CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Real estate	$ 602,431	$ 557,388
Cash and cash equivalents	14,071	19,915
Restricted cash	15,233	20,557
Short-term investments	74,964	79,800
Notes receivable (including $57,468 and $61,245 at December 31, 2025 and 2024, respectively, from related parties)	123,678	128,229
Receivable from related parties	169,747	163,518
Other assets (including $1,259 and $1,595 at December 31, 2025 and 2024, respectively, from related parties)	132,396	101,138
Total assets	1,132,520	1,070,545
Liabilities:
Mortgages and other notes payable	210,825	181,856
Accounts payable and other liabilities (including $30 and $601 at December 31, 2025 and 2024, respectively, to related parties)	51,142	32,103
Accrued interest	3,811	3,194
Deferred revenue	581	581
Total liabilities	266,359	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	262,050	261,399
Retained earnings	584,596	570,793
Total shareholders’ equity	846,732	832,278
Noncontrolling interest	19,429	20,533
Total equity	866,161	852,811
Total liabilities and equity	$ 1,132,520	$ 1,070,545