v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES:        
Net income (loss) $ 12,982 $ (30,631) $ 14,355 $ (38,995)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:        
Depreciation and amortization     17,621 19,212
Amortization of deferred financing costs     2,038 2,157
Net changes in fair value of derivative liabilities (14,989) 39,299 (6,252) 49,774
Loss on conversion of Convertible Notes 0 368 902 368
Above (below) market lease amortization, net (558) (834) (1,983) (2,607)
Paid-in-kind interest     2,006 2,031
Loss on repurchase of debt securities     0 700
Gain on preferred stock redemptions (176)   (1,222) (2,739)
Unrealized gain on investment securities, net - related party     0 (779)
Straight-line rents     (56) (51)
Gain on disposal of properties, net     (10,874) (9,966)
Credit adjustments on operating lease receivables 270 603 856 540
Impairment charges 2,490 1,195 2,490 1,195
Net changes in assets and liabilities:        
Receivables, net     (1,507) (445)
Deferred costs and other assets, net     (1,839) (2,722)
Accounts payable, accrued expenses and other liabilities     2,229 2,915
Net cash provided by operating activities     18,764 20,588
INVESTING ACTIVITIES:        
Expenditures for real estate improvements     (12,543) (18,658)
Purchases of investment securities     0 (500)
Cash received from disposal of properties     33,440 20,720
Net cash provided by investing activities     20,897 1,562
FINANCING ACTIVITIES:        
Payments for deferred financing costs     (456) (1,597)
Dividends and distributions paid on noncontrolling interest     (5,244) (8,064)
Repurchase of noncontrolling interest     (41,861) (1,035)
Loan proceeds     20,250 33,223
Loan principal payments     (15,594) (27,815)
Repurchase of debt securities     0 (1,282)
Loan prepayment premium     (569) (368)
Net cash used in financing activities     (43,474) (6,938)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (3,813) 15,212
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period     60,716 39,807
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 56,903 55,019 56,903 55,019
Supplemental Disclosure:        
Cash and cash equivalents 27,093 37,070 27,093 37,070
Restricted cash 29,810 17,949 29,810 17,949
Cash, cash equivalents, and restricted cash $ 56,903 $ 55,019 $ 56,903 $ 55,019

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