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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity

Schedule of reconciliation of components of basic and diluted net (loss) income per common share

The following table reconciles the components of basic and diluted net loss per common share for the years ended December 31, 2025 and 2024 (amounts in thousands, except share and per share amounts):

​

​	​	​	​	​	​	​
​	​ ​ ​	2025		​	2024
Net loss	​	$	(32,598)	​	$	(12,091)
Less preferred stock dividends	​	​	(9,203)	​	​	(4,022)
Less preferred stock accretion	​		(4,538)	​		(244)
Less dividends on restricted stock and LTIP Units expected to vest	​	​	(263)	​	​	—
Addback net loss attributable to noncontrolling interests	​		34,848	​		12,123
Net loss attributable to common stockholders	​	$	(11,754)	​	$	(4,234)
​	​	​	​	​	​	​
Weighted average common shares outstanding (1)	​		3,889,301	​		3,856,162
Potential dilutive shares (2)	​		—	​		—
Weighted average common shares outstanding and potential dilutive shares (1)	​		3,889,301	​		3,856,162
​	​	​	​	​	​	​
Net loss per common share, basic	​	$	(3.02)	​	$	(1.10)
Net loss per common share, diluted	​	$	(3.02)	​	$	(1.10)

(1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding.

(2) For the years ended December 31, 2025 and 2024, the diluted shares calculations exclude the following as the effects are antidilutive: (i) the potential vesting of restricted Class A common stock of 7,208 shares and 5,288 shares, respectively, and (ii) the potential conversion of the Series A Preferred Stock into Class A common stock of 11,190,214 shares and 3,310,998 shares, respectively.

Schedule of the status of the company's non-vested shares / LTIP units under the incentive plans for individuals

A summary of the status of the Company’s non-vested LTIP Units granted under the BHM Incentive Plans as of December 31, 2024 and 2025 is as follows:

​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Weighted average grant-
​	​	LTIP Units	​	date fair value
Balance at January 1, 2024		466,298	​	$	20.83
Granted		122,529	​		16.45
Vested		(129,902)	​		20.07
Forfeited		(57,670)	​		16.69
Balance at December 31, 2024		401,255	​	$	20.34
Granted	​	95,651	​	​	11.24
Vested	​	(164,709)	​	​	19.20
Forfeited	​	(19,170)	​	​	13.34
Balance at December 31, 2025	​	313,027	​	$	18.58

Schedule of dividends distributions to stock

​	​	​	​	​	​	​	​
Declaration Date	​ ​ ​	Record Date	​ ​ ​	Amount		​ ​ ​	Paid / Payable Date
Class A common stock	​	​	​	​	​	​	​
March 11, 2025	​	March 25, 2025	​	$	0.125	​	April 4, 2025
March 11, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
March 11, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
March 11, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Class C common stock	​	​	​	​	​	​	​
March 11, 2025	​	March 25, 2025	​	$	0.125	​	April 4, 2025
March 11, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
March 11, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
March 11, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Series A Preferred Stock (1)	​	​	​		​	​	​
October 14, 2024	​	December 24, 2024	​	$	0.125	​	January 3, 2025
January 15, 2025	​	January 24, 2025	​	​	0.125	​	February 5, 2025
January 15, 2025	​	February 25, 2025	​	​	0.125	​	March 5, 2025
January 15, 2025	​	March 25, 2025	​	​	0.125	​	April 4, 2025
April 15, 2025	​	April 25, 2025	​	​	0.125	​	May 5, 2025
April 15, 2025	​	May 23, 2025	​	​	0.125	​	June 5, 2025
April 15, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
July 15, 2025	​	July 25, 2025	​	​	0.125	​	August 5, 2025
July 15, 2025	​	August 25, 2025	​	​	0.125	​	September 5, 2025
July 15, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
October 15, 2025	​	October 24, 2025	​	​	0.125	​	November 5, 2025
October 15, 2025	​	November 25, 2025	​	​	0.125	​	December 5, 2025
October 15, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Series A Preferred Enhanced Special Dividend (2)	​	​	​	​	​	​	​
October 14, 2024	​	December 24, 2024	​	$	0.010417	​	January 3, 2025
January 15, 2025	​	January 24, 2025	​	​	0.010417	​	February 5, 2025
January 15, 2025	​	February 25, 2025	​	​	0.010417	​	March 5, 2025
January 15, 2025	​	March 25, 2025	​	​	0.010417	​	April 4, 2025
April 15, 2025	​	April 25, 2025	​	​	0.010417	​	May 5, 2025
April 15, 2025	​	May 23, 2025	​	​	0.010417	​	June 5, 2025
April 15, 2025	​	June 25, 2025	​	​	0.010417	​	July 3, 2025
July 15, 2025	​	July 25, 2025	​	​	0.010417	​	August 5, 2025
July 15, 2025	​	August 25, 2025	​	​	0.010417	​	September 5, 2025
July 15, 2025	​	September 25, 2025	​	​	0.010417	​	October 3, 2025
October 15, 2025	​	October 24, 2025	​	​	0.010417	​	November 5, 2025
October 15, 2025	​	November 25, 2025	​	​	0.010417	​	December 5, 2025
October 15, 2025	​	December 24, 2025	​	​	0.010417	​	January 5, 2026

(1) Holders of record of newly issued Series A 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 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.

Schedule of distributions declared and paid for stock

Distributions declared and paid for the year ended December 31, 2025 were as follows (amounts in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	Distributions
2025	​ ​ ​	Declared		​ ​ ​	Paid
First Quarter	​	​	​	​	​	​
Class A common stock	​	$	495	​	$	—
Class C common stock	​	​	1	​	​	—
Series A Preferred Stock (1)	​	​	2,010	​	​	1,925
OP Units	​	​	921	​	​	—
LTIP / C-LTIP Units	​	​	212	​	​	—
Total first quarter	​	$	3,639	​	$	1,925
Second Quarter	​	​	​	​	​	​
Class A common stock	​	$	507	​	$	495
Class C common stock	​	​	1	​	​	1
Series A Preferred Stock (1)	​	​	2,254	​	​	2,185
OP Units	​	​	921	​	​	921
LTIP / C-LTIP Units	​	​	225	​	​	212
Total second quarter	​	$	3,908	​	$	3,814
Third Quarter	​	​	​		​	​
Class A common stock	​	$	506	​	$	507
Class C common stock	​	​	1	​	​	1
Series A Preferred Stock (1)	​	​	2,417	​	​	2,368
OP Units	​	​	921	​	​	921
LTIP / C-LTIP Units	​	​	223	​	​	225
Total third quarter	​	$	4,068	​	$	4,022
Fourth Quarter	​		​	​		​
Class A common stock	​	$	506	​	$	506
Class C common stock	​		1	​		1
Series A Preferred Stock (1)	​	​	2,522	​	​	2,493
OP Units	​		921	​		921
LTIP / C-LTIP Units	​		227	​		223
Total fourth quarter	​	$	4,177	​	$	4,144
Total	​	$	15,792	​	$	13,905

(1) Series A Preferred Stock amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any enhanced special dividends.

Restricted Stock Grants

Stockholders' Equity

Schedule of the status of the company's non-vested shares / LTIP units under the incentive plans for individuals

A summary of the status of the Company’s non-vested shares granted under the BHM Incentive Plans as of December 31, 2024 and 2025 is as follows:

​

​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Weighted average grant-
​	​	Shares	​	date fair value
Balance at January 1, 2024		31,260	​	$	16.69
Granted		77,281	​		16.86
Vested		(7,025)	​		16.69
Forfeited		(330)	​		16.87
Withheld for employee taxes		(3,400)	​		16.69
Balance at December 31, 2024		97,786	​	$	16.83
Granted		112,563	​		11.44
Vested		(23,930)	​		16.81
Forfeited		(16,999)	​		13.12
Withheld for employee taxes		(11,919)	​		16.81
Balance at December 31, 2025		157,501	​	$	13.38

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