v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (19,229) $ (79,194)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,213 7,937
Amortization of intangible lease assets and liabilities (486) (497)
Amortization of deferred financing costs 349 339
Amortization of fair value adjustment of assumed debt 731 820
Paid-in-kind interest and dividends ($(2,890) and $(2,824) with related parties, respectively) (7,446) (5,363)
Net cash (paid) received on derivative settlements 65 (308)
Proceeds from paid-in-kind interest and dividends ($383 and $0 with related parties, respectively) 393 528
Realized gains ($0 and $3,462 with related parties, respectively) (145) (4,981)
Net change in unrealized loss on investments held at fair value ($2,476 and $(56,711) with related parties, respectively) 8,793 74,959
Unrealized loss on interest rate derivatives 0 (12)
Impairment loss 0 1,752
Equity in losses of unconsolidated ventures (($419) and $206 with related parties, respectively) 873 167
Distributions of earnings from unconsolidated ventures 2,353 5,343
Stock-based compensation expense 2,449 2,467
Loss (gain) on sales of real estate 2,784 (37)
Loss (gain) on extinguishment of debt and modification costs 210 0
Equity security dividends reinvested ($(1,398) and $(1,310) with related parties, respectively) (1,398) (1,310)
Deferred tax expense 126 (228)
Changes in operating assets and liabilities, net of effects of acquisitions:    
Income tax payable (5) (255)
Real estate taxes payable (1,153) 2,404
Operating assets (1,043) 1,681
Operating liabilities (565) 939
Net cash (used in) provided by operating activities: (5,131) 7,151
Cash flows from investing activities    
Proceeds from asset redemptions ($2,101 and $18,282 with related parties, respectively) 2,435 18,312
Sale of consolidated real estate investment 26,197 28,306
Proceeds from return of investment 2,284 15,054
Purchases of investments ($(2,462) and $(11,558) with related parties, respectively) (2,462) (25,518)
Additions to consolidated real estate investments (3,109) (1,294)
Net cash provided by investing activities 25,345 34,860
Cash flows from financing activities    
Mortgage proceeds received 50,765 411
Mortgage payments (79,021) (33,952)
Prime brokerage borrowing 1,732 3,497
Credit facilities payments (2,164) (8,665)
Prime brokerage payments (961) (309)
Deferred financing costs paid (587) (522)
Payments for taxes related to net share settlement of stock-based compensation (931) (314)
Repurchase of common shares (2,765) 0
Distributions paid to common shareholders (3,903) (3,015)
Distributions to redeemable noncontrolling interests in the OP (6) (3)
Net cash used in financing activities: (20,084) (42,041)
Net increase (decrease) in cash, cash equivalents and restricted cash 130 (30)
Cash, cash equivalents and restricted cash, beginning of period 51,407 48,901
Cash, cash equivalents and restricted cash, end of period 51,537 48,871
Supplemental Disclosure of Cash Flow Information    
Interest paid 8,838 12,101
Income tax paid 700 1,300
Supplemental Disclosure of Noncash Activities    
Non-cash distribution payment, paid in common shares 12,211 10,638
(Decrease) increase in dividends payable upon vesting of restricted stock units (72) 128
Notes payable assumed in acquisition of NexPoint Hospitality Trust 0 784
Change to additional paid-in capital from the merger of NexPoint Hospitality Trust 0 (6,059)
Redeemable noncontrolling interest in the OP from the acquisition of NexPoint Hospitality Trust 0 359
Noncontrolling interests extinguished in merger of NexPoint Hospitality Trust 0 4,915
Change in capitalized construction costs included in accounts payable and other accrued liabilities 0 25
Series A Preferred Shares    
Cash flows from financing activities    
Distributions paid to Preferred Shareholders (2,310) (2,310)
Series B Preferred Stock    
Cash flows from financing activities    
Proceeds from issuance of Series B Preferred Shares through public offering, net of redemptions and offering costs 21,446 3,171
Distributions paid to Preferred Shareholders $ (1,379) $ (30)