Creative Media & Community Trust (CMCT) 10-Q10 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 03, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-13610
Entity Registrant Name	CREATIVE MEDIA & COMMUNITY TRUST CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	75-6446078
Entity Address, Address Line One	17950 Preston Road,
Entity Address, Address Line Two	Suite 600,
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75252
City Area Code	(972)
Local Phone Number	349-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,786,741
Entity Central Index Key	0000908311
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Common Stock, $0.001 Par Value \| Nasdaq Global Market
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT
Security Exchange Name	NASDAQ
Common Stock, $0.001 Par Value \| Tel Aviv Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	CMCT

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 711,848	$ 502,006
Investments in unconsolidated entities	27,525	12,381
Cash and cash equivalents	24,561	46,190
Restricted cash	23,783	11,290
Loans receivable, net (Note 5)	60,451	62,547
Accounts receivable, net	4,673	3,780
Deferred rent receivable and charges, net	32,773	37,543
Other intangible assets, net	13,552	4,461
Other assets	20,529	10,050
TOTAL ASSETS	919,695	690,248
LIABILITIES:
Debt, net	487,802	184,267
Accounts payable and accrued expenses	31,482	107,220
Intangible liabilities, net	93	20
Due to related parties	4,725	3,155
Other liabilities	14,271	17,856
Total liabilities	538,373	312,518
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 35,061,620 shares authorized; no shares issued or outstanding as of June 30, 2023 and 693,741 and 693,741 shares issued and outstanding, respectively, as of December 31, 2022; liquidation preference of $25.00 per share, subject to adjustment	0	15,697
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 22,737,853 shares issued and outstanding as of June 30, 2023 and 22,737,853 shares issued and outstanding as of December 31, 2022.	23	23
Additional paid-in capital	856,235	861,721
Distributions in excess of earnings	(878,854)	(837,846)
Total stockholders’ equity	377,574	361,660
Noncontrolling interests	3,748	373
Total equity	381,322	362,033
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	919,695	690,248
Series A Preferred Stock
EQUITY:
Preferred stock	196,911	189,048
Series A1 Preferred Stock
EQUITY:
Preferred stock	202,069	147,514
Series D Preferred Stock
EQUITY:
Preferred stock	$ 1,190	$ 1,200

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Temporary equity, par value (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	35,061,620	35,061,620
Temporary equity, shares issued (in shares)	0	693,741
Temporary equity, shares outstanding (in shares)	0	693,741
Temporary equity, liquidation preference per share (in usd per share)	$ 25	$ 25
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	22,737,853	22,737,853
Common stock, shares outstanding (in shares)	22,737,853	22,737,853
Series A Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	35,061,620	35,061,620
Preferred stock, shares issued (in shares)	8,820,338	8,126,597
Preferred stock, shares outstanding (in shares)	7,881,958	7,565,349
Preferred stock, liquidation preference per share (in usd per share)	$ 25	$ 25
Series A1 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	27,966,000	27,966,000
Preferred stock, shares issued (in shares)	8,194,099	5,966,077
Preferred stock, shares outstanding (in shares)	8,160,099	5,956,147
Preferred stock, liquidation preference per share (in usd per share)	$ 25	$ 25
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	26,991,590	26,991,590
Preferred stock, shares issued (in shares)	56,857	56,857
Preferred stock, shares outstanding (in shares)	48,447	48,857
Preferred stock, liquidation preference per share (in usd per share)	$ 25	$ 25

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Rental and other property income	$ 18,052	$ 14,194	$ 32,938	$ 28,290
Hotel income	11,182	9,107	22,105	16,511
Interest and other income	3,526	3,102	6,629	6,384
Total Revenues	32,760	26,403	61,672	51,185
EXPENSES:
Rental and other property operating	16,979	12,731	32,204	24,223
Asset management and other fees to related parties	627	920	1,347	1,841
Interest	8,709	2,403	14,945	4,573
General and administrative	1,684	1,253	3,609	3,068
Transaction-related costs	0	0	3,360	0
Depreciation and amortization	20,472	4,974	29,974	9,978
Total Expenses	50,058	23,411	88,162	45,704
(Loss) income from unconsolidated entities	(904)	260	(136)	380
Gain on sale of real estate (Note 3)	0	0	1,104	0
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES	(18,202)	3,252	(25,522)	5,861
Provision for income taxes	159	321	415	628
NET (LOSS) INCOME	(18,361)	2,931	(25,937)	5,233
Net loss (income) attributable to noncontrolling interests	1,002	(9)	1,627	(14)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(17,359)	2,922	(24,310)	5,219
Redeemable preferred stock dividends declared or accumulated (Note 11)	(6,141)	(5,161)	(11,532)	(10,179)
Redeemable preferred stock deemed dividends (Note 11)	0	(4)	0	(19)
Redeemable preferred stock redemptions (Note 11)	(315)	(106)	(688)	(181)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (23,815)	$ (2,349)	$ (36,530)	$ (5,160)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:
Basic (in usd per share)	$ (1.05)	$ (0.10)	$ (1.61)	$ (0.22)
Diluted (in usd per share)	$ (1.05)	$ (0.10)	$ (1.61)	$ (0.22)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	22,707	23,353	22,707	23,351
Diluted (in shares)	22,707	23,353	22,707	23,351
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Hotel [Member]	Hotel [Member]	Hotel [Member]	Hotel [Member]
Corporate
EXPENSES:
Expense reimbursements to related parties	$ 677	$ 526	$ 1,205	$ 948
Lending Segment
EXPENSES:
Expense reimbursements to related parties	$ 910	$ 604	$ 1,518	$ 1,073

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Total Stockholders’ Equity	Total Stockholders’ Equity Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Common Stock	Preferred Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Distributions in Excess of Earnings Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)	Non-controlling Interests	Series A1 Preferred Stock	Series A1 Preferred Stock Total Stockholders’ Equity	Series A1 Preferred Stock Preferred Stock	Series A1 Preferred Stock Additional Paid-in Capital	Series A1 Preferred Stock Distributions in Excess of Earnings	Series D Preferred Stock	Series D Preferred Stock Total Stockholders’ Equity	Series D Preferred Stock Preferred Stock	Series D Preferred Stock Distributions in Excess of Earnings	Series A Preferred Stock	Series A Preferred Stock Total Stockholders’ Equity	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Additional Paid-in Capital	Series A Preferred Stock Distributions in Excess of Earnings	Series L Preferred Stock Preferred Stock
Beginning balance (in shares) at Dec. 31, 2021					23,369,331
Beginning balance (in shares) at Dec. 31, 2021						11,715,354							0					56,857				6,271,337			5,387,160
Beginning balance at Dec. 31, 2021	$ 373,549		$ 373,204		$ 24	$ 310,661	$ 866,746	$ (804,227)		$ 345			$ 0					$ 1,396				$ 156,431			$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	55		55				55
Common dividends	(1,986)		(1,986)					(1,986)
Dividends to holders of Preferred Stock																$ (21)	$ (21)		$ (21)	$ (2,896)	$ (2,896)			$ (2,896)
Reclassification of Series A Preferred stock to permanent equity (in shares)																						329,921
Reclassification of Series A Preferred stock to permanent equity																				7,667	7,667	$ 8,304	$ (637)
Redeemable preferred stock accretion	(15)		(15)					(15)
Redemption of Preferred Stock (in shares)																						(49,341)
Redemption of Preferred Stock																				$ (1,195)	(1,195)	$ (1,228)	108	(75)
Net income (loss)	2,302		2,297					2,297		5
Ending balance (in shares) at Mar. 31, 2022					23,369,331
Ending balance (in shares) at Mar. 31, 2022						11,995,934							0					56,857				6,551,917			5,387,160
Ending balance at Mar. 31, 2022	$ 377,460		377,110		$ 24	$ 317,737	866,272	(806,923)		350			$ 0					$ 1,396				$ 163,507			$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.085
Preferred Stock, Dividends, Per Share, Cash Paid																$ 0.35313				$ 0.34375
Beginning balance (in shares) at Dec. 31, 2021					23,369,331
Beginning balance (in shares) at Dec. 31, 2021						11,715,354							0					56,857				6,271,337			5,387,160
Beginning balance at Dec. 31, 2021	$ 373,549		373,204		$ 24	$ 310,661	866,746	(804,227)		345			$ 0					$ 1,396				$ 156,431			$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of Series A Preferred stock to permanent equity	17,335
Net income (loss)	5,233
Ending balance (in shares) at Jun. 30, 2022					23,358,941
Ending balance (in shares) at Jun. 30, 2022						12,530,231							192,440					56,857				6,893,774			5,387,160
Ending balance at Jun. 30, 2022	387,006		386,645		$ 24	$ 331,176	864,602	(809,157)		361			$ 4,770					$ 1,396				$ 172,176			$ 152,834
Beginning balance (in shares) at Dec. 31, 2021					23,369,331
Beginning balance (in shares) at Dec. 31, 2021						11,715,354							0					56,857				6,271,337			5,387,160
Beginning balance at Dec. 31, 2021	$ 373,549		373,204		$ 24	$ 310,661	866,746	(804,227)		345			$ 0					$ 1,396				$ 156,431			$ 152,834
Ending balance (in shares) at Dec. 31, 2022	22,737,853				22,737,853
Ending balance (in shares) at Dec. 31, 2022						13,570,353					5,956,147		5,956,147			48,857		48,857		7,565,349		7,565,349			0
Ending balance at Dec. 31, 2022	$ 362,033	$ (619)	361,660	$ (619)	$ 23	$ 337,762	861,721	(837,846)	$ (619)	373			$ 147,514					$ 1,200				$ 189,048			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Beginning balance (in shares) at Mar. 31, 2022					23,369,331
Beginning balance (in shares) at Mar. 31, 2022						11,995,934							0					56,857				6,551,917			5,387,160
Beginning balance at Mar. 31, 2022	$ 377,460		377,110		$ 24	$ 317,737	866,272	(806,923)		350			$ 0					$ 1,396				$ 163,507			$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to noncontrolling interests	5									5
Distributions to noncontrolling interests	(3)									(3)
Stock based compensation expense (in shares)					30,984
Stock based compensation expense	37		37				37
Repurchase of common stock (in shares)					(41,374)
Repurchase of common stock	(303)		(303)				(303)
Common dividends	(1,986)		(1,986)					(1,986)
Issuance of Preferred Stock ( in shares )													192,440
Issuance of Preferred Stock											$ 4,354	$ 4,354	$ 4,770	$ (416)
Dividends to holders of Preferred Stock											$ (79)	(79)			$ (79)	$ (21)	(21)		(21)	$ (2,960)	(2,960)			(2,960)
Reclassification of Series A Preferred stock to permanent equity (in shares)																						430,082
Reclassification of Series A Preferred stock to permanent equity																				9,668	9,668	$ 10,857	(1,189)
Redeemable preferred stock accretion	(4)		(4)					(4)
Redemption of Preferred Stock (in shares)																						(88,225)
Redemption of Preferred Stock																				$ (2,093)	(2,093)	$ (2,188)	201	(106)
Net income (loss)	2,931		2,922					2,922		9
Ending balance (in shares) at Jun. 30, 2022					23,358,941
Ending balance (in shares) at Jun. 30, 2022						12,530,231							192,440					56,857				6,893,774			5,387,160
Ending balance at Jun. 30, 2022	$ 387,006		386,645		$ 24	$ 331,176	864,602	(809,157)		361			$ 4,770					$ 1,396				$ 172,176			$ 152,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.085
Preferred Stock, Dividends, Per Share, Cash Paid											$ 0.37500					$ 0.35313				$ 0.34375
Beginning balance (in shares) at Dec. 31, 2022	22,737,853				22,737,853
Beginning balance (in shares) at Dec. 31, 2022						13,570,353					5,956,147		5,956,147			48,857		48,857		7,565,349		7,565,349			0
Beginning balance at Dec. 31, 2022	$ 362,033	(619)	361,660	(619)	$ 23	$ 337,762	861,721	(837,846)	(619)	373			$ 147,514					$ 1,200				$ 189,048			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to noncontrolling interests	5,002									5,002
Stock based compensation expense	55		55				55
Common dividends	(1,933)		(1,933)					(1,933)
Issuance of Preferred Stock ( in shares )													1,032,433
Issuance of Preferred Stock											$ 23,278	23,278	$ 25,569	(2,291)
Dividends to holders of Preferred Stock											(2,559)	(2,559)			(2,559)	$ (17)	(17)		(17)	$ (2,810)	(2,810)			(2,810)
Reclassification of Series A Preferred stock to permanent equity (in shares)																						389,325
Reclassification of Series A Preferred stock to permanent equity																				8,812	8,812	$ 9,699	(887)
Redemption of Preferred Stock (in shares)													(12,870)									(189,753)
Redemption of Preferred Stock											$ (302)	(302)	$ (319)	28	(11)					$ (4,682)	(4,682)	$ (4,723)	403	(362)
Net income (loss)	(7,576)		(6,951)					(6,951)		(625)
Ending balance (in shares) at Mar. 31, 2023					22,737,853
Ending balance (in shares) at Mar. 31, 2023						14,789,488							6,975,710					48,857				7,764,921			0
Ending balance at Mar. 31, 2023	$ 378,682		373,932		$ 23	$ 367,988	859,029	(853,108)		4,750			$ 172,764					$ 1,200				$ 194,024			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.085
Preferred Stock, Dividends, Per Share, Cash Paid											$ 0.39563					$ 0.35313				$ 0.34375
Beginning balance (in shares) at Dec. 31, 2022	22,737,853				22,737,853
Beginning balance (in shares) at Dec. 31, 2022						13,570,353					5,956,147		5,956,147			48,857		48,857		7,565,349		7,565,349			0
Beginning balance at Dec. 31, 2022	$ 362,033	$ (619)	361,660	$ (619)	$ 23	$ 337,762	861,721	(837,846)	$ (619)	373			$ 147,514					$ 1,200				$ 189,048			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	0
Reclassification of Series A Preferred stock to permanent equity	$ 15,616
Net income (loss)	$ (25,937)
Ending balance (in shares) at Jun. 30, 2023	22,737,853				22,737,853
Ending balance (in shares) at Jun. 30, 2023						16,090,504					8,160,099		8,160,099			48,447		48,447		7,881,958		7,881,958			0
Ending balance at Jun. 30, 2023	$ 381,322		377,574		$ 23	$ 400,170	856,235	(878,854)		3,748			$ 202,069					$ 1,190				$ 196,911			$ 0
Beginning balance (in shares) at Mar. 31, 2023					22,737,853
Beginning balance (in shares) at Mar. 31, 2023						14,789,488							6,975,710					48,857				7,764,921			0
Beginning balance at Mar. 31, 2023	378,682		373,932		$ 23	$ 367,988	859,029	(853,108)		4,750			$ 172,764					$ 1,200				$ 194,024			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to noncontrolling interests	0
Distributions to noncontrolling interests	0
Stock based compensation expense	$ 37		37				37
Repurchase of common stock (in shares)	0
Common dividends	$ (1,933)		(1,933)					(1,933)
Issuance of Preferred Stock ( in shares )													1,195,589
Issuance of Preferred Stock											$ 26,985	26,985	$ 29,582	(2,597)
Dividends to holders of Preferred Stock											(3,373)	(3,373)			(3,373)	$ (17)	(17)		$ (17)	$ (2,749)	(2,749)			(2,749)
Reclassification of Series A Preferred stock to permanent equity (in shares)																						300,846
Reclassification of Series A Preferred stock to permanent equity																				6,804	6,804	$ 7,462	(658)
Redemption of Preferred Stock (in shares)													(11,200)					(410)				(183,809)
Redemption of Preferred Stock											$ (278)	$ (278)	$ (277)	$ 23	$ (24)	$ (10)	$ (10)	$ (10)		$ (4,465)	$ (4,465)	$ (4,575)	$ 401	$ (291)
Net income (loss)	$ (18,361)		(17,359)					(17,359)		(1,002)
Ending balance (in shares) at Jun. 30, 2023	22,737,853				22,737,853
Ending balance (in shares) at Jun. 30, 2023						16,090,504					8,160,099		8,160,099			48,447		48,447		7,881,958		7,881,958			0
Ending balance at Jun. 30, 2023	$ 381,322		$ 377,574		$ 23	$ 400,170	$ 856,235	$ (878,854)		$ 3,748			$ 202,069					$ 1,190				$ 196,911			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash Dividend Per Share of Common Stock (in usd per share)	$ 0.085
Preferred Stock, Dividends, Per Share, Cash Paid											$ 0.4425					$ 0.35313				$ 0.34375

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Common dividends paid (in usd per share)	$ 0.085	$ 0.085	$ 0.085	$ 0.085
Series A1 Preferred Stock
Preferred dividends paid (in usd per share)	0.4425	0.39563	0.37500
Series D Preferred Stock
Preferred dividends paid (in usd per share)	0.35313	0.35313	0.35313	0.35313
Series A Preferred Stock
Preferred dividends paid (in usd per share)	$ 0.34375	$ 0.34375	$ 0.34375	$ 0.34375

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		81 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (18,361)	$ (7,576)	$ 2,931	$ 2,302	$ (25,937)	$ 5,233
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net					30,056	10,054
Gain on sale of real estate	0		0		(1,104)	0
Amortization of deferred debt origination costs					1,025	580
Amortization of premiums and discounts on debt					18	13
Unrealized premium adjustment					520	1,095
Amortization of deferred costs and accretion of fees on loans receivable, net					(195)	(294)
Write-offs of uncollectible receivables					(136)	39
Gain on interest rate caps					(275)	0
Deferred income taxes					31	47
Stock-based compensation					92	92
Loss (income) from unconsolidated entities	904		(260)		136	(380)
Loans funded, held for sale to secondary market					(13,359)	(18,426)
Proceeds from sale of guaranteed loans					12,722	23,638
Principal collected on loans subject to secured borrowings					708	441
Commitment fees remitted and other operating activity					(245)	(839)
Changes in operating assets and liabilities:
Accounts receivable					(848)	15
Other assets					(4,491)	(1,174)
Accounts payable and accrued expenses					13,152	(180)
Deferred leasing costs					(435)	(748)
Other liabilities					(3,585)	3,610
Due to related parties					1,570	2,472
Net cash provided by operating activities					9,420	25,288
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures					(6,455)	(4,601)
Acquisition of real estate					(96,731)	(8,115)
Proceeds from sale of real estate, net					30,613	0
Investment in unconsolidated entity					(6,680)	(22,408)
Loans funded					(4,769)	(12,256)
Principal collected on loans					6,333	11,634
Net cash used in investing activities					(77,689)	(35,746)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of revolving credit facilities, mortgages payable, term notes and principal on SBA 7(a) loan-backed notes					(151,162)	(33,481)
Proceeds from revolving credit facilities, term notes and mortgages					222,415	40,000
Proceeds from the issuance of SBA 7(a) loan-backed notes					54,141	0
Payment of principal on secured borrowings					(708)	(441)
Payment of deferred preferred stock offering costs					(501)	(408)
Payment of deferred debt origination costs					(3,167)	0
Payment of common dividends					(3,866)	(3,739)
Repurchase of Common Stock					0	(303)
Net proceeds from issuance of Preferred Stock					51,024	20,246
Payment of preferred stock dividends					(15,713)	(14,038)
Redemption of Preferred Stock					(93,330)	(3,343)
Noncontrolling interests’ distributions					0	(3)
Noncontrolling interests’ contributions					0	5
Net cash provided by financing activities					59,133	4,495
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH					(9,136)	(5,963)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		$ 57,480		$ 33,651	57,480	33,651
End of period	48,344		27,688		48,344	27,688	$ 48,344
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	24,561		16,480		24,561	16,480	24,561	$ 46,190
Restricted cash	23,783		11,208		23,783	11,208	23,783	11,290
Total cash and cash equivalents and restricted cash	48,344		27,688		48,344	27,688	48,344	$ 57,480
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest					13,032	3,789
Federal income taxes paid					500	555
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures, tenant improvements and real estate developments					3,813	2,477
Proceeds from the sale of real estate committed but not yet received					3,787	0
Other amounts due from unconsolidated joint venture partners included in other assets					1,445	0
Non-cash contributions to unconsolidated joint venture					8,600	0
Accrued preferred stock offering costs					134	392
Accrual of dividends payable to common stockholders	1,933		0		1,933	0	1,933
Accrual of dividends payable to preferred stockholders					2,088	3,984
Preferred stock offering costs offset against redeemable preferred stock					842	296
Reclassification of Series A Preferred Stock from temporary equity to permanent equity					15,616	17,335	$ 199,600
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses					328	0
Mortgage notes assumed in connection with our acquisition of real estate					181,318	0
Redeemable preferred stock deemed dividends	$ 0		$ 4		0	19
Accrued redeemable preferred stock fees					369	563
Adjustment to noncontrolling interests					$ 5,002	$ 0

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
ORGANIZATION AND OPERATIONS	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Creative Media & Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (the “Company”), is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily acquires, develops, owns and operates both premier multifamily properties situated in vibrant communities throughout the United States and Class A and creative office real assets in markets with similar business and employment characteristics to its multifamily investments. The Company also owns one hotel in northern California and a lending platform that originates loans under the Small Business Administration (“SBA”) 7(a) loan program. The Company seeks to apply the expertise of CIM Group, L.P. (“CIM Group”) to the acquisition, development and operation of premier multifamily properties and creative office assets that cater to rapidly growing industries such as technology, media and entertainment in vibrant and emerging communities throughout the United States. The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CMCT”, and on the Tel Aviv Stock Exchange (the “TASE”) under the ticker symbol “CMCT.” The Company has authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock (“Preferred Stock”). Since June 2022, the Company has

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES For more information regarding the Company’s significant accounting policies and estimates, please refer to “Basis of Presentation and Summary of Significant Accounting Policies” contained in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2023. Interim Financial Information —The accompanying interim consolidated financial statements of the Company have been prepared by the Company’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto, included in the 2022 Form 10-K. Principles of Consolidation —The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, the Company analyzes its investments in real estate in accordance with standards set forth in GAAP to determine whether they are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these investments in real estate on the Company’s consolidated financial statements. As of June 30, 2023, the Company has determined that the trust formed for the benefit of the note holders (the “Trust”) for the securitization of the unguaranteed portion of certain of the Company’s SBA 7(a) loans receivable is considered a VIE. Applying the consolidation requirements for VIEs, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits. In addition, as of June 30, 2023, the Company has determined that its Unconsolidated Joint Ventures (as defined below) are considered VIEs. Applying the consolidation requirements for VIEs, the Company determined that it is not the primary beneficiary based on its lack of power to direct activities and its obligations to absorb losses and right to receive benefits. Therefore, the Unconsolidated Joint Ventures do not qualify for consolidation. The Company accounts for its investments in Unconsolidated Joint Ventures as equity method investments. Investments in Real Estate —Investments in real estate 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 three and six months ended June 30, 2023 and 2022 (Note 3). Investments in Unconsolidated Entities —The Company accounts for its investments in the unconsolidated joint ventures (the “Unconsolidated Joint Ventures”) under the equity method, as the Company has the ability to exercise significant influence over the investments. The Unconsolidated Joint Ventures record their assets and liabilities at fair value. As such, the Company records its share of the Unconsolidated Joint Ventures’ unrealized gains or losses as well as its share of the revenues and expenses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and such share is recognized within the Company’s income from unconsolidated entities on the consolidated statements of operations. Derivative Financial Instruments —As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements, but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings as interest expense on the accompanying consolidated statements of operations. See Note 8 for further disclosures about our derivative financial instruments and hedging activities. Revenue Recognition —At the inception of a revenue-producing contract, the Company determines if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate treatment in accordance with GAAP is applied to the contract, including its revenue recognition. Revenue from leasing activities The Company operates as a lessor of both office and multifamily real estate assets. When the Company enters into a contract or amends an existing contract, the Company evaluates if the contracts meet the definition of a lease using the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. The Company determined that the Company’s contracts with its tenants explicitly identify the premises and that any substitution rights to relocate tenants to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under such contracts, the Company’s tenants have the right to obtain substantially all the economic benefits from the use of the identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, the contracts with the Company’s tenants constitute leases. All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases when collectability is probable and the tenant has taken possession or controls the physical use of the leased asset. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is recorded as deferred rent. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is considered the owner of the improvements, any tenant improvement allowance that is funded is treated as an incentive. Lease incentives paid to tenants are included in other assets and amortized as a reduction to rental revenue on a straight-line basis over the term of the related lease. As of June 30, 2023 and December 31, 2022, lease incentives of $3.9 million and $3.9 million, respectively, are presented net of accumulated amortization of $3.1 million and $3.0 million, respectively. Reimbursements from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes, insurance, and other recoverable costs, are recognized as revenue and are included in rental and other property income in the period the expenses are incurred, with the corresponding expenses included in rental and other property operating expense. Tenant reimbursements are recognized and presented on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the specified good or service and control that specified good or service before it is transferred to the tenant. The Company has elected not to separate lease and non-lease components as the pattern of revenue recognition does not differ for the two components, and the non-lease component is not the primary component in the Company’s leases. In addition to minimum rents, certain leases, including the Company’s parking leases with third-party operators, provide for additional rents based upon varying percentages of tenants’ sales in excess of annual minimums. Percentage rent is recognized once lessees’ specified sales targets have been met. For the three and six months ended June 30, 2023 and 2022, the Company recognized rental income as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental and other property income Fixed lease payments (1) $ 15,198 $ 11,561 $ 27,672 $ 23,184 Variable lease payments (2) 2,854 2,633 5,266 5,106 Rental and other property income $ 18,052 $ 14,194 $ 32,938 $ 28,290 ______________________ (1) Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives. (2) Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s operating leases plus cash payments from tenants deemed not probable of collection. Collectability of 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 June 30, 2023 and December 31, 2022, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $663,000 and $387,000, respectively, across all operating leases. Revenue from lending activities Interest income included in interest and other income is comprised of interest earned on loans and the Company’s short-term investments and the accretion of loan discounts. Interest income on loans is accrued as earned with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan (as defined below). Revenue from hotel activities The Company recognizes revenue from hotel activities separate from its leasing activities. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows: • cancellable and noncancelable room revenues from reservations and • ancillary services including facility usage and food or beverage. Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer. Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time when the good or service is delivered to the customer. At inception of a contract with a customer for hotel goods and services, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. The Company presents hotel revenues net of sales, occupancy, and other taxes. Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Hotel properties Hotel income $ 11,182 $ 9,107 $ 22,105 $ 16,511 Rental and other property income 402 448 892 822 Interest and other income 84 21 163 36 Hotel revenues $ 11,668 $ 9,576 $ 23,160 $ 17,369 Tenant recoveries outside of the lease agreements Tenant recoveries outside of the lease agreements are related to construction projects in which the Company’s tenants have agreed to fully reimburse the Company for all costs related to construction. These services include architectural, permit expediter and construction services. At inception of the contract with the customer, the contractual price is equivalent to the transaction price as there are no elements of variable consideration to estimate. While these individual services are distinct, in the context of the arrangement with the customer, all of these services are bundled together and represent a single package of construction services requested by the customer. The Company satisfies its performance obligation and recognizes revenues associated with these services over time as the construction is completed. No such amounts were recognized for tenant recoveries outside of the lease agreements for each of the three and six months ended June 30, 2023 and 2022. As of June 30, 2023, there were no remaining performance obligations associated with tenant recoveries outside of the lease agreements. Loans Receivable —The Company’s loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and reserves for expected credit losses. Acquisition discounts or premiums, origination fees and retained loan discounts are amortized as a component of interest and other income using the effective interest method over the expected life of the respective loans, or on a straight-line basis when it approximates the effective interest method. All loans were originated pursuant to programs sponsored by the Small Business Administration (the “SBA”) under the SBA 7(a) Small Business Loan Program (the “SBA 7(a) Program”). Pursuant to the SBA 7(a) Program, the Company sells the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loans, which are accounted for as sales, the unguaranteed portion of the loan retained by the Company is recorded at fair value and a discount is recorded as a reduction in basis of the retained portion of the loan. Unamortized retained loan discounts were $8.7 million and $9.0 million as of June 30, 2023 and December 31, 2022, respectively. A loan receivable is generally classified as non-accrual (a “Non-Accrual Loan”) if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and or interest is in doubt. Generally, loans are charged-off when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in interest and other income, on a Non-Accrual Loan is recognized on the cost recovery basis. Current Expected Credit Losses — On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses , and subsequent amendments (“ASU 2016-13”). The current expected credit losses (“CECL”) required under ASU 2016-13 reflects the Company’s current estimate of potential credit losses related to the Company’s loans receivable included in the consolidated balance sheets. The initial current expected credit losses recorded on January 1, 2023 is reflected as a direct charge to distributions in excess of earnings on the Company’s consolidated statements of equity; however subsequent changes to the current expected credit losses are recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the current expected credit losses, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the credit loss model have some amount of loss reserve to reflect the GAAP principal underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. The Company estimates the current expected credit loss for its loans primarily using its historical experience with loan write-offs, historical charge-offs from third-party firms, and the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) Staff Q&A Topic 326, No. 1. This method requires the Company to reference historical loan loss data across a comparable data set and apply such loss rate to each loan investment over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loans that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans with respect to which the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. The Company recorded a cumulative-effective adjustment to the opening distributions in excess of earnings in its consolidated statement of equity as of January 1, 2023 of $619,000. This represents a total CECL reserve transition adjustment of approximately $783,000, net of a $164,000 deferred tax asset. Prior to adoption, the Company considered a loan to be impaired when the Company did not expect to collect all of the contractual interest and principal payments as scheduled in the loan agreements . The Company also established a general loan loss reserve when available information indicated that it was probable a loss had occurred based on the carrying value of the portfolio and if the amount of the loss could be reasonably estimated. As of December 31, 2022, the Company had loan loss reserves of $1.1 million, which is recorded as a reduction to the loans receivable, net balance on the consolidated balance sheet. As of June 30, 2023, the Company had a total current expected credit loss of $1.7 million. Deferred Rent Receivable and Charges —Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 11) deferred financing costs and other deferred costs. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight-line basis over the terms of the related leases. Deferred offering costs represent direct costs incurred in connection with the Company’s offerings of Series A1 Preferred Stock (as defined below), Series A Preferred Stock (as defined below), and, after January 2020, Series A Preferred Stock (as defined below) and Series D Preferred Stock (as defined below), excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other offering fees and expenses. Generally, for a specific issuance of securities, issuance-specific offering costs are recorded as a reduction of proceeds raised on the issuance date and offering costs incurred but not directly related to a specifically identifiable closing of a security are deferred. Deferred offering costs are first allocated to each issuance of a security on a pro-rata basis equal to the ratio of the number of securities issued in a given issuance to the maximum number of securities that are expected to be issued in the related offering. In the case of the Series A Preferred Stock issued prior to February 2020, the issuance-specific offering costs and the deferred offering costs allocated to such issuance were further allocated to the Series A Preferred Stock and Series A Preferred Warrants issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock and Series A Preferred Warrants are reductions to temporary equity and permanent equity, respectively. Deferred financing costs related to the securing of a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities. As of June 30, 2023 and December 31, 2022, deferred rent receivable and charges consist of the following (in thousands): June 30, 2023 December 31, 2022 Deferred rent receivable $ 17,807 $ 20,949 Deferred leasing costs, net of accumulated amortization of $9,794 and $9,637, respectively 7,293 8,319 Deferred offering costs 5,389 5,664 Deferred financing costs, net of accumulated amortization of $395 and $30, respectively 1,793 2,120 Other deferred costs 491 491 Deferred rent receivable and charges, net $ 32,773 $ 37,543 Redeemable Preferred Stock —Beginning on the date of original issuance of any given shares of Series A1 Preferred Stock, par value $0.001 per share (“Series A1 Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series A1 Preferred Stock Stated Value”), Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), or Series D Preferred Stock, par value $0.001 per share (“Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”), the holder of such shares has the right to require the Company to redeem such shares, subject to certain limitations as discussed in Note 11. The Company records the activity related to the Series A1 Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock in permanent equity. In the event a holder of Series A Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, the Company recorded issuances of Series A Preferred Stock in temporary equity. On the first anniversary of the date of original issuance of a particular share of Series A Preferred Stock, the Company reclassifies such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date. Noncontrolling Interests —Noncontrolling interests represent the interests in various properties owned by third-parties. Restricted Cash —The Company’s mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash required to be segregated in connection with certain of the Company’s loans receivable and with its SBA 7(a) loan-backed notes. Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases such estimates on historical experience, information available at the time, and assumptions the Company believes to be reasonable under the circumstances at such time. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements —In 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 curr

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	6 Months Ended
INVESTMENTS IN REAL ESTATE	Jun. 30, 2023
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE	3. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following (in thousands): June 30, 2023 December 31, 2022 Land $ 175,709 $ 151,727 Land improvements 5,887 1,837 Buildings and improvements 632,866 455,275 Furniture, fixtures, and equipment 12,531 4,339 Tenant improvements 30,322 34,372 Work in progress 14,464 12,863 Investments in real estate 871,779 660,413 Accumulated depreciation (159,931) (158,407) Net investments in real estate $ 711,848 $ 502,006 For the three months ended June 30, 2023 and 2022, the Company recorded depreciation expense of $5.9 million and $4.2 million, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded depreciation expense of $10.7 million and $8.4 million, respectively. 2023 Transactions —During the six months ended June 30, 2023, the Company acquired an interest in the following properties from subsidiaries indirectly wholly-owned by a fund that is managed by affiliates of CIM Group Management, LLC. The purchases were accounted for as asset acquisitions. Asset Date of Interest Purchase Property Type Acquisition Units Acquired Price (in thousands) Channel House Multifamily (1) January 31, 2023 333 89.4 % $ 134,615 F3 Land Site Multifamily (1) January 31, 2023 N/A 89.4 % $ 250 466 Water Street Land Site Multifamily (1) January 31, 2023 N/A 89.4 % $ 2,500 1150 Clay Multifamily (2) March 28, 2023 288 98.1 % $ 145,500 (1) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of these property totaled $37,000, which are not included in the purchase prices above. The building at Channel House also includes approximately 1,864 square feet of retail space. The F3 Land Site is c urrently being utilized as a surface parking lot. (2) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $149,000, which are not included in the purchase price above. The building also includes approximately 3,968 square feet of retail space. In addition, please see “Investments in Unconsolidated Entities” (Note 4) for information on the Company’s real estate acquisitions through its investments in unconsolidated entities. The Company sold an interest in the following property during the six months ended June 30, 2023. Asset Date of Interest Sales Gain on Property Type Sale Sold Price Sale (in thousands) 4750 Wilshire Boulevard (1) Office / Multifamily February 17, 2023 80.0 % $ 34,400 $ 1,104 (1) The Company sold 80% of its interest in 4750 Wilshire Boulevard (excluding a vacant land parcel which was not included in the sale) to co-investors with whom it formed the 4750 Wilshire JV (defined in Note 4). At the acquisition date, the Company received net proceeds of $16.7 million and recorded a receivable of $17.7 million, which the Company expects to collect over a six month period. As of June 30, 2023, the receivable was $5.2 million and is included in other assets on the consolidated balance sheet. The Company owns a 20% interest in the 4750 Wilshire JV and accounts for its investment as an equity method investment as of June 30, 2023. 2022 Transactions —During the six months ended June 30, 2022, the Company acquired a 100% fee-simple interest in the following properties from unrelated third-parties which transaction was accounted for as an asset acquisition. Asset Date of Purchase Property Type Acquisition Square Feet Price (in thousands) 3022 S Western Avenue, Los Angeles, CA (1) (3) Multifamily (3) May 20, 2022 6,000 $ 5,650 3101 S Western Avenue, Los Angeles, CA (2) (4) Multifamily Development Site (4) February 11, 2022 3,752 $ 2,260 (1) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $192,000, which are not included in the purchase price above. (2) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $22,000, which are not included in the purchase price above. (3) The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 119 residential units. (4) The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 40 residential units. There were no dispositions during the six months ended June 30, 2022. The results of operations of the properties the Company acquired have been included in the consolidated statements of operations from the dates of acquisition. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the six months ended June 30, 2023 and 2022. Six months ended June 30, 2023 2022 (in thousands) Land $ 36,613 $ 7,907 Land improvements 4,523 52 Buildings and improvements 206,717 156 Furniture, fixtures, and equipment 8,140 — Acquired in-place leases (1) 27,210 — Acquired above-market leases (2) 71 — Acquired below-market leases (3) (223) — Net assets acquired $ 283,051 $ 8,115 (1) The amortization period for the acquired in-place leases was approximately 6 months at the date of acquisition. (2) The amortization period for the acquired above-market leases was approximately 7 months at the date of acquisition. (3) The amortization period for the acquired below-market leases was approximately 5 months at the date of acquisition.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	6 Months Ended
INVESTMENT IN UNCONSOLIDATED ENTITIES	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	4. INVESTMENT IN UNCONSOLIDATED ENTITIES The following table details the Company’s equity method investments in its Unconsolidated Joint Ventures. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (dollars in thousands): Carrying Value Property Asset Type Location Acquisition Date Ownership Interest June 30, 2023 December 31, 2022 1910 Sunset Boulevard (1) Office Los Angeles, CA February 11, 2022 44.2% $ 12,100 $ 12,381 4750 Wilshire Boulevard (2) Office / Multifamily Los Angeles, CA February 17, 2023 20.0% 8,111 — 1902 Park Avenue (3) Multifamily Los Angeles, CA February 28, 2023 50.0% 7,314 — Total investments in unconsolidated entities $ 27,525 $ 12,381 ______________________ (1) 1910 Sunset Boulevard is an office building with 96,406 square feet of office space and 2,760 square feet of retail space The plan for the property is to undertake a capital improvement program to renovate and modernize the building into creative office space as well as a limited number of multifamily units. (2) 4750 Wilshire Boulevard is a three-story office building with 30,335 square feet of office space located on the first floor. The remainder of the building is being converted into for-lease multifamily units. (3) 1902 Park Avenue is a 75-unit four-story multifamily building. 1910 Sunset Boulevard — In February 2022, the Company invested in a joint venture (the “1910 Sunset JV”) with a CIM-managed separate account (the “1910 Sunset JV Partner) to purchase an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the CIM JV Partner initially contributed the remaining balance. In September 2022, the 1910 Sunset JV obtained financing through a mortgage loan of $23.9 million secured by the office property (the “1910 Sunset Mortgage Loan”). The Company provided a limited guarantee to the lender under the 1910 Sunset Mortgage Loan. The Company recorded a loss of $220,000 and $281,000 related to its investment in the 1910 Sunset JV during the three and six months ended June 30, 2023, respectively, and income of $260,000 and $380,000 during the three and six months ended June 30, 2022, respectively, in the consolidated statements of operations. The Company’s investment in the 1910 Sunset JV was $12.1 million and its ownership percentage remained unchanged as of June 30, 2023. 4750 Wilshire Boulevard — In February 2023, three co-investors (the “4750 Wilshire JV Partners”) acquired an 80% interest in a property owned by a subsidiary of the Company located at 4750 Wilshire Boulevard in Los Angeles, California (“4750 Wilshire”) for a gross sales price of $34.4 million (excluding transaction costs). The Company retained a 20% interest in 4750 Wilshire through a joint venture arrangement between the Company and the 4750 Wilshire JV Partners (the “4750 Wilshire JV”). The 4750 Wilshire JV Partners is converting two of the three floors of 4750 Wilshire from office-use into for-lease multifamily units, with the first floor of 4750 Wilshire continuing to function as 30,335 square feet of office space. The total cost of the conversion is expected to be approximately $31.0 million, which will be financed by a combination of equity contributions from the 4750 Wilshire JV Partners and a third-party construction loan, secured by 4750 Wilshire, which closed in March 2023, that allows for total draws of $38.5 million (the “4750 Wilshire Construction Loan”). The Company provided a limited guarantee to the lender, under the 4750 Wilshire Construction Loan. Pursuant to the co-investment agreement, the 4750 Wilshire JV Partners will pay an on-going management fee to the Company. In addition, the Company may earn incentive fees based on the performance of 4750 Wilshire after the conversion. The Company recorded a loss of $490,000 and $493,000 related to its investment in the 4750 Wilshire JV during the three and six months ended June 30, 2023, respectively, in the consolidated statements of operations. The Company’s investment in the 4750 Wilshire JV was $8.1 million and its ownership percentage remained unchanged as of June 30, 2023. 1902 Park Avenue — In February 2023, the Company and a CIM-managed interval fund (the “1902 Park JV Partner) purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million (excluding transaction costs) (the “1902 Park JV”). The Company owns 50% of the 1902 Park JV. In connection with the closing in February 2023, the 1902 Park JV obtained financing through a mortgage loan of $9.6 million secured by the multifamily property (the “1902 Park Mortgage Loan”). The Company provided a limited guarantee to the lender under the 1902 Park Mortgage Loan.

LOANS RECEIVABLE

LOANS RECEIVABLE	6 Months Ended
LOANS RECEIVABLE	Jun. 30, 2023
Receivables [Abstract]
LOANS RECEIVABLE	5. LOANS RECEIVABLE Loans receivable consist of the following (in thousands): June 30, 2023 December 31, 2022 SBA 7(a) loans receivable, subject to credit risk $ 4,380 $ 56,116 SBA 7(a) loans receivable, subject to loan-backed notes 50,471 — SBA 7(a) loans receivable, subject to secured borrowings 5,391 6,127 SBA 7(a) loans receivable, held for sale 729 117 Loans receivable 60,971 62,360 Deferred capitalized costs, net 1,193 1,293 Loan loss reserves (1) (1,713) (1,106) Loans receivable, net $ 60,451 $ 62,547 ____________________ (1) On January 1, 2023, the Company adopted ASU 2016-13. As such, the amounts as of June 30, 2023 reflect the Company’s current estimate of potential credit losses related to the Company’s loans receivable . SBA 7(a) Loans Receivable, Subject to Credit Risk —Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were retained by the Company. SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes —Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were transferred to a trust and are held as collateral in connection with a securitization transaction. The proceeds received from the transfer were reflected as loan-backed notes payable (Note 7). These loans were subject to credit risk. SBA 7(a) Loans Receivable, Subject to Secured Borrowings —Represents the government guaranteed portions of loans originated under the SBA 7(a) Program which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There was no credit risk associated with these loans since the SBA has guaranteed payment of the principal. SBA 7(a) Loans Receivable, Held for Sale — Represents the government guaranteed portion of loans held for sale at the end of the period or that had been sold but in respect of which proceeds had not been received as of the end of the period. Current Expected Credit Losses Current expected credit losses (“CECL”) reflect the Company’s current estimate of potential credit losses related to loans receivable included in the Company’s consolidated balance sheets as of June 30, 2023 pursuant to ASU 2016-13 as implemented effective January 1, 2023. Refer to Note 2 for further discussion of CECL. The following table presents the activity in the Company’s current expected credit losses for the six months ended June 30, 2023 (dollar amounts in thousands): Loans Receivable Allowance for credit losses as of December 31, 2022 $ 1,106 Transition adjustment on January 1, 2023 783 Reserve for expected credit losses 51 Current expected credit losses as of March 31, 2023 1,940 Write-offs (85) Reserve for expected credit losses (142) Current expected credit losses as of June 30, 2023 $ 1,713 The Company’s initial estimate of its current expected credit losses against the loans receivable of $783,000, net of a $164,000 deferred tax asset, was recorded on January 1, 2023 directly to distributions in excess of earnings on the Company’s consolidated statements of equity. Subsequent changes to the allowance for credit losses are recognized through net income on the Company’s consolidated statements of operations. During the three and six months ended June 30, 2023, the Company recorded a decrease of $142,000 and $91,000, respectively, in its current expected credit losses related to its loans receivable, which is recorded in general and administrative in the consolidated statement of operations, and recorded a decrease due to write-offs of $85,000 , bringing the total current expected credit loss to $1.7 million as of June 30, 2023. Other

OTHER INTANGIBLE ASSETS AND LIA

OTHER INTANGIBLE ASSETS AND LIABILITIES	6 Months Ended
OTHER INTANGIBLE ASSETS AND LIABILITIES	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
OTHER INTANGIBLE ASSETS AND LIABILITIES	6. OTHER INTANGIBLE ASSETS AND LIABILITIES A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 Intangible assets: Acquired in-place leases, net of accumulated amortization of $25,928 and $7,795, respectively, with an average useful life of 2 and 8 years, respectively. $ 10,566 $ 1,488 Acquired above-market leases, net of accumulated amortization of $97 and $39, respectively, with an average useful life of 3 and 6 years, respectively 29 16 Trade name and license 2,957 2,957 Total intangible assets, net $ 13,552 $ 4,461 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $173 and $22, respectively, both with an average useful life of 1 year $ 93 $ 20 Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations. During the three and six months ended June 30, 2023 and 2022, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Acquired above-market lease amortization $ 34 $ 3 $ 58 $ 6 Acquired in-place lease amortization $ 14,005 $ 195 $ 18,132 $ 433 Acquired below-market lease amortization $ 141 $ 60 $ 150 $ 129 A schedule of future amortization and accretion of acquired intangible assets and liabilities as of June 30, 2023, is as follows (in thousands): Assets Liabilities Years Ending December 31, Acquired Acquired Acquired 2023 $ 23 $ 9,581 $ (93) 2024 5 374 — 2025 1 171 — 2026 — 123 — 2027 — 123 — Thereafter — 194 — $ 29 $ 10,566 $ (93)

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	7. DEBT The following table summarizes the debt balances as of June 30, 2023 and December 31, 2022, and the debt activity for the six months ended June 30, 2023 (in thousands): During the Six Months Ended June 30, 2023 Balances as of December 31, 2022 Debt Issuances & Assumptions Repayments Accretion & (Amortization) Balances as of June 30, 2023 Mortgages Payable: Fixed rate mortgage payable $ 97,100 $ — $ — $ — $ 97,100 Variable rate mortgages payable — 181,733 (16,000) — 165,733 97,100 181,733 (16,000) — 262,833 Deferred debt origination costs — Mortgages Payable (94) (1,855) — 484 (1,465) Total Mortgages Payable 97,006 179,878 (16,000) 484 261,368 Secured Borrowings — Government Guaranteed Loans: Outstanding Balance 5,979 — (708) — 5,271 Unamortized premiums 258 — — (31) 227 Total Secured Borrowings — Government Guaranteed Loans 6,237 — (708) (31) 5,498 Other Debt: 2022 credit facility revolver — 222,000 (130,000) — 92,000 2022 credit facility term loan 56,230 — — — 56,230 Junior subordinated notes 27,070 — — — 27,070 SBA 7(a) loan-backed notes — 54,141 (5,162) — 48,979 Deferred debt origination costs — other (779) (1,312) — 196 (1,895) Discount on junior subordinated notes (1,497) — — 49 (1,448) Total Other Debt 81,024 274,829 (135,162) 245 220,936 Total Debt, Net $ 184,267 $ 454,707 $ (151,870) $ 698 $ 487,802 Fixed Rate Mortgage Payable —The Company’s fixed rate mortgage payable is secured by a deed of trust on a property and assignments of rents receivable. As of June 30, 2023, the Company’s fixed rate 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. Variable Rate Mortgages Payable —The Company’s variable rate mortgages payable are secured by a deed of trust on the respective properties and assignments of rents receivable. As of June 30, 2023, the Company’s variable rate mortgages payable had a variable interest rates ranging from SOFR plus 3.25% - 3.35%, with monthly payments of interest only, due on various dates from June 7, 2024 to July 7, 2025 with extension options subject to certain conditions being met. The loans are 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 June 30, 2023, the Company’s secured borrowings-government guaranteed loans included $3.0 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 8.54% at June 30, 2023, and $2.3 million of loans sold for an excess spread, with a variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 6.32% at June 30, 2023. 2022 Credit Facility —In December 2022, the Company refinanced its 2018 credit facility and replaced it with a new 2022 credit facility, entered into with a bank syndicate, that includes a $56.2 million term loan (the “2022 Credit Facility Term Loan”) as well as a revolver allowing the Company to borrow up to $150.0 million (the “2022 Credit Facility Revolver”), both of which are collectively subject to a borrowing base calculation. The 2022 credit facility is secured by certain properties in the Company’s real estate portfolio: six office properties and one hotel property (as well as the hotel’s adjacent parking garage and retail property). The 2022 credit facility bears interest at (A) the base rate plus 1.50% or (B) SOFR plus 2.60%. As of June 30, 2023, the variable interest rate was 7.69%. The 2022 Credit Facility Revolver is also subject to an unused commitment fee of 0.15% or 0.25% depending on the amount of aggregate unused commitments. The 2022 credit facility is guaranteed by the Company and the Company is subject to certain financial maintenance covenants. The 2022 credit facility matures in December 2025 and provides for two one-year extension options under certain conditions, including providing notice of the election and paying an extension fee of 0.15% of each lender’s commitment being extended on the effective date of such extension. As of June 30, 2023 and December 31, 2022, $58.0 million and $150.0 million, respectively, was available for future borrowings. Junior Subordinated Notes —The Company has junior subordinated notes with a variable interest rate which resets quarterly based on the three-month 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 March 9, 2023, the Company completed a securitization of the unguaranteed portion of certain of its SBA 7(a) loans receivable with the issuance of $54.1 million of unguaranteed SBA 7(a) loan-backed notes (with net proceeds of approximately $43.3 million, after payment of fees and expenses in connection with the securitization and the funding of a reserve account and an escrow account). The SBA 7(a) loan-backed notes are collateralized by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of our SBA 7(a) loans receivable. The SBA 7(a) loan-backed notes mature on March 20, 2048, with monthly payments due as payments on the collateralized loans are received. The SBA 7(a) loan-backed notes bear interest at a per annum rate equal to the lesser of (i) 30-day average compounded SOFR plus 2.90% and (ii) prime rate minus 0.35%. As of June 30, 2023, the variable interest rate was 7.83%. The Company reflects the SBA 7(a) loans receivable as assets on its consolidated balance sheet and the SBA 7(a) loan-backed notes as debt on its consolidated balance sheet. The restricted cash on the Company’s consolidated balance sheets included funds related to the Company’s SBA 7(a) loan-backed notes was $7.3 million as of June 30, 2023. Deferred debt issuance costs, which represent legal and third-party fees incurred in connection with the Company’s borrowing activities, are capitalized and amortized to interest expense on a straight-line basis over the life of the related loan, approximating the effective interest method. Deferred debt issuance costs are presented net of accumulated amortization and are a reduction to total debt. As of June 30, 2023 and December 31, 2022, accrued interest and unused commitment fees payable of $1.7 million and $562,000, respectively, were included in accounts payable and accrued expenses. Future principal payments on the Company’s debt (face value) as of June 30, 2023 are as follows (in thousands): Years Ending December 31, Mortgage Payable Secured Borrowings Principal (1) 2022 Credit Facility Other (1) (2) Total 2023 (Six months ending December 31, 2023) $ — $ 179 $ — $ 3,875 $ 4,054 2024 78,733 255 — 8,576 87,564 2025 87,000 275 148,230 7,767 243,272 2026 97,100 296 — 7,047 104,443 2027 — 319 — 6,436 6,755 Thereafter — 3,947 — 42,348 46,295 $ 262,833 $ 5,271 $ 148,230 $ 76,049 $ 492,383 ______________________ (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.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	8. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company may use certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the six months ended June 30, 2023, the Company entered into two interest rate cap agreements in connection with the assumption of two mortgage loans. The following table summarizes the terms of the Company’s interest rate cap agreements as of June 30, 2023 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets as of Balance Sheet Amount as of Strike Effective Maturity June 30, Location June 30, 2023 Rates (1) Dates Dates 2023 Interest Rate Caps Other assets $ 165,733 2.5% to 4.5% 8/07/2022 to 5/03/2023 6/07/2024 to 7/07/2025 $ 3,590 ____________________________________ (1) The index used for the Company’s interest rate cap agreements is 1-Month Term SOFR. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 13. The notional amount under the derivative instruments is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	6 Months Ended
STOCK-BASED COMPENSATION PLANS	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	9. STOCK-BASED COMPENSATION PLANS On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”), which was approved by the Company’s stockholders. Under the 2015 Equity Incentive Plan, the Company granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors as follows: Grant Date (1) Vesting Date Restricted Shares of Common Stock - Individual Restricted Shares of Common Stock - Aggregate May 2021 May 2022 (2) 5,083 20,332 June 2022 June 2023 7,746 30,984 ______________________ (1) Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $37,000 and $37,000 for the three months ended June 30, 2023 and 2022, respectively, and $92,000 and $92,000 for the six months ended June 30, 2023 and 2022. (2) These shares vested after one year of continuous service, other than the shares granted to Mr. Frank Golay, Jr., a former independent director of the Company, which vested on April 29, 2022. Mr. Golay retired from the Board on May 2, 2022 and, in recognition of his service to the Company, the Board accelerated the vesting of Mr. Golay’s shares. As of June 30, 2023, there was $0 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.

EARNINGS PER SHARE (''EPS'')

EARNINGS PER SHARE (''EPS'')	6 Months Ended
EARNINGS PER SHARE (''EPS'')	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE ("EPS")	10. EARNINGS PER SHARE ("EPS") The computations of basic EPS are based on the Company’s weighted average shares outstanding. No shares of Series D Preferred Stock, Series A Preferred Stock, or Series A1 Preferred Stock outstanding as of June 30, 2023 were included in the computation of diluted EPS because they had no dilutive effect. Outstanding Series A Preferred Warrants were not included in the computation of diluted EPS for the three and six months ended June 30, 2023 and 2022 because their impact was either anti-dilutive or such warrants were not exercisable during such periods (Note 12). Outstanding shares of Series L Preferred Stock were not included in the computation of diluted EPS for the three and six months ended June 30, 2023 (because they were redeemed in January 2023) and 2022 (because such shares were not redeemable during such period). EPS for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS in the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding. The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (23,815) $ (2,349) $ (36,530) $ (5,160) Redeemable preferred stock dividends declared on dilutive shares — — — — Diluted net loss attributable to common stockholders $ (23,815) $ (2,349) $ (36,530) $ (5,160) Denominator: Basic weighted average shares of Common Stock outstanding 22,707 23,353 22,707 23,351 Effect of dilutive securities—contingently issuable shares — — — — Diluted weighted average shares and common stock equivalents outstanding 22,707 23,353 22,707 23,351 Net loss attributable to common stockholders per share: Basic $ (1.05) $ (0.10) $ (1.61) $ (0.22) Diluted $ (1.05) $ (0.10) $ (1.61) $ (0.22)

REDEEMABLE PREFERRED STOCK

REDEEMABLE PREFERRED STOCK	6 Months Ended
REDEEMABLE PREFERRED STOCK	Jun. 30, 2023
Equity [Abstract]
REDEEMABLE PREFERRED STOCK	11. REDEEMABLE PREFERRED STOCK The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the three and six months ended June 30, 2023 and 2022 (dollar amounts in thousands): Preferred Stock Series A1 Series A Series D Series L Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balances, December 31, 2021 — $ — 6,271,337 $ 156,431 56,857 $ 1,396 5,387,160 $ 152,834 11,715,354 $ 310,661 Reclassification of Series A Preferred stock to permanent equity — — 329,921 8,304 — — — — 329,921 8,304 Redemption of Series A Preferred Stock — — (49,341) (1,228) — — — — (49,341) (1,228) Balances, March 31, 2022 — $ — 6,551,917 $ 163,507 56,857 $ 1,396 5,387,160 $ 152,834 11,995,934 $ 317,737 Issuance of Series A1 Preferred Stock 192,440 4,770 — — — — — — 192,440 4,770 Reclassification of Series A Preferred stock to permanent equity — — 430,082 10,857 — — — — 430,082 10,857 Redemption of Series A Preferred Stock — — (88,225) (2,188) — — — — (88,225) (2,188) Balances, June 30, 2022 192,440 $ 4,770 6,893,774 $ 172,176 56,857 $ 1,396 5,387,160 $ 152,834 12,530,231 $ 331,176 Balances, December 31, 2022 5,956,147 $ 147,514 7,565,349 $ 189,048 48,857 $ 1,200 — $ — 13,570,353 $ 337,762 Issuance of Series A1 Preferred Stock 1,032,433 25,569 — — — — — — 1,032,433 25,569 Redemption of Series A1 Preferred Stock (12,870) (319) — — — — — — (12,870) (319) Reclassification of Series A Preferred stock to permanent equity — — 389,325 9,699 — — — — 389,325 9,699 Redemption of Series A Preferred Stock — — (189,753) (4,723) — — — — (189,753) (4,723) Balances, March 31, 2023 6,975,710 $ 172,764 7,764,921 $ 194,024 48,857 $ 1,200 — $ — 14,789,488 $ 367,988 Issuance of Series A1 Preferred Stock 1,195,589 29,582 — — — — — — 1,195,589 29,582 Redemption of Series A1 Preferred Stock (11,200) (277) — — — — — — (11,200) (277) Redemption of Series D Preferred Stock — — — — (410) (10) — — (410) (10) Reclassification of Series A Preferred stock to permanent equity — — 300,846 7,462 — — — — 300,846 7,462 Redemption of Series A Preferred Stock — — (183,809) (4,575) — — — — (183,809) (4,575) Balances, June 30, 2023 8,160,099 $ 202,069 7,881,958 $ 196,911 48,447 $ 1,190 — $ — 16,090,504 $ 400,170 Series A1 Preferred Stock —Since June 2022, the Company has been conducting a continuous public offering with respect to shares of its Series A1 Preferred Stock, par value $0.001 per share with an initial stated value of $25.00 per share, subject to adjustment. Shares of Series A1 Preferred Stock are recorded in permanent equity at the time of their issuance. As of June 30, 2023, the Company had issued in registered public offerings 7,994,099 shares of the Series A1 Preferred Stock and received gross proceeds of $197.9 million, and additionally had issued 200,000 shares of Series A1 Preferred Stock as payment for services to the CIM Service Provider, LLC (the “Administrator”), for which no cash proceeds were received. In connection with the issuance of shares of Series A1 Preferred Stock, $14.5 million of costs specifically identifiable to the offering of Series A1 Preferred Stock was allocated to the Series A1 Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $10.0 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of June 30, 2023, the Company had reclassified and allocated $2.7 million from deferred charges to Series A1 Preferred Stock as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering. As of June 30, 2023, there were 8,160,099 shares of Series A1 Preferred Stock outstanding and 34,000 shares of Series A1 Preferred Stock had been redeemed. Series A Preferred Stock —The Company conducted a continuous public offering of Series A Preferred Stock (with each issued share of Series A Preferred Stock, initially accompanied by one warrant (“Series A Preferred Warrant”) to purchase 0.25 of a share of Common Stock, subject to adjustment) from October 2016 through January 2020. Proceeds and expenses from the sale were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of the Company’s Series A Preferred Stock, which, since February 2020, was no longer being issued as a unit with an accompanying Series A Preferred Warrant. In June 2022, the Company concluded the offering of Series A Preferred Stock. As of June 30, 2023, the Company had issued in registered public offerings 8,251,657 shares of Series A Preferred Stock and 4,603,287 Series A Preferred Warrants and received gross proceeds of $205.4 million and $761,000, respectively, and additionally, had issued 568,681 shares of Series A Preferred Stock as payment for services to the Administrator, for which no cash proceeds were received. In connection with the cumulative issuance of Series A Preferred Stock and Series A Preferred Warrants, $17.0 million and $142,000 of costs specifically identifiable to the offering of the Series A Preferred Stock and Series A Preferred Warrants, respectively, were allocated to the Series A Preferred Stock and Series A Preferred Warrants, respectively. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $10.0 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of June 30, 2023, the Company had reclassified and allocated $1.9 million and $5,000 from deferred charges to Series A Preferred Stock and Series A Preferred Warrants, respectively, as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering. Net proceeds from the issuance of shares of Series A Preferred Stock were initially recorded in temporary equity at an amount equal to the gross proceeds allocated to such shares of Series A Preferred Stock minus the costs specifically identifiable to the issuance of such shares and the non-issuance specific offering costs allocated to such shares. If the net proceeds from the issuance of shares of Series A Preferred Stock were less than the redemption value of such shares at the time they were issued, or if the redemption value of such shares subsequently becomes greater than the carrying value of such shares, an adjustment was recorded to increase the carrying amount of such shares to their redemption value as of the balance sheet date. Such adjustment was considered a deemed dividend for purposes of calculating basic and diluted EPS. During the three and six months ended June 30, 2023, the Company recorded no redeemable preferred stock deemed dividends related to such adjustments. During the three and six months ended June 30, 2022, the Company recorded redeemable preferred stock deemed dividends of $4,000 and $19,000, respectively, related to such adjustments. On the first anniversary of the issuance of a particular share of Series A Preferred Stock, the Company 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 June 30, 2023, the Company had reclassified an aggregate of $199.6 million in net proceeds from temporary equity to permanent equity. As of June 30, 2023, there were 7,881,958 shares of Series A Preferred Stock outstanding and 938,380 shares of Series A Preferred Stock had been redeemed. Series D Preferred Stock —From February 2020 through June 2022, the Company conducted a continuous public offering with respect to shares of its Series D Preferred Stock, par value $0.001 per share, subject to adjustment. The selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and $24.50 per share thereafter. Shares of Series D Preferred Stock were recorded in permanent equity at the time of their issuance. In June 2022, the Company concluded the offering of its Series D Preferred Stock. As of June 30, 2023, the Company had issued in registered public offerings 56,857 shares of Series D Preferred Stock and received gross proceeds of $1.4 million. In connection with such issuance, $35,000 of costs specifically identifiable to the offering of Series D Preferred Stock were allocated to the Series D Preferred Stock. Such costs include commissions, dealer manager fees and other offering fees and expenses but do not include non-issuance-specific costs of $10.0 million related to the Company’s offering of Series A Preferred Stock, Series A Preferred Warrants, Series A1 Preferred Stock and Series D Preferred Stock. As of June 30, 2023, the Company had reclassified and allocated $13,000 from from deferred charges to Series D Preferred Stock as a reduction to the gross proceeds received. Such reclassification was based on the cumulative number of securities issued relative to the maximum number of securities expected to be issued under the offering. As of June 30, 2023, there were 48,447 shares of Series D Preferred Stock outstanding and 8,410 shares of Series D Preferred Stock had been redeemed. Series L Preferred Stock —On November 21, 2017, the Company issued 8,080,740 shares of Series L Preferred Stock having an initial stated value of $28.37 per share (“Series L Preferred Stock Stated Value”), subject to adjustment. The Company received gross proceeds of $229.3 million from the sale of the Series L Preferred Stock, which was reduced by issuance-specific offering costs. On September 15, 2022, the Company repurchased 2,435,284 shares of its Series L Preferred Stock in a privately negotiated transaction (the “Series L Repurchase”). The shares were repurchased at a purchase price of $27.40 per share (a 3.4% discount to the stated value of $28.37 per share) plus $1.12 per share of accrued and unpaid dividends (or $2.7 million accrued and unpaid dividends in the aggregate). The total cost to complete the Series L Repurchase, including transactions costs of $700,000 (or $0.29 per share), was $70.1 million. In connection with the Series L Repurchase, the Company recognized redeemable preferred stock redemptions of $4.8 million on its consolidated statement of operations for the three months ended September 30, 2022. The $4.8 million of redeemable preferred stock redemptions represents the difference between the repurchase price (including $0.29 per share of transaction costs) and the carrying value of the repurchased Series L Preferred Stock (representing the stated value of $28.37 per share reduced by $2.65 per share of stock offering costs). Dividends —With respect to the payment of dividends or the distribution of amounts upon liquidation, dissolution or winding-up, the Series A1 Preferred Stock, the Series A Preferred Stock and Series D Preferred Stock rank on parity with respect to each other and senior to the Common Stock. Holders of Series A1 Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends (the “Series A1 Dividend”) on each share of Series A1 Preferred Stock at the greater of (i) an annual rate of 6.0% of the Series A1 Preferred Stock Stated Value (i.e., the equivalent of $0.3750 per share per quarter) and (ii) the Federal Funds (Effective) Rate for such quarter and plus 2.5% of the Series A1 Preferred Stock Stated Value divided by four, up to a maximum of 2.5% of the Series A1 Preferred Stock Stated Value per quarter. Holders of Series A Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends on each share of Series A Preferred Stock at an annual rate of 5.50% of the Series A Preferred Stock Stated Value (i.e., the equivalent of $0.34375 per share per quarter) (the “Series A Dividend”). Holders of Series D Preferred Stock are entitled to receive, if, as and when authorized by the Company’s Board of Directors, and declared by the Company out of legally available funds, cumulative cash dividends on each share of Series D Preferred Stock at an annual rate of 5.65% of the Series D Preferred Stock Stated Value (i.e., the equivalent of $0.35313 per share per quarter) (the “Series D Dividend”). Dividends on each share of Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock begin accruing on, and are cumulative from, the date of issuance. The Company expects to pay the Series A1 Dividend, Series A Dividend and Series D Dividend in arrears on a monthly basis in accordance with the foregoing provisions, unless the Company’s results of operations, general financing conditions, general economic conditions, applicable requirements of the MGCL or other factors make it imprudent to do so. The timing and amount of the Series A1 Dividend, Series A Dividend and the Series D Dividend will be determined by the Company’s Board of Directors, in its sole discretion, and may vary from time to time. During the six months ended June 30, 2023, the Company paid $5.5 million, $5.6 million, $35,000 and $4.6 million of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. During the six months ended June 30, 2022, the Company paid $0, $5.6 million, $40,000 and $8.4 million of cash dividends on the Series A1 Preferred Stock, Series A Preferred Stock, Series D Preferred Stock and Series L Preferred Stock, respectively. Redemptions —The Company’s Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock are redeemable at the option of the holder or the Company. The redemption schedule of the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock allows redemptions at the option of the holder of Series A1 Preferred Stock, Series A Preferred Stock or Series D Preferred Stock from the date of original issuance of any such shares at the Series A1 Preferred Stock Stated Value, Series A Preferred Stock Stated Value or Series D Preferred Stock Stated Value, respectively, less a redemption fee applicable prior to the fifth anniversary of the issuance of such shares, plus accrued and unpaid dividends. The Company has the right to redeem the Series A1 Preferred Stock after the date that is twenty-four months following the original issuance of such shares of Series A1 Preferred Stock at the Series A1 Preferred Stock Stated Value, plus accrued and unpaid dividends. The Company has the right to redeem the Series A Preferred Stock or Series D Preferred Stock after the fifth

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Dividends Holders of the Company’s Common Stock are entitled to receive dividends, if, as and when authorized by the Board of Directors and declared by the Company out of legally available funds. In determining the Company’s dividend policy, the Board of Directors considers many factors including the amount of cash resources available for dividend distributions, capital spending plans, cash flow, the Company’s financial position, applicable requirements of the MGCL, any applicable contractual restrictions, and future growth in NAV and cash flow per share prospects. Consequently, the dividend rate on a quarterly basis does not necessarily correlate directly to any individual factor. Cash dividends per share of Common Stock paid in respect of the six months ended June 30, 2023 and 2022 consist of the following: Declaration Date Payment Date Type Cash Dividend Per Share of Common Stock June 27, 2023 July 24, 2023 Regular Quarterly $ 0.085 March 20, 2023 April 11, 2023 Regular Quarterly $ 0.085 June 10, 2022 July 5, 2022 Regular Quarterly $ 0.085 March 8, 2022 April 1, 2022 Regular Quarterly $ 0.085 Series A Preferred Warrants Prior to February 2020, the Series A Preferred Stock was sold as a unit that included one share of Series A Preferred Stock and one Series A Preferred Warrant that could be exercised to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants are exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. At the time of issuance, the exercise price of each Series A Preferred Warrant was at a 15.0% premium to the per share estimated NAV of the Company’s Common Stock then most recently published and designated as the applicable NAV. However, in accordance with the terms of the Series A Preferred Warrants, the exercise price of each Series A Preferred Warrant issued prior to the Reverse Stock Split was automatically adjusted to reflect the effect of the Reverse Stock Split and, in the discretion of the Company’s Board of Directors, the exercise price and the number of shares issuable upon exercise of each Series A Preferred Warrant issued prior to the Special Dividend was adjusted to reflect the effect of the Special Dividend. Proceeds and expenses from the sale of the Series A Preferred Stock and Series A Preferred Warrants were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of June 30, 2023, the Company had 2,449,039 Series A Preferred Warrants outstanding to purchase 631,901 shares of Common Stock in connection with the Company’s offering of Series A Preferred Units and allocated net proceeds of $443,000, after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity. Share Repurchase Program In May 2022, the Company’s Board of Directors approved a repurchase program of up to $10.0 million of the Company’s Common Stock (the “SRP”). Under the SRP, the Company, in its discretion, may purchase shares of its Common Stock from time to time in the open market or in privately negotiated transactions. The amount and timing of purchases of shares will depend on a number of factors, including, without limitation, the price and availability of shares, trading volume, general market conditions and compliance with applicable securities law. The SRP has no termination date and may be suspended or discontinued at any time.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	13. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs —Quoted prices in active markets for identical assets or liabilities Level 2 Inputs —Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs —Unobservable inputs In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Management’s estimation of the fair value of the Company’s financial instruments is based on a Level 3 valuation in the fair value hierarchy established for disclosure of how a company values its financial instruments. In general, quoted market prices from active markets for the identical financial instrument (Level 1 inputs), if available, should be used to value a financial instrument. If quoted prices are not available for the identical financial instrument, then a determination should be made if Level 2 inputs are available. Level 2 inputs include quoted prices for similar financial instruments in active markets for identical or similar financial instruments in markets that are not active (i.e., markets in which there are few transactions for the financial instruments, the prices are not current, price quotations vary substantially, or in which little information is released publicly). There is limited reliable market information for the Company’s financial instruments and the Company utilizes other methodologies based on unobservable inputs for valuation purposes since there are no Level 1 or Level 2 inputs available. Accordingly, Level 3 inputs are used to measure fair value. In general, estimates of fair value may differ from the carrying amounts of the financial assets and liabilities primarily as a result of the effects of discounting future cash flows. Considerable judgment is required to interpret market data and develop estimates of fair value. Accordingly, the estimates presented are made at a point in time and may not be indicative of the amounts the Company could realize in a current market exchange. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities. Debt —The carrying amounts of the Company’s secured borrowings—government guaranteed loans, SBA 7(a) loan-backed notes, 2022 Revolving Credit Facility and variable rate mortgages payable approximate their fair values, as the interest rates on these securities are variable and approximate current market interest rates. The Company determines the fair value of 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 June 30, 2023 and December 31, 2022, the Company used a rate of 6.86% and 6.48%, respectively. The rate used to estimate the fair value of the Company’s junior subordinated notes was 9.80% and 9.02% as of June 30, 2023 and December 31, 2022, 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: June 30, 2023 December 31, 2022 Discount Rate Prepayment Rate Discount Rate Prepayment Rate SBA 7(a) loans receivable, subject to credit risk 11.00% - 11.25% 4.67% - 17.00% 11.00% - 11.25% 5.00% - 17.00% SBA 7(a) loans receivable, subject to loan-backed notes 11.00% - 11.25% 4.67% - 17.00% N/A N/A SBA 7(a) loans receivable, subject to secured borrowings 11.00% - 11.25% 5.00% - 17.00% 11.00% - 11.25% 5.00% - 17.00% Derivative Instruments — The Company’s derivative instruments are comprised of interest rate caps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Other Financial Instruments —The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities at June 30, 2023 and December 31, 2022. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows (dollar amounts in thousands): June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Level Assets: SBA 7(a) loans receivable, subject to credit risk $ 4,522 $ 4,541 $ 56,237 $ 58,432 3 SBA 7(a) loans receivable, subject to loan-backed notes $ 49,768 $ 52,418 $ — $ — 3 SBA 7(a) loans receivable, subject to secured borrowings $ 5,422 $ 5,497 $ 6,158 $ 6,237 3 SBA 7(a) loans receivable, held for sale $ 739 $ 781 $ 152 $ 126 3 Liabilities: Fixed rate mortgage payable (1) $ 97,100 $ 89,957 $ 97,100 $ 90,002 2, 3 Junior subordinated notes (1) $ 27,070 $ 25,185 $ 27,070 $ 25,067 3 ______________________

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
RELATED-PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	14. RELATED-PARTY TRANSACTIONS Asset Management and Other Fees to Related Parties Asset Management Fees; Administrative Fees and Expenses — CIM Urban and CIM Capital, LLC, an affiliate of CIM REIT and CIM Group (“CIM Capital”), have an investment management agreement, pursuant to which CIM Urban engaged CIM Capital to provide certain services to CIM Urban (the “Investment Management Agreement”). CIM Capital has assigned its duties under the Investment Management Agreement to its four wholly-owned subsidiaries: CIM Capital Securities Management, LLC, a securities manager, CIM Capital RE Debt Management, LLC, a debt manager, CIM Capital Controlled Company Management, LLC, a controlled company manager, and CIM Capital Real Property Management, LLC, a real property manager. The “Operator” refers to CIM Capital and its four wholly-owned subsidiaries. The Company and its subsidiaries have a master services agreement (the “Master Services Agreement”) with CIM Service Provider, LLC (the “Administrator”), an affiliate of CIM Group, pursuant to which the Administrator provides, or arranges for other service providers to provide, management and administration services to the Company and its subsidiaries. Pursuant to the Master Services Agreement, the Company appointed an affiliate of CIM Group as the administrator of Urban Partners GP, LLC. On January 5, 2022, the Company and certain of its subsidiaries entered into a Fee Waiver (the “Fee Waiver”) with the Operator and the Administrator with respect to fees that are payable to them. The Fee Waiver is effective retroactively to January 1, 2022 (the “Effective Date”). Pursuant to the Fee Waiver, the Administrator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Master Service Agreement, and the Operator agreed to voluntarily waive any fees in excess of those set forth in the Fee Waiver, to the extent it would otherwise have been entitled to such additional compensation under the Investment Management Agreement. Following the end of each quarter, the Administrator will deliver to the Company (i) a calculation of the cumulative fees earned by the Operator and the Administrator under the methodology prescribed by the Fee Waiver from the Effective Date through the end of such quarter and (ii) a calculation of the cumulative fees that would have been earned by the Operator and the Administrator during such period under the Master Services Agreement and the Investment Management Agreement without giving effect to the Fee Waiver. If, in respect of any quarter, the aggregate fees that are payable under the methodology prescribed by the Fee Waiver exceed the aggregate fees that would have been payable under the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, such quarter will be deemed an “Excess Quarter”. For any quarter following an Excess Quarter, the Company (upon the direction of the independent members of the Board) may, at its option and upon written notice to Administrator, elect to calculate all fees due to the Administrator and the Operator in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver, from and after such Excess Quarter. Any such election by the Company will be irrevocable, and all fees due to the Administrator and the Operator from and after such election will be calculated in accordance with the Master Services Agreement and the Investment Management Agreement, without giving effect to the Fee Waiver. The fees payable to the Operator and the Administrator are determined as follows under the Fee Waiver. 1. Base Fee: A base asset management fee (the “Base Fee”) is payable quarterly in arrears to the Operator in an amount equal to an annual rate of 1% (or 0.25% per quarter) of the average of the “Net Asset Value Attributable to Common Stockholders” as of the first and last day of the applicable quarter. Net Asset Value Attributable to Common stockholders is defined as (a) the sum of the Company’s (1) investments in real estate at fair value, (2) cash, (3) loans receivable at fair value and (4) the book value of the other assets of the Company, excluding deferred costs and net of other liabilities at book value, less (b) the Company’s (i) debt at face value, (ii) outstanding preferred stock at stated value, and (iii) non-controlling interests at book value; provided, that, non-controlling interests in any UPREIT operating partnership relating to the Company shall not be excluded. Subject to applicable laws and regulations under Nasdaq and the TASE and the agreement of the Operator, the Company will pay the Base Fee owed with respect to the first quarter of 2022 in shares of its Series A Preferred Stock and it is likely that the Company will pay some or part of the remainder of the Base Fees incurred during the year ended December 31, 2022 in shares of Series A Preferred Stock. 2. Incentive Fee: An incentive fee (the “Revised Incentive Fee”) is payable quarterly in arrears to the Administrator with respect to the quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s “Adjusted Common Equity” (as defined below) for such quarter (“Excess Core FFO”) as follows: (i) no Revised Incentive Fee in any quarter in which the Excess Core FFO is $0; (ii) 100% of any Excess Core FFO up to an amount equal to the product of (x) the average of the Adjusted Common Equity as of the first and last day of the applicable quarter and (y) 0.4375%; and (iii) 20% of any Excess Core FFO thereafter. Revised Incentive Fees payable for any partial quarter will be appropriately prorated. “Adjusted Common Equity” means Common Equity plus Excluded Depreciation and Amortization. “Common Equity” means Total Stockholders’ Equity minus Excluded Equity. “Total Stockholders’ Equity” means the amount reflected as total stockholders’ equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Equity” means the sum of all preferred securities of the Company and its subsidiaries classified as permanent equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. “Excluded Depreciation and Amortization” means, for a given quarter, the amount of all accumulated depreciation and amortization of (i) the Company and its subsidiaries and (ii) to the extent allocable to the Company and its subsidiaries, the unconsolidated affiliates, in each case as of the last day of such quarter that corresponds to the periodic depreciation and amortization expense calculated in each case in accordance with GAAP that is a permitted add back to net income calculated in accordance with GAAP when calculating funds from operations. 3. Capital Gains Fee: A capital gains fee (the “Capital Gains Fee”) is payable quarterly in arrears to the Administrator in an amount equal to (i) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses (in each case since the Effective Date), minus (ii) the aggregate capital gains fees paid since the Effective Date. Realized capital gains and realized capital losses are calculated by subtracting from the sales price of a property: (a) any costs incurred to sell such property, and (b) the current gross value of the property (meaning the property’s original acquisition price plus any subsequent, non-reimbursed capital improvements thereon paid for by the Company). Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 fee was calculated (without giving effect to the Fee Waiver) as a percentage of the daily average adjusted fair value of CIM Urban’s assets as follows (dollar amounts in thousands): Daily Average Adjusted Fair Quarterly Fee From Greater of To and Including $ — $ 500,000 0.2500% $ 500,000 $ 1,000,000 0.2375% $ 1,000,000 $ 1,500,000 0.2250% $ 1,500,000 $ 4,000,000 0.2125% $ 4,000,000 $ 20,000,000 0.1000% Asset management fees are included in asset management and other fees to related parties in the accompanying consolidated statements of operations. Under the Master Services Agreement, for fiscal quarters prior to April 1,2020, the Company paid a base service fee (the “Base Service Fee”) to the Administrator initially set at $1.0 million per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. On May 11, 2020, the Master Services Agreement was amended to replace the Base Service Fee with an incentive fee pursuant to which the Administrator was entitled to receive, on a quarterly basis, 15.00% of the Company’s quarterly core funds from operations in excess of a quarterly threshold equal to 1.75% (i.e., 7.00% on an annualized basis) of the Company’s average Adjusted Common Equity (defined above) for such quarter. The amendment was effective as of April 1, 2020 and was further modified by the Fee Waiver described above. No such incentive fee was paid by the Company. In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and or reimbursement for performing certain services for the Company and its subsidiaries that are not covered by the Base Service Fee. During the six months ended June 30, 2023 and 2022, such services performed by the Administrator and its affiliates included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources, corporate communications, operational and on-going support in connection with the Company’s offering of Preferred Stock. The Administrator’s compensation is based on the salaries and benefits of the employees of the Administrator and or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of the Company and its subsidiaries). The expense for such services is included in expense reimbursements to related parties—corporate in the accompanying consolidated statements of operations. Property Management Fees and Reimbursements — CIM Management, Inc. and certain of its affiliates (collectively, the “CIM Management Entities”), all affiliates of CIM REIT and CIM Group, provide property management, leasing, and development services to CIM Urban. Property management fees earned by the CIM Management entities and onsite management costs incurred on behalf of CIM Urban are included in rental and other property operating expenses in the accompanying consolidated statements of operations, with the exception of certain onsite management costs which are capitalized in some cases. Leasing commissions earned are capitalized to deferred charges on the accompanying consolidated balance sheets. Construction management fees and development management reimbursements are capitalized to investments in real estate on the accompanying consolidated balance sheets. Lending Segment Expenses — The Company has a Staffing and Reimbursement Agreement with CIM SBA Staffing, LLC (“CIM SBA”), an affiliate of CIM Group, and the Company’s subsidiary, PMC Commercial Lending, LLC. The agreement provides that CIM SBA will provide personnel and resources to the Company and that the Company will reimburse CIM SBA for the costs and expenses of providing such personnel and resources. The expense for such services is included in expense reimbursements to related parties—lending segment in the accompanying consolidated statements of operations. Offering-Related Fees — CCO Capital, LLC (“CCO Capital”) became the exclusive dealer manager for the Company’s public offering of the Series A Preferred Stock and Series A Preferred Warrants effective as of May 31, 2019. CCO Capital is a registered broker dealer and is under common control with the Operator and the Administrator. The Company’s offering of the Series A Preferred Warrants ended at the end of January 2020. On January 28, 2020, the Company entered into the Second Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital acted as the exclusive dealer manager for the Company’s public offering of its Series A Preferred Stock and Series D Preferred Stock. The Second Amended and Restated Dealer Manager Agreement was subsequently amended by the Company and CCO Capital to address changes to, among other things, selling commissions and dealer manager fees. On June 16, 2022, the Company entered into the Third Amended and Restated Dealer Manager Agreement, pursuant to which CCO Capital has been acting as the exclusive dealer manager for the Company’s public offering of its Series A1 Preferred Stock. Thereunder, the Company agreed to compensate CCO Capital, as the dealer manager for the offering, as follows: (1) a dealer manager fee of up to 3.00% of the selling price of each share of Series A1 Preferred Stock sold and (2) selling commissions of up to 7.00% of the selling price of each share of Series A1 Preferred Stock sold. The Company has been informed that CCO Capital generally reallows 100% of the selling commissions on sales of Series A1 Preferred Stock and generally reallows substantially all of the dealer manager fee on sales of Series A1 Preferred Stock, to participating broker-dealers. In addition, pursuant to the Third Amended and Restated Dealer Manager Agreement, CCO Capital will no longer solicit or make any offers for the sale of shares of Series A Preferred Stock or Series D Preferred Stock. The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2023 2022 2023 2022 Asset Management Fees: Asset management fees (1) $ 627 $ 920 $ 1,347 $ 1,841 Property Management Fees and Reimbursements: Property management fees (2) $ 551 $ 413 $ 1,028 $ 851 Onsite management and other cost reimbursements (3) $ 1,461 $ 806 $ 2,531 $ 1,231 Leasing commissions (4) $ 37 $ 27 $ 76 $ 105 Construction management fees (5) $ 52 $ 138 $ 170 $ 198 Development management reimbursements (6) $ 653 $ — $ 653 $ — Administrative Fees and Expenses: Expense reimbursements to related parties - corporate $ 677 $ 526 $ 1,205 $ 948 Lending Segment Expenses: Expense reimbursements to related parties - lending segment (7) $ 910 $ 604 $ 1,518 $ 1,073 Offering-Related Fees: Upfront dealer manager and trailing dealer manager fees (8) $ 370 $ 152 $ 690 $ 274 Non-issuance specific offering costs (9) $ 162 $ 50 $ 306 $ 89 ______________________ (1) The Company issued to the Operator 36,843 shares of Series A1 Preferred Stock in lieu of cash payment for the asset management fees incurred during the three months ended March 31, 2022. (2) Does not include the company’s share of the property management fees from the Unconsolidated Joint Ventures of $20,000 and and $37,000 for the three and six months ended June 30, 2023, respectively, and $11,000 and $15,000 for the three and six months ended June 30, 2022, respectively. (3) Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $112,000 and $141,000 for the three and six months ended June 30, 2023, respectively, and $21,000 and $33,000 for the three and six months ended June 30, 2022, respectively. (4) Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $2,000 and $14,000 for the three and six months ended June 30, 2023, respectively. (5) Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $55,000 and $59,000 for the three and six months ended June 30, 2023, respectively, and $2,000 and $3,000 for the three and six months ended June 30, 2022. (6) Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $187,000 for the three and six months ended June 30, 2023. (7) Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $30,000 and $61,000 for the three and six months ended June 30, 2023, respectively, and $105,000 and $174,000 for the three and six months ended June 30, 2022, respectively. (8) Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock. (9) As of June 30, 2023 and June 30, 2022, $2.5 million and $2.3 million, respectively, was included in deferred costs as reimbursable expenses incurred pursuant to the Master Services Agreement and the then applicable dealer manager agreement with CCO Capital. These non-issuance specific costs are allocated against the gross proceeds from the sale of the Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering. As of June 30, 2023 and December 31, 2022, due to related parties consisted of the following (in thousands): June 30, 2023 December 31, 2022 Asset management fees $ 634 $ 812 Property management fees and reimbursements 2,270 1,214 Expense reimbursements - corporate 680 466 Expense reimbursements - lending segment 681 124 Upfront dealer manager and trailing dealer manager fees 371 454 Non-issuance specific offering costs 98 17 Other amounts due (from) to the CIM Management Entities and certain of its affiliates (9) 68 Total due to related parties $ 4,725 $ 3,155 Affiliate Investments In February 2022, the Company invested with the CIM JV Partner, a CIM-managed separate account, in the Unconsolidated Joint Venture which purchased an office property in Los Angeles, California for a gross purchase price of approximately $51.0 million, of which the Company initially contributed approximately $22.4 million and the CIM JV Partner initially contributed the remaining balance. See Note 2 and Note 4 for more information. In February 2023, the Company and the 1902 Park JV Partner invested in the 1902 Park JV, which purchased a multifamily property in the Echo Park neighborhood of Los Angeles, California for a gross purchase price of $19.1 million. The Company owns 50% of the 1902 Park JV. In connection with the closing in February 2023, the 1902 Park JV obtained financing of $9.6 million through the 1902 Park Mortgage Loan. The Company and the 1902 Park JV Partner both initially contributed $6.6 million to the 1902 Park JV. See Note 2 and Note 4 for more information. During the six months ended June 30, 2023, the Company acquired an interest in four assets from entities indirectly wholly-owned by a fund that is managed by affiliates of CIM Group Management, LLC for $282.9 million (exclusive of transactions costs) . See Note 3 and Note 7 for more information. Other On May 15, 2019, CIM Group entered into an approximately 11-year lease for approximately 32,000 rentable square feet with respect to a property owned by the Company (4750 Wilshire). The lease was amended on August 7, 2019 to reduce

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Loan Commitments —Commitments to extend credit are agreements to lend to a customer when the terms established in the contract are met. The Company’s outstanding commitments to fund loans were $7.8 million as of June 30, 2023, all of which are for prime-based loans to be originated by the Company’s subsidiary engaged in SBA 7(a) Small Business Loan Program lending, the government guaranteed portion of which is intended to be sold. Commitments generally have fixed expiration dates. Since some commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. General —In connection with the ownership and operation of real estate properties, the Company has certain obligations for the payment of tenant improvement allowances and lease commissions in connection with new leases and renewals. The Company had a total of $6.5 million in future obligations under leases to fund tenant improvements and other future construction obligations as of June 30, 2023. As of June 30, 2023, $2.5 million was funded to reserve accounts included in restricted cash on the Company’s consolidated balance sheet for these tenant improvement obligations in connection with the mortgage loan agreement entered into in June 2016. Employment Agreements —The Company has an employment agreement with one of its officers. Under certain circumstances, this employment agreement provides for (1) severance payment equal to the annual base salary paid to the officer and (2) death and disability payments in an amount equal to two times and one time, respectively, the annual base salary paid to the officer. Litigation —The Company is not currently involved in any material pending or threatened legal proceedings nor, to the Company’s knowledge, are any material legal proceedings currently threatened against the Company, other than routine litigation arising in the ordinary course of business. In the normal course of business, the Company is periodically party to certain legal actions and proceedings involving matters that are generally incidental to the Company’s business. While the outcome of these legal actions and proceedings cannot be predicted with certainty, in management’s opinion, the resolution of these legal proceedings and actions will not have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company’s ability to satisfy its debt service obligations or to maintain its level of distributions on Common Stock or Preferred Stock. A subsidiary of the Company is a defendant in a lawsuit in connection with injuries sustained by a third-party contractor at a property previously owned by such subsidiary. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential losses due to the complexity and current status of the lawsuit. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in lawsuits of this nature and do not expect this lawsuit to have a material adverse effect on the Company’s business, financial condition, results of operations, cash flow or the Company ability to satisfy its debt service obligations or to maintain the level of distributions on the Company’s Common Stock or Preferred Stock. SBA Related —If the SBA establishes that a loss on an SBA guaranteed loan is attributable to significant technical deficiencies in the manner in which the loan was originated, funded or serviced under the 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 June 30, 2023, the Company serviced an aggregate of $241.4 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

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2023
Leases [Abstract]
LEASES	16. LEASES Future minimum rental revenue under long-term operating leases as of June 30, 2023, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands): Years Ending December 31, Total 2023 (Six months ending December 31, 2023) $ 31,246 2024 49,236 2025 30,060 2026 21,776 2027 14,294 Thereafter 47,803 $ 194,415

SEGMENT DISCLOSURE

SEGMENT DISCLOSURE	6 Months Ended
SEGMENT DISCLOSURE	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT DISCLOSURE	17. SEGMENT DISCLOSURE The Company’s reportable segments during the three and six months ended June 30, 2023 consist of three types of commercial real estate properties, namely, office, hotel and multifamily, as well as a segment for the Company’s lending business. The Company’s reportable segments during the three and six months ended June 30, 2022 consist of two types of commercial real estate properties, namely, office and hotel, as well as a segment for the Company’s lending business. Management internally evaluates the operating performance and financial results of the segments based on net operating income. The Company also has certain general and administrative level activities, including public company expenses, legal, accounting, and tax preparation that are not considered separate operating segments. The reportable segments are accounted for on the same basis of accounting as described in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the 2022 Form 10-K. For the Company’s real estate segments, the Company defines net operating income (loss) as rental and other property income and expense reimbursements less property related expenses, and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision (benefit) for income taxes. For the Company’s lending segment, the Company defines net operating income as interest income net of interest expense and general overhead expenses. The net operating income (loss) of the Company’s segments for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Office: Revenues $ 13,975 $ 14,077 $ 27,462 $ 28,182 Property expenses: Operating 6,369 6,402 12,892 12,523 General and administrative 57 35 157 125 Total property expenses 6,426 6,437 13,049 12,648 (Loss) income from unconsolidated entities (710) 260 (774) 380 Segment net operating income—office 6,839 7,900 13,639 15,914 Hotel: Revenues 11,668 9,576 23,160 17,369 Property expenses: Operating 7,543 6,305 14,882 11,676 General and administrative 12 24 20 52 Total property expenses 7,555 6,329 14,902 11,728 Segment net operating income—hotel 4,113 3,247 8,258 5,641 Multifamily: Revenues 4,078 — 5,301 — Property expenses: Operating 3,067 — 4,430 — General and administrative 295 — 312 — Total property expenses 3,362 — 4,742 — (Loss) income from unconsolidated entity (194) — 638 — Segment net operating income—multifamily 522 — 1,197 — Lending: Revenues 2,963 2,750 5,673 5,634 Lending expenses: Interest expense 1,315 119 1,560 226 Expense reimbursements to related parties—lending segment 910 604 1,518 1,073 General and administrative 214 338 713 898 Total lending expenses 2,439 1,061 3,791 2,197 Segment net operating income—lending 524 1,689 1,882 3,437 Total segment net operating income $ 11,998 $ 12,836 $ 24,976 $ 24,992 A reconciliation of segment net operating income to net income attributable to the Company for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total segment net operating income $ 11,998 $ 12,836 $ 24,976 $ 24,992 Interest and other income 76 — 76 — Asset management and other fees to related parties (627) (920) (1,347) (1,841) Expense reimbursements to related parties—corporate (677) (526) (1,205) (948) Interest expense (7,394) (2,284) (13,385) (4,347) General and administrative (1,106) (880) (2,407) (2,017) Transaction-related costs — — (3,360) — Depreciation and amortization (20,472) (4,974) (29,974) (9,978) Gain on sale of real estate — — 1,104 — (Loss) income before provision for income taxes (18,202) 3,252 (25,522) 5,861 Provision for income taxes (159) (321) (415) (628) Net (loss) income (18,361) 2,931 (25,937) 5,233 Net loss (income) attributable to noncontrolling interests 1,002 (9) 1,627 (14) Net (loss) income attributable to the Company $ (17,359) $ 2,922 $ (24,310) $ 5,219 The condensed assets for each of the segments as of June 30, 2023 and December 31, 2022, along with capital expenditures and loan originations for the six months ended June 30, 2023 and 2022, are as follows (in thousands): June 30, 2023 December 31, 2022 Condensed assets: Office $ 419,446 $ 471,677 Hotel 98,609 99,082 Multifamily 295,410 — Lending 82,807 76,148 Non-segment assets 23,423 43,341 Total assets $ 919,695 $ 690,248 Six Months Ended June 30, 2023 2022 Capital expenditures (1) and loan originations: Office $ 3,414 $ 4,304 Hotel 1,842 963 Multifamily 5,814 — Total capital expenditures 11,070 5,267 Loan originations 18,128 30,682 Total capital expenditures and loan originations $ 29,198 $ 35,949 ______________________ (1) Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTSOn August 2, 2023, the Company granted stock awards totaling 48,888 restricted shares of its Common Stock to the independent members of the Board of Directors. The shares will vest after one year of continuous service.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Pro forma net income (loss) attributable to the Company	$ (17,359)	$ 2,922	$ (24,310)	$ 5,219

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information —The accompanying interim consolidated financial statements of the Company have been prepared by the Company’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto, included in the 2022 Form 10-K.
Principles of Consolidation	Principles of Consolidation—The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In determining whether the Company has controlling interests in an entity and the requirement to consolidate the accounts in that entity, the Company analyzes its investments in real estate in accordance with standards set forth in GAAP to determine whether they are variable interest entities (“VIEs”), and if so, whether the Company is the primary beneficiary. The Company’s judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company’s ownership interest, the Company’s voting interest, the size of the Company’s investment (including loans), and the Company’s ability to participate in major policy-making decisions. The Company’s ability to correctly assess its influence or control over an entity affects the presentation of these investments in real estate on the Company’s consolidated financial statements. As of June 30, 2023, the Company has determined that the trust formed for the benefit of the note holders (the “Trust”) for the securitization of the unguaranteed portion of certain of the Company’s SBA 7(a) loans receivable is considered a VIE. Applying the consolidation requirements for VIEs, the Company determined that it is the primary beneficiary based on its power to direct activities through its role as servicer and its obligations to absorb losses and right to receive benefits. In addition, as of June 30, 2023, the Company has determined that its Unconsolidated Joint Ventures (as defined below) are considered VIEs. Applying the consolidation requirements for VIEs, the Company determined that it is not the primary beneficiary based on its lack of power to direct activities and its obligations to absorb losses and right to receive benefits. Therefore, the Unconsolidated Joint Ventures do not qualify for consolidation. The Company accounts for its investments in Unconsolidated Joint Ventures as equity method investments.
Investments in Real Estate	Investments in Real Estate —Investments in real estate are stated at depreciated cost. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Lesser of useful life or lease term The fair value of real estate acquired is recorded to acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, in-place leases and ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. Capitalized Project Costs The Company capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.
Recoverability of Investments in Real Estate	Recoverability of Investments in Real Estate—The Company 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.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities—The Company accounts for its investments in the unconsolidated joint ventures (the “Unconsolidated Joint Ventures”) under the equity method, as the Company has the ability to exercise significant influence over the investments. The Unconsolidated Joint Ventures record their assets and liabilities at fair value. As such, the Company records its share of the Unconsolidated Joint Ventures’ unrealized gains or losses as well as its share of the revenues and expenses on a quarterly basis as an adjustment to the carrying value of the investment on the Company’s consolidated balance sheet and such share is recognized within the Company’s income from unconsolidated entities on the consolidated statements of operations.
Derivative Financial Instruments	Derivative Financial Instruments —As part of risk management and operational strategies, from time to time, we may enter into derivative contracts with various counterparties. All derivatives are recognized on the balance sheet at their estimated fair value. On the date that we enter into a derivative contract, we designate the derivative as a fair value hedge, a cash flow hedge, a foreign currency fair value or cash flow hedge, a hedge of a net investment in a foreign operation, or a trading or non-hedging instrument.
Revenue Recognition	Revenue Recognition —At the inception of a revenue-producing contract, the Company determines if a contract qualifies as a lease and if not, then as a customer contract. Based on this determination, the appropriate treatment in accordance with GAAP is applied to the contract, including its revenue recognition. Revenue from leasing activities The Company operates as a lessor of both office and multifamily real estate assets. When the Company enters into a contract or amends an existing contract, the Company evaluates if the contracts meet the definition of a lease using the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. The Company determined that the Company’s contracts with its tenants explicitly identify the premises and that any substitution rights to relocate tenants to other premises within the same building stated in the contract are not substantive. Additionally, so long as payments are made timely under such contracts, the Company’s tenants have the right to obtain substantially all the economic benefits from the use of the identified asset and can direct how and for what purpose the premises are used to conduct their operations. Therefore, the contracts with the Company’s tenants constitute leases. 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 June 30, 2023 and December 31, 2022, the Company had identified certain tenants where collection was no longer considered probable and decreased outstanding receivables by $663,000 and $387,000, respectively, across all operating leases. Revenue from lending activities Interest income included in interest and other income is comprised of interest earned on loans and the Company’s short-term investments and the accretion of loan discounts. Interest income on loans is accrued as earned with the accrual of interest suspended when the related loan becomes a Non-Accrual Loan (as defined below). Revenue from hotel activities The Company recognizes revenue from hotel activities separate from its leasing activities. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or implied by customary business practices. Various performance obligations of hotel revenues can be categorized as follows: • cancellable and noncancelable room revenues from reservations and • ancillary services including facility usage and food or beverage. Cancellable reservations represent a single performance obligation of providing lodging services at the hotel. The Company satisfies its performance obligation and recognizes revenues associated with these reservations over time as services are rendered to the customer. The Company satisfies its performance obligation and recognizes revenues associated with noncancelable reservations at the earlier of (i) the date on which the customer cancels the reservation or (ii) over time as services are rendered to the customer. Ancillary services include facilities usage and providing food and beverage. The Company satisfies its performance obligation and recognizes revenues associated with these services at a point in time when the good or service is delivered to the customer.
Loans Receivable	Loans Receivable —The Company’s loans receivable are carried at their unamortized principal balance less unamortized acquisition discounts and premiums, retained loan discounts and reserves for expected credit losses. Acquisition discounts or premiums, origination fees and retained loan discounts are amortized as a component of interest and other income using the effective interest method over the expected life of the respective loans, or on a straight-line basis when it approximates the effective interest method. All loans were originated pursuant to programs sponsored by the Small Business Administration (the “SBA”) under the SBA 7(a) Small Business Loan Program (the “SBA 7(a) Program”). Pursuant to the SBA 7(a) Program, the Company sells the portion of the loan that is guaranteed by the SBA. Upon sale of the SBA guaranteed portion of the loans, which are accounted for as sales, the unguaranteed portion of the loan retained by the Company is recorded at fair value and a discount is recorded as a reduction in basis of the retained portion of the loan. Unamortized retained loan discounts were $8.7 million and $9.0 million as of June 30, 2023 and December 31, 2022, respectively. A loan receivable is generally classified as non-accrual (a “Non-Accrual Loan”) if (i) it is past due as to payment of principal or interest for a period of 60 days or more, (ii) any portion of the loan is classified as doubtful or is charged-off or (iii) the repayment in full of the principal and or interest is in doubt. Generally, loans are charged-off when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement, either through liquidation of collateral or other means. Interest income, included in interest and other income, on a Non-Accrual Loan is recognized on the cost recovery basis.
Current Expected Credit Losses / Recently Issued Accounting Pronouncements	Current Expected Credit Losses — On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses , and subsequent amendments (“ASU 2016-13”). The current expected credit losses (“CECL”) required under ASU 2016-13 reflects the Company’s current estimate of potential credit losses related to the Company’s loans receivable included in the consolidated balance sheets. The initial current expected credit losses recorded on January 1, 2023 is reflected as a direct charge to distributions in excess of earnings on the Company’s consolidated statements of equity; however subsequent changes to the current expected credit losses are recognized through net income on the Company’s consolidated statements of operations. While ASU 2016-13 does not require any particular method for determining the current expected credit losses, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASU 2016-13 requires that all financial instruments subject to the credit loss model have some amount of loss reserve to reflect the GAAP principal underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors. The Company estimates the current expected credit loss for its loans primarily using its historical experience with loan write-offs, historical charge-offs from third-party firms, and the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board (“FASB”) Staff Q&A Topic 326, No. 1. This method requires the Company to reference historical loan loss data across a comparable data set and apply such loss rate to each loan investment over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loans that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans with respect to which the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. The Company recorded a cumulative-effective adjustment to the opening distributions in excess of earnings in its consolidated statement of equity as of January 1, 2023 of $619,000. This represents a total CECL reserve transition adjustment of approximately $783,000, net of a $164,000 deferred tax asset. 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 was permitted for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. The Company adopted ASU 2016-13 and the related updates on January 1, 2023 and the adoption did not have a material impact. On March 31, 2022, the FASB issued ASU No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures (Topic 326) (“ASU 2022-02”). ASU 2022-02 eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The ASU became effective for the Company beginning January 1, 2023 and is generally to be applied prospectively. ASU 2022-02 did not have an impact on the Company’s consolidated financial statements for the three and six months ended June 30, 2023.
Deferred Rent Receivable and Charges	Deferred Rent Receivable and Charges—Deferred rent receivable and charges consist of deferred rent, deferred leasing costs, deferred offering costs (Note 11) deferred financing costs and other deferred costs. Deferred leasing costs, which represent lease commissions and other direct costs associated with the acquisition of tenants, are capitalized and amortized on a straight-line basis over the terms of the related leases. Deferred offering costs represent direct costs incurred in connection with the Company’s offerings of Series A1 Preferred Stock (as defined below), Series A Preferred Stock (as defined below), and, after January 2020, Series A Preferred Stock (as defined below) and Series D Preferred Stock (as defined below), excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other offering fees and expenses. Generally, for a specific issuance of securities, issuance-specific offering costs are recorded as a reduction of proceeds raised on the issuance date and offering costs incurred but not directly related to a specifically identifiable closing of a security are deferred. Deferred offering costs are first allocated to each issuance of a security on a pro-rata basis equal to the ratio of the number of securities issued in a given issuance to the maximum number of securities that are expected to be issued in the related offering. In the case of the Series A Preferred Stock issued prior to February 2020, the issuance-specific offering costs and the deferred offering costs allocated to such issuance were further allocated to the Series A Preferred Stock and Series A Preferred Warrants issued in such issuance based on the relative fair value of the instruments on the date of issuance. The deferred offering costs allocated to the Series A Preferred Stock and Series A Preferred Warrants are reductions to temporary equity and permanent equity, respectively. Deferred financing costs related to the securing of a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities.
Redeemable Preferred Stock	Redeemable Preferred Stock—Beginning on the date of original issuance of any given shares of Series A1 Preferred Stock, par value $0.001 per share (“Series A1 Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series A1 Preferred Stock Stated Value”), Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), or Series D Preferred Stock, par value $0.001 per share (“Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”), the holder of such shares has the right to require the Company to redeem such shares, subject to certain limitations as discussed in Note 11. The Company records the activity related to the Series A1 Preferred Stock, Series A Preferred Warrants and Series D Preferred Stock in permanent equity. In the event a holder of Series A Preferred Stock requests redemption of such shares and such redemption takes place prior to the first anniversary of the date of original issuance, the Company is required to pay such redemption in cash. As a result, the Company recorded issuances of Series A Preferred Stock in temporary equity. On the first anniversary of the date of original issuance of a particular share of Series A Preferred Stock, the Company reclassifies such share of Series A Preferred Stock from temporary equity to permanent equity because the feature giving rise to temporary equity classification, the requirement to satisfy redemption requests in cash, lapses on the first anniversary date.
Noncontrolling Interests	Noncontrolling Interests —Noncontrolling interests represent the interests in various properties owned by third-parties.
Restricted Cash	Restricted Cash —The Company’s mortgage loan and hotel management agreements provide for depositing cash into restricted accounts reserved for capital expenditures, free rent, tenant improvement and leasing commission obligations. Restricted cash also includes cash required to be segregated in connection with certain of the Company’s loans receivable and with its SBA 7(a) loan-backed notes.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases such estimates on historical experience, information available at the time, and assumptions the Company believes to be reasonable under the circumstances at such time. Actual results could differ from those estimates.
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.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Investments in Real Estate	Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: Buildings and improvements 15 - 40 years Furniture, fixtures, and equipment 3 - 5 years Tenant improvements Lesser of useful life or lease term
Schedule of Recognized Rental Income	For the three and six months ended June 30, 2023 and 2022, the Company recognized rental income as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental and other property income Fixed lease payments (1) $ 15,198 $ 11,561 $ 27,672 $ 23,184 Variable lease payments (2) 2,854 2,633 5,266 5,106 Rental and other property income $ 18,052 $ 14,194 $ 32,938 $ 28,290 ______________________ (1) Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above-market leases, below-market leases and lease incentives. (2) Variable lease payments include expense reimbursements billed to tenants and percentage rent, net of bad debt expense from the Company’s operating leases plus cash payments from tenants deemed not probable of collection.
Schedule of Reconciliation of Hotel Revenue	Below is a reconciliation of the hotel revenue from contracts with customers to the total hotel segment revenue disclosed in Note 17 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Hotel properties Hotel income $ 11,182 $ 9,107 $ 22,105 $ 16,511 Rental and other property income 402 448 892 822 Interest and other income 84 21 163 36 Hotel revenues $ 11,668 $ 9,576 $ 23,160 $ 17,369
Schedule of Deferred Rent Receivables and Charges, Net	As of June 30, 2023 and December 31, 2022, deferred rent receivable and charges consist of the following (in thousands): June 30, 2023 December 31, 2022 Deferred rent receivable $ 17,807 $ 20,949 Deferred leasing costs, net of accumulated amortization of $9,794 and $9,637, respectively 7,293 8,319 Deferred offering costs 5,389 5,664 Deferred financing costs, net of accumulated amortization of $395 and $30, respectively 1,793 2,120 Other deferred costs 491 491 Deferred rent receivable and charges, net $ 32,773 $ 37,543

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	6 Months Ended
INVESTMENTS IN REAL ESTATE (Tables)	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate consist of the following (in thousands): June 30, 2023 December 31, 2022 Land $ 175,709 $ 151,727 Land improvements 5,887 1,837 Buildings and improvements 632,866 455,275 Furniture, fixtures, and equipment 12,531 4,339 Tenant improvements 30,322 34,372 Work in progress 14,464 12,863 Investments in real estate 871,779 660,413 Accumulated depreciation (159,931) (158,407) Net investments in real estate $ 711,848 $ 502,006 The Company sold an interest in the following property during the six months ended June 30, 2023. Asset Date of Interest Sales Gain on Property Type Sale Sold Price Sale (in thousands) 4750 Wilshire Boulevard (1) Office / Multifamily February 17, 2023 80.0 % $ 34,400 $ 1,104
Schedule of Asset Acquisitions	During the six months ended June 30, 2023, the Company acquired an interest in the following properties from subsidiaries indirectly wholly-owned by a fund that is managed by affiliates of CIM Group Management, LLC. The purchases were accounted for as asset acquisitions. Asset Date of Interest Purchase Property Type Acquisition Units Acquired Price (in thousands) Channel House Multifamily (1) January 31, 2023 333 89.4 % $ 134,615 F3 Land Site Multifamily (1) January 31, 2023 N/A 89.4 % $ 250 466 Water Street Land Site Multifamily (1) January 31, 2023 N/A 89.4 % $ 2,500 1150 Clay Multifamily (2) March 28, 2023 288 98.1 % $ 145,500 (1) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of these property totaled $37,000, which are not included in the purchase prices above. The building at Channel House also includes approximately 1,864 square feet of retail space. The F3 Land Site is c urrently being utilized as a surface parking lot. (2) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $149,000, which are not included in the purchase price above. The building also includes approximately 3,968 square feet of retail space. Asset Date of Purchase Property Type Acquisition Square Feet Price (in thousands) 3022 S Western Avenue, Los Angeles, CA (1) (3) Multifamily (3) May 20, 2022 6,000 $ 5,650 3101 S Western Avenue, Los Angeles, CA (2) (4) Multifamily Development Site (4) February 11, 2022 3,752 $ 2,260 (1) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $192,000, which are not included in the purchase price above. (2) Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $22,000, which are not included in the purchase price above. (3) The property is located on a land site of approximately 28,300 square feet. The Company intends to entitle the property and develop approximately 119 residential units. (4) The property is located on a land site of approximately 11,300 square feet. The Company intends to entitle the property and develop approximately 40 residential units.
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 six months ended June 30, 2023 and 2022. Six months ended June 30, 2023 2022 (in thousands) Land $ 36,613 $ 7,907 Land improvements 4,523 52 Buildings and improvements 206,717 156 Furniture, fixtures, and equipment 8,140 — Acquired in-place leases (1) 27,210 — Acquired above-market leases (2) 71 — Acquired below-market leases (3) (223) — Net assets acquired $ 283,051 $ 8,115 (1) The amortization period for the acquired in-place leases was approximately 6 months at the date of acquisition. (2) The amortization period for the acquired above-market leases was approximately 7 months at the date of acquisition. (3) The amortization period for the acquired below-market leases was approximately 5 months at the date of acquisition.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	6 Months Ended
INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Investments in Unconsolidated Entities	The following table details the Company’s equity method investments in its Unconsolidated Joint Ventures. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (dollars in thousands): Carrying Value Property Asset Type Location Acquisition Date Ownership Interest June 30, 2023 December 31, 2022 1910 Sunset Boulevard (1) Office Los Angeles, CA February 11, 2022 44.2% $ 12,100 $ 12,381 4750 Wilshire Boulevard (2) Office / Multifamily Los Angeles, CA February 17, 2023 20.0% 8,111 — 1902 Park Avenue (3) Multifamily Los Angeles, CA February 28, 2023 50.0% 7,314 — Total investments in unconsolidated entities $ 27,525 $ 12,381 ______________________ (1) 1910 Sunset Boulevard is an office building with 96,406 square feet of office space and 2,760 square feet of retail space The plan for the property is to undertake a capital improvement program to renovate and modernize the building into creative office space as well as a limited number of multifamily units. (2) 4750 Wilshire Boulevard is a three-story office building with 30,335 square feet of office space located on the first floor. The remainder of the building is being converted into for-lease multifamily units. (3) 1902 Park Avenue is a 75-unit four-story multifamily building.

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	6 Months Ended
LOANS RECEIVABLE (Tables)	Jun. 30, 2023
Receivables [Abstract]
Schedule of Loans Receivable, Net	Loans receivable consist of the following (in thousands): June 30, 2023 December 31, 2022 SBA 7(a) loans receivable, subject to credit risk $ 4,380 $ 56,116 SBA 7(a) loans receivable, subject to loan-backed notes 50,471 — SBA 7(a) loans receivable, subject to secured borrowings 5,391 6,127 SBA 7(a) loans receivable, held for sale 729 117 Loans receivable 60,971 62,360 Deferred capitalized costs, net 1,193 1,293 Loan loss reserves (1) (1,713) (1,106) Loans receivable, net $ 60,451 $ 62,547 ____________________ (1) On January 1, 2023, the Company adopted ASU 2016-13. As such, the amounts as of June 30, 2023 reflect the Company’s current estimate of potential credit losses related to the Company’s loans receivable .
Schedule of Allowance for Credit Losses	The following table presents the activity in the Company’s current expected credit losses for the six months ended June 30, 2023 (dollar amounts in thousands): Loans Receivable Allowance for credit losses as of December 31, 2022 $ 1,106 Transition adjustment on January 1, 2023 783 Reserve for expected credit losses 51 Current expected credit losses as of March 31, 2023 1,940 Write-offs (85) Reserve for expected credit losses (142) Current expected credit losses as of June 30, 2023 $ 1,713

OTHER INTANGIBLE ASSETS AND L_2

OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)	6 Months Ended
OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion	A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of June 30, 2023 and December 31, 2022 is as follows (in thousands): June 30, 2023 December 31, 2022 Intangible assets: Acquired in-place leases, net of accumulated amortization of $25,928 and $7,795, respectively, with an average useful life of 2 and 8 years, respectively. $ 10,566 $ 1,488 Acquired above-market leases, net of accumulated amortization of $97 and $39, respectively, with an average useful life of 3 and 6 years, respectively 29 16 Trade name and license 2,957 2,957 Total intangible assets, net $ 13,552 $ 4,461 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $173 and $22, respectively, both with an average useful life of 1 year $ 93 $ 20
Schedule of Amortization of Acquired Leases	During the three and six months ended June 30, 2023 and 2022, the Company recognized amortization related to its intangible assets and liabilities as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Acquired above-market lease amortization $ 34 $ 3 $ 58 $ 6 Acquired in-place lease amortization $ 14,005 $ 195 $ 18,132 $ 433 Acquired below-market lease amortization $ 141 $ 60 $ 150 $ 129
Schedule of Future Amortization and Accretion of Acquired Intangible Assets and Liabilities	A schedule of future amortization and accretion of acquired intangible assets and liabilities as of June 30, 2023, is as follows (in thousands): Assets Liabilities Years Ending December 31, Acquired Acquired Acquired 2023 $ 23 $ 9,581 $ (93) 2024 5 374 — 2025 1 171 — 2026 — 123 — 2027 — 123 — Thereafter — 194 — $ 29 $ 10,566 $ (93)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt Activity	The following table summarizes the debt balances as of June 30, 2023 and December 31, 2022, and the debt activity for the six months ended June 30, 2023 (in thousands): During the Six Months Ended June 30, 2023 Balances as of December 31, 2022 Debt Issuances & Assumptions Repayments Accretion & (Amortization) Balances as of June 30, 2023 Mortgages Payable: Fixed rate mortgage payable $ 97,100 $ — $ — $ — $ 97,100 Variable rate mortgages payable — 181,733 (16,000) — 165,733 97,100 181,733 (16,000) — 262,833 Deferred debt origination costs — Mortgages Payable (94) (1,855) — 484 (1,465) Total Mortgages Payable 97,006 179,878 (16,000) 484 261,368 Secured Borrowings — Government Guaranteed Loans: Outstanding Balance 5,979 — (708) — 5,271 Unamortized premiums 258 — — (31) 227 Total Secured Borrowings — Government Guaranteed Loans 6,237 — (708) (31) 5,498 Other Debt: 2022 credit facility revolver — 222,000 (130,000) — 92,000 2022 credit facility term loan 56,230 — — — 56,230 Junior subordinated notes 27,070 — — — 27,070 SBA 7(a) loan-backed notes — 54,141 (5,162) — 48,979 Deferred debt origination costs — other (779) (1,312) — 196 (1,895) Discount on junior subordinated notes (1,497) — — 49 (1,448) Total Other Debt 81,024 274,829 (135,162) 245 220,936 Total Debt, Net $ 184,267 $ 454,707 $ (151,870) $ 698 $ 487,802
Schedule of Future Principal Payments on Debt	Future principal payments on the Company’s debt (face value) as of June 30, 2023 are as follows (in thousands): Years Ending December 31, Mortgage Payable Secured Borrowings Principal (1) 2022 Credit Facility Other (1) (2) Total 2023 (Six months ending December 31, 2023) $ — $ 179 $ — $ 3,875 $ 4,054 2024 78,733 255 — 8,576 87,564 2025 87,000 275 148,230 7,767 243,272 2026 97,100 296 — 7,047 104,443 2027 — 319 — 6,436 6,755 Thereafter — 3,947 — 42,348 46,295 $ 262,833 $ 5,271 $ 148,230 $ 76,049 $ 492,383 ______________________ (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.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Cap Derivatives	The following table summarizes the terms of the Company’s interest rate cap agreements as of June 30, 2023 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets as of Balance Sheet Amount as of Strike Effective Maturity June 30, Location June 30, 2023 Rates (1) Dates Dates 2023 Interest Rate Caps Other assets $ 165,733 2.5% to 4.5% 8/07/2022 to 5/03/2023 6/07/2024 to 7/07/2025 $ 3,590 ____________________________________ (1) The index used for the Company’s interest rate cap agreements is 1-Month Term SOFR.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	6 Months Ended
STOCK-BASED COMPENSATION PLANS (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Granted Awards of Restricted Shares of Common Stock to each Independent Members of the Board of Directors	Under the 2015 Equity Incentive Plan, the Company granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors as follows: Grant Date (1) Vesting Date Restricted Shares of Common Stock - Individual Restricted Shares of Common Stock - Aggregate May 2021 May 2022 (2) 5,083 20,332 June 2022 June 2023 7,746 30,984 ______________________ (1) Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $37,000 and $37,000 for the three months ended June 30, 2023 and 2022, respectively, and $92,000 and $92,000 for the six months ended June 30, 2023 and 2022.

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
EARNINGS PER SHARE ("EPS") (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations	The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (23,815) $ (2,349) $ (36,530) $ (5,160) Redeemable preferred stock dividends declared on dilutive shares — — — — Diluted net loss attributable to common stockholders $ (23,815) $ (2,349) $ (36,530) $ (5,160) Denominator: Basic weighted average shares of Common Stock outstanding 22,707 23,353 22,707 23,351 Effect of dilutive securities—contingently issuable shares — — — — Diluted weighted average shares and common stock equivalents outstanding 22,707 23,353 22,707 23,351 Net loss attributable to common stockholders per share: Basic $ (1.05) $ (0.10) $ (1.61) $ (0.22) Diluted $ (1.05) $ (0.10) $ (1.61) $ (0.22)

REDEEMABLE PREFERRED STOCK (Tab

REDEEMABLE PREFERRED STOCK (Tables)	6 Months Ended
REDEEMABLE PREFERRED STOCK (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity	The table below provides information regarding the issuances, reclassifications and redemptions of each class of the Company’s preferred stock in permanent equity during the three and six months ended June 30, 2023 and 2022 (dollar amounts in thousands): Preferred Stock Series A1 Series A Series D Series L Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balances, December 31, 2021 — $ — 6,271,337 $ 156,431 56,857 $ 1,396 5,387,160 $ 152,834 11,715,354 $ 310,661 Reclassification of Series A Preferred stock to permanent equity — — 329,921 8,304 — — — — 329,921 8,304 Redemption of Series A Preferred Stock — — (49,341) (1,228) — — — — (49,341) (1,228) Balances, March 31, 2022 — $ — 6,551,917 $ 163,507 56,857 $ 1,396 5,387,160 $ 152,834 11,995,934 $ 317,737 Issuance of Series A1 Preferred Stock 192,440 4,770 — — — — — — 192,440 4,770 Reclassification of Series A Preferred stock to permanent equity — — 430,082 10,857 — — — — 430,082 10,857 Redemption of Series A Preferred Stock — — (88,225) (2,188) — — — — (88,225) (2,188) Balances, June 30, 2022 192,440 $ 4,770 6,893,774 $ 172,176 56,857 $ 1,396 5,387,160 $ 152,834 12,530,231 $ 331,176 Balances, December 31, 2022 5,956,147 $ 147,514 7,565,349 $ 189,048 48,857 $ 1,200 — $ — 13,570,353 $ 337,762 Issuance of Series A1 Preferred Stock 1,032,433 25,569 — — — — — — 1,032,433 25,569 Redemption of Series A1 Preferred Stock (12,870) (319) — — — — — — (12,870) (319) Reclassification of Series A Preferred stock to permanent equity — — 389,325 9,699 — — — — 389,325 9,699 Redemption of Series A Preferred Stock — — (189,753) (4,723) — — — — (189,753) (4,723) Balances, March 31, 2023 6,975,710 $ 172,764 7,764,921 $ 194,024 48,857 $ 1,200 — $ — 14,789,488 $ 367,988 Issuance of Series A1 Preferred Stock 1,195,589 29,582 — — — — — — 1,195,589 29,582 Redemption of Series A1 Preferred Stock (11,200) (277) — — — — — — (11,200) (277) Redemption of Series D Preferred Stock — — — — (410) (10) — — (410) (10) Reclassification of Series A Preferred stock to permanent equity — — 300,846 7,462 — — — — 300,846 7,462 Redemption of Series A Preferred Stock — — (183,809) (4,575) — — — — (183,809) (4,575) Balances, June 30, 2023 8,160,099 $ 202,069 7,881,958 $ 196,911 48,447 $ 1,190 — $ — 16,090,504 $ 400,170

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Cash Dividends Paid	Cash dividends per share of Common Stock paid in respect of the six months ended June 30, 2023 and 2022 consist of the following: Declaration Date Payment Date Type Cash Dividend Per Share of Common Stock June 27, 2023 July 24, 2023 Regular Quarterly $ 0.085 March 20, 2023 April 11, 2023 Regular Quarterly $ 0.085 June 10, 2022 July 5, 2022 Regular Quarterly $ 0.085 March 8, 2022 April 1, 2022 Regular Quarterly $ 0.085

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement Inputs	The following summarizes the ranges of discount rates and prepayment rates used to arrive at the estimated fair values of the Company’s loans receivable: June 30, 2023 December 31, 2022 Discount Rate Prepayment Rate Discount Rate Prepayment Rate SBA 7(a) loans receivable, subject to credit risk 11.00% - 11.25% 4.67% - 17.00% 11.00% - 11.25% 5.00% - 17.00% SBA 7(a) loans receivable, subject to loan-backed notes 11.00% - 11.25% 4.67% - 17.00% N/A N/A SBA 7(a) loans receivable, subject to secured borrowings 11.00% - 11.25% 5.00% - 17.00% 11.00% - 11.25% 5.00% - 17.00%
Schedule of Fair Values of Financial Instrument Not Recorded at Fair Value on a Recurring Basis	The estimated fair values of those financial instruments which are not recorded at fair value on a recurring basis on the Company’s consolidated balance sheets are as follows (dollar amounts in thousands): June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Level Assets: SBA 7(a) loans receivable, subject to credit risk $ 4,522 $ 4,541 $ 56,237 $ 58,432 3 SBA 7(a) loans receivable, subject to loan-backed notes $ 49,768 $ 52,418 $ — $ — 3 SBA 7(a) loans receivable, subject to secured borrowings $ 5,422 $ 5,497 $ 6,158 $ 6,237 3 SBA 7(a) loans receivable, held for sale $ 739 $ 781 $ 152 $ 126 3 Liabilities: Fixed rate mortgage payable (1) $ 97,100 $ 89,957 $ 97,100 $ 90,002 2, 3 Junior subordinated notes (1) $ 27,070 $ 25,185 $ 27,070 $ 25,067 3 ______________________

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	6 Months Ended
RELATED-PARTY TRANSACTIONS (Tables)	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Asset Management Fees Calculation	Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 fee was calculated (without giving effect to the Fee Waiver) as a percentage of the daily average adjusted fair value of CIM Urban’s assets as follows (dollar amounts in thousands): Daily Average Adjusted Fair Quarterly Fee From Greater of To and Including $ — $ 500,000 0.2500% $ 500,000 $ 1,000,000 0.2375% $ 1,000,000 $ 1,500,000 0.2250% $ 1,500,000 $ 4,000,000 0.2125% $ 4,000,000 $ 20,000,000 0.1000% The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2023 2022 2023 2022 Asset Management Fees: Asset management fees (1) $ 627 $ 920 $ 1,347 $ 1,841 Property Management Fees and Reimbursements: Property management fees (2) $ 551 $ 413 $ 1,028 $ 851 Onsite management and other cost reimbursements (3) $ 1,461 $ 806 $ 2,531 $ 1,231 Leasing commissions (4) $ 37 $ 27 $ 76 $ 105 Construction management fees (5) $ 52 $ 138 $ 170 $ 198 Development management reimbursements (6) $ 653 $ — $ 653 $ — Administrative Fees and Expenses: Expense reimbursements to related parties - corporate $ 677 $ 526 $ 1,205 $ 948 Lending Segment Expenses: Expense reimbursements to related parties - lending segment (7) $ 910 $ 604 $ 1,518 $ 1,073 Offering-Related Fees: Upfront dealer manager and trailing dealer manager fees (8) $ 370 $ 152 $ 690 $ 274 Non-issuance specific offering costs (9) $ 162 $ 50 $ 306 $ 89 ______________________ (1) The Company issued to the Operator 36,843 shares of Series A1 Preferred Stock in lieu of cash payment for the asset management fees incurred during the three months ended March 31, 2022. (2) Does not include the company’s share of the property management fees from the Unconsolidated Joint Ventures of $20,000 and and $37,000 for the three and six months ended June 30, 2023, respectively, and $11,000 and $15,000 for the three and six months ended June 30, 2022, respectively. (3) Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $112,000 and $141,000 for the three and six months ended June 30, 2023, respectively, and $21,000 and $33,000 for the three and six months ended June 30, 2022, respectively. (4) Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $2,000 and $14,000 for the three and six months ended June 30, 2023, respectively. (5) Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $55,000 and $59,000 for the three and six months ended June 30, 2023, respectively, and $2,000 and $3,000 for the three and six months ended June 30, 2022. (6) Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $187,000 for the three and six months ended June 30, 2023. (7) Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $30,000 and $61,000 for the three and six months ended June 30, 2023, respectively, and $105,000 and $174,000 for the three and six months ended June 30, 2022, respectively. (8) Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock. As of June 30, 2023 and December 31, 2022, due to related parties consisted of the following (in thousands): June 30, 2023 December 31, 2022 Asset management fees $ 634 $ 812 Property management fees and reimbursements 2,270 1,214 Expense reimbursements - corporate 680 466 Expense reimbursements - lending segment 681 124 Upfront dealer manager and trailing dealer manager fees 371 454 Non-issuance specific offering costs 98 17 Other amounts due (from) to the CIM Management Entities and certain of its affiliates (9) 68 Total due to related parties $ 4,725 $ 3,155

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Future Minimum Rental Revenue Under Long-Term Operating Leases	Future minimum rental revenue under long-term operating leases as of June 30, 2023, excluding tenant reimbursements of certain costs, are as follows (excludes unconsolidated properties, in thousands): Years Ending December 31, Total 2023 (Six months ending December 31, 2023) $ 31,246 2024 49,236 2025 30,060 2026 21,776 2027 14,294 Thereafter 47,803 $ 194,415

SEGMENT DISCLOSURE (Tables)

SEGMENT DISCLOSURE (Tables)	6 Months Ended
SEGMENT DISCLOSURE (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Net Operating Income (Loss)	The net operating income (loss) of the Company’s segments for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Office: Revenues $ 13,975 $ 14,077 $ 27,462 $ 28,182 Property expenses: Operating 6,369 6,402 12,892 12,523 General and administrative 57 35 157 125 Total property expenses 6,426 6,437 13,049 12,648 (Loss) income from unconsolidated entities (710) 260 (774) 380 Segment net operating income—office 6,839 7,900 13,639 15,914 Hotel: Revenues 11,668 9,576 23,160 17,369 Property expenses: Operating 7,543 6,305 14,882 11,676 General and administrative 12 24 20 52 Total property expenses 7,555 6,329 14,902 11,728 Segment net operating income—hotel 4,113 3,247 8,258 5,641 Multifamily: Revenues 4,078 — 5,301 — Property expenses: Operating 3,067 — 4,430 — General and administrative 295 — 312 — Total property expenses 3,362 — 4,742 — (Loss) income from unconsolidated entity (194) — 638 — Segment net operating income—multifamily 522 — 1,197 — Lending: Revenues 2,963 2,750 5,673 5,634 Lending expenses: Interest expense 1,315 119 1,560 226 Expense reimbursements to related parties—lending segment 910 604 1,518 1,073 General and administrative 214 338 713 898 Total lending expenses 2,439 1,061 3,791 2,197 Segment net operating income—lending 524 1,689 1,882 3,437 Total segment net operating income $ 11,998 $ 12,836 $ 24,976 $ 24,992
Schedule of Reconciliation of Segment Net Operating Income to Net Income Attributable to the Company	A reconciliation of segment net operating income to net income attributable to the Company for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total segment net operating income $ 11,998 $ 12,836 $ 24,976 $ 24,992 Interest and other income 76 — 76 — Asset management and other fees to related parties (627) (920) (1,347) (1,841) Expense reimbursements to related parties—corporate (677) (526) (1,205) (948) Interest expense (7,394) (2,284) (13,385) (4,347) General and administrative (1,106) (880) (2,407) (2,017) Transaction-related costs — — (3,360) — Depreciation and amortization (20,472) (4,974) (29,974) (9,978) Gain on sale of real estate — — 1,104 — (Loss) income before provision for income taxes (18,202) 3,252 (25,522) 5,861 Provision for income taxes (159) (321) (415) (628) Net (loss) income (18,361) 2,931 (25,937) 5,233 Net loss (income) attributable to noncontrolling interests 1,002 (9) 1,627 (14) Net (loss) income attributable to the Company $ (17,359) $ 2,922 $ (24,310) $ 5,219
Schedule of Segment Condensed Assets	The condensed assets for each of the segments as of June 30, 2023 and December 31, 2022, along with capital expenditures and loan originations for the six months ended June 30, 2023 and 2022, are as follows (in thousands): June 30, 2023 December 31, 2022 Condensed assets: Office $ 419,446 $ 471,677 Hotel 98,609 99,082 Multifamily 295,410 — Lending 82,807 76,148 Non-segment assets 23,423 43,341 Total assets $ 919,695 $ 690,248
Schedule of Segment Capital Expenditures and Loan Originations	Six Months Ended June 30, 2023 2022 Capital expenditures (1) and loan originations: Office $ 3,414 $ 4,304 Hotel 1,842 963 Multifamily 5,814 — Total capital expenditures 11,070 5,267 Loan originations 18,128 30,682 Total capital expenditures and loan originations $ 29,198 $ 35,949 ______________________ (1) Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Jun. 30, 2023 hotel $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares) \| shares	900,000,000	900,000,000
Preferred stock, shares authorized (in shares) \| shares	100,000,000
Hotel
Class of Stock [Line Items]
Number of real estate properties owned \| hotel	1
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25	$ 25

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Real Estate (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments in Real Estate
Impairment of real estate	$ 0	$ 0	$ 0	$ 0
Buildings and improvements \| Minimum
Investments in Real Estate
Estimated useful lives	15 years		15 years
Buildings and improvements \| Maximum
Investments in Real Estate
Estimated useful lives	40 years		40 years
Furniture, fixtures, and equipment \| Minimum
Investments in Real Estate
Estimated useful lives	3 years		3 years
Furniture, fixtures, and equipment \| Maximum
Investments in Real Estate
Estimated useful lives	5 years		5 years

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Lease incentives	$ 3,900,000		$ 3,900,000		$ 3,900,000
Lease incentives, accumulated amortization	3,100,000		3,100,000		3,000,000
Allowance for uncollectible accounts receivable	663,000		663,000		$ 387,000
Tenant recoveries outside of lease agreements	0	$ 0	0	$ 0
Remaining performance obligations	$ 0		$ 0

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recognized Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Fixed lease payments	$ 15,198	$ 11,561	$ 27,672	$ 23,184
Variable lease payments	2,854	2,633	5,266	5,106
Rental and other property income	$ 18,052	$ 14,194	$ 32,938	$ 28,290

BASIS OF PRESENTATION AND SUM_7

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Hotel Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Hotel income	$ 11,182	$ 9,107	$ 22,105	$ 16,511
Rental and other property income	18,052	14,194	32,938	28,290
Interest and other income	3,526	3,102	6,629	6,384
Total Revenues	32,760	26,403	61,672	51,185
Hotel properties
Disaggregation of Revenue [Line Items]
Hotel income	11,182	9,107	22,105	16,511
Rental and other property income	402	448	892	822
Interest and other income	84	21	163	36
Total Revenues	$ 11,668	$ 9,576	$ 23,160	$ 17,369

BASIS OF PRESENTATION AND SUM_8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized retained loan discounts	$ 8,700			$ 9,000
Loan receivable, nonaccrual, past due period (more than)	60 days
Cumulative-effective adjustment	$ 381,322	$ 378,682		362,033	$ 387,006	$ 377,460	$ 373,549
Allowance for credit losses	1,713	1,940		1,106
Distributions in Excess of Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment	$ (878,854)	$ (853,108)		(837,846)	$ (809,157)	$ (806,923)	$ (804,227)
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment				(619)
Allowance for credit losses				783
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2) \| Distributions in Excess of Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effective adjustment				$ (619)
CECL reserve transition gross			$ (783)
CECL reserve transition, deferred tax asset			$ 164

BASIS OF PRESENTATION AND SUM_9

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Rent Receivable and Charges (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred rent receivable	$ 17,807	$ 20,949
Deferred leasing costs, net of accumulated amortization of $9,794 and $9,637, respectively	7,293	8,319
Deferred offering costs	5,389	5,664
Deferred financing costs, net of accumulated amortization of $395 and $30, respectively	1,793	2,120
Other deferred costs	491	491
Deferred rent receivable and charges, net	32,773	37,543
Deferred leasing costs, accumulated amortization	9,794	9,637
Deferred loan costs, accumulated amortization	$ 395	$ 30

BASIS OF PRESENTATION AND SU_10

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Preferred Stock (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	25	25
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	25
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	$ 25

INVESTMENTS IN REAL ESTATE - Ne

INVESTMENTS IN REAL ESTATE - Net Investments in Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 175,709	$ 151,727
Land improvements	5,887	1,837
Buildings and improvements	632,866	455,275
Furniture, fixtures, and equipment	12,531	4,339
Tenant improvements	30,322	34,372
Work in progress	14,464	12,863
Investments in real estate	871,779	660,413
Accumulated depreciation	(159,931)	(158,407)
Net investments in real estate	$ 711,848	$ 502,006

INVESTMENTS IN REAL ESTATE - Na

INVESTMENTS IN REAL ESTATE - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) property
Real Estate [Abstract]
Depreciation expense \| $	$ 5.9	$ 4.2	$ 10.7	$ 8.4
Number of property dispositions \| property				0

INVESTMENTS IN REAL ESTATE - Tr

INVESTMENTS IN REAL ESTATE - Transactions (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 17, 2023 USD ($)	Jun. 30, 2023 USD ($) ft² unit	Jun. 30, 2022 USD ($) ft² unit	Jun. 30, 2023 USD ($) ft² unit	Jun. 30, 2022 USD ($) ft² unit
Business Acquisition [Line Items]
Gain on sale		$ 0	$ 0	$ 1,104	$ 0
Percentage of ownership acquired					100%
4750 Wilshire JV
Business Acquisition [Line Items]
Ownership Interest		20%		20%
Channel House
Business Acquisition [Line Items]
Units \| unit		333		333
Interest acquired		89.40%		89.40%
Purchase price				$ 134,615
Channel House \| Retail Site
Business Acquisition [Line Items]
Rentable area (square feet) \| ft²		1,864		1,864
F3 Land Site
Business Acquisition [Line Items]
Interest acquired		89.40%		89.40%
Purchase price				$ 250
466 Water Street Land Site
Business Acquisition [Line Items]
Interest acquired		89.40%		89.40%
Purchase price				$ 2,500
1150 Clay
Business Acquisition [Line Items]
Units \| unit		288		288
Interest acquired		98.10%		98.10%
Purchase price				$ 145,500
Transaction costs in acquisition of real estate				$ 149
1150 Clay \| Retail Site
Business Acquisition [Line Items]
Rentable area (square feet) \| ft²		3,968		3,968
466 Water Street Land Site, F3 Land Site and Channel House
Business Acquisition [Line Items]
Transaction costs in acquisition of real estate				$ 37
4750 Wilshire Boulevard
Business Acquisition [Line Items]
Interest sold				80%
Sales price		$ 34,400		$ 34,400
Gain on sale				1,104
Net proceeds	$ 16,700
Accounts receivable	$ 17,700			$ 5,200
Note receivable period	6 months
3022 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Units \| unit			119		119
Purchase price					$ 5,650
Transaction costs in acquisition of real estate					$ 192
Rentable area (square feet) \| ft²			6,000		6,000
Area of land (square feet) \| ft²			28,300		28,300
3101 S Western Avenue, Los Angeles, CA
Business Acquisition [Line Items]
Units \| unit			40		40
Purchase price					$ 2,260
Transaction costs in acquisition of real estate					$ 22
Rentable area (square feet) \| ft²			3,752		3,752
Area of land (square feet) \| ft²			11,300		11,300

INVESTMENTS IN REAL ESTATE - _2

INVESTMENTS IN REAL ESTATE - Net Assets Acquired (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Acquired below-market leases	$ (223)	$ 0
Net assets acquired	$ 283,051	8,115
Amortization period for acquired below market leases	5 months
Acquired in-place leases
Business Acquisition [Line Items]
Acquired leases	$ 27,210	0
Amortization period for the acquired leases	6 months
Acquired above-market leases
Business Acquisition [Line Items]
Acquired leases	$ 71	0
Amortization period for the acquired leases	7 months
Land
Business Acquisition [Line Items]
Property, plant, and equipment	$ 36,613	7,907
Land improvements
Business Acquisition [Line Items]
Property, plant, and equipment	4,523	52
Buildings and improvements
Business Acquisition [Line Items]
Property, plant, and equipment	206,717	156
Furniture, fixtures, and equipment
Business Acquisition [Line Items]
Property, plant, and equipment	$ 8,140	$ 0

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2023 USD ($) ft² Investor	Feb. 28, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² unit	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² unit	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities			$ 27,525		$ 27,525		$ 12,381
(Loss) income from unconsolidated entities			$ (904)	$ 260	$ (136)	$ 380
Property In Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 22,400
Corporate Joint Venture \| Property In Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Purchase price		$ 51,000
Corporate Joint Venture \| Mortgages Payable \| Property In Los Angeles, California
Schedule of Equity Method Investments [Line Items]
Aggregate principal amount								$ 23,900
1910 Sunset Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest			44.20%		44.20%
Total investments in unconsolidated entities			$ 12,100		$ 12,100		12,381
(Loss) income from unconsolidated entities			$ (220)		$ (281)	$ 380
1910 Sunset Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²			96,406		96,406
1910 Sunset Boulevard \| Retail Site
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²			2,760		2,760
4750 Wilshire Boulevard
Schedule of Equity Method Investments [Line Items]
Ownership Interest			20%		20%
Total investments in unconsolidated entities			$ 8,111		$ 8,111		0
Percentage of interest acquired	20%
4750 Wilshire Boulevard \| Three Co-Investors
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 34,400
Number of investors \| Investor	3
Percentage of interest acquired	80%
4750 Wilshire Boulevard \| Office Building
Schedule of Equity Method Investments [Line Items]
Rentable area (square feet) \| ft²	30,335		30,335		30,335
4750 Wilshire Boulevard \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated entities			$ 8,100		$ 8,100
Conversion cost	$ 31,000
4750 Wilshire Boulevard \| Corporate Joint Venture \| Mortgages Payable
Schedule of Equity Method Investments [Line Items]
Mortgage payable assumed	$ 38,500
1902 Park Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest			50%		50%
Total investments in unconsolidated entities			$ 7,314		$ 7,314		$ 0
1902 Park Avenue \| Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate property units \| unit			75		75
1902 Park Avenue \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50%
Total investments in unconsolidated entities			$ 7,300		$ 7,300
Purchase price	$ 19,100
(Loss) income from unconsolidated entities			$ (194)		$ 638
4750 Wilshire JV
Schedule of Equity Method Investments [Line Items]
Ownership Interest			20%		20%
4750 Wilshire JV \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
(Loss) income from unconsolidated entities			$ (490)		$ (493)

LOANS RECEIVABLE- Loans Receiva

LOANS RECEIVABLE- Loans Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 60,971		$ 62,360
Deferred capitalized costs, net	1,193		1,293
Loan loss reserves	(1,713)	$ (1,940)	(1,106)
Loans receivable, net	60,451		62,547
SBA 7(a) loans receivable, subject to credit risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	4,380		56,116
SBA 7(a) loans receivable, subject to loan-backed notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	50,471		0
SBA 7(a) loans receivable, subject to secured borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	5,391		6,127
SBA 7(a) loans receivable, held for sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable	$ 729		$ 117

LOANS RECEIVABLE - Allowance fo

LOANS RECEIVABLE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses as of December 31, 2022	$ 1,940	$ 1,106	$ 1,106
Write-offs	(85)		(85)
Reserve for expected credit losses	(142)	51
Current expected credit losses as of June 30, 2023	$ 1,713	1,940	1,713
Transition adjustment on January 1, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses as of December 31, 2022		$ 783	$ 783

LOANS RECEIVABLE - Narrative (D

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for expected credit losses	$ (142)	$ 51
Decrease in credit losses	142		$ 91
Write-offs	85		85
Allowance for credit losses	1,713	$ 1,940	1,713	$ 1,106
Loans receivable, net	$ 60,451		$ 60,451	$ 62,547
SBA 7(A) Loans, Paycheck Protection Program, CARES Act
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, percent current	99.40%		99.40%	98.40%
SBA 7(A) Loans, Paycheck Protection Program, CARES Act \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,100		$ 1,100	$ 1,000
Accounts Receivable \| Customer Concentration Risk \| Hospitality Industry
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk			100%	99.90%
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses				$ 783
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2) \| Distributions in Excess of Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
CECL reserve transition gross					$ (783)
CECL reserve transition, deferred tax asset					$ 164

OTHER INTANGIBLE ASSETS AND L_3

OTHER INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities and Related Accumulated Amortization and Accretion (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Intangible assets:
Total intangible assets, net	$ 13,552	$ 4,461
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization	$ 173	$ 22
Acquired finite lived intangible lease assets average useful life	1 year	1 year
Acquired below-market leases, net of accumulated amortization of $173 and $22, respectively, both with an average useful life of 1 year	$ 93	$ 20
Acquired below-market leases
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $173 and $22, respectively, both with an average useful life of 1 year	93	20
Acquired in-place leases
Intangible assets:
Intangible lease assets, net of accumulated amortization	$ 25,928	$ 7,795
Acquired finite lived intangible lease assets average useful life	2 years	8 years
Total intangible assets, net	$ 10,566	$ 1,488
Acquired above-market leases
Intangible assets:
Intangible lease assets, net of accumulated amortization	$ 97	$ 39
Acquired finite lived intangible lease assets average useful life	3 years	6 years
Total intangible assets, net	$ 29	$ 16
Trade name and license
Intangible assets:
Total intangible assets, net	$ 2,957	$ 2,957

OTHER INTANGIBLE ASSETS AND L_4

OTHER INTANGIBLE ASSETS AND LIABILITIES - Amortization of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Acquired below-market lease amortization	$ 141	$ 60	$ 150	$ 129
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	34	3	58	6
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Acquired leases amortization	$ 14,005	$ 195	$ 18,132	$ 433

OTHER INTANGIBLE ASSETS AND L_5

OTHER INTANGIBLE ASSETS AND LIABILITIES - Future Amortization and Accretion of Acquisition Related Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Net	$ 13,552	$ 4,461
Liabilities
Net	(93)	(20)
Acquired Below-Market Leases
Liabilities
2023	(93)
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Net	(93)	(20)
Acquired Above-Market Leases
Assets
2023	23
2024	5
2025	1
2026	0
2027	0
Thereafter	0
Net	29	16
Acquired In-Place Leases
Assets
2023	9,581
2024	374
2025	171
2026	123
2027	123
Thereafter	194
Net	$ 10,566	$ 1,488

DEBT - Debt Activity (Details)

DEBT - Debt Activity (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT - Debt Activity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt [Roll Forward]
Payment of deferred debt origination costs	$ (3,167)	$ 0
Repayments	(151,870)
Accretion & (Amortization)	1,025	580
Amortization of debt discount (premium)	18	$ 13
Accretion & (Amortization)	698
Net proceeds	454,707
Total Debt	487,802		$ 184,267
Outstanding, ending balance	492,383
Mortgages Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Deferred debt origination costs — other	(1,465)		(94)
Debt Issuances & Assumptions	181,733
Payment of deferred debt origination costs	(1,855)
Repayments	(16,000)
Accretion & (Amortization)	484
Net proceeds	179,878
Total Debt	261,368		97,006
Outstanding, ending balance	262,833
Mortgages Payable \| Fixed Rate Mortgage Payable
Debt [Roll Forward]
Outstanding, beginning balance	97,100
Outstanding, ending balance	97,100
Mortgages Payable \| Variable Rate Mortgages Payable
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	181,733
Repayments	(16,000)
Outstanding, ending balance	165,733
Secured Borrowings - Government Guaranteed Loans
Debt [Roll Forward]
Outstanding, beginning balance	5,979
Premiums (discounts), beginning balance	258
Repayments	(708)
Amortization of debt discount (premium)	(31)
Premiums (discounts), ending balance	227
Total Debt	5,498		6,237
Outstanding, ending balance	5,271
Other Debt
Debt [Roll Forward]
Repayments	(135,162)
Accretion & (Amortization)	245
Net proceeds	274,829
Total Debt	220,936		81,024
Outstanding, ending balance	76,049
Line of Credit \| Revolving Credit Facility
Debt [Roll Forward]
Outstanding, ending balance	148,230
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility 2022
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	222,000
Repayments	(130,000)
Outstanding, ending balance	92,000
Line of Credit \| Secured Borrowings Principal
Debt [Roll Forward]
Outstanding, beginning balance	56,230
Outstanding, ending balance	56,230
Junior subordinated notes
Debt [Roll Forward]
Outstanding, beginning balance	27,070
Premiums (discounts), beginning balance	(1,497)
Accretion & (Amortization)	49
Premiums (discounts), ending balance	(1,448)
Outstanding, ending balance	27,070
SBA 7(a) loan-backed notes
Debt [Roll Forward]
Outstanding, beginning balance	0
Debt Issuances & Assumptions	54,141
Repayments	(5,162)
Outstanding, ending balance	48,979
Deferred loan costs — other debt
Debt [Roll Forward]
Deferred debt origination costs — other	(1,895)		$ (779)
Payment of deferred debt origination costs	(1,312)
Accretion & (Amortization)	$ 196

DEBT - Mortgage Payable and Sec

DEBT - Mortgage Payable and Secured Borrowings Government Guaranteed Loans Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Mortgages Payable \| Fixed Rate Mortgage Payable
Debt Instrument [Line Items]
Fixed interest rate	4.14%
Mortgages Payable \| Variable Rate Mortgages Payable \| SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate margin	3.25%
Mortgages Payable \| Variable Rate Mortgages Payable \| SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate margin	3.35%
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread
Debt Instrument [Line Items]
Excess spread	$ 3
Weighted average rate	8.54%
Secured borrowing principal on SBA 7(a) loans sold for excess spread
Debt Instrument [Line Items]
Excess spread	$ 2.3
Weighted average rate	6.32%

DEBT - 2022 Revolving Credit Fa

DEBT - 2022 Revolving Credit Facility and 2022 Unsecured Revolving Credit Facility Narrative (Details)	1 Months Ended
	Dec. 31, 2022 USD ($) hotel office_property	Jun. 30, 2023 USD ($) extension hotel
Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel		1
Line of Credit \| Revolving Credit Facility 2022
Debt Instrument [Line Items]
Effective interest rate		7.69%
Number of extension option \| extension		2
Extension option, term	1 year
Extension fee (as percent)	0.15%
Line of Credit \| Revolving Credit Facility 2022 \| Base Rate
Debt Instrument [Line Items]
Interest rate margin	150%
Line of Credit \| Revolving Credit Facility 2022 \| SOFR
Debt Instrument [Line Items]
Interest rate margin	2.60%
Line of Credit \| Revolving Credit Facility 2022 \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Amount available for future borrowings	$ 150,000,000	$ 58,000,000
Line of Credit \| Revolving Credit Facility 2022 \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fee	0.15%
Line of Credit \| Revolving Credit Facility 2022 \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee	0.25%
Line of Credit \| Revolving Credit Facility 2022 \| Secured Borrowings Principal
Debt Instrument [Line Items]
Aggregate principal amount	$ 56,200,000
Line of Credit \| Revolving Credit Facility 2022 \| Secured Borrowings Principal \| Office properties
Debt Instrument [Line Items]
Number of real estate properties owned \| office_property	6
Line of Credit \| Revolving Credit Facility 2022 \| Secured Borrowings Principal \| Hotel
Debt Instrument [Line Items]
Number of real estate properties owned \| hotel	1

DEBT - Junior Subordinated Note

DEBT - Junior Subordinated Notes and SBA 7(a) Loan-Backed Notes Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 09, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Restricted cash		$ 23,783	$ 11,290	$ 11,208
Accrued interest and unused commitment fee payable		$ 1,700	$ 562
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	$ 54,100
Maximum borrowing capacity	$ 43,300
Effective interest rate		7.83%
Restricted cash		$ 7,300
SBA 7(a) loan-backed notes \| SOFR
Debt Instrument [Line Items]
Interest rate margin	2.90%
SBA 7(a) loan-backed notes \| Prime Rate
Debt Instrument [Line Items]
Interest rate margin	0.35%

DEBT - Future Principal Payment

DEBT - Future Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023 (Six months ending December 31, 2023)	$ 4,054
2024	87,564
2025	243,272
2026	104,443
2027	6,755
Thereafter	46,295
Total Debt	492,383
Mortgages Payable
Debt Instrument [Line Items]
2023 (Six months ending December 31, 2023)	0
2024	78,733
2025	87,000
2026	97,100
2027	0
Thereafter	0
Total Debt	262,833	$ 97,100
Secured Borrowings Principal
Debt Instrument [Line Items]
2023 (Six months ending December 31, 2023)	179
2024	255
2025	275
2026	296
2027	319
Thereafter	3,947
Total Debt	5,271	$ 5,979
Line of Credit \| 2022 Credit Facility
Debt Instrument [Line Items]
2023 (Six months ending December 31, 2023)	0
2024	0
2025	148,230
2026	0
2027	0
Thereafter	0
Total Debt	148,230
Other
Debt Instrument [Line Items]
2023 (Six months ending December 31, 2023)	3,875
2024	8,576
2025	7,767
2026	7,047
2027	6,436
Thereafter	42,348
Total Debt	$ 76,049

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 mortgage_loan interest_rate_cap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of mortgage loans assumed \| mortgage_loan	2
Interest Rate Cap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Number of derivative assets held \| interest_rate_cap	2

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Interest Rate Cap Derivatives (Details) - Interest Rate Cap $ in Thousands	Jun. 30, 2023 USD ($)
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Outstanding Notional Amount	$ 165,733
Fair Value of Assets	$ 3,590
Minimum \| SOFR
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	2.50%
Maximum \| SOFR
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Strike Rates	4.50%

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Details) - Restricted Stock - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2022	May 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 0		$ 0
Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares of Common Stock - Individual (in shares)	7,746	5,083
Restricted Shares of Common Stock - Aggregate (in shares)	30,984	20,332
Award vesting period					1 year
Stock-based compensation expense			$ 37	$ 37	$ 92	$ 92

EARNINGS PER SHARE ('EPS") - Na

EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	3 Months Ended		6 Months Ended
EARNINGS PER SHARE ('EPS") - Narrative (Details) - shares	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive share (in shares)	0	0	0	0
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive share (in shares)			0
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive share (in shares)			0
Series A1 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive share (in shares)			0

EARNINGS PER SHARE (''EPS'') -

EARNINGS PER SHARE (''EPS'') - Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (23,815)	$ (2,349)	$ (36,530)	$ (5,160)
Redeemable preferred stock dividends declared on dilutive shares	0	0	0	0
Diluted net loss attributable to common stockholders	$ (23,815)	$ (2,349)	$ (36,530)	$ (5,160)
Denominator:
Basic weighted average shares of common stock outstanding (in shares)	22,707	23,353	22,707	23,351
Effect of dilutive securities—contingently issuable shares (in shares)	0	0	0	0
Diluted weighted average shares and common stock equivalents outstanding (in shares)	22,707	23,353	22,707	23,351
Net loss attributable to common stockholders per share:
Basic (in usd per share)	$ (1.05)	$ (0.10)	$ (1.61)	$ (0.22)
Diluted (in usd per share)	$ (1.05)	$ (0.10)	$ (1.61)	$ (0.22)

REDEEMABLE PREFERRED STOCK - Is

REDEEMABLE PREFERRED STOCK - Issuances, Reclassifications and Redemptions for each class of Preferred Stock in Permanent Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		81 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 378,682	$ 362,033	$ 377,460	$ 373,549	$ 362,033	$ 373,549
Reclassification of Series A Preferred stock to permanent equity					15,616	17,335	$ 199,600
Ending balance	$ 381,322	$ 378,682	$ 387,006	$ 377,460	$ 381,322	$ 387,006	$ 381,322
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	14,789,488	13,570,353	11,995,934	11,715,354	13,570,353	11,715,354
Beginning balance	$ 367,988	$ 337,762	$ 317,737	$ 310,661	$ 337,762	$ 310,661
Ending balance (in shares)	16,090,504	14,789,488	12,530,231	11,995,934	16,090,504	12,530,231	16,090,504
Ending balance	$ 400,170	$ 367,988	$ 331,176	$ 317,737	$ 400,170	$ 331,176	$ 400,170
Series A1 Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		5,956,147			5,956,147
Issuance of Series A1 Preferred Stock	26,985	$ 23,278	$ 4,354
Redemption of Preferred Stock	$ (278)	$ (302)
Ending balance (in shares)	8,160,099				8,160,099		8,160,099
Series A1 Preferred Stock \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	6,975,710	5,956,147	0	0	5,956,147	0
Beginning balance	$ 172,764	$ 147,514	$ 0	$ 0	$ 147,514	$ 0
Issuance of Series A1 Preferred Stock (in shares)	1,195,589	1,032,433	192,440
Issuance of Series A1 Preferred Stock	$ 29,582	$ 25,569	$ 4,770
Redemption of Preferred Stock (in shares)	(11,200)	(12,870)
Redemption of Preferred Stock	$ (277)	$ (319)
Ending balance (in shares)	8,160,099	6,975,710	192,440	0	8,160,099	192,440	8,160,099
Ending balance	$ 202,069	$ 172,764	$ 4,770	$ 0	$ 202,069	$ 4,770	$ 202,069
Series A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		7,565,349			7,565,349
Reclassification of Series A Preferred stock to permanent equity	6,804	$ 8,812	9,668	7,667
Redemption of Preferred Stock	$ (4,465)	$ (4,682)	$ (2,093)	$ (1,195)
Ending balance (in shares)	7,881,958				7,881,958		7,881,958
Series A \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,764,921	7,565,349	6,551,917	6,271,337	7,565,349	6,271,337
Beginning balance	$ 194,024	$ 189,048	$ 163,507	$ 156,431	$ 189,048	$ 156,431
Reclassification of Series A Preferred stock to permanent equity (in shares)	300,846	389,325	430,082	329,921
Reclassification of Series A Preferred stock to permanent equity	$ 7,462	$ 9,699	$ 10,857	$ 8,304
Redemption of Preferred Stock (in shares)	(183,809)	(189,753)	(88,225)	(49,341)
Redemption of Preferred Stock	$ (4,575)	$ (4,723)	$ (2,188)	$ (1,228)
Ending balance (in shares)	7,881,958	7,764,921	6,893,774	6,551,917	7,881,958	6,893,774	7,881,958
Ending balance	$ 196,911	$ 194,024	$ 172,176	$ 163,507	$ 196,911	$ 172,176	$ 196,911
Series D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		48,857			48,857
Redemption of Preferred Stock	$ (10)
Ending balance (in shares)	48,447				48,447		48,447
Series D \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	48,857	48,857	56,857	56,857	48,857	56,857
Beginning balance	$ 1,200	$ 1,200	$ 1,396	$ 1,396	$ 1,200	$ 1,396
Redemption of Preferred Stock (in shares)	(410)
Redemption of Preferred Stock	$ (10)
Ending balance (in shares)	48,447	48,857	56,857	56,857	48,447	56,857	48,447
Ending balance	$ 1,190	$ 1,200	$ 1,396	$ 1,396	$ 1,190	$ 1,396	$ 1,190
Series L \| Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0	5,387,160	5,387,160	0	5,387,160
Beginning balance	$ 0	$ 0	$ 152,834	$ 152,834	$ 0	$ 152,834
Ending balance (in shares)	0	0	5,387,160	5,387,160	0	5,387,160	0
Ending balance	$ 0	$ 0	$ 152,834	$ 152,834	$ 0	$ 152,834	$ 0

REDEEMABLE PREFERRED STOCK - Se

REDEEMABLE PREFERRED STOCK - Series A1 and Series A Preferred Stock Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended		81 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jan. 31, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants					$ 10,000,000
Warrant right to purchase a share of common stock (in shares)									0.25
Net proceeds from issuance of preferred stock					51,024,000	$ 20,246,000
Redeemable preferred stock deemed dividends	$ 0		$ 4,000		0	19,000
Reclassification of Series A Preferred Stock from temporary equity to permanent equity					15,616,000	17,335,000	$ 199,600,000
Series A Preferred Warrants
Class of Stock [Line Items]
Gross proceeds from issuance of preferred stock and warrants					761,000
Issuance offering costs for preferred stock and warrants					142,000
Reclassification to deferred rent receivable and charges					$ 5,000
Number of warrants included in preferred stock unit (in shares)									1
Warrants issued (in shares)	4,603,287				4,603,287		4,603,287
Series A1 Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001				$ 0.001		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25				$ 25		$ 25	$ 25
Preferred stock, shares issued (in shares)	8,194,099				8,194,099		8,194,099	5,966,077
Gross proceeds from issuance of preferred stock and warrants					$ 197,900,000
Issuance offering costs for preferred stock and warrants					14,500,000
Reclassification to deferred rent receivable and charges					$ 2,700,000
Preferred stock, shares outstanding (in shares)	8,160,099				8,160,099		8,160,099	5,956,147
Preferred stock, shares redeemed (in shares)					34,000
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	7,994,099				7,994,099		7,994,099
Series A1 Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	200,000				200,000		200,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001				$ 0.001		$ 0.001	$ 0.001
Preferred stock, liquidation preference per share (in usd per share)	$ 25				$ 25		$ 25	$ 25
Preferred stock, shares issued (in shares)	8,820,338				8,820,338		8,820,338	8,126,597
Gross proceeds from issuance of preferred stock and warrants					$ 205,400,000
Issuance offering costs for preferred stock and warrants					17,000,000
Reclassification to deferred rent receivable and charges					$ 1,900,000
Preferred stock, shares outstanding (in shares)	7,881,958				7,881,958		7,881,958	7,565,349
Redeemable preferred stock deemed dividends	$ 0		4,000		$ 0	$ 19,000
Reclassification of Series A Preferred Stock from temporary equity to permanent equity	$ 6,804,000	$ 8,812,000	$ 9,668,000	$ 7,667,000
Series A Preferred Stock \| Preferred Stock, Shares Issued, One
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	8,251,657				8,251,657		8,251,657
Series A Preferred Stock \| Preferred Stock, Shares Issued, Two
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	568,681				568,681		568,681
Net proceeds from issuance of preferred stock					$ 0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	7,881,958				7,881,958		7,881,958
Preferred stock, shares redeemed (in shares)					938,380

REDEEMABLE PREFERRED STOCK - _2

REDEEMABLE PREFERRED STOCK - Series D Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 29, 2020	Jun. 28, 2020
Class of Stock [Line Items]
Non-issuance offering costs for preferred stock and warrants	$ 10,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	56,857	56,857
Preferred stock, shares outstanding (in shares)	48,447	48,857
Gross proceeds from issuance of preferred stock and warrants	$ 1,400
Issuance offering costs for preferred stock and warrants	35
Reclassification to deferred rent receivable and charges	$ 13
Preferred stock, shares redeemed (in shares)	8,410
Series D Preferred Stock \| Continuous Public Offering
Class of Stock [Line Items]
Purchase price (in usd per share)				$ 24.50	$ 25

REDEEMABLE PREFERRED STOCK - _3

REDEEMABLE PREFERRED STOCK - Series L Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended	14 Months Ended
	Sep. 15, 2022	Nov. 21, 2017	Jan. 31, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023
Class of Stock [Line Items]
Shares repurchased (in shares)				0			0			662,462
Redeemable preferred stock redemptions				$ 315		$ 106	$ 688	$ 181
Series L Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		8,080,740
Preferred stock, liquidation preference per share (in usd per share)		$ 28.37
Gross proceeds from sale of preferred stock		$ 229,300
Shares repurchased (in shares)	2,435,284
Purchase price (in usd per share)	$ 2.65
Stock repurchase program, percentage of discount	3.40%
Share price (in usd per share)	$ 27.40
Preferred dividends declared (in usd per share)	$ 1.12								$ 1.56
Aggregate value of accrued and unpaid dividends	$ 2,700								$ 4,600
Stock repurchase program, transactions costs	$ 700		$ 93
Stock repurchase program, price per share (in usd per share)	$ 0.29
Cost of shares repurchased	$ 70,100		$ 83,800
Redeemable preferred stock redemptions					$ 4,800

REDEEMABLE PREFERRED STOCK - Di

REDEEMABLE PREFERRED STOCK - Dividends Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 15,713	$ 14,038
Series A1 Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate	6%
Preferred dividend per share per quarter (in usd per share)	$ 0.3750
Dividend increase per year for failure to timely declare or pay dividends, maximum increase	2.50%
Payments on preferred stock dividends	$ 5,500	0
Series A Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate	5.50%
Preferred dividend per share per quarter (in usd per share)	$ 0.34375
Payments on preferred stock dividends	$ 5,600	5,600
Series D Preferred Stock
Class of Stock [Line Items]
Cumulative dividend rate	5.65%
Preferred dividend per share per quarter (in usd per share)	$ 0.35313
Payments on preferred stock dividends	$ 35	40
Series L Preferred Stock
Class of Stock [Line Items]
Payments on preferred stock dividends	$ 4,600	$ 8,400

REDEEMABLE PREFERRED STOCK - Re

REDEEMABLE PREFERRED STOCK - Redemptions Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 15, 2022 USD ($) $ / shares	Jan. 31, 2023 USD ($)	Jun. 30, 2023 day	Dec. 31, 2022 USD ($) $ / shares
Series A1 Preferred Stock
Class of Stock [Line Items]
Redemption term			24 months
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock redemption, trading days prior to redemption (in days) \| day			20
Series L Preferred Stock
Class of Stock [Line Items]
Stock repurchase program, transactions costs	$ 700	$ 93
Stock repurchase program, price per share (in usd per share) \| $ / shares	$ 0.29
Cost of shares repurchased	$ 70,100	$ 83,800
Preferred dividends declared (in usd per share) \| $ / shares	$ 1.12			$ 1.56
Aggregate value of accrued and unpaid dividends	$ 2,700			$ 4,600

STOCKHOLDERS' EQUITY - Cash Div

STOCKHOLDERS' EQUITY - Cash Dividends Paid (Details) - $ / shares

3 Months Ended

Jul. 24, 2023

Jun. 27, 2023

Apr. 11, 2023

Mar. 20, 2023

Jul. 05, 2022

Jun. 10, 2022

Apr. 01, 2022

Mar. 08, 2022

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Dividends Payable [Line Items]

Cash Dividend Per Share of Common Stock (in usd per share)

$ 0.085

Common Stock

Dividends Payable [Line Items]

Cash Dividend Per Share of Common Stock (in usd per share)

$ 0.085

Cash Dividend Per Share of Common Stock (in usd per share)

$ 0.085

Common Stock | Subsequent Event

Dividends Payable [Line Items]

Cash Dividend Per Share of Common Stock (in usd per share)

$ 0.085

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Warrant right to purchase a share of common stock (in shares)		0.25
Series A Preferred Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)		1
Warrants issued (in shares)	2,449,039
Number of securities called by warrants or rights (in shares)	631,901
Net proceeds from issuance of warrants	$ 443
Registration Statement
Subsidiary, Sale of Stock [Line Items]
Number of warrants included in preferred stock unit (in shares)		1
Premium of the exercise price of the warrant as a percent to net asset value of common stock		15%
Registration Statement \| Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares included in preferred stock unit (in shares)		1

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($)	3 Months Ended		6 Months Ended	14 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2023	May 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program authorized amount					$ 10,000,000
Shares repurchased (in shares)	0		0	662,462
Cost of shares repurchased		$ 303,000		$ 4,700,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Measurement Input, Discount Rate - Valuation Technique, Discounted Cash Flow	Jun. 30, 2023	Dec. 31, 2022
Deferred debt origination costs — Mortgages Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for debt	0.0686	0.0648
Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input for debt	0.0980	0.0902

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Valuation Technique, Discounted Cash Flow	Jun. 30, 2023	Dec. 31, 2022
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1100	0.1100
Minimum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0467	0.0500
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1100
Minimum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0467
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1100	0.1100
Minimum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.0500	0.0500
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1125	0.1125
Maximum \| SBA 7(a) loans receivable, subject to credit risk \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1700	0.1700
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1125
Maximum \| SBA 7(a) loans receivable, subject to loan-backed notes \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1700
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1125	0.1125
Maximum \| SBA 7(a) loans receivable, subject to secured borrowings \| Measurement Input, Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input for loans receivable	0.1700	0.1700

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Financial Instruments Not Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Liabilities:
Fixed rate mortgage payable	$ 97,100	$ 97,100
Junior subordinated notes	27,070	27,070
Carrying Amount \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	4,522	56,237
Carrying Amount \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	49,768	0
Carrying Amount \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	5,422	6,158
Carrying Amount \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	739	152
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3
Liabilities:
Fixed rate mortgage payable	89,957	90,002
Junior subordinated notes	25,185	25,067
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, subject to credit risk
Assets:
Loans receivable	4,541	58,432
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, subject to loan-backed notes
Assets:
Loans receivable	52,418	0
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, subject to secured borrowings
Assets:
Loans receivable	5,497	6,237
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 3 \| SBA 7(a) loans receivable, held for sale
Assets:
Loans receivable	781	126
Estimated Fair Value \| Fair Value, Measurements, Nonrecurring \| Level 2
Liabilities:
Fixed rate mortgage payable	$ 89,957	$ 90,002

RELATED-PARTY TRANSACTIONS - As

RELATED-PARTY TRANSACTIONS - Asset Management Fees and Administrative Fees and Expenses (Details)				6 Months Ended
	Jan. 05, 2022 USD ($)	May 11, 2020	Apr. 01, 2020 USD ($)	Jun. 30, 2023 subsidiary
Related Party Transaction [Line Items]
Incentive fee expense	$ 0
CIM Service Provider, LLC \| Master Services Agreement, Base Service Fee \| Master Services Agreement
Related Party Transaction [Line Items]
Related party, amount of transaction			$ 1,000,000
CIM Service Provider, LLC \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate		15%
CIM Service Provider, LLC \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter
Related Party Transaction [Line Items]
Related party transaction, rate		1.75%
CIM Service Provider, LLC \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized
Related Party Transaction [Line Items]
Related party transaction, rate		7%
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate	0.4375%
Affiliated Entity \| Master Services Agreement, Amendment, Annual Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	1%
Affiliated Entity \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Affiliated Entity \| Capital Gain Fee
Related Party Transaction [Line Items]
Related party transaction, rate	15%
Affiliated Entity \| CIM Service Provider, LLC \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Per Quarter
Related Party Transaction [Line Items]
Related party transaction, rate	1.75%
Affiliated Entity \| CIM Service Provider, LLC \| Master Services Agreement, Amendment, Quarterly Incentive Fee, Threshold For Eligibility, Annualized
Related Party Transaction [Line Items]
Related party transaction, rate	7%
Affiliated Entity \| FFO
Related Party Transaction [Line Items]
Related party transaction, rate	20%
Affiliated Entity \| FFO \| Master Services Agreement, Amendment, Quarterly Incentive Fee
Related Party Transaction [Line Items]
Related party transaction, rate	100%
CIM Capital, LLC
Related Party Transaction [Line Items]
Number of subsidiaries \| subsidiary				4

RELATED-PARTY TRANSACTIONS - _2

RELATED-PARTY TRANSACTIONS - Asset Management Fees Calculation (Details) - CIM Urban REIT Management, L.P. $ in Thousands	Jun. 30, 2023 USD ($)
0 - 500,000
Related Party Transaction [Line Items]
Quarterly Fee Percentage	0.25%
0 - 500,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 0
0 - 500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000
Related Party Transaction [Line Items]
Quarterly Fee Percentage	0.2375%
500,000 - 1,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 500,000
500,000 - 1,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000
Related Party Transaction [Line Items]
Quarterly Fee Percentage	0.225%
1,000,000 - 1,500,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,000,000
1,000,000 - 1,500,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000
Related Party Transaction [Line Items]
Quarterly Fee Percentage	0.2125%
1,500,000 - 4,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 1,500,000
1,500,000 - 4,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000
Related Party Transaction [Line Items]
Quarterly Fee Percentage	0.10%
4,000,000 - 20,000,000 \| Minimum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 4,000,000
4,000,000 - 20,000,000 \| Maximum
Related Party Transaction [Line Items]
Daily Average Adjusted Fair Value of CIM Urban’s Assets	$ 20,000,000

RELATED-PARTY TRANSACTIONS - Of

RELATED-PARTY TRANSACTIONS - Offering-Related Fees (Details)	Jun. 16, 2022	Jan. 05, 2022
Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, rate		0.4375%
Third Amended And Restated Dealer Manager Agreement, Upfront Dealer Manager Fee \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	3%
Third Amended And Restated Dealer Manager Agreement, Selling Commissions Payable \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	7%
Third Amended And Restated Dealer Manager Agreement, Amendment No. 1, Reallowance Of Selling Commissions \| CCO Capital, LLC
Related Party Transaction [Line Items]
Related party transaction, rate	100%

RELATED-PARTY TRANSACTIONS - Fe

RELATED-PARTY TRANSACTIONS - Fees and Expense Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Asset management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 627	$ 920		$ 1,347	$ 1,841
Property management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	551	413		1,028	851
Property management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	20	11		37	15
Onsite management and other cost reimbursements
Related Party Transaction [Line Items]
Related party, amount of transaction	1,461	806		2,531	1,231
Onsite management and other cost reimbursements \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	112	21		141	33
Leasing commissions
Related Party Transaction [Line Items]
Related party, amount of transaction	37	27		76	105
Leasing commissions \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	2			14
Construction management fees
Related Party Transaction [Line Items]
Related party, amount of transaction	52	138		170	198
Construction management fees \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	55	2		59	3
Development management reimbursements
Related Party Transaction [Line Items]
Related party, amount of transaction	653	0		653	0
Development management reimbursements \| Corporate Joint Venture
Related Party Transaction [Line Items]
Related party, amount of transaction	187			187
Expense reimbursements to related parties - corporate
Related Party Transaction [Line Items]
Related party, amount of transaction	677	526		1,205	948
Expense reimbursements to related parties - lending segment
Related Party Transaction [Line Items]
Related party, amount of transaction	910	604		1,518	1,073
Upfront dealer manager and trailing dealer manager fees
Related Party Transaction [Line Items]
Related party, amount of transaction	370	152		690	274
Non-issuance specific offering costs
Related Party Transaction [Line Items]
Related party, amount of transaction	162	50		306	89
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, deferred costs	2,500	2,300		2,500	2,300
Investment Management Agreement \| CIM Capital, LLC \| Series A1 Preferred Stock \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, shares issued (in shares)			36,843
Personnel Fees \| Affiliated Entity
Related Party Transaction [Line Items]
Related party, amount of transaction	$ 30
Related party, deferred personnel costs		$ 105		$ 61	$ 174

RELATED-PARTY TRANSACTIONS - Du

RELATED-PARTY TRANSACTIONS - Due to Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties	$ 4,725	$ 3,155
Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	4,725	3,155
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	634	812
Property management fees and reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	2,270	1,214
Expense reimbursements \| Corporate \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	680	466
Expense reimbursements \| Operating Segments \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	681	124
Upfront dealer manager and trailing dealer manager fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	371	454
Non-issuance specific offering costs \| Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	98	17
Other amounts due (from) to the CIM Management Entities and certain of its affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Other amounts due (from) to the CIM Management Entities and certain of its affiliates	$ (9)	$ 68

RELATED-PARTY TRANSACTIONS - Af

RELATED-PARTY TRANSACTIONS - Affiliate Investments and Other Narrative (Details) ft² in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2022 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) asset	Jun. 30, 2022 USD ($)	Aug. 07, 2019 ft²	May 15, 2019 ft²
Related Party Transaction [Line Items]
Payments to acquire equity method investment						$ 6,680,000	$ 22,408,000
Rental and other property income			$ 18,052,000		$ 14,194,000	32,938,000	28,290,000
(Loss) income from unconsolidated entities			$ (904,000)		260,000	$ (136,000)	380,000
Acquisition of Four Assets
Related Party Transaction [Line Items]
Number of assets from entities \| asset						4
Payment for interest acquired						$ 282,900,000
Corporate Joint Venture \| Eleven Year Lease
Related Party Transaction [Line Items]
Lease, term of contract with related party									11 years
Rentable area (square feet) \| ft²								30	32
Rental and other property income				$ 194,000	$ 370,000		740,000
1910 Sunset Boulevard
Related Party Transaction [Line Items]
Payments to acquire equity method investment		$ 22,400,000
Ownership Interest			44.20%			44.20%
(Loss) income from unconsolidated entities			$ (220,000)			$ (281,000)	$ 380,000
1910 Sunset Boulevard \| Corporate Joint Venture
Related Party Transaction [Line Items]
Payments to acquire equity method investment		$ 51,000,000
1902 Park Avenue
Related Party Transaction [Line Items]
Ownership Interest			50%			50%
1902 Park Avenue \| Corporate Joint Venture
Related Party Transaction [Line Items]
Purchase price	$ 19,100,000
Ownership Interest	50%
(Loss) income from unconsolidated entities			$ (194,000)			$ 638,000
1902 Park JV
Related Party Transaction [Line Items]
Payments to acquire equity method investment	$ 6,600,000
1902 Park JV \| Corporate Joint Venture \| Mortgages Payable
Related Party Transaction [Line Items]
Aggregate principal amount	$ 9,600,000
4750 Wilshire JV
Related Party Transaction [Line Items]
Ownership Interest			20%			20%
4750 Wilshire JV \| Eleven Year Lease
Related Party Transaction [Line Items]
Ownership Interest	20%
4750 Wilshire JV \| Corporate Joint Venture
Related Party Transaction [Line Items]
(Loss) income from unconsolidated entities			$ (490,000)			$ (493,000)
4750 Wilshire JV \| Corporate Joint Venture \| Eleven Year Lease
Related Party Transaction [Line Items]
(Loss) income from unconsolidated entities			$ 53,000			$ 90,000
4750 Wilshire Boulevard
Related Party Transaction [Line Items]
Ownership Interest			20%			20%
4750 Wilshire Boulevard \| Eleven Year Lease
Related Party Transaction [Line Items]
Ownership percentage sold	80%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2023 USD ($) officer	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Commitment and Contingencies [Line Items]
Outstanding loan commitments to fund loans	$ 7,800
Future obligations under leases to fund tenant improvements and other future construction obligation	6,500
Restricted cash	23,783	$ 11,290	$ 11,208
S B A7 A Loans \| Government Guaranteed Portions
Commitment and Contingencies [Line Items]
Aggregate amount serviced	$ 241,400
Employment agreements \| Executive Officers
Commitment and Contingencies [Line Items]
Number of officers covered under employment agreement \| officer	1
Multiplier used for the calculation of payments in the event of death of employee	2
Multiplier used for the calculation of payments in the event of disability to employee	1
Restricted Cash for Tenant Improvement Allowance
Commitment and Contingencies [Line Items]
Restricted cash	$ 2,500

LEASES - Future Minimum Rental

LEASES - Future Minimum Rental Revenue under Long-Term Operating Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (Six months ending December 31, 2023)	$ 31,246
2024	49,236
2025	30,060
2026	21,776
2027	14,294
Thereafter	47,803
Total	$ 194,415

SEGMENT DISCLOSURE - Narrative

SEGMENT DISCLOSURE - Narrative (Details) - property	3 Months Ended		6 Months Ended
SEGMENT DISCLOSURE - Narrative (Details) - property	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Number of types of commercial real estate properties	3	2	3	2

SEGMENT DISCLOSURE - Segment Ne

SEGMENT DISCLOSURE - Segment Net Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 32,760	$ 26,403	$ 61,672	$ 51,185
EXPENSES:
Interest expense	8,709	2,403	14,945	4,573
General and administrative	1,684	1,253	3,609	3,068
Total Expenses	50,058	23,411	88,162	45,704
(Loss) income from unconsolidated entities	(904)	260	(136)	380
Hotel
Segment Reporting Information [Line Items]
Revenues	11,668	9,576	23,160	17,369
Operating Segments
EXPENSES:
Expense reimbursements to related parties—lending segment	910	604	1,518	1,073
Segment net operating income	11,998	12,836	24,976	24,992
Operating Segments \| Office
Segment Reporting Information [Line Items]
Revenues	13,975	14,077	27,462	28,182
EXPENSES:
Operating	6,369	6,402	12,892	12,523
General and administrative	57	35	157	125
Total Expenses	6,426	6,437	13,049	12,648
(Loss) income from unconsolidated entities	(710)	260	(774)	380
Segment net operating income	6,839	7,900	13,639	15,914
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Revenues	11,668	9,576	23,160	17,369
EXPENSES:
Operating	7,543	6,305	14,882	11,676
General and administrative	12	24	20	52
Total Expenses	7,555	6,329	14,902	11,728
Segment net operating income	4,113	3,247	8,258	5,641
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Revenues	4,078	0	5,301	0
EXPENSES:
Operating	3,067	0	4,430	0
General and administrative	295	0	312	0
Total Expenses	3,362	0	4,742	0
(Loss) income from unconsolidated entities	(194)	0	638	0
Segment net operating income	522	0	1,197	0
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Revenues	2,963	2,750	5,673	5,634
EXPENSES:
Interest expense	1,315	119	1,560	226
Expense reimbursements to related parties—lending segment	910	604	1,518	1,073
General and administrative	214	338	713	898
Total Expenses	2,439	1,061	3,791	2,197
Segment net operating income	$ 524	$ 1,689	$ 1,882	$ 3,437

SEGMENT DISCLOSURE - Reconcilia

SEGMENT DISCLOSURE - Reconciliation of Segment Operating Income to Net Income Attributable to Company (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	$ 3,526		$ 3,102		$ 6,629	$ 6,384
Asset management and other fees to related parties	(627)		(920)		(1,347)	(1,841)
Interest expense	(8,709)		(2,403)		(14,945)	(4,573)
General and administrative	(1,684)		(1,253)		(3,609)	(3,068)
Transaction-related costs	0		0		(3,360)	0
Depreciation and amortization	(20,472)		(4,974)		(29,974)	(9,978)
Gain on sale of real estate	0		0		1,104	0
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES	(18,202)		3,252		(25,522)	5,861
Provision for income taxes	(159)		(321)		(415)	(628)
NET (LOSS) INCOME	(18,361)	$ (7,576)	2,931	$ 2,302	(25,937)	5,233
Net loss (income) attributable to noncontrolling interests	1,002		(9)		1,627	(14)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(17,359)		2,922		(24,310)	5,219
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total segment net operating income	11,998		12,836		24,976	24,992
Expense reimbursements to related parties—corporate	(910)		(604)		(1,518)	(1,073)
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and other income	76		0		76	0
Asset management and other fees to related parties	(627)		(920)		(1,347)	(1,841)
Interest expense	(7,394)		(2,284)		(13,385)	(4,347)
General and administrative	(1,106)		(880)		(2,407)	(2,017)
Transaction-related costs	0		0		(3,360)	0
Depreciation and amortization	(20,472)		(4,974)		(29,974)	(9,978)
Gain on sale of real estate	0		0
Corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Expense reimbursements to related parties—corporate	$ (677)		$ (526)		$ (1,205)	$ (948)

SEGMENT DISCLOSURE - Assets and

SEGMENT DISCLOSURE - Assets and Capital Expenditures and Loan Originations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 919,695		$ 690,248
Total capital expenditures	11,070	$ 5,267
Loan originations	18,128	30,682
Total capital expenditures and loan originations	29,198	35,949
Office
Segment Reporting Information [Line Items]
Total capital expenditures	3,414	4,304
Hotel
Segment Reporting Information [Line Items]
Total capital expenditures	1,842	963
Multifamily
Segment Reporting Information [Line Items]
Total capital expenditures	5,814	$ 0
Operating Segments \| Office
Segment Reporting Information [Line Items]
Total assets	419,446		471,677
Operating Segments \| Hotel
Segment Reporting Information [Line Items]
Total assets	98,609		99,082
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Total assets	295,410		0
Operating Segments \| Lending
Segment Reporting Information [Line Items]
Total assets	82,807		76,148
Non-Segment Assets
Segment Reporting Information [Line Items]
Total assets	$ 23,423		$ 43,341

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Independent Directors - Restricted Stock - shares		1 Months Ended		6 Months Ended
	Aug. 02, 2023	Jun. 30, 2022	May 31, 2021	Jun. 30, 2023
Subsequent Event [Line Items]
Restricted stock granted to each independent member of the board of director (in shares)		30,984	20,332
Award vesting period				1 year
Subsequent Event
Subsequent Event [Line Items]
Restricted stock granted to each independent member of the board of director (in shares)	48,888
Award vesting period	1 year