v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Rental income $ 9,842 $ 9,511
Total revenues 10,606 10,071
Operating Expenses    
Cost of services 576 421
Property operating 3,105 3,006
Depreciation and amortization 3,580 3,819
Impairment of real estate assets 43 110
Bad debt (recovery) expense (71) 142
General and administrative 3,579 3,480
Total operating expenses 10,812 10,978
Operating loss (206) (907)
Other income (expense)    
Interest and other income 165 217
Derivative fair value adjustment (582) 889
Net (loss) gain on fair value change of debt held under the fair value option (240) 2,343
Interest expense (4,765) (4,333)
Loss on extinguishment of debt 0 (7)
Other expense (1) (6)
Total other expense (5,423) (897)
Net loss before income taxes (5,629) (1,804)
Income tax expense 0 (134)
Net loss (5,629) (1,938)
Less: Preferred equity return on Fortress preferred equity (3,497) (3,022)
Less: Preferred equity accretion to redemption value (997) (1,379)
Less: Preferred OP units return (170) (139)
Plus: Net loss attributable to noncontrolling interest 1,352 839
Net loss attributable to common stockholders $ (8,941) $ (5,639)
Net loss attributable to common stockholders per share    
Net loss attributable to common stockholders per share, Basic $ (0.24) $ (0.16)
Net loss attributable to common stockholders per share, Diluted $ (0.24) $ (0.16)
Weighted average shares outstanding    
Weighted average shares outstanding, Basic 36,681,457 35,875,326
Weighted average shares outstanding, Diluted 36,681,457 35,875,326
Commissions [Member]    
Revenues    
Revenues $ 707 $ 502
Management fees and other income [Member]    
Revenues    
Revenues $ 57 $ 58