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Real Estate, net (Tables)
 3 Months Ended
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, 2026December 31, 2025
Land and improvements$78,805 $78,805 
Buildings, building leaseholds, and improvements287,767 287,767 
Tenant improvements13,781 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, 2026December 31, 2025
Land and improvements$133,704 $127,614 
Buildings, building leaseholds, and improvements269,933 262,451 
Tenant improvements19,602 18,097 
Furniture, fixtures and equipment15,524 13,938 
Construction-in-progress7,139 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,
20262025
Lease revenues
Minimum lease revenue$17,405 $23,870 
Variable lease revenue865 3,047 
$18,270 $26,917 
Hotel operating income14,373 — 
Total property operating income(1)
$32,643 $26,917 
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(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 DateProperty 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)
821,100 10,913 5,105 — 4,567 1,849 (298)(1,036)
July 2025
Multifamily/Pre-dev - California(3)(4)
n/a39,760 39,760 — — — — — — 
May 2025
Hotel - California(3)
541139,126 36,166 91,719 10,197 80 10,034 — (9,070)
February 2025
Multifamily - Arizona(5)
28531,965 9,007 21,051 270 1,456 708 — (527)
$277,351 $109,332 $143,819 $11,702 $10,229 $15,467 $(298)$(12,900)
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(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.