v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Total stockholders’ equity
Additional paid-in capital
Accumulated other comprehensive income
Distributions in excess of accumulated earnings
Non-controlling interests
Series A Preferred Stock
Series A Preferred Stock
Total stockholders’ equity
Series A Preferred Stock
Preferred Stock
Series A Preferred Stock
Additional paid-in capital
Series A Preferred Stock
Distributions in excess of accumulated earnings
Series B Preferred Stock
Series B Preferred Stock
Total stockholders’ equity
Series B Preferred Stock
Preferred Stock
Series B Preferred Stock
Additional paid-in capital
Series B Preferred Stock
Distributions in excess of accumulated earnings
Common Stock
Common Stock
Common stock
Class A Common Stock
Class A Common Stock
Common stock
Preferred stock, shares outstanding (in shares) at Dec. 31, 2024                 3,977,000         3,630,000            
Beginning balance at Dec. 31, 2024 $ 690,125 $ 684,560 $ 2,533,706 $ 16,640 $ (1,866,994) $ 5,565     $ 40         $ 36       $ 1,132   $ 0
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024                                   28,296,000   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Equity-based compensation 570 570 570                                  
Distributions declared on preferred stock (6,836)           $ (3,634) $ (3,634)     $ (3,634) $ (3,200) $ (3,200)     $ (3,200)        
Repurchase of Preferred Stock (in shares)                 (57,000)         (66,000)            
Repurchase of Preferred Stock             (822) (822)   $ (822)   (916) (916) $ (1) $ (915)          
Distributions to non-controlling interest holders (93)         (93)                            
Rebalancing of ownership percentage 0 46 46     (46)                            
Unrealized gain (loss) on designated derivatives (7,199) (7,199)   (7,199)                                
Net loss (22,349) (22,372)     (22,372) 23                            
Preferred stock, shares outstanding (in shares) at Jun. 30, 2025                 3,920,000         3,564,000            
Ending balance at Jun. 30, 2025 652,482 647,033 2,532,585 9,441 (1,896,200) 5,449     $ 40         $ 35       $ 1,132   $ 0
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2025                                   28,296,000   0
Preferred stock, shares outstanding (in shares) at Mar. 31, 2025                 3,977,000         3,630,000            
Beginning balance at Mar. 31, 2025 680,120 674,579 2,533,737 11,646 (1,872,012) 5,541     $ 40         $ 36       $ 1,132   $ 0
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2025                                   28,296,000   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Equity-based compensation 570 570 570                                  
Distributions declared on preferred stock (3,386)           (1,800) (1,800)     (1,800) (1,585) (1,585)     (1,585)        
Repurchase of Preferred Stock (in shares)                 (57,000)         (66,000)            
Repurchase of Preferred Stock             $ (822) (822)   (822)   $ (916) (916) $ (1) (915)          
Distributions to non-controlling interest holders (46)         (46)                            
Rebalancing of ownership percentage 0 15 15     (15)                            
Unrealized gain (loss) on designated derivatives (2,205) (2,205)   (2,205)                                
Net loss (20,834) (20,803)     (20,803) (31)                            
Preferred stock, shares outstanding (in shares) at Jun. 30, 2025                 3,920,000         3,564,000            
Ending balance at Jun. 30, 2025 652,482 647,033 2,532,585 9,441 (1,896,200) 5,449     $ 40         $ 35       $ 1,132   $ 0
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2025                                   28,296,000   0
Preferred stock, shares outstanding (in shares) at Dec. 31, 2025             3,846,000   3,846,000     3,417,000   3,417,000            
Beginning balance at Dec. 31, 2025 604,525 600,064 2,531,315 5,604 (1,938,060) 4,461     $ 38         $ 35       $ 1,132   $ 0
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2025                                 28,427,000 28,307,000 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Equity-based compensation 2,227 2,227 2,227                                  
Common stock issuance, net of tax withholdings (in shares)                                   45,000    
Common stock issuance, net of tax withholdings (443) (443) (443)                                  
Stock issuance, net of offering costs (in shares)                                       44,275,000
Stock issuance, net of offering costs 494,254 494,254 493,811                                 $ 443
Distributions declared on preferred stock (6,079)           $ (3,288) (3,288)     (3,288) $ (2,791) (2,791)     (2,791)        
Repurchase of Preferred Stock (in shares)                 (557,000)         (567,000)            
Repurchase of Preferred Stock             $ (12,693) (12,693) $ (5) (12,688)   $ (12,917) (12,917) $ (6) (12,911)          
Distributions to non-controlling interest holders (69)         (69)                            
Acquisition of non-controlling interest (1,125) 164 164     (1,289)                            
Rebalancing of ownership percentage 0 6 6     (6)                            
Unrealized gain (loss) on designated derivatives (794) (794)   (794)                                
Net loss (9,667) (9,665)   0 (9,665) (2)                            
Preferred stock, shares outstanding (in shares) at Jun. 30, 2026             3,289,000   3,289,000     2,850,000   2,850,000            
Ending balance at Jun. 30, 2026 1,057,219 1,054,124 3,001,481 4,810 (1,953,804) 3,095     $ 33         $ 29       $ 1,132   $ 443
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2026                                 28,630,000 28,352,000 44,275,000 44,275,000
Preferred stock, shares outstanding (in shares) at Mar. 31, 2026                 3,846,000         3,417,000            
Beginning balance at Mar. 31, 2026 596,543 592,156 2,531,539 5,076 (1,945,664) 4,387     $ 38         $ 35       $ 1,132   $ 0
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2026                                   28,336,000   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Equity-based compensation 1,615 1,615 1,615                                  
Common stock issuance, net of tax withholdings (in shares)                                   16,000    
Stock issuance, net of offering costs (in shares)                                       44,275,000
Stock issuance, net of offering costs 494,254 494,254 493,811                                 $ 443
Distributions declared on preferred stock (2,785)           $ (1,515) (1,515)     $ (1,515) $ (1,269) (1,269)     $ (1,269)        
Repurchase of Preferred Stock (in shares)                 (557,000)         (567,000)            
Repurchase of Preferred Stock             $ (12,693) $ (12,693) $ (5) $ (12,688)   $ (12,917) $ (12,917) $ (6) $ (12,911)          
Distributions to non-controlling interest holders (22)         (22)                            
Acquisition of non-controlling interest (1,125) 164 164     (1,289)                            
Rebalancing of ownership percentage 0 (49) (49)     49                            
Unrealized gain (loss) on designated derivatives (266) (266)   (266)                                
Net loss (5,386) (5,356)     (5,356) (30)                            
Preferred stock, shares outstanding (in shares) at Jun. 30, 2026             3,289,000   3,289,000     2,850,000   2,850,000            
Ending balance at Jun. 30, 2026 $ 1,057,219 $ 1,054,124 $ 3,001,481 $ 4,810 $ (1,953,804) $ 3,095     $ 33         $ 29       $ 1,132   $ 443
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2026                                 28,630,000 28,352,000 44,275,000 44,275,000