v3.25.3
Net Loss Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share Computation
The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (see Note 1 — Organization and Note 8 — Stockholders’ Equity for additional details):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net loss attributable to common stockholders (in thousands)
$(15,881)$(44,142)$(45,087)$(183,058)
Basic and diluted weighted-average shares outstanding
28,296,919 28,291,594 28,296,600 28,283,017 
Basic and diluted net loss per share
$(0.56)$(1.56)$(1.59)$(6.47)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share The amounts in the table below have been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (see Note 1 — Organization for additional details):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Unvested restricted shares (1)
18,143 — 5,014 — 
Common OP Units (2)
124,161 124,161 124,161 124,161 
Class B Units (3)
109,865 109,865 109,865 109,865 
Total weighted average antidilutive common stock equivalents
252,169 234,026 239,040 234,026 
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(1)Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 200,422 and zero unvested restricted shares outstanding as of September 30, 2025 and 2024, respectively.
(2)Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends and the Reverse Stock Split (see Note 1 — Organization for additional details). There were 405,998 Common OP Units outstanding as of September 30, 2025 and 2024. The securities held by the Company are eliminated in consolidation.
(3)Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends and the Reverse Stock Split (see Note 1 — Organization for additional details). There were 359,250 Class B Units outstanding as of September 30, 2025 and 2024. These Class B Units were unvested as of September 30, 2025 and 2024 (see Note 9 — Related Party Transactions and Arrangements for additional information).