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Preferred Equity Investments (Tables)

12 Months Ended

Dec. 31, 2025

Preferred Equity Investments

Summary of contractual maturities for preferred equity investments

The carrying amount of the Company’s preferred equity investments at December 31, 2025 and 2024 is summarized in the table below (amounts in thousands):

​

​	​	​	​	​	​	​
Investment Name	​ ​ ​	2025		​ ​ ​	2024
Archer at RiverBlue (1)	​	$	—	​	$	—
Canvas at Wildwood	​	​	9,862	​	​	1,928
Chandler (2)	​	​	—	​	​	15,000
Indigo Cove (3)	​	​	—	​	​	3,581
River Ford	​	​	5,391	​	​	3,788
Sanford Marketplace	​	​	5,044	​	​	—
The Cottages at Myrtle Beach (2)	​		—	​		17,913
The Cottages of Port St. Lucie (2)	​		—	​		18,785
Wayford at Innovation Park	​		15,400	​		13,400
Wayford at Pringle (3)	​	​	—	​	​	7,800
Total	​	$	35,697	​	$	82,195
Gross unrealized gain (loss), net	​	​	41	​	​	(527)
Total, net	​	$	35,738	​	$	81,668

(1) In December 2025, the Company entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded as of December 31, 2025. Refer to the Preferred Equity Investment Summary disclosure below for further information.

(2) The Company’s preferred equity investments in Chandler, The Cottages at Myrtle Beach and The Cottages of Port St. Lucie were fully redeemed in November, April and July of 2025, respectively. Refer to the Preferred Equity Investment Summary disclosure below for further information.

(3) In April 2025, the Company’s preferred equity interests in Indigo Cove and Wayford at Pringle were sold. Refer to the Preferred Equity Investment Summary disclosure below for further information.

Summary of company preferred equity investments

The following table summarizes the net carrying amount and fair value of the Company’s preferred equity investments, which are classified as available-for-sale debt securities, by contractual maturity at December 31, 2025 (amounts in thousands):

​	​	​	​	​	​	​
​	​	Available-for-sale
​	​ ​ ​	Net carrying amount		​ ​ ​	Fair value
Due within one year	​	$	20,748	​	$	20,748
Due after one year through three years	​		14,990	​		14,990
Total	​	$	35,738	​	$	35,738

Summary of income from preferred equity investments

The following table summarizes the Company’s income from preferred equity investments for the years ended December 31, 2025 and 2024 (amounts in thousands):

​

​	​	​	​	​	​	​
Investment Name	​ ​ ​	2025		​ ​ ​	2024
Archer at RiverBlue (1)	​	$	—	​	$	—
Canvas at Wildwood	​	​	886	​	​	17
Chandler (2)	​	​	1,806	​	​	2,060
Indigo Cove (3)	​	​	200	​	​	256
Peak Housing (4)	​		—	​		523
River Ford	​	​	903	​	​	44
Sanford Marketplace	​	​	226	​	​	—
The Cottages at Myrtle Beach (2)	​		815	​		2,641
The Cottages of Port St. Lucie (2)	​		1,552	​		2,770
The Woods at Forest Hill (4)	​		—	​		861
Wayford at Innovation Park	​		1,993	​		1,702
Wayford at Pringle (3)	​	​	378	​	​	1,063
Total income from preferred equity investments (5)	​	$	8,759	​	$	11,937

(1) In December 2025, the Company entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded as of December 31, 2025.

(2) The Company’s preferred equity investments in Chandler, The Cottages at Myrtle Beach and The Cottages of Port St. Lucie were fully redeemed in November, April and July of 2025, respectively.

(3) In April 2025, the Company’s preferred equity interests in Indigo Cove and Wayford at Pringle were sold.

(4) The Company’s preferred equity investments in Peak Housing and The Woods at Forest Hill were fully redeemed in September 2024 and November 2024, respectively.

(5) Total income from preferred equity investments includes both current and accrued income amounts. For the years ended December 31, 2025 and 2024, the accrued portion of the total income was $4.0 million and $10.6 million, respectively. At December 31, 2025 and 2024, the Company had $7.9 million and $23.3 million, respectively, of total accrued preferred equity income, which is recorded in accounts receivable, prepaids and other assets, net on its consolidated balance sheets.

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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