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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Rental income $ 9,666 $ 9,206 $ 28,432 $ 29,671
Total revenues 10,213 10,047 30,415 32,152
Operating Expenses        
Cost of services 507 693 1,572 1,778
Property operating 2,800 3,027 8,540 9,233
Depreciation and amortization 3,698 3,986 11,307 14,844
Impairment of real estate assets 119 762 560 929
Impairment of real estate assets held for sale 0 396 0 2,353
Bad debt expense 15 40 225 106
General and administrative 3,002 2,990 9,504 9,340
Total operating expenses 10,141 11,894 31,708 38,583
(Loss) gain on disposal of property 0 (108) 0 11,511
Operating gain (loss) 72 (1,955) (1,293) 5,080
Other income (expense)        
Interest and other income 277 106 745 136
Derivative fair value adjustment (1,432) (33) (465) (18)
Net (loss) gain on fair value change of debt held under the fair value option (557) (816) 1,996 1,288
Interest expense (4,695) (4,585) (13,584) (14,101)
Loss on extinguishment of debt 0 (21) (7) (36)
Other expense 11 (51) (21) (70)
Total other expense (6,396) (5,400) (11,336) (12,801)
Net loss before income taxes (6,324) (7,355) (12,629) (7,721)
Income tax benefit (expense) 56 2,276 (78) 3,968
Net loss (6,268) (5,079) (12,707) (3,753)
Less: Preferred equity return on Fortress preferred equity (3,181) (3,716) (9,287) (10,712)
Less: Preferred equity accretion to redemption value (1,004) (583) (3,356) (1,754)
Less: Preferred OP units return (151) (122) (434) (352)
Plus: Net loss attributable to noncontrolling interest 1,351 1,633 3,317 2,779
Net loss attributable to common stockholders $ (9,253) $ (7,867) $ (22,467) $ (13,792)
Net loss attributable to common stockholders per share        
Net loss attributable to common stockholders per share, Basic $ (0.26) $ (0.22) $ (0.63) $ (0.39)
Net loss attributable to common stockholders per share, Diluted $ (0.26) $ (0.22) $ (0.63) $ (0.39)
Weighted average shares outstanding        
Weighted average shares outstanding, Basic 35,997,585 35,691,830 35,926,369 35,576,699
Weighted average shares outstanding, Diluted 35,997,585 35,691,830 35,926,369 35,576,699
Commissions [Member]        
Revenues        
Revenues $ 503 $ 751 $ 1,829 $ 2,270
Management Fees And Other Income [Member]        
Revenues        
Revenues $ 44 $ 90 $ 154 $ 211