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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Distributions in excess of accumulated earnings
Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2021 [1]     1,659,717        
Beginning balance at Dec. 31, 2021 $ 351,136,000 $ 338,989,000 $ 17,000 [1] $ 691,234,000 $ (1,553,000) $ (350,709,000) $ 12,147,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Proceeds from sale of common stock to affiliates of the Advisor, net (in shares) [1]     79,114        
Proceeds from sale of common stock to affiliates of the Advisor, net 1,980,000 1,980,000 $ 1,000 [1] 1,979,000      
Common stock issued to the Advisor in connection with management fees (in shares) [1]     129,671        
Common stock issued to the Advisor in connection with management fees (see Note 8) 5,013,000 5,013,000 $ 1,000 [1] 5,012,000      
Equity-based compensation (in shares) [1]     16,541        
Equity-based compensation 8,782,000 415,000   415,000     8,367,000
Common stock issued to directors in lieu of cash for board fees (in shares) [1]     1,255        
Common stock issued to directors in lieu of cash for board fees $ 121,000 121,000   121,000      
Dividends declared per common share (in dollars per share) $ 1.60            
Dividends declared on common stock, $1.60 per share (1) $ (2,670,000) (2,670,000)       (2,670,000)  
Distributions paid to non-controlling interest holders [1] (80,000) (80,000)       (80,000)  
Net loss (45,896,000) (45,896,000)       (45,896,000)  
Other comprehensive loss 3,190,000 3,190,000     3,190,000    
Ending balance (in shares) at Dec. 31, 2022 [1]     1,886,298        
Ending balance at Dec. 31, 2022 321,576,000 301,062,000 $ 19,000 [1] 698,761,000 1,637,000 (399,355,000) 20,514,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issued related to Rights Offering (in shares) [1]     386,100        
Common stock issued related to Rights Offering 4,059,000 4,059,000 $ 4,000 [1] 4,055,000      
Common stock issued to the Advisor in connection with management fees (in shares) [1]     31,407        
Common stock issued to the Advisor in connection with management fees (see Note 8) 485,000 485,000   485,000      
Redemption of fractional shares of common stock (in shares) [1]     (1,948)        
Redemption of fractional shares of common stock (24,000) (24,000)   (24,000)      
Equity-based compensation (in shares) [1]     33,444        
Equity-based compensation 5,863,000 577,000   577,000     5,286,000
Distributions paid to non-controlling interest holders           0  
Common stock shares withheld upon vesting of restricted stock (in shares) [1]     (961)        
Common stock shares withheld upon vesting of restricted stock (10,000) [1] (10,000) [1]   (10,000)      
Forfeiture of 2020 LTIP Units 0 25,800,000   25,800,000     (25,800,000)
Net loss (105,924,000) (105,924,000)       (105,924,000)  
Other comprehensive loss $ (1,231,000) (1,231,000)     (1,231,000)    
Ending balance (in shares) at Dec. 31, 2023 2,334,340 [2]   2,334,340 [1]        
Ending balance at Dec. 31, 2023 $ 224,794,000 224,794,000 $ 23,000 [1] 729,644,000 406,000 (505,279,000) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issued to the Advisor in connection with management fees (in shares) [1]     245,315        
Common stock issued to the Advisor in connection with management fees (see Note 8) 1,610,000 1,610,000 $ 2,000 [1] 1,608,000      
Redemption of fractional shares of common stock (in shares) [1]     (26,625)        
Redemption of fractional shares of common stock (231,000) (231,000)   (231,000)      
Equity-based compensation (in shares) [1]     84,757        
Equity-based compensation 410,000 410,000 $ 2,000 408,000      
Distributions paid to non-controlling interest holders           0  
Common stock shares withheld upon vesting of restricted stock (in shares) [1]     (3,432)        
Common stock shares withheld upon vesting of restricted stock 0            
Net loss (140,591,000) (140,591,000)       (140,591,000)  
Other comprehensive loss $ (406,000) (406,000)     (406,000)    
Ending balance (in shares) at Dec. 31, 2024 2,634,355   2,634,355 [1]        
Ending balance at Dec. 31, 2024 $ 85,586,000 $ 85,586,000 $ 27,000 [1] $ 731,429,000 $ 0 $ (645,870,000) $ 0
[1] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).
[2] Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1 — Organization for additional information).