v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities    
Net loss $ (21,470) $ (27,594)
Adjustments to reconcile net loss to net cash from operating activities:    
Non-cash interest income (184) 0
Changes in operating assets and liabilities:    
Net cash provided by (used in) the Company's operating activities 555 (18,720)
Cash Flows From Investing Activities    
Net cash used in the Company's investing activities (19,629) (5,364)
Cash Flows From Financing Activities    
Payment of loan extinguishment fees (9) 0
Net cash provided by the Company's financing activities 6,331 25,790
Net Change in Cash and Restricted Cash (12,743) 1,706
Cash and Restricted Cash at Beginning of Period 17,640 15,934
Cash and Restricted Cash at End of Period 4,897 17,640
Reconciliation of Cash and Restricted Cash    
Cash at beginning of period 3,805 7,657
Restricted cash at beginning of period 13,835 8,277
Cash and Restricted Cash at Beginning of Period 17,640 15,934
Cash at end of period 2,315 3,805
Restricted cash at end of period 2,582 13,835
Cash and Restricted Cash at End of Period 4,897 17,640
Excluding consolidated VIE    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 593 527
Non-cash lease expense and gain on lease extinguishment 21 (280)
Non-cash performance allocations 0 (2,382)
Equity-based compensation 2,378 3,726
(Gain) loss on disposal of furniture, fixtures and equipment (46) 0
Loss on extinguishment of debt 12 0
Loss on investments in unconconsolidated entities 4,772 1,339
Impairment (10) 0
Amortization of above-market/below market leases and straight-line rent, net 404 203
Amortization of deferred financing costs 73 34
Bad debt expense 3,995 0
Changes in operating assets and liabilities:    
Due from related parties 2,301 (1,897)
Prepaid expenses, right-of-use assets and other assets (654) 3,169
Accounts payable and accrued expenses 1,546 931
Due to related parties (11) 86
Lease liabilities and other liabilities (131) 94
Cash Flows From Investing Activities    
Investments in real estate assets (882) (250)
Acquisition of real estate assets 0 (3,015)
Proceeds from the sale of real estate assets 0 10
Payment received on notes receivable - related parties 8,158 930
Investments in unconsolidated entities (1,260) (182)
Funding of notes receivable - related parties (1,105) (980)
Cash Flows From Financing Activities    
Payment of deferred financing costs (100) (253)
Proceeds from the issuance of preferred stock 1,974 0
Proceeds from the issuance of common stock, net of issuance costs 6 2,599
Payments of treasury stock - buyback obligation 0 (183)
Excluding consolidated VIE | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 0 4,000
Repayments of notes payable 0 (4,365)
Excluding consolidated VIE | Nonrelated party    
Cash Flows From Financing Activities    
Proceeds from notes payable 3,465 26,605
Repayments of notes payable (6,553) (3,697)
VIE, primary beneficiary    
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 5,580 10,358
Non-cash lease expense and gain on lease extinguishment (9) (53)
(Gain) loss on disposal of furniture, fixtures and equipment (9) 687
Loss (gain) on the disposition of real estate 294 (4,976)
Loss on extinguishment of debt 0 238
(Gain) loss on derivative instruments (311) 515
Amortization of above-market/below market leases and straight-line rent, net (164) (409)
Amortization of deferred financing costs 353 1,543
Bad debt expense 84 0
Changes in operating assets and liabilities:    
Due from related parties (412) 3
Prepaid expenses, right-of-use assets and other assets 757 (8,040)
Accounts payable and accrued expenses 1,037 1,141
Due to related parties 1,028 1,503
Lease liabilities and other liabilities (86) 1,264
Amortization of advanced key money (12) (75)
Accounts receivable, net (1,256) (375)
Cash Flows From Investing Activities    
Investments in real estate assets (2,857) (13,744)
Acquisition of real estate assets 0 (6,643)
Proceeds from the sale of real estate assets 0 26,075
Payment received on notes receivable - related parties 16,771 8,423
Consolidation of VIEs 0 12,927
Deconsolidation of VIEs (17,293) (12,952)
Funding of notes receivable - related parties (21,161) (15,963)
Cash Flows From Financing Activities    
Payment of deferred financing costs (1,352) (2,782)
Proceeds from notes payable 16,586 69,654
Repayments of notes payable (17,460) (79,031)
Contributions from noncontrolling interest holders 16,635 26,096
Redemptions of noncontrolling interests (751) (10,045)
Distributions to noncontrolling interest holders (6,110) (10,014)
VIE, primary beneficiary | Related party    
Cash Flows From Financing Activities    
Proceeds from notes payable 511 10,008
Repayments of notes payable $ (511) $ (2,802)

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