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Subsequent Events | 12 Months Ended
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Dec. 31, 2025
Subsequent Events |
Subsequent Events | Note 18 – Subsequent Events Issuance of LTIP Units under the BHM Incentive Plans On January 1, 2026, the Company granted 7,824 LTIP Units pursuant to the BHM Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance. Declaration of Dividends ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Declaration Date | ​ ​ ​ | Record Date | ​ ​ ​ | Amount | ​ ​ ​ | Paid / Payable Date
Series A Preferred Stock (1) |  | ​ | ​ | ​ | ​ |  | ​
January 15, 2026 | ​ | January 23, 2026 | ​ | $ | 0.12500 | ​ | February 5, 2026
January 15, 2026 | ​ | February 25, 2026 | ​ |  | 0.12500 | ​ | March 5, 2026
January 15, 2026 | ​ | March 25, 2026 | ​ |  | 0.12500 | ​ | April 2, 2026
Series A Preferred Enhanced Special Dividend | ​ | ​ | ​ |  | ​ | ​ | ​
January 15, 2026 | ​ | January 23, 2026 | ​ | ​ | (2) | ​ | February 5, 2026
January 15, 2026 | ​ | February 25, 2026 | ​ | ​ | (2) | ​ | March 5, 2026
January 15, 2026 | ​ | March 25, 2026 | ​ | ​ | (2) | ​ | April 2, 2026
Series B Preferred Stock (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​
January 15, 2026 | ​ | January 23, 2026 | ​ | $ | 0.15625 | ​ | February 5, 2026
January 15, 2026 | ​ | February 25, 2026 | ​ | ​ | 0.15625 | ​ | March 5, 2026
January 15, 2026 | ​ | March 25, 2026 | ​ | ​ | 0.15625 | ​ | April 2, 2026
(1) | Holders of record of newly issued Series A Preferred Stock shares and Series B Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock and Series B Preferred Stock was outstanding.
(2) | Holders of record of Series A Preferred Stock shares are entitled to an enhanced special dividend equal to the amount by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average of the one-month Term SOFR for each day commencing on the 26th of the prior month to the 25th of the applicable month, plus (II) two percent, divided by (b) twelve, exceeds (ii) the standard monthly dividend of $0.125 per share of Series A Preferred Stock. The enhanced special dividend will be aggregated with the standard monthly dividend so as to effect a dividend rate on the Series A Preferred Stock that is subject to a 6.5% minimum and 8.5% maximum annual rate.
Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders subsequent to December 31, 2025 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | Distribution | ​ ​ ​ | Total
Shares | ​ ​ ​ | Declaration Date | ​ ​ ​ | Record Date | ​ ​ ​ | Date Paid | ​ ​ ​ | per Share | ​ ​ ​ | Distribution
Class A common stock | ​ | March 11, 2025 | ​ | December 24, 2025 | ​ | January 5, 2026 | ​ | $ | 0.125000 | ​ | $ | 506
Class C common stock | ​ | March 11, 2025 | ​ | December 24, 2025 | ​ | January 5, 2026 | ​ | ​ | 0.125000 | ​ | ​ | 1
Series A Preferred Stock (1) | ​ | October 15, 2025 | ​ | December 24, 2025 | ​ | January 5, 2026 | ​ | ​ | 0.135417 | ​ | ​ | 849
OP Units | ​ | March 11, 2025 | ​ | December 24, 2025 | ​ | January 5, 2026 | ​ | ​ | 0.125000 | ​ | ​ | 921
LTIP / C-LTIP Units | ​ | March 11, 2025 | ​ | December 24, 2025 | ​ | January 5, 2026 | ​ | ​ | 0.125000 | ​ | ​ | 227
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Series A Preferred Stock (1) | ​ | January 15, 2026 | ​ | January 23, 2026 | ​ | February 5, 2026 | ​ | ​ | 0.135417 | ​ | ​ | 855
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | $ | 3,359
(1) | Series A Preferred Stock distribution per share amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any enhanced special dividends.
Class A Common Stock Repurchase Plan ​ On February 10, 2026, the Board authorized a new stock repurchase plan, effective March 1, 2026, for the repurchase, from time to time, of up to an aggregate of $10 million of our outstanding shares of Class A common stock, with such repurchases to be conducted in accordance with the requirements of Rule 10b-18 of the Exchange Act and subject to Rule 10b-5 of the Exchange Act. The repurchase plan has a term of one year and ends on February 28, 2027, and may be discontinued at any time. The extent to which the Company repurchases shares of its Class A common stock under the repurchase plan, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. The Company expects that any repurchases of its Class A common stock will be through open market transactions, subject to market conditions, certain price limitations and other conditions established under the plan. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. ​ Sales of Consolidated Operating Units ​ Subsequent to December 31, 2025 and through February 25, 2026, the Company closed on the following sales: 7 units in the Golden Pacific portfolio, 25 units in the ILE portfolio, 1 unit in the Indy-Springfield portfolio, 29 units in the Peak JV 2 portfolio, and the remaining 42 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sales agreements. The 104 units sold for an aggregate of approximately $14.9 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions.

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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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