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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investments in real estate, net $ 702,671 $ 709,194
Investments in unconsolidated entities 32,601 33,677
Cash and cash equivalents 17,320 20,262
Restricted cash 30,907 32,606
Loans receivable, net (Note 5) 51,517 56,210
Accounts receivable, net 3,379 4,345
Deferred rent receivable and charges, net 19,687 19,896
Other intangible assets, net 3,427 3,568
Other assets 10,317 9,797
TOTAL ASSETS 871,826 889,555
LIABILITIES:    
Debt, net 527,767 505,732
Accounts payable and accrued expenses 31,757 32,204
Due to related parties 18,611 14,068
Other liabilities 10,740 10,488
Total liabilities 588,875 562,492
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 0 and 25,045,401 shares authorized as of September 30, 2025 and December 31, 2024, respectively; no shares issued or outstanding as of September 30, 2025 and 913,630 and 913,590 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment 0 20,799
EQUITY:    
Common stock, $0.001 par value; 900,000,000 shares authorized; 789,251 shares issued and outstanding as of September 30, 2025 and 466,176 shares issued and outstanding as of December 31, 2024 3 119
Additional paid-in capital 1,000,454 994,973
Distributions in excess of earnings (1,046,395) (1,002,479)
Total stockholders’ equity 281,931 304,516
Non-controlling interests 1,020 1,748
Total equity 282,951 306,264
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY 871,826 889,555
Series A Preferred Stock    
EQUITY:    
Preferred stock 100,720 103,326
Series A1 Preferred Stock    
EQUITY:    
Preferred stock 225,959 207,387
Series D Preferred Stock    
EQUITY:    
Preferred stock $ 1,190 $ 1,190