v3.26.1
Segment Information - Segment NOI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Information        
Total rental and other property revenues $ 19,327 $ 16,707 $ 39,028 $ 32,617
Total property operating expenses 9,772 8,177 18,853 15,829
Interest income from loan investments 0 95   598
Property management and asset management fee expenses (1,324) (1,336) (2,895) (2,661)
General and administrative expenses (2,520) (2,665) (5,634) (5,722)
Management fees to related party (2,703) (2,606) (5,391) (5,146)
Acquisition and other transaction costs (563) (135) (606) (211)
Weather-related losses, net 160 45 410 45
Impairment of real estate investments 520 71 1,121 196
Depreciation and amortization (7,883) (7,189) (16,741) (14,681)
Other expense, net (278) (15) (1,160) (74)
Income from preferred equity investments 2,033 2,306 3,564 5,416
Recovery of credit losses, net   2   104
Gain on sale of real estate investments, net 318 929 902 1,757
Gain on sale of available-for-sale investments, net   1,450   1,450
Loss on extinguishment of debt (1) (5) (37) (9)
Interest expense, net (6,484) (5,627) (12,969) (11,838)
Income tax expense   (626) (76) (972)
Net loss (8,959) (5,826) (19,256) (13,156)
Preferred stock dividends (2,722) (2,254) (5,331) (4,264)
Preferred stock accretion (1,568) (1,273) (2,561) (1,796)
Net loss attributable to noncontrolling interests 9,767 6,869 20,233 14,203
Net loss attributable to common stockholders (3,482) (2,484) (6,915) (5,013)
Operating Segments        
Segment Information        
Total rental and other property revenues 19,327 16,707 39,028 32,617
Total property operating expenses 9,772 8,177 18,853 15,829
Total net operating income 9,555 8,530 20,175 16,788
Reconciling Items        
Segment Information        
Interest income from loan investments   95   598
Property management and asset management fee expenses (1,324) (1,336) (2,895) (2,661)
General and administrative expenses (2,520) (2,665) (5,634) (5,722)
Management fees to related party (2,703) (2,606) (5,391) (5,146)
Acquisition and other transaction costs (563) (135) (606) (211)
Weather-related losses, net (160) (45) (410) (45)
Impairment of real estate investments (520) (71) (1,121) (196)
Depreciation and amortization (7,883) (7,189) (16,741) (14,681)
Other expense, net (278) (15) (1,160) (74)
Income from preferred equity investments 307   603  
Income from preferred equity investments 2,033 2,306 3,564 5,416
Recovery of credit losses, net   2   104
Gain on sale of real estate investments, net 318 929 902 1,757
Gain on sale of available-for-sale investments, net   1,450   1,450
Loss on extinguishment of debt (1) (5) (37) (9)
Interest expense, net (6,484) (5,627) (12,969) (11,838)
Interest income 1,264 1,182 2,540 2,286
Income tax expense   (626) (76) (972)
Residential communities        
Segment Information        
Total rental and other property revenues 12,857 8,915 25,608 17,024
Residential communities | Operating Segments        
Segment Information        
Total rental and other property revenues 12,857 8,915 25,608 17,024
Total property operating expenses 5,570 3,895 10,834 7,397
Total net operating income 7,287 5,020 14,774 9,627
Scattered single-family homes        
Segment Information        
Total rental and other property revenues 6,470 7,792 13,420 15,593
Scattered single-family homes | Operating Segments        
Segment Information        
Total rental and other property revenues 6,470 7,792 13,420 15,593
Total property operating expenses 4,202 4,282 8,019 8,432
Total net operating income $ 2,268 $ 3,510 $ 5,401 $ 7,161