v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
OPERATING ACTIVITIES              
Net income (loss) $ 328 $ (291) $ (5,049) $ 1,445 $ 152 $ (3,737)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Gain on sales         0 (2,422)  
Impairment charges 0   4,436   0 4,436  
Straight-line rents         102 (556)  
Credit adjustments on operating lease receivables         144 219  
Depreciation and amortization         5,373 5,903  
Below market lease amortization         (136) (136)  
Amortization of deferred financing costs         477 433  
Loss on loan prepayment 0   0   0 718  
Changes in operating assets and liabilities:              
Receivables, net         1,144 (185)  
Deferred costs and other assets, net         (574) (1,026)  
Accounts payable, accrued expenses, and other liabilities         (364) 1,576  
Net cash provided by operating activities         6,318 5,223  
INVESTING ACTIVITIES              
Expenditures for real estate improvements         (734) (2,258)  
Net proceeds from sales of real estate         0 16,672  
Net cash (used in) provided by investing activities         (734) 14,414  
FINANCING ACTIVITIES              
Variable-rate loan proceeds         0 20,250  
Fixed-rate term loan principal payments         (89) (9,213)  
Payments for deferred financing costs         0 (456)  
Loan prepayment premium         0 (521)  
Preferred stock dividends         (3,530) (5,244)  
Preferred stock repurchases         0 (41,861)  
Net cash used in financing activities         (3,619) (37,045)  
Net increase (decrease) in cash, cash equivalents and restricted cash         1,965 (17,408)  
Cash, cash equivalents and restricted cash at beginning of period   $ 15,871   $ 30,624 15,871 30,624 $ 30,624
Cash, cash equivalents and restricted cash at end of period 17,836   13,216   17,836 13,216 15,871
Reconciliation to consolidated balance sheets:              
Cash and cash equivalents 5,838   3,545   5,838 3,545 5,151
Restricted cash 11,998   9,671   11,998 9,671  
Cash, cash equivalents and restricted cash $ 17,836   $ 13,216   $ 17,836 $ 13,216 $ 15,871

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