Equity Method Investments |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments | Note 9 - Equity Method Investments 55 Riverwalk Aker/BSP Venture LLC - The Company holds a 21.01% interest in 55 Riverwalk Aker/BSP Venture LLC (the "55 Riverwalk JV"), a joint venture that is a mixed-use development property consisting of a multifamily apartment complex and retail shopping stores. The 55 Riverwalk JV was formed on December 20, 2024, where the Company made an initial investment of $13.3 million. The Company has received total distributions of $1.0 million as of September 30, 2026. The equity investment in 55 Riverwalk JV has a carrying value of $19.4 million and $13.5 million on the consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively. Garfield PG JV HoldCo LLC - The Company holds a 28.87% interest in Garfield PG JV HoldCo LLC (the "Garfield JV"), a joint venture that is an industrial property for warehousing and distribution. The Garfield JV was formed on May 22, 2025, where the Company made an initial investment of $9.8 million. The Company has received total distributions of $1.0 million as of September 30, 2026. The equity investment in Garfield JV has a carrying value of $13.0 million and $8.6 million on the consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively. NewPoint JV LLC - The Company holds a 7.71% ownership interest in NewPoint JV LLC (the “Bridge JV”), a joint venture with the purpose of investing in multifamily bridge loans. The Company has received total distributions of $2.2 million as of September 30, 2026. The Company has a total commitment of $25.0 million which was completely funded as of September 30, 2026. The equity investment in Bridge JV has a carrying value of $21.7 million and $24.2 million on the consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively. NewPoint + MORE Capital Affordable Fund LLC - The Company holds a 31.01% ownership interest in NewPoint + MORE Capital Affordable Fund LLC (the “Affordable JV”), a joint venture with the purpose of investing in multifamily affordable debt instruments through its subsidiary, NewPoint Impact Fund I LP. The Company has a total capital commitment of $30.0 million to NewPoint Impact Fund I LP, through its interest in the Affordable JV, of which $7.5 million was unfunded as of September 30, 2026. The Company has received total distributions of $2.5 million as of September 30, 2026. The equity investment in Affordable JV has a carrying value of $25.5 million and $25.3 million on the consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively. Zelda PG JV HoldCo LLC - The Company holds a 27.95% interest in Zelda PG JV HoldCo LLC (the "Gardena JV"), a joint venture that is an industrial property for warehousing and distribution. The Gardena JV was formed on March 18, 2026, where the Company made an initial investment of $13.7 million. The Company has received total distributions of $10.0 million as of September 30, 2026. The equity investment in Gardena JV has a carrying value of $7.2 million on the consolidated balance sheets as of September 30, 2026. BSP TMO Master JV LLC - The Company holds a 95% interest in BSP TMO Master JV LLC (the "BSP TMO JV"), a joint venture that is a multifamily property for Section 8 Affordable housing. The BSP TMO JV was formed on August 10, 2026, where the Company made an initial investment of $1.8 million. The 5% operating partner receives profit distributions of 20% after an initial return hurdle rate and up to 35% after subsequent higher return hurdle rates are met. Management determined that the Company does not have a controlling financial interest in this investment as power is shared between the JV partners and neither party can exert significant influence over the operations and financial policies unilaterally. The following table provides a summary of the combined financial position of the Company’s equity method investments as of September 30, 2026 and December 31, 2025 (dollars in thousands):
The following provides a summary of the combined results of operations of the Company’s equity method investments for the three and nine months ended September 30, 2026 and 2025, respectively (dollars in thousands):
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