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Real Estate, net (Tables) | 3 Months Ended
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Mar. 31, 2026
Real Estate [Abstract] |
Schedule of Operating Real Estate Properties | The following table presents the Company’s net lease portfolio, net, as of March 31, 2026 and December 31, 2025 (dollars in thousands):
|  | March 31, 2026 |  | December 31, 2025
Land and improvements |  | $ | 78,805 |  |  | $ | 78,805 |
Buildings, building leaseholds, and improvements |  | 287,767 |  |  | 287,767 |
Tenant improvements |  | 13,781 |  |  | 13,781 |
Subtotal |  | $ | 380,353 |  |  | $ | 380,353 |
Less: Accumulated depreciation |  | (89,446) |  |  | (86,871) |
Net lease portfolio, net |  | $ | 290,907 |  |  | $ | 293,482 |
The following table presents the Company’s portfolio of other real estate, net as of March 31, 2026 and December 31, 2025 (dollars in thousands):
|  | March 31, 2026 |  | December 31, 2025
Land and improvements |  | $ | 133,704 |  |  | $ | 127,614 |
Buildings, building leaseholds, and improvements |  | 269,933 |  |  | 262,451 |
Tenant improvements |  | 19,602 |  |  | 18,097 |
Furniture, fixtures and equipment |  | 15,524 |  |  | 13,938 |
Construction-in-progress |  | 7,139 |  |  | 7,972 |
Subtotal |  | $ | 445,902 |  |  | $ | 430,072 |
Less: Accumulated depreciation |  | (45,848) |  |  | (43,775) |
Other portfolio, net |  | $ | 400,054 |  |  | $ | 386,297 |
Schedule of Property Operating Income | For the three months ended March 31, 2026 and 2025 the components of property operating income were as follows (dollars in thousands):
|  | Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |  |  |
Lease revenues |  |  |  |  |  |  |  |  |  |
Minimum lease revenue |  | $ | 17,405 |  |  | $ | 23,870 |  |  |  |  |  |  |
Variable lease revenue |  | 865 |  |  | 3,047 |  |  |  |  |  |  |
|  | $ | 18,270 |  |  | $ | 26,917 |  |  |  |  |  |  |
Hotel operating income |  | 14,373 |  |  | — |  |  |  |  |  |  |
Total property operating income(1) |  | $ | 32,643 |  |  | $ | 26,917 |  |  |  |  |  |  |
_________________________________________ (1)Excludes net amortization income related to above and below-market leases of a de minimis amount for the three months ended March 31, 2026. Excludes net amortization expense related to above and below-market leases of $0.4 million and income of $0.3 million for the three months ended March 31, 2025, respectively.
Schedule of Asset Acquisition | The following table summarizes the Company’s real estate acquisitions for the three months ended March 31, 2026 and year ended December 31, 2025 (dollars in thousands):
|  |  |  |  |  | Purchase Price Allocation
Acquisition Date | Property Type and Location | Number of Buildings/Units(1) |  | Purchase Price |  | Land and Improvements(2) |  | Building and Improvements(2) |  |  |  | Furniture and Fixtures(2) |  | Lease Intangible Assets(2) |  | Other Assets |  | Lease Intangible Liabilities(2) |  | Other Liabilities
Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2026 | Multifamily - Texas(3) | 624 |  | $ | 45,400 |  |  | $ | 13,486 |  |  | $ | 25,944 |  |  |  |  | $ | 1,235 |  |  | $ | 4,126 |  |  | $ | 2,876 |  |  | $ | — |  |  | $ | (2,267) |
Year Ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 2025 | Office - Oregon(3) | 8 |  | 21,100 |  |  | 10,913 |  |  | 5,105 |  |  |  |  | — |  |  | 4,567 |  |  | 1,849 |  |  | (298) |  |  | (1,036) |
July 2025 | Multifamily/Pre-dev - California(3)(4) | n/a |  | 39,760 |  |  | 39,760 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
May 2025 | Hotel - California(3) | 541 |  | 139,126 |  |  | 36,166 |  |  | 91,719 |  |  |  |  | 10,197 |  |  | 80 |  |  | 10,034 |  |  | — |  |  | (9,070) |
February 2025 | Multifamily - Arizona(5) | 285 |  | 31,965 |  |  | 9,007 |  |  | 21,051 |  |  |  |  | 270 |  |  | 1,456 |  |  | 708 |  |  | — |  |  | (527) |
|  |  |  | $ | 277,351 |  |  | $ | 109,332 |  |  | $ | 143,819 |  |  |  |  | $ | 11,702 |  |  | $ | 10,229 |  |  | $ | 15,467 |  |  | $ | (298) |  |  | $ | (12,900) |
_________________________________________ (1) For multifamily properties, represents number of units. For hotels, it represents number of rooms. (2) Useful life of real estate acquired is 28 to 40 years for buildings, four to 15 years for tenant improvements, four to nine for furniture and fixtures, and one to 12 years for lease intangibles. (3) Represents assets acquired by the Company through foreclosure or a deed-in-lieu of foreclosure. (4) Represents a multifamily construction/development project located in California. (5) Represents a multifamily property held in a VIE for which the Company was deemed the primary beneficiary. The Company consolidated the assets, liabilities and the property's operations on the acquisition date in accordance with ASC 810.

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