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Real Estate Properties

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

Real Estate Properties

Real Estate Properties

Real estate properties, consists of the following (dollars in thousands):

						September 30, 2025						December 31, 2024
Land						$	74,246					$	74,246
Building						616,979						616,979
Building improvements						37,081						31,115
Real estate properties						728,306						722,340
Accumulated depreciation						(126,165)						(106,425)
Total real estate properties, net						$	602,141					$	615,915

A summary of real estate properties owned is as follows (dollars in thousands):

						December 31, 2024 Balance						Improvements						Depreciation						Real Estate Sold						September 30, 2025 Balance
Multi-family						$	614,235					$	5,966					$	(19,657)					$	—					$	600,544
Retail shopping center and other						1,680						158						(83)						(158)						1,597
Total real estate properties						$	615,915					$	6,124					$	(19,740)					$	(158)					$	602,141

Property Dispositions

During the quarter ended September 30, 2025, the Company sold a cooperative apartment unit located in New York, NY for a sales price of $995,000 and, after closing costs, recognized a gain of $755,000 on the sale.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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