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Subsequent Events | 12 Months Ended
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Dec. 31, 2025
Subsequent Events |
Subsequent Events | Note 12—Subsequent Events ​ We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. ​ Dividends ​ On February 17, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Common unit payable on April 15, 2026 to stockholders and unitholders of record as of April 1, 2026. ​ Additionally, subsequent to December 31, 2025, the Company paid dividends totaling $11.4 million including $8.8 million as a one-time special dividend of $0.20 per share related to asset appreciation. These dividends were accrued as of December 31, 2025. ​ Real Estate Dispositions ​ Subsequent to December 31, 2025, the Company completed one disposition in the West Coast region for $1.3 million in aggregate consideration. ​ Conversion of OP Units to Common Stock ​ On January 20, 2026, the Company issued 450,000 shares of common stock upon redemption of 450,000 Common units that had been tendered for redemption. ​ Series A preferred unit Redemption ​ On February 6, 2026, the Company redeemed all of the 68,000 Series A preferred units that then remained outstanding for $68.0 million plus accrued distributions for an aggregate of $68.2 million in cash. The cash to redeem the Series A preferred units was borrowed from the Company’s lines of credit. ​ Borrowings, net of repayments, on Credit Facilities ​ Subsequent to December 31, 2025, the Company made borrowings, net of repayments, of $76.2 million against the Company’s lines of credit. $68.2 million of such borrowings was used to pay the redemption price, plus accrued distributions, of the Series A preferred units. ​ Advances/Collections on Loans under the FPI Loan Program ​ Subsequent to December 31, 2025, the Company made principal advances totaling $2.5 million and received collections totaling $4.9 million on existing loans under the FPI Loan Program.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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