(43,000)
Stock-based compensation expense	55,000		55,000				55,000
Common dividends	(1,937,000)		(1,937,000)					(1,937,000)
Redemption of Preferred Stock (in shares)														(32,002)										(287,474)
Redemption of Preferred Stock											$ (738,000)	(738,000)		$ (791,000)	69,000	(16,000)					$ (7,099,000)	(7,099,000)		$ (7,162,000)	621,000	(558,000)
Dividends to holders of Preferred Stock											(5,491,000)	(5,491,000)				(5,491,000)	$ (17,000)	(17,000)		(17,000)	(2,368,000)	(2,368,000)				(2,368,000)
Redeemable preferred stock accretion	(428,000)		(428,000)					(428,000)
Net loss	(852,000)		(796,000)					(796,000)		(56,000)
Ending balance (in shares) at Jun. 30, 2024					22,786,741
Ending balance at Jun. 30, 2024	353,161,000		351,069,000		$ 23,000	$ 446,829,000	851,979,000	(947,762,000)		2,092,000				$ 276,795,000					$ 1,190,000					$ 168,844,000
Ending balance (in shares) at Jun. 30, 2024						17,979,480								11,176,174					48,447					6,754,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense (in shares)					107,840
Stock-based compensation expense	55,000		55,000				55,000
Common dividends	0		0		$ 3,000		3,336,000	(3,339,000)
Redemption of Preferred Stock (in shares)														(31,967)										(247,627)
Redemption of Preferred Stock											(738,000)	(738,000)		$ (791,000)	70,000	(17,000)	0				(6,143,000)	(6,143,000)		$ (6,214,000)	530,000	(459,000)
Redemption of Preferred Stock paid in Common Stock (in shares)													32,998,865	2,590,616									27,553,834	2,167,156
Redemption of Preferred Stock paid in Common Stock											(2,387,000)	(2,387,000)	$ 33,000	$ (64,127,000)	$ 70,147,000	(8,440,000)					(2,218,000)	(2,218,000)	$ 28,000	$ (53,927,000)	$ 58,861,000	(7,180,000)
Dividends to holders of Preferred Stock											$ (5,710,000)	$ (5,710,000)				$ (5,710,000)	$ (17,000)	$ (17,000)		$ (17,000)	(2,239,000)	$ (2,239,000)				$ (2,239,000)
Redeemable preferred stock accretion	(327,000)		(327,000)					(327,000)
Reclassification of Series A Preferred stock to permanent equity																					$ 0
Net loss	$ (10,576,000)		(10,384,000)					(10,384,000)		(192,000)
Ending balance (in shares) at Sep. 30, 2024	83,447,280				83,447,280
Ending balance at Sep. 30, 2024	$ 322,861,000		$ 320,961,000		$ 87,000	$ 321,770,000	$ 984,978,000	$ (985,874,000)		$ 1,900,000				$ 211,877,000					$ 1,190,000					$ 108,703,000
Ending balance (in shares) at Sep. 30, 2024						12,942,114					8,553,591			8,553,591			48,447		48,447		4,340,076			4,340,076

INVESTMENTS IN REAL ESTATE

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

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


	September 30, 2024		December 31, 2023
Land	$	175,682	$	175,715
Land improvements	5,863		5,862
Buildings and improvements	635,150		633,299
Furniture, fixtures, and equipment	11,973		11,627
Tenant improvements	26,601		26,460
Work in progress	27,074		15,915
Investments in real estate	882,343		868,878
Accumulated depreciation	(179,498)		(164,116)
Net investments in real estate	$	702,845	$	704,762

For the three months ended September 30, 2024 and 2023, the Company recorded depreciation expense of $5.9 million and $5.9 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded depreciation expense of $17.5 million and $16.6 million, respectively.

2024 Transactions—There were no acquisitions or dispositions during the nine months ended September 30, 2024.

2023 Transactions—During the nine months ended September 30, 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 purchases were accounted for as asset acquisitions.


	Asset	Date of		Interest		Purchase
Property	Type	Acquisition	Units	Acquired (1)		Price
						(in thousands)
Channel House	Multifamily(2)	January 31, 2023	333	89.4	%	$	134,615
F3 Land Site	Multifamily (2)	January 31, 2023	N/A	89.4	%	$	250
466 Water Street Land Site	Multifamily (2)	January 31, 2023	N/A	89.4	%	$	2,500
1150 Clay	Multifamily (3)	March 28, 2023	288	98.1	%	$	145,500

In addition, please see “Investments in Unconsolidated Entities” (Note 4) for information on the Company’s real estate acquisitions through its investments in Unconsolidated Joint Ventures.

The Company sold an interest in the following property during the nine months ended September 30, 2023.

Asset

Date of

Interest

Sales

Gain on

Property

Type

Sale

Sold

Price

Sale

(in thousands)

4750 Wilshire Boulevard (1)

Office / Multifamily

February 17, 2023

80.0

34,400

1,104

The results of operations of the properties the Company acquired have been included in the consolidated statements of operations from the dates of acquisition. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the nine months ended September 30, 2023. There were no acquisitions during the nine months ended September 30, 2024.


	Nine Months Ended September 30, 2023



	(in thousands)
Land	$	36,613
Land improvements	4,523
Buildings and improvements	206,717

Furniture, fixtures, and equipment	8,140
Acquired in-place leases (1)	27,210
Acquired above-market leases (2)	71
Acquired below-market leases (3)	(223)
Net assets acquired	$	283,051

(1)The amortization period for the in-place leases acquired during the nine months ended September 30, 2023 was approximately 6 months at the date of acquisition.

(2)The amortization period for the above-market leases acquired during the nine months ended September 30, 2023 was approximately 7 months at the date of acquisition.

(3)The amortization period for the below-market leases acquired during the nine months ended September 30, 2023 was approximately 5 months at the date of acquisition.

EARNINGS PER SHARE (''EPS'')

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

10. EARNINGS PER SHARE ("EPS")

The computation of basic EPS are 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 September 30, 2024 or 2023 were included in the computation of diluted EPS because they had no dilutive effect. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the three and nine months ended September 30, 2024 and 2023 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 12).

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(34,775)	$	(22,934)	$	(56,737)	$	(59,464)
Redeemable preferred stock dividends declared on dilutive shares	—		—		—		—
Diluted net loss attributable to common stockholders	$	(34,775)	$	(22,934)	$	(56,737)	$	(59,464)
Denominator:
Basic weighted average shares of Common Stock outstanding	28,493		24,422		25,789		24,402
Effect of dilutive securities—contingently issuable shares	—		—		—		—
Diluted weighted average shares and common stock equivalents outstanding	28,493		24,422		25,789		24,402
Net loss attributable to common stockholders per share:
Basic	$	(1.22)	$	(0.94)	$	(2.20)	$	(2.44)
Diluted	$	(1.22)	$	(0.94)	$	(2.20)	$	(2.44)

INVESTMENT IN UNCONSOLIDATED ENTITIES

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED ENTITIES

4. INVESTMENT IN UNCONSOLIDATED ENTITIES


					Carrying Value
Joint Venture	Asset Type	Location	Acquisition Date	Ownership Interest	September 30, 2024		December 31, 2023
1910 Sunset Boulevard (1)	Office / Multifamily (Development)	Los Angeles, CA	February 11, 2022	44.2%	$	12,159	$	12,040
4750 Wilshire Boulevard (2)	Office / Multifamily	Los Angeles, CA	February 17, 2023	20.0%	9,342		9,119
1902 Park Avenue (3)	Multifamily	Los Angeles, CA	February 28, 2023	50.0%	6,303		7,082
1015 N Mansfield Avenue (4)	Office (Development)	Los Angeles, CA	October 10, 2023	28.8%	6,392		5,264

Total investments in unconsolidated entities					$	34,196	$	33,505

______________________

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

1910 Sunset Boulevard— In February 2022, the Company invested in an Unconsolidated Joint Venture (the “1910 Sunset JV”) with a CIM-managed separate account (the “1910 Sunset JV Partner) to purchase an office property located at 1910 Sunset Boulevard in Los Angeles, California along with an adjacent vacant land parcel located 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 1910 Sunset JV has begun construction to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building (the “1915 Park Project”). The 1915 Park Project is expected to be completed by the third quarter of 2025 and to cost approximately $14.7 million (excluding the land acquisition cost), the Company’s share of which will be $6.5 million. The 1910 Sunset JV plans to finance the project through a combination of cash from operations at its office property, additional equity contributions from existing investors, and proceeds from a mortgage loan from a third-party lender (which is in-place but currently has no outstanding borrowings and is subject to additional equity contribution requirements which have not yet been met). As of September 30, 2024, the 1910 Sunset JV had incurred total costs of $4.8 million in connection with the 1915 Park Project.

The Company recorded a loss of $763,000 and $764,000 related to its investment in the 1910 Sunset JV during the three and nine months ended September 30, 2024, respectively, and a loss of $402,000 and $683,000 during the three and nine months ended September 30, 2023, respectively. The Company’s investment in the 1910 Sunset JV was $12.2 million and its ownership percentage remained unchanged as of September 30, 2024.

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 an Unconsolidated Joint Venture arrangement between the Company and the 4750 Wilshire JV Partners

(the “4750 Wilshire JV”). The goal of the 4750 Wilshire JV was to convert two of the three floors of 4750 Wilshire from office-use into 68 for-lease multifamily units (the “4750 Wilshire Project”), with the first floor of 4750 Wilshire continuing to function as 30,335 square feet of office space. The 4750 Wilshire Project was substantially completed in September 2024 the 4750 Wilshire JV has commenced leasing of the multifamily units. The total cost of the conversion is estimated to be approximately $31.0 million (the Company’s share of which is $6.2 million), which is being 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. As of September 30, 2024, total costs of $27.9 million had been incurred by the 4750 Wilshire JV in connection with the 4750 Wilshire Project.

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 a loss of $71,000 and income of $123,000 related to its investment in the 4750 Wilshire JV during the three and nine months ended September 30, 2024, respectively, and income of $2.0 million and $1.5 million during the three and nine months ended September 30, 2023, respectively, in the consolidated statements of operations. The Company’s investment in the 4750 Wilshire JV was $9.3 million and its ownership percentage remained unchanged at 20% as of September 30, 2024.

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 a loss of $405,000 and $929,000 related to its investment in the 1902 Park JV during the three and nine months ended September 30, 2024, respectively, and a loss of $422,000 and income of $216,000 during the three and nine months ended September 30, 2023, respectively, in the consolidated statements of operations. The Company’s investment in the 1902 Park JV was $6.3 million as of September 30, 2024.

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 and was in pre-development phase as the Company has not finalized the formal development plan for the property. The Company owns 28.8% of the 1015 N Mansfield JV.

The Company recorded income of $0 and $1.1 million related to its investment in the 1015 N Mansfield JV during the three and nine months ended September 30, 2024, respectively, in the consolidated statements of operations. The Company’s investment in the 1015 N Mansfield JV was $6.4 million as of September 30, 2024.

RELATED-PARTY TRANSACTIONS - Due to Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related parties	$ 8,864	$ 3,463
Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	8,864	3,463
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	939	555
Property management fees and reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	4,500	1,505
Expense reimbursements \| Corporate \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	1,204	613
Expense reimbursements \| Operating Segments \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	1,337	156
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	191	283
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	289	61
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	$ 404	$ 290