XML 41 R25.htm IDEA: XBRL DOCUMENT

Subsequent Events

12 Months Ended

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 26^th of the prior month to the 25^th 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.