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Investment in Unconsolidated Ventures | 6 Months Ended
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Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures At June 30, 2026 and December 31, 2025, the Company held interests in unconsolidated joint ventures that own ten multifamily properties (the "Unconsolidated Properties"). The condensed balance sheets below present information regarding such properties (dollars in thousands):
|  | June 30, 2026 |  | December 31, 2025
ASSETS |  |  |  |
Real estate properties, net of accumulated depreciation of $103,044 and $95,747 |  | $ | 358,068 |  |  | $ | 363,451 |
Cash and cash equivalents |  | 7,194 |  |  | 7,506 |
Other assets |  | 9,775 |  |  | 11,756 |
Total Assets |  | $ | 375,037 |  |  | $ | 382,713 |
LIABILITIES AND EQUITY |  |  |  |
Liabilities: |  |  |  |
Mortgages payable, net of deferred costs of $1,063 and $1,106 |  | $ | 283,772 |  |  | $ | 285,379 |
Accounts payable and accrued liabilities |  | 8,277 |  |  | 9,435 |
Total Liabilities |  | 292,049 |  |  | 294,814 |
Commitments and contingencies |  |  |  |
Equity: |  |  |  |
Total unconsolidated joint venture equity |  | 82,988 |  |  | 87,899 |
Total Liabilities and Equity |  | $ | 375,037 |  |  | $ | 382,713 |
BRT's interest in joint venture equity |  | $ | 43,297 |  |  | $ | 46,121 |
At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
| June 30, 2026 |  | December 31, 2025
Land | $ | 54,272 |  |  | $ | 54,272 |
Building | 387,415 |  |  | 387,364 |
Building improvements | 19,425 |  |  | 17,562 |
Real estate properties | 461,112 |  |  | 459,198 |
Accumulated depreciation | (103,044) |  |  | (95,747) |
Total real estate properties, net | $ | 358,068 |  |  | $ | 363,451 |
At June 30, 2026 and December 31, 2025, the weighted average interest rate on the mortgages payable is 4.19% and 4.21%, respectively, and the weighted average remaining term to maturity is 3.0 years and 3.3 years, respectively. On June 9, 2026, the Stono Oaks joint venture exercised its right to extend the $37,200,000, 5.83% floating interest rate construction loan secured by its assets through June 8, 2027. Such venture is also entitled, subject to the satisfaction of certain conditions, to further extend the loan maturity through June 2028. The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):
|  | Three Months Ended June 30, | Six Months Ended June 30,
|  | 2026 |  | 2025 | 2026 |  | 2025
Revenues: |  |  |  |  |  |  |
Rental and other revenue |  | $ | 13,847 |  |  | $ | 11,927 |  | $ | 27,279 |  |  | $ | 23,636 |
Total revenues |  | 13,847 |  |  | 11,927 |  | 27,279 |  |  | 23,636 |
Expenses: |  |  |  |  |  |  |
Real estate operating expenses |  | 6,878 |  |  | 5,744 |  | 13,383 |  |  | 10,917 |
Interest expense |  | 3,241 |  |  | 2,770 |  | 6,436 |  |  | 5,515 |
Depreciation and amortization |  | 3,917 |  |  | 3,163 |  | 8,115 |  |  | 6,911 |
Total expenses |  | 14,036 |  |  | 11,677 |  | 27,934 |  |  | 23,343 |
Total revenues less total expenses |  | (189) |  |  | 250 |  | (655) |  |  | 293 |
Other equity (loss) earnings |  | 145 |  |  | 18 |  | 139 |  |  | 108 |
Net (loss) income |  | $ | (44) |  |  | $ | 268 |  | $ | (516) |  |  | $ | 401 |
BRT's equity in (loss) earnings |  | $ | (1) |  |  | $ | 299 |  | $ | (309) |  |  | $ | 712 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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