| Subsequent Events |
Note 18 – Subsequent Events Declaration of Dividends | | | | | | | | Declaration Date | | Record Date | | Amount | | Paid / Payable Date | Series A Preferred Stock | | | | | | | | July 10, 2026 | | July 24, 2026 | | $ | 0.125 | | August 5, 2026 | July 10, 2026 | | August 25, 2026 | | | 0.125 | | September 4, 2026 | July 10, 2026 | | September 25, 2026 | | | 0.125 | | October 5, 2026 | Series A Preferred Enhanced Special Dividend | | | | | | | | July 10, 2026 | | July 24, 2026 | | | (1) | | August 5, 2026 | July 10, 2026 | | August 25, 2026 | | | (1) | | September 4, 2026 | July 10, 2026 | | September 25, 2026 | | | (1) | | October 5, 2026 | Series B Preferred Stock (2) | | | | | | | | July 10, 2026 | | July 24, 2026 | | $ | 0.15625 | | August 5, 2026 | July 10, 2026 | | August 25, 2026 | | | 0.15625 | | September 4, 2026 | July 10, 2026 | | September 25, 2026 | | | 0.15625 | | October 5, 2026 |
| (1) | Holders of record of Series A Preferred Stock shares are entitled to an enhanced special dividend equal to the amount by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average of the one-month Term SOFR for each day commencing on the 26th of the prior month to the 25th of the applicable month, plus (II) two percent, divided by (b) twelve, exceeds (ii) the standard monthly dividend of $0.125 per share of Series A Preferred Stock. The enhanced special dividend will be aggregated with the standard monthly dividend so as to effect a dividend rate on the Series A Preferred Stock that is subject to a 6.5% minimum and 8.5% maximum annual rate. |
| (2) | Holders of record of newly issued Series B Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series B Preferred Stock was outstanding. |
Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders subsequent to June 30, 2026 (amounts in thousands): | | | | | | | | | | | | | Shares | | Declaration Date | | Record Date | | Date Paid | | Distribution per Share | | Total Distribution | Class A common stock | | June 12, 2026 | | June 25, 2026 | | July 2, 2026 | | $ | 0.125000 | | $ | 514 | Class C common stock | | June 12, 2026 | | June 25, 2026 | | July 2, 2026 | | | 0.125000 | | | 1 | Series A Preferred Stock (1) | | April 13, 2026 | | June 25, 2026 | | July 2, 2026 | | | 0.135417 | | | 875 | Series B Preferred Stock | | April 13, 2026 | | June 25, 2026 | | July 2, 2026 | | | 0.156250 | | | 43 | OP Units | | June 12, 2026 | | June 25, 2026 | | July 2, 2026 | | | 0.125000 | | | 921 | LTIP / C-LTIP Units | | June 12, 2026 | | June 25, 2026 | | July 2, 2026 | | | 0.125000 | | | 247 | | | | | | | | | | | | | | Series A Preferred Stock (1) | | July 10, 2026 | | July 24, 2026 | | August 5, 2026 | | | 0.135417 | | | 874 | Series B Preferred Stock | | July 10, 2026 | | July 24, 2026 | | August 5, 2026 | | | 0.156250 | | | 62 | Total | | | | | | | | | | | $ | 3,537 |
| (1) | Series A Preferred Stock distribution per share amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any enhanced special dividends. |
Parkside at Summers Corner On July 23, 2026, the Company acquired, with full ownership interest, an additional 10 units at Parkside at Summers Corner located in Summerville, South Carolina for an aggregate purchase price of $2.6 million. Units are to be acquired in tranches as construction is completed, and as of the date of this Quarterly Report on Form 10-Q, the Company has acquired 62 of the total 100 units it has committed to purchase. ILE Loan Amendment CA1, one of ILE’s two credit agreements (refer to Note 11 for further information), matured on June 7, 2026. As of June 30, 2026, the Company was engaged in discussions with the lender regarding an extension. In July 2026, the loan was amended to extend the maturity date to October 7, 2026. Under the amended terms, loan payments are interest-only from June 7, 2026 through maturity at the lender’s floating prime rate (6.75% in June 2026) plus 0.50%. The Company will account for the amendment as a debt modification in accordance with ASC 470-50 Debt – Modifications and Extinguishments.
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