XML 15 R5.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Total Stockholders’ Equity
Total Stockholders’ Equity
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Common Stock
Preferred Stock
Additional Paid-in Capital
Distributions in Excess of Earnings
Distributions in Excess of Earnings
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Non-controlling Interests
Series A1 Preferred Stock
Series A1 Preferred Stock
Total Stockholders’ Equity
Series A1 Preferred Stock
Preferred Stock
Series A1 Preferred Stock
Additional Paid-in Capital
Series A1 Preferred Stock
Distributions in Excess of Earnings
Series D Preferred Stock
Series D Preferred Stock
Total Stockholders’ Equity
Series D Preferred Stock
Preferred Stock
Series D Preferred Stock
Distributions in Excess of Earnings
Series A Preferred Stock
Series A Preferred Stock
Total Stockholders’ Equity
Series A Preferred Stock
Preferred Stock
Series A Preferred Stock
Additional Paid-in Capital
Series A Preferred Stock
Distributions in Excess of Earnings
Series L Preferred Stock
Series L Preferred Stock
Total Stockholders’ Equity
Series L Preferred Stock
Preferred Stock
Series L Preferred Stock
Additional Paid-in Capital
Series L Preferred Stock
Distributions in Excess of Earnings
Common stock, beginning balance (in shares) at Dec. 31, 2021         23,369,331                                                
Beginning balance at Dec. 31, 2021 $ 373,549   $ 373,204   $ 24 $ 310,661 $ 866,746 $ (804,227)   $ 345     $ 0         $ 1,396       $ 156,431         $ 152,834    
Preferred stock, beginning balance (in shares) at Dec. 31, 2021           11,715,354             0         56,857       6,271,337         5,387,160    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Stock based compensation expense 55   55       55                                            
Common dividends (1,986)   (1,986)         (1,986)                                          
Dividends to holders of Preferred Stock                               $ (21) $ (21)   $ (21) $ (2,896) $ (2,896)     $ (2,896)          
Reclassification of Series A Preferred stock to permanent equity (in shares)                                           329,921              
Reclassification of Series A Preferred stock to permanent equity                                       7,667 7,667 $ 8,304 $ (637)            
Redeemable preferred stock accretion (15)   (15)         (15)                                          
Redemption of Preferred Stock (in shares)                                           (49,341)              
Redemption of Preferred Stock                                       $ (1,195) (1,195) $ (1,228) 108 (75)          
Net (loss) income 2,302   2,297         2,297   5                                      
Common stock, ending balance (in shares) at Mar. 31, 2022         23,369,331                                                
Ending balance at Mar. 31, 2022 377,460   377,110   $ 24 $ 317,737 866,272 (806,923)   350     $ 0         $ 1,396       $ 163,507         $ 152,834    
Preferred stock ending balance (in shares) at Mar. 31, 2022           11,995,934             0         56,857       6,551,917         5,387,160    
Common stock, beginning balance (in shares) at Dec. 31, 2021         23,369,331                                                
Beginning balance at Dec. 31, 2021 373,549   373,204   $ 24 $ 310,661 866,746 (804,227)   345     $ 0         $ 1,396       $ 156,431         $ 152,834    
Preferred stock, beginning balance (in shares) at Dec. 31, 2021           11,715,354             0         56,857       6,271,337         5,387,160    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Reclassification of Series A Preferred stock to permanent equity 24,373                                                        
Net (loss) income 5,001                                                        
Common stock, ending balance (in shares) at Sep. 30, 2022         22,737,853                                                
Ending balance at Sep. 30, 2022 372,144   371,778   $ 23 $ 332,918 862,360 (823,523)   366     $ 69,490         $ 1,396       $ 178,287         $ 83,745    
Preferred stock ending balance (in shares) at Sep. 30, 2022           13,002,509             2,859,441         56,857       7,134,335         2,951,876    
Common stock, beginning balance (in shares) at Dec. 31, 2021         23,369,331                                                
Beginning balance at Dec. 31, 2021 $ 373,549   373,204   $ 24 $ 310,661 866,746 (804,227)   345     $ 0         $ 1,396       $ 156,431         $ 152,834    
Preferred stock, beginning balance (in shares) at Dec. 31, 2021           11,715,354             0         56,857       6,271,337         5,387,160    
Common stock, ending balance (in shares) at Dec. 31, 2022 22,737,853       22,737,853                                                
Ending balance at Dec. 31, 2022 $ 362,033 $ (619) 361,660 $ (619) $ 23 $ 337,762 861,721 (837,846) $ (619) 373     $ 147,514         $ 1,200       $ 189,048         $ 0    
Preferred stock ending balance (in shares) at Dec. 31, 2022           13,570,353         5,956,147   5,956,147     48,857   48,857   7,565,349   7,565,349         0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-13 [Member]                                                        
Common stock, beginning balance (in shares) at Mar. 31, 2022         23,369,331                                                
Beginning balance at Mar. 31, 2022 $ 377,460   377,110   $ 24 $ 317,737 866,272 (806,923)   350     $ 0         $ 1,396       $ 163,507         $ 152,834    
Preferred stock, beginning balance (in shares) at Mar. 31, 2022           11,995,934             0         56,857       6,551,917         5,387,160    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Acquisition/Contributions to noncontrolling interests 5                 5                                      
Distributions to noncontrolling interests (3)                 (3)                                      
Stock based compensation expense (in shares)         30,984                                                
Stock based compensation expense 37   37       37                                            
Repurchase of common stock (in shares)         (41,374)                                                
Repurchase of common stock (303)   (303)       (303)                                            
Common dividends (1,986)   (1,986)         (1,986)                                          
Issuance of Series A1 Preferred Stock (in shares)                         192,440                                
Issuance of Series A1 Preferred Stock                     $ 4,354 $ 4,354 $ 4,770 $ (416)                              
Dividends to holders of Preferred Stock                     (79) (79)     $ (79) $ (21) (21)   (21) $ (2,960) (2,960)     (2,960)          
Reclassification of Series A Preferred stock to permanent equity (in shares)                                           430,082              
Reclassification of Series A Preferred stock to permanent equity                                       9,668 9,668 $ 10,857 (1,189)            
Redeemable preferred stock accretion (4)   (4)         (4)                                          
Redemption of Preferred Stock (in shares)                                           (88,225)              
Redemption of Preferred Stock                                       (2,093) (2,093) $ (2,188) 201 (106)          
Net (loss) income 2,931   2,922         2,922   9                                      
Common stock, ending balance (in shares) at Jun. 30, 2022         23,358,941                                                
Ending balance at Jun. 30, 2022 387,006   386,645   $ 24 $ 331,176 864,602 (809,157)   361     $ 4,770         $ 1,396       $ 172,176         $ 152,834    
Preferred stock ending balance (in shares) at Jun. 30, 2022           12,530,231             192,440         56,857       6,893,774         5,387,160    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Stock based compensation expense 55   55       55                                            
Repurchase of common stock (in shares)         (621,088)                                                
Repurchase of common stock (4,412)   (4,412)   $ (1)   (4,411)                                            
Common dividends (1,933)   (1,933)         (1,933)                                          
Issuance of Series A1 Preferred Stock (in shares)                         2,667,001                                
Issuance of Series A1 Preferred Stock                     60,780 60,780 $ 64,720 (3,940)                              
Dividends to holders of Preferred Stock                     $ (1,708) (1,708)     (1,708) $ (22) (22)   (22) (2,880) (2,880)     (2,880) $ (2,723) $ (2,723)     $ (2,723)
Reclassification of Series A Preferred stock to permanent equity (in shares)                                           299,303              
Reclassification of Series A Preferred stock to permanent equity                                       7,038 7,038 $ 7,574 (536)            
Redemption of Preferred Stock (in shares)                                           (58,742)         (2,435,284)    
Redemption of Preferred Stock                                       $ (1,408) (1,408) $ (1,463) 139 (84) $ (67,417) $ (67,417) $ (69,089) $ 6,451 $ (4,779)
Net (loss) income (232)   (237)         (237)   5                                      
Common stock, ending balance (in shares) at Sep. 30, 2022         22,737,853                                                
Ending balance at Sep. 30, 2022 $ 372,144   371,778   $ 23 $ 332,918 862,360 (823,523)   366     $ 69,490         $ 1,396       $ 178,287         $ 83,745    
Preferred stock ending balance (in shares) at Sep. 30, 2022           13,002,509             2,859,441         56,857       7,134,335         2,951,876    
Common stock, beginning balance (in shares) at Dec. 31, 2022 22,737,853       22,737,853                                                
Beginning balance at Dec. 31, 2022 $ 362,033 (619) 361,660 (619) $ 23 $ 337,762 861,721 (837,846) (619) 373     $ 147,514         $ 1,200       $ 189,048         $ 0    
Preferred stock, beginning balance (in shares) at Dec. 31, 2022           13,570,353         5,956,147   5,956,147     48,857   48,857   7,565,349   7,565,349         0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Acquisition/Contributions to noncontrolling interests 5,002                 5,002                                      
Stock based compensation expense 55   55       55                                            
Common dividends (1,933)   (1,933)         (1,933)                                          
Issuance of Series A1 Preferred Stock (in shares)                         1,032,433                                
Issuance of Series A1 Preferred Stock                     $ 23,278 23,278 $ 25,569 (2,291)                              
Dividends to holders of Preferred Stock                     (2,559) (2,559)     (2,559) $ (17) (17)   (17) $ (2,810) (2,810)     (2,810)          
Reclassification of Series A Preferred stock to permanent equity (in shares)                                           389,325              
Reclassification of Series A Preferred stock to permanent equity                                       8,812 8,812 $ 9,699 (887)            
Redemption of Preferred Stock (in shares)                         (12,870)                 (189,753)              
Redemption of Preferred Stock                     $ (302) (302) $ (319) 28 (11)         $ (4,682) (4,682) $ (4,723) 403 (362)          
Net (loss) income (7,576)   (6,951)         (6,951)   (625)                                      
Common stock, ending balance (in shares) at Mar. 31, 2023         22,737,853                                                
Ending balance at Mar. 31, 2023 $ 378,682   373,932   $ 23 $ 367,988 859,029 (853,108)   4,750     $ 172,764         $ 1,200       $ 194,024         $ 0    
Preferred stock ending balance (in shares) at Mar. 31, 2023           14,789,488             6,975,710         48,857       7,764,921         0    
Common stock, beginning balance (in shares) at Dec. 31, 2022 22,737,853       22,737,853                                                
Beginning balance at Dec. 31, 2022 $ 362,033 $ (619) 361,660 $ (619) $ 23 $ 337,762 861,721 (837,846) $ (619) 373     $ 147,514         $ 1,200       $ 189,048         $ 0    
Preferred stock, beginning balance (in shares) at Dec. 31, 2022           13,570,353         5,956,147   5,956,147     48,857   48,857   7,565,349   7,565,349         0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Repurchase of common stock (in shares) 0                                                        
Reclassification of Series A Preferred stock to permanent equity $ 15,616                                                        
Net (loss) income $ (42,584)                                                        
Common stock, ending balance (in shares) at Sep. 30, 2023 22,786,741       22,786,741                                                
Ending balance at Sep. 30, 2023 $ 375,260   372,424   $ 23 $ 421,749 854,377 (903,725)   2,836     $ 228,324         $ 1,190       $ 192,235         $ 0    
Preferred stock ending balance (in shares) at Sep. 30, 2023           16,966,190         9,223,544   9,223,544     48,447   48,447   7,694,199   7,694,199         0    
Common stock, beginning balance (in shares) at Mar. 31, 2023         22,737,853                                                
Beginning balance at Mar. 31, 2023 378,682   373,932   $ 23 $ 367,988 859,029 (853,108)   4,750     $ 172,764         $ 1,200       $ 194,024         $ 0    
Preferred stock, beginning balance (in shares) at Mar. 31, 2023           14,789,488             6,975,710         48,857       7,764,921         0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Stock based compensation expense 37   37       37                                            
Common dividends (1,933)   (1,933)         (1,933)                                          
Issuance of Series A1 Preferred Stock (in shares)                         1,195,589                                
Issuance of Series A1 Preferred Stock                     $ 26,985 26,985 $ 29,582 (2,597)                              
Dividends to holders of Preferred Stock                     (3,373) (3,373)     (3,373) $ (17) (17)   (17) $ (2,749) (2,749)     (2,749)          
Reclassification of Series A Preferred stock to permanent equity (in shares)                                           300,846              
Reclassification of Series A Preferred stock to permanent equity                                       6,804 6,804 $ 7,462 (658)            
Redemption of Preferred Stock (in shares)                         (11,200)         (410)       (183,809)              
Redemption of Preferred Stock                     (278) (278) $ (277) 23 (24) (10) (10) $ (10)   (4,465) (4,465) $ (4,575) 401 (291)          
Net (loss) income (18,361)   (17,359)         (17,359)   (1,002)                                      
Common stock, ending balance (in shares) at Jun. 30, 2023         22,737,853                                                
Ending balance at Jun. 30, 2023 381,322   377,574   $ 23 $ 400,170 856,235 (878,854)   3,748     $ 202,069         $ 1,190       $ 196,911         $ 0    
Preferred stock ending balance (in shares) at Jun. 30, 2023           16,090,504             8,160,099         48,447       7,881,958         0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                          
Distributions to noncontrolling interests (38)                 (38)                                      
Stock based compensation expense (in shares)         48,888                                                
Stock based compensation expense $ 36   36       36                                            
Repurchase of common stock (in shares) 0                                                        
Common dividends $ (1,937)   (1,937)         (1,937)                                          
Issuance of Series A1 Preferred Stock (in shares)                         1,094,386                                
Issuance of Series A1 Preferred Stock                     24,701 24,701 $ 27,015 (2,314)                              
Dividends to holders of Preferred Stock                     (4,116) (4,116)     (4,116) $ (17) $ (17)   $ (17) (2,676) (2,676)     (2,676)          
Redemption of Preferred Stock (in shares)                         (30,941)                 (187,759)              
Redemption of Preferred Stock                     $ (737) $ (737) $ (760) $ 64 $ (41)         $ (4,631) $ (4,631) $ (4,676) $ 356 $ (311)          
Net (loss) income $ (16,647)   (15,773)         (15,773)   (874)                                      
Common stock, ending balance (in shares) at Sep. 30, 2023 22,786,741       22,786,741                                                
Ending balance at Sep. 30, 2023 $ 375,260   $ 372,424   $ 23 $ 421,749 $ 854,377 $ (903,725)   $ 2,836     $ 228,324         $ 1,190       $ 192,235         $ 0    
Preferred stock ending balance (in shares) at Sep. 30, 2023           16,966,190         9,223,544   9,223,544     48,447   48,447   7,694,199   7,694,199         0