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Real Estate Loans, net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% with a maturity date of June 30, 2026, subject to a 6 month extension.

The Company also entered into the Ione Loan for up to $110.0 million, of which $56.6 million and $15.1 million was drawn as of December 31, 2025 and December 31, 2024, respectively .

Finally, the Company entered into the Dry Creek Loan on December 4, 2025, and $45.3 million was drawn as of December 31, 2025. The term loan B was issued at an original issue discount of 3% and bears interest at SOFR plus 900 basis points, subject to a SOFR floor of 1%. Each term loan has a maturity of 6 years.

The following is a summary of the balances of the Company's Real estate loans, net.

			December 31, 2025						December 31, 2024
			(in thousands)						(in thousands)
Real estate loans (1)			$	250,515					$	165,160
Less: Allowance for credit losses			(2,516)						(4,570)
Real estate loans, net			$	247,999					$	160,590

Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):

			Rockford Loan						Ione Loan						Dry Creek Loan			Total
Balance at December 31, 2023			$	(964)					$	—					$	—		$	(964)
Change in allowance			(3,523)						(83)						—			(3,606)
Balance at December 31, 2024			(4,487)						(83)						—			(4,570)
Change in allowance			3,208						(316)						(838)			2,054
Ending balance at December 31, 2025			$	(1,279)					$	(399)					$	(838)		$	(2,516)

The amortized cost basis of the Company's real estate loans, financing receivables by year of origination is shown below as of December 31, 2025 (in thousands):

Origination year			Real estate loans			Allowance for credit losses			Amortized cost basis at December 31, 2025						Allowance as a percentage of outstanding real estate loans
2025			$	43,911		$	(838)		$	43,073					(1.91)		%
2024			$	56,604		$	(399)		$	56,205					(0.70)		%
2023			$	150,000		$	(1,279)		$	148,721					(0.85)		%
Total			$	250,515		$	(2,516)		$	247,999					(1.00)		%

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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