Notes and Other Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Notes and Other Receivables

Notes and other receivables consisted of the following as of March 31, 2026 and December 31, 2025 ($ in thousands):

	March 31, 2026		December 31, 2025
Note receivable, secured, bearing interest at 9.00%, due October 2026 (Originated October 2021)	$	64,193	$	64,193
Note receivable, secured, bearing interest at 11.25%, due October 2027 (Originated October 2022)	45,198		43,941
Related party note receivable, secured, bearing interest at 5.00%, due September 2026 (Originated February 2026) (1)	59,747		—
Other receivables from affiliates (1) (2)	5,223		5,215
Straight-line rent receivables (3)	10,084		10,259
Other receivables	18,126		18,538
Allowance for credit losses	(589)		(555)
Total notes and other receivables	$	201,982	$	141,591

(1)See Note 6, Related Party Transactions, for additional details.

(2)These amounts consist of short-term loans outstanding and due from various joint ventures as of March 31, 2026 and December 31, 2025, respectively.

(3)These amounts are receivables from lease concessions recorded on a straight-line basis for the Company’s operating properties.

Schedule of Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for notes receivable, secured, for the periods presented ($ in thousands):

	Three Months Ended March 31,
	2026						2025
	Mezzanine Loans		Bridge Loans		Total		Mezzanine Loans		Bridge Loans		Total
Balance at beginning of period	$	555	$	—	$	555	$	529	$	—	$	529
Provision for credit losses	4		30		34		(3)		—		(3)
Balance at end of period	$	559	$	30	$	589	$	526	$	—	$	526