v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 20,545 $ (71) $ 19,146
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 9,913 9,627 10,844
Net realized gain upon sale of real estate (22,424) (4,256) (17,980)
Net realized gain from sale of marketable securities (2) (9) (3,476)
Net realized gain from sale of investment in CMBS Trust 0 (2,321) 0
Net unrealized loss (gain) on investments held at fair value 5 1,686 (95)
Loss on extinguishment of debt 0 0 131
Provision for impairment of real estate 0 2,201 0
Share based incentive compensation 74 77 63
Amortization of intangible lease assets and liabilities 1,535 1,888 1,511
Amortization of deferred financing costs 830 980 616
Straight line rent (1,158) (1,307) (143)
Amortization of discount on note to affiliate 79 195 188
Changes in assets and liabilities:      
Receivables, net (189) 29 699
Accrued interest receivable net of accrued interest payable, CMBS Trust 0 102 0
Deferred leasing costs (758) (64) (1,173)
Prepaid and other assets (506) 151 (648)
Accounts payable and accrued expenses 994 (540) 292
Other liabilities (3) 42 2
Due to affiliates (17) (39) (97)
Net cash provided by operating activities 8,918 8,371 9,880
Cash flows from investing activities:      
Proceeds from sale of real estate assets 39,818 7,894 58,925
Improvements to real estate assets (4,135) (22,066) (6,395)
Investment in marketable securities (92) (93) (1,520)
Proceeds from sale of marketable securities 88 89 30,611
Proceeds from sale of investment in CMBS Trust 0 33,176 0
Principal payments received from mortgage loans held in consolidated CMBS Trust 0 127 245
Net cash provided by investing activities 35,679 19,127 81,866
Cash flows from financing activities:      
Proceeds from line of credit 37,562 52,248 68,465
Repayment of line of credit (34,776) (32,700) (97,300)
Proceeds from mortgage loans payable 0 0 25,500
Repayment of mortgage loans payable (493) (474) (26,887)
Distribution of principal payments to bondholders of consolidated CMBS Trust 0 (127) (245)
Proceeds from issuance of common stock 10,068 5,402 17,724
Payment of financing costs (784) 0 (2,459)
Payment of offering costs (2,182) (2,211) (3,175)
Distributions to investors (9,245) (8,082) (8,185)
Redemption of common stock (46,017) (38,113) (65,316)
Net cash used in financing activities (45,867) (24,057) (91,878)
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,270) 3,441 (132)
Cash, cash equivalents, and restricted cash beginning of period 8,506 5,065 5,197
Cash, cash equivalents, and restricted cash end of period 7,236 8,506 5,065
Supplemental Disclosures of Non-Cash Investing and Financing Activities:      
Distributions declared and unpaid 0 0 635
Common stock issued through the distribution reinvestment plan 6,118 6,777 8,948
Proceeds from issuance of common stock not yet received 0 0 17
Redemption of common stock not yet paid 2,167 2,510 0
Accrued offering costs not yet paid 453 604 682
Capital expenditures not yet paid 349 1,525 2,244
Supplemental Cash Flow Disclosures:      
Interest paid $ 12,573 $ 11,502 $ 11,326