v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue from tenants $ 7,315,000 $ 12,222,000 $ 14,663,000 $ 24,530,000
Operating expenses:        
Asset and property management fees to related parties 1,791,000 1,682,000 3,343,000 3,550,000
Property operating 4,303,000 7,987,000 8,905,000 16,124,000
Impairments of real estate investments 0 30,558,000 0 30,558,000
Equity-based compensation 63,000 92,000 154,000 184,000
General and administrative 2,884,000 2,172,000 5,197,000 5,307,000
Depreciation and amortization 2,490,000 3,545,000 5,010,000 7,136,000
Total operating expenses 11,531,000 46,036,000 22,609,000 62,859,000
Operating loss before gain on disposition of real estate investments (4,216,000) (33,814,000) (7,946,000) (38,329,000)
Gain on disposition of real estate investments     4,534,000 0
Operating loss (1,936,000) (33,814,000) (3,412,000) (38,329,000)
Other income (expense):        
Interest expense (4,086,000) (7,850,000) (8,134,000) (11,933,000)
Interest expense associated with property in receivership (2,280,000) 0 (4,534,000) 0
Other income 3,000 4,000 6,000 10,000
Total other expense (6,363,000) (7,846,000) (12,662,000) (11,923,000)
Net loss before income tax (8,299,000) (41,660,000) (16,074,000) (50,252,000)
Income tax expense 0 0 0 0
Net loss $ (8,299,000) $ (41,660,000) $ (16,074,000) $ (50,252,000)
Weighted-average shares outstanding — Basic (in shares) 2,733,561 2,541,402 2,645,856 2,537,501
Weighted-average shares outstanding — Diluted (in shares) 2,733,561 2,541,402 2,645,856 2,537,501
Net loss per share attributable to common stockholders - Basic (in dollars per share) $ (3.04) $ (16.39) $ (6.08) $ (19.80)
Net loss per share attributable to common stockholders — Diluted (in dollars per share) $ (3.04) $ (16.39) $ (6.08) $ (19.80)