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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Schedule of Estimated Fair Values of Financial Instruments | Fair Value Measurements on a Recurring Basis
|  | (in thousands)
| Balance Sheet Location | Total |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2026 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate related notes receivable | Other assets | $ | 26,630 |  |  | — |  |  | — |  |  | $ | 26,630 |
December 31, 2025 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate related notes receivable | Other assets | $ | 26,394 |  |  | — |  |  | — |  |  | $ | 26,394 |
The estimated fair values of the Company’s financial instruments as of March 31, 2026 and December 31, 2025, respectively, are as follows:
|  | (in thousands)
|  | March 31, 2026 |  | December 31, 2025
| Balance Sheet Location | Amount |  | Fair Value |  | Amount |  | Fair Value
FINANCIAL ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents (Level 1) | Cash and cash equivalents | $ | 7,555 |  |  | $ | 7,555 |  |  | $ | 12,833 |  |  | $ | 12,833 |
Restricted cash (Level 1) | Restricted cash | $ | 2,710 |  |  | $ | 2,710 |  |  | $ | 2,818 |  |  | $ | 2,818 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |
Revolving lines of credit (Level 3) | Revolving lines of credit | $ | 150,429 |  |  | $ | 150,429 |  |  | $ | 154,925 |  |  | $ | 154,925 |
Unsecured senior notes (Level 3)(1) | Notes payable | $ | 300,000 |  |  | $ | 265,466 |  |  | $ | 300,000 |  |  | $ | 267,420 |
Mortgages payable - Fannie Mae credit facility (Level 3) | Mortgages payable | $ | 198,850 |  |  | $ | 176,256 |  |  | $ | 198,850 |  |  | $ | 175,996 |
Mortgages payable - other (Level 3)(1) | Mortgages payable | $ | 398,567 |  |  | $ | 358,590 |  |  | $ | 400,134 |  |  | $ | 358,627 |
(1)Excludes deferred financing costs, debt premiums, and discounts
Schedule of Changes in Fair Value Receivables | Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
| (in thousands)
| Fair Value Measurement |  | Other Gains |  | Interest Income |  | Total Changes in Fair Value Included in Current-Period Earnings
Three months ended March 31, 2026 |  |  |  |  |  |  |
Real estate related notes receivable | $ | 26,630 |  |  | $ | 9 |  |  | $ | 569 |  |  | $ | 578 |
Three months ended March 31, 2025 |  |  |  |  |  |  |
Real estate related notes receivable | $ | 25,406 |  |  | $ | 9 |  |  | $ | 531 |  |  | $ | 540 |
Schedule of Unrealized Gains and Losses on Equity Securities | The portion of unrealized gains and losses for the three months ended March 31, 2026 and 2025 related to equity securities still held at the reporting date is shown in the table below.
| (in thousands)
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Unrealized gains and losses on equity securities still held at the reporting date | $ | 209 |  |  | $ | 67 |  |  |  |  |
Schedule of Fair Value Measurements on a Nonrecurring Basis |
|  | (in thousands)
| Balance Sheet Location | Total |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2026 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate investments measured at fair value | Assets held for sale, net | $ | 29,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,500 |
December 31, 2025 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Real estate investments measured at fair value | Assets held for sale, net | $ | 39,700 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,700 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
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