Notes and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Notes and Other Receivables

Notes and other receivables consisted of the following as of December 31, 2025 and 2024 ($ in thousands):

	December 31,
	2025		2024
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	64,193	$	60,538
Note receivable, secured, bearing interest at 12.00%, due January 2025 (Originated August 2022)	—		3,167
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	43,941		39,187
Receivable from preferred equity investment sponsor (1)	—		72,002
Other receivables from affiliates (2)	5,215		5,646
Straight line rent receivables (3)	10,259		9,235
Other receivables	18,538		17,460
Allowance for credit losses	(555)		(529)
Total notes and other receivables	$	141,591	$	206,706

(1)In the fourth quarter of 2024, the Company repaid a $72.0 million senior mortgage associated with a preferred equity investment in Artizan, a 241-unit stabilized apartment home community located in Oakland, CA, and subsequently issued a default notice to the third-party sponsor in January 2025, assumed full managerial control and consolidated the property. See Note 3, Real Estate Investments, for additional details.

(2)These amounts consist of short-term loans outstanding and due from various joint ventures as of December 31, 2025 and 2024, respectively. See Note 6, Related Party Transactions, for additional details.

(3)These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

Schedule of Allowance For Credit Losses

The following table presents the activity in the allowance for credit losses for notes receivable, secured for the periods presented ($ in thousands):

	Notes Receivable, Secured
Balance as of December 31, 2022	$	334
Provision for credit losses	353
Balance as of December 31, 2023	$	687
Provision for credit losses	(158)
Balance as of December 31, 2024	$	529
Provision for credit losses	26
Balance as of December 31, 2025	$	555