v3.25.2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Series A Preferred Stock
Series B Preferred Stock
Total Stockholders Equity
Total Stockholders Equity
Series A Preferred Stock
Total Stockholders Equity
Series B Preferred Stock
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series B Preferred Stock
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Series A Preferred Stock
Additional Paid-in Capital
Series B Preferred Stock
Accumulated Other Comprehensive Income
Distributions in excess of accumulated earnings
Distributions in excess of accumulated earnings
Series A Preferred Stock
Distributions in excess of accumulated earnings
Series B Preferred Stock
Non-controlling Interests
Preferred stock, shares outstanding (in shares) at Dec. 31, 2023             3,977,144 3,630,000                  
Beginning balance at Dec. 31, 2023 $ 900,583     $ 894,154     $ 40 $ 36 $ 1,115 $ 2,509,303     $ 23,464 $ (1,639,804)     $ 6,429
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2023                 27,886,255                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation 460     460           460              
Distributions declared in common stock (in shares)                 423,290                
Distributions declared in common stock 0     0         $ 17 23,678       (23,695)      
Distributions declared on preferred stock (6,900) $ (3,668) $ (3,232)   $ (3,668) $ (3,232)                 $ (3,668) $ (3,232)  
Distributions to non-controlling interest holders (92)                               (92)
Net loss (132,468)     (132,016)                   (132,016)     (452)
Unrealized (loss) gain on designated derivatives 1,004     1,004                 1,004        
Rebalancing of ownership percentage 0     43           43             (43)
Preferred stock, shares outstanding (in shares) at Jun. 30, 2024             3,977,144 3,630,000                  
Ending balance at Jun. 30, 2024 762,587     756,745     $ 40 $ 36 $ 1,132 2,533,484     24,468 (1,802,415)     5,842
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2024                 28,309,545                
Preferred stock, shares outstanding (in shares) at Mar. 31, 2024             3,977,144 3,630,000                  
Beginning balance at Mar. 31, 2024 884,047     877,685     $ 40 $ 36 $ 1,132 2,533,232     25,744 (1,682,499)     6,362
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2024                 28,309,545                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation 230     230           230              
Distributions declared on preferred stock (3,450) $ (1,834) $ (1,616)   (1,834) (1,616)                 (1,834) (1,616)  
Distributions to non-controlling interest holders (46)                               (46)
Net loss (116,918)     (116,466)                   (116,466)     (452)
Unrealized (loss) gain on designated derivatives (1,276)     (1,276)                 (1,276)        
Rebalancing of ownership percentage 0     22           22             (22)
Preferred stock, shares outstanding (in shares) at Jun. 30, 2024             3,977,144 3,630,000                  
Ending balance at Jun. 30, 2024 762,587     756,745     $ 40 $ 36 $ 1,132 2,533,484     24,468 (1,802,415)     5,842
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2024                 28,309,545                
Preferred stock, shares outstanding (in shares) at Dec. 31, 2024   3,977,144 3,630,000       3,977,144 3,630,000                  
Beginning balance at Dec. 31, 2024 $ 690,125     684,560     $ 40 $ 36 $ 1,132 2,533,706     16,640 (1,866,994)     5,565
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024 28,296,439               28,296,439                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation $ 570     570           570              
Distributions declared on preferred stock (6,836) $ (3,634) $ (3,200)   (3,634) (3,200)                 (3,634) (3,200)  
Distributions to non-controlling interest holders (93)                               (93)
Repurchased of Preferred Stock (in shares)             (56,916) (66,213)                  
Repurchase of Preferred Stock   $ (822) $ (916)   (822) (916)   $ (1)     $ (822) $ (915)          
Net loss (22,349)     (22,372)                   (22,372)     23
Unrealized (loss) gain on designated derivatives (7,199)     (7,199)                 (7,199)        
Rebalancing of ownership percentage 0     46           46             (46)
Preferred stock, shares outstanding (in shares) at Jun. 30, 2025   3,920,228 3,563,787       3,920,228 3,563,787                  
Ending balance at Jun. 30, 2025 $ 652,482     647,033     $ 40 $ 35 $ 1,132 2,532,585     9,441 (1,896,200)     5,449
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2025 28,448,845               28,296,439                
Preferred stock, shares outstanding (in shares) at Mar. 31, 2025             3,977,144 3,630,000                  
Beginning balance at Mar. 31, 2025 $ 680,120     674,579     $ 40 $ 36 $ 1,132 2,533,737     11,646 (1,872,012)     5,541
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2025                 28,296,439                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation 570     570           570              
Distributions declared on preferred stock (3,386) $ (1,800) $ (1,585)   (1,800) (1,585)                 $ (1,800) $ (1,585)  
Distributions to non-controlling interest holders (46)                               (46)
Repurchased of Preferred Stock (in shares)             (56,916) (66,213)                  
Repurchase of Preferred Stock   $ (822) $ (915)   $ (822) $ (915)   $ (1)     $ (822) $ (915)          
Net loss (20,834)     (20,803)                   (20,803)      
Unrealized (loss) gain on designated derivatives (2,205)     (2,205)                 (2,205)        
Rebalancing of ownership percentage 0     15           15             (15)
Preferred stock, shares outstanding (in shares) at Jun. 30, 2025   3,920,228 3,563,787       3,920,228 3,563,787                  
Ending balance at Jun. 30, 2025 $ 652,482     $ 647,033     $ 40 $ 35 $ 1,132 $ 2,532,585     $ 9,441 $ (1,896,200)     $ 5,449
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2025 28,448,845               28,296,439