v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investment property:    
Land and improvements $ 35,845 $ 35,845
Building and improvements 84,020 82,710
Furniture and fixtures 10,804 10,413
Construction in progress 188 0
Gross investment property 130,857 128,968
Less accumulated depreciation (10,367) (6,598)
Net investment property 120,490 122,370
Investment in unconsolidated affiliated real estate entity 5,412 8,358
Cash and cash equivalents 9,029 8,120
Restricted cash 4,918 4,336
Accounts receivable and other assets 1,710 1,813
Total Assets 141,559 144,997
Liabilities and Stockholders' Equity    
Mortgages payable, net 93,523 92,416
Accounts payable, accrued expenses and other liabilities 8,058 7,560
Subordinated advances - related party 14,386 14,200
Total Liabilities 115,967 114,176
Commitments and Contingencies 0 0
Stockholders' Equity:    
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding 0 0
Common stock, $0.01 par value; 200.0 million shares authorized, 8.1 million and 8.2 million shares issued and outstanding, respectively 81 82
Additional paid-in-capital 68,016 68,796
Accumulated deficit (50,664) (46,943)
Total Stockholders' Equity 17,433 21,935
Noncontrolling interests 8,159 8,886
Total Equity 25,592 30,821
Total Liabilities and Equity $ 141,559 $ 144,997