v3.26.1
EARNINGS (LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the computation of the Company’s basic earnings (loss) per share attributable to common stockholders and its diluted earnings (loss) per share attributable to common stockholders and noncontrolling interests, which are Class C OP Units for the three and six months ended June 30, 2026 and 2025 (in thousands, except shares/units and per share data):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income (loss)$6,485 $(2,633)$6,190 $(1,804)
Net (income) loss attributable to noncontrolling interest in Operating Partnership (1)
(1,110)503 (1,082)485 
Preferred stock dividends
(773)(796)(1,548)(1,623)
(Loss) gain on repurchases of preferred stock(4)(13)(27)16 
Class X OP Unit distributions (2)
— (262)— (425)
Net income (loss) available to common stockholders used in basic net income (loss) per share4,598 (3,201)3,533 (3,351)
Net income (loss) attributable to noncontrolling interest in Operating Partnership (3)
1,110 (503)545 (485)
Net income (loss) available to common stockholders and noncontrolling interests used in diluted net income (loss) per share/unit$5,708 $(3,704)$4,078 $(3,836)
Weighted average shares of Common Stock outstanding - basic
10,323,670 10,123,721 10,318,460 10,048,760 
Class C OP Units1,593,328 1,593,328 1,593,328 1,469,750 
Class X OP Units (4)
895,043 — — — 
Weighted average shares and units outstanding - diluted (4)
12,812,041 11,717,049 11,911,788 11,518,510 
Earnings (loss) per share attributable to common stockholders:
Basic$0.45 $(0.32)$0.34 $(0.33)
Earnings (loss) per share attributable to common stockholders and non-controlling interests:
Diluted$0.45 $(0.32)$0.34 $(0.33)
(1)    Each Class C Common Share and Class C OP Unit have the same participation in earnings (loss). As discussed above, losses are not allocated to the Class X OP Units because they have not vested and do not have a contractual obligation to share in the Company’s losses. As such, net income (loss) attributable to noncontrolling interest in Operating Partnership for the three months ended June 30, 2026 and the three and six months ended June 30, 2025 represents net loss allocated to Class C OP Units, which is different than the amount presented on the statements of operations and equity for the three month periods that include net loss allocated to Class X OP Units. For the three months ended June 30, 2026, distributions declared exceeded net income, which resulted in a loss that was allocated to common shareholders and Class C OP Unit holders.
(2)    During periods with net income, Class X OP Unit distributions are included in net income (loss) attributable to noncontrolling interest in Operating Partnership.
(3)    Represents net income allocated to Class C OP Units for the six months ended June 30, 2026. Net income allocated to Class X OP Units was excluded as the effect would have been antidilutive.
(4)    Class C OP Units are included in the weighted average shares and units outstanding to calculate diluted earnings (loss) per share as each Class C Common Share and Class C OP Unit have the same participation in earnings (loss). During the three months ended June 30, 2025, the weighted average dilutive effect of 895,043 Class X OP Units was excluded from diluted earnings (loss) per share attributable to common stockholders and noncontrolling interest as the effect would have been antidilutive. During the six months ended June 30, 2026 and 2025, 895,043 and 710,875 Class X OP Units, respectively, were excluded from diluted earnings (loss) per share attributable to common stockholders and noncontrolling interest as the effect would have been antidilutive.