v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
OPERATING ACTIVITIES:    
Net income $ 14,837 $ 711
Adjustments to reconcile consolidated net income to net cash from operating activities    
Depreciation and amortization 22,944 25,316
Amortization of deferred financing costs 2,694 2,673
Net changes in fair value of derivative liabilities (4,742) 8,332
Loss on conversion of Convertible Notes 902 412
Above (below) market lease amortization, net (2,466) (3,434)
Paid-in-kind interest 3,859 4,133
Loss on repurchase of debt securities 0 700
Gain on preferred stock redemptions (1,523) (4,716)
Unrealized gain on investment securities, net - related party 0 (840)
Straight-line rents (75) (68)
Gain on disposal of properties, net (14,354) (5,550)
Credit adjustments on operating lease receivables 924 543
Impairment charges 2,880 1,195
Net changes in assets and liabilities    
Receivables, net (3,024) (1,905)
Deferred costs and other assets, net (1,354) (1,471)
Accounts payable, accrued expenses and other liabilities (370) (43)
Net cash provided by operating activities 21,132 25,988
INVESTING ACTIVITIES:    
Expenditures for real estate improvements (17,106) (22,526)
Purchase of investment securities - related party (10,000) (500)
Cash received from disposal of properties 59,243 38,506
Net cash provided by investing activities 32,137 15,480
FINANCING ACTIVITIES:    
Payments for deferred financing costs (456) (1,597)
Dividends and distributions paid on noncontrolling interest (6,556) (10,441)
Repurchase of noncontrolling interest (41,910) (11,496)
Loan proceeds 25,250 33,223
Loan principal payments (40,428) (28,598)
Repurchase of debt securities 0 (1,282)
Loan prepayment premium (1,256) (368)
Net cash used in financing activities (65,356) (20,559)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (12,087) 20,909
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 60,716 39,807
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of year 48,629 60,716
Supplemental Disclosure:    
Cash and cash equivalents 23,656 42,964
Restricted cash 24,973 17,752
Cash, cash equivalents, and restricted cash $ 48,629 $ 60,716

Source