XML 38 R22.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of December 31, 2025, the Company operates in six reportable segments: multifamily/student housing, single-family rental, office, logistics, net lease and real estate-related loans and securities. Student housing has been combined with multifamily as the student housing investment does not meet materiality thresholds for a separate reportable segment. The Company continually evaluates the financial information used by the Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM receives periodic reporting summarizing the Company’s portfolio of investments and related performance. These reports include information on the Company’s allocation of assets by sector and investment type. The sectors identified in these reports are: Multifamily, Student Housing, Single-Family Rental, Net Lease, Office, Logistics, and real estate-related debt investments. The CODM uses segment net operating income (“Segment NOI”) as the primary financial measure when reviewing the portfolio performance. Segment NOI is defined by the Company as total property revenue less direct property expenses plus income from real estate-related loans and securities adjusted for any losses from real estate-related loans and securities. Segment NOI is a non-GAAP measure, and is reconciled to the GAAP measure Net loss below.
Effective December 31, 2024, single-family rental was established as a new reportable segment. Previously, these investments were reported under the rental housing segment. However, the single-family rental portfolio has grown due to acquisitions and the Company has determined the single-family rental portfolio meets the materiality threshold for reporting. Additionally, the rental housing segment has been renamed multifamily/student housing. Prior periods have been recast to reflect these changes.
Effective March 31, 2025, the Company allocated Gain (loss) from unconsolidated entities by segment as a component of Segment NOI. The Company’s unconsolidated entities own real estate properties that operate in the Company’s reportable segments, and the CODM evaluates the performance of the underlying properties by segment in aggregate with the Company’s consolidated investments. Prior periods have been recast to reflect these changes.
The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment NOI is the key performance metric that captures the unique operating characteristics of each segment.
The following table sets forth the total assets by segment ($ in thousands):
December 31, 2025December 31, 2024
Multifamily/Student Housing$984,316 $1,008,812 
Office34,997 33,695 
Logistics176,507 104,330 
Single-Family Rental211,813 183,510 
Net Lease411,962 413,130 
Real Estate-Related Loans and Securities101,053 71,505 
Total assets for reportable segments1,920,648 1,814,982 
Other (Corporate)109,889 6,281 
Total assets$2,030,537 $1,821,263 

The following table sets forth the financial results by segment for the year ended December 31, 2025 ($ in thousands):
Multifamily/Student HousingOfficeLogisticsSingle-Family RentalNet LeaseReal Estate-Related Loans and SecuritiesTotal
Revenues:
Rental revenues$80,943 $5,974 $8,105 $14,349 $20,463 $— $129,834 
Other revenues12,738 2 11 678 45 — 13,474 
Total revenues93,681 5,976 8,116 15,027 20,508 — 143,308 
Expenses:
Rental property operating38,723 3,228 2,080 7,740 3,946 — 55,717 
Total expenses38,723 3,228 2,080 7,740 3,946 — 55,717 
Income from real estate-related loans and securities— — — — — 17,497 17,497 
Gain from unconsolidated entities— — 14,406 — 6,592 — 20,998 
Segment net operating income$54,958 $2,748 $20,442 $7,287 $23,154 $17,497 $126,086 
Other income, net1,407 
Depreciation and amortization(52,550)
General and administrative expenses(6,392)
Management fee(12,726)
Interest expense(59,032)
Net loss$(3,207)
Net income attributable to non-controlling interests in consolidated joint ventures(1,845)
Net income attributable to non-controlling interests - preferred stockholders(77)
Net loss attributable to redeemable non-controlling interests916 
Net loss attributable to non-controlling interest in Operating Partnership unitholders45 
Net loss attributable to stockholders$(4,168)
The following table sets forth the financial results by segment for the year ended December 31, 2024 ($ in thousands):
Multifamily/Student HousingOfficeLogisticsSingle-Family RentalNet LeaseReal Estate-Related Loans and SecuritiesTotal
Revenues:
Rental revenues$78,790 $9,294 $8,078 $12,504 $20,755 $— $129,421 
Other revenues12,886 794 6 628 253 — 14,567 
Total revenues91,676 10,088 8,084 13,132 21,008 — 143,988 
Expenses:
Rental property operating35,377 5,182 2,062 6,177 4,088 — 52,886 
Total expenses35,377 5,182 2,062 6,177 4,088 — 52,886 
Income from real estate-related loans and securities— — — — — 12,055 12,055 
Gain from unconsolidated entities— — — — 6,413 — 6,413 
Segment net operating income$56,299 $4,906 $6,022 $6,955 $23,333 $12,055 $109,570 
Other income, net2,921 
Impairment of investments in real estate(33,922)
Gain on extinguishment of debt32,251 
Depreciation and amortization(55,259)
General and administrative expenses(8,113)
Management fee(11,183)
Interest expense(68,446)
Net loss$(32,181)
Net loss attributable to non-controlling interests in consolidated joint ventures800 
Net income attributable to non-controlling interests - preferred stockholders(69)
Net loss attributable to redeemable non-controlling interests3,680 
Net loss attributable to stockholders$(27,770)


The following table sets forth the financial results by segment for the year ended December 31, 2023 ($ in thousands):
Multifamily/Student HousingOfficeLogisticsSingle-Family RentalNet LeaseReal Estate-Related Loans and Securities Total
Revenues:
Rental revenues$74,369 $12,222 $7,780 $9,454 $22,703 $— $126,528 
Other revenues10,919 666 3 449 82 — 12,119 
Total revenues85,288 12,888 7,783 9,903 22,785 — 138,647 
Expenses:
Rental property operating33,515 6,275 2,325 4,812 5,734 — 52,661 
Total expenses33,515 6,275 2,325 4,812 5,734 — 52,661 
Income from real estate-related loans and securities— — — — — 17,609 17,609 
Loss from unconsolidated entities— — — — (2,083)— (2,083)
Segment net operating income$51,773 $6,613 $5,458 $5,091 $14,968 $17,609 $101,512 
Other income, net331 
Impairment of investments in real estate(19,331)
Depreciation and amortization(51,691)
General and administrative expenses(8,389)
Management fee(13,895)
Interest expense(58,577)
Net loss$(50,040)
Net loss attributable to non-controlling interests in consolidated joint ventures1,179 
Net income attributable to non-controlling interests - preferred stockholders(45)
Net loss attributable to redeemable non-controlling interests42 
Net loss attributable to stockholders$(48,864)