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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities    
Net income (loss) $ (27,594,000) $ 13,951,000
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Loss (gain) on extinguishment of debt 0 (1,421,000)
Changes in operating assets and liabilities:    
Net cash used in the Company's operating activities (18,720,000) (7,429,000)
Cash Flows From Investing Activities    
Net cash used in the Company's investing activities (5,364,000) (31,752,000)
Cash Flows From Financing Activities    
Net cash provided by the Company's financing activities 25,790,000 38,583,000
Net Change in Cash and Restricted Cash 1,706,000 (598,000)
Cash and Restricted Cash at Beginning of Period 15,934,000 16,532,000
Cash and Restricted Cash at End of Period 17,640,000 15,934,000
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 7,657,000 8,378,000
Restricted cash at beginning of period 8,277,000 8,154,000
Cash and Restricted Cash at Beginning of Period 15,934,000 16,532,000
Cash at end of period 3,805,000 7,657,000
Restricted cash at end of period 13,835,000 8,277,000
Cash and Restricted Cash at End of Period 17,640,000 15,934,000
Excluding consolidated VIE    
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 527,000 44,000
Non-cash lease expense and gain on lease extinguishment (280,000) (125,000)
Non-cash performance allocations (2,382,000) 0
Equity-based compensation 3,726,000 547,000
Gain on the disposition of real estate 0 (122,000)
Loss (gain) on extinguishment of debt 0 (1,421,000)
Loss on investments in unconconsolidated entities 1,339,000 0
Amortization of above-market/below market leases and straight-line rent, net 203,000 0
Amortization of deferred financing costs 34,000 0
Changes in operating assets and liabilities:    
Due from related parties (1,897,000) (4,028,000)
Prepaid expenses, right-of-use assets and other assets 3,169,000 (6,225,000)
Accounts payable and accrued expenses 931,000 3,145,000
Due to related parties 86,000 (556,000)
Lease liabilities and other liabilities 94,000 1,286,000
Cash Flows From Investing Activities    
Investments in real estate assets (250,000) (275,000)
Acquisition of real estate assets (3,015,000) 0
Proceeds from the sale of real estate assets 10,000 239,000
Investments in unconsolidated entities (182,000) (774,000)
Funding of notes receivable - related party (980,000) 0
Payment received on notes receivable - related party 930,000 0
Cash Flows From Financing Activities    
Payment of deferred financing costs (253,000) 0
Proceeds from the issuance of common stock, net of issuance costs 2,599,000 13,000
Payments of treasury stock - buyback obligation (183,000) (313,000)
Excluding consolidated VIE | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 4,000,000 0
Repayments of notes payable (4,365,000) (490,000)
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 26,605,000 10,390,000
Repayments of notes payable (3,697,000) (1,148,000)
VIE, primary beneficiary    
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 10,358,000 9,293,000
Non-cash lease expense and gain on lease extinguishment (53,000) (106,000)
Gain on the disposition of real estate (4,976,000) (20,419,000)
Loss (gain) on extinguishment of debt 238,000 (3,131,000)
Amortization of above-market/below market leases and straight-line rent, net (409,000) 40,000
Amortization of deferred financing costs 1,500,000 700,000
Loss (gain) on derivative instruments 515,000 (1,646,000)
Loss on disposal of furniture, fixtures and equipment 687,000 0
Impairment 0 144,000
Amortization of advanced key money (75,000) (75,000)
Amortization of deferred financing costs 1,543,000 643,000
Changes in operating assets and liabilities:    
Accounts receivable, net (375,000) (1,012,000)
Due from related parties 3,000 190,000
Prepaid expenses, right-of-use assets and other assets (8,040,000) (9,414,000)
Accounts payable and accrued expenses 1,141,000 969,000
Due to related parties 1,503,000 170,000
Lease liabilities and other liabilities 1,264,000 10,429,000
Cash Flows From Investing Activities    
Investments in real estate assets (13,744,000) (13,941,000)
Acquisition of real estate assets (6,643,000) (23,766,000)
Proceeds from the sale of real estate assets 26,075,000 30,734,000
Funding of notes receivable - related party (15,963,000) (13,052,000)
Payment received on notes receivable - related party 8,423,000 4,925,000
Consolidation of VIEs 12,927,000 1,393,000
Deconsolidation of VIEs (12,952,000) (17,235,000)
Cash Flows From Financing Activities    
Payment of deferred financing costs (2,782,000) (510,000)
Proceeds from notes payable 69,654,000 35,563,000
Repayments of notes payable (79,031,000) (28,285,000)
Contributions from noncontrolling interest holders 26,096,000 26,389,000
Redemptions of noncontrolling interests (10,045,000) (2,085,000)
Distributions to noncontrolling interest holders (10,014,000) (4,364,000)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 10,008,000 15,901,000
Repayments of notes payable $ (2,802,000) $ (12,478,000)

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