Stockholders' Equity and Redeemable Preferred Stock (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Stockholders' Equity and Redeemable Preferred Stock |
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| Schedule of reconciles of components of basic and diluted net loss per common share |
The following table reconciles the components of basic and diluted net loss per common share for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share amounts): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Net loss | | $ | (8,959) | | $ | (5,826) | | $ | (19,256) | | $ | (13,156) | Less preferred stock dividends | | | (2,722) | | | (2,254) | | | (5,331) | | | (4,264) | Less preferred stock accretion | | | (1,568) | | | (1,273) | | | (2,561) | | | (1,796) | Less dividends on restricted stock and LTIP Units expected to vest | | | (63) | | | (73) | | | (121) | | | (135) | Addback net loss attributable to noncontrolling interests | | | 9,767 | | | 6,869 | | | 20,233 | | | 14,203 | Net loss attributable to common stockholders | | $ | (3,545) | | $ | (2,557) | | $ | (7,036) | | $ | (5,148) | | | | | | | | | | | | | | Weighted average common shares outstanding (1) | | | 3,941,345 | | | 3,895,913 | | | 3,919,843 | | | 3,880,354 | Potential dilutive shares (2) | | | — | | | — | | | — | | | — | Weighted average common shares outstanding and potential dilutive shares (1) | | | 3,941,345 | | | 3,895,913 | | | 3,919,843 | | | 3,880,354 | | | | | | | | | | | | | | Net loss per common share, basic | | $ | (0.90) | | $ | (0.66) | | $ | (1.80) | | $ | (1.33) | Net loss per common share, diluted | | $ | (0.90) | | $ | (0.66) | | $ | (1.80) | | $ | (1.33) |
(1) | Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. |
(2) | For the three months ended June 30, 2026 and 2025, the diluted shares calculations exclude the following as the effects are antidilutive: (i) potential vesting of restricted Class A common stock of zero shares and 47 shares, respectively, (ii) potential conversion of the Series A Preferred Stock into Class A common stock of 14,150,732 shares and 11,280,500 shares, respectively, and (iii) potential conversion of the Series B Preferred Stock into Class A common stock of 738,402 shares and zero shares, respectively. |
For the six months ended June 30, 2026 and 2025, the diluted shares calculations exclude the following as the effects are antidilutive: (i) potential vesting of restricted Class A common stock of zero shares and 4,923 shares, respectively, (ii) potential conversion of the Series A Preferred Stock into Class A common stock of 14,198,035 shares and 10,204,806 shares, respectively, and (iii) potential conversion of the Series B Preferred Stock into Class A common stock of 745,141 shares and zero shares, respectively.
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| Schedule of dividends distributions to stock |
| | | | | | | | Declaration Date | | Record Date | | Amount | | Paid / Payable Date | Class A common stock | | | | | | | | March 11, 2025 | | December 24, 2025 | | $ | 0.125 | | January 5, 2026 | March 10, 2026 | | March 25, 2026 | | | 0.125 | | April 2, 2026 | June 12, 2026 | | June 25, 2026 | | | 0.125 | | July 2, 2026 | Class C common stock | | | | | | | | March 11, 2025 | | December 24, 2025 | | $ | 0.125 | | January 5, 2026 | March 10, 2026 | | March 25, 2026 | | | 0.125 | | April 2, 2026 | June 12, 2026 | | June 25, 2026 | | | 0.125 | | July 2, 2026 | Series A Preferred Stock | | | | | | | | October 15, 2025 | | December 24, 2025 | | $ | 0.125 | | January 5, 2026 | January 15, 2026 | | January 23, 2026 | | | 0.125 | | February 5, 2026 | January 15, 2026 | | February 25, 2026 | | | 0.125 | | March 5, 2026 | January 15, 2026 | | March 25, 2026 | | | 0.125 | | April 2, 2026 | April 13, 2026 | | April 24, 2026 | | | 0.125 | | May 5, 2026 | April 13, 2026 | | May 22, 2026 | | | 0.125 | | June 5, 2026 | April 13, 2026 | | June 25, 2026 | | | 0.125 | | July 2, 2026 | Series A Preferred Enhanced Special Dividend (1) | | | | | | | | October 15, 2025 | | December 24, 2025 | | $ | 0.010417 | | January 5, 2026 | January 15, 2026 | | January 23, 2026 | | | 0.010417 | | February 5, 2026 | January 15, 2026 | | February 25, 2026 | | | 0.010417 | | March 5, 2026 | January 15, 2026 | | March 25, 2026 | | | 0.010417 | | April 2, 2026 | April 13, 2026 | | April 24, 2026 | | | 0.010417 | | May 5, 2026 | April 13, 2026 | | May 22, 2026 | | | 0.010417 | | June 5, 2026 | April 13, 2026 | | June 25, 2026 | | | 0.010417 | | July 2, 2026 | Series B Preferred Stock (2) | | | | | | | | January 15, 2026 | | January 23, 2026 | | $ | 0.15625 | | February 5, 2026 | January 15, 2026 | | February 25, 2026 | | | 0.15625 | | March 5, 2026 | January 15, 2026 | | March 25, 2026 | | | 0.15625 | | April 2, 2026 | April 13, 2026 | | April 24, 2026 | | | 0.15625 | | May 5, 2026 | April 13, 2026 | | May 22, 2026 | | | 0.15625 | | June 5, 2026 | April 13, 2026 | | June 25, 2026 | | | 0.15625 | | July 2, 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. |
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| Schedule of distributions declared and paid |
Distributions declared and paid for the six months ended June 30, 2026 were as follows (amounts in thousands): | | | | | | | | | Distributions | 2026 | | Declared | | Paid | First Quarter | | | | | | | Class A common stock | | $ | 506 | | $ | 506 | Class C common stock | | | 1 | | | 1 | Series A Preferred Stock (1) | | | 2,595 | | | 2,570 | Series B Preferred Stock | | | 14 | | | 1 | OP Units | | | 921 | | | 921 | LTIP / C-LTIP Units | | | 233 | | | 227 | Total first quarter | | $ | 4,270 | | $ | 4,226 | Second Quarter | | | | | | | Class A common stock | | $ | 514 | | $ | 506 | Class C common stock | | | 1 | | | 1 | Series A Preferred Stock (1) | | | 2,625 | | | 2,625 | Series B Preferred Stock | | | 97 | | | 67 | OP Units | | | 921 | | | 921 | LTIP / C-LTIP Units | | | 247 | | | 233 | Total second quarter | | $ | 4,405 | | $ | 4,353 | Total | | $ | 8,675 | | $ | 8,579 |
(1) | Series A Preferred Stock amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any enhanced special dividends. |
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