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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Condensed Balance Sheet

Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate:

(dollars in thousands)			JUNE 30, 2024
Assets:
Total real estate properties, net			$	112,694
Cash and cash equivalents			3,205
Other assets, net			2,556
Total assets			$	118,455
Liabilities:
Accrued expenses and other liabilities			7,848
Total liabilities			7,848
Redeemable non-controlling interests			3,194
Partners' equity			108,612
Cumulative net loss			(1,199)
Total partners' equity			107,413
Total liabilities and equity			$	118,455

Schedule of Variable Interest Entities

As a result, the Company accounts for the two notes receivables as amortized cost and a joint venture arrangement under the equity method. See below for additional information regarding the Company's unconsolidated VIEs.

(dollars in thousands) ORIGINATION DATE			LOCATION			SOURCE			CARRYING AMOUNT			MAXIMUM EXPOSURE TO LOSS
2021			Houston, TX 1			Note receivable			$	20,500		$	20,500
2021			Charlotte, NC 1			Note receivable			7,111			7,211
2022			Texas 2			Joint venture			59,239			59,239

1Assumed mortgage note receivable in connection with the Merger.

2Includes investments in seven properties.

Schedule of Accounts, Notes, Loans and Financing Receivable

See below for additional information regarding the Company's financing receivables.

(dollars in thousands) ORIGINATION DATE			LOCATION			INTEREST RATE			CARRYING VALUE as of JUNE 30, 2024
May 2021			Poway, CA			5.72%			$	115,056
November 2021			Columbus, OH			6.48%			7,357
									$	122,413

(dollars in thousands)			ORIGINATION			MATURITY			STATED INTEREST RATE			MAXIMUM LOAN COMMITMENT			OUTSTANDING as of JUN 30, 2024			INTEREST RECEIVABLE (OTHER ASSETS)			ALLOWANCE FOR CREDIT LOSSES			FAIR VALUE DISCOUNT AND FEES			CARRYING VALUE as of JUNE 30, 2024
Mezzanine loans
Texas 1			6/24/2021			6/24/2024			8.00		%	$	54,119		$	54,119		$	906		$	(5,196)		$	(3,067)		$	46,762
Arizona			12/21/2023			12/20/2026			9.00		%	6,000			6,000			36			—			—			6,036
												60,119			60,119			942			(5,196)			(3,067)			52,798
Mortgage loans
Texas 2			6/30/2021			12/02/2024			7.00		%	31,150			31,150			551			(11,201)			—			20,500
North Carolina 3			12/22/2021			12/22/2024			8.00		%	6,000			6,000			1,211			—			(100)			7,111
Florida			5/17/2022			2/27/2026			6.00		%	65,000			35,623			532			—			(34)			36,121
California			3/30/2023			3/29/2026			6.00		%	45,000			45,000			178			—			—			45,178
Florida			12/28/2023			12/28/2026			9.00		%	7,700			7,133			—			—			—			7,133
												154,850			124,906			2,472			(11,201)			(134)			116,043
												$	214,969		$	185,025		$	3,414		$	(16,397)		$	(3,201)		$	168,841

1As of the date of these financial statements, the outstanding principal and interest on these loans had not been repaid, and on July 15, 2024, the senior lender on the construction loans associated with the underlying projects provided notice of foreclosure proceedings to the borrower. The borrower is in negotiations with a third party to provide financing that will repay the senior lender.

2During the second quarter of 2024, the Company determined that an allowance for credit loss of $11.2 million was needed on this mortgage loan. The reserve amount consists of approximately $10.7 million of principal and approximately $0.5 million of interest. Additionally, the maturity date on this mortgage loan was extended to December 2, 2024.

3Outstanding principal and interest due upon maturity.

Schedule of Company's Allowance For Credit Losses

The following table summarizes the Company's allowance for credit losses on real estate notes receivable:

Dollars in thousands			SIX MONTHS ENDED JUNE 30, 2024			TWELVE MONTHS ENDED DECEMBER 31, 2023
Allowance for credit losses, beginning of period			$	5,196		$	—
Credit loss reserves			11,201			5,196
Allowance for credit losses, end of period			$	16,397		$	5,196

Schedule of Disaggregation of revenue

Below is a detail of the amounts by category:

			THREE MONTHS ENDED June 30,						SIX MONTHS ENDED June 30,
in thousands			2024			2023			2024			2023
Type of Revenue
Parking income			$	2,463		$	2,370		$	5,009		$	4,761
Management fee income/other 1			1,859			1,860			3,504			4,086
			$	4,322		$	4,230		$	8,513		$	8,847

1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

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