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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2026
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date these financial statements were issued. ​ Retirement of Executive Chairman On July 17, 2026, Curtis D. Hodgson notified the Company of his decision to retire from his positions as Executive Chairman and as a member of the Board of Directors, effective July 21, 2026. The Company reported Mr. Hodgson's retirement in a Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026, which included Mr. Hodgson's related correspondence as an exhibit. The Board of Directors has not yet named a successor Chairman or appointed a replacement director, and the timing of any such action has not been determined. Kenneth E. Shipley continues as Chief Executive Officer and, following Mr. Hodgson's retirement, serves as the Company's sole chief operating decision maker. ​ Mobile Home Park Note — Subsequent Maturity and Modification The New Note described in Note 4, with an outstanding principal balance of approximately $48.6 million at June 30, 2026, matured in July 2026 and was not repaid in full at maturity. Subsequent to June 30, 2026, the Company received a principal reduction payment of $2.0 million and agreed with the borrowers to a forbearance and modification of the New Note that provides for a 90-day forbearance period followed by an 18-month interest-only period (subject to a further six-month extension) and, thereafter, amortizing principal and interest payments at a market-based variable rate. The modification also includes additional collateral consisting of a manufactured housing community in Mississippi valued at approximately $4.0 million and an increased personal guaranty. The Company does not currently expect to recognize a loss with respect to the New Note. The Company is finalizing the definitive loan documentation. ​ ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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