v3.26.1
Escrow Deposits, Prepaid Expenses and Other Assets
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Escrow Deposits, Prepaid Expenses and Other Assets Escrow Deposits, Prepaid Expenses and Other Assets
The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of June 30, 2026 and December 31, 2025 (amounts in thousands):
June 30, 2026December 31, 2025
Commercial real estate, software, vehicles and FF&E, net$109,086 $108,497 
Escrow deposits, prepaid expenses and other89,599 94,354 
Operating lease right-of-use assets17,338 15,684 
Deferred costs and other intangibles, net8,391 9,482 
Total$224,414 $228,017 

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $5.7 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively, and $11.4 million and $10.9 million for the six months ended June 30, 2026 and 2025, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net consisted of the following as of June 30, 2026 and December 31, 2025 (amounts in thousands):
June 30, 2026December 31, 2025
Deferred leasing costs$2,559 $3,213 
Deferred financing costs11,512 11,512 
14,071 14,725 
Less: accumulated amortization(5,680)(5,243)
Total$8,391 $9,482 

Amortization expense related to deferred leasing costs was $0.7 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively, and $1.5 million and $2.2 million for the six months ended June 30, 2026 and 2025, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.5 million for both the three months ended June 30, 2026 and 2025 and $1.1 million for both the six months ended June 30, 2026 and 2025 and is included in gross interest, prior to interest capitalization (see Note 8. Debt).

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2026 for future periods (amounts in thousands):
Deferred
Leasing Costs		Deferred
Financing Costs		Total
Remaining 2026$1,015 $1,160 $2,175 
2027371 2,300 2,671 
2028— 2,309 2,309 
2029— 1,236 1,236 
Total$1,386 $7,005 $8,391