v3.25.3
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Series A Preferred Stock
Series B Preferred Stock
Total Stockholders Equity
Total Stockholders Equity
Series A Preferred Stock
Total Stockholders Equity
Series B Preferred Stock
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series B Preferred Stock
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Series A Preferred Stock
Additional Paid-in Capital
Series B Preferred Stock
Accumulated Other Comprehensive Income
Distributions in excess of accumulated earnings
Distributions in excess of accumulated earnings
Series A Preferred Stock
Distributions in excess of accumulated earnings
Series B Preferred Stock
Non-controlling Interests
Preferred stock, shares outstanding (in shares) at Dec. 31, 2023             3,977,144 3,630,000                  
Beginning balance at Dec. 31, 2023 $ 900,583     $ 894,154     $ 40 $ 36 $ 1,115 $ 2,509,303     $ 23,464 $ (1,639,804)     $ 6,429
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2023                 27,886,255                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation 613     613           613              
Distributions declared in common stock (in shares)                 410,184                
Distributions declared in common stock 0     0         $ 17 23,678       (23,695)      
Distributions declared on preferred stock (10,350) $ (5,501) $ (4,849)   $ (5,501) $ (4,849)                 $ (5,501) $ (4,849)  
Distributions to non-controlling interest holders (139)                               (139)
Net loss (173,237)     (172,709)                   (172,709)     (529)
Unrealized (loss) gain on designated derivatives (9,163)     (9,163)                 (9,163)        
Rebalancing of ownership percentage 0     103           103             (103)
Preferred stock, shares outstanding (in shares) at Sep. 30, 2024             3,977,144 3,630,000                  
Ending balance at Sep. 30, 2024 708,306     702,648     $ 40 $ 36 $ 1,132 2,533,697     14,301 (1,846,558)     5,658
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2024                 28,296,439                
Preferred stock, shares outstanding (in shares) at Dec. 31, 2023             3,977,144 3,630,000                  
Beginning balance at Dec. 31, 2023 $ 900,583     894,154     $ 40 $ 36 $ 1,115 2,509,303     23,464 (1,639,804)     6,429
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2023                 27,886,255                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Common stock issuance, net of tax withholdings (in shares) 0                                
Preferred stock, shares outstanding (in shares) at Dec. 31, 2024   3,977,144 3,630,000       3,977,144 3,630,000                  
Ending balance at Dec. 31, 2024 $ 690,125     684,560     $ 40 $ 36 $ 1,132 2,533,706     16,640 (1,866,994)     5,565
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2024 28,296,439               28,296,439                
Preferred stock, shares outstanding (in shares) at Jun. 30, 2024             3,977,144 3,630,000                  
Beginning balance at Jun. 30, 2024 $ 762,587     756,745     $ 40 $ 36 $ 1,132 2,533,484     24,468 (1,802,415)     5,842
Common stock, shares outstanding beginning balance (in shares) at Jun. 30, 2024                 28,309,545                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation 153     153           153              
Distributions declared in common stock (in shares)                 (13,106)                
Distributions declared on preferred stock (3,450) $ (1,833) $ (1,617)   (1,833) (1,617)                 (1,833) (1,617)  
Distributions to non-controlling interest holders (47)                               (47)
Net loss (40,769)     (40,693)                   (40,693)     (77)
Unrealized (loss) gain on designated derivatives (10,167)     (10,167)                 (10,167)        
Rebalancing of ownership percentage 0     60           60             (60)
Preferred stock, shares outstanding (in shares) at Sep. 30, 2024             3,977,144 3,630,000                  
Ending balance at Sep. 30, 2024 708,306     702,648     $ 40 $ 36 $ 1,132 2,533,697     14,301 (1,846,558)     5,658
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2024                 28,296,439                
Preferred stock, shares outstanding (in shares) at Dec. 31, 2024   3,977,144 3,630,000       3,977,144 3,630,000                  
Beginning balance at Dec. 31, 2024 $ 690,125     684,560     $ 40 $ 36 $ 1,132 2,533,706     16,640 (1,866,994)     5,565
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024 28,296,439               28,296,439                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation $ 1,903     1,903           1,903              
Common stock issuance, net of tax withholdings (in shares) 0                                
Distributions declared on preferred stock $ (10,162) $ (5,410) $ (4,752)   (5,410) (4,752)                 (5,410) (4,752)  
Distributions to non-controlling interest holders (139)                               (139)
Repurchased of Preferred Stock (in shares)             (131,629) (163,883)                  
Repurchase of Preferred Stock   $ (2,026) $ (2,480)   (2,026) (2,480) $ (2) $ (1)     $ (2,024) $ (2,479)          
Net loss (34,881)     (34,925)                   (34,925)     44
Unrealized (loss) gain on designated derivatives (9,080)     (9,080)                 (9,080)        
Rebalancing of ownership percentage 0     41           41             (41)
Preferred stock, shares outstanding (in shares) at Sep. 30, 2025   3,845,515 3,466,117       3,845,515 3,466,117                  
Ending balance at Sep. 30, 2025 $ 632,648     627,219     $ 38 $ 35 $ 1,132 2,530,535     7,560 (1,912,081)     5,429
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2025 28,426,694               28,307,465                
Preferred stock, shares outstanding (in shares) at Jun. 30, 2025             3,920,228 3,563,787                  
Beginning balance at Jun. 30, 2025 $ 652,482     647,033     $ 40 $ 35 $ 1,132 2,532,585     9,441 (1,896,200)     5,449
Common stock, shares outstanding beginning balance (in shares) at Jun. 30, 2025                 28,296,439                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation $ 1,333     1,333           1,333              
Common stock issuance, net of tax withholdings (in shares) 0               11,026                
Common stock issuance, net of tax withholdings $ (612)     (612)           (612)              
Distributions declared on preferred stock (3,326) $ (1,775) $ (1,551)   (1,775) (1,551)                 $ (1,775) $ (1,551)  
Distributions to non-controlling interest holders (46)                               (46)
Repurchased of Preferred Stock (in shares)             (74,713) (97,670)                  
Repurchase of Preferred Stock   $ (1,205) $ (1,563)   $ (1,205) $ (1,563) $ (2)       $ (1,203) $ (1,563)          
Net loss (12,534)     (12,555)                   (12,555)      
Unrealized (loss) gain on designated derivatives (1,881)     (1,881)                 (1,881)        
Rebalancing of ownership percentage 0     (5)           (5)             5
Preferred stock, shares outstanding (in shares) at Sep. 30, 2025   3,845,515 3,466,117       3,845,515 3,466,117                  
Ending balance at Sep. 30, 2025 $ 632,648     $ 627,219     $ 38 $ 35 $ 1,132 $ 2,530,535     $ 7,560 $ (1,912,081)     $ 5,429
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2025 28,426,694               28,307,465