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Investment in Unconsolidated Real Estate Fund | 12 Months Ended
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Dec. 31, 2025
Investment in Unconsolidated Real Estate Fund |
Investment in Unconsolidated Real Estate Fund | Note 7 – Investment in Unconsolidated Real Estate Fund At December 31, 2025, the Company, through a wholly-owned subsidiary of the Operating Partnership, had one investment in an unconsolidated real estate fund which is accounted for under the equity method. The Company earns a return on its investment which is recognized on a one-quarter lag and is recorded in share of net earnings of equity method investment on its consolidated statement of operations and comprehensive income (loss). The carrying amount of the Company’s investment in the unconsolidated real estate fund at December 31, 2025 is summarized below (amounts in thousands). The Company held no investments in unconsolidated real estate funds at December 31, 2024.
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Company Ownership | ​ ​ ​ | December 31,
Investment Name | ​ | Percentage (1) | ​ | 2025
Marble Capital Income and Impact Fund, LP (2) |  | 11.6 | % | $ | 25,692
Total |  | ​ | ​ | $ | 25,692
(1) | Represents the Company’s ownership percentage at December 31, 2025.
(2) | The Company accounts for its investment in the Marble Capital Income and Impact Fund, LP under the equity method as the Company considers its degree of influence to be significant.
​ Summary combined financial information for the Company’s investment in the unconsolidated real estate fund at September 30, 2025, and for the three and nine months ended September 30, 2025, is summarized below (amounts in thousands):
​ | ​ | ​ | ​
​ | ​ ​ ​ | September 30,
Balance Sheet | ​ | 2025
Investments | ​ | $ | 216,733
Cash and cash equivalents | ​ |  | 2,095
Receivables and other assets | ​ |  | 3,316
Total assets | ​ | $ | 222,144
​ | ​ | ​ | ​
Liabilities | ​ | $ | 2,777
Partners’ capital | ​ |  | 219,264
Non-controlling interest | ​ |  | 103
Total liabilities and partners’ capital | ​ | $ | 222,144
​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Nine Months Ended
Operating Statement | ​ | September 30, 2025
Investment income | ​ | $ | 8,067
Expenses | ​ |  | (1,518)
Net investment income | ​ |  | 6,549
​ | ​ | ​ | ​
Net unrealized gain on investments | ​ |  | 7,774
Net increase in partners’ capital | ​ | $ | 14,323
​ Unconsolidated Real Estate Fund Investment Summary On April 25, 2025, the Company closed on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the “Marble Fund”) for a purchase price of $25.0 million. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent multifamily investments located in the United States.

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- Definition The entire disclosure for investment in unconsolidated real estate fund under equity method investment. + References No definition available. + Details
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