v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Class A Common Shares [Member]
Common Stock [Member]
Class A Common Shares [Member]
Preferred Stock [Member]
Series A Preferred Shares [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Non-Controlling Interest [Member]
Beginning balance at Dec. 31, 2024 $ 405,803   $ 562 $ 28 $ 1,362,644 $ (958,778) $ 1,347
Beginning balance, shares at Dec. 31, 2024     56,274,000 2,800,000      
Net loss (50,708)         (50,708)  
Preferred dividends declared (2,450)         (2,450)  
Vesting of restricted share units, shares     88,000        
Restricted stock withholdings, shares     (38,000)        
Restricted stock withholdings (127)       (127)    
Share-based compensation 201       201    
Contributions to consolidated VIEs 18           18
Ending balance at Jun. 30, 2025 352,737   $ 562 $ 28 1,362,718 (1,011,936) 1,365
Ending balance, shares at Jun. 30, 2025     56,324,000 2,800,000      
Beginning balance at Mar. 31, 2025 382,450   $ 562 $ 28 1,362,718 (982,205) 1,347
Beginning balance, shares at Mar. 31, 2025     56,324,000 2,800,000      
Net loss (28,506)         (28,506)  
Preferred dividends declared (1,225)         (1,225)  
Contributions to consolidated VIEs 18           18
Ending balance at Jun. 30, 2025 352,737   $ 562 $ 28 1,362,718 (1,011,936) 1,365
Ending balance, shares at Jun. 30, 2025     56,324,000 2,800,000      
Beginning balance at Dec. 31, 2025 332,800   $ 562 $ 28 1,362,719 (1,031,893) 1,384
Beginning balance, shares at Dec. 31, 2025   56,324,607 56,324,000 2,800,000      
Net loss (36,446)         (36,446)  
Preferred dividends declared (2,450)         (2,450)  
Contributions to consolidated VIEs 54           54
Distributions from consolidated VIEs (1,741)       (691) 388 (1,438)
Ending balance at Jun. 30, 2026 292,217   $ 562 $ 28 1,362,028 (1,070,401) 0
Ending balance, shares at Jun. 30, 2026   56,324,607 56,324,000 2,800,000      
Beginning balance at Mar. 31, 2026 301,311   $ 562 $ 28 1,362,719 (1,063,436) 1,438
Beginning balance, shares at Mar. 31, 2026     56,324,000 2,800,000      
Net loss (6,128)         (6,128)  
Preferred dividends declared (1,225)         (1,225)  
Distributions from consolidated VIEs (1,741)       (691) 388 (1,438)
Ending balance at Jun. 30, 2026 $ 292,217   $ 562 $ 28 $ 1,362,028 $ (1,070,401) $ 0
Ending balance, shares at Jun. 30, 2026   56,324,607 56,324,000 2,800,000