v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (127,037) $ (56,573)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,739 15,600
Amortization of intangible lease assets and liabilities (992) (1,018)
Amortization of deferred financing costs 1,132 696
Amortization of fair value adjustment of assumed debt 1,525 1,140
Paid-in-kind interest and dividends (($5,743) and ($5,845) with related parties, respectively) (13,028) (10,089)
Net cash (paid) received on derivative settlements 121 932
Proceeds from paid-in-kind interest and dividends ($518 and $0 with related parties, respectively) 882 2,517
Realized (gain) loss ($3,344 and $339 with related parties, respectively) (5,994) 21,479
Net change in unrealized loss on investments held at fair value ($78,130 and $18,829 with related parties, respectively) 103,904 1,348
Unrealized (gain) loss on interest rate derivatives (27) (27)
Impairment loss 2,328 7,110
Equity in (income) losses of unconsolidated ventures ($292 and $649with related parties, respectively) 1,289 (129)
Distributions of earnings from unconsolidated ventures ($0 and $761 with related parties, respectively) 8,929 5,403
Stock-based compensation expense 4,707 3,010
(Gain) on sales of real estate (37) 0
Equity security dividends reinvested ($(2,660) and $(5,459) with related parties, respectively) (2,660) (5,476)
Deferred tax expense 1,597 278
Changes in operating assets and liabilities, net of effects of acquisitions:    
Income tax payable 541 (101)
Real estate taxes payable 3,463 (523)
Operating assets 4,725 (3,246)
Operating liabilities 6,059 6,004
Net cash provided by (used in) operating activities: 9,166 (11,665)
Cash flows from investing activities    
Proceeds from asset redemptions ($26,431 and $19,136 with related parties, respectively) 26,446 25,139
Distributions from CLO investments 0 1,266
Sale of consolidated real estate investment 28,306 0
Proceeds from return of investment 15,054 0
Net cash acquired in acquisition of NexPoint Hospitality Trust 0 42,749
Purchases of investments ($(14,210) and $(34,787) with related parties, respectively) (30,371) (34,907)
Additions to consolidated real estate investments (2,467) (8,273)
Net cash provided by investing activities 36,968 25,974
Cash flows from financing activities    
Mortgage proceeds received ($0 and $9,900 with related parties, respectively) 705 9,900
Mortgage payments (37,634) (4,777)
Prime brokerage borrowing 5,796 341
Credit facilities payments ($(5,490) and $(3,515) with related parties, respectively) (16,500) (12,915)
Prime brokerage payments (1,882) (901)
Deferred financing costs paid (1,118) (463)
Payments for taxes related to net share settlement of stock-based compensation (329) (202)
Repurchase of common shares (1,885) 0
Distributions paid to common shareholders (6,010) (4,941)
Distributions to redeemable noncontrolling interests in the OP (9) 0
Net cash used in financing activities: (43,628) (18,577)
Net increase (decrease) in cash, cash equivalents and restricted cash 2,506 (4,268)
Cash, cash equivalents and restricted cash, beginning of year 51,407 48,901
Cash, cash equivalents and restricted cash, end of year 48,901 53,169
Supplemental Disclosure of Cash Flow Information    
Interest paid 23,176 19,886
Income tax paid 1,586 2,640
Supplemental Disclosure of Noncash Activities    
Non-cash distribution payment 22,191 19,319
Non-cash advisory fee payment 4,320 5,545
Increase in dividends payable upon vesting of restricted stock units 866 628
Real estate investments assumed in acquisition of NexPoint Hospitality Trust 0 (167,624)
DST investments assumed in acquisition of NexPoint Hospitality Trust 0 (5,000)
Interest rate caps assumed in acquisition of NexPoint Hospitality Trust 0 (1,064)
Notes payable assumed in acquisition of NexPoint Hospitality Trust 0 50,694
Notes payable issued in merger of NexPoint Hospitality Trust 826 0
Mortgages payable assumed in acquisition of NexPoint Hospitality Trust 0 114,640
Right of use assets assumed in acquisition of NexPoint Hospitality Trust 0 (1,465)
Change to APIC from the merger of NexPoint Hospitality Trust (6,058) 0
Accrued interest payable assumed in acquisition of NexPoint Hospitality Trust 0 6,353
Noncontrolling interests extinguished in merger of NexPoint Hospitality Trust 4,915 6,873
Redeemable noncontrolling interest in the OP from the acquisition of NexPoint Hospitality Trust 359 0
Deconsolidated investments at fair value from the acquisition of NexPoint Hospitality Trust 0 24,981
Accounts receivable and other assets assumed in acquisition of NexPoint Hospitality Trust 0 (1,305)
Accounts payable and other liabilities assumed in acquisition of NexPoint Hospitality Trust 0 14,276
Change in capitalized construction costs included in accounts payable and other accrued liabilities 25 698
Real estate taxes payable assumed in acquisition of NexPoint Hospitality Trust 0 1,233
Prepaid assets and other assets assumed in acquisition of NexPoint Hospitality Trust 0 1,492
Related Party [Member]    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Paid-in-kind interest and dividends (($5,743) and ($5,845) with related parties, respectively) 5,743 5,845
Proceeds from paid-in-kind interest and dividends ($518 and $0 with related parties, respectively) 518 0
Realized (gain) loss ($3,344 and $339 with related parties, respectively) 3,344 339
Net change in unrealized loss on investments held at fair value ($78,130 and $18,829 with related parties, respectively) (78,130) (18,829)
Equity in (income) losses of unconsolidated ventures ($292 and $649with related parties, respectively) (292) (649)
Distributions of earnings from unconsolidated ventures ($0 and $761 with related parties, respectively) 0 761
Equity security dividends reinvested ($(2,660) and $(5,459) with related parties, respectively) (2,660) (5,459)
Cash flows from investing activities    
Proceeds from asset redemptions ($26,431 and $19,136 with related parties, respectively) 26,431 19,136
Cash flows from financing activities    
Mortgage proceeds received ($0 and $9,900 with related parties, respectively) 0 9,900
Credit facilities payments ($(5,490) and $(3,515) with related parties, respectively) (5,490) (3,515)
Series A Preferred Shares    
Cash flows from financing activities    
Distributions paid to Preferred Shareholders (4,619) (4,619)
Series B Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of Series B preferred shares through public offering, net of offering costs 20,379 0
Distributions paid to Preferred Shareholders $ (522) $ 0