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EARNINGS (LOSS) PER SHARE | 3 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The Company’s Class X OP Units (see Note 10) contain non-forfeitable rights to distributions and are considered to be participating securities and therefore are included in the computation of earnings per share pursuant to the two-class method. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to distributions declared (or accumulated) and participation rights in undistributed earnings. Losses are not allocated to the Class X OP Units because they have not vested and do not have a contractual obligation to share in the Company’s losses. Class C OP Unit distributions are not deducted in the table below since they share in the Company’s losses. On repurchase of preferred stock, any excess or deficit of the net carrying amount of the preferred stock in the Company’s condensed consolidated balance sheet over or under the fair value of the consideration transferred to the holders of the preferred stock is included in the determination of net income (loss) attributable to common stockholders in the calculation of earnings per share. The following table presents the computation of the Company’s basic earnings (loss) per share attributable to common stockholders and its diluted earnings (loss) per share attributable to common stockholders and noncontrolling interests, which are Class C OP Units for the three months ended March 31, 2026 and 2025 (in thousands, except shares/units and per share data):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2026 |  | 2025
Net (loss) income |  |  |  |  |  | $ | (295) |  |  | $ | 829 |
Net loss attributable to noncontrolling interest in Operating Partnership (1) |  |  |  |  |  | 182 |  |  | — |
Preferred stock dividends |  |  |  |  |  | (775) |  |  | (827) |
(Loss) gain on repurchases of preferred stock |  |  |  |  |  | (23) |  |  | 29 |
Class X OP Unit distributions |  |  |  |  |  | (269) |  |  | (163) |
Net loss available to common stockholders used in basic net loss per share |  |  |  |  |  | (1,180) |  |  | (132) |
Net loss attributable to noncontrolling interest in Operating Partnership |  |  |  |  |  | (182) |  |  | — |
Net loss available to common stockholders and noncontrolling interests used in diluted net loss per share/unit |  |  |  |  |  | $ | (1,362) |  |  | $ | (132) |
Weighted average shares of Common Stock outstanding - basic |  |  |  |  |  | 10,313,193 |  |  | 9,972,967 |
Class C OP Units (2) |  |  |  |  |  | 1,593,328 |  |  | 1,344,798 |
Weighted average shares and units outstanding - diluted (2) |  |  |  |  |  | 11,906,521 |  |  | 11,317,765 |
Earnings (loss) per share attributable to common stockholders: |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | (0.11) |  |  | $ | (0.01) |
Earnings (loss) per share attributable to common stockholders and Class C OP Units: |  |  |  |  |  |  |  |
Diluted |  |  |  |  |  | $ | (0.11) |  |  | $ | (0.01) |
(1) Each Class C Common Share and Class C OP Unit have the same participation in earnings (loss). As discussed above, losses are not allocated to the Class X OP Units because they have not vested and do not have a contractual obligation to share in the Company’s losses. As such, net income (loss) attributable to noncontrolling interest in Operating Partnership for the three months ended March 31, 2026 and 2025, represents net loss allocated to Class C OP Units, which is different than the amount presented on the statements of operations and equity for the three month periods that include net loss allocated to Class X OP Units. (2) Class C OP Units are included in the weighted average shares and units outstanding to calculate diluted earnings (loss) per share as each Class C Common Share and Class C OP Unit have the same participation in earnings (loss). During the three months ended March 31, 2026 and 2025, the weighted average dilutive effect of 895,043 and 524,660 Class X OP Units, respectively, were excluded from diluted earnings (loss) per share attributable to common stockholders and noncontrolling interest as the effect would have been antidilutive.

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