0000908311-22-000036 | 10-K | XBRL Viewer | Creative Media Community Trust Corp

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investments in real estate, net	$ 497,984	$ 506,040
Cash and cash equivalents	22,311	33,636
Restricted cash	11,340	10,013
Loans receivable, net	73,543	83,135
Accounts receivable, net	3,396	1,737
Deferred rent receivable and charges, net	36,095	35,956
Other intangible assets, net	5,251	6,313
Other assets	10,946	8,787
TOTAL ASSETS	660,866	685,617
LIABILITIES:
Debt, net	201,145	324,313
Accounts payable and accrued expenses	26,751	20,327
Intangible liabilities, net	237	587
Due to related parties	4,541	6,706
Other liabilities	16,861	9,733
Total liabilities	249,535	361,666
COMMITMENTS AND CONTINGENCIES (Note 13)
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 23,369,331 and 14,827,410 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	24	15
Additional paid-in capital	866,746	794,127
Distributions in excess of earnings	(804,227)	(778,519)
Total stockholders’ equity	373,204	277,659
Noncontrolling interests	345	455
Total equity	373,549	278,114
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	660,866	685,617
Series A Preferred Stock
LIABILITIES:
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 1,633,965 and 1,631,965 shares issued and outstanding, respectively, as of December 31, 2021 and 2,008,256 and 2,007,856 shares issued and outstanding, respectively, as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment	37,782	45,837
Series A Cumulative Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	156,431	108,729
Series D Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	1,396	473
Series L Preferred Stock
EQUITY:
Cumulative redeemable preferred stock	$ 152,834	$ 152,834

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	900,000,000	900,000,000
Common stock, issued shares (in shares)	23,369,331	14,827,410
Common stock, outstanding shares (in shares)	23,369,331	14,827,410
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	36,000,000	36,000,000
Preferred stock, shares issued (in shares)	1,633,965	2,008,256
Preferred stock, shares outstanding (in shares)	1,631,965	2,007,856
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series A Cumulative Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	36,000,000	36,000,000
Preferred stock, shares issued (in shares)	6,492,632	4,484,376
Preferred stock, shares outstanding (in shares)	6,271,337	4,377,762
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	32,000,000	32,000,000
Preferred stock, shares issued (in shares)	56,857	19,145
Preferred stock, shares outstanding (in shares)	56,857	19,145
Preferred stock, liquidation preference per share (in usd per share)	$ 25.00	$ 25.00
Series L Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	9,000,000	9,000,000
Preferred stock, shares issued (in shares)	8,080,740	8,080,740
Preferred stock, shares outstanding (in shares)	5,387,160	5,387,160
Preferred stock, liquidation preference per share (in usd per share)	$ 28.37	$ 28.37

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Rental and other property income	$ 52,838	$ 54,823
Hotel income	$ 16,722	$ 11,882
Revenue from Contract with Customer, Product and Service [Extensible List]	Hotel	Hotel
Interest and other income	$ 21,366	$ 10,503
Total Revenues	90,926	77,208
EXPENSES:
Rental and other property operating	39,272	37,544
Asset management and other fees to related parties	9,030	9,793
Interest	9,413	11,415
General and administrative	6,844	6,772
Transaction costs	143	0
Depreciation and amortization	20,112	21,406
Loss on early extinguishment of debt (Note 6)	0	281
Impairment of real estate (Note 3)	0	0
Total Expenses	88,785	92,945
Gain on sale of real estate (Note 3)	0	0
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES	9,242	(7,995)
Provision (benefit) for income taxes	2,992	(722)
NET (LOSS) INCOME	(851)	(15,015)
Net loss (income) attributable to noncontrolling interests	1	(1)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(850)	(15,016)
Redeemable preferred stock dividends declared or accumulated (Note 9)	(18,763)	(18,002)
Redeemable preferred stock deemed dividends (Note 9)	(253)	(377)
Redeemable preferred stock redemptions (Note 9)	(113)	(72)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (19,979)	$ (33,467)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (1.04)	$ (2.27)
Diluted (in usd per share)	$ (1.04)	$ (2.27)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	19,187	14,748
Diluted (in shares)	19,187	14,748
Corporate
EXPENSES:
Expense reimbursements to related parties	$ 2,050	$ 2,243
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 1,921	$ 3,491

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Noncontrolling Interests	Series A Preferred Stock	Series A Preferred Stock Total Stockholders' Equity	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Additional Paid-in Capital	Series A Preferred Stock Distributions in Excess of Earnings	Series L Preferred Stock	Series L Preferred Stock Total Stockholders' Equity	Series L Preferred Stock Preferred Stock	Series L Preferred Stock Distributions in Excess of Earnings	Series D Preferred Stock	Series D Preferred Stock Total Stockholders' Equity	Series D Preferred Stock Preferred Stock	Series D Preferred Stock Additional Paid-in Capital	Series D Preferred Stock Distributions in Excess of Earnings
Beginning balance (in shares) at Dec. 31, 2019			14,602,149	8,224,254						2,837,094					5,387,160
Beginning balance at Dec. 31, 2019	$ 278,195	$ 277,690	$ 15	$ 223,467	$ 794,825	$ (740,617)	$ 505			$ 70,633					$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to noncontrolling interests	(51)						(51)
Stock-based compensation expense (in shares)			21,912
Stock-based compensation expense	222	222			222		0
Issuance of shares of stock (in shares)			203,349	19,145															19,145
Issuance of shares of stock	2,359	2,359		$ 473	2,359												$ 456	$ 456	$ 473	$ (17)	$ 0
Common dividends	(4,431)	(4,431)				(4,431)
Issuance of Series A Preferred Warrants	28	28			28
Dividends to holders of Series Preferred Stock								$ (9,579)	$ (9,579)			$ (9,579)	$ (8,406)	$ (8,406)		$ (8,406)	(21)	(21)			(21)
Reclassification of Series A preferred Stock to permanent equity (in shares)				1,570,421						1,570,421
Reclassification of Series A Preferred Stock to permanent equity	35,483	35,483		$ 38,837	(3,354)					$ 38,837
Redemption of Series A Preferred Stock (in shares)				(29,753)						(29,753)
Redemption of Series A Preferred Stock				$ (741)				(749)	(749)	$ (741)	$ 64	(72)
Redeemable preferred stock deemed dividends	(377)	(377)				(377)
Net (loss) income	(15,015)	(15,016)				(15,016)	1
Ending balance (in shares) at Dec. 31, 2020			14,827,410	9,784,067						4,377,762					5,387,160				19,145
Ending balance at Dec. 31, 2020	278,114	277,659	$ 15	$ 262,036	794,127	(778,519)	455			$ 108,729					$ 152,834				$ 473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions to noncontrolling interests	9						9
Distributions to noncontrolling interests	(118)						(118)
Stock-based compensation expense (in shares)			20,332
Stock-based compensation expense	220	220			220
Issuance of shares of stock (in shares)			8,521,589	37,712															37,712
Issuance of shares of stock	76,921	76,921	$ 9	$ 923	76,912												893	893	$ 923	$ (30)
Common dividends	(5,732)	(5,732)				(5,732)
Dividends to holders of Series Preferred Stock								(10,289)	(10,289)			(10,289)	$ (8,406)	$ (8,406)		$ (8,406)	$ (65)	$ (65)			$ (65)
Reclassification of Series A preferred Stock to permanent equity (in shares)				2,006,456						2,006,456
Reclassification of Series A Preferred Stock to permanent equity	45,806	45,806		$ 50,508	(4,702)			146,200		$ 50,508
Redemption of Series A Preferred Stock (in shares)				(112,881)						(112,881)
Redemption of Series A Preferred Stock				$ (2,806)				$ (2,700)	$ (2,700)	$ (2,806)	$ 219	$ (113)
Redeemable preferred stock deemed dividends	(253)	(253)				(253)
Net (loss) income	(851)	(850)				(850)	(1)
Ending balance (in shares) at Dec. 31, 2021			23,369,331	11,715,354						6,271,337					5,387,160				56,857
Ending balance at Dec. 31, 2021	$ 373,549	$ 373,204	$ 24	$ 310,661	$ 866,746	$ (804,227)	$ 345			$ 156,431					$ 152,834				$ 1,396

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Dividends paid per common share (in usd per share)	$ 0.300	$ 0.300
Preferred dividends, per share amount (in usd per share)	1.560	1.560
Series A Preferred Stock
Preferred dividends, per share amount (in usd per share)	1.375	1.719
Series D Preferred Stock
Preferred dividends, per share amount (in usd per share)	$ 1.413	$ 1.648

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (851)	$ (15,015)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	20,188	21,085
Loss on early extinguishment of debt	0	281
Amortization of deferred loan costs	1,068	1,192
Amortization of premiums and discounts on debt	(61)	(84)
Unrealized premium adjustment	2,930	1,281
Amortization of deferred costs and accretion of fees on loans receivable, net	(622)	(410)
(Recoveries) write-offs of uncollectible receivables	(82)	2,622
Deferred income taxes	72	(995)
Stock-based compensation	220	222
Loans funded, held for sale to secondary market	(96,991)	(28,131)
Proceeds from sale of guaranteed loans	109,000	25,722
Principal collected on loans subject to secured borrowings	1,786	3,695
Commitment fees remitted and other operating activity	(2,559)	(935)
Changes in operating assets and liabilities:
Accounts receivable	(1,519)	(419)
Other assets	(1,340)	1,233
Accounts payable and accrued expenses	2,574	(1,080)
Deferred leasing costs	(1,669)	(1,838)
Other liabilities	7,128	(274)
Due to related parties	7,009	4,675
Net cash provided by operating activities	46,281	12,827
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investments in real estate	(4,047)	(14,731)
Acquisition of real estate	(2,933)	(6,131)
Loans funded	(36,299)	(25,393)
Principal collected on loans	30,584	7,884
Other investing activity	0	51
Net cash (used in) provided by investing activities	(12,695)	(38,320)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of unsecured revolving lines of credit, revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes	(157,910)	(57,584)
Proceeds from unsecured revolving lines of credit, revolving credit facilities and term notes	35,396	77,516
Payment of principal on secured borrowings	(1,786)	(3,695)
Payment of deferred preferred stock offering costs	(1,149)	(943)
Payment of deferred costs	(1)	(983)
Payment of common dividends	(3,979)	(4,431)
Proceeds from issuance of Common Stock	78,825	0
Payment of Common Stock offering costs	(1,900)	0
Net proceeds from issuance of Series A Preferred Warrants	0	28
Net proceeds from issuance of Preferred Stock	29,829	41,958
Payment of preferred stock dividends	(18,045)	(16,536)
Redemption of Preferred Stock	(2,755)	(2,084)
Noncontrolling interests’ distributions	(118)	(51)
Noncontrolling interests’ contributions	9	0
Net cash provided by (used in) financing activities	(43,584)	33,195
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(9,998)	7,702
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	43,649	35,947
End of period	33,651	43,649
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	22,311	33,636
Restricted cash	11,340	10,013
Total cash and cash equivalents and restricted cash	33,651	43,649
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	8,463	10,315
Federal income taxes paid	2,900	273
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments	2,127	267
Accrued deferred costs	0	125
Accrued preferred stock offering costs	161	675
Accrual of dividends payable to preferred stockholders	12,051	11,343
Accrual of dividends payable to common stockholders	1,753	0
Preferred stock offering costs offset against redeemable preferred stock	400	583
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	45,806	35,483
Reclassification of loans receivable, net to real estate owned	0	174
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses	48	25
Redeemable preferred stock deemed dividends	253	377
Accrued Redeemable Preferred Stock fees	638	493
Equity-based payment for management fees	$ 9,174	$ 7,400

ORGANIZATION AND OPERATIONS	12 Months Ended
ORGANIZATION AND OPERATIONS	Dec. 31, 2021
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’s portfolio of investments currently consists of Class A and creative office real assets in vibrant and improving metropolitan communities throughout the United States. The Company seeks to acquire, operate and develop premier multifamily 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 seeks to apply the expertise of CIM Group, L.P. (“CIM Group”) to the acquisition, development and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. The Company was originally organized in 1993 as PMC Commercial Trust (“PMC Commercial”), a Texas real estate investment trust. The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CMCT”, and on the Tel Aviv Stock Exchange (the “TASE”) under the ticker symbol “CMCT-L.” The Company’s Series L preferred stock, $0.001 par value per share (“Series L Preferred Stock”), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol “CMCTP.” The Company has authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock (“Preferred Stock”). The Company filed Articles of Amendment (the “Reverse Stock Split Amendment”) to effectuate a one-for-three reverse stock split of the Company’s Common Stock, effective on September 3, 2019 (the “Reverse Stock Split”). Pursuant to the Reverse Stock Split Amendment, every three shares of Common Stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split were converted into one share of Common Stock, par value $0.003 per share. In connection with the Reverse Split Amendment, the Company filed Articles of Amendment to revert the par value of the Common Stock issued and outstanding from $0.003 per share to $0.001 per share, effective as of September 3, 2019, following the effective time of the Reverse Split Amendment. All Common Stock and per share of Common Stock amounts set forth in this Annual Report on Form 10-K have been adjusted to give retroactive effect to the Reverse Stock Split, unless otherwise stated. The Company conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company (collectively, the “Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), and one warrant (collectively, the “Series A Preferred Warrants”) to purchase 0.25 of a share of Common Stock, subject to adjustment (Note 10). Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. Since February 2020, the Company has been conducting a continuous public offering of Series A Preferred Stock and Series D preferred stock, par value $0.001 per share (the “Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”). The selling price of the Series A Preferred Stock in the offering has been, and is expected to continue to be, $25.00 per share and the selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and is expected to be, and since June 29, 2020, has been, $24.50 per share through the end of the life of the offering. During the year ended December 31, 2021, the Company conducted a rights offering (the “Rights Offering”) pursuant to which the Company issued an aggregate of 8,521,589 shares of Common Stock at a subscription price of $9.25 per share for aggregate gross proceeds of $78.8 million before issuance costs of $1.9 million. The Company has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Principles of Consolidation—The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, the Company analyzes its investments in real estate in accordance with standards set forth in GAAP to determine whether they are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these investments in real estate on the Company’s consolidated financial statements. As of December 31, 2021, 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.

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


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

The fair value of real estate acquired is recorded to acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

Capitalized Project Costs

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

Recoverability of Investments in Real Estate—The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Investments in real estate are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the asset. The Company did not recognize any impairment of long-lived assets during the years ended December 31, 2021 and 2020 (Note 3).

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

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

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

Pursuant to the SBA 7(a) Program, the Company sells the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loans, which are accounted for as sales, the unguaranteed portion of the loan retained by the Company is recorded at fair value and a discount is recorded as a reduction in basis of the retained portion of the loan. Unamortized retained loan discounts were $9.6 million and $7.8 million as of December 31, 2021 and 2020, respectively.

At the closing of the merger between CIM Urban REIT, LLC (“CIM REIT”), an affiliate of CIM Group, and certain of its subsidiaries and PMC Commercial Trust, the predecessor to the Company, the carrying value of the Company’s loans was adjusted to estimated fair market value and acquisition discounts of $33.9 million were recorded, which are being accreted to interest and other income using the effective interest method. Acquisition discounts of $381,000 and $492,000 remained as of December 31, 2021 and 2020, respectively.

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

Loan Loss Reserves—On a quarterly basis, and more frequently if indicators exist, the Company evaluates the collectability of its loans receivable. The Company’s evaluation of collectability involves significant judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers’ business models and future operations. For the years ended December 31, 2021 and 2020, the Company recorded net impairment losses of $19,000 and a net recovery of $16,000, respectively, on its loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired as of December 31, 2021 or 2020. The Company considers a loan to be impaired when the Company does not expect to collect all of the contractual interest and principal payments as scheduled in the loan agreements. The Company also establishes a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to the Company. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, the Company establishes the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions. For the years ended December 31, 2021 and 2020, the Company has loan loss reserves of $943,000 and $885,000, respectively.

ratio of the number of securities issued in a given issuance to the maximum number of securities that are expected to be issued in the related offering. In the case of the Series A Preferred Units, which were issued prior to February 2020, the issuance-specific offering costs and the deferred offering costs allocated to such issuance were further allocated to the Series A Preferred Stock and Series A Preferred Warrants issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock and Series A Preferred Warrants are reductions to temporary equity and permanent equity, respectively.

As of December 31, 2021 and 2020, deferred rent receivable and charges, net consist of the following:


	December 31, 2021		December 31, 2020
	(in thousands)
Deferred rent receivable	$	20,870	$	20,470
Deferred leasing costs, net of accumulated amortization of $8,971 and $7,742, respectively	8,453		8,950
Deferred offering costs	6,281		6,046
Other deferred costs	491		490
Deferred rent receivable and charges, net	$	36,095	$	35,956

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

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

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

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

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant

to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market leases, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

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

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

Revenue from leasing activities

The Company operates as a lessor of real estate assets. When the Company enters into a contract or amends an existing contract, the Company evaluates if the contracts meet the definition of a lease using the following criteria:

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

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

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

The Company determined that the Company’s contracts with its tenants explicitly identify the premises and that any substitution rights to relocate tenants to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under such contracts, the Company’s tenants have the right to obtain substantially all the economic benefits from the use of the identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, the contracts with the Company’s tenants constitute leases.

All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is probable and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as an incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Lease incentives of $4.0 million and $4.0 million are presented net of accumulated amortization of $2.7 million and $2.4 million as of December 31, 2021 and 2020, respectively.

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

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

For the years ended December 31, 2021 and 2020, the Company recognized rental income as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	45,773	$	50,245
Variable lease payments (2)	7,065		4,578
Rental and other property income	$	52,838	$	54,823

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

(2)Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s operating leases plus cash payments from tenants deemed not probable of collections.

Collectability of Lease-Related Receivables

The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach. As of December 31, 2021 and 2020, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $579,000 and $1.9 million, 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 16:


	Year Ended December 31,
	2021		2020
	(in thousands)
Hotel properties
Hotel income	$	16,722	$	11,882
Rental and other property income	1,070		1,353

Interest and other income	57		79
Hotel revenues	$	17,849	$	13,314

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 amounts were recognized for tenant recoveries outside of the lease agreements for the years ended December 31, 2021 and 2020. As of December 31, 2021, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements.

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

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

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

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

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

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

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

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

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

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

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

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

Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases such estimates on historical experience, information available at the time, and assumptions the Company believes to be reasonable under the circumstances and at such time, including the impact of extraordinary events such as COVID-19. Actual results could differ from those estimates.

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

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

Segment Information—Segment information is prepared on the same basis that the Company’s management reviews information for operational decision-making purposes. The Company reportable segments for the years ended December 31, 2021 and 2020 consist of two types of commercial real estate properties, namely office and hotel, as well as a segment for its lending business. The products for the Company’s office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking, and storage space rental. The products for the Company’s hotel segment include revenues generated from the operations of hotel properties and rental income generated from a garage located directly across the street from the hotel. The income from the Company’s lending segment includes premium income recognized from the sale of the government guaranteed portion of loans receivable, income from the yield on its loans receivable and other related fee income earned on its loans receivable.

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

On April 10, 2020, the FASB issued a question-and-answer document (the “Q&A”) to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of COVID-19. The lease modification guidance in Topic 842, Leases, (or Topic 840, Leases) would require the Company to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was made pursuant to the enforceable rights and obligations of the existing lease agreement (precluded from applying the lease modification accounting framework). However, the Q&A provides

that the Company may bypass the lease by lease analysis if certain criteria are met, and instead elect to either consistently apply, or consistently not apply, the lease modification framework to groups of leases with similar characteristics and similar circumstances. As described below, the Company has elected not to apply the lease modification guidance to concessions related to the effects of COVID-19 that do not result in a substantial increase in the Company’s rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than the total payments required by the original lease.

INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

INVESTMENTS IN REAL ESTATE

3. INVESTMENTS IN REAL ESTATE

Investments in real estate consist of the following:


	December 31,
	2021		2020
	(in thousands)
Land	$	141,236	$	139,397
Land improvements	2,644		2,611
Buildings and improvements	454,431		450,741
Furniture, fixtures, and equipment	4,398		4,969
Tenant improvements	29,733		31,414
Work in progress	10,260		8,073
Investments in real estate	642,702		637,205
Accumulated depreciation	(144,718)		(131,165)
Net investments in real estate	$	497,984	$	506,040

For the years ended December 31, 2021 and 2020, the Company recorded depreciation expense of $16.9 million and $17.7 million, respectively.

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

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

1037 North Sycamore, Los Angeles, CA

Office

July 13, 2021

4,900

2,900

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

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

2020 Transactions—During the year ended December 31, 2020, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

1021 East 7th Street, Austin, TX

Office

November 30, 2020

11,180

6,079

(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $51,000, which are not included in the purchase price above.

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

The results of operations of the properties the Company acquired have been included in the consolidated statements of operations from the date of acquisition. The purchase price of the acquisitions completed during the years ended December 31, 2021 and 2020 were less than 10% of the Company’s total assets as of the respective most recent annual consolidated financial statements filed at or prior to the date of acquisition. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2021 and 2020.


	Year Ended December 31,
	2021		2020
	(in thousands)
Land	$	1,839	$	4,976
Land improvements	33		9
Buildings and improvements	1,061		534
Tenant improvements	—		190
Acquired in-place leases (1)	—		408
Acquired above-market leases (2)	—		18
Acquired below-market leases (3)	—		(5)
Net assets acquired	$	2,933	$	6,130

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

(2)Acquired above-market leases have a weighted average amortization period of 3 years for the 2020 acquisition.

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

Property Concentrations—Kaiser Foundation Health Plan, Incorporated (“Kaiser”), which occupied space in one of the Company’s Oakland, California properties accounted for 30.9% of its annualized rental income for the year ended December 31, 2021.

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

LOANS RECEIVABLE

4. LOANS RECEIVABLE

Loans receivable consist of the following:


	December 31,
	2021		2020
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	42,103	$	32,226
SBA 7(a) loans receivable, subject to loan-backed notes	18,050		23,631
SBA 7(a) loans receivable, Paycheck Protection Program	5,050		14,484
SBA 7(a) loans receivable, subject to secured borrowings	6,857		8,786
SBA 7(a) loans receivable, held for sale	1,200		4,009
Loans receivable	73,260		83,136
Deferred capitalized costs, net	1,226		884
Loan loss reserves	(943)		(885)
Loans receivable, net	$	73,543	$	83,135

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 are reflected as loan-backed notes payable (Note 6). These loans are subject to credit risk.

SBA 7(a) Loans Receivable, Paycheck Protection Program—As an SBA 7(a) licensee, the Company originated loans under the PPP. As of December 31, 2021, a significant portion of these loans have been either forgiven or repaid, and the Company expects that all of the outstanding PPP loans will be forgiven, either in part or in full, by the SBA or be repaid by the borrower, including both principal and accrued interest.

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

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

Other

As of December 31, 2021 and 2020, the Company’s loans subject to credit risk were 99.8% and 99.1%, respectively, concentrated in the hospitality industry. As of December 31, 2021 and 2020, 100.0% and 98.8%, respectively, of the Company’s loans subject to credit risk were current. The Company classifies loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of December 31, 2021 and 2020, $1.1 million and $1.4 million, respectively, of loans subject to credit risk were classified in substandard categories.

OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

5. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2021 and 2020, is as follows:


	As of December 31,
	2021		2020
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $9,030 and $9,228, respectively, with an average useful life of 9 and 8 years, respectively	$	2,266	$	3,316
Acquired above-market leases, net of accumulated amortization of $27 and $15, respectively, both with an average useful life of 6 years	28		40
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	5,251	$	6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,134 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$	237	$	587

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

During the years ended December 31, 2021 and 2020, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Acquired above-market lease amortization	$	12	$	10
Acquired in-place lease amortization	$	1,050	$	1,364
Acquired below-market lease amortization	$	350	$	700

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2021, is as follows:


	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2022	$	12	$	813	$	(236)
2023	10		470		(1)
2024	5		374		—
2025	1		171		—
2026	—		123		—
Thereafter	—		315		—
	$	28	$	2,266	$	(237)

DEBT

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT

6. DEBT

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


			During the Year Ended December 31, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt issuance costs — Mortgage Payable	(147)		—		—		27		(120)
Total Mortgage Payable	96,953		—		—		27		96,980
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	8,457		—		(1,786)		—		6,671
Unamortized premiums	457		—		—		(152)		305
Total Secured Borrowings—Government Guaranteed Loans	8,914		—		(1,786)		(152)		6,976
Other Debt:
2018 revolving credit facility	166,500		25,000		(131,500)		—		60,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(6,560)		—		7,670
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		10,396		(19,850)		—		5,030
Deferred debt issuance costs — other	(2,155)		—		—		1,166		(989)
Discount on junior subordinated notes	(1,683)		—		—		91		(1,592)
Total Other Debt	218,446		35,396		(157,910)		1,257		97,189
Total Debt, Net	$	324,313	$	35,396	$	(159,696)	$	1,132	$	201,145

Mortgage Payable—The mortgage payable is secured by a deed of trust on a property and assignments of rents receivable. As of December 31, 2021, the Company’s mortgage payable had a fixed interest rate of 4.14% per annum, with monthly payments of interest only, due on July 1, 2026. The loan is nonrecourse.

Secured Borrowings—Government Guaranteed Loans—Secured borrowings—government guaranteed loans represent sold loans which are treated as secured borrowings because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral. These loans included cash premiums that are amortized as a reduction to interest expense over the life of the loan using the effective interest method and are fully amortized when the underlying loan is repaid in full. As of December 31, 2021, the Company’s secured borrowings-government guaranteed loans included $4.0 million of loans sold for a premium and excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 3.89%, and $2.6 million of loans sold for an excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.56%.

2018 Revolving Credit Facility—In October 2018, the Company entered into a secured revolving credit facility with a bank syndicate that, as amended, allows the Company to borrow up to $209.5 million, subject to a borrowing base calculation (the “2018 revolving credit facility”). In September 2020, the 2018 revolving credit facility was amended (the “2018 Credit Facility Modification”) to remedy the effect that COVID-19 had on the Company’s ability to borrow under the 2018 revolving

credit facility during the period from September 2, 2020 through August 14, 2021 (the “Deferral Period”). The 2018 revolving credit facility bore interest during the Deferral Period at (A) the base rate plus 1.05% or (B) LIBOR plus 2.05% and (ii) bears interest after the Deferral Period, at (A) the base rate plus 0.55% or (B) LIBOR plus 1.55%. As of December 31, 2021 and 2020, the variable interest rate was 2.15% and 2.20%, respectively. The 2018 revolving credit facility is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The 2018 revolving credit facility is secured by deeds of trust on certain of the Company’s properties. The 2018 revolving credit facility contains customary covenants and is not subject to any financial covenants (though the amount the Company may borrow under the 2018 revolving credit facility is determined by a borrowing base calculation). The 2018 revolving credit facility matures in October 2022 and provides for one one-year extension option under certain conditions, including providing notice of the election and paying an extension fee of 0.15% of each lender’s commitment being extended on the effective date of such extension. As of December 31, 2021 and 2020, $60.0 million and $166.5 million, respectively, was outstanding under the 2018 revolving credit facility, and approximately $117.6 million and $28.0 million, respectively, was available for future borrowings.

2020 Unsecured Revolving Credit Facility—In May 2020, the Company entered into an unsecured revolving credit facility with a bank (the “2020 unsecured revolving credit facility”) pursuant to which the Company can borrow up to a maximum of $10.0 million. Outstanding advances under the 2020 unsecured revolving credit facility bear interest at the rate of 1.00%. The Company also pays a revolving credit facility fee of 1.12% with each advance under the 2020 unsecured revolving credit facility, which fee is subject to a cap of $112,000 in the aggregate. The 2020 unsecured revolving credit facility contains certain customary covenants including a maximum leverage ratio and a minimum fixed charge coverage ratio, as well as certain other conditions. The 2020 unsecured revolving credit facility matures in May 2022. As of December 31, 2021, no amounts were outstanding under the 2020 unsecured revolving credit facility and $10.0 million was available for future borrowings.

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

SBA 7(a) Loan-Backed Notes—On May 30, 2018, the Company completed a securitization of the unguaranteed portion of certain of its SBA 7(a) loans receivable with the issuance of $38.2 million of unguaranteed SBA 7(a) loan-backed notes. The SBA 7(a) loan-backed notes are secured by deeds of trust or mortgages and are collateralized solely by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of the Company’s SBA 7(a) loans receivable. The SBA 7(a) loan-backed notes mature on March 20, 2043, with monthly payments due as payments on the collateralized loans are received. Based on the anticipated repayments of the Company’s collateralized SBA 7(a) loans, at issuance, the Company estimated the weighted average remaining life of the SBA 7(a) loan-backed notes to be approximately two years. The SBA 7(a) loan-backed notes bear interest at the lower of the one-month LIBOR plus 1.40% or the prime rate less 1.08%. As of December 31, 2021 and 2020, the variable interest rate was 1.49% and 1.55%, respectively. The Company reflects the SBA 7(a) loans receivable as assets on its consolidated balance sheets and the SBA 7(a) loan-backed notes as debt on its consolidated balance sheets. The restricted cash on the Company’s consolidated balance sheets included funds related to the Company’s SBA 7(a) loan-backed notes of $1.9 million and $1.2 million, as of December 31, 2021 and 2020, respectively.

Paycheck Protection Program Liquidity Facility—In June 2020, the Company commenced borrowing funds from the Federal Reserve through the PPP Liquidity Facility (the “PPPLF”) to finance all the loans the Company originated under the PPP. Advances under the PPPLF carry an interest rate of 0.35%, are made on a dollar-for-dollar basis based on the amount of loans originated under the PPP and are secured by loans made by the Company under the PPP. The PPPLF contains customary covenants but is not subject to any financial covenants. The maturity date of PPPLF borrowings is the same as the maturity date of the loans pledged to secure the extension of credit, generally two years. At maturity, both principal and accrued interest are due. The maturity date of a PPPLF borrowing will be accelerated if, among other things, the Company has been reimbursed by the SBA for a loan forgiveness (to the extent of the forgiveness), the Company has received payment from the SBA representing exercise of the loan guarantee or the Company has received payment from the underlying borrower (to the extent of the payment received). As of December 31, 2021 and 2020, $5.0 million and $14.5 million, respectively, was outstanding under the PPPLF. As the PPP has ended, no new extensions of credit may be made under the PPPLF.

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

As of December 31, 2021 and 2020, accrued interest and unused commitment fees payable of $467,000 and $564,000, respectively, are included in accounts payable and accrued expenses.

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


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2022	$	—	$	380	$	60,000	$	2,446	$	62,826
2023	—		391		—		1,598		1,989
2024	—		402		—		1,613		2,015
2025	—		414		—		1,704		2,118
2026	97,100		426		—		452		97,978
Thereafter	—		4,658		—		31,957		36,615
	$	97,100	$	6,671	$	60,000	$	39,770	$	203,541

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

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

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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

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

+ Details

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

7. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”), which was approved by the Company’s stockholders. Under the 2015 Equity Incentive Plan, the Company granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors. A summary of the Company’s restricted shares as of December 31, 2021 and 2020 and the changes during the years ended is as follows:


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



Balance, December 31, 2019	3,880	$	56.66
Granted	21,912	$	10.04
Vested	(3,880)	$	56.66
Balance, December 31, 2020	21,912	$	10.04
Granted	20,332	$	10.82
Vested	(21,912)	$	10.04
Balance, December 31, 2021	20,332	$	10.82

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

Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these

restricted shares of Common Stock in the amount of $220,000 and $222,000 for the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, there was $73,000 of total unrecognized compensation expense related to shares of Common Stock which will be recognized ratably over the remaining vesting period. The estimated fair value of restricted shares vested during 2021 and 2020 was $220,000 and $220,000, respectively.

EARNINGS PER SHARE (''EPS'')

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE ("EPS")

8. EARNINGS PER SHARE (“EPS”)

The computations of basic EPS are based on the Company’s weighted average shares outstanding. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the years ended December 31, 2021 and 2020 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 10). No shares of Series D Preferred Stock outstanding as of December 31, 2021 and December 31, 2020 had a dilutive effect. Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the years ended December 31, 2021 and 2020 because such shares were not redeemable during such periods.

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

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


	Year Ended December 31,
	2021		2020
	(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	$	(19,979)	$	(33,467)
Redeemable preferred stock dividends declared on dilutive shares	—		(1)
Diluted net (loss) income attributable to common stockholders	$	(19,979)	$	(33,468)

Denominator:
Basic weighted average shares of Common Stock outstanding	19,187		14,748
Effect of dilutive securities—contingently issuable shares	—		—
Diluted weighted average shares and common stock equivalents outstanding	19,187		14,748

Net (loss) income attributable to common stockholders per share:
Basic	$	(1.04)	$	(2.27)
Diluted	$	(1.04)	$	(2.27)

REDEEMABLE PREFERRED STOCK

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

REDEEMABLE PREFERRED STOCK

9. REDEEMABLE PREFERRED STOCK

The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the years ended December 31, 2021 and 2020 (dollar amounts in thousands):



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












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











Issuance of Series D Preferred Stock		—	—		19,145	473		—	—		19,145	473
Reclassification of Series A Preferred Stock to permanent equity		1,570,421	38,837		—	—		—	—		1,570,421	38,837
Redemption of Series A Preferred Stock		(29,753)	(741)		—	—		—	—		(29,753)	(741)


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






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



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


Balances, December 31, 2021		6,271,337	$	156,431	56,857	$	1,396	5,387,160	$	152,834	11,715,354	$	310,661

As of December 31, 2021, the Company had issued in registered public offerings 7,557,916 shares of Series A Preferred Stock, 4,603,287 Series A Preferred Warrants and 56,857 shares of Series D Preferred Stock and received gross proceeds of $190.3 million ($188.2 million of which was allocated to the Series A Preferred Stock, $761,000 of which was allocated to the Series A Preferred Warrants, and $1.4 million of which was allocated to the Series D Preferred Stock) 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 such issuance, costs specifically identifiable to the offering of Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock, such as commissions, dealer manager fees and other offering fees and expenses, totaled $15.9 million ($15.7 million of which was allocated to the Series A Preferred Stock, $142,000 of which was allocated to the Series A Preferred Warrants, and $35,000 of which was allocated to the Series D Preferred Stock). In addition, as of December 31, 2021, non-issuance-specific costs related to this offering totaled $8.0 million. As of December 31, 2021, the Company has reclassified and allocated $1.7 million, $5,000 and $13,000 from deferred charges to Series A Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering. As of December 31, 2021, there were 7,903,302 shares of Series A Preferred Stock outstanding, 4,541,852 Series A Preferred Warrants to purchase 1,178,125 shares of Common Stock outstanding, and 56,857 shares of Series D Preferred Stock outstanding. As of December 31, 2021, 223,295 shares of Series A Preferred Stock and no shares of Series D Preferred Stock have been redeemed.

Series A Preferred Stock—The Company conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company with an initial stated value of $25.00 per share, subject to adjustment, and one warrant to purchase 0.25 of a share of Common Stock. Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.

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

Net proceeds from the issuance of shares of Series A Preferred Stock are initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. If the net proceeds from the issuance of shares of Series A Preferred Stock are less than the redemption value of such shares at the time they are issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment is recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment is considered a deemed dividend for purposes of calculating basic and diluted EPS. During the years ended December 31, 2021 and December 31, 2020, the Company recorded redeemable preferred stock deemed dividends of $253,000 and $377,000, respectively, related to such adjustments.

On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company reclassifies such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. As of December 31, 2021, the Company had reclassified an aggregate of $146.2 million in net proceeds from temporary equity to permanent equity.

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

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

On October 22, 2019, the Company commenced a tender offer for the purchase of up to 2,693,580 shares of Series L Preferred Stock (the “Tender Offer”), representing one-third of the then-outstanding shares of Series L Preferred Stock. The Tender Offer was oversubscribed, and pursuant to the terms of the Tender Offer, shares of Series L Preferred Stock were accepted for purchase on a pro rata basis. The Company repurchased 2,693,580 shares of Series L Preferred Stock at a purchase price of $29.12 per share, as converted to and paid in ILS. The shares of Series L Preferred Stock accepted for payment by the Company were restored to the status of authorized but unissued shares of preferred stock without designation as to class or series.

Until the fifth anniversary of the date of original issuance of the Series L Preferred Stock, the Company is prohibited from issuing any shares of preferred stock ranking senior to or on parity with the Series L Preferred Stock with respect to the payment of dividends, other distributions, liquidation, and or dissolution or winding up of the Company unless the Minimum Fixed Charge Coverage Ratio, calculated in accordance with the Articles Supplementary describing the Series L Preferred Stock, is equal to or greater than 1.25:1.00. As of December 31, 2021 and 2020, the Company was in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

Refer to Note 12 for a discussion of certain payments the Company has made in shares of Common Stock and in shares of Preferred Stock and may make in shares of Preferred Stock in lieu of cash payments in order to remain in compliance with the Series L Preferred Stock Minimum Fixed Charge Coverage Ratio.

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

amount equal to any unpaid Initial Dividend, to the extent of any accrued and unpaid dividends on the Series L Preferred Stock, on parity with the Series A Preferred Stock and Series D Preferred Stock, to the extent of the Series L Preferred Stock Stated Value and junior to the Series A Preferred Stock, Series D Preferred Stock and Common Stock (to the extent of the Initial Dividend), in all instances with respect to any accrued and unpaid dividends on the Series L Preferred Stock.

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

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

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

The Company expects to pay dividends on the Series L Preferred Stock in arrears on an annual basis in accordance with the foregoing provisions, unless the Company’s results of operations, general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. If the Company fails to timely declare distributions or fails to timely pay distributions on the Series L Preferred Stock, the annual dividend rate of the Series L Preferred Stock will temporarily increase by 1.00% per year, up to a maximum rate of 8.50% per annum. However, prior to the payment of any distributions on Series L Preferred Stock in respect of a given year, the Company must first declare and pay dividends on the Common Stock in respect of such year in an aggregate amount equal to the Initial Dividend announced by the Company’s Board of Directors at the end of the prior fiscal year. On December 29, 2021, the Company announced an Initial Dividend on shares of its Common Stock for fiscal year 2021 in the aggregate amount of $7,010,799.

During the year ended December 31, 2021, the Company paid $9.6 million, $50,000 and $8.4 million of cash dividends on its Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. During the year ended December 31, 2020, the Company paid $8.1 million, $12,000 and $8.4 million of cash dividends on its Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively.

Redemptions—The Company’s Series 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 A Preferred Stock and Series D Preferred Stock allows redemptions at the option of the holder of Series A Preferred Stock or Series D Preferred Stock from the date of original issuance of any such shares at the Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. 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. At the Company’s discretion, the redemption price will be paid in cash or in Common Stock based on the volume weighted average price of the Company’s Common Stock for the 20 trading days prior to the redemption; provided that the redemption price of any shares of Series A Preferred Stock redeemed prior to the first anniversary of the date of original issuance of such shares must be paid in cash.

From and after the fifth anniversary of the date of original issuance of the Series L Preferred Stock, each holder will have the right to require the Company to redeem, and the Company will also have the option to redeem (subject to certain conditions), such shares of Series L Preferred Stock at a redemption price equal to the Series L Preferred Stock Stated Value, plus, provided certain conditions are met, all accrued and unpaid distributions. Notwithstanding the foregoing, a holder of

shares of the Company’s Series L Preferred Stock may require the Company to redeem such shares at any time prior to the fifth anniversary of the date of original issuance of the Series L Preferred Stock if (1) the Company does not declare and pay in full the distribution on the Series L Preferred Stock for any annual period prior to such fifth anniversary or (2) the Company does not declare and pay all accrued and unpaid distributions on the Series L Preferred Stock for all past dividend periods prior to the applicable holder redemption date. The applicable redemption price payable upon redemption of any Series L Preferred Stock will be made, in the Company’s sole discretion, in the form of (A) cash in ILS at the then-current currency exchange rate determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, (B) in equal value through the issuance of shares of Common Stock, with the value of such Common Stock to be deemed the lower of (i) the NAV per share of the Company’s Common Stock as most recently published by the Company as of the effective date of redemption and (ii) the volume-weighted average price of the Company’s Common Stock, determined in accordance with the Articles Supplementary defining the terms of the Series L Preferred Stock, or (C) in a combination of cash in ILS and the Company’s Common Stock, based on the conversion mechanisms set forth in (A) and (B), respectively.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Dividends

Holders of the Company’s Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by the Company out of legally available funds. In determining the Company’s dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, the Company’s financial position, applicable requirements of the MGCL, any applicable contractual restrictions, and future growth in NAV and cash flow per share prospects. Consequently, the dividend rate on a quarterly basis does not necessarily correlate directly to any individual factor. Cash dividends per share of Common Stock paid in respect of the years ended December 31, 2021 and 2020 consist of the following:

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

September 7, 2021

September 29, 2021

Regular Quarterly

0.075

June 7, 2021

June 30, 2021

Regular Quarterly

0.075

March 5, 2021

March 30, 2021

Regular Quarterly

0.075

December 2, 2020

December 29, 2020

Regular Quarterly

0.075

September 2, 2020

September 29, 2020

Regular Quarterly

0.075

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

On December 9, 2021, the Company declared a cash dividend of $0.075 per share of its Common Stock, which was paid on January 5, 2022 to stockholders of record at the close of business on December 20, 2021.

On March 8, 2022, the Company declared a cash dividend of $0.085 per share of its Common Stock, to be paid on April 1, 2022 to stockholders of record at the close of business on March 19, 2022.

Rights Offering

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

Series A Preferred Warrants

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

price of each Series A Preferred Warrant issued prior to the Reverse Stock Split was automatically adjusted to reflect the effect of the Reverse Stock Split and, in the discretion of the Company’s Board of Directors, the exercise price and the number of shares issuable upon exercise of each Series A Preferred Warrant issued prior to the Special Dividend was adjusted to reflect the effect of the Special Dividend.

Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of December 31, 2021, there were 4,541,852 Series A Preferred Warrants outstanding to purchase 1,178,125 shares of Common Stock in connection with the Company’s offering of Series A Preferred Units and allocated net proceeds of $610,000 to the warrants outstanding as of December 31, 2021 , after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

11. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

Level 3 Inputs—Unobservable inputs

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

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

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

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

Debt—The carrying amounts of the Company’s secured borrowings—government guaranteed loans, SBA 7(a) loan-backed notes, 2018 revolving credit facility and borrowed funds from the Federal Reserve through the PPPLF approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates. The Company determines the fair value of mortgage notes payable and junior subordinated notes by performing discounted cash flow analyses using an appropriate market discount rate. The Company calculates the market discount rate for its mortgage notes payable by obtaining period-end treasury or swap rates, as applicable, for maturities that correspond to the maturities of the Company’s debt and then adding an appropriate credit spread. These credit spreads take into account factors such as the Company’s credit standing, the maturity of the debt, whether the debt is secured or unsecured, and the loan-to-value ratios of the debt. When estimating the fair value of the Company’s mortgages payable as of December 31, 2021 and 2020, the Company used a rate of 3.22% and 3.38%, respectively. The rate used to estimate the fair value of the Company’s junior subordinated notes was 4.46% and 4.49% as of December 31, 2021 and 2020, respectively.

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


	Year Ended December 31,
	2021		2020
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	6.25% - 8.25%	5.00% - 17.50%	6.50% - 8.25%	4.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.75% - 7.75%	5.00% - 17.50%	5.50% - 8.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	7.00% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	1.00%	N/A

Other Financial Instruments—The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at December 31, 2021 and 2020. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

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


	December 31, 2021				December 31, 2020
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, paycheck protection program	$	4,903	$	5,050	$	14,089	$	14,484	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	18,077	$	19,635	$	23,606	$	24,850	3
SBA 7(a) loans receivable, subject to credit risk	$	42,416	$	44,399	$	32,509	$	32,397	3
SBA 7(a) loans receivable, subject to secured borrowings	$	6,891	$	6,976	$	8,822	$	8,914	3
SBA 7(a) loans receivable, held for sale	$	1,256	$	1,355	$	4,109	$	4,527	3
Liabilities:
Mortgage payable (1)	$	97,100	$	100,838	$	97,100	$	100,799	2, 3
Junior subordinated notes (1)	$	27,070	$	24,378	$	27,070	$	24,236	3

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

- Definition

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

+ References + Details

RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED-PARTY TRANSACTIONS

12. RELATED-PARTY TRANSACTIONS

Asset Management and Other Fees to Related Parties

Asset Management Fees—CIM Urban and CIM Capital, LLC, an affiliate of CIM REIT and CIM Group (“CIM Capital”), have an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). CIM Capital has assigned its duties under the Investment Management Agreement to its four wholly-owned subsidiaries: CIM Capital Securities Management, LLC, a securities manager, CIM Capital RE Debt Management, LLC, a debt manager, CIM Capital Controlled Company Management, LLC, a

controlled company manager, and CIM Capital Real Property Management, LLC, a real property manager. The “Operator” refers to CIM Capital and its four wholly-owned subsidiaries.

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


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

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

In lieu of cash payment of the asset management fee, the Company has issued to the Operator shares of its Common Stock and shares of its Series A Preferred Stock. The Company has issued shares of its Series A Preferred Stock to the Operator as payment for the quarterly asset management fee for the year ended December 31, 2021. Subject to applicable laws and regulations under Nasdaq and the TASE and the agreement of the Operator, it is likely that the Company will seek to pay some or part of the asset management fees for part of 2022 in shares of Series A Preferred Stock.

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

Administrative Fees and Expenses—The Company and its subsidiaries have a master services agreement (the “Master Services Agreement”) with CIM Service Provider, LLC (the “Administrator”), an affiliate of CIM Group, pursuant to which the Administrator provides, or arranges for other service providers to provide, management and administration services to the Company and its subsidiaries. Pursuant to the Master Services Agreement, the Company appointed an affiliate of CIM Group as the administrator of Urban Partners GP, LLC. 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 (the “Prior 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 stockholders’ equity (i.e., common stockholders’ equity plus accumulated depreciation and amortization) for such quarter. The amendment was effective as of April 1, 2020. Please see “—Fee Waiver” below for how the fees paid to the Administrator has been calculated since the beginning of 2022. The Base Service Fee is included in asset management and other fees to related parties in the accompanying consolidated statements of operations.

In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and or reimbursement for performing certain services for the Company and its subsidiaries that are not covered by the Base Service Fee or the Prior Incentive Fee, as the case may be. During the years ended December 31, 2021 and 2020, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, operational and on-going support in connection with the Company’s offering of Preferred Stock. The Administrator’s compensation is based on the salaries and benefits of the employees of the Administrator and or its affiliates who performed these services (allocated based on the percentage of time

spent on the affairs of the Company and its subsidiaries). The expense for such services is included in expense reimbursements to related parties—corporate in the accompanying consolidated statements of operations.

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 Units 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 Units ended at the end of January 2020. On January 28, 2020, the Company entered into the Second Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acts as the exclusive dealer manager for the Company’s public offering of its Series A Preferred Stock and Series D Preferred Stock. Thereunder, the Company agreed to compensate CCO Capital, as the dealer manager for the offering, as follows: (1) an upfront dealer manager fee of up to 1.25% of the selling price of each share of Preferred Stock sold, (2) selling commissions of up to 5.50% of the selling price of each share of Series A Preferred Stock sold (with no selling commissions payable in respect of shares of Series D Preferred Stock sold) and (3) a trailing dealer manager fee that accrues daily in an amount equal to 1/365th of 0.25% per annum of the selling price of each share of Preferred Stock sold. CCO Capital, in its sole discretion, may reallow to another broker-dealer authorized by it to sell shares in the offering a portion of the upfront dealer manager fee earned by it in respect of shares sold by such broker-dealer.

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

On September 22, 2021, the Company entered into Amendment No. 2 to the Second Amended and Restated Dealer Manager Agreement, pursuant to which the upfront dealer manager fee payable to the Dealer Manager was changed to up to 3.00% and the trailing dealer manager fee with respect to the sale of shares of Series A Preferred Stock sold in the Offering on or after September 9, 2021 was eliminated.

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


	Year Ended December 31,
	2021		2020
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	9,030	$	9,511
Property Management Fees and Reimbursements:
Property management fees	$	1,641	$	1,670
Onsite management and other cost reimbursement	$	2,687	$	3,356
Leasing commissions	$	162	$	112
Construction management fees	$	226	$	344
Administrative Fees and Expenses:
Base service fee (2)	$	—	$	282
Expense reimbursements to related parties - corporate	$	2,050	$	2,243
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (3)	$	1,921	$	3,491
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (4)	$	690	$	1,149
Non-issuance specific offering costs (5)	$	106	$	99

(1)The Company issued to the Operator an aggregate of 270,209 shares of its Series A Preferred Stock, in lieu of cash payment of the asset management fees incurred during the year ended December 31, 2021. The Company issued to the Operator 203,349 shares of its Common Stock and 287,199 shares of Series A Preferred Stock in lieu of cash payment of the asset management fees incurred during the year ended December 31, 2020.

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

(3)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $347,000 and $136,000 for the years ended December 31, 2021 and 2020, respectively.

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

(5)As of December 31, 2021 and 2020, $2.0 million and $1.5 million, respectively, was included in deferred costs as reimbursable expenses incurred pursuant to the Master Services Agreement and the then applicable dealer manager agreement with CCO Capital. These non-issuance specific costs are allocated against the gross proceeds from the sale of the Series A Preferred Stock and the Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering.

As of December 31, 2021 and 2020, due to related parties consisted of the following:


	December 31,
	2021		2020
	(in thousands)
Asset management fees	$	2,244	$	2,386
Property management fees and reimbursements	320		1,662
Expense reimbursements - corporate	692		647
Expense reimbursements - lending segment	341		690
Upfront dealer manager and trailing dealer manager fees	638		493
Non-issuance specific offering costs	143		668
Other amounts due to the CIM Management Entities and certain of its affiliates	163		160
Total due to related parties	$	4,541	$	6,706

Fee Waiver

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 agrees 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 agrees 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 (the “Existing Methodology).

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 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).

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 (the “Fee Waiver Methodology”) from the Effective Date through the end of such quarter and (ii) a calculation of the cumulative fees that would have been earned, in the absence of the Fee Waiver, 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 (the “Pre-Fee Waiver Methodology”). If, in respect of any quarter, the aggregate fees that are payable under the Fee Waiver Methodology exceed the aggregate fees that would have been payable under the Pre-Fee Waiver Methodology for the equivalent period, such quarter is 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 Pre-Fee Waiver Methodology from and after such Excess Quarter. Any election by the Company to adopt the Pre-Fee Waiver Methodology is irrevocable, and all fees due to the Administrator and the Operator from and after such election will be calculated in accordance with the Pre-Fee Waiver Methodology.

Other

During the year ended December 31, 2020, the Company’s President, Jan F. Salit, retired effective as of September 16, 2020. Mr. Salit received a $450,000 payment, representing one year of his base salary, upon the satisfaction of certain conditions specified therein, including the execution of an agreement with the Company that contains, among other things, mutual release and non-disparagement provisions. Related to this payment, $287,000 was borne by the Company based on the time that Mr. Salit devoted to the Company relative to other matters relating to CIM Group.

On October 1, 2015, an affiliate of CIM Group entered into a five-year lease renewal with respect to a property owned by the Company, which was terminated in October 2020. For the years ended December 31, 2021 and 2020, the Company recorded rental and other property income related to this tenant of $0 and $87,000, respectively.

On May 15, 2019, CIM Group entered into an approximately 11-year lease for approximately 32,000 rentable square feet with respect to a property owned by the Company. The lease was amended on August 7, 2019 to reduce the rentable square feet to approximately 30,000 rentable square feet. For the years ended December 31, 2021 and 2020, the Company recorded rental and other property income related to this tenant of $1.5 million.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Loan Commitments—Commitments to extend credit are agreements to lend to a customer when the terms established in the contract are met. The Company’s outstanding commitments to fund loans were $32.6 million as of December 31, 2021, the majority of which are for prime-based loans to be originated by the Company’s subsidiary engaged in SBA 7(a) Small Business Loan Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. General—In connection with the ownership and operation of real estate properties, the Company has certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. the Company had a total of $8.1 million in future obligations under leases to fund tenant improvements and other future construction obligations as of December 31, 2021. As of December 31, 2021, $2.5 million was funded to reserve accounts included in restricted cash on the Company’s consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreement entered into in June 2016. Employment Agreements—The Company has an employment agreement with one of its officers. Under certain circumstances, this employment agreement provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officer. Litigation—The Company is not currently involved in any material pending or threatened legal proceedings nor, to the Company’s knowledge, are any material legal proceedings currently threatened against the Company, other than routine litigation arising in the ordinary course of business. In the normal course of business, the Company is periodically party to certain legal actions and proceedings involving matters that are generally incidental to the Company’s business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management’s opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on Common Stock or Preferred Stock. In September 2018, the Company filed a lawsuit against the City and County of San Francisco seeking a refund of the $11.8 million in penalties, interest and legal fees paid by the Company for real property transfer tax allegedly due for a transaction in a prior year. The Company disputed that such penalties, interest and legal fees were payable but, in order to contest the asserted tax obligations, the Company had to pay such amounts to the City and County of San Francisco in August 2017. The Company has been vigorously pursuing this litigation and intends to continue to do so. A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential losses due to the complexity and current status of the lawsuit. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in lawsuits of this nature and do not expect this lawsuit to have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company ability to satisfy its debt service obligations or to maintain the level of distributions on the Company’s Common Stock or Preferred Stock. SBA Related—If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the PPP or the SBA 7(a) Small Business Loan Program, the SBA may seek recovery of the principal loss related to the deficiency from the Company. As of December 31, 2021, the Company serviced an aggregate of $262.4 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.

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

14. LEASES

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


Years Ending December 31,	Total

2022	$	44,521
2023	42,101
2024	40,059
2025	24,022
2026	17,246
Thereafter	32,937
	$	200,886

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

15. INCOME TAXES

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

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

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


	Year Ended December 31,
	2021		2020
	(in thousands)
(Loss) income from continuing operations before income taxes for TRSs	$	9,242	$	(7,995)

Expected federal income tax (benefit) provision	$	1,941	$	(1,679)
State income taxes	(40)		(1,562)
Change in valuation allowance	(273)		2,605
Other	1,364		(86)
Income tax (benefit) provision	$	2,992	$	(722)

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


	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,367	$	2,645
Secured borrowings—government guaranteed loans	64		96
Other	153		160
Total gross deferred tax assets	2,584		2,901
Valuation allowance	(2,370)		(2,643)
	214		258
Deferred tax liabilities:
Loans receivable	(96)		(67)

	(96)		(67)
Deferred tax asset, net	$	118	$	191

The net operating loss carryforwards as of December 31, 2021 and 2020 were generated by TRSs and are available to offset future taxable income of these TRSs.

The decrease in the valuation allowance recorded in 2021 was $273,000.

The periods subject to examination for the Company’s federal and state income tax returns are 2018 through 2021. As of December 31, 2021 and 2020, no reserves for uncertain tax positions have been established and the Company does not anticipate any material changes in the amount of unrecognized tax benefits recorded to occur within the next 12 months.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SEGMENT DISCLOSURE

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT DISCLOSURE

16. SEGMENT DISCLOSURE

The Company’s reportable segments during the years ended December 31, 2021 and 2020 consist of two types of commercial real estate properties, namely, office and hotel, as well as a segment for the Company’s lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in Note 2.

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

The net operating income (loss) of the Company’s segments for the years ended December 31, 2021 and 2020 is as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Office:
Revenues	$	53,289	$	55,468
Property expenses:
Operating	23,431		23,485
General and administrative	347		490
Total property expenses	23,778		23,975
Segment net operating income—office	29,511		31,493
Hotel:
Revenues	17,849		13,314
Property expenses:
Operating	15,841		14,059
General and administrative	128		64
Total property expenses	15,969		14,123
Segment net operating income (loss)—hotel	1,880		(809)
Lending:
Revenues	19,787		8,322
Lending expenses:
Interest expense	408		868
Expense reimbursements to related parties—lending segment	1,921		3,491
General and administrative	1,788		2,006
Total lending expenses	4,117		6,365
Segment net operating income—lending	15,670		1,957
Total segment net operating income	$	47,061	$	32,641

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2021 and 2020 is as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Total segment net operating income	$	47,061	$	32,641
Interest and other income	1		104
Asset management and other fees to related parties	(9,030)		(9,793)
Expense reimbursements to related parties—corporate	(2,050)		(2,243)
Interest expense	(9,005)		(10,547)
General and administrative	(4,581)		(4,212)
Transaction costs	(143)		—
Depreciation and amortization	(20,112)		(21,406)
Loss on early extinguishment of debt	—		(281)
Impairment of real estate	—		—
Gain on sale of real estate	—		—
Income before provision for income taxes	2,141		(15,737)
(Provision) benefit for income taxes	(2,992)		722
Net (loss) income	(851)		(15,015)
Net loss (income) attributable to noncontrolling interests	1		(1)
Net (loss) income attributable to the Company	$	(850)	$	(15,016)

The condensed assets for each of the segments as of December 31, 2021 and 2020, along with capital expenditures and loan originations for the years ended December 31, 2021 and 2020 are as follows:


	December 31,
	2021		2020
	(in thousands)
Condensed assets:
Office	$	449,843	$	472,544
Hotel	101,308		100,285
Lending	96,729		94,626
Non-segment assets	12,986		18,162
Total assets	$	660,866	$	685,617


	Year Ended December 31,
	2021		2020
	(in thousands)
Capital expenditures (1) and loan originations:
Office	$	5,714	$	8,514
Hotel	193		821
Total capital expenditures	5,907		9,335
Loan originations	133,290		53,524
Total capital expenditures and loan originations	$	139,197	$	62,859

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Property Acquisitions In February 2022, the Company and a co-investor acquired from an unrelated third-party a 100% fee-simple interest in an office property located in the Echo Park neighborhood of Los Angeles, California for a purchase price of $51.0 million, which excludes transaction costs of $51,000 that were incurred in connection with this acquisition. The property has approximately 97,564 square feet of office space and 2,760 square feet of retail space. The Company owns approximately 44% of this property. The Company plans to undertake a capital improvement program to renovate and modernize the building into creative office space as well as a limited number of multifamily units. In February 2022, the Company acquired from an unrelated third-party a 100% fee-simple interest in a 11,318 square feet land site with a 3,752 square feet building located in Los Angeles, California for a purchase price of $2.3 million, which excludes transaction costs of $8,000 that were incurred in connection with this acquisition. The Company intends to pursue entitlements for residential use and develop into multifamily units. Dividend Declaration On March 8, 2022, the Company declared a cash dividend of $0.085 per share of its Common Stock, to be paid on April 1, 2022 to stockholders of record at the close of business on March 19, 2022. On March 8, 2022, the Company declared a quarterly cash dividend of $0.34375 per share of the Series A Preferred Stock for the second quarter of 2022. The dividend will be payable as follows: $0.114583 per share to be paid on May 16, 2022 to Series A Preferred Stockholders of record on May 5, 2022; $0.114583 per share to be paid on June 15, 2022 to Series A Preferred Stockholders of record on June 5, 2022; and $0.114583 per share to be paid on July 15, 2022 to Series A Preferred Stockholders of record on July 5, 2022. For shares of Series A Preferred Stock issued during the second quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as applicable. On March 8, 2022, the Company declared a quarterly cash dividend of $0.353125 per share of the Series D Preferred Stock for the second quarter of 2022. The dividend will be payable as follows: $0.117708 per share to be paid on May 16, 2022 to Series D Preferred Stockholders of record on May 5, 2022; $0.117708 per share to be paid on June 15, 2022 to Series D Preferred Stockholders of record on June 5, 2022; and $0.117708 per share to be paid on July 15, 2022 to Series D Preferred Stockholders of record on July 5, 2022. For shares of Series D Preferred Stock issued during the second quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as applicable. Fee Waiver On January 5, 2022, the Company and certain of its subsidiaries entered into 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. See Note 12 “Related-Party Transactions— Fee Waiver.”

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

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

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2021

(in thousands)


				Initial Cost				Net Improvements (Write-Offs) Since Acquisition		Gross Amount at Which Carried (2)
Property Name, City and State	Encumbrances			Land		Building and Improvements				Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
3601 S Congress Avenue
Austin, TX			(1)	$	9,569	$	18,593	$	12,532	$	9,569	$	31,125	$	40,694	$	8,857	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	$	97,100		9,261		113,619		19,048		9,261		132,667		141,928		52,113		1970 / 2008	2008
2 Kaiser Plaza Parking Lot
Oakland, CA	—			10,931		110		3,153		10,931		3,263		14,194		42		N/A	2015
11600 Wilshire Boulevard
Los Angeles, CA			(1)	3,477		18,522		2,090		3,477		20,612		24,089		6,584		1955	2010
11620 Wilshire Boulevard
Los Angeles, CA			(1)	7,672		51,999		6,457		7,672		58,456		66,128		17,940		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			(1)	16,633		28,985		5,375		16,633		34,360		50,993		6,367		1984 / 2014	2014
Lindblade Media Center
Los Angeles, CA			(1)	6,342		11,568		(101)		6,342		11,467		17,809		2,198		1930 & 1957 / 2010	2014
1037 N Sycamore
Los Angeles, CA	—			1,839		1,094		48		1,839		1,142		2,981		14		2000 / 2021	2021
1130 Howard Street
San Francisco, CA			(1)	8,290		10,480		131		8,290		10,611		18,901		1,297		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard
Los Angeles, CA			(1)	52,199		76,730		1,681		52,199		78,411		130,610		8,738		1959 / 2008	2018
1021 E 7th Street
Austin, TX	—			4,976		733		—		4,976		733		5,709		113		1972 / 2001	2020

Hotel
Sheraton Grand Hotel
Sacramento, CA			(1)	3,497		107,447		(99)		3,497		107,348		110,845		36,612		2001	2008
Sheraton Grand Hotel Parking & Retail
Sacramento, CA	—			6,550		10,996		275		6,550		11,271		17,821		3,843		2001	2008
	$	97,100		$	141,236	$	450,876	$	50,590	$	141,236	$	501,466	$	642,702	$	144,718

(1)These properties collateralize the revolving credit facility, which had a $60.0 million outstanding balance as of December 31, 2021.

(2)The aggregate gross cost of property included above for federal income tax purposes approximates $695.1 million (unaudited) as of December 31, 2021.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2021

(in thousands)

The following table reconciles the Company’s investments in real estate from January 1, 2020 to December 31, 2021:


	Year Ended December 31,
	2021		2020
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	637,205	$	629,262

Additions:
Improvements	5,907		9,335
Property acquisitions	2,933		5,709
Deductions:
Assets held for sale	—		—
Asset sales	—		—
Impairment	—		—
Retirements	(3,343)		(7,101)
Balance, end of period	$	642,702	$	637,205

The following table reconciles the accumulated depreciation from January 1, 2020 to December 31, 2021:


	Year Ended December 31,
	2021		2020
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(131,165)	$	(120,555)

Additions: depreciation	(16,896)		(17,711)
Deductions:
Assets held for sale	—		—
Asset sales	—		—
Retirements	3,343		7,101
Balance, end of period	$	(144,718)	$	(131,165)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2021

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

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2021

(dollars in thousands, except footnotes)


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

SBA 7(a) Loans - States 2% or greater (2) (3):
Texas	21	$	10	$	980	4.75%	to	6.00%	05/22/23	—	08/20/46	$	7,861		$	—
Ohio	23	$	70	$	890	4.75%	to	6.00%	03/26/37	—	12/07/46	7,672			—
Indiana	16	$	100	$	970	4.75%	to	6.00%	05/14/36	—	08/26/46	6,873			—
Michigan	20	$	10	$	970	4.75%	to	6.00%	10/10/33	—	10/27/46	5,859			—
Florida	12	$	90	$	1,070	5.00%	to	6.00%	06/29/32	—	08/19/46	5,173			—
Illinois	11	$	50	$	530	5.00%	to	6.00%	09/08/39	—	10/15/46	2,278			—
West Virginia	6	$	20	$	870	4.75%	to	6.00%	09/25/31	—	09/20/46	2,107			—
Pennsylvania	4	$	310	$	690	5.00%	to	6.00%	03/05/40	—	11/29/43	2,077			—
Louisiana	6	$	90	$	590	5.00%	to	6.00%	11/22/31	—	02/22/46	1,801			—
New Mexico	5	$	100	$	770	4.75%	to	6.00%	11/17/34	—	08/09/46	1,720			—
Virginia	5	$	110	$	650	5.00%	to	5.75%	02/27/43	—	09/08/46	1,640			—
Colorado	4	$	320	$	520	4.75%	to	5.50%	11/16/39	—	09/15/45	1,515			—
Kentucky	6	$	130	$	420	5.00%	to	6.00%	01/04/41	—	10/29/46	1,498			—
Alabama	7	$	30	$	480	5.00%	to	5.75%	07/27/25	—	09/10/46	1,473			—
North Carolina	7	$	60	$	350	5.25%	to	6.00%	09/08/32	—	09/30/46	1,358			—
South Carolina	4	$	270	$	390	5.00%	to	6.00%	11/06/40	—	07/30/44	1,308			—
Other (4)	42	$	1	$	510	4.75%	to	6.00%	03/29/22	—	12/14/46	9,415			85
Government guaranteed portions (5)												1,199			—
SBA 7(a) loans, subject to secured borrowings (6)												6,671			—
Paycheck Protection Program loans, net (7)												4,903			—
General reserves												(858)			—
	199											$	73,543	(8)	$	85

(1)Excludes general reserves of $858,000 since not specifically identified.

(2)Includes $359,000 of loans with subordinate lien positions.

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

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

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

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

(7)PPP loans are 100% guaranteed. As there is no risk of loss to us related to these loans, the geographic information is not presented as it is not meaningful. Face value of these loans is $5.1 million.

(8)For Federal income tax purposes, the aggregate cost basis of the Company’s loans was approximately $66.4 million (unaudited).

Schedule IV—Mortgage Loans on Real Estate (Continued)

December 31, 2021

(in thousands)


	Year Ended December 31,
	2021		2020
Balance, beginning of period	$	83,135	$	68,079

Additions during period:
New loans	133,290		53,524
Other - deferral of loan origination costs	2,559		382
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,424		933

Deductions during period:
Collections of principal	(32,370)		(11,580)
Foreclosures	—		(174)
Cost of mortgages sold, net	(114,437)		(27,609)

Other - bad debt expense	(58)		(420)
Balance, end of period	$	73,543	$	83,135

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

12 Months Ended

Dec. 31, 2021

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Principles of Consolidation

Investments in Real Estate

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


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

Capitalized Project Costs

Recoverability of Investments in Real Estate

Cash and Cash Equivalents

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

Restricted Cash

Loans Receivable

Loan Loss Reserves

Deferred Rent Receivable and Charges

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

Noncontrolling Interests

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

Redeemable Preferred Stock

Purchase Accounting for Acquisition of Investments in Real Estate

Revenue Recognition

Revenue from leasing activities

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

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

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

For the years ended December 31, 2021 and 2020, the Company recognized rental income as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	45,773	$	50,245
Variable lease payments (2)	7,065		4,578
Rental and other property income	$	52,838	$	54,823

Collectability of Lease-Related Receivables

Revenue from lending activities

Revenue from hotel activities

•cancellable and noncancelable room revenues from reservations and

•ancillary services including facility usage and food or beverage.

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

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

Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 16:


	Year Ended December 31,
	2021		2020
	(in thousands)
Hotel properties
Hotel income	$	16,722	$	11,882
Rental and other property income	1,070		1,353

Interest and other income	57		79
Hotel revenues	$	17,849	$	13,314

Tenant recoveries outside of the lease agreements

Premiums and Discounts on Debt

Stock-Based Compensation Plans

Earnings per Share ("EPS")

Distributions

Assets Held for Sale and Discontinued Operations

Derivative Financial Instruments

Income Taxes

Use of Estimates

Concentration of Credit Risk

Segment Information

Recently Issued Accounting Pronouncements

Fair Value of Financial Instruments

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

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

Level 3 Inputs—Unobservable inputs

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

12 Months Ended

Dec. 31, 2021

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Estimated Useful Lives of Real Estate Investment Assets

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


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

Schedule of Deferred Rent Receivables and Charges, Net

As of December 31, 2021 and 2020, deferred rent receivable and charges, net consist of the following:


	December 31, 2021		December 31, 2020
	(in thousands)
Deferred rent receivable	$	20,870	$	20,470
Deferred leasing costs, net of accumulated amortization of $8,971 and $7,742, respectively	8,453		8,950
Deferred offering costs	6,281		6,046
Other deferred costs	491		490
Deferred rent receivable and charges, net	$	36,095	$	35,956

Schedule of Recognized Rental Income

For the years ended December 31, 2021 and 2020, the Company recognized rental income as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Rental and other property income
Fixed lease payments (1)	$	45,773	$	50,245
Variable lease payments (2)	7,065		4,578
Rental and other property income	$	52,838	$	54,823

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 16:


	Year Ended December 31,
	2021		2020
	(in thousands)
Hotel properties
Hotel income	$	16,722	$	11,882
Rental and other property income	1,070		1,353

Interest and other income	57		79
Hotel revenues	$	17,849	$	13,314

INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Investments in Real Estate

Investments in real estate consist of the following:


	December 31,
	2021		2020
	(in thousands)
Land	$	141,236	$	139,397
Land improvements	2,644		2,611
Buildings and improvements	454,431		450,741
Furniture, fixtures, and equipment	4,398		4,969
Tenant improvements	29,733		31,414
Work in progress	10,260		8,073
Investments in real estate	642,702		637,205
Accumulated depreciation	(144,718)		(131,165)
Net investments in real estate	$	497,984	$	506,040

Schedule of Asset Acquisitions

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

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

1037 North Sycamore, Los Angeles, CA

Office

July 13, 2021

4,900

2,900

During the year ended December 31, 2020, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.

Asset

Date of

Purchase

Property

Type

Acquisition

Square Feet

Price (1)

(in thousands)

1021 East 7th Street, Austin, TX

Office

November 30, 2020

11,180

6,079

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

The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2021 and 2020.


	Year Ended December 31,
	2021		2020
	(in thousands)
Land	$	1,839	$	4,976
Land improvements	33		9
Buildings and improvements	1,061		534
Tenant improvements	—		190
Acquired in-place leases (1)	—		408
Acquired above-market leases (2)	—		18
Acquired below-market leases (3)	—		(5)
Net assets acquired	$	2,933	$	6,130

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

(2)Acquired above-market leases have a weighted average amortization period of 3 years for the 2020 acquisition.

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

LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable consist of the following:


	December 31,
	2021		2020
	(in thousands)
SBA 7(a) loans receivable, subject to credit risk	$	42,103	$	32,226
SBA 7(a) loans receivable, subject to loan-backed notes	18,050		23,631
SBA 7(a) loans receivable, Paycheck Protection Program	5,050		14,484
SBA 7(a) loans receivable, subject to secured borrowings	6,857		8,786
SBA 7(a) loans receivable, held for sale	1,200		4,009
Loans receivable	73,260		83,136
Deferred capitalized costs, net	1,226		884
Loan loss reserves	(943)		(885)
Loans receivable, net	$	73,543	$	83,135

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

A schedule of our intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2021 and 2020, is as follows:


	As of December 31,
	2021		2020
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $9,030 and $9,228, respectively, with an average useful life of 9 and 8 years, respectively	$	2,266	$	3,316
Acquired above-market leases, net of accumulated amortization of $27 and $15, respectively, both with an average useful life of 6 years	28		40
Trade name and license	2,957		2,957
Total intangible lease assets, net	$	5,251	$	6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,134 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	$	237	$	587

Schedule of Amortization of Acquired Leases

During the years ended December 31, 2021 and 2020, the Company recognized amortization related to its intangible assets and liabilities as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Acquired above-market lease amortization	$	12	$	10
Acquired in-place lease amortization	$	1,050	$	1,364
Acquired below-market lease amortization	$	350	$	700

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

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2021, is as follows:


	Assets				Liabilities
	Acquired		Acquired		Acquired
	Above-Market		In-Place		Below-Market
Years Ending December 31,	Leases		Leases		Leases
	(in thousands)
2022	$	12	$	813	$	(236)
2023	10		470		(1)
2024	5		374		—
2025	1		171		—
2026	—		123		—
Thereafter	—		315		—
	$	28	$	2,266	$	(237)

DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Activity

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


			During the Year Ended December 31, 2021
	Balances as of December 31, 2020		Debt Issuances & Assumptions		Repayments		Accretion & (Amortization)		Balances as of December 31, 2021
Mortgage Payable:
Outstanding Balance	$	97,100	$	—	$	—	$	—	$	97,100
Deferred debt issuance costs — Mortgage Payable	(147)		—		—		27		(120)
Total Mortgage Payable	96,953		—		—		27		96,980
Secured Borrowings – Government Guaranteed Loans:
Outstanding Balance	8,457		—		(1,786)		—		6,671
Unamortized premiums	457		—		—		(152)		305
Total Secured Borrowings—Government Guaranteed Loans	8,914		—		(1,786)		(152)		6,976
Other Debt:
2018 revolving credit facility	166,500		25,000		(131,500)		—		60,000
2020 unsecured revolving credit facility	—		—		—		—		—
Junior subordinated notes	27,070		—		—		—		27,070
SBA 7(a) loan-backed notes	14,230		—		(6,560)		—		7,670
Borrowed funds from the Federal Reserve through the Paycheck Protection Program Liquidity Facility	14,484		10,396		(19,850)		—		5,030
Deferred debt issuance costs — other	(2,155)		—		—		1,166		(989)
Discount on junior subordinated notes	(1,683)		—		—		91		(1,592)
Total Other Debt	218,446		35,396		(157,910)		1,257		97,189
Total Debt, Net	$	324,313	$	35,396	$	(159,696)	$	1,132	$	201,145

Schedule of Future Principal Payments on Debt

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


Years Ending December 31,	Mortgage Payable		Secured Borrowings Principal (1)		2018 Revolving Credit Facility		Other (1) (2)		Total
	(in thousands)
2022	$	—	$	380	$	60,000	$	2,446	$	62,826
2023	—		391		—		1,598		1,989
2024	—		402		—		1,613		2,015
2025	—		414		—		1,704		2,118
2026	97,100		426		—		452		97,978
Thereafter	—		4,658		—		31,957		36,615
	$	97,100	$	6,671	$	60,000	$	39,770	$	203,541

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

- Definition

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

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+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Restricted Shares and the Changes During the Year

A summary of the Company’s restricted shares as of December 31, 2021 and 2020 and the changes during the years ended is as follows:


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



Balance, December 31, 2019	3,880	$	56.66
Granted	21,912	$	10.04
Vested	(3,880)	$	56.66
Balance, December 31, 2020	21,912	$	10.04
Granted	20,332	$	10.82
Vested	(21,912)	$	10.04
Balance, December 31, 2021	20,332	$	10.82

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

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

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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


	Year Ended December 31,
	2021		2020
	(in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to common stockholders	$	(19,979)	$	(33,467)
Redeemable preferred stock dividends declared on dilutive shares	—		(1)
Diluted net (loss) income attributable to common stockholders	$	(19,979)	$	(33,468)

Denominator:
Basic weighted average shares of Common Stock outstanding	19,187		14,748
Effect of dilutive securities—contingently issuable shares	—		—
Diluted weighted average shares and common stock equivalents outstanding	19,187		14,748

Net (loss) income attributable to common stockholders per share:
Basic	$	(1.04)	$	(2.27)
Diluted	$	(1.04)	$	(2.27)

REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

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



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












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











Issuance of Series D Preferred Stock		—	—		19,145	473		—	—		19,145	473
Reclassification of Series A Preferred Stock to permanent equity		1,570,421	38,837		—	—		—	—		1,570,421	38,837
Redemption of Series A Preferred Stock		(29,753)	(741)		—	—		—	—		(29,753)	(741)


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






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



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


Balances, December 31, 2021		6,271,337	$	156,431	56,857	$	1,396	5,387,160	$	152,834	11,715,354	$	310,661

- Definition

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

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+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Paid

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

Declaration Date

Payment Date

Type

Cash Dividend Per
Share of Common Stock

September 7, 2021

September 29, 2021

Regular Quarterly

0.075

June 7, 2021

June 30, 2021

Regular Quarterly

0.075

March 5, 2021

March 30, 2021

Regular Quarterly

0.075

December 2, 2020

December 29, 2020

Regular Quarterly

0.075

September 2, 2020

September 29, 2020

Regular Quarterly

0.075

June 3, 2020

June 29, 2020

Regular Quarterly

0.075

March 2, 2020

March 25, 2020

Regular Quarterly

0.075

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Inputs

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


	Year Ended December 31,
	2021		2020
	Discount Rate	Prepayment Rate	Discount Rate	Prepayment Rate
SBA 7(a) loans receivable, subject to credit risk	6.25% - 8.25%	5.00% - 17.50%	6.50% - 8.25%	4.00% - 17.50%
SBA 7(a) loans receivable, subject to loan-backed notes	5.75% - 7.75%	5.00% - 17.50%	5.50% - 8.00%	4.88% - 17.50%
SBA 7(a) loans receivable, subject to secured borrowings	7.00% - 7.75%	5.00% - 17.50%	7.00% - 7.75%	5.00% - 17.50%
SBA 7(a) loans receivable, paycheck protection program	1.00%	N/A	1.00%	N/A

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

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


	December 31, 2021				December 31, 2020
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value		Level
	(in thousands)
Assets:
SBA 7(a) loans receivable, paycheck protection program	$	4,903	$	5,050	$	14,089	$	14,484	3
SBA 7(a) loans receivable, subject to loan-backed notes	$	18,077	$	19,635	$	23,606	$	24,850	3
SBA 7(a) loans receivable, subject to credit risk	$	42,416	$	44,399	$	32,509	$	32,397	3
SBA 7(a) loans receivable, subject to secured borrowings	$	6,891	$	6,976	$	8,822	$	8,914	3
SBA 7(a) loans receivable, held for sale	$	1,256	$	1,355	$	4,109	$	4,527	3
Liabilities:
Mortgage payable (1)	$	97,100	$	100,838	$	97,100	$	100,799	2, 3
Junior subordinated notes (1)	$	27,070	$	24,378	$	27,070	$	24,236	3

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

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Asset Management Fees Calculation

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


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

Schedule of Related Party Transactions

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


	Year Ended December 31,
	2021		2020
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	9,030	$	9,511
Property Management Fees and Reimbursements:
Property management fees	$	1,641	$	1,670
Onsite management and other cost reimbursement	$	2,687	$	3,356
Leasing commissions	$	162	$	112
Construction management fees	$	226	$	344
Administrative Fees and Expenses:
Base service fee (2)	$	—	$	282
Expense reimbursements to related parties - corporate	$	2,050	$	2,243
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (3)	$	1,921	$	3,491
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (4)	$	690	$	1,149
Non-issuance specific offering costs (5)	$	106	$	99

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

As of December 31, 2021 and 2020, due to related parties consisted of the following:


	December 31,
	2021		2020
	(in thousands)
Asset management fees	$	2,244	$	2,386
Property management fees and reimbursements	320		1,662
Expense reimbursements - corporate	692		647
Expense reimbursements - lending segment	341		690
Upfront dealer manager and trailing dealer manager fees	638		493
Non-issuance specific offering costs	143		668
Other amounts due to the CIM Management Entities and certain of its affiliates	163		160
Total due to related parties	$	4,541	$	6,706

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

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

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


Years Ending December 31,	Total

2022	$	44,521
2023	42,101
2024	40,059
2025	24,022
2026	17,246
Thereafter	32,937
	$	200,886

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to REIT Taxable Income

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


	Year Ended December 31,
	2021		2020
	(in thousands)
(Loss) income from continuing operations before income taxes for TRSs	$	9,242	$	(7,995)

Expected federal income tax (benefit) provision	$	1,941	$	(1,679)
State income taxes	(40)		(1,562)
Change in valuation allowance	(273)		2,605
Other	1,364		(86)
Income tax (benefit) provision	$	2,992	$	(722)

Schedule of Components of Net Deferred Tax Asset

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


	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Net operating losses	$	2,367	$	2,645
Secured borrowings—government guaranteed loans	64		96
Other	153		160
Total gross deferred tax assets	2,584		2,901
Valuation allowance	(2,370)		(2,643)
	214		258
Deferred tax liabilities:
Loans receivable	(96)		(67)

	(96)		(67)
Deferred tax asset, net	$	118	$	191

SEGMENT DISCLOSURE (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Net Operating Income (Loss)

The net operating income (loss) of the Company’s segments for the years ended December 31, 2021 and 2020 is as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Office:
Revenues	$	53,289	$	55,468
Property expenses:
Operating	23,431		23,485
General and administrative	347		490
Total property expenses	23,778		23,975
Segment net operating income—office	29,511		31,493
Hotel:
Revenues	17,849		13,314
Property expenses:
Operating	15,841		14,059
General and administrative	128		64
Total property expenses	15,969		14,123
Segment net operating income (loss)—hotel	1,880		(809)
Lending:
Revenues	19,787		8,322
Lending expenses:
Interest expense	408		868
Expense reimbursements to related parties—lending segment	1,921		3,491
General and administrative	1,788		2,006
Total lending expenses	4,117		6,365
Segment net operating income—lending	15,670		1,957
Total segment net operating income	$	47,061	$	32,641

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

A reconciliation of the Company’s segment net operating income to net income attributable to the Company for the years ended December 31, 2021 and 2020 is as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Total segment net operating income	$	47,061	$	32,641
Interest and other income	1		104
Asset management and other fees to related parties	(9,030)		(9,793)
Expense reimbursements to related parties—corporate	(2,050)		(2,243)
Interest expense	(9,005)		(10,547)
General and administrative	(4,581)		(4,212)
Transaction costs	(143)		—
Depreciation and amortization	(20,112)		(21,406)
Loss on early extinguishment of debt	—		(281)
Impairment of real estate	—		—
Gain on sale of real estate	—		—
Income before provision for income taxes	2,141		(15,737)
(Provision) benefit for income taxes	(2,992)		722
Net (loss) income	(851)		(15,015)
Net loss (income) attributable to noncontrolling interests	1		(1)
Net (loss) income attributable to the Company	$	(850)	$	(15,016)

Schedule of Segment Condensed Assets

The condensed assets for each of the segments as of December 31, 2021 and 2020, along with capital expenditures and loan originations for the years ended December 31, 2021 and 2020 are as follows:


	December 31,
	2021		2020
	(in thousands)
Condensed assets:
Office	$	449,843	$	472,544
Hotel	101,308		100,285
Lending	96,729		94,626
Non-segment assets	12,986		18,162
Total assets	$	660,866	$	685,617

Schedule of Segment Capital Expenditures and Loan Originations


	Year Ended December 31,
	2021		2020
	(in thousands)
Capital expenditures (1) and loan originations:
Office	$	5,714	$	8,514
Hotel	193		821
Total capital expenditures	5,907		9,335
Loan originations	133,290		53,524
Total capital expenditures and loan originations	$	139,197	$	62,859

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

ORGANIZATION AND OPERATIONS (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Sep. 03, 2019 $ / shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares	Jun. 29, 2020 $ / shares	Jun. 28, 2020 $ / shares	Feb. 29, 2020 $ / shares	Jan. 31, 2020 $ / shares shares	Nov. 21, 2017 $ / shares
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.003	$ 0.001	$ 0.001
Common stock, shares authorized (in shares) \| shares		900,000,000	900,000,000
Preferred stock, shares authorized (in shares) \| shares		100,000,000
Reverse stock split ratio, common stock	0.3333
Registration Statement
Class of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares) \| shares							1
Warrant right to purchase a share of common stock (in shares) \| shares		0.25					0.25
Rights Offering
Class of Stock [Line Items]
Purchase price (in usd per share)		$ 9.25
Sale of stock, number of shares issued (in shares) \| shares		8,521,589
Consideration received on transaction \| $		$ 78.8
Reduction to additional paid-in capital, due to offering costs incurred \| $		$ 1.9
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)		28.37	28.37
Series L Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)								$ 28.37
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		0.001	0.001
Preferred stock, liquidation preference per share (in usd per share)		25.00	25.00
Series A Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Number of shares included in preferred stock unit (in shares) \| shares							1
Preferred stock, par value (in usd per share)		0.001					$ 0.001
Preferred stock, stated value (in usd per share)		25.00					$ 25.00
Series A Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)						$ 25.00
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)		0.001	0.001			0.001
Preferred stock, liquidation preference per share (in usd per share)		$ 25.00	$ 25.00			25.00
Series D Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)				$ 24.50	$ 25.00	$ 25.00

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments in Real Estate
Impairment of real estate	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 11, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unamortized retained loan discounts	$ 9,600	$ 7,800
Loan receivable, nonaccrual, past due period (more than)	60 days
Impairment (recovery) on loans receivable	$ 19	(16)
Loan loss reserves	943	885
PMC Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition discounts	$ 381	$ 492	$ 33,900

- Definition

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

+ References + Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Deferred rent receivable	$ 20,870	$ 20,470
Deferred leasing costs, net of accumulated amortization of $8,971 and $7,742, respectively	8,453	8,950
Deferred leasing costs, accumulated amortization	8,971	7,742
Deferred offering costs	6,281	6,046
Other deferred costs	491	490
Deferred rent receivable and charges, net	$ 36,095	$ 35,956

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease incentives	$ 4,000,000	$ 4,000,000
Lease incentives, accumulated amortization	2,700,000	2,400,000
Allowance for uncollectible accounts receivable	579,000	1,900,000
Tenant recoveries outside of lease agreements	0	$ 0
Performance obligations	$ 0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recognized Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fixed lease payments	$ 45,773	$ 50,245
Variable lease payments	7,065	4,578
Rental and other property income	$ 52,838	$ 54,823

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Hotel income	$ 16,722	$ 11,882
Rental and other property income	52,838	54,823
Interest and other income	21,366	10,503
Total Revenues	90,926	77,208
Hotel
Disaggregation of Revenue [Line Items]
Hotel income	16,722	11,882
Rental and other property income	1,070	1,353
Interest and other income	57	79
Total Revenues	$ 17,849	$ 13,314

- Definition

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

+ References

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+ Details

- Definition

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

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) - property	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of types of commercial real estate properties	2	2

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]
Land	$ 141,236	$ 139,397
Land improvements	2,644	2,611
Buildings and improvements	454,431	450,741
Furniture, fixtures, and equipment	4,398	4,969
Tenant improvements	29,733	31,414
Work in progress	10,260	8,073
Investments in real estate	642,702	637,205
Accumulated depreciation	(144,718)	(131,165)
Net investments in real estate	$ 497,984	$ 506,040

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Business Acquisition [Line Items]
Depreciation expense \| $	$ 16.9	$ 17.7
Number of property dispositions \| property	0	0
Kaiser Foundation Health Plan, Inc. \| Revenues \| Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk	30.90%
1037 North Sycamore, Los Angeles, CA
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
1021 East 7th Street, Austin, TX
Business Acquisition [Line Items]
Percentage of ownership acquired		100.00%

INVESTMENTS IN REAL ESTATE - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($) ft²
1037 North Sycamore, Los Angeles, CA
Business Acquisition [Line Items]
Square Feet \| ft²	4,900
Purchase price	$ 2,900
Transaction costs, capitalized	$ 33
1021 East 7th Street, Austin, TX
Business Acquisition [Line Items]
Square Feet \| ft²		11,180
Purchase price		$ 6,079
Transaction costs, capitalized		$ 51

INVESTMENTS IN REAL ESTATE - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Acquired below-market leases	$ 0	$ (5)
Net assets acquired	2,933	6,130
Land
Business Acquisition [Line Items]
Property, plant and equipment	1,839	4,976
Land improvements
Business Acquisition [Line Items]
Property, plant and equipment	33	9
Buildings and improvements
Business Acquisition [Line Items]
Property, plant and equipment	1,061	534
Tenant improvements
Business Acquisition [Line Items]
Property, plant and equipment	0	190
Acquired in-place Leases
Business Acquisition [Line Items]
Intangible assets	$ 0	$ 408
Weighted average amortization period	9 years	8 years
Acquired above-market leases
Business Acquisition [Line Items]
Intangible assets	$ 0	$ 18
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquired below market lease, weighted average amortization period		3 years
Series of Individually Immaterial Business Acquisitions \| Acquired in-place Leases
Business Acquisition [Line Items]
Weighted average amortization period		3 years
Series of Individually Immaterial Business Acquisitions \| Acquired above-market leases
Business Acquisition [Line Items]
Weighted average amortization period		3 years

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 73,260	$ 83,136
Deferred capitalized costs, net	1,226	884
Loan loss reserves	(943)	(885)
Loans receivable, net	73,543	83,135
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	42,103	32,226
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	18,050	23,631
SBA 7(a) loans receivable, Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,050	14,484
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	6,857	8,786
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 1,200	$ 4,009

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 73,543	$ 83,135
Accounts Receivable \| Customer Concentration Risk \| Hospitality Industry
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk	99.80%	99.10%
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, percent current	100.00%	98.80%
SBA 7(a) loans receivable, subject to credit risk \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,100	$ 1,400

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets:
Intangible lease assets, net	$ 5,251	$ 6,313
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,134 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	237	587
Acquired Below Market Leases
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $1,134 and $1,786, respectively, with an average useful life of 5 and 4 years, respectively	237	587
Acquired below-market leases, accumulated amortization	$ 1,134	$ 1,786
Acquired finite lived intangible lease liabilities average useful life	5 years	4 years
Acquired in-place Leases
Intangible assets:
Intangible lease assets, net	$ 2,266	$ 3,316
Intangible lease assets, accumulated amortization	$ 9,030	$ 9,228
Acquired finite lived intangible lease assets average useful life	9 years	8 years
Above Market Leases
Intangible assets:
Intangible lease assets, net	$ 28	$ 40
Intangible lease assets, accumulated amortization	$ 27	$ 15
Acquired finite lived intangible lease assets average useful life	6 years	6 years
Trade name and license
Intangible assets:
Intangible lease assets, net	$ 2,957	$ 2,957

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 350	$ 700
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	12	10
Acquired in-place Leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 1,050	$ 1,364

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future amortization of acquisition related intangible assets
Intangible lease assets, net	$ 5,251	$ 6,313
Future accretion of acquisition related intangible liabilities
Intangible lease liabilities, net	(237)	(587)
Acquired Below Market Leases
Future accretion of acquisition related intangible liabilities
2022	(236)
2023	(1)
2024	0
2025	0
2026	0
Thereafter	0
Intangible lease liabilities, net	(237)	(587)
Above Market Leases
Future amortization of acquisition related intangible assets
2022	12
2023	10
2024	5
2025	1
2026	0
Thereafter	0
Intangible lease assets, net	28	40
Acquired in-place Leases
Future amortization of acquisition related intangible assets
2022	813
2023	470
2024	374
2025	171
2026	123
Thereafter	315
Intangible lease assets, net	$ 2,266	$ 3,316

DEBT - Debt Activity (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Debt Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt [Roll Forward]
Debt Issuances & Assumptions	$ 35,396
Repayments	(159,696)
Accretion & (Amortization)	1,068	$ 1,192
Amortization of debt discount (premium)	(61)	(84)
Accretion & (Amortization)	1,132
Total Debt, Net	201,145	324,313
Mortgage Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Deferred loan costs, beginning balance	(147)
Accretion & (Amortization)	27
Deferred loan costs, ending balance	(120)	(147)
Outstanding, ending balance	97,100	97,100
Total Debt, Net	96,980	96,953
Secured Borrowings - Government Guaranteed Loans
Debt [Roll Forward]
Outstanding, beginning balance	8,457
Premiums (discounts), beginning balance	457
Repayments	(1,786)
Amortization of debt discount (premium)	(152)
Premiums (discounts), ending balance	305	457
Outstanding, ending balance	6,671	8,457
Total Debt, Net	6,976	8,914
Other Debt
Debt [Roll Forward]
Debt Issuances & Assumptions	35,396
Repayments	(157,910)
Accretion & (Amortization)	1,257
Total Debt, Net	97,189	218,446
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,683)
Amortization of debt discount (premium)	91
Premiums (discounts), ending balance	(1,592)	(1,683)
Outstanding, ending balance	27,070	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	14,230
Repayments	(6,560)
Outstanding, ending balance	7,670	14,230
Deferred debt issuance costs — other
Debt [Roll Forward]
Deferred loan costs, beginning balance	(2,155)
Debt Issuances & Assumptions	0
Repayments	0
Accretion & (Amortization)	1,166
Deferred loan costs, ending balance	(989)	(2,155)
Revolving Credit Facility \| Line of Credit
Debt [Roll Forward]
Outstanding, beginning balance	166,500
Debt Issuances & Assumptions	25,000
Repayments	(131,500)
Outstanding, ending balance	60,000	$ 166,500
Revolving Credit Facility \| Line of Credit \| Paycheck Protection Program Liquidity Facility, CARES Act
Debt [Roll Forward]
Debt Issuances & Assumptions	10,396
Repayments	(19,850)
Outstanding, ending balance	$ 5,030

DEBT - Mortgages Payable and Secured Borrowings Government Guaranteed Loans Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Mortgage Payable
Debt Instrument [Line Items]
Fixed interest rate	4.14%
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Excess spread	$ 4.0
Weighted average rate	3.89%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess spread	$ 2.6
Weighted average rate	1.56%

DEBT - 2018 and 2020 Revolving Credit Facility Narrative (Details)	1 Months Ended
	Sep. 30, 2020	May 31, 2020 USD ($)	Oct. 31, 2018 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate				2.15%	2.20%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee			0.15%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee			0.25%
Revolving Credit Facility \| Base rate \| Debt Instrument, During, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	1.05%
Revolving Credit Facility \| Base rate \| Debt Instrument, Following, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	0.55%
Revolving Credit Facility \| LIBOR \| Debt Instrument, During, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	2.05%
Revolving Credit Facility \| LIBOR \| Debt Instrument, Following, Deferral Period
Debt Instrument [Line Items]
Interest rate margin	1.55%
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 209,500,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of extension options \| property			1
Extension option, term			1 year
Extension fee percentage			0.15%
Outstanding balance				$ 60,000,000	$ 166,500,000
Amount available for future borrowings				117,600,000	$ 28,000,000.0
Line of Credit \| Revolving Credit Facility \| Unsecured Revolving Credit Facility Due May 2022
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000
Amount available for future borrowings				10,000,000
Fixed interest rate		1.00%
Fee percentage for each advance made		1.12%
Maximum fee amount payable		$ 112,000
Debt outstanding				$ 0

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	May 30, 2018	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Restricted cash		$ 11,340	$ 10,013
Junior subordinated notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin		3.25%
SBA 7(a) loan-backed notes
Debt Instrument [Line Items]
Proceeds from SBA 7(a) loan-backed notes	$ 38,200
Weighted average life of notes	2 years
Effective interest rate		1.49%	1.55%
Restricted cash		$ 1,900	$ 1,200
SBA 7(a) loan-backed notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin	1.40%
SBA 7(a) loan-backed notes \| Prime Rate
Debt Instrument [Line Items]
Interest rate margin	(1.08%)

DEBT - Paycheck Protection Program Liquidity Facility Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Accrued interest and unused commitment fee payable	$ 467	$ 564
Revolving Credit Facility \| Paycheck Protection Program Liquidity Facility, CARES Act \| Line of Credit
Debt Instrument [Line Items]
Fixed interest rate			0.35%
Debt outstanding	$ 5,000	$ 14,484

- Definition

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

+ References + Details

DEBT - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2022	$ 62,826
2023	1,989
2024	2,015
2025	2,118
2026	97,978
Thereafter	36,615
Total Debt	203,541
Mortgage Payable
Debt Instrument [Line Items]
2022	0
2023	0
2024	0
2025	0
2026	97,100
Thereafter	0
Total Debt	97,100
Secured Borrowings Principal
Debt Instrument [Line Items]
2022	380
2023	391
2024	402
2025	414
2026	426
Thereafter	4,658
Total Debt	6,671
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
2022	60,000
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Other
Debt Instrument [Line Items]
2022	2,446
2023	1,598
2024	1,613
2025	1,704
2026	452
Thereafter	31,957
Total Debt	$ 39,770

STOCK-BASED COMPENSATION PLANS - Restricted Shares and the Changes During the Year (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Balance, January 1 (in shares)	21,912	3,880
Granted (in shares)	20,332	21,912
Vested (in shares)	(21,912)	(3,880)
Balance, December 31 (in shares)	20,332	21,912
Weighted Average Grant Date Fair Value Per Share
Balance, January 1 (in dollars per share)	$ 10.04	$ 56.66
Granted (in dollars per share)	10.82	10.04
Vested (in dollars per share)	10.04	56.66
Balance, December 31 (in dollars per share)	$ 10.82	$ 10.04

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation plans
Award vesting period	1 year
Stock-based compensation expense	$ 220	$ 222
Unrecognized compensation expense	73
Fair value of shares vested	$ 220	$ 220

EARNINGS PER SHARE ("EPS") - Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net (loss) income attributable to common stockholders	$ (19,979)	$ (33,467)
Redeemable preferred stock dividends declared on dilutive shares	0	(1)
Diluted net (loss) income attributable to common stockholders	$ (19,979)	$ (33,468)
Denominator:
Basic weighted average shares of common stock outstanding (in shares)	19,187,000	14,748,000
Effect of dilutive securities—contingently issuable shares (in shares)	0	0
Diluted weighted average shares and common stock equivalents outstanding (in shares)	19,187,000	14,748,000
Net (loss) income attributable to common stockholders per share:
Basic (in usd per share)	$ (1.04)	$ (2.27)
Diluted (in usd per share)	$ (1.04)	$ (2.27)
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number diluted shares (in shares)	0	0
Preferred stock, shares outstanding (in shares)	56,857	19,145

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 278,114	$ 278,195
Issuance of Series D Preferred Stock	76,921	2,359
Reclassification of Series A Preferred Stock to permanent equity	45,806	35,483
Ending balance	$ 373,549	$ 278,114
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,784,067	8,224,254
Beginning balance	$ 262,036	$ 223,467
Issuance of Series D Preferred Stock (in shares)	37,712	19,145
Issuance of Series D Preferred Stock	$ 923	$ 473
Reclassification of Series A preferred Stock to permanent equity (in shares)	2,006,456	1,570,421
Reclassification of Series A Preferred Stock to permanent equity	$ 50,508	$ 38,837
Redemption of Series A Preferred Stock (in shares)	(112,881)	(29,753)
Redemption of Series A Preferred Stock	$ (2,806)	$ (741)
Ending balance (in shares)	11,715,354	9,784,067
Ending balance	$ 310,661	$ 262,036
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of Series A Preferred Stock to permanent equity	146,200
Redemption of Series A Preferred Stock	$ (2,700)	$ (749)
Series A Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,377,762	2,837,094
Beginning balance	$ 108,729	$ 70,633
Reclassification of Series A preferred Stock to permanent equity (in shares)	2,006,456	1,570,421
Reclassification of Series A Preferred Stock to permanent equity	$ 50,508	$ 38,837
Redemption of Series A Preferred Stock (in shares)	(112,881)	(29,753)
Redemption of Series A Preferred Stock	$ (2,806)	$ (741)
Ending balance (in shares)	6,271,337	4,377,762
Ending balance	$ 156,431	$ 108,729
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series D Preferred Stock	$ 893	$ 456
Series D Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	19,145
Beginning balance	$ 473
Issuance of Series D Preferred Stock (in shares)	37,712	19,145
Issuance of Series D Preferred Stock	$ 923	$ 473
Ending balance (in shares)	56,857	19,145
Ending balance	$ 1,396	$ 473
Series L Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	5,387,160	5,387,160
Beginning balance	$ 152,834	$ 152,834
Ending balance (in shares)	5,387,160	5,387,160
Ending balance	$ 152,834	$ 152,834

REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2020
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants	$ 190,300,000
Net proceeds from issuance of Preferred Stock	29,829,000	$ 41,958,000
Issuance offering costs for preferred stock and warrants	15,900,000
Non-issuance offering costs for preferred stock and warrants	$ 8,000,000
Registration Statement
Class of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)			1
Series A Preferred Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	4,603,287
Gross proceeds from issuance of preferred stock and warrants	$ 761,000
Issuance offering costs for preferred stock and warrants	142,000
Reclassification to deferred rent receivable and charges	$ 5,000
Warrants outstanding (in shares)	4,541,852
Outstanding common stock available for purchase (in shares)	1,178,125
Series A Preferred Stock
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants	$ 188,200,000
Issuance offering costs for preferred stock and warrants	15,700,000
Reclassification to deferred rent receivable and charges	$ 1,700,000
Preferred stock, shares outstanding (in shares)	7,903,302
Preferred stock, shares redeemed (in shares)	223,295
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	7,557,916
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	568,681
Net proceeds from issuance of Preferred Stock	$ 0
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	56,857	19,145
Gross proceeds from issuance of preferred stock and warrants	$ 1,400,000
Issuance offering costs for preferred stock and warrants	35,000
Reclassification to deferred rent receivable and charges	$ 13,000
Preferred stock, shares outstanding (in shares)	56,857	19,145
Preferred stock, shares redeemed (in shares)	0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	1,633,965	2,008,256
Preferred stock, shares outstanding (in shares)	1,631,965	2,007,856
Series A Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Number of shares included in preferred stock unit (in shares)			1

REDEEMABLE PREFERRED STOCK - Series A Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2020
Class of Stock [Line Items]
Redeemable preferred stock dividend	$ 253	$ 377
Reclassification of Series A Preferred Stock to permanent equity	$ 45,806	35,483
Registration Statement
Class of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)	0.25		0.25
Series A Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock dividend	$ 253	$ 377
Reclassification of Series A Preferred Stock to permanent equity	$ 146,200
Series A Preferred Stock \| Registration Statement
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001		$ 0.001
Preferred stock, stated value (in usd per share)	$ 25.00		$ 25.00

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

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock (Details) - Series L Preferred Stock, $0.001 Par Value - USD ($) $ / shares in Units, $ in Millions	Oct. 22, 2019	Nov. 21, 2017	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		8,080,740	8,080,740	8,080,740
Preferred stock, liquidation preference per share (in usd per share)			$ 28.37	$ 28.37
Gross proceeds from sale of preferred stock		$ 229.3
Offering costs		15.9
Discount on shares issued		2.9
Offering costs, non-issuance specific		$ 2.5
Minimum fixed charge coverage ratio		125.00%
Tender Offer
Class of Stock [Line Items]
Authorized shares for repurchase (in shares)	2,693,580
Authorized shares for repurchase, percentage of share outstanding	33.00%
Purchase price (in usd per share)	$ 29.12
Registration Statement
Class of Stock [Line Items]
Preferred stock, liquidation preference per share (in usd per share)		$ 28.37

REDEEMABLE PREFERRED STOCK - Dividends Narrative (Details) - USD ($)		12 Months Ended
	Dec. 29, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Initial dividend on common stock	$ 7,010,799
Payments on preferred stock dividends		$ 18,045,000	$ 16,536,000
Series A Preferred Stock
Class of Stock [Line Items]
Annual dividend rate		5.50%
Preferred stock, dividend rate (in usd per share)		$ 0.34375
Payments on preferred stock dividends		$ 9,600,000	8,100,000
Series D Preferred Stock
Class of Stock [Line Items]
Annual dividend rate		5.65%
Preferred stock, dividend rate (in usd per share)		$ 0.35313
Payments on preferred stock dividends		$ 50,000	12,000
Series L Preferred Stock
Class of Stock [Line Items]
Annual dividend rate		5.50%
Preferred stock, dividend rate (in usd per share)		$ 1.56035
Dividend increase per year for failure to timely declare or pay dividends		1.00%
Dividend increase per year for failure to timely declare or pay dividends, maximum increase		8.50%
Payments on preferred stock dividends		$ 8,400,000	$ 8,400,000

REDEEMABLE PREFERRED STOCK - Redemptions Narrative (Details)	12 Months Ended
	Dec. 31, 2021 day
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock redemption, trading days prior to redemption	20

STOCKHOLDERS' EQUITY - Cash Dividends Declared and Paid (Details) - $ / shares																12 Months Ended
	Dec. 09, 2021	Sep. 29, 2021	Sep. 07, 2021	Jun. 30, 2021	Jun. 07, 2021	Mar. 30, 2021	Mar. 05, 2021	Dec. 29, 2020	Dec. 02, 2020	Sep. 29, 2020	Sep. 02, 2020	Jun. 29, 2020	Jun. 03, 2020	Mar. 25, 2020	Mar. 02, 2020	Dec. 31, 2021	Dec. 31, 2020
Dividends Payable [Line Items]
Dividends declared, common (in usd per share)	$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075
Cash Dividend Per Share of Common Stock (in usd per share)																$ 0.300	$ 0.300
Common Stock, $0.001 Par Value
Dividends Payable [Line Items]
Cash Dividend Per Share of Common Stock (in usd per share)		$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075		$ 0.075

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands										12 Months Ended
	Mar. 08, 2022	Dec. 09, 2021	Sep. 07, 2021	Jun. 07, 2021	Mar. 05, 2021	Dec. 02, 2020	Sep. 02, 2020	Jun. 03, 2020	Mar. 02, 2020	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)		$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075
Net proceeds from issuance of warrants										$ 0	$ 28
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding (in shares)										4,541,852
Outstanding common stock available for purchase (in shares)										1,178,125
Net proceeds from issuance of warrants										$ 610
Rights Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)										8,521,589
Purchase price (in usd per share)										$ 9.25
Consideration received on transaction										$ 78,800
Reduction to additional paid-in capital, due to offering costs incurred										$ 1,900
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)												1
Warrant right to purchase a share of common stock (in shares)										0.25		0.25
Premium of the exercise price of the warrant as a percent to net asset value of common stock												15.00%
Registration Statement \| Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares included in preferred stock unit (in shares)												1
Subsequent event
Subsidiary, Sale of Stock [Line Items]
Dividends declared, common (in usd per share)	$ 0.085

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Discount Rate - Valuation Technique, Discounted Cash Flow	Dec. 31, 2021	Dec. 31, 2020
Mortgage Payable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for debt	0.0322	0.0338
Junior subordinated notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for debt	0.0446	0.0449

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Dec. 31, 2021	Dec. 31, 2020
SBA 7(a) loans receivable, Paycheck Protection Program \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0100	1
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	0.0625	0.0650
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.0400
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0575	0.0550
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	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	0.0700	0.0700
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.0500
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0825	0.0825
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	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	0.0775	0.0800
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	0.0775	0.0775
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1750	0.1750

FAIR VALUE OF FINANCIAL INSTRUMENTS - Unobservable Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Liabilities:
Mortgage payable	$ 97,100	$ 97,100
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, Paycheck Protection Program
Assets:
Loans receivable	4,903	14,089
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	18,077	23,606
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	42,416	32,509
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	6,891	8,822
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	1,256	4,109
Estimated Fair Value \| Level 2 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable	100,838	100,799
Estimated Fair Value \| Level 3 \| Fair Value, Nonrecurring
Liabilities:
Mortgage payable	100,838	100,799
Junior subordinated notes	24,378	24,236
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, Paycheck Protection Program \| Fair Value, Nonrecurring
Assets:
Loans receivable	5,050	14,484
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes \| Fair Value, Nonrecurring
Assets:
Loans receivable	19,635	24,850
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk \| Fair Value, Nonrecurring
Assets:
Loans receivable	44,399	32,397
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings \| Fair Value, Nonrecurring
Assets:
Loans receivable	6,976	8,914
Estimated Fair Value \| Level 3 \| SBA 7(a) loans receivable, held for sale \| Fair Value, Nonrecurring
Assets:
Loans receivable	$ 1,355	$ 4,527

RELATED-PARTY TRANSACTIONS - Asset Management and Other Fees to Related Parties Narrative (Details) $ in Thousands						12 Months Ended
	Jan. 05, 2022 USD ($)	Sep. 22, 2021	May 11, 2020	Apr. 09, 2020	Jan. 28, 2020	Dec. 31, 2021 subsidiary	Mar. 11, 2014 USD ($)
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary						4
Subsequent event
Related Party Transaction [Line Items]
Incentive fee	$ 0
Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate			1.75%
Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Annual \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate					0.25%
Second Amended And Restated Dealer Manager Agreement, Amendment No. 1, Reallowance Of Selling Commissions
Related Party Transaction [Line Items]
Related party transaction, rate				100.00%
Affiliated Entity \| Subsequent event
Related Party Transaction [Line Items]
Related party transaction, rate	0.4375%
Affiliated Entity \| FFO \| Subsequent event
Related Party Transaction [Line Items]
Related party transaction, rate	20.00%
Affiliated Entity \| Master Services Agreement, Amendment, Annual Incentive Fee \| Subsequent event
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| Subsequent event
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate			15.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee \| FFO \| Subsequent event
Related Party Transaction [Line Items]
Related party transaction, rate	100.00%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate			1.75%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized \| C I M Service Provider LLC
Related Party Transaction [Line Items]
Related party transaction, rate			7.00%
Affiliated Entity \| Capital Gain Fee \| Subsequent event
Related Party Transaction [Line Items]
Related party transaction, rate	15.00%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Upfront Dealer Manager Fee \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate		3.00%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Selling Commissions Payable \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate					5.50%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Annual \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate					1.25%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Amendment No. 1, Selling Commissions Payable \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate				7.00%
Affiliated Entity \| Second Amended And Restated Dealer Manager Agreement, Trailing Dealer Manager Fee, Daily Accruing Rate Of Annual Rate \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate					0.27%
C I M Service Provider LLC \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, fees payable per year under agreement							$ 1,000

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - C I M Urban REIT Management L P $ in Thousands	Dec. 31, 2021 USD ($)
0 - 500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.25%
0 - 500,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 500,000
500,000 - 1,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2375%
500,000 - 1,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,000,000
1,000,000 - 1,500,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.225%
1,000,000 - 1,500,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,500,000
1,500,000 - 4,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.2125%
1,500,000 - 4,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 4,000,000
4,000,000 - 20,000,000
Related Party Transaction [Line Items]
Quarterly fee percentage	0.10%
4,000,000 - 20,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily average adjusted fair value of investments	$ 20,000,000

RELATED-PARTY TRANSACTIONS - Fees and Expense Reimbursements (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
C I M Service Provider LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)				11,273
Asset management fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			$ 9,030	$ 9,511
Property management fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			1,641	1,670
Onsite management and other cost reimbursement
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			2,687	3,356
Lease commission
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			162	112
Construction management fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			226	344
Base service fee
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			0	282
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	$ 2,050	$ 2,243
Expenses reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements			1,921	3,491
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	690	1,149
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, fees and expense reimbursements	106	99
Deferred costs	$ 2,000	$ 1,500	$ 2,000	$ 1,500
Investment Management Agreement \| CIM Capital, LLC \| Common Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)				203,349
Investment Management Agreement \| CIM Capital, LLC \| Series A Preferred Stock
Related Party Transaction [Line Items]
Related party, shares issued (in shares)			270,209	287,199
Personnel Fees
Related Party Transaction [Line Items]
Deferred personnel costs			$ 347	$ 136

RELATED-PARTY TRANSACTIONS - Due to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related parties	$ 4,541	$ 6,706
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	2,244	2,386
Property management fees and reimbursements \| Affiliated Entity \| C I M Management Entities
Related Party Transaction [Line Items]
Due to related parties	320	1,662
Expense Reimbursements \| Affiliated Entity \| Corporate, Non-Segment
Related Party Transaction [Line Items]
Due to related parties	692	647
Expense Reimbursements \| Affiliated Entity \| Operating Segments
Related Party Transaction [Line Items]
Due to related parties	341	690
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	638	493
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	143	668
Other amounts due to the CIM Management Entities and certain of its affiliates \| Affiliated Entity \| C I M Management Entities and Related Parties
Related Party Transaction [Line Items]
Due to related parties	$ 163	$ 160

RELATED-PARTY TRANSACTIONS - Other Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²	Oct. 01, 2015
C I M Management Entities Affiiate
Related Party Transaction [Line Items]
Lease renewal term					5 years
Revenue from related parties	$ 0	$ 87
Employment Agreement \| President
Related Party Transaction [Line Items]
Contractual obligation in connection with retirement of company president		450
Employment Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related party		287
Eleven year lease \| CIM Group
Related Party Transaction [Line Items]
Revenue from related parties	$ 1,500	$ 1,500
Operating lease term				11 years
Square feet \| ft²			30	32

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Dec. 31, 2021 USD ($) officer	Dec. 31, 2020 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments and approvals to fund loans		$ 32,600
Future obligations under leases to fund tenant improvements and in other future construction obligation		8,100
Restricted cash		11,340	$ 10,013
SBA 7(a) Loans \| Government guaranteed portions
Commitment and Contingencies [Line Items]
Aggregate amount serviced		$ 262,400
Pending litigation \| City and County of San Francisco Real Property Transfer Tax Case
Commitment and Contingencies [Line Items]
Refund sought for penalties, interest and legal fees paid for real property transfer tax	$ 11,800
Executive officers \| Employment agreements
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer		1
Multiplier to annual base salary paid in event of death		2
Multiplier to annual base salary paid in event of disability		1
Restricted cash for tenant improvement allowance
Commitment and Contingencies [Line Items]
Restricted cash		$ 2,500

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 44,521
2023	42,101
2024	40,059
2025	24,022
2026	17,246
Thereafter	32,937
Total	$ 200,886

INCOME TAXES - Reconciliation of Net Income to REIT Taxable Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
(Loss) income from continuing operations before income taxes for TRSs	$ 9,242	$ (7,995)
Expected federal income tax (benefit) provision	1,941	(1,679)
State income taxes	(40)	(1,562)
Change in valuation allowance	(273)	2,605
Other	1,364	(86)
Income tax (benefit) provision	$ 2,992	$ (722)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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

+ References + Details

INCOME TAXES - Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 2,367	$ 2,645
Secured borrowings—government guaranteed loans	64	96
Other	153	160
Total gross deferred tax assets	2,584	2,901
Valuation allowance	(2,370)	(2,643)
Deferred tax asset, net of valuation allowance	214	258
Deferred tax liabilities:
Loans receivable	(96)	(67)
Deferred tax liabilities	(96)	(67)
Deferred tax asset, net	$ 118	$ 191

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Decrease in valuation allowance	$ 273,000
Reserve for uncertain tax positions	$ 0	$ 0

SEGMENT DISCLOSURE - Narrative (Details) - property	12 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Number of types of commercial real estate properties	2	2

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 90,926	$ 77,208
Property and Lending expenses:
Interest expense	9,413	11,415
General and administrative	6,844	6,772
Total Expenses	88,785	92,945
Hotel
Segment Reporting Information [Line Items]
Revenues	17,849	13,314
Operating Segments
Property and Lending expenses:
Expense reimbursements to related parties	1,921	3,491
Segment net operating income (loss)	47,061	32,641
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues	53,289	55,468
Property and Lending expenses:
Operating	23,431	23,485
General and administrative	347	490
Total Expenses	23,778	23,975
Segment net operating income (loss)	29,511	31,493
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	17,849	13,314
Property and Lending expenses:
Operating	15,841	14,059
General and administrative	128	64
Total Expenses	15,969	14,123
Segment net operating income (loss)	1,880	(809)
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues	19,787	8,322
Property and Lending expenses:
Interest expense	408	868
Expense reimbursements to related parties	1,921	3,491
General and administrative	1,788	2,006
Total Expenses	4,117	6,365
Segment net operating income (loss)	$ 15,670	$ 1,957

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 21,366	$ 10,503
Asset management and other fees to related parties	(9,030)	(9,793)
Interest expense	(9,413)	(11,415)
General and administrative	(6,844)	(6,772)
Transaction costs	(143)	0
Depreciation and amortization	(20,112)	(21,406)
Loss on early extinguishment of debt	0	(281)
Impairment of real estate	0	0
Gain on sale of real estate	0	0
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES	9,242	(7,995)
(Provision) benefit for income taxes	(2,992)	722
NET (LOSS) INCOME	(851)	(15,015)
Net loss (income) attributable to noncontrolling interests	1	(1)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(850)	(15,016)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	47,061	32,641
Expense reimbursements to related parties—corporate	(1,921)	(3,491)
Corporate And Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	1	104
Asset management and other fees to related parties	(9,030)	(9,793)
Interest expense	(9,005)	(10,547)
General and administrative	(4,581)	(4,212)
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (2,050)	$ (2,243)

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 660,866	$ 685,617
Total capital expenditures	5,907	9,335
Loan originations	133,290	53,524
Total capital expenditures and loan originations	139,197	62,859
Office
Segment Reporting Information [Line Items]
Total capital expenditures	5,714	8,514
Hotel
Segment Reporting Information [Line Items]
Total capital expenditures	193	821
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	449,843	472,544
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	101,308	100,285
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	96,729	94,626
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total assets	$ 12,986	$ 18,162

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands													1 Months Ended	12 Months Ended
	Jul. 15, 2022 $ / shares	Jun. 15, 2022 $ / shares	May 17, 2022 $ / shares	Mar. 08, 2022 $ / shares	Dec. 09, 2021 $ / shares	Sep. 07, 2021 $ / shares	Jun. 07, 2021 $ / shares	Mar. 05, 2021 $ / shares	Dec. 02, 2020 $ / shares	Sep. 02, 2020 $ / shares	Jun. 03, 2020 $ / shares	Mar. 02, 2020 $ / shares	Feb. 28, 2022 USD ($) ft²	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Subsequent Event [Line Items]
Dividends declared, common (in usd per share)					$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075	$ 0.075
Preferred dividends, per share amount (in usd per share)														$ 1.560	$ 1.560
Series A Preferred Stock
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)														1.375	1.719
Series A Preferred Stock \| Forecast
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)	$ 0.114583	$ 0.114583	$ 0.114583
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)														$ 1.413	$ 1.648
Series D Preferred Stock \| Forecast
Subsequent Event [Line Items]
Preferred dividends, per share amount (in usd per share)	$ 0.117708	$ 0.117708	$ 0.117708
Subsequent event
Subsequent Event [Line Items]
Dividends declared, common (in usd per share)				$ 0.085
Subsequent event \| Series A Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in usd per share)				0.34375
Subsequent event \| Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in usd per share)				$ 0.353125
Office Property, Los Angeles, California \| Subsequent event
Subsequent Event [Line Items]
Asset acquisition, percentage of voting interests acquired													44.00%
Office Property, Los Angeles, California \| Subsequent event \| Office Building
Subsequent Event [Line Items]
Percentage of ownership acquired													100.00%
Purchase price \| $													$ 51,000
Transaction costs \| $													$ 51
Square Feet \| ft²													97,564
Office Property, Los Angeles, California \| Subsequent event \| Retail Site
Subsequent Event [Line Items]
Square Feet \| ft²													2,760
Land and Building, Los Angeles, California \| Subsequent event
Subsequent Event [Line Items]
Percentage of ownership acquired													100.00%
Purchase price \| $													$ 2,300
Transaction costs \| $													$ 8
Land and Building, Los Angeles, California \| Subsequent event \| Land
Subsequent Event [Line Items]
Square Feet \| ft²													11,318
Land and Building, Los Angeles, California \| Subsequent event \| Building
Subsequent Event [Line Items]
Area of land \| ft²													3,752

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 97,100
Initial Cost
Land	141,236
Building and Improvements	450,876
Net Improvements (Write-Offs) Since Acquisition	50,590
Gross Amount at Which Carried
Land	141,236
Building and Improvements	501,466
Investments in real estate	642,702	$ 637,205
Accumulated Depreciation	144,718	131,165	$ 120,555
Other disclosures
Federal tax cost basis (unaudited)	695,100
Line of Credit \| Revolving Credit Facility
Other disclosures
Outstanding balance	60,000	$ 166,500
Office Building \| 3601 S Congress Avenue Austin, TX
Initial Cost
Land	9,569
Building and Improvements	18,593
Net Improvements (Write-Offs) Since Acquisition	12,532
Gross Amount at Which Carried
Land	9,569
Building and Improvements	31,125
Investments in real estate	40,694
Accumulated Depreciation	8,857
Office Building \| 1 Kaiser Plaza Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	97,100
Initial Cost
Land	9,261
Building and Improvements	113,619
Net Improvements (Write-Offs) Since Acquisition	19,048
Gross Amount at Which Carried
Land	9,261
Building and Improvements	132,667
Investments in real estate	141,928
Accumulated Depreciation	52,113
Office Building \| 2 Kaiser Plaza Parking Lot Oakland, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	10,931
Building and Improvements	110
Net Improvements (Write-Offs) Since Acquisition	3,153
Gross Amount at Which Carried
Land	10,931
Building and Improvements	3,263
Investments in real estate	14,194
Accumulated Depreciation	42
Office Building \| 11600 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	3,477
Building and Improvements	18,522
Net Improvements (Write-Offs) Since Acquisition	2,090
Gross Amount at Which Carried
Land	3,477
Building and Improvements	20,612
Investments in real estate	24,089
Accumulated Depreciation	6,584
Office Building \| 11620 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	7,672
Building and Improvements	51,999
Net Improvements (Write-Offs) Since Acquisition	6,457
Gross Amount at Which Carried
Land	7,672
Building and Improvements	58,456
Investments in real estate	66,128
Accumulated Depreciation	17,940
Office Building \| 4750 Wilshire Blvd Los Angeles, CA
Initial Cost
Land	16,633
Building and Improvements	28,985
Net Improvements (Write-Offs) Since Acquisition	5,375
Gross Amount at Which Carried
Land	16,633
Building and Improvements	34,360
Investments in real estate	50,993
Accumulated Depreciation	6,367
Office Building \| Lindblade Media Center Los Angeles, CA
Initial Cost
Land	6,342
Building and Improvements	11,568
Net Improvements (Write-Offs) Since Acquisition	(101)
Gross Amount at Which Carried
Land	6,342
Building and Improvements	11,467
Investments in real estate	17,809
Accumulated Depreciation	2,198
Office Building \| 1037 N Sycamore Los Angeles, CA
Initial Cost
Land	1,839
Building and Improvements	1,094
Net Improvements (Write-Offs) Since Acquisition	48
Gross Amount at Which Carried
Land	1,839
Building and Improvements	1,142
Investments in real estate	2,981
Accumulated Depreciation	14
Office Building \| 1130 Howard Street San Francisco, CA
Initial Cost
Land	8,290
Building and Improvements	10,480
Net Improvements (Write-Offs) Since Acquisition	131
Gross Amount at Which Carried
Land	8,290
Building and Improvements	10,611
Investments in real estate	18,901
Accumulated Depreciation	1,297
Office Building \| 9460 Wilshire Boulevard Los Angeles, CA
Initial Cost
Land	52,199
Building and Improvements	76,730
Net Improvements (Write-Offs) Since Acquisition	1,681
Gross Amount at Which Carried
Land	52,199
Building and Improvements	78,411
Investments in real estate	130,610
Accumulated Depreciation	8,738
Office Building \| 1021 East 7th Street, Austin, TX
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	4,976
Building and Improvements	733
Net Improvements (Write-Offs) Since Acquisition	0
Gross Amount at Which Carried
Land	4,976
Building and Improvements	733
Investments in real estate	5,709
Accumulated Depreciation	113
Hotel \| Sheraton Grand Hotel Sacramento, CA
Initial Cost
Land	3,497
Building and Improvements	107,447
Net Improvements (Write-Offs) Since Acquisition	(99)
Gross Amount at Which Carried
Land	3,497
Building and Improvements	107,348
Investments in real estate	110,845
Accumulated Depreciation	36,612
Hotel \| Sheraton Grand Hotel Parking & Retail Sacramento, CA
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	6,550
Building and Improvements	10,996
Net Improvements (Write-Offs) Since Acquisition	275
Gross Amount at Which Carried
Land	6,550
Building and Improvements	11,271
Investments in real estate	17,821
Accumulated Depreciation	$ 3,843

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Property Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments in Real Estate
Balance, beginning of period	$ 637,205	$ 629,262
Additions:
Improvements	5,907	9,335
Property acquisitions	2,933	5,709
Deductions:
Assets held for sale	0	0
Asset sales	0	0
Impairment	0	0
Retirements	(3,343)	(7,101)
Balance, end of period	642,702	637,205
Accumulated Depreciation
Balance, beginning of period	(131,165)	(120,555)
Additions: depreciation	(16,896)	(17,711)
Assets held for sale	0	0
Asset sales	0	0
Retirements	3,343	7,101
Balance, end of period	$ (144,718)	$ (131,165)

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	$ 73,543	$ 83,135	$ 68,079
Loans receivable	73,260	83,136
SBA 7(a) loans receivable, Paycheck Protection Program
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable	$ 5,050	$ 14,484
SBA 7(a) Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	199
Carrying amount of mortgages	$ 73,543
Principal amount of loans subject to delinquent principal or "interest"	85
Loans not secured by real estate	359
Federal income tax cost basis of mortgage loans (unaudited)	66,400
SBA 7(a) Loans \| Government guaranteed portions
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	1,199
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| SBA 7(a) loans receivable, subject to secured borrowings
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	6,671
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| SBA 7(a) loans receivable, Paycheck Protection Program
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgages	4,903
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| General reserves
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General reserves	(858)
Principal amount of loans subject to delinquent principal or "interest"	0
Reserves	$ 858
SBA 7(a) Loans \| Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	21
Carrying amount of mortgages	$ 7,861
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Texas \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 10
Interest Rate	4.75%
SBA 7(a) Loans \| Texas \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 980
Interest Rate	6.00%
SBA 7(a) Loans \| Ohio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	23
Carrying amount of mortgages	$ 7,672
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Ohio \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 70
Interest Rate	4.75%
SBA 7(a) Loans \| Ohio \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 890
Interest Rate	6.00%
SBA 7(a) Loans \| Indiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	16
Carrying amount of mortgages	$ 6,873
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Indiana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 100
Interest Rate	4.75%
SBA 7(a) Loans \| Indiana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 970
Interest Rate	6.00%
SBA 7(a) Loans \| Michigan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	20
Carrying amount of mortgages	$ 5,859
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Michigan \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 10
Interest Rate	4.75%
SBA 7(a) Loans \| Michigan \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 970
Interest Rate	6.00%
SBA 7(a) Loans \| Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	12
Carrying amount of mortgages	$ 5,173
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Florida \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 90
Interest Rate	5.00%
SBA 7(a) Loans \| Florida \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 1,070
Interest Rate	6.00%
SBA 7(a) Loans \| Illinois
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	11
Carrying amount of mortgages	$ 2,278
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Illinois \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 50
Interest Rate	5.00%
SBA 7(a) Loans \| Illinois \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 530
Interest Rate	6.00%
SBA 7(a) Loans \| West Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	6
Carrying amount of mortgages	$ 2,107
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| West Virginia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 20
Interest Rate	4.75%
SBA 7(a) Loans \| West Virginia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 870
Interest Rate	6.00%
SBA 7(a) Loans \| Pennsylvania
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 2,077
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Pennsylvania \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 310
Interest Rate	5.00%
SBA 7(a) Loans \| Pennsylvania \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 690
Interest Rate	6.00%
SBA 7(a) Loans \| Pennsylvania \| Mortgage Loans - $284,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 85
Interest Rate	6.00%
General reserves	$ (85)
Reserves	$ 85
SBA 7(a) Loans \| Louisiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	6
Carrying amount of mortgages	$ 1,801
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Louisiana \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 90
Interest Rate	5.00%
SBA 7(a) Loans \| Louisiana \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 590
Interest Rate	6.00%
SBA 7(a) Loans \| New Mexico
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,720
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| New Mexico \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 100
Interest Rate	4.75%
SBA 7(a) Loans \| New Mexico \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 770
Interest Rate	6.00%
SBA 7(a) Loans \| Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	5
Carrying amount of mortgages	$ 1,640
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Virginia \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 110
Interest Rate	5.00%
SBA 7(a) Loans \| Virginia \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 650
Interest Rate	5.75%
SBA 7(a) Loans \| Colorado
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,515
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Colorado \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 320
Interest Rate	4.75%
SBA 7(a) Loans \| Colorado \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 520
Interest Rate	5.50%
SBA 7(a) Loans \| Kentucky
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	6
Carrying amount of mortgages	$ 1,498
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Kentucky \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 130
Interest Rate	5.00%
SBA 7(a) Loans \| Kentucky \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 420
Interest Rate	6.00%
SBA 7(a) Loans \| Alabama
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	7
Carrying amount of mortgages	$ 1,473
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| Alabama \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 30
Interest Rate	5.00%
SBA 7(a) Loans \| Alabama \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 480
Interest Rate	5.75%
SBA 7(a) Loans \| North Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	7
Carrying amount of mortgages	$ 1,358
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| North Carolina \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 60
Interest Rate	5.25%
SBA 7(a) Loans \| North Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 350
Interest Rate	6.00%
SBA 7(a) Loans \| South Carolina
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	4
Carrying amount of mortgages	$ 1,308
Principal amount of loans subject to delinquent principal or "interest"	0
SBA 7(a) Loans \| South Carolina \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 270
Interest Rate	5.00%
SBA 7(a) Loans \| South Carolina \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 390
Interest Rate	6.00%
SBA 7(a) Loans \| Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans \| loan	42
Carrying amount of mortgages	$ 9,415
Principal amount of loans subject to delinquent principal or "interest"	85
SBA 7(a) Loans \| Other \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 1
Interest Rate	4.75%
SBA 7(a) Loans \| Other \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Size of loans	$ 510
Interest Rate	6.00%

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement in Mortgage Loans on Real Estate
Balance, beginning of period	$ 83,135	$ 68,079
Additions during period:
New loans	133,290	53,524
Other - deferral of loan origination costs	2,559	382
Other - accretion of loan discounts, net of amortization of deferred origination costs	1,424	933
Deductions during period:
Collections of principal	(32,370)	(11,580)
Foreclosures	0	(174)
Cost of mortgages sold, net	(114,437)	(27,609)
Other - bad debt expense	(58)	(420)
Balance, end of period	$ 73,543	$ 83,135