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ACCRUED AND OTHER LIABILITIES | 9 Months Ended
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Sep. 30, 2025
Payables and Accruals [Abstract] |
ACCRUED AND OTHER LIABILITIES | NOTE 17. ACCRUED AND OTHER LIABILITIES ​ Accrued and other liabilities consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2025 |  | December 31, 2024
Accrued Property Taxes | ​ | $ | 8,459 | ​ | $ | 2,619
Reserve for Tenant Improvements | ​ | ​ | 1,389 | ​ | ​ | 1,424
Tenant Security Deposits | ​ | ​ | 3,253 | ​ | ​ | 2,833
Accrued Construction Costs | ​ | ​ | 3,118 | ​ | ​ | 3,988
Accrued Interest | ​ | ​ | 3,187 | ​ | ​ | 1,133
Environmental Reserve | ​ | ​ | 40 | ​ | ​ | 47
Cash Flow Hedge - Interest Rate Swaps | ​ | ​ | 4,451 | ​ | ​ | —
Operating Leases - Liability | ​ | ​ | 255 | ​ | ​ | 293
Construction and Other Reserves from Commercial Loans and Investments | ​ | ​ | 1,612 | ​ | ​ | 2,279
Other | ​ | ​ | 5,155 | ​ | ​ | 6,652
Total Accrued and Other Liabilities | ​ | $ | 30,919 | ​ | $ | 21,268
​ Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received an aggregate of $1.6 million from the sellers of certain properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through September 30, 2025, payments totaling $0.2 million were made leaving a remaining reserve for tenant improvements of $1.4 million. Construction and Other Reserves from Commercial Loans and Investments. In connection with certain of the Company’s commercial loan investments, the borrower has deposited real estate tax and/or construction reserves in accounts held by the Company. Those accounts balances are included in restricted cash on the Company’s consolidated balance sheets with the corresponding liability recorded in accrued and other liabilities as seen above.

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