v3.26.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Total Stockholders' Equity
Common Stock
Preferred Stock
Additional Paid-in Capital
Distributions in Excess of Earnings
Non-controlling Interests
Series A1 Preferred Stock
Series A1 Preferred Stock
Total Stockholders' Equity
Series A1 Preferred Stock
Common Stock
Series A1 Preferred Stock
Preferred Stock
Series A1 Preferred Stock
Additional Paid-in Capital
Series A1 Preferred Stock
Distributions in Excess of Earnings
Series D Preferred Stock
Series D Preferred Stock
Total Stockholders' Equity
Series D Preferred Stock
Common Stock
Series D Preferred Stock
Preferred Stock
Series D Preferred Stock
Additional Paid-in Capital
Series D Preferred Stock
Distributions in Excess of Earnings
Series A Preferred Stock
Series A Preferred Stock
Total Stockholders' Equity
Series A Preferred Stock
Common Stock
Series A Preferred Stock
Preferred Stock
Series A Preferred Stock
Additional Paid-in Capital
Series A Preferred Stock
Distributions in Excess of Earnings
Beginning balance (in shares) at Dec. 31, 2024     4,662                                            
Beginning balance at Dec. 31, 2024 $ 306,264 $ 304,516 $ 119 $ 311,903 $ 994,973 $ (1,002,479) $ 1,748       $ 207,387           $ 1,190           $ 103,326    
Beginning balance (in shares) at Dec. 31, 2024       12,546,499             8,372,689           48,447           4,125,363    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Stock based compensation expense 55 55     55                                        
Par value adjustment 0   $ (107)   107                                        
Redemption of preferred stock paid in common stock (in shares)                   (963) (194,216)                     (1,921) (104,471)    
Redemption of preferred stock paid in common stock               $ 43 $ 43 $ 5 $ (4,813) $ 4,982 $ (131)             $ 23 $ 23 $ 3 $ (2,606) $ 2,796 $ (170)
Dividends to holders of series preferred stock               (4,068) (4,068)       (4,068) $ (17) $ (17)       $ (17) (1,393) (1,393)       (1,393)
Net loss (6,272) (6,114)       (6,114) (158)                                    
Ending balance (in shares) at Mar. 31, 2025     7,546                                            
Ending balance at Mar. 31, 2025 294,635 293,045 $ 20 $ 304,484 1,002,913 (1,014,372) 1,590       $ 202,574           $ 1,190           $ 100,720    
Ending balance (in shares) at Mar. 31, 2025       12,247,812             8,178,473           48,447           4,020,892    
Beginning balance (in shares) at Dec. 31, 2024     4,662                                            
Beginning balance at Dec. 31, 2024 306,264 304,516 $ 119 $ 311,903 994,973 (1,002,479) 1,748       $ 207,387           $ 1,190           $ 103,326    
Beginning balance (in shares) at Dec. 31, 2024       12,546,499             8,372,689           48,447           4,125,363    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Reclassification of Series A1 Preferred Stock to Permanent Equity 8,295                                                
Net loss (15,423)                                                
Ending balance (in shares) at Jun. 30, 2025     7,546                                            
Ending balance at Jun. 30, 2025 288,270 287,109 $ 1 $ 313,975 1,001,791 (1,028,658) 1,161       $ 212,065           $ 1,190           $ 100,720    
Ending balance (in shares) at Jun. 30, 2025       12,612,526             8,543,187           48,447           4,020,892    
Beginning balance (in shares) at Mar. 31, 2025     7,546                                            
Beginning balance at Mar. 31, 2025 294,635 293,045 $ 20 $ 304,484 1,002,913 (1,014,372) 1,590       $ 202,574           $ 1,190           $ 100,720    
Beginning balance (in shares) at Mar. 31, 2025       12,247,812             8,178,473           48,447           4,020,892    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Contributions to noncontrolling interests 8           8                                    
Distributions to noncontrolling interests (285)           (285)                                    
Stock based compensation expense 55 55     55                                        
Par value adjustment 0   $ (19)   19                                        
Reclassification of Series A1 Preferred Stock to Permanent Equity (in shares)                     364,714                            
Reclassification of Series A1 Preferred Stock to Permanent Equity               8,295 8,295   $ 9,491 (1,196)                          
Dividends to holders of series preferred stock               $ (3,881) (3,881)       (3,881) $ (17) (17)       (17) $ (1,389) (1,389)       (1,389)
Net loss (9,151) (8,999)       (8,999) (152)                                    
Ending balance (in shares) at Jun. 30, 2025     7,546                                            
Ending balance at Jun. 30, 2025 $ 288,270 287,109 $ 1 $ 313,975 1,001,791 (1,028,658) 1,161       $ 212,065           $ 1,190           $ 100,720    
Ending balance (in shares) at Jun. 30, 2025       12,612,526             8,543,187           48,447           4,020,892    
Beginning balance (in shares) at Dec. 31, 2025 26,997   26,997                                            
Beginning balance at Dec. 31, 2025 $ 266,249 265,361 $ 3 $ 310,446 1,019,044 (1,064,132) 888       $ 217,451           $ 1,089           $ 91,906    
Beginning balance (in shares) at Dec. 31, 2025       12,462,885       8,749,542     8,749,542     44,325     44,325     3,669,018     3,669,018    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Stock based compensation expense 55 55     55                                        
Par value adjustment 0   $ (237)   237                                        
Redemption of preferred stock paid in common stock (in shares)                   (2,084,881) (7,734,130)         (5,941) (21,760)         (521,339) (1,957,823)    
Redemption of preferred stock paid in common stock               $ 2,599 2,599 $ 203 $ (191,566) 212,504 (18,542) $ 6 6 $ 1 $ (536) $ 560 (19) $ 522 522 $ 56 $ (49,094) 53,205 (3,645)
Dividends to holders of series preferred stock               $ (3,010) (3,010)       (3,010) $ (14) (14)       (14) $ (1,155) (1,155)       (1,155)
Net loss (8,417) (8,309)       (8,309) (108)                                    
Ending balance (in shares) at Mar. 31, 2026     2,639,158                                            
Ending balance at Mar. 31, 2026 $ 256,835 256,055 $ 26 $ 69,250 1,285,605 (1,098,826) 780       $ 25,885           $ 553           $ 42,812    
Ending balance (in shares) at Mar. 31, 2026       2,749,172             1,015,412           22,565           1,711,195    
Beginning balance (in shares) at Dec. 31, 2025 26,997   26,997                                            
Beginning balance at Dec. 31, 2025 $ 266,249 265,361 $ 3 $ 310,446 1,019,044 (1,064,132) 888       $ 217,451           $ 1,089           $ 91,906    
Beginning balance (in shares) at Dec. 31, 2025       12,462,885       8,749,542     8,749,542     44,325     44,325     3,669,018     3,669,018    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Reclassification of Series A1 Preferred Stock to Permanent Equity 0             $ 20,800                       $ 199,600          
Net loss $ (18,403)                                                
Ending balance (in shares) at Jun. 30, 2026 2,947,493   2,947,493                                            
Ending balance at Jun. 30, 2026 $ 245,956 245,266 $ 3 $ 67,703 1,287,344 (1,109,784) 690       $ 25,322           $ 553           $ 41,828    
Ending balance (in shares) at Jun. 30, 2026       2,687,871       993,377     993,377     22,565     22,565     1,671,929     1,671,929    
Beginning balance (in shares) at Mar. 31, 2026     2,639,158                                            
Beginning balance at Mar. 31, 2026 256,835 256,055 $ 26 $ 69,250 1,285,605 (1,098,826) 780       $ 25,885           $ 553           $ 42,812    
Beginning balance (in shares) at Mar. 31, 2026       2,749,172             1,015,412           22,565           1,711,195    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Stock based compensation expense 73 73     73                                        
Cancelled shares (in shares)     (344)                                            
Par value adjustment 0   $ (23)   23                                        
Redemption of preferred stock paid in common stock (in shares)                   (99,599) (22,035)                     (209,080) (39,266)    
Redemption of preferred stock paid in common stock               $ 7 7   $ (563) $ 580 (10)             $ 7 7   $ (984) $ 1,063 (72)
Dividends to holders of series preferred stock               $ (387) $ (387)       $ (387) $ (8) $ (8)       $ (8) $ (585) $ (585)       $ (585)
Net loss $ (9,986) (9,896)       (9,896) (90)                                    
Ending balance (in shares) at Jun. 30, 2026 2,947,493   2,947,493                                            
Ending balance at Jun. 30, 2026 $ 245,956 $ 245,266 $ 3 $ 67,703 $ 1,287,344 $ (1,109,784) $ 690       $ 25,322           $ 553           $ 41,828    
Ending balance (in shares) at Jun. 30, 2026       2,687,871       993,377     993,377     22,565     22,565     1,671,929     1,671,929