Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2026

Real Estate [Abstract]

Summary of Real Estate Purchases

Below is a summary of our investments in wholly-owned real estate, before depreciation and amortization, as of June 30, 2026 and December 31, 2025:


($s in thousands)		June 30, 2026				December 31, 2025
Buildings and improvements		$	323,422			$	347,880
Land			50,349				53,025
Land improvements			39,277				42,358
Work in progress			86				86
Tenant improvements			500				500
Acquired value of in-place leases			47,759				51,660
Above market rent lease intangibles			308				308
Below market rent lease intangibles			(5,094	)			(5,901	)
Total investments in real estate		$	456,607			$	489,916

Schedule of Depreciation Expense of Tangible Real Estate Assets

During the three and six months ended June 30, 2026 and 2025, we recognized the following depreciation expense associated with our tangible real estate assets:


	Three Months Ended								Six Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Depreciation	$	2,762			$	2,352			$	5,573			$	4,359

Summary of Lease Intangibles Amortization

During the three and six months ended June 30, 2026 and 2025, the Company recognized the following lease intangibles amortization:


		Three Months Ended								Six Months Ended
($s in thousands)		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Acquired value of in-place leases		$	2,739			$	2,121			$	5,520			$	3,712
Above market intangible lease asset		$	16			$	1			$	32			$	2
Below market intangible lease liability		$	(312	)		$	(232	)		$	(617	)		$	(379	)

Schedule of Future Amortization of Acquired Lease Intangibles

The following table summarizes future amortization of acquired lease intangibles as of June 30, 2026:


($s in thousands)		Acquired Value of In-Place Leases				Above Market Intangible Lease Asset				Below Market Intangible Lease Liability
2026		$	5,355			$	33			$	(615	)
2027			8,925				65				(1,052	)
2028			5,352				27				(594	)
2029			3,349				2				(393	)
2030			1,088				2				(130	)
Thereafter			2,511				66				(319	)
Total		$	26,580			$	195			$	(3,103	)
Weighted average amortization period (years)			3.2				13.9				3.6