v3.25.4
Schedule III - Real Estate and Accumulated Depreciation (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Real estate properties and accumulated depreciation        
Number of Properties | property 481      
Encumbrances $ 395,897      
Initial Cost to Company        
Land 76,603      
Buildings and Improvements 517,564      
Total Adjustment to Basis [1] 36,644      
Gross Amount at Close of Period        
Land [2] 75,914      
Buildings and Improvements [2] 554,897      
Total [2] 630,811      
Accumulated Depreciation $ (77,315)      
Total Operating Real Estate, Excluding Held For Sale        
Real estate properties and accumulated depreciation        
Number of Properties | property 446      
Encumbrances $ 335,771      
Initial Cost to Company        
Land 64,670      
Buildings and Improvements 434,943      
Total Adjustment to Basis [1] 34,235      
Gross Amount at Close of Period        
Land [2] 64,460      
Buildings and Improvements [2] 469,388      
Total 533,848 [2] $ 678,339 $ 1,197,066 $ 714,192
Accumulated Depreciation $ (65,132) $ (61,834) $ (65,247) $ (21,224)
Multi-Family - Operating        
Real estate properties and accumulated depreciation        
Number of Properties | property 9      
Encumbrances $ 276,997      
Initial Cost to Company        
Land 41,390      
Buildings and Improvements 340,479      
Total Adjustment to Basis [1] 17,212      
Gross Amount at Close of Period        
Land [2] 41,390      
Buildings and Improvements [2] 357,691      
Total [2] 399,081      
Accumulated Depreciation $ (51,358)      
Multi-Family - Operating | Collierville, TN        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 38,752      
Initial Cost to Company        
Land 3,113      
Buildings and Improvements 45,616      
Total Adjustment to Basis [1] 2,840      
Gross Amount at Close of Period        
Land [2] 3,113      
Buildings and Improvements [2] 48,456      
Total [2] 51,569      
Accumulated Depreciation $ (7,831)      
Multi-Family - Operating | Collierville, TN | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Collierville, TN | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | Corpus Christi, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 45,131      
Initial Cost to Company        
Land 4,900      
Buildings and Improvements 49,539      
Total Adjustment to Basis [1] 2,807      
Gross Amount at Close of Period        
Land [2] 4,900      
Buildings and Improvements [2] 52,346      
Total [2] 57,246      
Accumulated Depreciation $ (3,826)      
Multi-Family - Operating | Corpus Christi, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Corpus Christi, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | Dallas, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 25,433      
Initial Cost to Company        
Land 5,728      
Buildings and Improvements 34,635      
Total Adjustment to Basis [1] 1,780      
Gross Amount at Close of Period        
Land [2] 5,728      
Buildings and Improvements [2] 36,415      
Total [2] 42,143      
Accumulated Depreciation $ (5,741)      
Multi-Family - Operating | Dallas, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Dallas, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | Houston, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 22,910      
Initial Cost to Company        
Land 6,406      
Buildings and Improvements 25,211      
Total Adjustment to Basis [1] 1,669      
Gross Amount at Close of Period        
Land [2] 6,406      
Buildings and Improvements [2] 26,880      
Total [2] 33,286      
Accumulated Depreciation $ (4,626)      
Multi-Family - Operating | Houston, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Houston, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | Little Rock, AR        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 24,986      
Initial Cost to Company        
Land 2,366      
Buildings and Improvements 27,229      
Total Adjustment to Basis [1] 1,357      
Gross Amount at Close of Period        
Land [2] 2,366      
Buildings and Improvements [2] 28,586      
Total [2] 30,952      
Accumulated Depreciation $ (4,545)      
Multi-Family - Operating | Little Rock, AR | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Little Rock, AR | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | Louisville, KY        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 40,726      
Initial Cost to Company        
Land 5,567      
Buildings and Improvements 52,819      
Total Adjustment to Basis [1] 1,241      
Gross Amount at Close of Period        
Land [2] 5,567      
Buildings and Improvements [2] 54,060      
Total [2] 59,627      
Accumulated Depreciation $ (7,978)      
Multi-Family - Operating | Louisville, KY | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Louisville, KY | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | Montgomery, AL        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 20,408      
Initial Cost to Company        
Land 3,367      
Buildings and Improvements 26,967      
Total Adjustment to Basis [1] 1,617      
Gross Amount at Close of Period        
Land [2] 3,367      
Buildings and Improvements [2] 28,584      
Total [2] 31,951      
Accumulated Depreciation $ (4,435)      
Multi-Family - Operating | Montgomery, AL | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | Montgomery, AL | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | San Antonio, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 23,817      
Initial Cost to Company        
Land 3,116      
Buildings and Improvements 35,223      
Total Adjustment to Basis [1] 836      
Gross Amount at Close of Period        
Land [2] 3,116      
Buildings and Improvements [2] 36,059      
Total [2] 39,175      
Accumulated Depreciation $ (5,491)      
Multi-Family - Operating | San Antonio, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | San Antonio, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Multi-Family - Operating | San Antonio, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 34,834      
Initial Cost to Company        
Land 6,827      
Buildings and Improvements 43,240      
Total Adjustment to Basis [1] 3,065      
Gross Amount at Close of Period        
Land [2] 6,827      
Buildings and Improvements [2] 46,305      
Total [2] 53,132      
Accumulated Depreciation $ (6,885)      
Multi-Family - Operating | San Antonio, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Operating | San Antonio, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating        
Real estate properties and accumulated depreciation        
Number of Properties | property 437      
Encumbrances $ 58,774      
Initial Cost to Company        
Land 23,280      
Buildings and Improvements 94,464      
Total Adjustment to Basis [1] 17,023      
Gross Amount at Close of Period        
Land [2] 23,070      
Buildings and Improvements [2] 111,697      
Total [2] 134,767      
Accumulated Depreciation $ (13,774)      
Single-Family Rental - Operating | Houston, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 67      
Encumbrances $ 10,262      
Initial Cost to Company        
Land 3,374      
Buildings and Improvements 15,874      
Total Adjustment to Basis [1] 2,262      
Gross Amount at Close of Period        
Land [2] 3,374      
Buildings and Improvements [2] 18,136      
Total [2] 21,510      
Accumulated Depreciation $ (2,212)      
Single-Family Rental - Operating | Houston, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Houston, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating | Chicago, IL        
Real estate properties and accumulated depreciation        
Number of Properties | property 216      
Encumbrances $ 30,715      
Initial Cost to Company        
Land 9,593      
Buildings and Improvements 47,204      
Total Adjustment to Basis [1] 10,892      
Gross Amount at Close of Period        
Land [2] 9,593      
Buildings and Improvements [2] 58,096      
Total [2] 67,689      
Accumulated Depreciation $ (7,769)      
Single-Family Rental - Operating | Chicago, IL | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Chicago, IL | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating | Baltimore, MD        
Real estate properties and accumulated depreciation        
Number of Properties | property 108      
Encumbrances $ 16,682      
Initial Cost to Company        
Land 8,592      
Buildings and Improvements 23,480      
Total Adjustment to Basis [1] 4,096      
Gross Amount at Close of Period        
Land [2] 8,569      
Buildings and Improvements [2] 27,599      
Total [2] 36,168      
Accumulated Depreciation $ (3,220)      
Single-Family Rental - Operating | Baltimore, MD | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Baltimore, MD | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating | Monroe, GA        
Real estate properties and accumulated depreciation        
Number of Properties | property 21      
Encumbrances $ 0      
Initial Cost to Company        
Land 527      
Buildings and Improvements 2,654      
Total Adjustment to Basis [1] 283      
Gross Amount at Close of Period        
Land [2] 527      
Buildings and Improvements [2] 2,937      
Total [2] 3,464      
Accumulated Depreciation $ (205)      
Single-Family Rental - Operating | Monroe, GA | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Monroe, GA | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating | Pittsburgh, PA        
Real estate properties and accumulated depreciation        
Number of Properties | property 12      
Encumbrances $ 0      
Initial Cost to Company        
Land 509      
Buildings and Improvements 3,172      
Total Adjustment to Basis [1] (1,677)      
Gross Amount at Close of Period        
Land [2] 322      
Buildings and Improvements [2] 1,682      
Total [2] 2,004      
Accumulated Depreciation $ (70)      
Single-Family Rental - Operating | Pittsburgh, PA | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Pittsburgh, PA | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating | Indianapolis, IN        
Real estate properties and accumulated depreciation        
Number of Properties | property 7      
Encumbrances $ 0      
Initial Cost to Company        
Land 208      
Buildings and Improvements 577      
Total Adjustment to Basis [1] 908      
Gross Amount at Close of Period        
Land [2] 208      
Buildings and Improvements [2] 1,485      
Total [2] 1,693      
Accumulated Depreciation $ (96)      
Single-Family Rental - Operating | Indianapolis, IN | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Indianapolis, IN | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Operating | Tampa, FL        
Real estate properties and accumulated depreciation        
Number of Properties | property 6      
Encumbrances $ 1,115      
Initial Cost to Company        
Land 477      
Buildings and Improvements 1,503      
Total Adjustment to Basis [1] 259      
Gross Amount at Close of Period        
Land [2] 477      
Buildings and Improvements [2] 1,762      
Total [2] 2,239      
Accumulated Depreciation $ (202)      
Single-Family Rental - Operating | Tampa, FL | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Operating | Tampa, FL | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Total Real Estate Held for Sale        
Real estate properties and accumulated depreciation        
Number of Properties | property 35      
Encumbrances $ 60,126      
Initial Cost to Company        
Land 11,933      
Buildings and Improvements 82,621      
Total Adjustment to Basis [1] 2,409      
Gross Amount at Close of Period        
Land [2] 11,454      
Buildings and Improvements [2] 85,509      
Total [2] 96,963      
Accumulated Depreciation $ (12,183)      
Multi-Family - Held for Sale        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 55,134      
Initial Cost to Company        
Land 9,823      
Buildings and Improvements 74,801      
Total Adjustment to Basis [1] 4,491      
Gross Amount at Close of Period        
Land [2] 9,823      
Buildings and Improvements [2] 79,292      
Total [2] 89,115      
Accumulated Depreciation $ (12,183)      
Multi-Family - Held for Sale | St Petersburg, FL        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 55,134      
Initial Cost to Company        
Land 9,823      
Buildings and Improvements 74,801      
Total Adjustment to Basis [1] 4,491      
Gross Amount at Close of Period        
Land [2] 9,823      
Buildings and Improvements [2] 79,292      
Total [2] 89,115      
Accumulated Depreciation $ (12,183)      
Multi-Family - Held for Sale | St Petersburg, FL | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Multi-Family - Held for Sale | St Petersburg, FL | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Held for Sale        
Real estate properties and accumulated depreciation        
Number of Properties | property 34      
Encumbrances $ 4,992      
Initial Cost to Company        
Land 2,110      
Buildings and Improvements 7,820      
Total Adjustment to Basis [1] (2,082)      
Gross Amount at Close of Period        
Land [2] 1,631      
Buildings and Improvements [2] 6,217      
Total [2] 7,848      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Houston, TX        
Real estate properties and accumulated depreciation        
Number of Properties | property 10      
Encumbrances $ 1,702      
Initial Cost to Company        
Land 650      
Buildings and Improvements 2,550      
Total Adjustment to Basis [1] (699)      
Gross Amount at Close of Period        
Land [2] 486      
Buildings and Improvements [2] 2,015      
Total [2] 2,501      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Houston, TX | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Held for Sale | Houston, TX | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Held for Sale | Chicago, IL        
Real estate properties and accumulated depreciation        
Number of Properties | property 7      
Encumbrances $ 1,113      
Initial Cost to Company        
Land 413      
Buildings and Improvements 2,057      
Total Adjustment to Basis [1] (717)      
Gross Amount at Close of Period        
Land [2] 332      
Buildings and Improvements [2] 1,421      
Total [2] 1,753      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Chicago, IL | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Held for Sale | Chicago, IL | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Held for Sale | Baltimore, MD        
Real estate properties and accumulated depreciation        
Number of Properties | property 11      
Encumbrances $ 1,377      
Initial Cost to Company        
Land 727      
Buildings and Improvements 1,984      
Total Adjustment to Basis [1] (232)      
Gross Amount at Close of Period        
Land [2] 589      
Buildings and Improvements [2] 1,890      
Total [2] 2,479      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Baltimore, MD | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Held for Sale | Baltimore, MD | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Held for Sale | Pittsburgh, PA        
Real estate properties and accumulated depreciation        
Number of Properties | property 2      
Encumbrances $ 189      
Initial Cost to Company        
Land 63      
Buildings and Improvements 298      
Total Adjustment to Basis [1] (62)      
Gross Amount at Close of Period        
Land [2] 44      
Buildings and Improvements [2] 255      
Total [2] 299      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Pittsburgh, PA | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Held for Sale | Pittsburgh, PA | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Held for Sale | Indianapolis, IN        
Real estate properties and accumulated depreciation        
Number of Properties | property 1      
Encumbrances $ 0      
Initial Cost to Company        
Land 11      
Buildings and Improvements 104      
Total Adjustment to Basis [1] (72)      
Gross Amount at Close of Period        
Land [2] 4      
Buildings and Improvements [2] 39      
Total [2] 43      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Indianapolis, IN | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Held for Sale | Indianapolis, IN | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Single-Family Rental - Held for Sale | Tampa, FL        
Real estate properties and accumulated depreciation        
Number of Properties | property 3      
Encumbrances $ 611      
Initial Cost to Company        
Land 246      
Buildings and Improvements 827      
Total Adjustment to Basis [1] (300)      
Gross Amount at Close of Period        
Land [2] 176      
Buildings and Improvements [2] 597      
Total [2] 773      
Accumulated Depreciation $ 0      
Single-Family Rental - Held for Sale | Tampa, FL | Minimum        
Gross Amount at Close of Period        
Depreciable Period (Years) 5 years      
Single-Family Rental - Held for Sale | Tampa, FL | Maximum        
Gross Amount at Close of Period        
Depreciable Period (Years) 30 years      
Consolidated Real Estate        
Gross Amount at Close of Period        
Cost of consolidated real estate for federal income tax purposes $ 543,000      
[1] Consists of costs capitalized subsequent to acquisition and impairment charges.
[2] The aggregate cost of consolidated real estate in the table above for U.S. federal income tax purposes was approximately $543 million as of December 31, 2025.