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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Information |
Schedule of NOI by reportable segments to consolidated | 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)
Schedule of total rental and other property revenues for reportable segments | 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

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