Other Expenses (Tables)

12 Months Ended

Dec. 31, 2025

General and administrative expenses consisted of the following ($ in thousands):


	Year Ended December 31,
	2025	2024	2023
Professional services	$16,005	$15,176	$13,269
Operating and other costs	7,913	6,918	7,219
Subtotal(1)	23,918	22,094	20,488
Non-cash compensation expenses
Restricted class A common stock earned	27,554	30,969	29,975
Director stock-based compensation	708	859	680
Subtotal	28,262	31,828	30,655
Total general and administrative expenses	$52,180	$53,922	$51,143

(1)During the years ended December 31, 2025, 2024 and 2023, we recognized an aggregate $266,000, $743,000 and

$1.2 million, respectively, of expenses related to our Multifamily Joint Venture