v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net loss $ (11,443) $ (10,254)
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of digital assets 2,220 0
Changes in operating assets and liabilities:    
Net cash used in the Company's operating activities (5,290) (2,908)
Cash Flows From Investing Activities    
Net cash provided by (used in) the Company's investing activities 345 (4,206)
Cash Flows From Financing Activities    
Net cash provided by the Company's financing activities 4,034 5,668
Net Change in Cash and Restricted Cash (911) (1,446)
Cash and Restricted Cash at Beginning of Period 6,016 4,897
Cash and Restricted Cash at End of Period 5,105 3,451
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 2,864 2,315
Restricted cash at beginning of period 3,152 2,582
Cash and Restricted Cash at Beginning of Period 6,016 4,897
Cash at end of period 1,826 683
Restricted cash at end of period 3,279 2,768
Cash and Restricted Cash at End of Period 5,105 3,451
Excluding consolidated VIE    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 344 323
Non-cash lease expense (4) 11
Non-cash interest expense 62 39
Equity-based compensation 1,027 1,029
Change in fair value of digital assets 2,220 0
Loss on disposal of furniture, fixtures and equipment 3 0
Loss on extinguishment of debt 0 10
Loss on investments in unconsolidated entities 575 2,864
Loss on notes receivable - related parties 337 296
Impairment 85 0
Amortization of above-market/below market leases and straight-line rent, net (26) (194)
Amortization of deferred financing costs and notes payable discount 156 314
Bad debt expense 973 108
Changes in operating assets and liabilities:    
Due from related parties (1,495) (202)
Prepaid expenses, right-of-use assets and other assets 280 893
Accounts payable and accrued expenses 438 (81)
Due to related parties 7 167
Lease liabilities and other liabilities (54) 470
Cash Flows From Investing Activities    
Investments in real estate assets (415) (791)
Purchases of digital assets (4) 0
Proceeds from the sale of digital assets 2,984 0
Investments in unconsolidated entities 0 (186)
Return of capital from unconsolidated entities 0 1,579
Funding of notes receivable - related parties (7,947) (638)
Payment received on notes receivable - related parties 4,723 63
Cash Flows From Financing Activities    
Payment of deferred financing costs 0 (333)
Proceeds from the issuance of common stock, net of issuance costs 6 902
Proceeds from the issuance of preferred stock, net of issuance costs (2) 0
Proceeds from the issuance of redeemable preferred stock, net of issuance costs 2,649 843
Dividends to preferred stockholders (278) 0
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 464 4,799
Repayments of notes payable (778) (4,196)
VIE, primary beneficiary    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 1,121 1,434
Non-cash interest expense 154 136
Loss on extinguishment of debt 0 110
Amortization of above-market/below market leases and straight-line rent, net 364 0
Amortization of deferred financing costs and notes payable discount (216) 30
Bad debt expense 0 3
Loss on the disposition of real estate 0 6
Changes in operating assets and liabilities:    
Accounts receivable, net (19) (4)
Due from related parties (76) (287)
Prepaid expenses, right-of-use assets and other assets (461) (112)
Accounts payable and accrued expenses 362 265
Due to related parties 37 (78)
Lease liabilities and other liabilities (41) (204)
Cash Flows From Investing Activities    
Consolidation of VIEs 1,047 0
Deconsolidation of VIEs 0 (4,544)
Investments in real estate assets (43) (90)
Funding of notes receivable - related parties 0 (1)
Payment received on notes receivable - related parties 0 402
Cash Flows From Financing Activities    
Payment of deferred financing costs (11) (543)
Proceeds from notes payable 0 22,953
Repayments of notes payable (31) (18,058)
Contributions from noncontrolling interest holders 2,015 211
Distributions to noncontrolling interest holders $ 0 $ (910)