Real Estate Activity (Tables)

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Schedule of the Real Estate Owned

Below is a summary of our real estate as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
Land	$	104,076	$	104,076
Building and improvements	375,487		375,430
Tenant improvements	17,784		16,629
Construction in progress	166,399		140,046
Total cost	663,746		636,181
Less accumulated depreciation	(81,514)		(78,793)
Total real estate	$	582,232	$	557,388

Construction Costs Incurred

The following is a summary of construction costs incurred as of March 31, 2025:

Project	Units	Location	Total Project Cost		Costs Incurred		Expected Completion Date
Alera	240	Lake Wales, FL	$	55,330	$	43,901	December 2025
Bandera Ridge	216	Temple, TX	49,603		35,692		November 2025
Merano	216	McKinney, TX	51,910		34,323		November 2025
Mountain Creek	234	Dallas, TX	49,971		5,122		October 2026
	906		$	206,814	$	119,038

Schedule of Gain on Sale or Write-down of Assets

Gain on sale or write-down of assets, net for the three months ended March 31, 2025 and 2024 consists of the following:

	Three Months Ended March 31,
	2025		2024
Land (1)	$	3,145	$	—
Other	746		—
Total	$	3,891	$	—

(1)Includes the gain on dispositions of land from our investment in Windmill Farms and other land holdings.