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Segment Information | 12 Months Ended
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Dec. 31, 2025
Segment Information |
Segment Information | Note 17 – Segment Information The Company owns and operates residential real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s Chief Operating Decision Makers (“CODMs”) are its Chief Executive Officer, Chief Investment Officer and Chief Financial Officer. The CODMs’ primary financial measure for operating performance is NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. CODMs are provided financial reports which include an income statement with property revenues, property operating expenses, and property net income. These financial reports assist the CODMs in assessing the Company’s financial performance and in allocating resources appropriately. The Company views its residential real estate assets as two reportable segments, consisting of (i) residential communities and (ii) scattered single-family homes. The CODMs do not distinguish or group operations on a geographic, tenant or other basis when assessing the financial performance of the Company’s portfolio of properties/investments. Residential communities segment includes the acquisition, ownership, management, renovation, construction, and development of residential communities, which include both detached single-family home communities and attached unit communities such as apartments, townhouses, and duplexes. Each residential community is, generally, located on a single, contiguous land parcel and has amenities including clubhouses, gyms, pools and common areas. In addition, these residential communities typically have onsite property management. Scattered single-family homes segment includes the ownership, management, and renovation of scattered single-family homes, which are, generally, detached homes with no onsite property management. The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2025 and 2024, and reconciles NOI to net loss attributable to common stockholders on the Company’s statements of operations and comprehensive income (loss) (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Rental and other property revenues | ​ | ​ | ​ | ​ | ​ | ​
Residential communities | ​ | $ | 37,554 | ​ | $ | 16,449
Scattered single-family homes | ​ | ​ | 30,582 | ​ | ​ | 32,135
Total rental and other property revenues | ​ |  | 68,136 | ​ |  | 48,584
​ | ​ | ​ | ​ | ​ | ​ | ​
Property operating expenses | ​ |  | ​ | ​ |  | ​
Residential communities | ​ |  | 16,651 | ​ |  | 6,950
Scattered single-family homes | ​ |  | 16,534 | ​ |  | 17,194
Total property operating expenses | ​ |  | 33,185 | ​ |  | 24,144
​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating income | ​ |  | ​ | ​ |  | ​
Residential communities | ​ |  | 20,903 | ​ |  | 9,499
Scattered single-family homes | ​ |  | 14,048 | ​ |  | 14,941
Total net operating income | ​ |  | 34,951 | ​ |  | 24,440
Reconciling items: | ​ |  | ​ | ​ |  | ​
Interest income from loan investments | ​ |  | 598 | ​ |  | 1,630
Property management and asset management fee expenses | ​ |  | (5,372) | ​ |  | (4,715)
General and administrative expenses | ​ |  | (11,249) | ​ |  | (10,592)
Management fees to related party | ​ |  | (10,471) | ​ |  | (9,111)
Acquisition and other transaction costs | ​ |  | (418) | ​ |  | (255)
Weather-related losses, net | ​ |  | (59) | ​ |  | (170)
Depreciation and amortization | ​ |  | (29,418) | ​ |  | (19,940)
Other (expense) income, net | ​ |  | (139) | ​ |  | 330
Income from preferred equity investments | ​ |  | 8,759 | ​ |  | 11,937
Share of net earnings of equity method investment | ​ | ​ | 1,058 | ​ | ​ | —
Recovery of credit losses, net | ​ |  | 103 | ​ |  | 93
(Impairment) and gain on sale of real estate investments, net | ​ | ​ | (4,216) | ​ | ​ | 7,081
Gain on sale of available-for-sale investments | ​ |  | 3,664 | ​ |  | —
Loss on extinguishment of debt | ​ |  | (27) | ​ |  | (151)
Interest expense, net | ​ |  | (23,988) | ​ |  | (18,092)
Interest income | ​ |  | 5,258 | ​ |  | 5,424
Income tax expense | ​ | ​ | (1,632) | ​ | ​ | —
Net loss | ​ |  | (32,598) | ​ |  | (12,091)
Preferred stock dividends | ​ |  | (9,203) | ​ |  | (4,022)
Preferred stock accretion | ​ |  | (4,538) | ​ |  | (244)
Net loss attributable to noncontrolling interests | ​ |  | 34,848 | ​ |  | 12,123
Net loss attributable to common stockholders | ​ | $ | (11,491) | ​ | $ | (4,234)
​ The following table reconciles the Company’s total rental and other property revenues for reportable segments to total revenues on the Company’s consolidated statement of operations and comprehensive income (loss) for the years ended December 31, 2025 and 2024 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Revenues | ​ | ​ | ​ | ​ | ​ | ​
Rental and other property revenues | ​ | ​ | ​ | ​ | ​ | ​
Residential communities | ​ | $ | 37,554 | ​ | $ | 16,449
Scattered single-family homes | ​ | ​ | 30,582 | ​ | ​ | 32,135
Total rental and other property revenues | ​ |  | 68,136 | ​ |  | 48,584
Interest income from loan investments | ​ | ​ | 598 | ​ | ​ | 1,630
Total revenues | ​ | $ | 68,734 | ​ | $ | 50,214
​ At December 31, 2025 and 2024, net real estate assets totaled $556.2 million and $338.6 million for residential communities, respectively, and $311.8 million and $344.5 million for scattered single-family homes, respectively.

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