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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities              
Net income (loss) $ 44,710 $ (5,629) $ (4,501) $ (1,938) $ 39,081 $ (6,439)  
Adjustments to reconcile net income (loss) to net cash from operating activities              
Deferred income taxes         1,188 0  
Depreciation and amortization         3,586 7,609  
Amortization of deferred financing costs and debt discounts         241 415  
Amortization of above and below market lease intangibles, net         85 145  
Loss on extinguishment of debt 0   0   0 7  
Impairment of real estate assets 0   331   43 441  
Straight-line rent revenue         143 (746)  
Straight-line rent expense         (6) 103  
Stock-based compensation         627 795  
Change in fair value of derivatives 0   (78)   582 (967)  
Change in fair value of debt held under the fair value option 0   (210)   240 (2,553)  
Bad debt (recovery) expense         (34) 210  
Write-off of pre-acquisition costs         68 0  
Write-off related party receivables         0 4  
Distributions from Eagles Sub-OP         2,062 0  
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  
Changes in operating assets and liabilities              
Tenants and accounts receivable, net         (767) 513  
Other assets         (256) 818  
Accounts payable and accrued liabilities         (101) (688)  
Payables due to related parties         (29) (28)  
Deferred revenues         11 18  
Net cash from operating activities         (831) (343)  
Cash flows from investing activities              
Reduction of cash from deconsolidation of Eagles Sub-OP         (17,738) 0  
Capitalized pre-acquisition costs, net of refunds         0 5  
Insurance proceeds         776 516  
Capital expenditures for real estate         (749) (3,515)  
Net cash from investing activities         (17,711) (2,994)  
Cash flows from financing activities              
Borrowings under debt agreements         385 37,082  
Repayments under debt agreements         (537) (20,644)  
Preferred equity return on preferred equity investment         (1,239) (2,344)  
Taxes remitted upon vesting of restricted stock         (5) (24)  
Debt origination and discount fees         (46) (1,070)  
Net cash from financing activities         (1,442) 13,000  
(Decrease) increase in cash, cash equivalents, and restricted cash         (19,984) 9,663  
Cash, cash equivalents and restricted cash at beginning of period   $ 20,734   $ 13,797 20,734 13,797 $ 13,797
Cash, cash equivalents and restricted cash at end of period 750   23,460   750 23,460 20,734
Reconciliation of cash and cash equivalents and restricted cash:              
Cash and cash equivalents 726   18,857   726 18,857 16,160
Restricted cash 24   4,603   24 4,603 $ 4,574
Cash, cash equivalents and restricted cash at end of period 750   $ 23,460   750 23,460  
Supplemental Cash Flow Information              
Interest paid         4,359 7,692  
Taxes paid, net of refunds         0 29  
Supplemental disclosure of non-cash investing and financing activities              
Capitalized Preferred Return         (2,248) (3,757)  
Accrued Current Preferred Return         0 (394)  
Capitalized interest on Mezzanine loan         (400) (668)  
Accrued capital expenditures for real estate         0 245  
Accrued deferred loan costs         8 0  
Eagles Sub-OP [Member]              
Cash flows from operating activities              
Net income (loss) (3,699)       (6,815)    
Adjustments to reconcile net income (loss) to net cash from operating activities              
Impairment of real estate assets 0       (43)    
Change in fair value of derivatives 324       906    
Change in fair value of debt held under the fair value option 1,995       2,235    
Distributions from Eagles Sub-OP 2,062       2,062    
Gain on deconsolidation of Eagles Sub-OP (56,900)       (56,900)    
Loss from investment in Eagles Sub-OP 9,280       9,280    
Reconciliation of cash and cash equivalents and restricted cash:              
Cash and cash equivalents 8,915       8,915    
Restricted cash $ 5,018       5,018    
Supplemental disclosure of non-cash investing and financing activities              
Real estate properties, net         308,504 0  
Distribution from Eagles Sub-OP         12,267 0  
Debt         (246,864) 0  
Preferred equity investment         $ (101,611) $ 0