v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:        
Net (Loss) Income $ (1,000) $ (2,358) $ 1,373 $ (8,364)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:        
Depreciation and amortization     12,009 12,971
Amortization of deferred financing costs     1,477 1,354
Net changes in fair value of derivative liabilities 6,427 4,968 8,737 10,475
Loss on conversion of Convertible Notes 902 0 902 0
Above (below) market lease amortization, net (685) (860) (1,425) (1,773)
Paid-in-kind interest     2,006 2,031
Loss on repurchase of debt securities     0 700
Gain on preferred stock redemptions (228)   (1,046) (213)
Unrealized gain on investment securities, net - related party     0 (188)
Straight-line rents     (37) (34)
Gain on disposal of properties, net     (10,877) (2,883)
Credit adjustments on operating lease receivables 154 (13) 586 (63)
Net changes in assets and liabilities:        
Receivables, net     (1,716) (1,718)
Deferred costs and other assets, net     (975) (1,674)
Accounts payable, accrued expenses and other liabilities     2,310 2,491
Net cash provided by operating activities     13,324 13,112
INVESTING ACTIVITIES:        
Expenditures for real estate improvements     (8,069) (11,897)
Purchases of investment securities     0 (500)
Cash received from disposal of properties     33,412 5,662
Net cash provided by (used in) investing activities     25,343 (6,735)
FINANCING ACTIVITIES:        
Payments for deferred financing costs     (193) (1,597)
Dividends and distributions paid on noncontrolling interest     (3,674) (5,376)
Repurchase of noncontrolling interest     (31,784) 0
Loan proceeds     10,000 30,135
Loan principal payments     (15,082) (25,932)
Repurchase of debt securities     0 (1,282)
Loan prepayment premium     (573) (368)
Net cash used in financing activities     (41,306) (4,420)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (2,639) 1,957
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period     60,716 39,807
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 58,077 41,764 58,077 41,764
Supplemental Disclosure:        
Cash and cash equivalents 28,065 19,609 28,065 19,609
Restricted cash 30,012 22,155 30,012 22,155
Cash, cash equivalents, and restricted cash $ 58,077 $ 41,764 $ 58,077 $ 41,764

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