v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities    
Net loss $ (5,931) $ (4,554)
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of digital assets 1,896 0
Changes in operating assets and liabilities:    
Net cash used in the Company's operating activities (2,635) (1,738)
Cash Flows From Investing Activities    
Net cash used in the Company's investing activities (583) (107)
Cash Flows From Financing Activities    
Net cash provided by the Company's financing activities 1,808 1,308
Net Change in Cash and Restricted Cash (1,410) (537)
Cash and Restricted Cash at Beginning of Period 6,016 4,897
Cash and Restricted Cash at End of Period 4,606 4,360
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 2,864 2,315
Restricted cash at beginning of period 3,152 2,582
Cash and Restricted Cash at Beginning of Period 6,016 4,897
Cash at end of period 931 1,568
Restricted cash at end of period 3,675 2,792
Cash and Restricted Cash at End of Period 4,606 4,360
Excluding consolidated VIE    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 175 157
Non-cash lease expense 4 5
Non-cash interest expense 34 0
Equity-based compensation 345 661
Change in fair value of digital assets 1,896 0
Loss on extinguishment of debt 0 10
Loss on investments in unconsolidated entities 293 311
Loss on notes receivable - related parties 296 236
Amortization of above-market/below market leases and straight-line rent, net (12) (171)
Amortization of deferred financing costs and notes payable discount 95 89
Bad debt expense 12 0
Changes in operating assets and liabilities:    
Due from related parties (718) (368)
Prepaid expenses, right-of-use assets and other assets 194 799
Accounts payable and accrued expenses 359 (552)
Due to related parties (59) 130
Lease liabilities and other liabilities (119) 725
Cash Flows From Investing Activities    
Investments in real estate assets (428) (134)
Purchases of digital assets (1) 0
Proceeds from the sale of digital assets 500 0
Investments in unconsolidated entities 0 (98)
Return of capital from unconsolidated entities 0 350
Funding of notes receivable - related parties (5,890) (576)
Payment received on notes receivable - related parties 4,216 60
Cash Flows From Financing Activities    
Payment of deferred financing costs 0 (236)
Proceeds from the issuance of common stock, net of issuance costs 24 13
Proceeds from the issuance of preferred stock, net of issuance costs (2) 0
Proceeds from the issuance of redeemable preferred stock, net of issuance costs 1,589 0
Dividends to preferred stockholders (278) 0
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 0 4,427
Repayments of notes payable (585) (2,620)
VIE, primary beneficiary    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 423 1,024
Non-cash interest expense 76 67
Amortization of above-market/below market leases and straight-line rent, net 182 0
Amortization of deferred financing costs and notes payable discount 18 19
Bad debt expense 0 3
Loss on the disposition of real estate 0 6
Changes in operating assets and liabilities:    
Accounts receivable, net (6) (18)
Due from related parties 51 (197)
Prepaid expenses, right-of-use assets and other assets (217) (140)
Accounts payable and accrued expenses 15 (44)
Due to related parties 5 (63)
Lease liabilities and other liabilities (46) 127
Cash Flows From Investing Activities    
Consolidation of VIEs 1,047 0
Investments in real estate assets (27) (79)
Payment received on notes receivable - related parties 0 370
Cash Flows From Financing Activities    
Payment of deferred financing costs (10) (10)
Proceeds from notes payable 0 455
Repayments of notes payable (93) (192)
Contributions from noncontrolling interest holders 1,163 211
Distributions to noncontrolling interest holders $ 0 $ (740)