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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value |
Schedule of fair value of financial instruments | The carrying values and fair values of the Company’s financial instruments recorded at fair value on a recurring basis at December 31, 2025 and 2024 are summarized in the table below (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, 2025 | ​ | December 31, 2024
​ | ​ | ​ | ​ | Carrying Value | ​ | Fair Value | ​ | Carrying Value | ​ | Fair Value
Assets | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
Preferred equity investments (1) |  | Level 3 | ​ | $ | 35,738 | ​ | $ | 35,738 | ​ | $ | 81,668 | ​ | $ | 81,668
Derivative financial instruments (2) | ​ | Level 2 | ​ | ​ | 679 | ​ | ​ | 679 | ​ | ​ | 1,220 | ​ | ​ | 1,220
(1) | Represents the Company’s preferred equity investments which are classified as available-for-sale (“AFS”) debt securities (refer to Note 8 for further information). The Company measures the fair value of its AFS preferred equity investments utilizing observable and unobservable market inputs. The observable market inputs include recent transactions and broker quotes (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for the AFS preferred equity investments has also utilized significant unobservable inputs in discounted cash flow models based on recent performance of the collateral, the underlying collateral characteristics, industry trends as well as expectations of macroeconomic events. At each measurement date, the Company considers both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, the fair values of AFS preferred equity investments are classified in Level 3 of the fair value hierarchy.
(2) | The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair value of interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The inputs used in the valuation of interest rate caps and swaps fall within Level 2 of the fair value hierarchy.
Schedule of fair value of operating units classified as held for sale | ​ The Company’s operating units classified as held for sale for which it has recorded impairments, measured at fair value on a non-recurring basis, for the years ended December 31, 2025 and 2024 are summarized in the table below (amounts in thousands). The units classified as held for sale are all reported in the Company’s scattered single-family homes segment.
​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in operating units classified as held for sale (Level 3) | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Pre-impairment amount | ​ | $ | 14,117 | ​ | $ | 13,631
Total impairments (1) | ​ |  | (1,921) | ​ |  | (2,541)
Fair value (2) | ​ | $ | 12,196 | ​ | $ | 11,090
(1) | Impairment amounts are included in (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income (loss).
(2) | Real estate assets classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net on the Company’s consolidated balance sheets. The estimated fair value is based on historical sales experience, discussions with third-party brokers, and current market conditions.
Schedule of impairment losses | The Company’s operating units for which it has recorded impairments, measured at fair value on a non-recurring basis, for the years ended December 31, 2025 and 2024 are summarized in the table below (amounts in thousands). The operating units for which the Company has recorded impairment losses are all reported in the Company’s scattered single-family homes segment.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Investment in operating units (Level 3) |  | ​ | ​ |  | ​ | ​
Pre-impairment amount | ​ | $ | 12,875 | ​ | $ | 3,507
Total impairments (1) | ​ |  | (3,792) | ​ |  | (1,375)
Fair value (2) | ​ | $ | 9,083 | ​ | $ | 2,132
(1) | Impairment amounts are included in (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income (loss).
(2) | Operating real estate assets for which the Company has recorded impairment losses are reported at the lower of their carrying value or estimated fair value and are included within total net operating real estate investments on the Company’s consolidated balance sheets. The estimated fair value is based on estimates obtained from third-party brokers and current market conditions.

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