CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Real estate	$ 612,109	$ 557,388
Cash and cash equivalents	11,897	19,915
Restricted cash	17,743	20,557
Short-term investments	70,797	79,800
Notes receivable (including $57,468 and $61,245 at September 30, 2025 and December 31, 2024, respectively, from related parties)	123,678	128,229
Receivables from related party	167,037	163,518
Other assets (including $644 and $1,595 at September 30, 2025 and December 31, 2024, respectively, from related parties)	131,195	101,138
Total assets	1,134,456	1,070,545
Liabilities:
Mortgages and other notes payable	223,486	181,856
Accounts payable and other liabilities (including $29 and $601 at September 30, 2025 and December 31, 2024, respectively, to related parties)	49,171	32,103
Accrued interest	3,455	3,194
Deferred revenue	581	581
Total liabilities	276,693	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	262,007	261,399
Retained earnings	576,304	570,793
Total shareholders' equity	838,397	832,278
Noncontrolling interest	19,366	20,533
Total equity	857,763	852,811
Total liabilities and equity	$ 1,134,456	$ 1,070,545