Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Investments in real estate, net	$ 704,775	$ 709,194
Investments in unconsolidated entities	33,298	33,677
Cash and cash equivalents	27,769	20,262
Restricted cash	30,089	32,606
Loans receivable, net (Note 5)	51,094	56,210
Accounts receivable, net	4,126	4,345
Deferred rent receivable and charges, net	19,155	19,896
Other intangible assets, net	3,458	3,568
Other assets	11,260	9,797
TOTAL ASSETS	885,024	889,555
LIABILITIES:
Debt, net	535,605	505,732
Accounts payable and accrued expenses	25,342	32,204
Due to related parties	13,931	14,068
Other liabilities	9,372	10,488
Total liabilities	584,250	562,492
COMMITMENTS AND CONTINGENCIES (Note 15)
REDEEMABLE PREFERRED STOCK: Series A1 cumulative redeemable preferred stock, $0.001 par value; 24,851,185 and 25,045,401 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 548,876 shares issued and outstanding, respectively, as of June 30, 2025 and 913,630 and 913,590 shares issued and outstanding, respectively, as of December 31, 2024; liquidation preference of $25.00 per share, subject to adjustment	12,504	20,799
EQUITY:
Common stock, $0.001 par value; 900,000,000 shares authorized; 754,607 shares issued and outstanding as of June 30, 2025 and 466,176 shares issued and outstanding as of December 31, 2024	1	119
Additional paid-in capital	1,001,791	994,973
Distributions in excess of earnings	(1,028,658)	(1,002,479)
Total stockholders’ equity	287,109	304,516
Non-controlling interests	1,161	1,748
Total equity	288,270	306,264
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY	885,024	889,555
Series A Preferred Stock
EQUITY:
Preferred stock	100,720	103,326
Series A1 Preferred Stock
EQUITY:
Preferred stock	212,065	207,387
Series D Preferred Stock
EQUITY:
Preferred stock	$ 1,190	$ 1,190