v3.25.4
Real Estate, Net (Tables)
12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Investment
The following is a summary of real estate, net, collectively, as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):

December 31, 2025December 31, 2024
Land$64,460 $80,190 
Building and improvements454,872 581,283 
Furniture, fixture and equipment14,516 16,866 
Operating real estate
533,848 678,339 
Accumulated depreciation (65,132)(61,834)
Operating real estate, net468,716 616,505 
Real estate held for sale, net (1)
84,780 6,902 
Real estate, net (2)
$553,496 $623,407 

(1)Real estate held for sale, net is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs.
(2)The Company repositioned its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the real estate, net related to certain joint venture equity investments in multi-family properties was included in assets of disposal group held for sale on the accompanying consolidated balance sheets as of December 31, 2024. See Note 9 for additional information.
The estimated depreciation expense related to operating real estate is as follows (dollar amounts in thousands):

Year Ending December 31,
Depreciation Expense
2026$18,590 
2027$17,377 
2028$17,159 
2029$16,800 
2030$16,216 
Schedule of Components of Income from Real Estate and Expenses
The following table presents depreciation and amortization expenses for the years ended December 31, 2025, 2024 and 2023, respectively (dollar amounts in thousands):

For the Years Ended December 31,
202520242023
Depreciation expense on operating real estate$23,125 $37,444 $24,620 
Amortization of lease intangibles related to operating real estate— 2,378 — 
Total depreciation and amortization
$23,125 $39,822 $24,620