v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental income ($70, $69, $141 and $138 with related parties, respectively) $ 2,937 $ 3,713 $ 5,829 $ 7,358
Interest income ($292, $375, $547 and $920 with related parties, respectively) 2,664 2,295 6,058 4,397
Dividend income ($7,683, $7,590, $15,339 and $15,113 with related parties, respectively) 8,016 7,682 15,679 19,492
Other income 766 313 1,116 591
Total revenues 19,337 21,034 42,212 50,108
Expenses        
Property operating expenses ($52, $52, $104, and $113 with related parties, respectively) 4,606 5,523 10,259 12,484
Property management fees ($225, $183, $424, and $363 with related parties, respectively) 324 387 794 906
Real estate taxes and insurance 1,669 1,573 3,062 3,414
Advisory and administrative fees 2,943 7,020 6,028 10,662
Property general and administrative expenses ($70, $69, $141, and $138 with related parties, respectively) 1,467 1,616 3,137 3,607
Corporate general and administrative expenses 2,714 1,020 6,150 3,947
Depreciation and amortization 3,498 4,028 7,213 7,937
Impairment loss 0 0 0 1,752
Total expenses 17,221 21,167 36,643 44,709
Operating income (loss) 2,116 (133) 5,569 5,399
Interest expense ($(718), $(571), $(1,589), and $(1,133) with related parties, respectively) (5,311) (6,637) (11,000) (13,913)
Equity in income (losses) of unconsolidated ventures ($(181), $160, $(419), and $206 with related parties, respectively) (866) 190 (873) (167)
Change in unrealized gains (losses) ($14,473, $(36,775), $135, and $(56,711) with related parties, respectively) 6,538 (41,637) (8,793) (74,959)
Realized gains ($0, $3,462, $0, and $3,462 with related parties, respectively) 148 3,462 145 4,981
Loss on extinguishment of debt and modification costs (($210), $0, ($210), and $0 with related parties, respectively) (210) 0 (210) 0
Gain (loss) on sales of real estate 0 26 (2,784) 37
Net income (loss) before income taxes 2,415 (44,729) (17,946) (78,622)
Income tax (expense) benefit (374) 641 (1,283) (572)
Net income (loss) 2,041 (44,088) (19,229) (79,194)
Net income attributable to noncontrolling interests in NHT 0 0 0 1,945
Net income attributable to redeemable noncontrolling interests in the OP 0 20 9 20
Net income (loss) attributable to common shareholders $ 61 $ (45,251) $ (22,909) $ (79,569)
Weighted average common shares outstanding - basic (in shares) 51,753 45,687 50,923 44,303
Weighted average common shares outstanding - diluted (in shares) [1] 60,440 45,687 50,923 44,303
Loss per share - basic (in dollars per share) $ 0 $ (0.99) $ (0.45) $ (1.8)
Loss per share - diluted (in dollars per share) $ 0 $ (0.99) $ (0.45) $ (1.8)
Series A Preferred Shares        
Expenses        
Net loss attributable to preferred shareholders $ (1,155) $ (1,155) $ (2,310) $ (2,310)
Series B Preferred Stock        
Expenses        
Net loss attributable to preferred shareholders (825) (28) (1,379) (30)
Rooms        
Revenues        
Revenues 4,379 6,281 12,157 16,631
Food and beverage        
Revenues        
Revenues $ 575 $ 750 $ 1,373 $ 1,639
[1] If the Company sustains a net loss for the period presented, unvested restricted share units and convertible Series B Preferred Shares are not included in the diluted earnings per share calculation.