| Schedule of deferred expenses and other assets, net |
Deferred expenses and other assets, net, consist of the following items ($ in thousands): | | | | | | | | | | As of | | | | June 30, 2026 | | December 31, 2025 | | Other assets(1) | | $ | 8,191 | | $ | 8,037 | | Operating lease right-of-use assets(2) | | | 219 | | | 457 | | Restricted cash | | | 17,993 | | | 17,094 | | Other receivables | | | 1,291 | | | 1,042 | | Leasing costs, net | | | 17 | | | 42 | | Intangible assets, net(3) | | | 76 | | | 102 | | Deferred expenses and other assets, net | | $ | 27,787 | | $ | 26,774 | |
| (1) | As of June 30, 2026 and December 31, 2025, other assets primarily includes prepaid expenses and dividends receivable from Safe. |
| (2) | Right-of use lease assets initially equal the lease liability. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During the three months ended June 30, 2026 and 2025, the Company recognized $0.1 million and $0.1 million, respectively, in “Real estate expense” in its consolidated statements of operations relating to operating leases. During the six months ended June 30, 2026 and 2025, the Company recognized $0.2 million and $0.2 million, respectively, in “Real estate expense” in its consolidated statements of operations relating to operating leases. |
| (3) | Intangible assets, net includes above market and in-place lease assets related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $0.3 million and $0.2 million as of June 30, 2026 and December 31, 2025, respectively. These intangible lease assets are amortized over the remaining term of the lease. As of June 30, 2026, the weighted average remaining amortization period for the Company’s intangible assets was approximately 0.8 years. |
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| Schedule of accounts payable, accrued expenses and other liabilities |
Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): | | | | | | | | | | As of | | | | June 30, 2026 | | December 31, 2025 | | Other liabilities(1) | | $ | 11,087 | | $ | 28,300 | | Accrued expenses | | | 4,918 | | | 6,676 | | Operating lease liabilities (see table above) | | | 399 | | | 634 | | Accounts payable, accrued expenses and other liabilities | | $ | 16,404 | | $ | 35,610 | |
| (1) | As of June 30, 2026, “Other liabilities” includes $3.1 million of deferred income and liabilities, $3.4 million of management fees and other payables due Safe and $3.4 million of other payables related to real estate properties. During the three and six months ended June 30, 2026, the Company recognized $14.4 million of “Income from sales of real estate” in the Company’s consolidated statements of operations resulting from the recognition of a sale of an asset upon the expiration of a lease as the Company surrendered the property to a local municipality. As part of this sale, the Company derecognized $16.9 million of deferred income. As of December 31, 2025, “Other liabilities” includes $20.7 million of deferred income and liabilities, $3.6 million of management fees due Safe and $2.8 million of other payables related to real estate properties. |
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