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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Rental income $ 9,255 $ 10,257 $ 18,766 $ 20,465
Total revenues 10,131 10,973 20,202 22,105
Operating Expenses        
Cost of services 644 529 1,065 1,085
Property operating 2,734 3,145 5,740 6,206
Depreciation and amortization 3,790 5,290 7,609 10,858
Impairment of real estate assets 331 167 441 167
Impairment of real estate assets held for sale 0 1,957 0 1,957
Bad debt expense 68 24 210 66
General and administrative 3,022 2,820 6,502 6,350
Total operating expenses 10,589 13,932 21,567 26,689
Gain on disposal of property 0 11,619 0 11,619
Operating (loss) gain (458) 8,660 (1,365) 7,035
Other income (expense)        
Interest and other income 251 17 468 30
Derivative fair value adjustment 78 194 967 15
Net gain (loss) on fair value change of debt held under the fair value option 210 (1,131) 2,553 2,104
Interest expense (4,556) (4,735) (8,889) (9,516)
Loss on extinguishment of debt 0 (15) (7) (15)
Other expense (26) (13) (32) (19)
Total other expense (4,043) (5,683) (4,940) (7,401)
Net (loss) income before income taxes (4,501) 2,977 (6,305) (366)
Income tax benefit (expense) 0 9 (134) 1,692
Net (loss) income (4,501) 2,986 (6,439) 1,326
Less: Preferred equity return on Fortress preferred equity (3,084) (3,569) (6,106) (6,996)
Less: Preferred equity accretion to redemption value (973) (756) (2,352) (1,171)
Less: Preferred OP units return (144) (118) (283) (230)
Plus: Net loss attributable to noncontrolling interest 1,127 132 1,966 1,146
Net loss attributable to common stockholders $ (7,575) $ (1,325) $ (13,214) $ (5,925)
Net loss attributable to common stockholders per share        
Net loss attributable to common stockholders per share, Basic $ (0.21) $ (0.04) $ (0.37) $ (0.17)
Net loss attributable to common stockholders per share, Diluted $ (0.21) $ (0.04) $ (0.37) $ (0.17)
Weighted average shares outstanding        
Weighted average shares outstanding, Basic 35,905,412 35,660,560 35,890,369 35,518,179
Weighted average shares outstanding, Diluted 35,905,412 35,660,560 35,890,369 35,518,179
Commissions [Member]        
Revenues        
Revenues $ 824 $ 663 $ 1,326 $ 1,519
Management Fees And Other Income [Member]        
Revenues        
Revenues $ 52 $ 53 $ 110 $ 121