v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Preferred Stock, Series D
Preferred Stock, Series F
Preferred Stock, Series G
Preferred Stock, Series H
Preferred Stock, Series I
Preferred Stock, Series J
Preferred Stock, Series K
Preferred Stock, Series L
Preferred Stock, Series M
Common Units
Preferred Stock
Preferred Stock, Series D
Preferred Stock
Preferred Stock, Series F
Preferred Stock
Preferred Stock, Series G
Preferred Stock
Preferred Stock, Series H
Preferred Stock
Preferred Stock, Series I
Preferred Stock
Preferred Stock, Series J
Preferred Stock
Preferred Stock, Series K
Preferred Stock
Preferred Stock, Series L
Preferred Stock
Preferred Stock, Series M
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Common Units
Accumulated Deficit
Accumulated Deficit
Preferred Stock, Series D
Accumulated Deficit
Preferred Stock, Series F
Accumulated Deficit
Preferred Stock, Series G
Accumulated Deficit
Preferred Stock, Series H
Accumulated Deficit
Preferred Stock, Series I
Accumulated Deficit
Preferred Stock, Series J
Accumulated Deficit
Preferred Stock, Series K
Noncontrolling Interest in Consolidated Entities
Noncontrolling Interest in Consolidated Entities
Common Units
Redeemable Noncontrolling Interests in Operating Partnership
Preferred stock, beginning balance (in shares) at Dec. 31, 2024                       1,111,000 1,037,000 1,471,000 1,038,000 1,034,000                                    
Beginning balance, value at Dec. 31, 2024 $ (405,835)                     $ 11 $ 10 $ 15 $ 10 $ 11         $ 56 $ 2,392,518   $ (2,811,868)               $ 13,402    
Common stock, beginning balance (in shares) at Dec. 31, 2024                                         5,637,000                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                    
Purchases of common stock (4)                                         (4)                        
Equity-based compensation (16)                                         (29)                   13    
Costs for issuances of common shares (30)                                         (30)                        
Dividends declared - preferred shares   $ (587) $ (478) $ (678) $ (487) $ (485) $ (3,662) $ (352)                                 $ (587) $ (478) $ (678) $ (487) $ (485) $ (3,662) $ (352)      
Dividends declared – Stirling OP (6)                                                             (6)    
Redemption/conversion of operating partnership units                     $ 54                                           $ 54  
Redemption value adjustment (242)                                             (242)                    
Redemption value adjustment – preferred stock (1,057)                                             (1,057)                    
Redemption of preferred stock (in shares)                                         153,000                          
Redemption of preferred stock 1,194                                       $ 2 1,192                        
Net income (loss) (21,747)                                             (19,971)               (1,776)    
Preferred stock, ending balance (in shares) at Mar. 31, 2025                       1,111,000 1,037,000 1,471,000 1,038,000 1,034,000                                    
Ending balance, value at Mar. 31, 2025 (434,418)                     $ 11 $ 10 $ 15 $ 10 $ 11         $ 58 2,393,647   (2,839,867)               11,687    
Common stock, ending balance (in shares) at Mar. 31, 2025                                         5,790,000                          
Outstanding at beginning of year, temporary equity (in shares) at Dec. 31, 2024                                 6,800,000 601,000                                
Outstanding at beginning of year, temporary equity at Dec. 31, 2024                                 $ 156,671 $ 14,869                                
Beginning balance, value at Dec. 31, 2024                                                                   $ 22,509
Increase (Decrease) in Temporary Equity [Roll Forward]                                                                    
Equity-based compensation                                                                   (38)
Issuance of preferred shares (in shares)             883,000 166,000                 919,000 167,000                                
Issuances of preferred stock                                 $ 20,608 $ 4,015                                
Redemption value adjustment                                                                   242
Redemption value adjustment - preferred stock                                 $ 938 $ 119                                
Redemption of preferred stock (in shares)                                 (41,000) (9,000)                                
Redemption of preferred stock                                 $ (970) $ (224)                                
Net income (loss)                                                                   (451)
Outstanding at end of year, temporary equity (in shares) at Mar. 31, 2025                                 7,678,000 759,000                                
Outstanding at end of year, temporary equity at Mar. 31, 2025                                 $ 177,247 $ 18,779                                
Ending balance, value at Mar. 31, 2025                                                                   22,262
Preferred stock, beginning balance (in shares) at Dec. 31, 2025   1,111,127 1,037,044 1,470,948 1,037,956 1,034,303           1,111,000 1,037,000 1,471,000 1,038,000 1,034,000                                    
Beginning balance, value at Dec. 31, 2025 $ (610,841)                     $ 11 $ 10 $ 15 $ 10 $ 11         $ 65 2,402,015   (3,028,489)               15,511    
Common stock, beginning balance (in shares) at Dec. 31, 2025 6,476,157                                       6,476,000                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                    
Purchases of common stock (in shares)                                         (1,000)                          
Purchases of common stock $ (2)                                         (2)                        
Equity-based compensation 28                                         28                   0    
Redemption/conversion of operating partnership units (in shares)                                         1,000                          
Redemption/conversion of operating partnership units                     $ 3                       $ 3                      
Redemption value adjustment (464)                                             (464)                    
Redemption value adjustment – preferred stock (4,600)                                             (4,600)                    
Net income (loss) (64,427)                                             (63,772)               (655)    
Preferred stock, ending balance (in shares) at Mar. 31, 2026   1,111,127 1,037,044 1,470,948 1,037,956 1,034,303           1,111,000 1,037,000 1,471,000 1,038,000 1,034,000                                    
Ending balance, value at Mar. 31, 2026 $ (680,303)                     $ 11 $ 10 $ 15 $ 10 $ 11         $ 65 $ 2,402,044   $ (3,097,325)               $ 14,856    
Common stock, ending balance (in shares) at Mar. 31, 2026 6,476,491                                       6,476,000                          
Outstanding at beginning of year, temporary equity (in shares) at Dec. 31, 2025             7,684,201                   7,684,000 731,000 238,000 551,000                            
Outstanding at beginning of year, temporary equity at Dec. 31, 2025             $ 179,818 $ 18,215 $ 5,484 $ 13,566             $ 179,818 $ 18,215 $ 5,484 $ 13,566                            
Beginning balance, value at Dec. 31, 2025 $ 20,516                                                                 20,516
Increase (Decrease) in Temporary Equity [Roll Forward]                                                                    
Equity-based compensation                                                                   0
Costs for issuances of preferred shares                                 (5) (5) (49)                              
Redemption/conversion of operating partnership units                                                                   (3)
Redemption of operating partnership units for cash                                                                   (2)
Issuance of preferred shares (in shares)             0 0                                                    
Redemption value adjustment                                                                   464
Redemption value adjustment - preferred stock                                 $ 3,842 $ 381 $ 112 $ 265                            
Net income (loss)                                                                   (1,030)
Outstanding at end of year, temporary equity (in shares) at Mar. 31, 2026             7,684,197 731,102 238,191 550,888             7,684,000 731,000 238,000 551,000                            
Outstanding at end of year, temporary equity at Mar. 31, 2026             $ 183,655 $ 18,591 $ 5,547 $ 13,831             $ 183,655 $ 18,591 $ 5,547 $ 13,831                            
Ending balance, value at Mar. 31, 2026 $ 19,945                                                                 $ 19,945