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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

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 as of March 31, 2025 and December 31, 2024:

(dollars in thousands)			March 31, 2025			December 31, 2024
Assets:
Total real estate investments, net			$	101,439		$	103,933
Cash and cash equivalents			417			159
Other assets, net			5,065			4,053
Total assets			$	106,921		$	108,145
Liabilities:
Notes and bonds payable			$	66,083		$	60,170
Accounts payable and accrued liabilities			1,574			2,786
Other liabilities			156			45
Total liabilities			$	67,813		$	63,001

Schedule of Variable Interest Entities

As a result, the Company accounts for the three notes receivable 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			Charlotte, NC			Note receivable			7,441			7,441
2022			Texas 1			Equity method			55,199			55,199
2024			Texas 2			Note receivable			9,691			16,729
2024			Texas 2			Note receivable			1			4,500

1Includes investments in seven properties.

2The Company provided seller financing and entered into a mortgage loan and a mezzanine loan in connection with a property disposition.

Schedule of Accounts, Notes, Loans and Financing Receivable

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

(dollars in thousands)									CARRYING VALUE AS OF
ORIGINATION DATE			LOCATION			INTEREST RATE			MARCH 31, 2025			DECEMBER 31, 2024
May 2021			Poway, CA			5.69%			$	116,438		$	116,304
November 2021			Columbus, OH			6.48%			7,375			7,367
									$	123,813		$	123,671

(dollars in thousands)			ORIGINATION			MATURITY			STATED INTEREST RATE			MAXIMUM LOAN COMMITMENT			OUTSTANDING as of MARCH 31, 2025			INTEREST RECEIVABLE (OTHER ASSETS)			ALLOWANCE FOR CREDIT LOSSES			FAIR VALUE DISCOUNT AND FEES			CARRYING VALUE as of MARCH 31, 2025
Mezzanine loans
Arizona			12/21/2023			12/20/2026			9.00		%	$	6,000		$	6,000		$	38		$	—		$	—		$	6,038
Texas			10/03/2024			10/02/2029			11.00		%	4,500			1			—			—			—			1
Wisconsin 1			3/20/2025			3/19/2030			13.00		%	8,500			—			—			—			—			—
												19,000			6,001			38			—			—			6,039
Mortgage loans
Texas 2			6/30/2021			12/02/2024			7.00		%	31,150			16,250			551			(16,801)			—			—
North Carolina 3			12/22/2021			12/22/2024			8.00		%	6,000			6,000			1,441			—			—			7,441
Florida 4			5/17/2022			2/27/2026			6.00		%	65,000			37,661			191			—			(18)			37,834
California			3/30/2023			3/29/2026			6.00		%	45,000			45,000			188			—			—			45,188
Florida			12/28/2023			12/28/2026			9.00		%	7,700			6,226			—			—			—			6,226
Texas			10/03/2024			10/02/2029			7.50		%	16,729			9,629			62			—			—			9,691
Texas 5			3/20/2025			3/19/2030			6.80		%	5,400			5,400			—			—			—			5,400
												176,979			126,166			2,433			(16,801)			(18)			111,780
												$	195,979		$	132,167		$	2,471		$	(16,801)		$	(18)		$	117,819

1In March 2025, the Company entered an agreement to finance $8.5 million for a property in Green Bay, WI. As of March 31, 2025, the loan has not been funded.

2In 2024, the Company determined that an allowance for credit loss of $16.8 million was needed on this mortgage loan, which included approximately $16.3 million of principal and approximately $0.5 million of interest. In January 2025, the underlying collateral for this loan was sold and the Company received $14.9 million towards the principal balance of this loan.

3Outstanding principal and interest due upon maturity. As of the date of these financial statements, the outstanding principal and interest on this loan has not been repaid. The Company has evaluated the collectibility of the amount outstanding and has determined that the underlying collateral has a value that exceeds the carrying value of as of March 31, 2025, and is working with the borrower on satisfaction of the mortgage loan.

4In April 2025, this loan was repaid in full.

5In March 2025, the Company provided seller financing of $5.4 million in connection with the sale of a real estate property in Houston, TX.

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			THREE MONTHS ENDED MARCH 31, 2025			TWELVE MONTHS ENDED DECEMBER 31, 2024
Allowance for credit losses, beginning of period			$	16,801		$	5,196
Credit loss reserves			—			59,563
Recoveries			—			(4,000)
Write-off			—			(43,958)
Allowance for credit losses, end of period			$	16,801		$	16,801

Schedule of Disaggregation of revenue

Below is a detail of the amounts by category:

			THREE MONTHS ENDED March 31,
in thousands			2025			2024
Type of Revenue
Parking income			$	1,863		$	2,545
Management fee income/other 1			4,526			1,646
			$	6,389		$	4,191

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

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