Real Estate Activity (Tables)

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

Schedule of the Real Estate Owned

Below is a summary of our real estate as of September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024
Land	$	104,316	$	104,076
Building and improvements	375,822		375,430
Tenant improvements	20,136		16,629
Construction in progress	198,985		140,046
Total cost	699,259		636,181
Less accumulated depreciation	(87,150)		(78,793)
Total real estate	$	612,109	$	557,388

Construction Costs Incurred

The following is a summary of construction costs incurred as of September 30, 2025:

Project	Units	Location	Total Project Cost		Costs Incurred		Expected Completion Date
Alera	240	Lake Wales, FL	$	55,330	$	53,292	December 2025
Bandera Ridge	216	Temple, TX	49,603		45,232		November 2025
Merano	216	McKinney, TX	51,910		47,577		November 2025
Mountain Creek	234	Dallas, TX	49,971		5,818		June 2027
	906		$	206,814	$	151,919

Schedule of Gain on Sale or Write-down of Assets

Gain on sale or write-down of assets, net for the three and nine months ended September 30, 2025 and 2024 consists of the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Land (1)	$	755	$	—	$	4,847	$	—
Other	—		—		746		—
Total	$	755	$	—	$	5,593	$	—

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