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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Rental income $ 0 $ 9,255 $ 9,842 $ 18,766
Total revenues 841 10,131 11,447 20,202
Operating Expenses        
Cost of services 307 644 883 1,065
Property operating 0 2,734 3,105 5,740
Depreciation and amortization 6 3,790 3,586 7,609
Impairment of real estate assets 0 331 43 441
Bad debt expense (recovery) 37 68 (34) 210
General and administrative 2,169 3,022 5,748 6,502
Total operating expenses 2,519 10,589 13,331 21,567
Operating loss (1,678) (458) (1,884) (1,365)
Other income (expense)        
Interest and other income 0 251 165 468
Derivative fair value adjustment 0 78 (582) 967
Net gain (loss) on fair value change of debt held under the fair value option 0 210 (240) 2,553
Interest expense (19) (4,556) (4,784) (8,889)
Loss on extinguishment of debt 0 0 0 (7)
Other expense 0 (26) (1) (32)
Gain on deconsolidation of Eagles Sub-OP 56,875 0 56,875 0
Loss from investment in Eagles Sub-OP (9,280) 0 (9,280) 0
Total other income (expense) 47,576 (4,043) 42,153 (4,940)
Net income (loss) before income taxes 45,898 (4,501) 40,269 (6,305)
Income tax expense (1,188) 0 (1,188) (134)
Net income (loss) 44,710 (4,501) 39,081 (6,439)
Less: Preferred equity return on Fortress preferred equity 0 (3,084) (3,497) (6,106)
Less: Preferred equity accretion to redemption value 0 (973) (997) (2,352)
Less: Preferred OP units return (177) (144) (347) (283)
Plus: Net (income) loss attributable to noncontrolling interest (6,292) 1,127 (4,940) 1,966
Net income (loss) attributable to common stockholders $ 38,241 $ (7,575) $ 29,300 $ (13,214)
Net income (loss) attributable to common stockholders per share        
Net loss attributable to common stockholders per share, Basic $ 1.04 $ (0.21) $ 0.8 $ (0.37)
Net loss attributable to common stockholders per share, Diluted $ 0.86 $ (0.21) $ 0.66 $ (0.37)
Weighted average shares outstanding        
Weighted average shares outstanding, Basic 36,912,668 35,905,412 36,797,701 35,890,369
Weighted average shares outstanding, Diluted 44,449,463 35,905,412 44,466,035 35,890,369
Commissions [Member]        
Revenues        
Revenues $ 459 $ 824 $ 1,166 $ 1,326
Management fees and other income [Member]        
Revenues        
Revenues $ 382 $ 52 $ 439 $ 110