Subsequent Events	12 Months Ended
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.

Subsequent Events

12 Months Ended

Dec. 31, 2025

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.