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Real Estate, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Schedule of Real Estate Investment
The following is a summary of real estate, net, collectively, as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):

September 30, 2025December 31, 2024
Land$77,899 $80,190 
Building and improvements573,542 581,283 
Furniture, fixture and equipment18,303 16,866 
Operating real estate
$669,744 $678,339 
Accumulated depreciation(78,523)(61,834)
Operating real estate, net$591,221 $616,505 
Real estate held for sale, net (1)
$10,527 $6,902 
Real estate, net (2)
$601,748 $623,407 

(1)Real estate held for sale, net includes certain single-family rental properties and is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.
(2)The Company repositioned its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the real estate, net related to certain joint venture equity investments in multi-family properties was included in assets of disposal group held for sale on the accompanying condensed consolidated balance sheets as of December 31, 2024. See Note 9 for additional information.
Schedule of Components of Income From Real Estate And Expenses
The following table presents depreciation and amortization expenses for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Depreciation expense on operating real estate$5,936 $8,131 $17,759 $30,564 
Amortization of lease intangibles related to operating real estate— — — 2,378 
Total depreciation and amortization
$5,936 $8,131 $17,759 $32,942