v3.26.1
Schedule of Real Estate Under Construction (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Real Estate [Abstract]    
Beginning balance $ 57,838 $ 191,308
Capitalized costs [1],[2] 1,004 50,628
Placed in service [3] (927) (188,716)
Capitalized interest 4,618
Ending balance $ 57,915 $ 57,838
[1] Includes development fees and employee reimbursement expenditures. See Note 4 – Related Party Arrangements for additional details regarding our transactions with related parties.
[2] Includes direct and indirect project costs to the construction and development of real estate projects, including but not limited to loan fees, property taxes, and insurance, incurred of less than $0.1 million and $2.3 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively.
[3] During the three months ended March 31, 2026, we reclassified $0.9 million from Real estate under construction to Building and improvements ($0.8 million) and Furniture, fixtures and equipment ($0.1 million), in connection with certain phases of our 1000 First Avenue North, St Petersburg, Florida (“VIV”) and 1991 Main Street, Sarasota, Florida (“Aster & Links”) development projects, which reached substantial completion during 2025 and 2024, respectively.