Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net loss $ (13,568) $ (9,355)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 13,159 16,022  
Straight-line rental revenue and other non-cash revenue adjustments, net 1,824 (3,736)  
Impairments 6,296 1,709  
Loss on extinguishment of debt, net 244 0  
Amortization of deferred financing costs 845 912  
Equity-based compensation 868 704  
Equity in loss of unconsolidated joint venture, net 0 246  
Recovery of reserve on Member Loan (439) 0  
Changes in assets and liabilities:      
Accounts receivable, net and other assets, net (9,906) (1,538)  
Accounts payable, accrued expenses and other liabilities, net (7,048) (7,211)  
Net cash used in operating activities (7,725) (2,247)  
Cash flows from investing activities:      
Investment in real estate assets (14,138) 0  
Capital expenditures and leasing costs (16,815) (5,630)  
Proceeds from disposition of real estate, net 12,803 0  
Origination of Member Loan 0 (8,328)  
Principal repayments received on Member Loan 1,117 845  
Deposits for real estate assets (300) 0  
Uses and refunds of deposits for real estate assets 650 0  
Net cash used in investing activities (16,683) (13,113)  
Cash flows from financing activities:      
Payments on mortgages payable (2,722) 0  
Repayments of the Original Revolving Facility (110,000) 0  
Payments of deferred financing costs (5,874) 0  
Repurchases of common stock to settle tax obligations (619) (466)  
Distributions paid (1,128) (5,595)  
Other financing activities (355) (272)  
Net cash provided by financing activities 24,302 6,667  
Net change in cash and cash equivalents and restricted cash (106) (8,693)  
Cash and cash equivalents and restricted cash, beginning of year 60,639 57,170 $ 57,170
Cash and cash equivalents and restricted cash, end of period 60,533 48,477 60,639
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of year 22,362 15,600 15,600
Restricted cash at beginning of year 38,277 41,570 41,570
Cash and cash equivalents and restricted cash, beginning of year 60,639 57,170 57,170
Cash and cash equivalents at end of period 10,274 9,384 22,362
Restricted cash at end of period 50,259 39,093 38,277
Cash and cash equivalents and restricted cash, end of period 60,533 48,477 $ 60,639
Original Revolving Facility      
Cash flows from financing activities:      
Proceeds from Revolving Facility 18,000 13,000  
New Revolving Facility      
Cash flows from financing activities:      
Proceeds from Revolving Facility $ 127,000 $ 0