CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Real estate	$ 582,232	$ 557,388
Cash and cash equivalents	13,779	19,915
Restricted cash	18,237	20,557
Short-term investments	74,859	79,800
Notes receivable (including $59,846 and $61,245 at March 31, 2025 and December 31, 2024, respectively, from related parties)	126,564	128,229
Receivables from related party	165,783	163,518
Other assets (including $851 and $1,595 at March 31, 2025 and December 31, 2024, respectively, from related parties)	102,086	101,138
Total assets	1,083,540	1,070,545
Liabilities:
Mortgages and other notes payable	198,153	181,856
Accounts payable and other liabilities (including $29 and $601 at March 31, 2025 and December 31, 2024, respectively, to related parties)	24,604	32,103
Accrued interest	3,289	3,194
Deferred revenue	581	581
Total liabilities	226,627	217,734
Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 8,639,316 shares issued and outstanding	86	86
Additional paid-in capital	261,762	261,399
Retained earnings	575,411	570,793
Total shareholders' equity	837,259	832,278
Noncontrolling interest	19,654	20,533
Total equity	856,913	852,811
Total liabilities and equity	$ 1,083,540	$ 1,070,545