v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Series D Preferred Stock
Series B Preferred Stock
Series E Preferred Stock
Series M Preferred Stock
Preferred Stock
Series D Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series E Preferred Stock
Preferred Stock
Series M Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Series D Preferred Stock
Accumulated Deficit
Series B Preferred Stock
Accumulated Deficit
Series E Preferred Stock
Accumulated Deficit
Series M Preferred Stock
Accumulated Other Comprehensive Income/(loss)
Noncontrolling Interest in Consolidated Entities
Redeemable Noncontrolling Interests in Operating Partnership
Preferred stock, beginning balance (in shares) at Dec. 31, 2024           1,600,000                          
Common stock, beginning balance (in shares) at Dec. 31, 2024                   66,608,000                  
Beginning balance at Dec. 31, 2024 $ 237,362         $ 16       $ 665 $ 718,536 $ (477,804)         $ (684) $ (3,367) $ 29,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Purchase of common stock (in shares)                   (312,000)                  
Purchase of common stock (778)                 $ (2) (776)                
Equity-based compensation (17)                   (17)                
Issuance of restricted shares/units (in shares)                   1,000                  
Issuance of restricted shares/units 4                   4                
Dividends declared - common stock (10,232)                     (10,232)              
Dividends declared – preferred stock   $ (2,475) $ (3,174) $ (19,011) $ (2,268)               $ (2,475) $ (3,174) $ (19,011) $ (2,268)      
Contributions from noncontrolling interests 2,120                                 2,120  
Distributions to noncontrolling interests (2,293)                                 (2,293) (886)
Redemption/conversion of operating partnership units (in shares)                   1,922,000                  
Redemption/conversion of operating partnership units 9,299                 $ (19) 9,280               (9,299)
Net income (loss) 10,912                     11,273           (361)  
Unrealized gain (loss) on investment in securities 682                               682   60
Redemption value adjustment – preferred stock (11,086)                     (11,086)              
Redemption value adjustment (1,060)                     (1,060)              
Preferred stock, ending balance (in shares) at Sep. 30, 2025           1,600,000                          
Ending balance at Sep. 30, 2025 207,985         $ 16       $ 682 727,027 (515,837)         (2) (3,901) 18,942
Common stock, ending balance (in shares) at Sep. 30, 2025                   68,219,000                  
Units outstanding at beginning of year (in shares) at Dec. 31, 2024             3,078,000 14,911,000 1,477,000                    
Beginning balance, temporary equity at Dec. 31, 2024             $ 65,426 $ 352,502 $ 36,916                    
Beginning balance at Dec. 31, 2024 237,362         16       $ 665 718,536 (477,804)         (684) (3,367) 29,964
Increase (Decrease) in Temporary Equity [Roll Forward]                                      
Equity-based compensation                                     (3)
Issuance of preferred stock (in shares)               88,000 5,000                    
Issuance of preferred stock               $ 2,209 $ 120                    
Issuance of restricted shares/units                                     498
Distributions to noncontrolling interests (2,293)                                 (2,293) (886)
Redemption/conversion of operating partnership units 9,299                 (19) 9,280               (9,299)
Redemption of operating partnership units for cash                                     (94)
Net income (loss)                                     (2,358)
Unrealized gain (loss) on investment in securities 682                               682   60
Redemptions of preferred stock (in shares)       (2,301,000) (77,000)     (2,301,000) (77,000)                    
Redemptions of preferred stock       $ (57,250) $ (1,909)     $ (57,250) $ (1,909)                    
Redemption value adjustment – preferred stock               $ 11,086                      
Redemption value adjustment                                     1,060
Units outstanding at end of year (in shares) at Sep. 30, 2025             3,078,000 12,698,000 1,405,000                    
Ending balance, temporary equity at Sep. 30, 2025             $ 65,426 $ 308,547 $ 35,127                    
Ending balance at Sep. 30, 2025 207,985         $ 16       $ 682 727,027 (515,837)         (2) (3,901) 18,942
Preferred stock, beginning balance (in shares) at Dec. 31, 2024           1,600,000                          
Common stock, beginning balance (in shares) at Dec. 31, 2024                   66,608,000                  
Beginning balance at Dec. 31, 2024 237,362         $ 16       $ 665 718,536 (477,804)         (684) (3,367) 29,964
Preferred stock, ending balance (in shares) at Dec. 31, 2025   1,600,000       1,600,000                          
Ending balance at Dec. 31, 2025 $ 140,778         $ 16       $ 682 706,488 (568,503)           2,095 19,005
Common stock, ending balance (in shares) at Dec. 31, 2025 68,219,432                 68,219,000                  
Units outstanding at beginning of year (in shares) at Dec. 31, 2024             3,078,000 14,911,000 1,477,000                    
Beginning balance, temporary equity at Dec. 31, 2024             $ 65,426 $ 352,502 $ 36,916                    
Beginning balance at Dec. 31, 2024 $ 237,362         16       $ 665 718,536 (477,804)         (684) (3,367) 29,964
Units outstanding at end of year (in shares) at Dec. 31, 2025     3,078,017 10,818,280 1,368,091   3,078,000 10,818,000 1,368,000                    
Ending balance, temporary equity at Dec. 31, 2025     $ 65,426 $ 265,695 $ 34,217   $ 65,426 $ 265,695 $ 34,217                    
Ending balance at Dec. 31, 2025 140,778         $ 16       $ 682 706,488 (568,503)           2,095 19,005
Preferred stock, beginning balance (in shares) at Jun. 30, 2025           1,600,000                          
Common stock, beginning balance (in shares) at Jun. 30, 2025                   68,219,000                  
Beginning balance at Jun. 30, 2025 221,807         $ 16       $ 682 727,002 (502,437)         (135) (3,321) 17,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Purchase of common stock (in shares)                   0                  
Purchase of common stock (26)                 $ 0 (26)                
Equity-based compensation 51                   51                
Dividends declared - common stock (3,430)                     (3,430)              
Dividends declared – preferred stock   $ (825) (1,058) $ (6,041) $ (743)               (825) (1,058) (6,041) (743)      
Distributions to noncontrolling interests (168)                                 (168) (271)
Net income (loss) 5,330                     5,742           (412)  
Unrealized gain (loss) on investment in securities 133                               133   10
Redemption value adjustment – preferred stock (5,251)                     (5,251)              
Redemption value adjustment (1,794)                     (1,794)              
Preferred stock, ending balance (in shares) at Sep. 30, 2025           1,600,000                          
Ending balance at Sep. 30, 2025 207,985         $ 16       $ 682 727,027 (515,837)         (2) (3,901) 18,942
Common stock, ending balance (in shares) at Sep. 30, 2025                   68,219,000                  
Units outstanding at beginning of year (in shares) at Jun. 30, 2025             3,078,000 13,391,000 1,420,000                    
Beginning balance, temporary equity at Jun. 30, 2025             $ 65,426 $ 320,585 $ 35,524                    
Beginning balance at Jun. 30, 2025 221,807         16       $ 682 727,002 (502,437)         (135) (3,321) 17,994
Increase (Decrease) in Temporary Equity [Roll Forward]                                      
Equity-based compensation                                     24
Issuance of preferred stock (in shares)               27,000 3,000                    
Issuance of preferred stock               $ 686 $ 41                    
Distributions to noncontrolling interests (168)                                 (168) (271)
Redemption of operating partnership units for cash                                     (2)
Net income (loss)                                     (607)
Unrealized gain (loss) on investment in securities 133                               133   10
Redemptions of preferred stock (in shares)       (720,000) (18,000)     (720,000) (18,000)                    
Redemptions of preferred stock       $ (17,975) $ (438)     $ (17,975) $ (438)                    
Redemption value adjustment – preferred stock               $ 5,251                      
Redemption value adjustment                                     1,794
Units outstanding at end of year (in shares) at Sep. 30, 2025             3,078,000 12,698,000 1,405,000                    
Ending balance, temporary equity at Sep. 30, 2025             $ 65,426 $ 308,547 $ 35,127                    
Ending balance at Sep. 30, 2025 $ 207,985         $ 16       $ 682 727,027 (515,837)         $ (2) (3,901) 18,942
Preferred stock, beginning balance (in shares) at Dec. 31, 2025   1,600,000       1,600,000                          
Common stock, beginning balance (in shares) at Dec. 31, 2025 68,219,432                 68,219,000                  
Beginning balance at Dec. 31, 2025 $ 140,778         $ 16       $ 682 706,488 (568,503)           2,095 19,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Dividends declared - common stock 0                                    
Dividends declared – preferred stock   $ (2,475) $ (3,174) $ (15,534) $ (2,192)               (2,475) (3,174) (15,534) (2,192)      
Purchase true-up of remaining noncontrolling interest 48                   48                
Redemption/conversion of operating partnership units (in shares)                   460,000                  
Redemption/conversion of operating partnership units (1,391)                 $ (5) (1,386)               (1,391)
Net income (loss) (208,603)                     (208,531)           (72)  
Redemption value adjustment – preferred stock (4,771)                     (4,771)              
Disposition of joint venture (1,566)                     457           (2,023)  
Redemption value adjustment (9,364)                     (9,364)              
Preferred stock, ending balance (in shares) at Sep. 30, 2026   1,600,000       1,600,000                          
Ending balance at Sep. 30, 2026 $ (105,462)         $ 16       $ 687 707,922 (814,087)           0 11,173
Common stock, ending balance (in shares) at Sep. 30, 2026 68,679,318                 68,679,000                  
Units outstanding at beginning of year (in shares) at Dec. 31, 2025     3,078,017 10,818,280 1,368,091   3,078,000 10,818,000 1,368,000                    
Beginning balance, temporary equity at Dec. 31, 2025     $ 65,426 $ 265,695 $ 34,217   $ 65,426 $ 265,695 $ 34,217                    
Beginning balance at Dec. 31, 2025 $ 140,778         16       $ 682 706,488 (568,503)           2,095 19,005
Increase (Decrease) in Temporary Equity [Roll Forward]                                      
Issuance of preferred stock (in shares)               64,000 5,000                    
Issuance of preferred stock               $ 1,585 $ 127                    
Redemption/conversion of operating partnership units (1,391)                 (5) (1,386)               (1,391)
Net income (loss)                                     (15,805)
Redemptions of preferred stock (in shares)       (1,492,000) (38,000)                            
Redemptions of preferred stock       $ (37,304) $ (942)                            
Reclassification of redeemable preferred stock from mezzanine equity to liability (in shares)               (2,732,000) (103,000)                    
Reclassification of redeemable preferred stock from mezzanine equity to liability               $ (68,287) $ (2,578)                    
Redemption value adjustment – preferred stock               $ 4,771                      
Redemption value adjustment                                     9,364
Units outstanding at end of year (in shares) at Sep. 30, 2026     3,078,017 8,150,132 1,269,981   3,078,000 8,150,000 1,270,000                    
Ending balance, temporary equity at Sep. 30, 2026     $ 65,426 $ 203,764 $ 31,766   $ 65,426 $ 203,764 $ 31,766                    
Ending balance at Sep. 30, 2026 (105,462)         $ 16       $ 687 707,922 (814,087)           0 11,173
Preferred stock, beginning balance (in shares) at Jun. 30, 2026           1,600,000                          
Common stock, beginning balance (in shares) at Jun. 30, 2026                   68,679,000                  
Beginning balance at Jun. 30, 2026 149,058         $ 16       $ 687 707,922 (561,597)           2,030 15,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Dividends declared - common stock 0                                    
Dividends declared – preferred stock   $ (825) $ (1,058) $ (4,983) $ (728)               $ (825) $ (1,058) $ (4,983) $ (728)      
Net income (loss) (233,280)                     (233,273)           (7)  
Disposition of joint venture (1,566)                     457           (2,023)  
Redemption value adjustment (12,080)                     (12,080)              
Preferred stock, ending balance (in shares) at Sep. 30, 2026   1,600,000       1,600,000                          
Ending balance at Sep. 30, 2026 $ (105,462)         $ 16       $ 687 707,922 (814,087)           0 11,173
Common stock, ending balance (in shares) at Sep. 30, 2026 68,679,318                 68,679,000                  
Units outstanding at beginning of year (in shares) at Jun. 30, 2026             3,078,000 8,637,000 1,312,000                    
Beginning balance, temporary equity at Jun. 30, 2026             $ 65,426 $ 215,936 $ 32,820                    
Beginning balance at Jun. 30, 2026 $ 149,058         16       $ 687 707,922 (561,597)           2,030 15,197
Increase (Decrease) in Temporary Equity [Roll Forward]                                      
Issuance of preferred stock (in shares)               17,000 2,000                    
Issuance of preferred stock               $ 409 $ 43                    
Net income (loss)                                     (16,104)
Redemptions of preferred stock (in shares)       (193,000) (6,000)                            
Redemptions of preferred stock       $ (4,832) $ (136)                            
Reclassification of redeemable preferred stock from mezzanine equity to liability (in shares)               (504,000) (44,000)                    
Reclassification of redeemable preferred stock from mezzanine equity to liability               $ (12,581) $ (1,097)                    
Redemption value adjustment                                     12,080
Units outstanding at end of year (in shares) at Sep. 30, 2026     3,078,017 8,150,132 1,269,981   3,078,000 8,150,000 1,270,000                    
Ending balance, temporary equity at Sep. 30, 2026     $ 65,426 $ 203,764 $ 31,766   $ 65,426 $ 203,764 $ 31,766                    
Ending balance at Sep. 30, 2026 $ (105,462)         $ 16       $ 687 $ 707,922 $ (814,087)           $ 0 $ 11,173