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Basis of Presentation and Principles of Consolidation - (Consolidation) (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Real estate      
Real estate, at cost [1] $ 97,400 $ 94,593  
Less: accumulated depreciation [1] (21,080) (18,096)  
Real estate, net [1] 76,320 76,497  
Land and development, net [1] 198,289 232,014  
Cash and cash equivalents 45,563 [1] 4,227 [1] $ 29,744
Accrued interest and operating lease income receivable, net [1] 851 1,132  
Deferred operating lease income receivable, net [1] 1,042 1,137  
Deferred expenses and other assets, net [1] 21,044 16,921  
Total assets [1] 604,268 1,005,371  
LIABILITIES      
Accounts payable, accrued expenses and other liabilities [1],[2] 42,668 33,102  
Debt obligations, net [1] 212,819    
Total liabilities [1] 255,487 33,102  
Carrying value of investment [1] 240,986 587,138  
Consolidated VIEs      
Real estate      
Real estate, at cost 94,624 94,159  
Less: accumulated depreciation (20,505) (18,033)  
Real estate, net 74,119 76,126  
Land and development, net 112,662 128,717  
Cash and cash equivalents 18,610 3,754  
Accrued interest and operating lease income receivable, net 23    
Deferred operating lease income receivable, net 7 6  
Deferred expenses and other assets, net 7,331 6,921  
Total assets 212,752 215,524  
LIABILITIES      
Accounts payable, accrued expenses and other liabilities 26,198 24,406  
Total liabilities $ 26,198 24,406  
Unconsolidated VIEs      
LIABILITIES      
Carrying value of investment   $ 32,100  
[1] Refer to Note 2 for details on the Company’s combined and consolidated variable interest entities (“VIEs”).
[2] As of September 30, 2023, includes $7.2 million of management fees due to Safe (refer to Note 1).