v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net loss $ (72,492,000) $ (3,280,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 56,768,000 44,051,000
Amortization of deferred loan costs 1,562,000 1,619,000
Loss on derivative instruments, net 1,069,000 3,950,000
Gain on sale of assets, net 0 (192,000)
Long-lived asset impairment 12,525,000 0
Gain on extinguishment of debt 0 (48,536,000)
Loss from equity method investment 1,370,000 895,000
Provision for credit losses 3,329,000 2,596,000
Non-cash stock-based compensation expense 5,049,000 4,369,000
Other non-cash items 364,000 (35,000)
Changes in operating assets and liabilities:    
Accounts receivable (2,975,000) (13,543,000)
Prepaid expenses and other assets 4,485,000 (156,000)
Other assets, net 470,000 0
Accounts payable and accrued expenses 11,093,000 5,151,000
Federal and state income taxes payable 49,000 28,000
Deferred income 1,969,000 1,320,000
Customer deposits (271,000) (19,000)
Net cash provided by (used in) operating activities 24,364,000 (1,782,000)
Investing Activities    
Investments in unconsolidated entity 0 (22,409,000)
Return of investment in unconsolidated entity 785,000 10,571,000
Acquisition of new communities (38,188,000) (172,546,000)
Capital expenditures (33,284,000) (25,170,000)
Proceeds from sale of assets 0 631,000
Net cash used in investing activities (70,687,000) (208,923,000)
Financing Activities    
Proceeds from issuance of common stock, net of issuance costs 0 190,537,000
Proceeds from notes payable 18,082,000 56,040,000
Repayments of notes payable (8,372,000) (72,026,000)
Proceeds from revolving credit facility 49,550,000 68,705,000
Repayment of revolving credit facility (14,500,000) (8,705,000)
Capital contributions from noncontrolling investors in joint ventures 287,000 7,796,000
Distributions to noncontrolling investors in joint ventures (132,000) 0
Dividends paid on Series A convertible preferred stock (5,637,000) (2,818,000)
Deferred loan costs paid (1,212,000) (3,726,000)
Purchase of derivative assets (129,000) (3,312,000)
Other financing costs (429,000) (449,000)
Net cash provided by financing activities 37,508,000 232,042,000
Increase (decrease) in cash and cash equivalents (8,815,000) 21,337,000
Cash and cash equivalents and restricted cash at beginning of year 39,087,000 17,750,000
Cash and cash equivalents and restricted cash at end of year 30,272,000 39,087,000
Cash paid during the year for:    
Interest 37,290,000 33,359,000
Income taxes paid, net - Texas 277,000 220,000
Non-cash investing and financing activities:    
Notes payable acquired through acquisitions 0 21,690,000
Undeclared dividends on Series A convertible preferred stock 0 2,707,000
Insurance financed through insurance notes payable 6,224,000 1,707,000
Non-cash additions of property and equipment 729,000 2,219,000
Non-cash right-of-use assets $ 643,000 $ 0