BUSINESS SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three months ended June 30, 2026 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	37,136	$	—	$	—	$	37,136
Management Fee Income		—		1,466		—		1,466
Interest Income From Commercial Loans and Investments		—		—		5,229		5,229
Total Revenues for Reportable Segments	$	37,136	$	1,466	$	5,229	$	43,831
Operating Expenses:
Income Properties	$	(11,126)	$	—	$	—	$	(11,126)
Total Revenues Less Direct Costs of Revenues	$	26,010	$	1,466	$	5,229	$	32,705
Provision for Impairment and Adjustment to CECL Reserve		—		—		(1,084)		(1,084)
Depreciation and Amortization - Real Estate		(15,831)		—		—		(15,831)
Total Revenues Less Operating Expenses for Reportable Segments	$	10,179	$	1,466	$	4,145	$	15,790
Gain on Disposition of Assets		2,107		—		—		2,107
Net Income From Operations for Reportable Segments	$	12,286	$	1,466	$	4,145	$	17,897
Reconciliation to Consolidated Net Income
General and Administrative Expenses								(4,630)
Investment and Other Income								10,765
Interest Expense								(7,783)
Depreciation and Amortization - Other								(16)
Net Income Before Income Tax Expense							$	16,233
Income Tax Expense								(1,121)
Net Income Attributable to the Company							$	15,112

Information about the Company’s operations in different segments for the three months ended June 30, 2025 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	33,375	$	—	$	—	$	33,375
Management Fee Income		—		1,247		—		1,247
Interest Income From Commercial Loans and Investments		—		—		3,016		3,016
Total Revenues for Reportable Segments	$	33,375	$	1,247	$	3,016	$	37,638
Operating Expenses:
Income Properties	$	(10,178)	$	—	$	—	$	(10,178)
Total Revenues Less Direct Costs of Revenues	$	23,197	$	1,247	$	3,016	$	27,460
Depreciation and Amortization - Real Estate		(15,277)		—		—		(15,277)
Total Revenues Less Operating Expenses for Reportable Segments	$	7,920	$	1,247	$	3,016	$	12,183
Net Income From Operations for Reportable Segments	$	7,920	$	1,247	$	3,016	$	12,183
Reconciliation to Consolidated Net Loss
General and Administrative Expenses								(4,448)
Investment and Other Loss								(3,687)
Interest Expense								(6,859)
Loss on Extinguishment of Debt								(20,396)
Depreciation and Amortization - Other								(17)
Net Loss Before Income Tax Expense							$	(23,224)
Income Tax Expense								(194)
Net Loss Attributable to the Company							$	(23,418)

Information about the Company’s operations in different segments for the six months ended June 30, 2026 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	73,716	$	—	$	—	$	73,716
Management Fee Income		—		2,815		—		2,815
Interest Income From Commercial Loans and Investments		—		—		8,473		8,473
Total Revenues for Reportable Segments	$	73,716	$	2,815	$	8,473	$	85,004
Operating Expenses:
Income Properties	$	(21,294)	$	—	$	—	$	(21,294)
Total Revenues Less Direct Costs of Revenues	$	52,422	$	2,815	$	8,473	$	63,710
Provision for Impairment and Adjustment to CECL Reserve		—		—		(763)		(763)
Depreciation and Amortization - Real Estate		(31,769)		—		—		(31,769)
Total Revenues Less Operating Expenses for Reportable Segments	$	20,653	$	2,815	$	7,710	$	31,178
Gain on Disposition of Assets		2,107		—		—		2,107
Net Income From Operations for Reportable Segments	$	22,760	$	2,815	$	7,710	$	33,285
Reconciliation to Consolidated Net Income
General and Administrative Expenses								(9,707)
Investment and Other Income								14,008
Interest Expense								(15,054)
Depreciation and Amortization - Other								(34)
Net Income Before Income Tax Expense							$	22,498
Income Tax Expense								(1,181)
Net Income Attributable to the Company							$	21,317

Information about the Company’s operations in different segments for the six months ended June 30, 2025 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	65,047	$	—	$	—	$	65,047
Management Fee Income		—		2,425		—		2,425
Interest Income From Commercial Loans and Investments		—		—		5,977		5,977
Total Revenues for Reportable Segments	$	65,047	$	2,425	$	5,977	$	73,449
Operating Expenses:
Income Properties	$	(19,069)	$	—	$	—	$	(19,069)
Total Revenues Less Direct Costs of Revenues	$	45,978	$	2,425	$	5,977	$	54,380
Depreciation and Amortization - Real Estate		(29,623)		—		—		(29,623)
Total Revenues Less Operating Expenses for Reportable Segments	$	16,355	$	2,425	$	5,977	$	24,757
Net Income From Operations for Reportable Segments	$	16,355	$	2,425	$	5,977	$	24,757
Reconciliation to Consolidated Net Loss
General and Administrative Expenses								(9,131)
Investment and Other Loss								(3,112)
Interest Expense								(12,995)
Loss on Extinguishment of Debt								(20,396)
Depreciation and Amortization - Other								(35)
Net Loss Before Income Tax Expense							$	(20,912)
Income Tax Expense								(245)
Net Loss Attributable to the Company							$	(21,157)

Capital expenditures of each segment for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Capital Expenditures:
Income Properties	$	65,486	$	195	$	150,854	$	81,059
Commercial Loans and Investments		107,287		4,974		112,579		6,405
Corporate and Other		11		13		11		25
Total Capital Expenditures	$	172,784	$	5,182	$	263,444	$	87,489

Schedule of identifiable assets of each segment

	As of
	June 30, 2026		December 31, 2025
Identifiable Assets:
Income Properties	$	1,149,144	$	1,102,631
Management Services		1,860		2,465
Commercial Loans and Investments		209,424		118,129
Corporate and Other		45,301		40,677
Total Assets	$	1,405,729	$	1,263,902