v3.26.1
Preferred Equity Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Preferred Equity Investments  
Summary of the carrying amount of the preferred equity investments

The carrying amount of the Company’s preferred equity investments at March 31, 2026 and December 31, 2025 is summarized in the table below (amounts in thousands):

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March 31, 

​

December 31, 

Investment Name

  ​ ​ ​

2026

  ​ ​ ​

2025

Archer at RiverBlue

​

$

1,284

​

$

—

Canvas at Wildwood

​

​

12,488

​

​

9,862

River Ford

​

​

5,695

​

​

5,391

Sanford Marketplace

​

​

8,581

​

​

5,044

Wayford at Innovation Park

​

 

15,400

​

 

15,400

Total

​

$

43,448

​

$

35,697

Gross unrealized gain, net

​

 

129

​

 

41

Total, net

​

$

43,577

​

$

35,738

​
Summary of preferred equity investments by contractual maturity

The following table summarizes the net carrying amount and fair value of the Company’s preferred equity investments, which are classified as available-for-sale debt securities, by contractual maturity at March 31, 2026 (amounts in thousands):

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​

  ​ ​ ​

Available-for-sale

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​

Net carrying amount

  ​ ​ ​

Fair value

Due within one year

​

$

21,093

​

$

21,093

Due after one year through three years

​

 

21,194

​

 

21,194

Due after three years

​

​

1,290

​

​

1,290

Total

​

$

43,577

​

$

43,577
Summary of income from preferred equity investments

The following table summarizes the Company’s income from preferred equity investments for the three months ended March 31, 2026 and 2025 (amounts in thousands):

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Three Months Ended March 31, 

Investment Name

  ​ ​ ​

2026

  ​ ​ ​

2025

Archer at RiverBlue

​

$

3

​

$

—

Canvas at Wildwood

​

​

479

​

​

112

Chandler (1)

​

​

—

​

​

506

Indigo Cove (2)

​

​

—

​

​

180

River Ford

​

 

280

​

 

184

Sanford Marketplace

​

​

265

​

​

—

The Cottages at Myrtle Beach (1)

​

 

—

​

 

649

The Cottages of Port St. Lucie (1)

​

 

—

​

 

681

Wayford at Innovation Park

​

​

504

​

​

458

Wayford at Pringle (2)

​

 

—

​

 

340

Total income from preferred equity investments (3)

​

$

1,531

​

$

3,110

(1)The Company’s preferred equity investments were fully redeemed in 2025 as follows: Chandler in November, The Cottages at Myrtle Beach in April, and The Cottages of Port St. Lucie in July.
(2)In April 2025, the Company’s preferred equity interests in Indigo Cove and Wayford at Pringle were sold.
(3)Total income from preferred equity investments includes both current and accrued income amounts. For the three months ended March 31, 2026 and 2025, the accrued portion of the total income was $1.5 million and $2.9 million, respectively. At March 31, 2026 and December 31, 2025, the Company had $9.4 million and $7.9 million, respectively, of total accrued preferred equity income, which is recorded in accounts receivable, prepaids and other assets, net on its consolidated balance sheets.