v3.26.1
Operating Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Profit by Reportable Segment
The following table presents our reportable segments for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Multifamily Segment
Revenues$8,950 $8,493 $17,383 $17,257 
Segment expenses
Property tax and insurance(3,554)(2,522)(6,668)(5,057)
Repairs and maintenance(1,140)(986)(2,060)(1,626)
Other property expenses(1,423)(1,023)(2,783)(1,888)
NOI from multifamily segment2,833 3,962 5,872 8,686 
Commercial Segment
Revenues3,916 3,667 7,824 6,911 
Segment expenses
Property tax and insurance(489)(608)(890)(1,232)
Repairs and maintenance(376)(368)(690)(642)
Other property expenses(1,194)(1,028)(2,418)(2,067)
NOI from commercial segment1,857 1,663 3,826 2,970 
Total NOI from reportable segments$4,690 $5,625 $9,698 $11,656 
Schedule of Reconciliation of NOI to Net Income
The table below reflects the reconciliation of NOI from reportable segments to net (loss) income for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
NOI from reportable segments$4,690 $5,625 $9,698 $11,656 
Other non-segment items of income (expense)
Depreciation and amortization(3,697)(3,062)(7,327)(5,945)
General and administrative(1,498)(1,534)(2,984)(3,026)
Advisory fee to related party(2,044)(2,042)(4,127)(4,511)
Interest income2,810 3,353 6,634 7,363 
Interest expense(2,803)(1,777)(5,771)(3,597)
Income (loss) from unconsolidated joint ventures412 19 412 (140)
Gain on sale or write down of assets, net814 947 1,199 4,838 
Income tax benefit71 1,335 505 189 
Net (loss) income$(1,245)$2,864 $(1,761)$6,827