v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net loss     $ (50,252) $ (99,459)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization $ 3,545 $ 5,151 7,136 10,412  
Amortization of deferred financing costs     839 763  
Accretion of below- and amortization of above-market lease liabilities and assets, net     (250) (112)  
Equity-based compensation 92 186 184 240  
Common stock issued to the Advisor in connection with Advisor related fees (see Note 7)     0 1,610  
Impairments of real estate investments 30,558 84,724 30,558 84,724  
Changes in assets and liabilities:          
Straight-line rent receivable     468 123  
Straight-line rent payable     51 54  
Prepaid expenses, other assets and deferred costs     (1,058) 260  
Accounts payable, accrued expenses and other liabilities     7,254 2,657  
Deferred revenue     (469) (533)  
Net cash provided by (used in) operating activities     (5,539) 739  
Cash flows from investing activities:          
Capital expenditures     (558) (568)  
Net cash used in investing activities     (558) (568)  
Cash flows from financing activities:          
Net cash (used in) provided by financing activities     0 150  
Net change in cash, cash equivalents and restricted cash     (6,097) 321  
Cash, cash equivalents and restricted cash, beginning of period     18,935 12,808 $ 12,808
Cash, cash equivalents and restricted cash, end of period 12,838 13,129 12,838 13,129 18,935
Cash and cash equivalents 5,313 5,222 5,313 5,222 9,776
Restricted cash 7,525 7,907 7,525 7,907 9,159
Cash, cash equivalents and restricted cash, end of period $ 12,838 $ 13,129 12,838 13,129 $ 18,935
Supplemental Disclosures:          
Cash paid for interest     5,988 9,033  
Non-Cash Investing and Financing Activities:          
Net change in accrued capital expenditures for the period     (251) 180  
Common stock issued to the Advisor in connection with Advisor related fees (see Note 7)     $ 0 $ 1,610