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Segment Information (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Publisher FASB
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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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