v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net loss     $ (16,074) $ (50,252)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:        
Depreciation and amortization $ 2,490 $ 3,545 5,010 7,136
Amortization of deferred financing costs     343 839
Accretion of below- and amortization of above-market lease liabilities and assets, net     (33) (250)
Equity-based compensation 63 92 154 184
Common stock issued to the Advisor in connection with Advisor related fees (see Note 8)     4,066 0
Impairments of real estate investments 0 30,558 0 30,558
Changes in assets and liabilities:        
Straight-line rent receivable     (327) 468
Straight-line rent payable     0 51
Prepaid expenses, other assets and deferred costs     591 (1,058)
Accounts payable, accrued expenses and other liabilities     6,977 7,254
Deferred revenue     (537) (469)
Net cash provided by (used in) operating activities     170 (5,539)
Cash flows from investing activities:        
Capital expenditures     (498) (558)
Net cash used in investing activities     (498) (558)
Cash flows from financing activities:        
Proceeds from notes payable to related parties     1,920 0
Payments on mortgage note payable     (1,700) 0
Net cash provided by financing activities     220 0
Net change in cash, cash equivalents and restricted cash     (108) (6,097)
Cash, cash equivalents and restricted cash, beginning of period     8,047 18,935
Cash, cash equivalents and restricted cash, end of period 7,939 12,838 7,939 12,838
Cash and cash equivalents 2,422 5,313 2,422 5,313
Restricted cash 5,517 7,525 5,517 7,525
Cash and cash equivalents and restricted cash $ 7,939 $ 12,838 7,939 12,838
Supplemental Disclosures:        
Cash paid for interest     5,495 5,988
Non-Cash Investing and Financing Activities:        
Net change in accrued capital expenditures for the period     0 (251)
Accrued interest associated with property in receivership     4,534 0
Contract asset     $ (4,534) $ 0