Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Estimated Useful Lives of Real Estate

Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:


Land			Not depreciated
Buildings			27.5 years
Improvements and other assets			2.5 - 15 years
Acquired improvements and fixtures			1 - 8 years
Intangible lease assets			6 months

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Intangible assets acquired related to the Internalization of the Manager are amortized on a straight-line basis over the estimated useful lives as described in the following table:


Developed technology			5 years
Goodwill			Not depreciated

Schedule of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands):


	December 31, 2023		December 31, 2022		December 31, 2021
Cash	$	27,917	$	76,751	$	54,104
Restricted cash	57,703		37,998		20,893
Total cash and restricted cash	$	85,620	$	114,749	$	74,997

Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):


	For the Year Ended December 31,
	2023		2022		2021
Numerator for loss per share:
Net (loss)/income	$	(280,147)	$	(49,662)	$	61
Less:
Dividends on and accretion to redemption value of Redeemable Series A preferred stock	8,828		8,891		8,837
Net loss attributable to redeemable noncontrolling interests in the OP	(42,025)		(7,489)		(144)
Net loss attributable to redeemable noncontrolling interests in consolidated VIEs	(22,694)		(11,695)		—
Net loss attributable to noncontrolling interests in consolidated VIEs	(3,296)		(536)		—
Net loss attributable to stockholders	$	(220,960)	$	(38,833)	$	(8,632)

Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic	24,712		24,599		15,366
Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1)	—		—		—
Weighted average common shares outstanding - diluted	24,712		24,599		15,366

Earnings (loss) per weighted average common share:
Basic	$	(8.94)	$	(1.58)	$	(0.56)
Diluted	$	(8.94)	$	(1.58)	$	(0.56)


(1)			For the years ended December 31, 2023, 2022 and 2021, excludes approximately 5,004,000 shares, 4,353,000 shares and 4,067,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.