XML 39 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Other Expenses | 9 Months Ended
--- | ---
Sep. 30, 2025
Other Income and Expenses [Abstract] |
Other Expenses | OTHER EXPENSES Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses. Management and Incentive Fees Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv) net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees. During the three and nine months ended September 30, 2025, we incurred $16.8 million and $51.1 million, respectively, of management fees payable to our Manager compared to $18.6 million and $56.3 million, respectively, during the same periods in 2024. During the three and nine months ended September 30, 2025 and 2024, we did not incu r any incentive fees payable to our Manager. As of September 30, 2025 and December 31, 2024, we had accrued management fees payable to our Manager of $16.8 million and $18.5 million, respectively. General and Administrative Expenses General and admin istrative expenses consisted of the following ($ in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Professional services | $3,351 |  | $3,753 |  | $11,543 |  | $11,709
Operating and other costs | 2,094 |  | 1,686 |  | 5,824 |  | 5,044
Subtotal(1) | 5,445 |  | 5,439 |  | 17,367 |  | 16,753
Non-cash compensation expenses |  |  |  |  |  |  |
Restricted class A common stock earned | 7,130 |  | 7,728 |  | 21,053 |  | 23,400
Director stock-based compensation | 172 |  | 256 |  | 517 |  | 658
Subtotal | 7,302 |  | 7,984 |  | 21,570 |  | 24,058
Total general and administrative expenses | $12,747 |  | $13,423 |  | $38,937 |  | $40,811
(1)During the three and nine months ended September 30, 2025, we recognized an aggregate $66,000 and $259,000, respectively, of expense related to our Multifamily Joint V enture, compared to $125,000 and $668,000, respectively, during the same periods in 2024.

X
- References No definition available. + Details
Name: | us-gaap_OtherIncomeAndExpensesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/720/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 610 -Publisher FASB -URI https://asc.fasb.org/610/tableOfContent + Details
Name: | us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration