v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
OPERATING ACTIVITIES    
Net (loss) income $ (1,871) $ 4,545
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Gain on sales, net (5,044) (4,472)
Impairment charges 5,775 1,064
Straight-line rents (605) (288)
Credit adjustments on operating lease receivables 170 72
Depreciation and amortization 7,698 8,680
Above (below) market lease amortization, net (181) (226)
Amortization of deferred financing costs 583 873
Loss on loan prepayment 718 0
Changes in operating assets and liabilities:    
Receivables, net (268) 1,063
Deferred costs and other assets, net (388) (1,679)
Accounts payable, accrued expenses, and other liabilities 1,387 (169)
Net cash provided by operating activities 7,974 9,463
INVESTING ACTIVITIES    
Expenditures for real estate improvements (3,519) (11,598)
Net proceeds from sales of real estate 33,511 37,194
Net cash provided by investing activities 29,992 25,596
FINANCING ACTIVITIES    
Payments for deferred financing costs (456) (444)
Loan prepayment premium (521) 0
Preferred stock dividends (6,556) (10,441)
Preferred stock repurchases (41,910) (11,496)
Net cash used in financing activities (52,719) (20,343)
Net (decrease) increase in cash, cash equivalents and restricted cash (14,753) 14,716
Cash, cash equivalents and restricted cash at beginning of year 30,624 15,908
Cash, cash equivalents and restricted cash at end of year 15,871 30,624
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 5,151 23,092
Restricted cash 10,720 7,532
Cash, cash equivalents and restricted cash 15,871 30,624
Variable Rate    
FINANCING ACTIVITIES    
Loan proceeds 25,250 5,223
Loan payments (19,284) (5,223)
Fixed Rate    
FINANCING ACTIVITIES    
Loan proceeds 0 2,500
Loan payments $ (9,242) $ (462)

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