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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

(Dollar amounts in thousands)

December 31, 2024

																		Initial Cost to Company																		Gross Amount at Close of Period (1)
Market						Number of Properties						Encumbrances						Land						Buildings and Improvements						Total Adjustment to Basis (2)						Land						Buildings and Improvements						Total						Accumulated Depreciation						Date of Construction						Date Acquired						Depreciable Period (Years)
Operating Real Estate
Multi-Family - Operating
Collierville, TN						1						$	39,267					$	3,113					$	45,616					$	2,616					$	3,113					$	48,232					$	51,345					$	(5,795)					2000						2021						5			-			30
Corpus Christi, TX						1						45,120						4,900						49,539						892						4,900						50,431						55,331						(1,823)						1976						2023						5			-			30
Dallas, TX						1						29,906						3,616						40,497						3,715						3,616						44,212						47,828						(5,078)						2009						2021						5			-			30
Dallas, TX						1						26,063						5,728						34,635						1,672						5,728						36,307						42,035						(4,274)						2014						2021						5			-			30
Houston, TX						1						22,891						6,406						25,211						1,522						6,406						26,733						33,139						(3,437)						1993						2021						5			-			30
Little Rock, AR						1						25,361						2,366						27,229						1,228						2,366						28,457						30,823						(3,369)						1999						2021						5			-			30
Louisville, KY						1						41,576						5,567						52,819						1,118						5,567						53,937						59,504						(5,928)						2017						2021						5			-			30
Montgomery, AL						1						20,779						3,367						26,967						1,254						3,367						28,221						31,588						(3,174)						1988 - 1994						2022						5			-			30
San Antonio, TX						1						24,085						3,116						35,223						691						3,116						35,914						39,030						(4,087)						2015						2021						5			-			30
San Antonio, TX						1						35,398						6,827						43,240						2,851						6,827						46,091						52,918						(5,100)						2014						2021						5			-			30
St Petersburg, FL						1						56,160						9,823						74,801						4,299						9,823						79,100						88,923						(9,238)						2014						2021						5			-			30
Total Multi-Family - Operating						11						$	366,606					$	54,829					$	455,777					$	21,858					$	54,829					$	477,635					$	532,464					$	(51,303)
Single-Family Rental - Operating
Chicago, IL						227						$	32,269					$	10,139					$	49,158					$	11,037					$	10,139					$	60,194					$	70,333					$	(5,917)					1890 - 2010						2021- 2022						5			-			30
Baltimore, MD						119						18,015						9,274						24,979						4,774						9,250						29,778						39,028						(2,410)						1921 - 2006						2021- 2022						5			-			30
Houston, TX						76						11,800						3,958						18,076						2,441						3,958						20,517						24,475						(1,784)						1954 - 2021						2021 - 2022						5			-			30
Atlanta, GA						26						—						644						3,219						244						644						3,463						4,107						(125)						2004 - 2019						2023						5			-			30
Indianapolis, IN						13						—						228						981						643						228						1,624						1,852						(24)						1913 - 1958						2024						5			-			30
Pittsburgh, PA						12						—						509						2,050						(583)						321						1,655						1,976						(5)						1940 - 1991						2022						5			-			30
Tampa, FL						11						2,053						821						2,828						455						821						3,283						4,104						(266)						1951 - 2010						2022						5			-			30

Total Single-Family Rental - Operating						484						$	64,137					$	25,573					$	101,291					$	19,011					$	25,361					$	120,514					$	145,875					$	(10,531)
Total Operating Real Estate						495						$	430,743					$	80,402					$	557,068					$	40,869					$	80,190					$	598,149					$	678,339					$	(61,834)
Real Estate Held for Sale
Single-Family Rental - Held for Sale
Indianapolis, IN						12						—						123						1,162						(448)						72						765						837						—						1910 - 1930						2024						5			-			30
Atlanta, GA						7						—						162						656						(148)						133						537						670						—						2004 - 2019						2023						5			-			30
Baltimore, MD						6						1,054						583						1,389						(35)						533						1,404						1,937						—						1947 - 1959						2021 - 2022						5			-			30
Houston, TX						6						1,002						363						1,491						(289)						283						1,282						1,565						—						1953 - 2004						2021 -2022						5			-			30
Pittsburgh, PA						6						482						218						694						24						184						752						936						—						1900 - 2004						2022						5			-			30
Chicago, IL						3						302						84						483						15						79						503						582						—						1949 - 1952						2021 - 2022						5			-			30
Bedford, OH						1						89						31						124						(22)						22						111						133						—						1949						2022						5			-			30
Milwaukee, WI						1						150						44						230						(32)						38						204						242						—						1970						2022						5			-			30
Total Single-Family Rental - Held for Sale						42						$	3,079					$	1,608					$	6,229					$	(935)					$	1,344					$	5,558					$	6,902					$	—
Total Real Estate, net						537						$	433,822					$	82,010					$	563,297					$	39,934					$	81,534					$	603,707					$	685,241					$	(61,834)
Real Estate in Disposal Group Held for Sale
Multi-Family - Disposal Group
Fort Myers, FL						1						$	38,220					$	7,546					$	34,504					$	7,129					$	7,546					$	41,633					$	49,179					$	(1,865)					1973 & 1979						2021						5			-			30
Tampa, FL						1						55,150						10,152						53,668						7,019						9,760						61,079						70,839						(7,121)						1971 & 1972						2021						5			-			30
Total Multi-Family - Disposal Group						2						$	93,370					$	17,698					$	88,172					$	14,148					$	17,306					$	102,712					$	120,018					$	(8,986)
Total Real Estate						539						$	527,192					$	99,708					$	651,469					$	54,082					$	98,840					$	706,419					$	805,259					$	(70,820)

(1)The aggregate cost of consolidated real estate in the table above for U.S. federal income tax purposes was approximately $761 million as of December 31, 2024.

(2)Consists of costs capitalized subsequent to acquisition and impairment charges.

Notes to Schedule III (Dollar amounts in thousands)

1.Reconciliation of Operating Real Estate

						For the Years Ended December 31,
						2024						2023						2022
Balance at beginning of period						$	1,197,066					$	714,192					$	970,363
Transfers in (1)						2,640						59,198						—
Acquisitions						—						—						827,882
Improvements						6,238						31,441						49,468
Reclassification to held and used						65,458						392,235						—
Reclassification to held for sale or disposal group held for sale						(593,063)						—						(1,133,521)
Balance at end of period						$	678,339					$	1,197,066					$	714,192

(1)Transfers in represent transfers into operating real estate due to consolidation of a VIE (see Note 7) or from real estate owned or residential loans.

2.Reconciliation of Accumulated Depreciation for Operating Real Estate

						For the Years Ended December 31,
						2024						2023						2022
Balance at beginning of period						$	(65,247)					$	(21,224)					$	(3,890)
Depreciation						(37,444)						(24,620)						(47,179)
Reclassification to held and used						(1,266)						(19,403)						—
Reclassification to held for sale or disposal group held for sale						42,123						—						29,845
Balance at end of period						$	(61,834)					$	(65,247)					$	(21,224)

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- References

No definition available.

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X

- Definition

The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

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