Debt, Net - Schedule of Debt (Details) - USD ($)
$ in Thousands |
6 Months Ended |
12 Months Ended |
180 Months Ended |
|
|
|
Jun. 30, 2025 |
Dec. 31, 2024 |
Nov. 30, 2042 |
Apr. 30, 2027 |
Feb. 28, 2025 |
Dec. 31, 2022 |
| Debt instruments |
|
|
|
|
|
|
| Outstanding debt principal |
$ 432,421
|
$ 442,716
|
|
|
|
|
| Unamortized discount and debt issuance costs |
(5,170)
|
(4,962)
|
|
|
|
|
| Debt, Net |
$ 427,251
|
437,754
|
|
|
|
|
| Weighted average effective interest rate of outstanding debt (as a percent) |
4.80%
|
|
|
|
|
|
| Percentage of debt outstanding at fixed interest rates |
74.60%
|
|
|
|
|
|
| Average remaining life of debt outstanding |
18 years 8 months 12 days
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| Watersound Origins Crossings JV Loan (insured by HUD) |
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| Debt instruments |
|
|
|
|
|
|
| Effective interest rate (as a percent) |
5.00%
|
|
|
|
|
|
| Outstanding debt principal |
$ 51,644
|
$ 51,953
|
|
|
|
|
| Pier Park Resort Hotel JV Loan |
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|
|
|
| Debt instruments |
|
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|
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|
| Basis spread on variable rate (as a percent) |
2.10%
|
2.10%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Effective interest rate (as a percent) |
3.90%
|
|
|
|
|
|
| Outstanding debt principal |
$ 50,357
|
$ 50,882
|
|
|
|
|
| Pier Park Resort Hotel JV Loan | Interest rate swaps |
|
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|
|
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| Debt instruments |
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| Notional amount |
|
|
|
|
|
$ 42,000
|
| Fixed interest rate (as a percent) |
3.20%
|
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|
|
|
|
| Pier Park Resort Hotel JV Loan | Interest rate swaps | Forecast |
|
|
|
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| Debt instruments |
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| Notional amount |
|
|
|
$ 38,700
|
|
|
| Mexico Beach Crossings JV Loan (insured by HUD) |
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| Debt instruments |
|
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|
|
|
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| Effective interest rate (as a percent) |
3.00%
|
|
|
|
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| Outstanding debt principal |
$ 42,807
|
43,069
|
|
|
|
|
| PPN JV Loan |
|
|
|
|
|
|
| Debt instruments |
|
|
|
|
|
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| Effective interest rate (as a percent) |
4.10%
|
|
|
|
|
|
| Outstanding debt principal |
$ 39,795
|
40,370
|
|
|
|
|
| PPC JV Loan (insured by HUD) |
|
|
|
|
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| Debt instruments |
|
|
|
|
|
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| Effective interest rate (as a percent) |
3.10%
|
|
|
|
|
|
| Outstanding debt principal |
$ 33,887
|
34,153
|
|
|
|
|
| Pearl Hotel Loan |
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| Debt instruments |
|
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|
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| Effective interest rate (as a percent) |
6.30%
|
|
|
|
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|
| Outstanding debt principal |
$ 33,300
|
$ 34,040
|
|
|
|
|
| North Bay Landing Loan (insured by HUD) |
|
|
|
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|
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| Debt instruments |
|
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| Basis spread on variable rate (as a percent) |
|
2.50%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Floor rate (as a percent) |
|
3.20%
|
|
|
|
|
| Effective interest rate (as a percent) |
5.90%
|
|
|
|
5.90%
|
|
| Outstanding debt principal |
$ 27,741
|
$ 22,746
|
|
|
|
|
| Watersound Camp Creek Loan |
|
|
|
|
|
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| Debt instruments |
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|
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|
| Basis spread on variable rate (as a percent) |
2.10%
|
2.10%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Floor rate (as a percent) |
2.60%
|
2.60%
|
|
|
|
|
| Effective interest rate (as a percent) |
6.40%
|
|
|
|
|
|
| Outstanding debt principal |
$ 27,114
|
$ 27,377
|
|
|
|
|
| PPC II JV Loan (insured by HUD) |
|
|
|
|
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| Debt instruments |
|
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|
|
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| Effective interest rate (as a percent) |
2.70%
|
|
|
|
|
|
| Outstanding debt principal |
$ 21,582
|
$ 21,796
|
|
|
|
|
| Hotel Indigo Loan |
|
|
|
|
|
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| Debt instruments |
|
|
|
|
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|
| Basis spread on variable rate (as a percent) |
2.50%
|
2.50%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Floor rate (as a percent) |
2.50%
|
2.50%
|
|
|
|
|
| Effective interest rate (as a percent) |
6.80%
|
|
|
|
|
|
| Outstanding debt principal |
$ 19,440
|
$ 19,857
|
|
|
|
|
| Watercrest JV Loan |
|
|
|
|
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| Debt instruments |
|
|
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|
|
|
| Basis spread on variable rate (as a percent) |
2.20%
|
2.20%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Effective interest rate (as a percent) |
6.50%
|
|
|
|
|
|
| Outstanding debt principal |
$ 19,276
|
$ 19,555
|
|
|
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|
| Breakfast Point Hotel Loan |
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|
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| Debt instruments |
|
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|
|
|
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| Effective interest rate (as a percent) |
6.00%
|
|
|
|
|
|
| Outstanding debt principal |
$ 15,228
|
15,473
|
|
|
|
|
| Breakfast Point Hotel Loan | Forecast |
|
|
|
|
|
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| Debt instruments |
|
|
|
|
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|
| Basis spread on variable rate (as a percent) |
|
|
3.30%
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
|
|
us-gaap:UsTreasuryUstInterestRateMember
|
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| Breakfast Point Hotel Loan | Minimum | Forecast |
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| Debt instruments |
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| Interest rate during period (as a percent) |
|
|
6.00%
|
|
|
|
| Lodge 30A JV Loan |
|
|
|
|
|
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| Debt instruments |
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| Effective interest rate (as a percent) |
3.80%
|
|
|
|
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|
| Outstanding debt principal |
$ 13,860
|
$ 14,130
|
|
|
|
|
| Topsail Hotel Loan |
|
|
|
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| Debt instruments |
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| Basis spread on variable rate (as a percent) |
2.10%
|
2.10%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Floor rate (as a percent) |
3.00%
|
3.00%
|
|
|
|
|
| Effective interest rate (as a percent) |
6.40%
|
|
|
|
|
|
| Outstanding debt principal |
$ 12,307
|
$ 12,307
|
|
|
|
|
| Airport Hotel Loan |
|
|
|
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| Debt instruments |
|
|
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|
|
|
| Basis spread on variable rate (as a percent) |
2.10%
|
2.10%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Floor rate (as a percent) |
3.00%
|
3.00%
|
|
|
|
|
| Effective interest rate (as a percent) |
6.40%
|
|
|
|
|
|
| Outstanding debt principal |
$ 10,978
|
$ 11,717
|
|
|
|
|
| Watersound Town Center Grocery Loan |
|
|
|
|
|
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| Debt instruments |
|
|
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|
|
|
| Basis spread on variable rate (as a percent) |
2.10%
|
2.10%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Floor rate (as a percent) |
2.30%
|
2.30%
|
|
|
|
|
| Effective interest rate (as a percent) |
6.40%
|
|
|
|
|
|
| Outstanding debt principal |
$ 6,761
|
$ 8,086
|
|
|
|
|
| Beckrich Building III Loan |
|
|
|
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| Debt instruments |
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|
|
|
| Basis spread on variable rate (as a percent) |
1.80%
|
1.80%
|
|
|
|
|
| Debt Instrument, Variable Interest Rate, Type |
us-gaap:SecuredOvernightFinancingRateSofrMember
|
us-gaap:SecuredOvernightFinancingRateSofrMember
|
|
|
|
|
| Effective interest rate (as a percent) |
6.10%
|
|
|
|
|
|
| Outstanding debt principal |
$ 3,737
|
$ 5,014
|
|
|
|
|
| Community Development District debt |
|
|
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| Debt instruments |
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|
|
|
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| Outstanding debt principal |
$ 2,607
|
3,151
|
|
|
|
|
| Community Development District debt | Minimum |
|
|
|
|
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| Debt instruments |
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| Effective interest rate (as a percent) |
3.60%
|
|
|
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| Community Development District debt | Maximum |
|
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| Debt instruments |
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|
|
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| Effective interest rate (as a percent) |
6.00%
|
|
|
|
|
|
| Self-Storage Facility Loan |
|
|
|
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|
| Debt instruments |
|
|
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|
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| Outstanding debt principal |
|
3,360
|
|
|
|
|
| Beach Homes Loan |
|
|
|
|
|
|
| Debt instruments |
|
|
|
|
|
|
| Outstanding debt principal |
|
1,385
|
|
|
|
|
| Pier Park Outparcel Loan |
|
|
|
|
|
|
| Debt instruments |
|
|
|
|
|
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| Outstanding debt principal |
|
1,252
|
|
|
|
|
| WaterColor Crossings Loan |
|
|
|
|
|
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| Debt instruments |
|
|
|
|
|
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| Outstanding debt principal |
|
$ 1,043
|
|
|
|
|