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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net loss $ (4,554,000) $ (5,262,000)
Changes in operating assets and liabilities:    
Net cash used in the Company's operating activities (1,738,000) (1,527,000)
Cash Flows From Investing Activities    
Net cash used in the Company's investing activities (107,000) (16,052,000)
Cash Flows From Financing Activities    
Net cash provided by the Company's financing activities 1,308,000 5,273,000
Net Change in Cash and Restricted Cash (537,000) (12,306,000)
Cash and Restricted Cash at Beginning of Period 4,897,000 17,640,000
Cash and Restricted Cash at End of Period 4,360,000 5,334,000
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 2,315,000 3,805,000
Restricted cash at beginning of period 2,582,000 13,835,000
Cash and Restricted Cash at Beginning of Period 4,897,000 17,640,000
Cash at end of period 1,568,000 2,095,000
Restricted cash at end of period 2,792,000 3,239,000
Cash and Restricted Cash at End of Period 4,360,000 5,334,000
Excluding consolidated VIE    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 157,000 140,000
Non-cash lease expense 5,000 3,000
Equity-based compensation 661,000 400,000
Loss on extinguishment of debt 10,000 0
Loss on investments in unconsolidated entities 311,000 0
Loss on notes receivable - related parties (236,000) 0
Amortization of above-market/below market leases and straight-line rent, net (171,000) 77,000
Amortization of deferred financing costs and notes payable discount 89,000 10,000
Amortization of deferred financing costs 0 0
Changes in operating assets and liabilities:    
Due from related parties (368,000) 312,000
Prepaid expenses, right-of-use assets and other assets 799,000 (93,000)
Accounts payable and accrued expenses (552,000) 810,000
Due to related parties 130,000 (100,000)
Lease liabilities and other liabilities 725,000 104,000
Cash Flows From Investing Activities    
Investments in real estate assets (134,000) (193,000)
Investments in unconsolidated entities (98,000) (150,000)
Return of capital from unconsolidated entities 350,000 0
Funding of notes receivable - related parties (576,000) 0
Payment received on notes receivable - related parties 60,000 50,000
Cash Flows From Financing Activities    
Payment of deferred financing costs (236,000) (9,000)
Proceeds from the issuance of common stock, net of issuance costs 13,000 0
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 4,427,000 296,000
Repayments of notes payable (2,620,000) (1,144,000)
VIE, primary beneficiary    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 1,024,000 2,094,000
Non-cash lease expense 0 (12,000)
Non-cash interest income 67,000 0
Loss (gain) on the disposition of real estate 6,000 (9,000)
Gain on derivative instruments 0 (159,000)
Amortization of above-market/below market leases and straight-line rent, net 0 (51,000)
Amortization of deferred financing costs 19,000 285,000
Bad debt expense 3,000 0
Changes in operating assets and liabilities:    
Due from related parties (197,000) 1,000
Prepaid expenses, right-of-use assets and other assets (140,000) (624,000)
Accounts payable and accrued expenses (44,000) 1,648,000
Due to related parties (63,000) 252,000
Lease liabilities and other liabilities 127,000 (133,000)
Amortization of advanced key money 0 (19,000)
Accounts receivable, net (18,000) (1,201,000)
Cash Flows From Investing Activities    
Investments in real estate assets (79,000) (1,062,000)
Proceeds from the sale of real estate assets 0 293,000
Funding of notes receivable - related parties 0 (2,470,000)
Payment received on notes receivable - related parties 370,000 7,084,000
Deconsolidation of VIEs 0 (19,604,000)
Cash Flows From Financing Activities    
Payment of deferred financing costs (10,000) (66,000)
Proceeds from notes payable 455,000 3,117,000
Repayments of notes payable (192,000) (3,342,000)
Contributions from noncontrolling interest holders 211,000 6,388,000
Redemptions of noncontrolling interests 0 (670,000)
Distributions to noncontrolling interest holders (740,000) (1,604,000)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable $ 0 $ 2,307,000

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