v3.25.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation
(Dollar amounts in thousands)

December 31, 2025
Initial Cost to Company
Gross Amount at Close of Period (1)
MarketNumber of PropertiesEncumbrancesLandBuildings and Improvements
Total Adjustment to Basis (2)
LandBuildings and ImprovementsTotalAccumulated DepreciationDate of ConstructionDate AcquiredDepreciable Period (Years)
Operating Real Estate
Multi-Family - Operating
Collierville, TN1$38,752 $3,113 $45,616 $2,840 $3,113 $48,456 $51,569 $(7,831)200020215-30
Corpus Christi, TX145,131 4,900 49,539 2,807 4,900 52,346 57,246 (3,826)197620235-30
Dallas, TX125,433 5,728 34,635 1,780 5,728 36,415 42,143 (5,741)201420215-30
Houston, TX122,910 6,406 25,211 1,669 6,406 26,880 33,286 (4,626)199320215-30
Little Rock, AR124,986 2,366 27,229 1,357 2,366 28,586 30,952 (4,545)199920215-30
Louisville, KY140,726 5,567 52,819 1,241 5,567 54,060 59,627 (7,978)201720215-30
Montgomery, AL120,408 3,367 26,967 1,617 3,367 28,584 31,951 (4,435)
1988 - 1994
20225-30
San Antonio, TX123,817 3,116 35,223 836 3,116 36,059 39,175 (5,491)201520215-30
San Antonio, TX134,834 6,827 43,240 3,065 6,827 46,305 53,132 (6,885)201420215-30
Total Multi-Family - Operating9$276,997 $41,390 $340,479 $17,212 $41,390 $357,691 $399,081 $(51,358)
Single-Family Rental - Operating
Chicago, IL216$30,715 $9,593 $47,204 $10,892 $9,593 $58,096 $67,689 $(7,769)
1890 - 2010
2021- 2022
5-30
Baltimore, MD10816,682 8,592 23,480 4,096 8,569 27,599 36,168 (3,220)
1921 - 2006
2021- 2022
5-30
Houston, TX6710,262 3,374 15,874 2,262 3,374 18,136 21,510 (2,212)
1954 - 2019
2021 - 2022
5-30
Monroe, GA21— 527 2,654 283 527 2,937 3,464 (205)
2004 - 2019
20235-30
Pittsburgh, PA12— 509 3,172 (1,677)322 1,682 2,004 (70)
1940 - 1991
20225-30
Indianapolis, IN7— 208 577 908 208 1,485 1,693 (96)
1913 - 1935
20245-30
Tampa, FL61,115 477 1,503 259 477 1,762 2,239 (202)
1951 - 2008
20225-30
Total Single-Family Rental - Operating 437$58,774 $23,280 $94,464 $17,023 $23,070 $111,697 $134,767 $(13,774)
Total Operating Real Estate446$335,771 $64,670 $434,943 $34,235 $64,460 $469,388 $533,848 $(65,132)
Real Estate Held for Sale
Multi-Family - Held for Sale
St Petersburg, FL1$55,134 $9,823 $74,801 $4,491 $9,823 $79,292 $89,115 $(12,183)201420215-30
Total Multi-Family - Held for Sale
1$55,134 $9,823 $74,801 $4,491 $9,823 $79,292 $89,115 $(12,183)
Single-Family Rental - Held for Sale
Baltimore, MD11$1,377 $727 $1,984 $(232)$589 $1,890 $2,479 $— 
1952 - 1983
2021 - 2022
5-30
Houston, TX101,702 650 2,550 (699)486 2,015 2,501 — 
1957 - 2021
2021 - 2022
5-30
Chicago, IL71,113 413 2,057 (717)332 1,421 1,753 — 
1926 - 1995
2021 -2022
5-30
Tampa, FL3611 246 827 (300)176 597 773 — 
2001 - 2010
2022
5-30
Pittsburgh, PA2189 63 298 (62)44 255 299 — 
1955 - 2004
20225-30
Indianapolis, IN1— 11 104 (72)4 39 43 — 192020245-30
Total Single-Family Rental - Held for Sale
34$4,992 $2,110 $7,820 $(2,082)$1,631 $6,217 $7,848 $— 
Total Real Estate Held for Sale
35$60,126 $11,933 $82,621 $2,409 $11,454 $85,509 $96,963 $(12,183)
Total Real Estate, Net
481$395,897 $76,603 $517,564 $36,644 $75,914 $554,897 $630,811 $(77,315)

(1)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.
(2)Consists of costs capitalized subsequent to acquisition and impairment charges.

Notes to Schedule III (Dollar amounts in thousands)

1.Reconciliation of Operating Real Estate
For the Years Ended December 31,
202520242023
Balance at beginning of period$678,339 $1,197,066 $714,192 
Transfers in (1)
— 2,640 59,198 
Acquisitions
— — — 
Improvements5,271 6,238 31,441 
Reclassification to held and used
— 65,458 392,235 
Reclassification to held for sale or disposal group held for sale(149,762)(593,063)— 
Balance at end of period$533,848 $678,339 $1,197,066 

(1)Transfers in represent transfers into operating real estate due to consolidation of a VIE (see Note 7) or from real estate owned or residential loans.
2.Reconciliation of Accumulated Depreciation for Operating Real Estate
For the Years Ended December 31,
202520242023
Balance at beginning of period$(61,834)$(65,247)$(21,224)
Depreciation
(23,125)(37,444)(24,620)
Reclassification to held and used
— (1,266)(19,403)
Reclassification to held for sale or disposal group held for sale19,827 42,123 — 
Balance at end of period$(65,132)$(61,834)$(65,247)