v3.25.4
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 (Loss)
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 beginning balance (in shares) at Dec. 31, 2022             3,977,000 3,630,000                  
Beginning balance at Dec. 31, 2022 $ 999,190     $ 992,639     $ 40 $ 36 $ 1,051 $ 2,417,059     $ 36,910 $ (1,462,457)     $ 6,551
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022                 26,270,000                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation, net 919     919           919              
Distributions declared in common stock (in shares)                 1,616,000                
Distributions declared in common stock 0     0         $ 64 91,186       (91,250)      
Distributions declared on preferred stock (13,799) $ (7,333) $ (6,466)   $ (7,333) $ (6,466)                 $ (7,333) $ (6,466)  
Distributions to non-controlling interest holders (185)                               (185)
Contributions from non-controlling interest holders 284                               284
Net loss (72,380)     (72,298)                   (72,298)     (82)
Unrealized loss on designated derivative (13,446)     (13,446)                 (13,446)        
Rebalancing of ownership percentage 0     139           139             (139)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2023             3,977,000 3,630,000                  
Ending 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 ending balance (in shares) at Dec. 31, 2023                 27,886,000                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation, net 613     613           613              
Distributions declared in common stock (in shares)                 410,000                
Distributions declared in common stock $ 0     0         $ 17 23,678       (23,695)      
Common stock issuance, net of tax withholdings (in shares) 0                                
Distributions declared on preferred stock $ (13,799) $ (7,333) $ (6,466)   (7,333) (6,466)                 (7,333) (6,466)  
Distributions to non-controlling interest holders (185)                               (185)
Net loss (190,263)     (189,696)                   (189,696)     (567)
Unrealized loss on designated derivative (6,824)     (6,824)                 (6,824)        
Rebalancing of ownership percentage 0     112           112             (112)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2024   3,977,144 3,630,000       3,977,000 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               28,296,000                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Share-based compensation, net $ 3,766     3,766           3,766              
Common stock issuance, net of tax withholdings (in shares) 0               11,000                
Common stock issuance, net of tax withholdings $ (612)     (612)           (612)              
Distributions declared on preferred stock (13,446) $ (7,181) $ (6,264)   (7,181) (6,264)                 (7,181) $ (6,264)  
Repurchase of Preferred Stock (in shares)             (132,000) (213,000)                  
Repurchase of Preferred Stock   $ (2,026) $ (3,399)   $ (2,026) $ (3,399) $ (2) $ (1)     $ (2,024) $ (3,398)          
Distributions to non-controlling interest holders (184)                               (184)
Contributions from non-controlling interest holders 0     (123)           (123)             123
Net loss (57,685)     (57,621)                     $ (57,621)   (64)
Unrealized loss on designated derivative (11,036)     (11,036)                 (11,036)        
Rebalancing of ownership percentage (979)                               (979)
Preferred stock, shares outstanding ending balance (in shares) at Dec. 31, 2025   3,845,515 3,416,656       3,845,000 3,417,000                  
Ending balance at Dec. 31, 2025 $ 604,525     $ 600,064     $ 38 $ 35 $ 1,132 $ 2,531,315     $ 5,604 $ (1,938,060)     $ 4,461
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2025 28,426,694               28,307,000