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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ (42,346,000) $ 2,938,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 41,959,000 30,731,000
Amortization of deferred loan costs 1,228,000 1,129,000
Gain on sale of assets, net 0 (192,000)
Impairment of assets held for sale 4,733,000 0
Loss on derivative instruments, net 995,000 3,285,000
Gain on extinguishment of debt, net 0 (38,148,000)
Loss from equity method investment 1,087,000 181,000
Provision for credit losses 2,267,000 1,510,000
Non-cash stock-based compensation expense 3,623,000 3,194,000
Other non-cash items 301,000 (5,000)
Changes in operating assets and liabilities:    
Accounts receivable, net (3,049,000) (6,170,000)
Prepaid expenses 3,398,000 (290,000)
Other assets, net 308,000 0
Accounts payable and accrued expenses 8,588,000 2,945,000
Federal and state income taxes payable (27,000) (54,000)
Deferred income 1,834,000 253,000
Customer deposits (135,000) 48,000
Net cash provided by operating activities 24,764,000 1,355,000
Cash flows from investing activities:    
Investments in unconsolidated entities 0 (22,409,000)
Return of investment in unconsolidated entity 589,000 10,360,000
Acquisition of new communities (38,189,000) (22,311,000)
Acquisition deposit 0 (102,461,000)
Capital expenditures (24,373,000) (17,936,000)
Proceeds from sale of assets 0 631,000
Net cash used in investing activities (61,973,000) (154,126,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 0 190,517,000
Proceeds from notes payable 18,081,000 36,906,000
Repayments of notes payable (4,270,000) (50,004,000)
Proceeds from credit facility 35,550,000 8,705,000
Repayment of credit facility (9,500,000) (8,705,000)
Capital contributions from noncontrolling investors in joint ventures 287,000 7,664,000
Distributions to noncontrolling investors in joint ventures (132,000) 0
Purchase of derivative assets (129,000) (1,943,000)
Dividends paid on Series A convertible preferred stock (4,228,000) (1,409,000)
Deferred loan costs paid (1,211,000) (2,508,000)
Other financing costs (406,000) (414,000)
Net cash provided by financing activities 34,042,000 178,809,000
Increase (decrease) in cash and cash equivalents and restricted cash (3,167,000) 26,038,000
Cash, cash equivalents, and restricted cash at beginning of period 39,087,000 17,750,000
Cash, cash equivalents, and restricted cash at end of period 35,920,000 43,788,000
Cash paid during the period for:    
Interest 27,591,000 23,495,000
Income taxes paid, net 268,000 247,000
Non-cash investing and financing activities:    
Notes payable acquired through acquisitions 0 21,690,000
Undeclared dividends on Series A convertible preferred stock 0 2,707,000
Insurance financed through insurance notes payable 6,224,000 0
Non-cash additions of property and equipment 856,000 707,000
Non-cash right-of-use assets $ 643,000 $ 0