
	Balance as of
	June 30, 2026		December 31, 2025
Series A Preferred Units held by third parties	$	1,289	$	2,578
Common OP Units held by third parties	1,806		1,883
Total non-controlling interests in the OP	$	3,095	$	4,461

Net income attributable to non-controlling interests on the Company’s consolidated statements of operations and comprehensive loss are comprised of the following (dollars in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Income attributable to Series A Preferred Units held by third parties	$	(23)	$	(46)	$	(69)	$	(92)
Loss attributable to Common OP Units held by third parties	53		91		71		98
Net income attributable to non-controlling interests in the OP	30		45		2		6
Income attributable to non-controlling interests in property-owning subsidiaries	—		(14)				(29)
Net loss (income) attributable to non-controlling interests	$	30	$	31	$	2	$	(23)

During the three and six months ended June 30, 2026, Series A Preferred Unit holders were paid $46 thousand and $92 thousand in cash distributions, respectively. During the three and six months ended June 30, 2025, Series A Preferred Unit holders were paid $46 thousand and $93 thousand in cash distributions, respectively.

In June 2026, the Company repurchased 50,000 of the 100,000 then outstanding Series A Preferred Units at $22.50 per unit. A holder of Series A Preferred Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s Series A Shares.

As of June 30, 2026, the Company had 234,026 partnership units outstanding in the OP designated as “Common OP Units” and 971,147 LTIP Units outstanding. A holder of Common OP Units has the right to receive cash distributions equivalent to the cash distributions, if any, on the Company’s common stock. After holding the Common OP Units for a period of one year, a holder of Common OP Units has the right to redeem Common OP Units for, at the option of the OP, the corresponding number of shares of the Company’s common stock. Vested LTIP units can be converted to Common OP Units on a one-for-one basis once an equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of a Common Unit. All LTIP units, whether vested or not, receive the same per unit cash distributions as Common OP Units.

Prior to the Offering, the Company had 405,998 Common OP Units and 359,250 Class B Units outstanding. In connection with the Offering, the Class B Units were converted into Common OP Units pursuant to the Class B Unit’s terms and the number of Common OP Units was then consolidated into 234,026 Common OP Units to give effect to adjustments for the impact of the stock dividends from October to 2020 to January 2024 and the September 2024 one-for-four common stock reserve split, so the Common Units are redeemable for the Company’s common stock on a one-for-one basis.