v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net (loss) income $ (1,171) $ 2,373
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 5,232 6,231
Deferred financing cost amortization 573 708
Changes in fair value of derivative liabilities 3,370 2,310
Exercise of warrants 200 0
Above (below) market lease amortization, net (360) (740)
Gain on preferred stock redemptions (179) (818)
Straight-line income (22) (18)
Gain on disposal of properties, net (2,557) (5,688)
Credit adjustments on operating lease receivables 313 432
Net changes in assets and liabilities:    
Receivables, net (797) (599)
Deferred costs and other assets, net (1,423) (1,590)
Accounts payable, accrued expenses and other liabilities 1,288 1,839
Net cash provided by operating activities 4,467 4,440
INVESTING ACTIVITIES:    
Expenditures for real estate improvements (1,878) (2,077)
Cash received from disposal of properties 5,805 18,305
Net cash provided by investing activities 3,927 16,228
FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 2 0
Dividends and distributions paid on noncontrolling interest (1,280) (2,104)
Repurchase of noncontrolling interest 0 (21,196)
Loan principal payments (7,662) (10,523)
Loan prepayment premium (63) (541)
Net cash used in financing activities (9,003) (34,364)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (609) (13,696)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 48,629 60,716
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 48,020 47,020
Supplemental Disclosure:    
Cash and cash equivalents 23,592 19,233
Restricted cash 24,428 27,787
Cash, cash equivalents, and restricted cash $ 48,020 $ 47,020

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