v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues    
Rental income ($276 and $271 with related parties, respectively) $ 11,061 $ 15,678
Interest income ($1484 and $2,600 with related parties, respectively) 9,383 7,216
Dividend income ($30,394 and $28,528 with related parties, respectively) 34,989 29,430
Other income 1,349 3,796
Total revenues 85,965 83,222
Expenses    
Property operating expenses ($217 and $260 with related parties, respectively) 23,792 22,255
Property management fees ($670 and $734 with related parties, respectively) 1,550 1,491
Real estate taxes and insurance 6,258 6,544
Advisory and administrative fees 17,073 14,165
Property general and administrative expenses ($276 and $271 with related parties, respectively) 6,706 7,405
Corporate general and administrative expenses 11,901 12,803
Depreciation and amortization 17,739 15,600
Impairment loss 2,328 7,110
Total expenses 87,347 87,373
Operating income (loss) (1,382) (4,151)
Interest expense ($2,184 and $2,136 with related parties, respectively) (26,604) (28,352)
Equity in (losses) income ($292 and $649 with related parties, respectively) (1,289) 129
Change in unrealized losses (($78,130) and ($18,829) with related parties, respectively) (103,904) (1,348)
Realized gains (losses) ($3,344 and $339 with related parties, respectively) 5,994 (21,479)
Gain on sales of real estate 37 0
Net income (loss) before income taxes (127,148) (55,201)
Income tax benefit (expense) 111 (1,372)
Net income (loss) (127,037) (56,573)
Net (income) loss attributable to noncontrolling interests in NHT 1,945 9,843
Net (income) loss attributable to redeemable noncontrolling interests in the OP 41 0
Net income (loss) attributable to common shareholders $ (130,192) $ (51,349)
Weighted average common shares outstanding - basic (in shares) 46,252 40,229
Weighted average common shares outstanding - diluted (in shares) 46,252 40,229
Earnings (loss) per share - basic (in dollars per share) $ (2.81) $ (1.28)
Earnings (loss) per share - diluted (in dollars per share) $ (2.81) $ (1.28)
Series A Preferred Shares    
Expenses    
Net (income) loss attributable to preferred shareholders $ (4,619) $ (4,619)
Series B Preferred Stock    
Expenses    
Net (income) loss attributable to preferred shareholders (522) 0
Rooms    
Revenues    
Revenues 26,300 24,902
Food and beverage    
Revenues    
Revenues $ 2,883 $ 2,200