v3.25.2
Real Estate
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Real Estate Real Estate
Investments in real estate, held-for-investment, consisted of the following as of June 30, 2025 and December 31, 2024:
June 30, 2025 (Unaudited)
December 31, 2024
Building and building improvements$280,988 $278,269 
Land and land improvements81,034 80,911 
Furniture, fixtures and equipment5,473 4,736 
In-place lease intangibles46,119 46,104 
Total413,614 410,020 
Accumulated depreciation and amortization(37,193)(26,351)
Investments in real estate, held-for-investment$376,421 $383,669 
The following table details the Company's future amortization of intangible assets for each of the next five years and thereafter:
Amortization
2025 (remaining)$2,332 
20265,193 
20275,098 
20283,879 
20293,803 
Thereafter4,529 
Total$24,834 
The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses:
Contractual Lease Payments
2025 (remaining)$15,586 
202620,901 
202716,084 
202816,461 
202916,032 
Thereafter20,031 
Total$105,095 
During the six months ended June 30, 2025, the Company received the following foreclosed property in settlement of a loan held-for-investment:
Acquisition DateProperty TypeLocationPurchase Price/Fair Value on the Date of Foreclosure
January 2025(1)
MultifamilyNew Rochelle, NY$105,955 
__________________________
(1)    In January 2025, the Company acquired a multifamily property located in New Rochelle, NY via a deed in lieu of foreclosure. The property previously collateralized a senior loan receivable held-for-investment. The asset was recorded on our consolidated balance sheets at the disclosed value above. Upon acquisition, the Company classified the real estate as held for sale and will not depreciate or amortize the carrying value of the property.
Investments in Real Estate, Held-for-Sale
Investments in real estate, held-for-sale as of June 30, 2025, included two multifamily properties located in Antioch, TN and New Rochelle, NY with an aggregate carrying value of $161,891. Depreciation and amortization are suspended for these properties and the assets are carried at the lower of the asset’s carrying amount or fair value less costs to sell.