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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024:

(dollars in thousands)			June 30, 2025			December 31, 2024
Assets:
Total real estate investments, net			$	103,933		$	103,933
Cash and cash equivalents			965			159
Other assets, net			5,865			4,053
Total assets			$	110,763		$	108,145
Liabilities:
Notes and bonds payable			$	69,302		$	60,170
Accounts payable and accrued liabilities			1,828			2,786
Other liabilities			200			45
Total liabilities			$	71,330		$	63,001

Schedule of Variable Interest Entities

As a result, the Company accounts for the three notes receivable as amortized cost and the 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			5,970			7,441
2022			Texas 1			Equity method			53,892			53,892
2024			Texas 2			Note receivable			9,690			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			JUNE 30, 2025			DECEMBER 31, 2024
May 2021			Poway, CA			5.69%			$	116,780		$	116,304
November 2021			Columbus, OH			6.48%			7,354			7,367
									$	124,134		$	123,671

(dollars in thousands)			ORIGINATION			MATURITY			STATED INTEREST RATE			MAXIMUM LOAN COMMITMENT			OUTSTANDING as of JUNE 30, 2025			INTEREST RECEIVABLE (OTHER ASSETS)			ALLOWANCE FOR CREDIT LOSSES			FAIR VALUE DISCOUNT AND FEES			CARRYING VALUE as of JUNE 30, 2025
Mezzanine loans
Arizona			12/21/2023			12/20/2026			9.00		%	$	6,000		$	6,000		$	36		$	—		$	—		$	6,036
Texas			10/03/2024			10/02/2029			11.00		%	4,500			1			—			—			—			1
Wisconsin			3/20/2025			3/19/2030			13.00		%	8,500			2,833			—			—			—			2,833
												19,000			8,834			36			—			—			8,870
Mortgage loans
Texas 1			6/30/2021			12/02/2024			7.00		%	31,150			16,250			551			(16,801)			—			—
North Carolina 2			12/22/2021			12/22/2024			8.00		%	6,000			6,000			1,441			(1,471)			—			5,970
Florida 3			5/17/2022			2/27/2026			6.00		%	65,000			—			—			—			—			—
California			3/30/2023			3/29/2026			6.50		%	45,000			45,000			181			—			—			45,181
Florida			12/28/2023			12/28/2026			9.00		%	7,700			5,909			—			—			—			5,909
Texas			10/03/2024			10/02/2029			7.50		%	16,729			9,629			61			—			—			9,690
Texas 4			3/20/2025			3/19/2030			6.75		%	5,400			5,400			30			—			—			5,430
												176,979			88,188			2,264			(18,272)			—			72,180
												$	195,979		$	97,022		$	2,300		$	(18,272)		$	—		$	81,050

1In 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.

2Outstanding 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 an allowance for credit loss of $1.5 million was needed on this loan.

3In April 2025, this loan was repaid in full.

4In 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			SIX MONTHS ENDED JUNE 30, 2025			TWELVE MONTHS ENDED DECEMBER 31, 2024
Allowance for credit losses, beginning of period			$	16,801		$	5,196
Credit loss reserves			1,471			59,563
Recoveries			—			(4,000)
Write-off			—			(43,958)
Allowance for credit losses, end of period			$	18,272		$	16,801

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			2025			2024			2025			2024
Type of Revenue
Parking income			$	2,369		$	2,463		$	4,231		$	5,009
Management fee income/other 1			4,614			1,859			9,140			3,504
			$	6,983		$	4,322		$	13,371		$	8,513

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

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