0001104659-26-087549 | 10-Q | XBRL Viewer

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LONG-TERM DEBT - General Information (Details) - USD ($) $ in Millions	Jun. 30, 2026	Mar. 03, 2022
Bank of Montreal Credit Agreement
Long-term Debt
Line of credit facility, accordion option, revolving loan commitments, aggregate amount, maximum	$ 750.0
Line of credit facility, accordion option, term loan commitments, aggregate amount, maximum	500.0
Bank of Montreal Credit Agreement, Revolving Credit Facility
Long-term Debt
Line of credit facility, maximum borrowing capacity	300.0
Long-term line of credit	193.0
Line of credit facility, remaining borrowing capacity	107.0
Bank of Montreal Credit Agreement, 2027 Unsecured Term Loan
Long-term Debt
Line of credit facility, maximum borrowing capacity	100.0
Bank of Montreal Credit Agreement, 2028 Unsecured Term Loan
Long-term Debt
Line of credit facility, maximum borrowing capacity	100.0
KeyBank Credit Agreement, 2029 Term Loan
Long-term Debt
Line of credit facility, maximum borrowing capacity	125.0
KeyBank Credit Agreement, 2030 Term Loan
Long-term Debt
Line of credit facility, maximum borrowing capacity	$ 125.0
Mortgage Note Payable
Long-term Debt
Debt instrument, face amount		$ 17.8
Debt instrument, interest rate, stated percentage (as a percent)	4.06%	4.06%

MANAGEMENT SERVICES BUSINESS - Investment Securities (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	79 Months Ended
	Nov. 26, 2019	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.		$ 51,310	$ 51,310	$ 41,324
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc. (in shares)		2,470,000	2,470,000
Investment in Alpine Income Property Trust, Inc.		$ 51,300	$ 51,300
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)		13.10%	13.10%
Alpine Income Property OP, LP Limited Partnership Units
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc., shares acquired in exchange for properties (in shares)	1,223,854
Investment in Alpine Income Property Trust, Inc., shares acquired in exchange for properties, value	$ 23,300
Investment in Alpine Income Property Trust, Inc. (in shares)		1,223,854	1,223,854
Investment in Alpine Income Property Trust, Inc.		$ 25,408	$ 25,408	20,463
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)		6.50%	6.50%
Common Stock
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc., shares purchased, weighted-average price per share (in dollars per share)			$ 16.15
Investment in Alpine Income Property Trust, Inc., shares purchased, private placement (in shares)	394,737
Investment in Alpine Income Property Trust, Inc., shares purchased, private placement, value	$ 7,500
Investment in Alpine Income Property Trust, Inc., shares purchased, initial public offering (in shares)	421,053
Investment in Alpine Income Property Trust, Inc., shares purchased, initial public offering, value	$ 8,000
Investment in Alpine Income Property Trust, Inc., shares purchased (in shares)		0	431,912
Investment in Alpine Income Property Trust, Inc., shares purchased, value			$ 7,000
Investment in Alpine Income Property Trust, Inc. (in shares)		1,247,702	1,247,702
Investment in Alpine Income Property Trust, Inc.		$ 25,902	$ 25,902	$ 20,861
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)		6.60%	6.60%

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Revenue
Prepaid Rent	$ 5,080	$ 5,055
Interest Reserve from Commercial Loans and Investments	16,408	9,559
Tenant Contributions	4,163	4,188
Total Deferred Revenue	$ 25,651	$ 18,802

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of capital improvement commitments


	As of June 30, 2026
Total Commitment ⁽¹⁾	$	37,555
Less Amount Funded		(9,301)
Remaining Commitment	$	28,254

(1)

Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Maturities of Long-Term Debt
Remainder of 2026	$ 17,800
2027	293,000
2028	100,000
2029	125,000
2030	125,000
Total Long-Term Debt - Face Value	$ 660,800

COMMON STOCK AND EARNINGS PER SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic and Diluted Earnings:
Net Income Attributable to Common Stockholders - Basic	$ 13,234	$ (25,296)	$ 17,561	$ (24,913)
Net Income Attributable to Common Stockholders - Diluted	$ 13,234	$ (25,296)	$ 17,561	$ (24,913)
Weighted Average Number of Common Shares
Weighted Average Shares Outstanding, Basic (in shares)	34,988,612	32,678,771	33,760,706	32,118,982
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method (in shares)	36,030	49,060	27,637	55,592
Weighted Average Shares Outstanding, Diluted (in shares)	35,024,642	32,727,831	33,788,343	32,174,574
Per Share Information:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.38	$ (0.77)	$ 0.52	$ (0.78)
Diluted Net Income (loss) Attributable to Common Stockholders (in dollars per share)	$ 0.38	$ (0.77)	$ 0.52	$ (0.78)

DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1. DESCRIPTION OF BUSINESS

The terms “us,” “we,” “our,” and “the Company” as used in this report refer to CTO Realty Growth, Inc. together with our consolidated subsidiaries.

We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity.

As of June 30, 2026, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in seven states in the United States, comprising 5.8 million square feet of gross leasable space. In addition to our income property portfolio, as of June 30, 2026, our business included the following:

Management Services: A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”), as well as a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined), and a portfolio of subsurface interests, as further described in Note 5, “Management Services Business”.

Commercial Loans and Investments: A portfolio of four commercial loan investments and three preferred equity investments which are classified as commercial loan investments.

Investment in PINE: Our business also includes our investment in PINE. As of June 30, 2026, the fair value of our investment totaled $51.3 million, or 13.1% of PINE’s outstanding common equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	$ 8,056	$ 6,467	$ 8,551
Restricted Cash	35,447	34,652	10,291
Total Cash	$ 43,503	$ 41,119	$ 18,842	$ 17,361

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES - Lease Termination Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Amortization of Deferred Charges
Amortization of intangible assets, lease termination activity	$ 0.1	$ 0.6	$ 0.4	$ 1.3

LONG-TERM DEBT - Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Capitalized interest
Capitalized Interest	$ 300	$ 0	$ 300	$ 0

INCOME PROPERTIES - Dispositions (Details) $ in Thousands	3 Months Ended	6 Months Ended
INCOME PROPERTIES - Dispositions (Details) $ in Thousands	Jun. 30, 2026 USD ($) property	Jun. 30, 2026 USD ($) property	Jun. 30, 2025 property
Disposal Group, Including Discontinued Operations
Number of real estate properties disposed \| property			0
Gain (loss) on disposition of assets	$ 2,107	$ 2,107
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Income Property, Two Shopping Centers, Disposed 2026
Disposal Group, Including Discontinued Operations
Number of real estate properties disposed, shopping centers \| property	2	2
Disposal group, including discontinued operation, consideration	$ 90,700	$ 90,700
Gain (loss) on disposition of assets		$ 2,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

MANAGEMENT SERVICES BUSINESS - Related Party Management - Dividend Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Investee \| Alpine Income Property Trust, Inc.
Proceeds from Interest and Dividends Received
Dividends received	$ 0.7	$ 0.7	$ 1.5	$ 1.3

INTANGIBLE ASSETS AND LIABILITIES - Estimated Future Amortization Expense (Income) Related to Net Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Future amortization expense, total	$ 74,764
Future accretion to income property revenue, total	(22,545)
Total Intangible Assets and Liabilities - Net	$ 52,219	$ 53,224

INVESTMENT SECURITIES - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Trading, and Equity Securities, FV-NI
Cost	$ 45,739	$ 45,739
Unrealized Gains in Investment Income	5,571
Unrealized Losses in Investment Income		(4,415)
Investment Securities	51,310	41,324
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI
Investment Securities	51,300
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI
Cost	22,486	22,486
Unrealized Gains in Investment Income	3,416
Unrealized Losses in Investment Income		(1,625)
Investment Securities	25,902	20,861
Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI
Cost	23,253	23,253
Unrealized Gains in Investment Income	2,155
Unrealized Losses in Investment Income		(2,790)
Investment Securities	$ 25,408	$ 20,463

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-14

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Long-Term Debt, Unclassified
Long-term debt, gross	$ 660,800
Financing Costs, net of Accumulated Amortization	(2,095)	$ (2,455)
Total Long-Term Debt	658,705	616,345
Bank of Montreal Credit Agreement, Revolving Credit Facility
Long-Term Debt, Unclassified
Long-term debt, gross	193,000	151,000
Bank of Montreal Credit Agreement, 2027 Unsecured Term Loan
Long-Term Debt, Unclassified
Long-term debt, gross	100,000	100,000
Bank of Montreal Credit Agreement, 2028 Unsecured Term Loan
Long-Term Debt, Unclassified
Long-term debt, gross	100,000	100,000
KeyBank Credit Agreement, 2029 Term Loan
Long-Term Debt, Unclassified
Long-term debt, gross	125,000	125,000
KeyBank Credit Agreement, 2030 Term Loan
Long-Term Debt, Unclassified
Long-term debt, gross	125,000	125,000
Mortgage Note Payable
Long-Term Debt, Unclassified
Long-term debt, gross	$ 17,800	$ 17,800

BUSINESS SEGMENT DATA - Concentrations (Details) - Product Concentration Risk - Income Properties	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Assets, Total
Concentration Risk
Concentration risk (as a percent)	81.70%		87.20%
Revenue Benchmark
Concentration Risk
Concentration risk (as a percent)	86.70%	88.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

BUSINESS SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three months ended June 30, 2026 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	37,136		$	—		$	—	$	37,136
Management Fee Income			—			1,466			—		1,466
Interest Income From Commercial Loans and Investments			—			—			5,229		5,229
Total Revenues for Reportable Segments		$	37,136		$	1,466		$	5,229	$	43,831

Operating Expenses:
Income Properties		$	(11,126)		$	—		$	—	$	(11,126)
Total Revenues Less Direct Costs of Revenues		$	26,010		$	1,466		$	5,229	$	32,705
Provision for Impairment and Adjustment to CECL Reserve			—			—			(1,084)		(1,084)
Depreciation and Amortization - Real Estate			(15,831)			—			—		(15,831)
Total Revenues Less Operating Expenses for Reportable Segments		$	10,179		$	1,466		$	4,145	$	15,790
Gain on Disposition of Assets			2,107			—			—		2,107
Net Income From Operations for Reportable Segments		$	12,286		$	1,466		$	4,145	$	17,897

Reconciliation to Consolidated Net Income
General and Administrative Expenses											(4,630)
Investment and Other Income											10,765
Interest Expense											(7,783)
Depreciation and Amortization - Other											(16)
Net Income Before Income Tax Expense										$	16,233
Income Tax Expense											(1,121)
Net Income Attributable to the Company										$	15,112

Information about the Company’s operations in different segments for the three months ended June 30, 2025 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	33,375		$	—		$	—	$	33,375
Management Fee Income			—			1,247			—		1,247
Interest Income From Commercial Loans and Investments			—			—			3,016		3,016
Total Revenues for Reportable Segments		$	33,375		$	1,247		$	3,016	$	37,638

Operating Expenses:
Income Properties		$	(10,178)		$	—		$	—	$	(10,178)
Total Revenues Less Direct Costs of Revenues		$	23,197		$	1,247		$	3,016	$	27,460
Depreciation and Amortization - Real Estate			(15,277)			—			—		(15,277)
Total Revenues Less Operating Expenses for Reportable Segments		$	7,920		$	1,247		$	3,016	$	12,183
Net Income From Operations for Reportable Segments		$	7,920		$	1,247		$	3,016	$	12,183

Reconciliation to Consolidated Net Loss
General and Administrative Expenses											(4,448)
Investment and Other Loss											(3,687)
Interest Expense											(6,859)
Loss on Extinguishment of Debt											(20,396)
Depreciation and Amortization - Other											(17)
Net Loss Before Income Tax Expense										$	(23,224)
Income Tax Expense											(194)
Net Loss Attributable to the Company										$	(23,418)

Information about the Company’s operations in different segments for the six months ended June 30, 2026 is as follows (in thousands):


		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	73,716		$	—		$	—	$	73,716
Management Fee Income			—			2,815			—		2,815
Interest Income From Commercial Loans and Investments			—			—			8,473		8,473
Total Revenues for Reportable Segments		$	73,716		$	2,815		$	8,473	$	85,004

Operating Expenses:
Income Properties		$	(21,294)		$	—		$	—	$	(21,294)
Total Revenues Less Direct Costs of Revenues		$	52,422		$	2,815		$	8,473	$	63,710
Provision for Impairment and Adjustment to CECL Reserve			—			—			(763)		(763)
Depreciation and Amortization - Real Estate			(31,769)			—			—		(31,769)
Total Revenues Less Operating Expenses for Reportable Segments		$	20,653		$	2,815		$	7,710	$	31,178
Gain on Disposition of Assets			2,107			—			—		2,107
Net Income From Operations for Reportable Segments		$	22,760		$	2,815		$	7,710	$	33,285

Reconciliation to Consolidated Net Income
General and Administrative Expenses											(9,707)
Investment and Other Income											14,008
Interest Expense											(15,054)
Depreciation and Amortization - Other											(34)
Net Income Before Income Tax Expense										$	22,498
Income Tax Expense											(1,181)
Net Income Attributable to the Company										$	21,317

Information about the Company’s operations in different segments for the six months ended June 30, 2025 is as follows (in thousands):


		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	65,047		$	—		$	—	$	65,047
Management Fee Income			—			2,425			—		2,425
Interest Income From Commercial Loans and Investments			—			—			5,977		5,977
Total Revenues for Reportable Segments		$	65,047		$	2,425		$	5,977	$	73,449

Operating Expenses:
Income Properties		$	(19,069)		$	—		$	—	$	(19,069)
Total Revenues Less Direct Costs of Revenues		$	45,978		$	2,425		$	5,977	$	54,380
Depreciation and Amortization - Real Estate			(29,623)			—			—		(29,623)
Total Revenues Less Operating Expenses for Reportable Segments		$	16,355		$	2,425		$	5,977	$	24,757
Net Income From Operations for Reportable Segments		$	16,355		$	2,425		$	5,977	$	24,757

Reconciliation to Consolidated Net Loss
General and Administrative Expenses											(9,131)
Investment and Other Loss											(3,112)
Interest Expense											(12,995)
Loss on Extinguishment of Debt											(20,396)
Depreciation and Amortization - Other											(35)
Net Loss Before Income Tax Expense										$	(20,912)
Income Tax Expense											(245)
Net Loss Attributable to the Company										$	(21,157)

Capital expenditures of each segment for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Capital Expenditures:
Income Properties	$	65,486	$	195	$	150,854	$	81,059
Commercial Loans and Investments		107,287		4,974		112,579		6,405
Corporate and Other		11		13		11		25
Total Capital Expenditures	$	172,784	$	5,182	$	263,444	$	87,489

Schedule of identifiable assets of each segment


		As of
		June 30, 2026			December 31, 2025
Identifiable Assets:
Income Properties		$	1,149,144		$	1,102,631
Management Services			1,860			2,465
Commercial Loans and Investments			209,424			118,129
Corporate and Other			45,301			40,677
Total Assets		$	1,405,729		$	1,263,902

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

NOTE 6. INVESTMENT SECURITIES

As of June 30, 2026, the Company owns, in the aggregate and on a fully diluted basis, 2.47 million shares of PINE, or 13.1% of PINE’s total common shares outstanding for an investment value of $51.3 million, which total includes 1.2 million OP Units, or 6.5%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 1,247,702 shares of common stock owned by the Company, or 6.6%. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.”

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the accompanying consolidated statements of operations.

The Company’s available-for-sale securities as of June 30, 2026 and December 31, 2025 are summarized below (in thousands):


		Cost			Unrealized Gains in Investment Income			Unrealized Losses in Investment Income			Estimated Fair Value (Level 1 Inputs)
June 30, 2026
Common Stock		$	22,486		$	3,416		$	—		$	25,902
Operating Units			23,253			2,155			—			25,408
Total Equity Securities		$	45,739		$	5,571		$	—		$	51,310

December 31, 2025
Common Stock		$	22,486		$	—		$	(1,625)		$	20,861
Operating Units			23,253			—			(2,790)			20,463
Total Equity Securities		$	45,739		$	—		$	(4,415)		$	41,324

DEFERRED REVENUE

6 Months Ended

Jun. 30, 2026

Deferred Revenue Disclosure [Abstract]

DEFERRED REVENUE

NOTE 17. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


		As of
		June 30, 2026			December 31, 2025
Prepaid Rent		$	5,080		$	5,055
Interest Reserve from Commercial Loans and Investments			16,408			9,559
Tenant Contributions			4,163			4,188
Total Deferred Revenue		$	25,651		$	18,802

Interest Reserve from Commercial Loans and Investments. In connection with certain of the Company’s commercial loan investments, the borrower has deposited interest reserves in accounts held by the Company. Those account balances are included in restricted cash on the Company’s consolidated balance sheets with the corresponding liability recorded in deferred revenue as seen above. Pursuant to each respective agreement, interest reserves are either (i) utilized to fund the monthly interest due on the loan or (ii) maintained throughout the term of the loan.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 22. SUBSEQUENT EVENTS

Subsequent events and transactions were evaluated through July 28, 2026, the date the consolidated financial statements were issued.

On July 15, 2026, the Company originated a $37.0 million loan, of which $29.8 million was funded at closing. The investment is secured by a leasehold interest in a mixed-use property located in Austin, Texas, bears an initial cash yield of 9.75%, and has a two-year term.

INTEREST RATE SWAPS (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swap agreements


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of June 30, 2026
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	1,454
2027 Term Loan⁽¹⁾	1/29/2027	1/30/2032	3.75% + 0.10% + applicable spread	$	60,000	$	230
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	133
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	129
2028 Term Loan ⁽¹⁾	1/31/2028	1/31/2033	3.81% + 0.10% + applicable spread	$	60,000	$	59
2029 Term Loan	1/31/2023	1/31/2030	3.27% + applicable spread	$	50,000	$	962
2029 Term Loan	1/31/2023	1/31/2030	3.26% + applicable spread	$	33,000	$	647
2029 Term Loan	1/31/2023	1/31/2030	3.36% + applicable spread	$	17,000	$	279
2029 Term Loan	3/10/2026	3/10/2031	3.83% + applicable spread	$	20,000	$	10
2029 Term Loan	3/10/2026	1/30/2030	3.26% + applicable spread	$	5,000	$	98
2030 Term Loan	4/30/2025	4/30/2030	3.41% + applicable spread	$	50,000	$	762
2030 Term Loan	4/30/2025	4/30/2030	3.23% + applicable spread	$	50,000	$	1,086
2030 Term Loan	3/10/2026	3/10/2031	3.78% + applicable spread	$	20,000	$	51
2030 Term Loan	3/10/2026	4/30/2030	3.27% + applicable spread	$	5,000	$	101
Revolving Credit Facility	2/1/2024	1/31/2028	3.85% + 0.10% + applicable spread	$	50,000	$	70

⁽¹⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

MANAGEMENT SERVICES BUSINESS (Tables)

6 Months Ended

Jun. 30, 2026

Property Management Fee [Abstract]

Schedule of amounts due from PINE


		As of
Description		June 30, 2026		December 31, 2025
Management Services Fee Due From PINE		$	1,389	$	1,142
Dividend Receivable			365		349
Other			80		888
Total		$	1,834	$	2,379

EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of dividends declared and paid


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Series A Preferred Stock
Dividends		$	1,878		$	1,878		$	3,756		$	3,756
Per Share		$	0.40		$	0.40		$	0.80		$	0.80

Common Stock
Dividends		$	13,904		$	12,008		$	26,464		$	24,430
Per Share		$	0.38		$	0.38		$	0.76		$	0.76

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of carrying value and estimated fair value of financial instruments


		June 30, 2026						December 31, 2025
		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and Cash Equivalents - Level 1		$	8,056		$	8,056		$	6,467		$	6,467
Restricted Cash - Level 1		$	35,447		$	35,447		$	34,652		$	34,652
Commercial Loans and Investments - Level 2		$	187,388		$	194,905		$	104,804		$	109,828
Long-Term Debt - Level 2		$	658,705		$	658,872		$	616,345		$	608,419

Schedule of fair value of assets measured on recurring basis by Level


				Fair Value at Reporting Date Using
	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2026
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	1,684		$	—		$	1,684		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	321		$	—		$	321		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	1,996		$	—		$	1,996		$	—
Cash Flow Hedge - 2030 Term Loan Interest Rate Swaps	$	2,000		$	—		$	2,000		$	—
Cash Flow Hedge - Revolving Credit Facility Interest Rate Swaps	$	70		$	—		$	70		$	—
Investment Securities	$	51,310		$	51,310		$	—		$	—
December 31, 2025
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	1,496		$	—		$	1,496		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(1,351)		$	—		$	(1,351)		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	(5)		$	—		$	(5)		$	—
Cash Flow Hedge - 2030 Term Loan Interest Rate Swaps	$	(48)		$	—		$	(48)		$	—
Cash Flow Hedge - Revolving Credit Facility Interest Rate Swaps	$	(497)		$	—		$	(497)		$	—
Investment Securities	$	41,324		$	41,324		$	—		$	—

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Long-Term Debt, Unclassified
Current Face Amount	$ 660,800
Financing Costs, net of Accumulated Amortization	(2,095)	$ (2,455)
Total Long-Term Debt	$ 658,705	$ 616,345

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale securities


		Cost			Unrealized Gains in Investment Income			Unrealized Losses in Investment Income			Estimated Fair Value (Level 1 Inputs)
June 30, 2026
Common Stock		$	22,486		$	3,416		$	—		$	25,902
Operating Units			23,253			2,155			—			25,408
Total Equity Securities		$	45,739		$	5,571		$	—		$	51,310

December 31, 2025
Common Stock		$	22,486		$	—		$	(1,625)		$	20,861
Operating Units			23,253			—			(2,790)			20,463
Total Equity Securities		$	45,739		$	—		$	(4,415)		$	41,324

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments, Fair Value Disclosure
Investment Securities	$ 51,310	$ 41,324
Fair value of assets
Cash Flow Hedge - Interest Rate Swaps	6,071	2,999
Fair Value, Recurring
Investments, Fair Value Disclosure
Investment Securities	51,310	41,324
Fair Value, Recurring \| Cash Flow Hedge, 2027 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	1,684	1,496
Fair Value, Recurring \| Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	321	(1,351)
Fair Value, Recurring \| Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	1,996	(5)
Fair Value, Recurring \| Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	2,000	(48)
Fair Value, Recurring \| Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	70	(497)
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Investments, Fair Value Disclosure
Investment Securities	51,310	41,324
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2027 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	1,684	1,496
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	321	(1,351)
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	1,996	(5)
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	2,000	(48)
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 70	$ (497)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. As of June 30, 2026, the Company has an equity investment in PINE.

Segment Reporting

ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in three primary business segments including income properties, management services, and commercial loans and investments as further discussed within Note 21, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on a disaggregated basis for purposes of allocating and evaluating financial performance.

Real Estate

The Company’s real estate assets are carried at cost, less accumulated depreciation and amortization and impairment losses, if any. Such assets are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the Company’s consolidated statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the three months ended June 30, 2026 and June 30, 2025, was $9.8 million and $9.0 million, respectively. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the six months ended June 30, 2026 and June 30, 2025, was $19.5 million and $17.3 million, respectively.

Long-Lived Assets

The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, including land and development costs, real estate held for sale, and property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by our management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investments in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of June 30, 2026 and December 31, 2025 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

Restricted cash totaled $35.4 million at June 30, 2026, consisting of (i) $18.7 million held in five reserve accounts related to the Company’s commercial loans and investments for interest, real estate tax and/or construction costs and (ii) $16.7 million held in escrow to be reinvested through a like-kind exchange structure.

Derivative Financial Instruments and Hedging Activity

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are included in either other assets or accrued and other liabilities on the consolidated balance sheet at its fair value. On the date each interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on a quarterly basis.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (see Note 15, “Interest Rate Swaps”).

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at June 30, 2026 and December 31, 2025, approximate fair value because of the short maturity of these instruments. The carrying value of the Revolving Credit Facility (hereinafter defined) as of June 30, 2026 and December 31, 2025, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loans and investments, the 2027 Term Loan (hereinafter defined), the 2028 Term Loan (hereinafter defined), the 2029 Term Loan (hereinafter defined), the 2030 Term Loan (hereinafter defined), and mortgage note held as of June 30, 2026 and December 31, 2025 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 7, “Fair Value of Financial Instruments”).

Fair Value Measurements

The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. U.S. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

Recognition of Interest Income from Commercial Loans and Investments

Interest income on commercial loans and investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance, and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

Pursuant to ASC 326, Financial Instruments - Credit Losses, the Company measures and records a provision for current expected credit losses (“CECL”) each time a new investment is made or a loan is repaid, as well as if changes to estimates occur during a quarterly measurement period. We are unable to use historical data to estimate expected credit losses, as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

Accounts Receivable

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $4.0 million and $3.9 million as of June 30, 2026 and December 31, 2025, respectively.

The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of June 30, 2026 and December 31, 2025, the Company’s allowance for doubtful accounts totaled $3.3 million and $2.6 million, respectively.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Investments in real estate are carried at cost less accumulated depreciation and amortization and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless management believes the lease includes bargain renewal options that are likely to be exercised, in which case the Company includes such renewal periods in the amortization period utilized. The Company considers both qualitative and quantitative factors in considering if a lease contains a bargain renewal option and the likelihood of a tenant exercising such option. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

The Company incurs costs related to the development and leasing of its properties. Such costs include, but are not limited to, tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements, and are included in construction in progress during the development period. When a construction project is considered to be substantially complete, the capitalized costs are reclassified to the appropriate real estate asset and depreciation begins. The Company assesses the level of construction activity to determine the amount, if any, of interest expense to be capitalized to the underlying construction projects.

Assets Held for Sale

Investments in real estate which are determined to be “held for sale” pursuant to FASB ASC Topic 360-10, Property, Plant, and Equipment are reported separately on the consolidated balance sheets at the lesser of carrying value or fair value, less costs to sell. Real estate investments classified as held for sale are not depreciated.

Sales of Real Estate

When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain (loss) on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

Gains and losses on land sales, in addition to the sale of subsurface interests and mitigation credits, are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue from such sales when the Company transfers the promised goods in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, the underlying cost basis is analyzed and recorded at the lower of cost or market.

Income Taxes

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with its taxable year ended December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through a TRS and subsidiaries of a TRS, which are subject to applicable U.S. federal, state and local corporate income tax on their taxable income. As of January 1, 2024, the Company owns one TRS, which is subject to federal and applicable state income taxation. The TRS is required to file a separate corporate income tax return.

The Company uses the asset and liability method to account for income taxes for the Company’s TRS. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 19, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

The Company also has certain concentrations that make up more than 10% of our income property portfolio, as described below:

●

Square Footage Concentrations. As of June 30, 2026, a total of 26%, 22%, 21% and 17% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Florida, Texas, and North Carolina, respectively. As of December 31, 2025, a total of 30%, 25%, 18%, and 12% of the Company’s income property portfolio, based on square footage, were located in the states of Georgia, Florida, North Carolina, and Texas, respectively.

●

Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the three or six months ended June 30, 2026 or 2025.

●

Base Rent Concentrations. A total of 31%, 23%, 19%, and 14% of our base rent revenue during the six months ended June 30, 2026 was generated from tenants located in Georgia, Florida, Texas, and North Carolina, respectively. A total of 37%, 18%, 14%, and 14% of our base rent revenue during the six months ended June 30, 2025 was generated from tenants located in Georgia, Florida, Texas and North Carolina, respectively.

Recent Accounting Developments

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) which requires additional disclosures regarding a public company’s expenses and addresses requests from investors for more detailed information about the types of expenses (e.g., purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (e.g., cost of sales; selling, general, and administrative (SG&A); and research and development (R&D)). ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Interim Financial Information

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026.

Principles of Consolidation

Segment Reporting

Real Estate

Long-Lived Assets

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents

Restricted Cash

Derivative Financial Instruments and Hedging Activity

Fair Value of Financial Instruments

Fair Value Measurements

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Recognition of Interest Income from Commercial Loans and Investments

Accounts Receivable

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Assets Held for Sale

Sales of Real Estate

Income Taxes

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents.

The Company also has certain concentrations that make up more than 10% of our income property portfolio, as described below:

●

Tenant Concentrations. We did not have any tenants that accounted for more than 10% of total revenues during the three or six months ended June 30, 2026 or 2025.

●

Recent Accounting Developments

COMMON STOCK AND EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of computation of earnings per share


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders		$	13,234		$	(25,296)		$	17,561		$	(24,913)

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic			34,988,612			32,678,771			33,760,706			32,118,982
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method			36,030			49,060			27,637			55,592
Weighted Average Shares Outstanding, Diluted			35,024,642			32,727,831			33,788,343			32,174,574

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted		$	0.38		$	(0.77)		$	0.52		$	(0.78)

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of share activity for all equity classified stock compensation


Type of Award		Shares Outstanding at 1/1/2026			Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares			Shares Outstanding at 6/30/2026
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting			262,887			121,053		(69,558)		—		—			314,382
Equity Classified - Three Year Vest Restricted Shares			203,252			134,642		(94,648)		—		(1,703)			241,543
Total Shares			466,139			255,695		(164,206)		—		(1,703)			555,925

Schedule of amounts recognized for stock-based compensation


			Three Months Ended June 30,						Six Months Ended June 30,
			2026			2025			2026			2025
Total Cost of Share-Based Plans Charged Against Income		$	1,116		$	1,003		$	2,522		$	2,286

Summary of performance shares with market conditions


Performance Shares With Market Conditions		Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2026			262,887	$	18.29
Granted			121,053	$	20.51
Vested			(69,558)	$	18.10
Expired			—		—
Forfeited			—		—
Non-Vested at June 30, 2026			314,382	$	19.19

Summary of non-vested restricted shares

A summary of the activity for these awards during the six months ended June 30, 2026 is presented below:


Non-Vested Restricted Shares		Shares			Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2026			203,252		$	19.02
Granted			134,642		$	18.53
Vested			(94,648)		$	18.75
Expired			—			—
Forfeited			(1,703)		$	19.15
Non-Vested at June 30, 2026			241,543		$	18.85

BUSINESS SEGMENT DATA

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

NOTE 21. BUSINESS SEGMENT DATA

The Company operates in three primary business segments: income properties, management services, and commercial loans and investments. The management services segment consists of the revenue generated from managing PINE, the Portfolio Management Agreement and a subsurface management agreement, as described further in Note 5, “Management Services Business.”

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 81.7% and 87.2% of our identifiable assets as of June 30, 2026 and December 31, 2025, respectively. Our income property operations accounted for 86.7% and 88.6% of our consolidated revenues for the six months ended June 30, 2026 and 2025, respectively. Our management fee income consists of the management fees earned for the management of PINE, the Portfolio Management Agreement and a subsurface management agreement during the six months ended June 30, 2026 and 2025. As of June 30, 2026, our commercial loan and investment portfolio consisted of four commercial loan investments and three preferred equity investments which are classified as commercial loan investments.

Information about the Company’s operations in different segments for the three months ended June 30, 2026 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	37,136		$	—		$	—	$	37,136
Management Fee Income			—			1,466			—		1,466
Interest Income From Commercial Loans and Investments			—			—			5,229		5,229
Total Revenues for Reportable Segments		$	37,136		$	1,466		$	5,229	$	43,831

Operating Expenses:
Income Properties		$	(11,126)		$	—		$	—	$	(11,126)
Total Revenues Less Direct Costs of Revenues		$	26,010		$	1,466		$	5,229	$	32,705
Provision for Impairment and Adjustment to CECL Reserve			—			—			(1,084)		(1,084)
Depreciation and Amortization - Real Estate			(15,831)			—			—		(15,831)
Total Revenues Less Operating Expenses for Reportable Segments		$	10,179		$	1,466		$	4,145	$	15,790
Gain on Disposition of Assets			2,107			—			—		2,107
Net Income From Operations for Reportable Segments		$	12,286		$	1,466		$	4,145	$	17,897

Reconciliation to Consolidated Net Income
General and Administrative Expenses											(4,630)
Investment and Other Income											10,765
Interest Expense											(7,783)
Depreciation and Amortization - Other											(16)
Net Income Before Income Tax Expense										$	16,233
Income Tax Expense											(1,121)
Net Income Attributable to the Company										$	15,112

Information about the Company’s operations in different segments for the three months ended June 30, 2025 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	33,375		$	—		$	—	$	33,375
Management Fee Income			—			1,247			—		1,247
Interest Income From Commercial Loans and Investments			—			—			3,016		3,016
Total Revenues for Reportable Segments		$	33,375		$	1,247		$	3,016	$	37,638

Operating Expenses:
Income Properties		$	(10,178)		$	—		$	—	$	(10,178)
Total Revenues Less Direct Costs of Revenues		$	23,197		$	1,247		$	3,016	$	27,460
Depreciation and Amortization - Real Estate			(15,277)			—			—		(15,277)
Total Revenues Less Operating Expenses for Reportable Segments		$	7,920		$	1,247		$	3,016	$	12,183
Net Income From Operations for Reportable Segments		$	7,920		$	1,247		$	3,016	$	12,183

Reconciliation to Consolidated Net Loss
General and Administrative Expenses											(4,448)
Investment and Other Loss											(3,687)
Interest Expense											(6,859)
Loss on Extinguishment of Debt											(20,396)
Depreciation and Amortization - Other											(17)
Net Loss Before Income Tax Expense										$	(23,224)
Income Tax Expense											(194)
Net Loss Attributable to the Company										$	(23,418)

Information about the Company’s operations in different segments for the six months ended June 30, 2026 is as follows (in thousands):


		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	73,716		$	—		$	—	$	73,716
Management Fee Income			—			2,815			—		2,815
Interest Income From Commercial Loans and Investments			—			—			8,473		8,473
Total Revenues for Reportable Segments		$	73,716		$	2,815		$	8,473	$	85,004

Operating Expenses:
Income Properties		$	(21,294)		$	—		$	—	$	(21,294)
Total Revenues Less Direct Costs of Revenues		$	52,422		$	2,815		$	8,473	$	63,710
Provision for Impairment and Adjustment to CECL Reserve			—			—			(763)		(763)
Depreciation and Amortization - Real Estate			(31,769)			—			—		(31,769)
Total Revenues Less Operating Expenses for Reportable Segments		$	20,653		$	2,815		$	7,710	$	31,178
Gain on Disposition of Assets			2,107			—			—		2,107
Net Income From Operations for Reportable Segments		$	22,760		$	2,815		$	7,710	$	33,285

Reconciliation to Consolidated Net Income
General and Administrative Expenses											(9,707)
Investment and Other Income											14,008
Interest Expense											(15,054)
Depreciation and Amortization - Other											(34)
Net Income Before Income Tax Expense										$	22,498
Income Tax Expense											(1,181)
Net Income Attributable to the Company										$	21,317

Information about the Company’s operations in different segments for the six months ended June 30, 2025 is as follows (in thousands):


		Income Properties			Management Services			Commercial Loans and Investments		Total
Revenues:
Income Properties		$	65,047		$	—		$	—	$	65,047
Management Fee Income			—			2,425			—		2,425
Interest Income From Commercial Loans and Investments			—			—			5,977		5,977
Total Revenues for Reportable Segments		$	65,047		$	2,425		$	5,977	$	73,449

Operating Expenses:
Income Properties		$	(19,069)		$	—		$	—	$	(19,069)
Total Revenues Less Direct Costs of Revenues		$	45,978		$	2,425		$	5,977	$	54,380
Depreciation and Amortization - Real Estate			(29,623)			—			—		(29,623)
Total Revenues Less Operating Expenses for Reportable Segments		$	16,355		$	2,425		$	5,977	$	24,757
Net Income From Operations for Reportable Segments		$	16,355		$	2,425		$	5,977	$	24,757

Reconciliation to Consolidated Net Loss
General and Administrative Expenses											(9,131)
Investment and Other Loss											(3,112)
Interest Expense											(12,995)
Loss on Extinguishment of Debt											(20,396)
Depreciation and Amortization - Other											(35)
Net Loss Before Income Tax Expense										$	(20,912)
Income Tax Expense											(245)
Net Loss Attributable to the Company										$	(21,157)

Capital expenditures of each segment for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Capital Expenditures:
Income Properties	$	65,486	$	195	$	150,854	$	81,059
Commercial Loans and Investments		107,287		4,974		112,579		6,405
Corporate and Other		11		13		11		25
Total Capital Expenditures	$	172,784	$	5,182	$	263,444	$	87,489

Identifiable assets of each segment as of June 30, 2026 and December 31, 2025 are as follows (in thousands):


		As of
		June 30, 2026			December 31, 2025
Identifiable Assets:
Income Properties		$	1,149,144		$	1,102,631
Management Services			1,860			2,465
Commercial Loans and Investments			209,424			118,129
Corporate and Other			45,301			40,677
Total Assets		$	1,405,729		$	1,263,902

Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	6 Months Ended
	Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, finite-lived, acquired, weighted-average amortization period	7 years 9 months 18 days
Intangible liability, below market in-place leases, finite-lived, acquired, weighted-average amortization period	9 years 10 months 24 days

INCOME PROPERTIES - Acquisitions - Allocation (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025	Mar. 03, 2025
Asset Acquisition
Land		$ 298,959	$ 289,012
Finite-lived intangible assets, net		83,791	84,710
Intangible liabilities for the below market lease value		$ 31,572	$ 31,486
Intangible asset, finite-lived, acquired, weighted-average amortization period		7 years 9 months 18 days
Intangible liability, below market in-place leases, finite-lived, acquired, weighted-average amortization period		9 years 10 months 24 days
Income Properties, Acquisitions, 2026
Asset Acquisition
Land		$ 33,700
Buildings and improvements, net		87,500
Finite-lived intangible assets, net		21,500
Intangible liabilities for the below market lease value		$ 4,600
Intangible asset, finite-lived, acquired, weighted-average amortization period	5 years 4 months 24 days
Intangible liability, below market in-place leases, finite-lived, acquired, weighted-average amortization period	5 years 4 months 24 days
Income Properties, Acquisitions, 2025 \| Income Property, Ashley Park, Newnan, Georgia
Asset Acquisition
Land				$ 26,000
Buildings and improvements, net				40,900
Finite-lived intangible assets, net				16,800
Intangible liabilities for the below market lease value				$ 3,700

COMMERCIAL LOANS AND INVESTMENTS - Summary - Additional Information (Details)			6 Months Ended	12 Months Ended
	May 07, 2026	Jan. 01, 2026	Jun. 30, 2026	Dec. 31, 2025
Mortgage Note, Founders Square, Dallas, Texas
Commercial Loans and Investments
Coupon rate (as a percent)		9.50%	9.50%	8.75%
Construction Loan, Rivana, Herndon, Virginia
Commercial Loans and Investments
Coupon rate (as a percent)		12.00%	12.00%	11.50%
Coupon rate, cash (as a percent)		10.00%	10.00%
Coupon rate, paid-in-kind (as a percent)		2.00%	2.00%
Construction Loan, Rivana, Herndon, Virginia \| Weighted Average
Commercial Loans and Investments
Coupon rate (as a percent)			11.62%
Preferred Equity Agreement, Grocery-Anchored Retail Development Preferred Investment, Northeast
Commercial Loans and Investments
Coupon rate (as a percent)	12.00%		12.00%
Coupon rate, cash (as a percent)			9.00%
Coupon rate, paid-in-kind (as a percent)	3.00%		3.00%

ACCRUED AND OTHER LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED AND OTHER LIABILITIES

NOTE 16. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


		As of
		June 30, 2026			December 31, 2025
Accrued Property Taxes		$	7,523		$	1,236
Reserve for Tenant Improvements			806			1,094
Tenant Security Deposits			3,169			3,233
Accrued Construction Costs			4,758			6,926
Accrued Interest			1,282			690
Cash Flow Hedge - Interest Rate Swaps			—			3,404
Operating Leases - Liability			172			229
Construction and Other Reserves from Commercial Loans and Investments			2,275			3,031
Other			4,337			8,342
Total Accrued and Other Liabilities		$	24,322		$	28,185

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received an aggregate of $1.6 million from the sellers of certain properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through June 30, 2026, payments totaling $0.8 million were made leaving a remaining reserve for tenant improvements of $0.8 million.

Construction and Other Reserves from Commercial Loans and Investments. In connection with certain of the Company’s commercial loan investments, the borrower has deposited real estate tax and/or construction reserves in accounts held by the Company. Those accounts balances are included in restricted cash on the Company’s consolidated balance sheets with the corresponding liability recorded in accrued and other liabilities as seen above.

EQUITY - Shelf Registration (Details) - USD ($) $ in Millions	Nov. 12, 2024	Oct. 26, 2022
Shelf Registration, 2022 Registration Statement
Sale of Stock
Sale of stock, aggregate offering price, maximum		$ 500.0
Shelf Registration, 2024 Registration Statement
Sale of Stock
Sale of stock, aggregate offering price, maximum	$ 500.0

OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of components of other assets


		As of
		June 30, 2026			December 31, 2025
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾		$	4,032		$	3,936
Income Property Straight-line Rent Adjustment			8,934			8,889
Income Property Leasing Commissions and Costs, Net			10,050			9,303
Operating Leases - Right-of-Use Asset			183			241
Cash Flow Hedge - Interest Rate Swap			6,071			2,999
Prepaid Expenses, Deposits, and Other			18,500			7,770
Due from Alpine Income Property Trust, Inc.			1,834			2,379
Financing Costs, Net of Accumulated Amortization			393			690
Total Other Assets		$	49,997		$	36,207

⁽¹⁾	Allowance for doubtful accounts was $3.3 million and $2.6 million as of June 30, 2026 and December 31, 2025, respectively.

COMMERCIAL LOANS AND INVESTMENTS - General Information (Details) $ / shares in Units, $ in Thousands					6 Months Ended		12 Months Ended
	May 07, 2026 USD ($)	Apr. 17, 2026 USD ($)	Jan. 01, 2026	Jul. 11, 2024 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) agreement	Jun. 30, 2025 USD ($) loan	Dec. 31, 2025 USD ($)
Commercial Loans and Investments
Number of new commercial loan or investments \| loan						0
Preferred equity agreements, commenced, number \| agreement					2
Original Face Amount					$ 226,763		$ 159,650
Preferred Equity Agreement, Mixed-use Property, Watters Creek at Montgomery Farm, Allen, Texas
Commercial Loans and Investments
Original Face Amount							$ 30,000
Collection of principal					30,000
Coupon Rate (as a percent)							9.50%
Preferred Equity Agreements, 2026
Commercial Loans and Investments
Original Face Amount					96,400
Fee income					1,200
Preferred Equity Agreement, Class A Premier Retail Preferred Investment, Southwest
Commercial Loans and Investments
Original Face Amount		$ 75,000			$ 75,750
Preferred investment, origination fee, percentage (as a percent)		1.25%
Coupon Rate (as a percent)		12.00%			12.00%
Coupon Rate, after year one (as a percent)		11.00%
Coupon rate, paid-in-kind, after election (as a percent)		3.00%
Coupon rate, paid-in-kind, after election, period		1 year
Coupon rate, paid-in-kind, after election, interest rate, basis spread (as a percent)		1.00%
Coupon rate, interest rate, after option to extend (as a percent)		13.00%
Fee income		$ 900
Preferred investment, option to extend, period		1 year
Preferred Equity Agreement, Class A Premier Retail Preferred Investment, Southwest \| Maximum
Commercial Loans and Investments
Original face amount, funding towards total investment, percentage (as a percent)		5.00%
Preferred Equity Agreement, Grocery-Anchored Retail Development Preferred Investment, Northeast
Commercial Loans and Investments
Original Face Amount	$ 21,400				$ 21,363
Preferred equity agreement, option to extend, period	1 year
Preferred investment, origination fee, percentage (as a percent)	1.00%
Coupon Rate (as a percent)	12.00%				12.00%
Coupon rate, paid-in-kind (as a percent)	3.00%				3.00%
Coupon rate, interest rate, after option to extend (as a percent)	13.00%
Coupon rate, interest rate, paid-in-kind, after option to extend (as a percent)	3.00%
Fee income	$ 200
Original face amount, funding towards total investment, percentage (as a percent)	17.00%
Construction Loans, 2024
Commercial Loans and Investments
Mortgage loan originated					$ 17,400	$ 6,400
Collection of principal						$ 5,600
Construction Loan, Rivana, Herndon, Virginia
Commercial Loans and Investments
Original Face Amount					$ 59,450		$ 59,450
Coupon Rate (as a percent)			12.00%		12.00%		11.50%
Coupon rate, paid-in-kind (as a percent)			2.00%		2.00%
Construction Loan, Whole Foods, Forsyth, Georgia
Commercial Loans and Investments
Original Face Amount					$ 40,200		$ 40,200
Coupon Rate (as a percent)					12.15%		12.15%
Series A Preferred Investment
Commercial Loans and Investments
Original Face Amount				$ 10,000	$ 10,000		$ 10,000
Preferred investment, preferred shares received, shares (in shares) \| shares				10,000
Preferred investment, preferred shares received, dividend rate, percentage (as a percent)				14.00%
Preferred investment, preferred shares received, par vale, per share (in dollars per share) \| $ / shares				$ 0.01
Preferred investment, origination fee, percentage (as a percent)				1.00%
Coupon Rate (as a percent)					14.00%		14.00%
Fee income				$ 100

BUSINESS SEGMENT DATA - Product Information (Details)	Jun. 30, 2026 instrument
Segment Reporting [Abstract]
Commercial loans and investments, commercial loan investments, number	4
Commercial loans and investments, preferred equity investments, number	3

DESCRIPTION OF BUSINESS - Commercial Loans and Investments (Details)	Jun. 30, 2026 instrument
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commercial loans and investments, commercial loan investments, number	4
Commercial loans and investments, preferred equity investments, number	3

PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE

6 Months Ended

Jun. 30, 2026

Credit Loss [Abstract]

PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE

NOTE 9. PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE

Income Properties. There were no impairment charges on the Company’s income property portfolio during the six months ended June 30, 2026 or 2025.

Commercial Loans and Investments. During the three and six months ended June 30, 2026, the Company recorded an impairment charge of $1.1 million and $0.8 million, respectively, related to its commercial loans and investments. No CECL impairment was recognized during the six months ended June 30, 2025.

ACCRUED AND OTHER LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of components of accrued and other liabilities


		As of
		June 30, 2026			December 31, 2025
Accrued Property Taxes		$	7,523		$	1,236
Reserve for Tenant Improvements			806			1,094
Tenant Security Deposits			3,169			3,233
Accrued Construction Costs			4,758			6,926
Accrued Interest			1,282			690
Cash Flow Hedge - Interest Rate Swaps			—			3,404
Operating Leases - Liability			172			229
Construction and Other Reserves from Commercial Loans and Investments			2,275			3,031
Other			4,337			8,342
Total Accrued and Other Liabilities		$	24,322		$	28,185

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jul. 15, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsequent Events
Original Face Amount		$ 226,763	$ 159,650
Carrying Value		$ 189,291	$ 105,944
Subsequent Event \| Construction Loan, Mixed-Use Property, Austin, Texas
Subsequent Events
Original Face Amount	$ 37,000
Carrying Value	$ 29,800
Coupon Rate (as a percent)	9.75%
Mortgage loans on real estate, construction loan, term	2 years

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-Cancelable Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2026	$ 54,529
2027	101,816
2028	88,247
2029	72,674
2030	63,848
2031	50,865
2032 and Thereafter (Cumulative)	122,842
Total	$ 554,821

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Restricted Cash
Restricted cash	$ 35,447	$ 34,652	$ 10,291
Commercial Loans and Investments
Restricted Cash
Restricted cash	18,700
Construction Commitments
Restricted Cash
Restricted cash	$ 16,700

- Definition

+ References + Details

BUSINESS SEGMENT DATA - Summary of Segment Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting Information
Income Properties	$ 37,136	$ 33,375	$ 73,716	$ 65,047
Revenue from Contract with Customer, Including Assessed Tax	1,466	1,247	2,815	2,425
Interest Income From Commercial Loans and Investments	5,229	3,016	8,473	5,977
Total Revenues for Reportable Segments	43,831	37,638	85,004	73,449
Total Direct Cost of Revenues	(11,126)	(10,178)	(21,294)	(19,069)
Total Revenues Less Direct Costs of Revenues	32,705	27,460	63,710	54,380
Provision for Impairment and Adjustment to CECL Reserve	(1,084)		(763)
Depreciation and Amortization - Real Estate	(15,831)	(15,277)	(31,769)	(29,623)
Total Operating Income (Loss)	13,251	(12,678)	23,544	(4,805)
Gain on Disposition of Assets	2,107		2,107
General and Administrative Expenses	(4,630)	(4,448)	(9,707)	(9,131)
Investment and Other Income (Loss)	10,765	(3,687)	14,008	(3,112)
Interest Expense	(7,783)	(6,859)	(15,054)	(12,995)
Loss on Extinguishment of Debt		(20,396)		(20,396)
Depreciation and Amortization - Other	(16)	(17)	(34)	(35)
Net Income Before Income Tax Expense	16,233	(23,224)	22,498	(20,912)
Income Tax Expense	(1,121)	(194)	(1,181)	(245)
us-gaap:NetIncomeLoss	15,112	(23,418)	21,317	(21,157)
Income Properties
Segment Reporting Information
Total Direct Cost of Revenues	(11,126)	(10,178)	(21,294)	(19,069)
Income Properties
Segment Reporting Information
Income Properties	37,136	33,375	73,716	65,047
Total Revenues for Reportable Segments	37,136	33,375	73,716	65,047
Total Revenues Less Direct Costs of Revenues	26,010	23,197	52,422	45,978
Depreciation and Amortization - Real Estate	(15,831)	(15,277)	(31,769)	(29,623)
Gain on Disposition of Assets	2,107		2,107
Income Properties \| Income Properties
Segment Reporting Information
Total Direct Cost of Revenues	(11,126)	(10,178)	(21,294)	(19,069)
Management Services
Segment Reporting Information
Revenue from Contract with Customer, Including Assessed Tax	1,466	1,247	2,815	2,425
Total Revenues for Reportable Segments	1,466	1,247	2,815	2,425
Total Revenues Less Direct Costs of Revenues	1,466	1,247	2,815	2,425
Commercial Loans and Investments
Segment Reporting Information
Interest Income From Commercial Loans and Investments	5,229	3,016	8,473	5,977
Total Revenues for Reportable Segments	5,229	3,016	8,473	5,977
Total Revenues Less Direct Costs of Revenues	5,229	3,016	8,473	5,977
Provision for Impairment and Adjustment to CECL Reserve	(1,084)		(763)
Operating Segments
Segment Reporting Information
Total Operating Income (Loss)	15,790	12,183	31,178	24,757
Net Income Before Income Tax Expense	17,897	12,183	33,285	24,757
Operating Segments \| Income Properties
Segment Reporting Information
Total Operating Income (Loss)	10,179	7,920	20,653	16,355
Net Income Before Income Tax Expense	12,286	7,920	22,760	16,355
Operating Segments \| Management Services
Segment Reporting Information
Total Operating Income (Loss)	1,466	1,247	2,815	2,425
Net Income Before Income Tax Expense	1,466	1,247	2,815	2,425
Operating Segments \| Commercial Loans and Investments
Segment Reporting Information
Total Operating Income (Loss)	4,145	3,016	7,710	5,977
Net Income Before Income Tax Expense	$ 4,145	$ 3,016	$ 7,710	$ 5,977

LONG-TERM DEBT - Interest Rate Swaps (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	Jun. 30, 2026 USD ($)
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps
Notional Disclosures
Derivative, notional amount	$ 50,000
Derivative, average fixed interest rate (as a percent)	3.85%
Derivative, average fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Cash Flow Hedge, 2027 Term Loan Interest Rate Swaps, Interest Rate Swap One
Notional Disclosures
Derivative, notional amount	$ 100,000
Derivative, average fixed interest rate (as a percent)	1.35%
Derivative, average fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps, Interest Rate Swaps, Total
Notional Disclosures
Derivative, notional amount	$ 100,000
Derivative, average fixed interest rate (as a percent)	3.78%
Derivative, average fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, notional amount	$ 125,000
Derivative, average fixed interest rate (as a percent)	3.37%
Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps
Notional Disclosures
Derivative, notional amount	$ 125,000
Derivative, average fixed interest rate (as a percent)	3.39%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards (Details)	Jun. 30, 2026
Accounting Standards Update 2024-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	3	3	3	3
Segment Reporting, CODM, Individual Title and Position or Group Name	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember

INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

NOTE 8. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		As of
		June 30, 2026			December 31, 2025
Intangible Lease Assets:
Value of In-Place Leases		$	94,980		$	99,346
Value of Above Market In-Place Leases			19,145			23,052
Value of Intangible Leasing Costs			30,961			29,963
Sub-total Intangible Lease Assets			145,086			152,361
Accumulated Amortization			(61,295)			(67,651)
Sub-total Intangible Lease Assets—Net			83,791			84,710
Intangible Lease Liabilities:
Value of Below Market In-Place Leases			(42,333)			(42,144)
Sub-total Intangible Lease Liabilities			(42,333)			(42,144)
Accumulated Amortization			10,761			10,658
Sub-total Intangible Lease Liabilities—Net			(31,572)			(31,486)
Total Intangible Assets and Liabilities—Net		$	52,219		$	53,224

The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Amortization Expense	$	6,006	$	6,287	$	12,300	$	12,316
Accretion to Income Properties Revenue		(699)		(267)		(1,609)		(716)
Net Amortization of Intangible Assets and Liabilities	$	5,307	$	6,020	$	10,691	$	11,600

Amortization expense and accretion to income properties revenue for the three and six months ended June 30, 2026 includes $0.1 million and $0.4 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. For the three and six months ended June 30, 2025, amortization expense and accretion to income properties revenue included $0.6 million and $1.3 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period.

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):
As of June 30, 2026		Future Amortization Expense			Future Accretion to Income Property Revenue			Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2026		$	10,895		$	(1,617)		$	9,278
2027			17,726			(2,644)			15,082
2028			12,581			(2,556)			10,025
2029			8,425			(2,490)			5,935
2030			6,689			(2,091)			4,598
2031			5,595			(2,132)			3,463
2032 and Thereafter			12,853			(9,015)			3,838
Total		$	74,764		$	(22,545)		$	52,219

As of June 30, 2026, the weighted average amortization period of total intangible assets and liabilities was 7.8 years and 9.9 years, respectively.

PROVISION FOR IMPAIRMENT AND ADJUSTMENT TO CECL RESERVE (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Asset, Impairment Loss
Provision for Impairment and Adjustment to CECL Reserve	$ 1,084	$ 763
Income Properties
Asset, Impairment Loss
Asset, impairment loss		0	$ 0
Commercial Loans and Investments
Asset, Impairment Loss
Financing receivable, credit loss, expense (reversal)	(1,100)	800	$ 0
Provision for Impairment and Adjustment to CECL Reserve	$ 1,084	$ 763

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Total Assets	$ 1,405,729	$ 1,263,902
Operating Segments \| Income Properties
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Total Assets	1,149,144	1,102,631
Operating Segments \| Management Services
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Total Assets	1,860	2,465
Operating Segments \| Commercial Loans and Investments
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Total Assets	209,424	118,129
Corporate and Other
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Total Assets	$ 45,301	$ 40,677

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

Document and Entity Information - $ / shares	6 Months Ended
Document and Entity Information - $ / shares	Jun. 30, 2026	Jul. 21, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Securities Act File Number	001-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	369 N. New York Avenue,
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	407
Local Phone Number	904-3324
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,485,454
Entity Listing, Par Value Per Share	$ 0.01
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000023795
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2026
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01
Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	CTO/PA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Mar. 31, 2023	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2025	Sep. 24, 2025	Dec. 12, 2023	Apr. 25, 2023	Feb. 16, 2023	Feb. 29, 2020
Share Repurchase Program
Stock repurchased during period, value	$ 37			$ 37
Common Stock Repurchase Program, February 2020
Share Repurchase Program
Stock repurchase program, authorized amount																$ 10,000
Stock repurchased during period, shares (in shares)							0	145,724	121,659	265,695
Stock repurchased during period, value								$ 2,800	$ 2,200	$ 4,100
Shares acquired, average cost per share (in dollars per share)								$ 19.15	$ 18.16	$ 15.43
Common Stock Repurchase Program, February 2023
Share Repurchase Program
Stock repurchase program, authorized amount															$ 5,000
Stock repurchased during period, shares (in shares)		303,354
Stock repurchased during period, value		$ 5,000
Shares acquired, average cost per share (in dollars per share)		$ 16.48
Share repurchase program, remaining authorized, amount		$ 0
Common Stock Repurchase Program, April 2023
Share Repurchase Program
Stock repurchase program, authorized amount														$ 5,000
Stock repurchased during period, shares (in shares)							62,015
Stock repurchased during period, value							$ 1,000
Shares acquired, average cost per share (in dollars per share)							$ 15.72
Common Stock Repurchase Programs, December 2023 and September 2025
Share Repurchase Program
Stock repurchased during period, shares (in shares)					573,724
Stock repurchased during period, value					$ 9,300
Shares acquired, average cost per share (in dollars per share)					$ 16.27
Common Stock Repurchase Program, December 2023
Share Repurchase Program
Stock repurchase program, authorized amount											$ 5,000		$ 5,000
Stock repurchased during period, shares (in shares)					266,161	40,726
Stock repurchased during period, value					$ 4,300	$ 700
Shares acquired, average cost per share (in dollars per share)					$ 16.29	$ 16.28
Share repurchase program, remaining authorized, amount												$ 0
Common Stock Repurchase Program, September 2025
Share Repurchase Program
Stock repurchase program, authorized amount												$ 10,000
Stock repurchased during period, shares (in shares)			0		307,563
Stock repurchased during period, value					$ 5,000
Shares acquired, average cost per share (in dollars per share)					$ 16.26
Share repurchase program, remaining authorized, amount			$ 5,000
Series A Preferred Stock Repurchase Program, February 2023 \| Cumulative Preferred Stock
Share Repurchase Program
Stock repurchase program, authorized amount															$ 3,000
Stock repurchased during period, shares (in shares)							21,192
Stock repurchased during period, value			$ 0	$ 0			$ 400
Shares acquired, average cost per share (in dollars per share)							$ 18.45

DESCRIPTION OF BUSINESS - General Information (Details) ft² in Millions	Jun. 30, 2026 ft² state property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	21
Number of states in which entity operates \| state	7
Area of real estate property (in square feet) \| ft²	5.8

EQUITY

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

EQUITY

NOTE 11. EQUITY

SHELF REGISTRATION

On October 11, 2022, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million (the “2022 Registration Statement”). The Securities and Exchange Commission declared the 2022 Registration Statement effective on October 26, 2022.

On October 16, 2024, the Company filed a new shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million (the “2024 Registration Statement”). The Securities and Exchange Commission declared the 2024 Registration Statement effective on November 12, 2024. The 2022 Registration Statement was terminated concurrently with the effectiveness of the 2024 Registration Statement.

EQUITY OFFERING

On December 5, 2022, the Company completed a follow-on public offering of 3,450,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 450,000 shares of common stock. Upon closing, the Company issued 3,450,000 shares and received net proceeds of $62.4 million, after deducting the underwriting discount and expenses.

ATM PROGRAM

On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2021 ATM Program”) pursuant to which the Company sold shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 961,261 shares under the 2021 ATM Program for gross proceeds of $21.1 million at a weighted average price of $21.99 per share, generating net proceeds of $20.8 million after deducting transaction fees totaling less than $0.3 million. The 2021 ATM Program was terminated in connection with the establishment of the 2022 ATM Program, hereinafter defined.

On October 28, 2022, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2022 ATM Program”) pursuant to which the Company sold shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 604,765 shares under the 2022 ATM Program for gross proceeds of $12.3 million at a weighted average price of $20.29 per share, generating net proceeds of $12.1 million after deducting transaction fees totaling $0.2 million.

In the aggregate, under the 2021 ATM Program and 2022 ATM Program, during the year ended December 31, 2022, the Company sold 1,566,026 shares for gross proceeds of $33.4 million at a weighted average price of $21.33 per share, generating net proceeds of $32.9 million after deducting transaction fees totaling $0.5 million. The Company was not active under the 2022 ATM Program during the year ended December 31, 2023. During the year ended December 31, 2024, the Company sold 7,226,192 shares under the 2022 ATM Program for gross proceeds of $134.2 million at a weighted average price of $18.58 per share, generating net proceeds of $132.2 million after deducting transaction fees of $2.0 million. The 2022 ATM Program was terminated in connection with the establishment of the 2024 ATM Program, hereinafter defined.

On November 12, 2024, the Company implemented a $250.0 million “at-the-market” equity offering program (the “2024 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2024, the Company sold 1,696,601 shares under the 2024 ATM Program for gross proceeds of $33.5 million at a weighted average price of $19.77 per share, generating net proceeds of $33.0 million after deducting transaction fees of $0.5 million. The Company was not active under the 2024 ATM Program during the year ended December 31, 2025. During the six months ended June 30, 2026, the Company sold 4,917,499 shares under the 2024 ATM Program for gross proceeds of $99.2 million at a weighted average price of $20.18 per share, generating net proceeds of $97.8 million after deducting transaction fees of $1.4 million. As of June 30, 2026, $117.2 million of availability remained under the 2024 ATM Program.

PREFERRED STOCK

On June 28, 2021, the Company priced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting discount and expenses.

On April 4, 2024, the Company priced a public offering of 1,500,000 additional shares of the Series A Preferred Stock, liquidation preference $25.00 per share, at a public offering price of $20.00 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of the Series A Preferred Stock to cover over-allotments, which the underwriters exercised with respect to 218,417 shares on April 9, 2024. Upon closing on April 11, 2024, 1,718,417 shares of the Series A Preferred Stock (including the 218,417 shares of Series A Preferred Stock issued pursuant to the underwriters’ option) were issued generating net proceeds of $33.1 million, after deducting the underwriting discount and offering expenses payable by the Company.

On August 23, 2024, the Company implemented a $24.5 million “at-the-market” preferred stock equity offering program (the “August 2024 Preferred Stock ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Series A Preferred Stock. During the year ended December 31, 2024, the Company sold 15,844 shares under the August 2024 Preferred Stock ATM Program generating net proceeds of $0.4 million at a weighted average price of $23.22 per share after deducting transaction fees of less than $0.1 million. The August 2024 Preferred Stock ATM Program was terminated in connection with the establishment of the November 2024 Preferred Stock ATM Program, hereinafter defined. On November 12, 2024, the Company implemented a $25.0 million “at-the-market” preferred stock equity offering program (the “November 2024 Preferred Stock ATM Program”) pursuant to which the Company may sell, from

time to time, shares of the Series A Preferred Stock. The Company was not active under the November 2024 Preferred Stock ATM Program during the six months ended June 30, 2026. As of June 30, 2026, $25.0 million of availability remained under the November 2024 Preferred Stock ATM Program.

The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed.

The Series A Preferred Stock is not redeemable by the Company prior to July 6, 2026 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding the date of redemption, and in limited circumstances, the holders of the Series A Preferred Stock may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary.

See Note 13, “Share Repurchases” for the Company’s Series A Preferred Stock repurchase activity.

DIVIDENDS

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020. In order to maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate U.S. federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows.

The following table outlines dividends declared and paid for the Series A Preferred Stock and the Company’s common stock during the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Series A Preferred Stock
Dividends		$	1,878		$	1,878		$	3,756		$	3,756
Per Share		$	0.40		$	0.40		$	0.80		$	0.80

Common Stock
Dividends		$	13,904		$	12,008		$	26,464		$	24,430
Per Share		$	0.38		$	0.38		$	0.76		$	0.76

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S25
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS AND LIABILITIES - Total Intangible Assets and Liabilities, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets, Net
Intangible Lease Assets - Net	$ 83,791	$ 84,710
Below Market Lease, Net
Intangible Lease Liabilities - Net	(31,572)	(31,486)
Total Intangible Assets and Liabilities - Net	$ 52,219	$ 53,224

DESCRIPTION OF BUSINESS - Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.	$ 51,310	$ 41,324
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.	$ 51,300
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)	13.10%
Investment conversion ratio	1

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

INTEREST RATE SWAPS

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAPS

NOTE 15. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three and six months ended June 30, 2026 and 2025. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements as of June 30, 2026 is presented below (in thousands):


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of June 30, 2026
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	1,454
2027 Term Loan⁽¹⁾	1/29/2027	1/30/2032	3.75% + 0.10% + applicable spread	$	60,000	$	230
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	133
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	129
2028 Term Loan ⁽¹⁾	1/31/2028	1/31/2033	3.81% + 0.10% + applicable spread	$	60,000	$	59
2029 Term Loan	1/31/2023	1/31/2030	3.27% + applicable spread	$	50,000	$	962
2029 Term Loan	1/31/2023	1/31/2030	3.26% + applicable spread	$	33,000	$	647
2029 Term Loan	1/31/2023	1/31/2030	3.36% + applicable spread	$	17,000	$	279
2029 Term Loan	3/10/2026	3/10/2031	3.83% + applicable spread	$	20,000	$	10
2029 Term Loan	3/10/2026	1/30/2030	3.26% + applicable spread	$	5,000	$	98
2030 Term Loan	4/30/2025	4/30/2030	3.41% + applicable spread	$	50,000	$	762
2030 Term Loan	4/30/2025	4/30/2030	3.23% + applicable spread	$	50,000	$	1,086
2030 Term Loan	3/10/2026	3/10/2031	3.78% + applicable spread	$	20,000	$	51
2030 Term Loan	3/10/2026	4/30/2030	3.27% + applicable spread	$	5,000	$	101
Revolving Credit Facility	2/1/2024	1/31/2028	3.85% + 0.10% + applicable spread	$	50,000	$	70

⁽¹⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not currently anticipate that any of the counterparties to the Company’s interest rate swap agreements will fail to meet their obligations. As of June 30, 2026, there were no events of default related to the Company’s interest rate swap agreements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of outstanding indebtedness, at face value


	Face Value Debt			Maturity Date	Interest Rate			Wtd. Avg. Rate
Revolving Credit Facility ⁽¹⁾	$	193,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			5.17%
2027 Term Loan ⁽²⁾		100,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			2.80%
2028 Term Loan ⁽³⁾		100,000		January 2028		SOFR + 0.10% + [1.20% - 2.15%]			5.18%
2029 Term Loan ⁽⁴⁾		125,000		September 2029		SOFR + [1.20% - 2.15%]			4.67%
2030 Term Loan ⁽⁵⁾		125,000		September 2030		SOFR + [1.20% - 2.15%]			4.69%
Mortgage Note Payable		17,800		August 2026		4.060%			4.06%
Total Long-Term Face Value Debt	$	660,800							4.60%

⁽¹⁾	The Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $125.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.37% plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $125.0 million 2030 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.39% plus the applicable spread.

Schedule of components of long-term debt


	June 30, 2026					December 31, 2025
	Total			Due Within One Year		Total			Due Within One Year
Revolving Credit Facility	$	193,000		$	193,000	$	151,000		$	—
2027 Term Loan		100,000			100,000		100,000			—
2028 Term Loan		100,000			—		100,000			—
2029 Term Loan		125,000			—		125,000			—
2030 Term Loan		125,000			—		125,000			—
Mortgage Note Payable		17,800			17,800		17,800			17,800
Financing Costs, net of Accumulated Amortization		(2,095)			—		(2,455)			—
Total Long-Term Debt	$	658,705		$	310,800	$	616,345		$	17,800

Schedule of payments applicable to reduction of principal amounts


As of June 30,	Amount
Remainder of 2026	$	17,800
2027		293,000
2028		100,000
2029		125,000
2030		125,000
2031		—
2032 and Thereafter		—
Total Long-Term Debt - Face Value	$	660,800

Schedule of carrying value of long-term debt


	Total
Current Face Amount	$	660,800
Financing Costs, net of Accumulated Amortization		(2,095)
Total Long-Term Debt	$	658,705

Schedule of interest expense on debt


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest Expense ⁽¹⁾	$	7,456	$	6,542	$	14,386	$	12,311
Amortization of Deferred Financing Costs		327		311		668		639
Amortization of Discount on Convertible Notes		—		6		—		45
Total Interest Expense	$	7,783	$	6,859	$	15,054	$	12,995

Total Interest Paid	$	7,697	$	7,490	$	14,115	$	12,790

⁽¹⁾ Net of capitalized interest of $0.3 million during the three and six months ended June 30, 2026, with no interest being capitalized during the three and six months ended June 30, 2025.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	6 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative Asset, Statement of Financial Position	Other Assets-See Note 10
Interest Rate Swap
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%
Cash Flow Hedge, 2027 Term Loan Interest Rate Swaps, Interest Rate Swap One \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	1.35%
Derivative, fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Derivative, notional amount	$ 100,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 1,454
Cash Flow Hedge, 2027 Term Loan Interest Rate Swaps, Interest Rate Forward Swap One \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.75%
Derivative, fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Derivative, notional amount	$ 60,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	230
Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps, Interest Rate Swaps, Total \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative, notional amount	$ 100,000
Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps, Interest Rate Swap One \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.78%
Derivative, fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 133
Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps, Interest Rate Swap Two \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.78%
Derivative, fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 129
Cash Flow Hedge, 2028 Term Loan Interest Rate Swaps, Interest Rate Forward Swap One \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.81%
Derivative, fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Derivative, notional amount	$ 60,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	59
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative, notional amount	$ 125,000
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps, Interest Rate Swap One \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.27%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 962
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps, Interest Rate Swap Two \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.26%
Derivative, notional amount	$ 33,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 647
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps, Interest Rate Swap Three \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.36%
Derivative, notional amount	$ 17,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 279
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps, Interest Rate Swap Four \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.83%
Derivative, notional amount	$ 20,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 10
Cash Flow Hedge, 2029 Term Loan Interest Rate Swaps, Interest Rate Swap Five \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.26%
Derivative, notional amount	$ 5,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	98
Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative, notional amount	$ 125,000
Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps, Interest Rate Swap One \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.41%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 762
Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps, Interest Rate Swap Two \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.23%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 1,086
Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps, Interest Rate Swap Three \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.78%
Derivative, notional amount	$ 20,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 51
Cash Flow Hedge, 2030 Term Loan Interest Rate Swaps, Interest Rate Swap Four \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.27%
Derivative, notional amount	$ 5,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 101
Cash Flow Hedge, Revolving Credit Facility Interest Rate Swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Notional Disclosures
Derivative fixed interest rate (as a percent)	3.85%
Derivative, fixed interest rate, variable rate, adjustment (as a percent)	0.10%
Derivative, notional amount	$ 50,000
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification
Derivative assets (liabilities), at fair value, net	$ 70

LONG-TERM DEBT - Interest Paid (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Paid, Including Capitalized Interest, Operating and Investing Activities
Total Interest Paid	$ 7,697	$ 7,490	$ 14,115	$ 12,790

DEFERRED REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Revenue Disclosure [Abstract]

Schedule of components of deferred revenue


		As of
		June 30, 2026			December 31, 2025
Prepaid Rent		$	5,080		$	5,055
Interest Reserve from Commercial Loans and Investments			16,408			9,559
Tenant Contributions			4,163			4,188
Total Deferred Revenue		$	25,651		$	18,802

STOCK-BASED COMPENSATION - General Information (Details)	6 Months Ended
	Jun. 30, 2026 shares
Share-Based Compensation
Granted Shares (in shares)	255,695
Share-Based Payment Arrangement, Tranche One \| Minimum
Share-Based Compensation
Performance share awards recipient entitled to receive (as a percent)	0.00%
Share-Based Payment Arrangement, Tranche One \| Maximum
Share-Based Compensation
Performance share awards recipient entitled to receive (as a percent)	150.00%
Share-Based Payment Arrangement, Tranche Two \| Minimum
Share-Based Compensation
Performance share awards recipient entitled to receive (as a percent)	0.00%
Share-Based Payment Arrangement, Tranche Two \| Maximum
Share-Based Compensation
Performance share awards recipient entitled to receive (as a percent)	200.00%
Performance Shares
Share-Based Compensation
Vesting period	3 years
Granted Shares (in shares)	121,053
Restricted Stock
Share-Based Compensation
Granted Shares (in shares)	134,642

OTHER ASSETS - Tabular Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Assets
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts	$ 4,032	$ 3,936
Income Property Straight-line Rent Adjustment	8,934	8,889
Income Property Leasing Commissions and Costs, Net	10,050	9,303
Operating Leases - Right-of-Use Asset	$ 183	$ 241
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total Other Assets	Total Other Assets
Cash Flow Hedge - Interest Rate Swap	$ 6,071	$ 2,999
Prepaid Expenses, Deposits, and Other	18,500	7,770
Financing Costs, Net of Accumulated Amortization	393	690
Total Other Assets	49,997	36,207
Investee
Other Assets
Other receivables	$ 1,834	$ 2,379

COMMON STOCK AND EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

COMMON STOCK AND EARNINGS PER SHARE

NOTE 12. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders		$	13,234		$	(25,296)		$	17,561		$	(24,913)

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic			34,988,612			32,678,771			33,760,706			32,118,982
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method			36,030			49,060			27,637			55,592
Weighted Average Shares Outstanding, Diluted			35,024,642			32,727,831			33,788,343			32,174,574

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted		$	0.38		$	(0.77)		$	0.52		$	(0.78)

There were 36,030 and 27,637 potentially dilutive shares related to the Company’s restricted stock for the three and six months ended June 30, 2026, respectively. There were 49,060 and 55,592 potentially dilutive shares related to the Company’s restricted stock for the three and six months ended June 30, 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

EQUITY - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions				6 Months Ended	12 Months Ended
	Apr. 11, 2024	Dec. 05, 2022	Jul. 06, 2021	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024	Nov. 12, 2024	Aug. 23, 2024	Jun. 28, 2021
Sale of Stock
Dividend rate (as a percent)				6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)				$ 25	$ 25
Cumulative Preferred Stock
Sale of Stock
Preferred stock, redemption price per share (in dollars per share)									$ 25
Public Offering, Preferred Stock, 2021
Sale of Stock
Proceeds from issuance of preferred stock and preference stock, net of stock issuance costs			$ 72.4
Public Offering, Preferred Stock, 2021 \| Cumulative Preferred Stock
Sale of Stock
Stock issued during period, shares, new issues (in shares)			3,000,000
Sale of stock, number of shares issued in transaction (in shares)			25
Dividend rate (as a percent)			6.375%
Public Offering, Preferred Stock, 2024 \| Cumulative Preferred Stock
Sale of Stock
Stock issued during period, shares, new issues (in shares)	1,718,417
Sale of stock, number of shares issued in transaction (in shares)	1,500,000
Preferred stock, liquidation preference (in dollars per share)	$ 25
Sale of stock, price per share (in dollars per share)	$ 20
Sale of stock, underwriters option period	30 days
Proceeds from issuance of preferred stock and preference stock, net of stock issuance costs	$ 33.1
Over-Allotment Option
Sale of Stock
Stock issued during period, shares, new issues (in shares)		450,000
Over-Allotment Option \| Cumulative Preferred Stock
Sale of Stock
Stock issued during period, shares, new issues (in shares)	218,417
Sale of stock, number of shares issued in transaction (in shares)	225,000
ATM Program, Preferred Stock, August 2024 Preferred Stock ATM Program \| Cumulative Preferred Stock
Sale of Stock
Sale of stock, aggregate offering price, maximum								$ 24.5
Stock issued during period, shares, new issues (in shares)						15,844
Proceeds from issuance of preferred stock and preference stock, net of stock issuance costs						$ 0.4
Payments of stock issuance costs						$ 0.1
ATM Program, Preferred Stock, August 2024 Preferred Stock ATM Program \| Cumulative Preferred Stock \| Weighted Average
Sale of Stock
Sale of stock, price per share (in dollars per share)						$ 23.22
ATM Program, Preferred Stock, November 2024 Preferred Stock ATM Program \| Cumulative Preferred Stock
Sale of Stock
Sale of stock, aggregate offering price, maximum							$ 25.0
Sale of stock, aggregate offering price, availability remaining				$ 25.0

COMMERCIAL LOANS AND INVESTMENTS

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

Our investments in commercial loans or similarly structured investments, such as preferred equity, mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The investments are associated with commercial real estate located in the United States, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property.

2026 Activity. During the six months ended June 30, 2026, the Company entered into two preferred equity agreements for aggregate investments of $96.4 million. Origination fees totaling $1.2 million were received on the two preferred equity agreements. In addition, the Company funded $17.4 million under existing construction loan commitments. The Company’s $30.0 million Watters Creek preferred equity investment was repaid in full, including all accrued interest.

2025 Activity. During the six months ended June 30, 2025, no new commercial loans or investments were originated; however, $6.4 million of funding, net of origination fees received, was provided for existing construction loans and principal repayments of $5.6 million were received.

Other Activity. Certain commercial loans and investments outstanding as of June 30, 2026 required determinations, at origination, related to variable interest entity matters as described herein:

●

Series A Preferred Investment. On July 11, 2024, the Company funded $10.0 million into an escrow account, which escrow closed on August 1, 2024 in exchange for 10,000 shares of 14.000% Series A preferred stock, with a $0.01 par value per share, of a subsidiary of a publicly-traded hospitality, entertainment and real estate company (the “Series A Preferred Investment”). In connection with the investment, the Company received an origination fee of 1.0% or $0.1 million. The investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events. The Company determined, pursuant to FASB ASC Topic 810, Consolidation, that we do not have a variable interest in the entity underlying the Series A Preferred Investment; accordingly, FASB ASC Topic 320, Investments-Debt Securities, was applied and the investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition.

●

Class A Premier Retail Preferred Investment. On April 17, 2026, the Company entered into a preferred equity agreement to provide $75.0 million of funding towards a Class A premier retail property located in the Southwest (the “Class A Premier Retail Preferred Investment”). Pursuant to FASB ASC Topic 810, Consolidation, the Company determined it is not the primary beneficiary of the entity underlying the Class A Premier Retail Preferred Investment; accordingly, the $75.0 million was recorded on the consolidated balance sheets as a commercial loan investment at the time of acquisition. The Class A Premier Retail Preferred Investment is mandatorily redeemable no later than the earlier of April 17, 2028, or upon the occurrence of certain other specified events. The Class A Premier Retail Preferred Investment bears a rate of 12.0% for the first year, and 11.0% thereafter. Additionally, at the election of the managing member of the Class A Premier Retail Preferred Investment, up to 3.0% of the return can be deferred as paid-in-kind (“PIK”) interest for a period of up to one year. If such election is made, any accrued and unpaid deferred return will continue to accrue at the applicable rate, plus 1.0% until repaid. There is an option to extend the stated redemption date for one additional year, in which case the rate would increase to 13.0%. At closing, a 1.25% origination fee, or $0.9 million, was received by the Company. The Class A Premier Retail Preferred Investment represents $75.0 million, or less than 5%, of funding towards the total investment in a Class A retail property located in the Southwest. The remaining funding is comprised of a combination of third-party sponsorship equity and secured debt.

●

Grocery-Anchored Retail Development Preferred Investment. On May 7, 2026, the Company entered into a preferred equity agreement to provide $21.4 million of funding towards a grocery-anchored retail shopping center located in the Northeast (the “Grocery-Anchored Retail Development Preferred Investment”). Pursuant to FASB ASC Topic 810, Consolidation, the Company determined it is not the primary beneficiary of the entity underlying

the Grocery-Anchored Retail Development Preferred Investment; accordingly, the $21.4 million was recorded on the consolidated balance sheets as a commercial loan investment at the time of acquisition. The Grocery-Anchored Retail Development Preferred Investment is mandatorily redeemable on October 31, 2027, with a one-year option to extend to October 31, 2028. The Grocery-Anchored Retail Development Preferred Investment bears a rate of 12.0%, including 3.0% accrued PIK interest. If the one-year extension is exercised, the rate would increase to 13.0%, including 3.0% accrued PIK interest. At closing, a 1.00% origination fee, or $0.2 million, was received by the Company. The Grocery-Anchored Retail Development Preferred Investment represents $21.4 million, or approximately 17%, of funding towards the total investment in the grocery-anchored retail development located in the Northeast (the “Grocery-Anchored Retail Development”). The remaining funding is comprised of a combination of third-party sponsorship equity and secured debt.

The Company’s commercial loans and investments were comprised of the following at June 30, 2026 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Mortgage Note – Founders Square – Dallas, TX		March 2023		March 2027			15,000			15,000			14,957		9.50%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,939		14.00%
Construction Loan - Rivana - Herndon, VA ⁽¹⁾		September 2024		September 2028			59,450			44,130			42,780		11.62%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			21,268			21,132		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,979		6.50%
Class A Premier Retail Preferred Investment – Southwest		April 2026		April 2028			75,750			75,750			74,235		12.00 %
Grocery-Anchored Retail Development Preferred Investment – Northeast ⁽²⁾		May 2026		October 2027			21,363			21,460			21,269		12.00 %
						$	226,763		$	192,608		$	189,291
CECL Reserve													(1,903)
Total Commercial Loans and Investments												$	187,388

(1)

Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.62% represents the weighted average coupon rate as of June 30, 2026.

(2)

The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Preferred Investment – Watters Creek – Allen, TX		April 2022		April 2026		$	30,000		$	30,000		$	29,980		9.50%
Mortgage Note – Founders Square – Dallas, TX⁽¹⁾		March 2023		March 2027			15,000			15,000			14,992		8.75%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,929		14.00%
Construction Loan - Rivana - Herndon, VA ⁽²⁾		September 2024		September 2028			59,450			34,246			32,478		11.50%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			13,804			13,588		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,977		6.50%
						$	159,650		$	108,050		$	105,944
CECL Reserve													(1,140)
Total Commercial Loans and Investments												$	104,804

(1)

Coupon rate increased to 9.5% effective January 1, 2026.

(2)

Future draws funded will have a 12.0% coupon rate including 10% cash and 2.0% accrued paid-in-kind interest.

The carrying value of the commercial loans and investments portfolio at June 30, 2026 and December 31, 2025 consisted of the following (in thousands):


		As of
		June 30, 2026			December 31, 2025
Current Face Amount		$	192,608		$	108,050
Unaccreted Origination Fees			(1,760)			(778)
Unaccreted Exit Fees			(1,557)			(1,328)
CECL Reserve			(1,903)			(1,140)
Total Commercial Loans and Investments		$	187,388		$	104,804

COMMERCIAL LOANS AND INVESTMENTS - Summary - Tabular Disclosure (Details) - USD ($) $ in Thousands				6 Months Ended	12 Months Ended
	May 07, 2026	Apr. 17, 2026	Jan. 01, 2026	Jun. 30, 2026	Dec. 31, 2025	Jul. 11, 2024
Commercial Loans and Investments
Original Face Amount				$ 226,763	$ 159,650
Current Face Amount				192,608	108,050
Carrying Value				189,291	105,944
CECL Reserve				(1,903)	(1,140)
Total Commercial Loans and Investments				187,388	104,804
Preferred Equity Agreement, Mixed-use Property, Watters Creek at Montgomery Farm, Allen, Texas
Commercial Loans and Investments
Original Face Amount					30,000
Current Face Amount					30,000
Carrying Value					$ 29,980
Coupon Rate (as a percent)					9.50%
Preferred Equity Agreements, 2026
Commercial Loans and Investments
Original Face Amount				96,400
Preferred Equity Agreement, Class A Premier Retail Preferred Investment, Southwest
Commercial Loans and Investments
Original Face Amount		$ 75,000		75,750
Current Face Amount				75,750
Carrying Value				$ 74,235
Coupon Rate (as a percent)		12.00%		12.00%
Preferred Equity Agreement, Grocery-Anchored Retail Development Preferred Investment, Northeast
Commercial Loans and Investments
Original Face Amount	$ 21,400			$ 21,363
Current Face Amount				21,460
Carrying Value				$ 21,269
Coupon Rate (as a percent)	12.00%			12.00%
Mortgage Note, Founders Square, Dallas, Texas
Commercial Loans and Investments
Original Face Amount				$ 15,000	$ 15,000
Current Face Amount				15,000	15,000
Carrying Value				$ 14,957	$ 14,992
Coupon Rate (as a percent)			9.50%	9.50%	8.75%
Mortgage Note, Main Street, Daytona Beach, Florida
Commercial Loans and Investments
Original Face Amount				$ 5,000	$ 5,000
Current Face Amount				5,000	5,000
Carrying Value				$ 4,979	$ 4,977
Coupon Rate (as a percent)				6.50%	6.50%
Series A Preferred Investment
Commercial Loans and Investments
Original Face Amount				$ 10,000	$ 10,000	$ 10,000
Current Face Amount				10,000	10,000
Carrying Value				$ 9,939	$ 9,929
Coupon Rate (as a percent)				14.00%	14.00%
Construction Loan, Rivana, Herndon, Virginia
Commercial Loans and Investments
Original Face Amount				$ 59,450	$ 59,450
Current Face Amount				44,130	34,246
Carrying Value				$ 42,780	$ 32,478
Coupon Rate (as a percent)			12.00%	12.00%	11.50%
Construction Loan, Rivana, Herndon, Virginia \| Weighted Average
Commercial Loans and Investments
Coupon Rate (as a percent)				11.62%
Construction Loan, Whole Foods, Forsyth, Georgia
Commercial Loans and Investments
Original Face Amount				$ 40,200	$ 40,200
Current Face Amount				21,268	13,804
Carrying Value				$ 21,132	$ 13,588
Coupon Rate (as a percent)				12.15%	12.15%

INTANGIBLE ASSETS AND LIABILITIES - Net Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Amortization of Deferred Charges
Amortization Expense	$ 6,006	$ 6,287	$ 12,300	$ 12,316
Accretion to Income Properties Revenue	(699)	(267)	(1,609)	(716)
Net Amortization of Intangible Assets and Liabilities	$ 5,307	$ 6,020	$ 10,691	$ 11,600

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Topic 230
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 40
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-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

INTANGIBLE ASSETS AND LIABILITIES - Future Accretion to Income Property Revenue (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ (1,617)
2027	(2,644)
2028	(2,556)
2029	(2,490)
2030	(2,091)
2031	(2,132)
2032 and Thereafter	(9,015)
Total	$ (22,545)

STOCK-BASED COMPENSATION - Unrecognized Compensation Cost (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Performance Shares
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 3.4
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years
Restricted Stock
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 3.7
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years 1 month 6 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Depreciation
Depreciation	$ 9.8	$ 9.0	$ 19.5	$ 17.3

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Receivables [Abstract]
Current Face Amount	$ 192,608	$ 108,050
Unaccreted Origination Fees	(1,760)	(778)
Unaccreted Exit Fees	(1,557)	(1,328)
CECL Reserve	(1,903)	(1,140)
Total Commercial Loans and Investments	$ 187,388	$ 104,804

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounts and Financing Receivable, after Allowance for Credit Loss
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts	$ 4,032	$ 3,936
Allowance for doubtful accounts	$ 3,300	$ 2,600

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities
Reserve for tenant improvements, aggregate received	$ 1,600
Reserve for tenant improvements, aggregate payments	800
Reserve for tenant improvements	$ 806	$ 1,094

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands	Jun. 30, 2026 USD ($) subsidiary	Dec. 31, 2025 subsidiary
Income Taxes
TRS, number \| subsidiary	1	1
Reserves for uncertain income tax positions \| $	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real Estate:
Land, at Cost	$ 298,959	$ 289,012
Building and Improvements, at Cost	799,569	766,371
Other Furnishings and Equipment, at Cost	934	923
Construction in Process, at Cost	8,501	4,091
Total Real Estate, at Cost	1,107,963	1,060,397
Less, Accumulated Depreciation	(119,530)	(107,268)
Real Estate-Net	988,433	953,129
Land and Development Costs		300
Intangible Lease Assets - Net	83,791	84,710
Investment in Alpine Income Property Trust, Inc.	51,310	41,324
Commercial Loans and Investments	187,388	104,804
Cash and Cash Equivalents	8,056	6,467
Restricted Cash	35,447	34,652
Deferred Income Taxes-Net	1,307	2,309
Other Assets-See Note 10	49,997	36,207
Total Assets	1,405,729	1,263,902
Liabilities:
Accounts Payable	2,245	1,709
Accrued and Other Liabilities-See Note 16	24,322	28,185
Deferred Revenue-See Note 17	25,651	18,802
Intangible Lease Liabilities - Net	31,572	31,486
Income Taxes Payable	51	29
Long-Term Debt-Net	658,705	616,345
Total Liabilities	742,546	696,556
Commitments and Contingencies-See Note 20
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value per share, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at June 30, 2026 and December 31, 2025	47	47
Common Stock - 500,000,000 shares authorized; $0.01 par value per share, 37,482,158 shares issued and outstanding at June 30, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025	375	324
Additional Paid-In Capital	481,134	382,494
Retained Earnings	175,556	184,886
Accumulated Other Comprehensive Income (Loss)	6,071	(405)
Total Stockholders' Equity	663,183	567,346
Total Liabilities and Stockholders' Equity	$ 1,405,729	$ 1,263,902

BUSINESS SEGMENT DATA - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Capital expenditures	$ 172,784	$ 5,182	$ 263,444	$ 87,489
Operating Segments \| Income Properties
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Capital expenditures	65,486	195	150,854	81,059
Operating Segments \| Commercial Loans and Investments
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Capital expenditures	107,287	4,974	112,579	6,405
Corporate and Other
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Capital expenditures	$ 11	$ 13	$ 11	$ 25

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leasing Revenue
Lease Payments	$ 28,138	$ 25,533	$ 55,652	$ 49,459
Variable Lease Payments	8,998	7,842	18,064	15,588
Total Leasing Revenue	$ 37,136	$ 33,375	$ 73,716	$ 65,047

MANAGEMENT SERVICES BUSINESS - Related Party Management - Fees Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction
Revenue from Contract with Customer, Including Assessed Tax	$ 1,466	$ 1,247	$ 2,815	$ 2,425
Revenue from Contract with Customer, Product and Service	Management Service	Management Service	Management Service	Management Service
Investee \| Alpine Income Property Trust, Inc.
Related Party Transaction
Revenue from Contract with Customer, Including Assessed Tax	$ 1,400	$ 1,100	$ 2,700	$ 2,200
Revenue from Contract with Customer, Product and Service	Management Service	Management Service	Management Service	Management Service

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Income Properties	$ 37,136	$ 33,375	$ 73,716	$ 65,047
Revenue from Contract with Customer, Including Assessed Tax	$ 1,466	$ 1,247	$ 2,815	$ 2,425
Revenue from Contract with Customer, Product and Service	Management Service	Management Service	Management Service	Management Service
Interest Income From Commercial Loans and Investments	$ 5,229	$ 3,016	$ 8,473	$ 5,977
Total Revenues	43,831	37,638	85,004	73,449
Direct Cost of Revenues
Total Direct Cost of Revenues	(11,126)	(10,178)	(21,294)	(19,069)
General and Administrative Expenses	(4,630)	(4,448)	(9,707)	(9,131)
Provision for Impairment and Adjustment to CECL Reserve	(1,084)		(763)
Depreciation and Amortization	(15,847)	(15,294)	(31,803)	(29,658)
Total Operating Expenses	(32,687)	(29,920)	(63,567)	(57,858)
Gain on Disposition of Assets	2,107		2,107
Loss on Extinguishment of Debt		(20,396)		(20,396)
Other Gain (Loss)	2,107	(20,396)	2,107	(20,396)
Total Operating Income (Loss)	13,251	(12,678)	23,544	(4,805)
Investment and Other Income (Loss)	10,765	(3,687)	14,008	(3,112)
Interest Expense	(7,783)	(6,859)	(15,054)	(12,995)
Income (Loss) Before Income Tax Expense	16,233	(23,224)	22,498	(20,912)
Income Tax Expense	(1,121)	(194)	(1,181)	(245)
Net Income (Loss) Attributable to the Company	15,112	(23,418)	21,317	(21,157)
Distributions to Preferred Stockholders	(1,878)	(1,878)	(3,756)	(3,756)
Net Income (Loss) Attributable to Common Stockholders	$ 13,234	$ (25,296)	$ 17,561	$ (24,913)
Per Share Information - See Note 12:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.38	$ (0.77)	$ 0.52	$ (0.78)
Diluted Net Income (loss) Attributable to Common Stockholders (in dollars per share)	$ 0.38	$ (0.77)	$ 0.52	$ (0.78)
Weighted Average Number of Common Shares
Basic (in shares)	34,988,612	32,678,771	33,760,706	32,118,982
Diluted (in shares)	35,024,642	32,727,831	33,788,343	32,174,574
Income Properties
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (11,126)	$ (10,178)	$ (21,294)	$ (19,069)

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 7. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026						December 31, 2025
		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value
Cash and Cash Equivalents - Level 1		$	8,056		$	8,056		$	6,467		$	6,467
Restricted Cash - Level 1		$	35,447		$	35,447		$	34,652		$	34,652
Commercial Loans and Investments - Level 2		$	187,388		$	194,905		$	104,804		$	109,828
Long-Term Debt - Level 2		$	658,705		$	658,872		$	616,345		$	608,419

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following table presents the fair value of assets (liabilities) measured on a recurring basis by level as of June 30, 2026 and December 31, 2025 (in thousands). See Note 15, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


				Fair Value at Reporting Date Using
	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2026
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	1,684		$	—		$	1,684		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	321		$	—		$	321		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	1,996		$	—		$	1,996		$	—
Cash Flow Hedge - 2030 Term Loan Interest Rate Swaps	$	2,000		$	—		$	2,000		$	—
Cash Flow Hedge - Revolving Credit Facility Interest Rate Swaps	$	70		$	—		$	70		$	—
Investment Securities	$	51,310		$	51,310		$	—		$	—
December 31, 2025
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	1,496		$	—		$	1,496		$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(1,351)		$	—		$	(1,351)		$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	(5)		$	—		$	(5)		$	—
Cash Flow Hedge - 2030 Term Loan Interest Rate Swaps	$	(48)		$	—		$	(48)		$	—
Cash Flow Hedge - Revolving Credit Facility Interest Rate Swaps	$	(497)		$	—		$	(497)		$	—
Investment Securities	$	41,324		$	41,324		$	—		$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

LONG-TERM DEBT - Due Within One Year (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Long-Term Debt, Rolling Maturity
Long-term debt, maturities, repayments of principal in next rolling 12 months	$ 310,800	$ 17,800
Bank of Montreal Credit Agreement, Revolving Credit Facility
Long-Term Debt, Rolling Maturity
Long-term debt, gross, maturities, repayments of principal in next rolling 12 months	193,000
Bank of Montreal Credit Agreement, 2027 Unsecured Term Loan
Long-Term Debt, Rolling Maturity
Long-term debt, gross, maturities, repayments of principal in next rolling 12 months	100,000
Mortgage Note Payable
Long-Term Debt, Rolling Maturity
Long-term debt, gross, maturities, repayments of principal in next rolling 12 months	$ 17,800	$ 17,800

MANAGEMENT SERVICES BUSINESS - Management Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue
Revenue from Contract with Customer, Including Assessed Tax	$ 1,466	$ 1,247	$ 2,815	$ 2,425
Management Service, Management Fee Income, Portfolio Management Agreement \| Nonrelated Party
Disaggregation of Revenue
Revenue from Contract with Customer, Including Assessed Tax	100		100	200
Management Service, Management Fee Income, Portfolio Management Agreement \| Nonrelated Party \| Maximum
Disaggregation of Revenue
Revenue from Contract with Customer, Including Assessed Tax		100
Management Service, Management Fee Income, Asset Management Agreement \| Nonrelated Party \| Maximum
Disaggregation of Revenue
Revenue from Contract with Customer, Including Assessed Tax	$ 100	$ 100	$ 100	$ 100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

INTANGIBLE ASSETS AND LIABILITIES - Intangible Lease Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets, Net
Sub-total Intangible Lease Assets	$ 145,086	$ 152,361
Accumulated Amortization	(61,295)	(67,651)
Sub-total Intangible Lease Assets - Net	83,791	84,710
Leases, Acquired-in-Place
Finite-Lived Intangible Assets, Net
Sub-total Intangible Lease Assets	94,980	99,346
Above Market Leases
Finite-Lived Intangible Assets, Net
Sub-total Intangible Lease Assets	19,145	23,052
Lease Agreements
Finite-Lived Intangible Assets, Net
Sub-total Intangible Lease Assets	$ 30,961	$ 29,963

MANAGEMENT SERVICES BUSINESS

6 Months Ended

Jun. 30, 2026

Property Management Fee [Abstract]

MANAGEMENT SERVICES BUSINESS

NOTE 5. MANAGEMENT SERVICES BUSINESS

The Company’s management fee income is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers. Management fee income is recognized as revenue over time, over the period the services are performed.

Related Party Management of Alpine Income Property Trust. Pursuant to the Company’s management agreement with PINE, the Company generates a base management fee equal to 0.375% per quarter of PINE’s total equity (as defined in the management agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. The Company has waived a portion of the base management fee attributable to the inclusion of the net cash proceeds from the issuance of PINE’s Series A Preferred Stock in PINE’s “total equity” (the “Incremental Equity Base”), such that the base management fee rate on the Incremental Equity Base is equal to 0.75% per annum (0.1875% per fiscal quarter), instead of 1.50% per annum (0.375% per fiscal quarter), as provided in the management agreement. The Company also has an opportunity to achieve additional cash flows as manager of PINE pursuant to an annual incentive fee based on PINE’s total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. PINE would pay the Company an incentive fee with respect to each annual measurement period in an amount equal to the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was earned for the year ended December 31, 2025.

The Company earned management fees from PINE of $1.4 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, the Company earned management fee revenue from PINE totaling $2.7 million and $2.2 million, respectively. Dividend income for each of the three month periods ended June 30, 2026 and 2025 totaled $0.7 million. Dividend income for the six month periods ended June 30, 2026 and 2025 totaled $1.5 million and $1.3 million, respectively. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income, are reflected in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE as of June 30, 2026 and December 31, 2025 which are included in other assets on the consolidated balance sheets (in thousands):


		As of
Description		June 30, 2026		December 31, 2025
Management Services Fee Due From PINE		$	1,389	$	1,142
Dividend Receivable			365		349
Other			80		888
Total		$	1,834	$	2,379

On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. In connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million. Additionally, on November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million in a private placement and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million.

From time to time following PINE’s IPO, the Company’s Board of Directors has authorized the purchase by the Company of additional shares of common stock of PINE. Pursuant to these authorizations, the Company has purchased

431,912 shares of PINE common stock on the open market subsequent to PINE’s IPO for a total cost of $7.0 million, including fees, or a weighted average gross price of $16.15 per share. No purchases of PINE common stock were completed during the three months ended June 30, 2026.

As of June 30, 2026, the Company owns, in the aggregate, 1,223,854 OP Units and 1,247,702 shares of PINE common stock, representing an investment totaling $51.3 million, or 13.1% of PINE’s outstanding equity.

Portfolio Management Agreement. On December 4, 2023, the Company entered into an asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”). Although the Company has no direct relationship with the third party, PINE is a lender to the third-party pursuant to a mortgage note originated by PINE which is secured by the portfolio. The Company receives (or expects to receive) asset management fees, disposition management fees, leasing commissions, and other fees related to the Company’s management and administration of the portfolio pursuant to the Portfolio Management Agreement. The Company also entered into a revenue sharing agreement with PINE whereby PINE will receive the portion of fees earned by the Company under the Portfolio Management Agreement which are attributable to the single tenant properties within the portfolio. Pursuant to the Portfolio Management Agreement, which is included in management fee income on the Company’s consolidated statements of operations, the Company recognized less than $0.1 million and $0.1 million of revenue during the three months ended June 30, 2026 and June 30, 2025, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized revenue of $0.1 million and $0.2 million, respectively, pursuant to the Portfolio Management Agreement.

Asset Management Agreement. The Company receives management and other fees pursuant to a subsurface management agreement. The Company recognized less than $0.1 million of revenue during each of the three and six month periods ended June 30, 2026 and 2025 pursuant to this agreement, which is included in management fee income on the Company’s consolidated statements of operations.

COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) - Capital Improvements $ in Thousands	Jun. 30, 2026 USD ($)
Other Commitment, Fiscal Year Maturity [Abstract]
Total Commitment	$ 37,555
Less Amount Funded	(9,301)
Remaining Commitment	$ 28,254

EQUITY - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended	12 Months Ended
	Dec. 05, 2022	Jun. 30, 2026	Dec. 31, 2024	Dec. 31, 2022	Nov. 12, 2024	Oct. 28, 2022	Apr. 30, 2021
Follow-on Public Offering
Sale of Stock
Stock issued during period, shares, new issues (in shares)	3,450,000
Proceeds from issuance of common stock, net of stock issuance costs	$ 62.4
Over-Allotment Option
Sale of Stock
Stock issued during period, shares, new issues (in shares)	450,000
ATM Program, Common Stock, 2021 ATM Program and 2022 ATM Program
Sale of Stock
Stock issued during period, shares, new issues (in shares)				1,566,026
Proceeds from issuance of common stock, gross				$ 33.4
Proceeds from issuance of common stock, net of stock issuance costs				32.9
Payments of stock issuance costs				$ 0.5
ATM Program, Common Stock, 2021 ATM Program and 2022 ATM Program \| Weighted Average
Sale of Stock
Sale of stock, price per share (in dollars per share)				$ 21.33
ATM Program, Common Stock, 2021 ATM Program
Sale of Stock
Sale of stock, aggregate offering price, maximum							$ 150.0
Stock issued during period, shares, new issues (in shares)				961,261
Proceeds from issuance of common stock, gross				$ 21.1
Proceeds from issuance of common stock, net of stock issuance costs				20.8
Payments of stock issuance costs				$ 0.3
ATM Program, Common Stock, 2021 ATM Program \| Weighted Average
Sale of Stock
Sale of stock, price per share (in dollars per share)				$ 21.99
ATM Program, Common Stock, 2022 ATM Program
Sale of Stock
Sale of stock, aggregate offering price, maximum						$ 150.0
Stock issued during period, shares, new issues (in shares)			7,226,192	604,765
Proceeds from issuance of common stock, gross			$ 134.2	$ 12.3
Proceeds from issuance of common stock, net of stock issuance costs			132.2	12.1
Payments of stock issuance costs			$ 2.0	$ 0.2
ATM Program, Common Stock, 2022 ATM Program \| Weighted Average
Sale of Stock
Sale of stock, price per share (in dollars per share)			$ 18.58	$ 20.29
ATM Program, Common Stock, 2024 ATM Program
Sale of Stock
Sale of stock, aggregate offering price, maximum					$ 250.0
Stock issued during period, shares, new issues (in shares)		4,917,499	1,696,601
Proceeds from issuance of common stock, gross		$ 99.2	$ 33.5
Proceeds from issuance of common stock, net of stock issuance costs		97.8	33.0
Payments of stock issuance costs		1.4	$ 0.5
Sale of stock, aggregate offering price, availability remaining		$ 117.2
ATM Program, Common Stock, 2024 ATM Program \| Weighted Average
Sale of Stock
Sale of stock, price per share (in dollars per share)		$ 20.18	$ 19.77

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 14. LONG-TERM DEBT

As of June 30, 2026, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt			Maturity Date	Interest Rate			Wtd. Avg. Rate
Revolving Credit Facility ⁽¹⁾	$	193,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			5.17%
2027 Term Loan ⁽²⁾		100,000		January 2027		SOFR + 0.10% + [1.25% - 2.20%]			2.80%
2028 Term Loan ⁽³⁾		100,000		January 2028		SOFR + 0.10% + [1.20% - 2.15%]			5.18%
2029 Term Loan ⁽⁴⁾		125,000		September 2029		SOFR + [1.20% - 2.15%]			4.67%
2030 Term Loan ⁽⁵⁾		125,000		September 2030		SOFR + [1.20% - 2.15%]			4.69%
Mortgage Note Payable		17,800		August 2026		4.060%			4.06%
Total Long-Term Face Value Debt	$	660,800							4.60%

⁽¹⁾	The Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $125.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.37% plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $125.0 million 2030 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.39% plus the applicable spread.

BMO Credit Agreement. The Company has entered into a credit agreement (as amended and restated and further amended to date, the “BMO Credit Agreement”) with Bank of Montreal (“BMO”) and the other lenders thereunder, with BMO acting as the administrative agent for the lenders thereunder. The BMO Credit Agreement provides for:

●

a $300.0 million unsecured revolving credit facility that matures on January 31, 2027 (the “Revolving Credit Facility”);

●

a $100.0 million unsecured term loan that matures on January 31, 2027 (the “2027 Term Loan”);

●

a $100.0 million unsecured term loan that matures on January 31, 2028 (the “2028 Term Loan”); and

●

an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided, (a) the aggregate amount of revolving loan commitments shall not exceed $750.0 million and (b) the aggregate amount of term loan commitments shall not exceed $500.0 million.

As of June 30, 2026, the Revolving Credit Facility had a $193.0 million balance outstanding, and the undrawn commitment under the Revolving Credit Facility totaled $107.0 million.

The BMO Credit Agreement contains customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants under the BMO Credit Agreement including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The BMO Credit Agreement also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the BMO Credit Agreement.

KeyBank Credit Agreement. The Company has also entered into a credit agreement (as amended to date, the “KeyBank Credit Agreement”) with the lenders party thereto and KeyBank National Association, as administrative agent. The KeyBank Credit Agreement provides for:

●

a term loan in the amount of $125.0 million that matures on September 30, 2029 (the “2029 Term Loan”); and

●

a term loan in the amount of $125.0 million that matures on September 30, 2030 (the “2030 Term Loan”).

The KeyBank Credit Agreement contains customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants under the KeyBank Credit Agreement.

Mortgage Notes Payable. On March 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026.

Long-term debt consisted of the following (in thousands):


	June 30, 2026					December 31, 2025
	Total			Due Within One Year		Total			Due Within One Year
Revolving Credit Facility	$	193,000		$	193,000	$	151,000		$	—
2027 Term Loan		100,000			100,000		100,000			—
2028 Term Loan		100,000			—		100,000			—
2029 Term Loan		125,000			—		125,000			—
2030 Term Loan		125,000			—		125,000			—
Mortgage Note Payable		17,800			17,800		17,800			17,800
Financing Costs, net of Accumulated Amortization		(2,095)			—		(2,455)			—
Total Long-Term Debt	$	658,705		$	310,800	$	616,345		$	17,800

Payments applicable to reduction of principal amounts as of June 30, 2026 will be required as follows (in thousands):


As of June 30,	Amount
Remainder of 2026	$	17,800
2027		293,000
2028		100,000
2029		125,000
2030		125,000
2031		—
2032 and Thereafter		—
Total Long-Term Debt - Face Value	$	660,800

The carrying value of long-term debt as of June 30, 2026 consisted of the following (in thousands):


	Total
Current Face Amount	$	660,800
Financing Costs, net of Accumulated Amortization		(2,095)
Total Long-Term Debt	$	658,705

In addition to the $2.1 million of financing costs, net of accumulated amortization included in the table above, as of June 30, 2026, the Company also had financing costs, net of accumulated amortization related to the Revolving Credit Facility of $0.4 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Revolving Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest Expense ⁽¹⁾	$	7,456	$	6,542	$	14,386	$	12,311
Amortization of Deferred Financing Costs		327		311		668		639
Amortization of Discount on Convertible Notes		—		6		—		45
Total Interest Expense	$	7,783	$	6,859	$	15,054	$	12,995

Total Interest Paid	$	7,697	$	7,490	$	14,115	$	12,790

⁽¹⁾ Net of capitalized interest of $0.3 million during the three and six months ended June 30, 2026, with no interest being capitalized during the three and six months ended June 30, 2025.

The Company was in compliance with all of its debt covenants as of June 30, 2026 and December 31, 2025.

INCOME PROPERTIES - Acquisitions - Consideration (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	Mar. 03, 2025	Feb. 28, 2026	Jun. 30, 2026
Income Properties, Acquisitions, 2026
Asset Acquisition, Consideration Transferred
Payments to acquire productive assets			$ 137.8
Asset acquisition, consideration transferred			138.1
Income Properties, Acquisitions, 2026 \| Income Property, Palms Crossing, McAllen, Texas
Asset Acquisition, Consideration Transferred
Payments to acquire productive assets		$ 81.6
Asset acquisition, consideration transferred		$ 81.8
Income Properties, Acquisitions, 2026 \| Income Property, Gallery on the Parkway, Dallas, Texas
Asset Acquisition, Consideration Transferred
Payments to acquire productive assets			53.2
Asset acquisition, consideration transferred			53.3
Income Properties, Acquisitions, 2026 \| Income Property, Land Parcel, Daytona Beach, Florida
Asset Acquisition, Consideration Transferred
Asset acquisition, consideration transferred			$ 3.0
Income Properties, Acquisitions, 2025 \| Income Property, Ashley Park, Newnan, Georgia
Asset Acquisition, Consideration Transferred
Payments to acquire productive assets	$ 79.8
Asset acquisition, consideration transferred	$ 80.0

STOCK-BASED COMPENSATION - Activity (Details)	6 Months Ended
STOCK-BASED COMPENSATION - Activity (Details)	Jun. 30, 2026 $ / shares shares
Shares
Nonvested (in shares)	466,139
Granted Shares (in shares)	255,695
Vested / Exercised Shares (in shares)	(164,206)
Forfeited Shares (in shares)	(1,703)
Nonvested (in shares)	555,925
Performance Shares
Shares
Nonvested (in shares)	262,887
Granted Shares (in shares)	121,053
Vested / Exercised Shares (in shares)	(69,558)
Nonvested (in shares)	314,382
Weighted Average Fair Value Per Share
Nonvested (in dollars per share) \| $ / shares	$ 18.29
Granted (in dollars per share) \| $ / shares	20.51
Vested (in dollars per share) \| $ / shares	18.1
Nonvested (in dollars per share) \| $ / shares	$ 19.19
Restricted Stock
Shares
Nonvested (in shares)	203,252
Granted Shares (in shares)	134,642
Vested / Exercised Shares (in shares)	(94,648)
Forfeited Shares (in shares)	(1,703)
Nonvested (in shares)	241,543
Weighted Average Fair Value Per Share
Nonvested (in dollars per share) \| $ / shares	$ 19.02
Granted (in dollars per share) \| $ / shares	18.53
Vested (in dollars per share) \| $ / shares	18.75
Forfeited (in dollars per share) \| $ / shares	19.15
Nonvested (in dollars per share) \| $ / shares	$ 18.85

INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of components of intangible lease assets and liabilities


		As of
		June 30, 2026			December 31, 2025
Intangible Lease Assets:
Value of In-Place Leases		$	94,980		$	99,346
Value of Above Market In-Place Leases			19,145			23,052
Value of Intangible Leasing Costs			30,961			29,963
Sub-total Intangible Lease Assets			145,086			152,361
Accumulated Amortization			(61,295)			(67,651)
Sub-total Intangible Lease Assets—Net			83,791			84,710
Intangible Lease Liabilities:
Value of Below Market In-Place Leases			(42,333)			(42,144)
Sub-total Intangible Lease Liabilities			(42,333)			(42,144)
Accumulated Amortization			10,761			10,658
Sub-total Intangible Lease Liabilities—Net			(31,572)			(31,486)
Total Intangible Assets and Liabilities—Net		$	52,219		$	53,224

Schedule of net amortization of intangible assets and liabilities


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Amortization Expense	$	6,006	$	6,287	$	12,300	$	12,316
Accretion to Income Properties Revenue		(699)		(267)		(1,609)		(716)
Net Amortization of Intangible Assets and Liabilities	$	5,307	$	6,020	$	10,691	$	11,600

Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):
As of June 30, 2026		Future Amortization Expense			Future Accretion to Income Property Revenue			Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2026		$	10,895		$	(1,617)		$	9,278
2027			17,726			(2,644)			15,082
2028			12,581			(2,556)			10,025
2029			8,425			(2,490)			5,935
2030			6,689			(2,091)			4,598
2031			5,595			(2,132)			3,463
2032 and Thereafter			12,853			(9,015)			3,838
Total		$	74,764		$	(22,545)		$	52,219

COMMERCIAL LOANS AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of components of commercial loan investment portfolio

The Company’s commercial loans and investments were comprised of the following at June 30, 2026 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Mortgage Note – Founders Square – Dallas, TX		March 2023		March 2027			15,000			15,000			14,957		9.50%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,939		14.00%
Construction Loan - Rivana - Herndon, VA ⁽¹⁾		September 2024		September 2028			59,450			44,130			42,780		11.62%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			21,268			21,132		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,979		6.50%
Class A Premier Retail Preferred Investment – Southwest		April 2026		April 2028			75,750			75,750			74,235		12.00 %
Grocery-Anchored Retail Development Preferred Investment – Northeast ⁽²⁾		May 2026		October 2027			21,363			21,460			21,269		12.00 %
						$	226,763		$	192,608		$	189,291
CECL Reserve													(1,903)
Total Commercial Loans and Investments												$	187,388

(1)

(2)

The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind.

The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands):


Description		Date of Investment		Maturity Date		Original Face Amount			Current Face Amount			Carrying Value			Coupon Rate
Preferred Investment – Watters Creek – Allen, TX		April 2022		April 2026		$	30,000		$	30,000		$	29,980		9.50%
Mortgage Note – Founders Square – Dallas, TX⁽¹⁾		March 2023		March 2027			15,000			15,000			14,992		8.75%
Series A Preferred Investment		July 2024		July 2029			10,000			10,000			9,929		14.00%
Construction Loan - Rivana - Herndon, VA ⁽²⁾		September 2024		September 2028			59,450			34,246			32,478		11.50%
Construction Loan - Whole Foods - Forsyth, GA		November 2024		May 2027			40,200			13,804			13,588		12.15%
Mortgage Note - Mainstreet - Daytona Beach, FL		August 2025		August 2030			5,000			5,000			4,977		6.50%
						$	159,650		$	108,050		$	105,944
CECL Reserve													(1,140)
Total Commercial Loans and Investments												$	104,804

(1)

Coupon rate increased to 9.5% effective January 1, 2026.

(2)

Future draws funded will have a 12.0% coupon rate including 10% cash and 2.0% accrued paid-in-kind interest.

The carrying value of the commercial loans and investments portfolio at June 30, 2026 and December 31, 2025 consisted of the following (in thousands):


		As of
		June 30, 2026			December 31, 2025
Current Face Amount		$	192,608		$	108,050
Unaccreted Origination Fees			(1,760)			(778)
Unaccreted Exit Fees			(1,557)			(1,328)
CECL Reserve			(1,903)			(1,140)
Total Commercial Loans and Investments		$	187,388		$	104,804

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.	$ 51,310	$ 41,324
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.	$ 51,300
Investment in Alpine Income Property Trust, Inc. (in shares)	2,470,000
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)	13.10%
Alpine Income Property OP, LP Limited Partnership Units
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.	$ 25,408	20,463
Investment in Alpine Income Property Trust, Inc. (in shares)	1,223,854
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)	6.50%
Common Stock
Equity Securities, FV-NI
Investment in Alpine Income Property Trust, Inc.	$ 25,902	$ 20,861
Investment in Alpine Income Property Trust, Inc. (in shares)	1,247,702
Investment in Alpine Income Property Trust, Inc., ownership percentage (as a percent)	6.60%

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

COMMITMENTS AND CONTINGENCIES - Construction Loans (Details) - Construction Loans, 2024 $ in Millions	Jun. 30, 2026 USD ($) loan
Mortgage Loans on Real Estate
Number of construction loans committed to fund \| loan	2
Mortgage loans on real estate, constructions loans, unfunded, amount \| $	$ 33.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

INCOME PROPERTIES - Acquisitions - General Information (Details) ft² in Thousands		1 Months Ended	6 Months Ended
	Mar. 03, 2025 ft²	Feb. 28, 2026 ft²	Jun. 30, 2026 ft² property
Asset Acquisition
Area of real estate property (in square feet)			5,800
Income Properties, Acquisitions, 2026
Asset Acquisition
Asset acquisition, income properties, properties acquired, shopping centers, number \| property			2
Asset acquisition, income properties, properties acquired, land parcels, number \| property			1
Income Properties, Acquisitions, 2026 \| Income Property, Palms Crossing, McAllen, Texas
Asset Acquisition
Area of real estate property (in square feet)		399
Asset acquisition, income properties, occupancy at acquisition, percentage (as a percent)		98.00%
Asset acquisition, income properties, weighted-average remaining lease term		4 years 6 months
Income Properties, Acquisitions, 2026 \| Income Property, Gallery on the Parkway, Dallas, Texas
Asset Acquisition
Area of real estate property (in square feet)			152
Asset acquisition, income properties, occupancy at acquisition, percentage (as a percent)			100.00%
Asset acquisition, income properties, weighted-average remaining lease term			8 years 4 months 24 days
Income Properties, Acquisitions, 2025 \| Income Property, Ashley Park, Newnan, Georgia
Asset Acquisition
Area of real estate property (in square feet)	559
Asset acquisition, income properties, occupancy at acquisition, percentage (as a percent)	92.00%
Asset acquisition, income properties, weighted-average remaining lease term	4 years 1 month 6 days

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-Based Payment Arrangement, Nonemployee	6 Months Ended
	Jun. 30, 2026 USD ($) D shares	Jun. 30, 2025 USD ($) shares
Share-Based Compensation
Trailing Day On Behalf Of Company's Common Stock To Be Sell	20 days
Annual award	$ 62,500	$ 62,500
Number of shares awarded calculated based on the number of days of average price of the Company's common stock	20 days
Number of business days based on which number of days of average price of the Company's common stock, the number of shares awarded are calculated \| D	2
Expense recognized	$ 500,000	$ 500,000
Expense recognized (in shares) \| shares	24,244	25,499
Annual award	$ 300,000	$ 300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INTANGIBLE ASSETS AND LIABILITIES - Intangible Lease Liabilities, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Below Market Lease, Net
Sub-total Intangible Lease Liabilities	$ (42,333)	$ (42,144)
Accumulated Amortization	10,761	10,658
Sub-total Intangible Lease Liabilities - Net	$ (31,572)	$ (31,486)

INCOME PROPERTIES

6 Months Ended

Jun. 30, 2026

Real Estate Companies Disclosures [Abstract]

INCOME PROPERTIES

NOTE 3. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are primarily comprised of percentage rents, reimbursements from tenants for common area maintenance, insurance, real estate taxes, other operating expenses, and termination fee payments.

The components of leasing revenue are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Leasing Revenue
Lease Payments	$	28,138	$	25,533	$	55,652	$	49,459
Variable Lease Payments		8,998		7,842		18,064		15,588
Total Leasing Revenue	$	37,136	$	33,375	$	73,716	$	65,047

Minimum future base rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to June 30, 2026, are summarized as follows (in thousands):


Year Ending December 31,		Amounts
Remainder of 2026		$	54,529
2027			101,816
2028			88,247
2029			72,674
2030			63,848
2031			50,865
2032 and Thereafter (Cumulative)			122,842
Total		$	554,821

2026 Acquisitions. During the six months ended June 30, 2026, the Company acquired two shopping center properties and one land parcel for an aggregate purchase price of $137.8 million, or a total acquisition cost of $138.1 million, as described below:

●

Palms Crossing, an open-air shopping center located in McAllen, TX, for a purchase price of $81.6 million, or a total acquisition cost of $81.8 million, including capitalized acquisition costs. Palms Crossing comprises approximately 399,000 square feet, was 98% occupied at acquisition, and had a weighted average remaining lease term of 4.5 years at acquisition.

●

Gallery on the Parkway, an open-air shopping center located in Dallas, TX, for a purchase price of $53.2 million, or a total acquisition cost of $53.3 million, including capitalized acquisition costs. Gallery on the Parkway comprises approximately 152,000 square feet, was 100% occupied at acquisition, and had a weighted average remaining lease term of 8.4 years at acquisition.

●

A land parcel located adjacent to our two restaurant operating properties in Daytona Beach, FL, for a purchase price of $3.0 million. The property was acquired for future development purposes.

Of the aggregate $138.1 million acquisition cost, $33.7 million was allocated to land, $87.5 million to buildings and improvements, $21.5 million to intangible assets including in-place lease value, leasing costs, and above-market lease value and $4.6 million to intangible liabilities related to below-market lease value. The weighted average amortization period for the intangible assets and liabilities was 5.4 years at acquisition.

2026 Dispositions. During the six months ended June 30, 2026, the Company sold two shopping center properties for $90.7 million, generating gains of $2.1 million.

2025 Acquisitions. During the six months ended June 30, 2025, the Company acquired Ashley Park, a shopping center located in Newnan, GA, for a purchase price of $79.8 million, or a total acquisition cost of $80.0 million, including capitalized acquisition costs. Ashley Park comprises approximately 559,000 square feet, was 92% occupied at acquisition, and had a weighted average remaining lease term of 4.1 years at acquisition. Of the total acquisition costs, $26.0 million was allocated to land, $40.9 million to buildings and improvements, $16.8 million to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $3.7 million to intangible liabilities for the below market lease value.

2025 Dispositions. No income properties were disposed of during the six months ended June 30, 2025.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flow from Operating Activities:
Net Income (Loss) Attributable to the Company	$ 21,317	$ (21,157)
Adjustments to Reconcile Net Income (Loss) Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	31,803	29,658
Amortization of Intangible Assets and Liabilities to Income Property Revenue	(1,609)	(716)
Amortization of Deferred Financing Costs to Interest Expense	668	639
Amortization of Discount on Convertible Debt		45
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(1,418)
Gain on Disposition of Assets Held for Sale	(689)
Loss on Extinguishment of Debt		20,396
Provision for Impairment and Adjustment to CECL Reserve	763
Accretion of Commercial Loans and Investments Origination Fees	(769)	(318)
Non-Cash Imputed Interest	(5)	(10)
Deferred Income Taxes	1,003	(5)
Unrealized Loss (Gain) on Investment Securities	(11,795)	4,798
Non-Cash Compensation	2,522	2,286
Decrease (Increase) in Assets:
Refundable Income Taxes		70
Other Assets	(5,138)	(1,708)
Increase (Decrease) in Liabilities:
Accounts Payable	534	(1,051)
Accrued and Other Liabilities	(619)	(2,918)
Deferred Revenue	(2,014)	(2,572)
Income Taxes Payable	22	14
Net Cash Provided By Operating Activities	34,576	27,451
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(138,120)	(80,022)
Investments in and Improvements to Real Estate	(12,745)	(1,062)
Acquisition of Commercial Loans and Investments	(112,579)	(6,405)
Proceeds from Disposition of Property, Plant, and Equipment, and Assets Held for Sale	89,905
Principal Payments Received on Commercial Loans and Investments	30,000	5,638
Cash Paid from Commercial Loan Reserves	8,107	4,786
Acquisition of Investment Securities	(8,743)	(7,218)
Proceeds from the Sale of Investment Securities	3,554	620
Net Cash Used In Investing Activities	(140,621)	(83,663)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	255,000	157,000
Payments on Long-Term Debt	(213,000)	(56,272)
Cash Paid for Loan Fees	(10)	(83)
Cash Proceeds from Common Stock Issuance	450	490
Cash Used to Purchase Common Stock		(37)
Cash Paid for Vesting of Restricted Stock	(1,249)	(1,034)
Proceeds from (Cash Paid for) Issuance of Common and Preferred Stock, Net	97,458	(75)
Cash Paid for Premium Related to Settlement of 2025 Notes		(14,110)
Dividends Paid - Preferred Stock	(3,756)	(3,756)
Dividends Paid - Common Stock	(26,464)	(24,430)
Net Cash Provided By Financing Activities	108,429	57,693
Net Increase in Cash, Cash Equivalents and Restricted Cash	2,384	1,481
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	41,119	17,361
Cash, Cash Equivalents and Restricted Cash, End of Period	43,503	18,842
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received	257	167
Cash Paid for Interest	14,115	12,790
Capitalized interest	300	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedges	6,476	(11,196)
Common Stock Dividends Declared and Unpaid	$ 427	384
Principal Related to Settlement of 2025 Notes, Paid in Common Stock		14,762
Premium Related to Settlement of 2025 Notes, Paid in Common Stock		$ 6,286

INCOME TAXES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax benefit			$ 82,500
Income tax payments (refunds)	$ 257	$ 167

OTHER ASSETS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Accounts and Financing Receivable, after Allowance for Credit Loss
Allowance for doubtful accounts	$ 3.3	$ 2.6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2024	$ 47	$ 317	$ 367,828	$ 232,089	$ 12,517	$ 612,798
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				(21,157)		(21,157)
Stock Repurchase			(37)			(37)
Vested Restricted Stock and Performance Shares		1	(1,035)			(1,034)
Stock Issuance to Directors			490			490
Stock Issuance, Net of Equity Issuance Costs			(75)			(75)
Stock Issuance, Settlement of 2025 Notes		11	21,037			21,048
Stock-Based Compensation Expense			1,795			1,795
Preferred Stock Dividends Declared for the Period				(3,756)		(3,756)
Common Stock Dividends Declared for the Period				(24,814)		(24,814)
Other Comprehensive Income (Loss)					(11,196)	(11,196)
Balance at Jun. 30, 2025	47	329	390,003	182,362	1,321	574,062
Balance at Dec. 31, 2024	47	317	367,828	232,089	12,517	612,798
Balance at Dec. 31, 2025	47	324	382,494	184,886	(405)	567,346
Balance at Mar. 31, 2025	47	318	368,000	220,272	5,246	593,883
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				(23,418)		(23,418)
Stock Repurchase			(37)			(37)
Stock Issuance to Directors			89			89
Stock Issuance, Settlement of 2025 Notes		11	21,037			21,048
Stock-Based Compensation Expense			914			914
Preferred Stock Dividends Declared for the Period				(1,878)		(1,878)
Common Stock Dividends Declared for the Period				(12,614)		(12,614)
Other Comprehensive Income (Loss)					(3,925)	(3,925)
Balance at Jun. 30, 2025	47	329	390,003	182,362	1,321	574,062
Balance at Dec. 31, 2025	47	324	382,494	184,886	(405)	567,346
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				21,317		21,317
Vested Restricted Stock and Performance Shares		2	(1,251)			(1,249)
Stock Issuance to Directors			450			450
Stock Issuance, Net of Equity Issuance Costs		49	97,409			97,458
Stock-Based Compensation Expense			2,032			2,032
Preferred Stock Dividends Declared for the Period				(3,756)		(3,756)
Common Stock Dividends Declared for the Period				(26,891)		(26,891)
Other Comprehensive Income (Loss)					6,476	6,476
Balance at Jun. 30, 2026	47	375	481,134	175,556	6,071	663,183
Balance at Mar. 31, 2026	47	333	396,749	176,442	1,792	575,363
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				15,112		15,112
Stock Issuance to Directors			69			69
Stock Issuance, Net of Equity Issuance Costs		42	83,289			83,331
Stock-Based Compensation Expense			1,027			1,027
Preferred Stock Dividends Declared for the Period				(1,878)		(1,878)
Common Stock Dividends Declared for the Period				(14,120)		(14,120)
Other Comprehensive Income (Loss)					4,279	4,279
Balance at Jun. 30, 2026	$ 47	$ 375	$ 481,134	$ 175,556	$ 6,071	$ 663,183

MANAGEMENT SERVICES BUSINESS - Properties (Details) - Investee - Alpine Income Property Trust, Inc. $ in Millions	Nov. 26, 2019 USD ($) property
Related Party Transaction
Number of properties sold	15
Aggregate cash consideration \| $	$ 125.9
Number of contributed properties	5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Dividend rate (as a percent)	6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred Stock, Shares Issued	4,713,069	4,713,069
Preferred Stock, Shares Outstanding	4,713,069	4,713,069
Common Stock
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	37,482,158	32,372,291
Common Stock, shares outstanding	37,482,158	32,372,291

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 20. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of legal proceedings cannot be predicted with certainty, the Company is not currently a party to any pending or threatened legal proceedings that we believe could have a material adverse effect on the Company’s business or financial condition.

Contractual Commitments – Expenditures

The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of June 30, 2026, are as follows (in thousands):


	As of June 30, 2026
Total Commitment ⁽¹⁾	$	37,555
Less Amount Funded		(9,301)
Remaining Commitment	$	28,254

(1)

Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

The Company has unfunded loan commitments under two construction loans as described in Note 4, “Commercial Loans and Investments.” The unfunded portion of these construction loans totaled $33.5 million as of June 30, 2026.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 18. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the six months ended June 30, 2026 is presented below.


Type of Award		Shares Outstanding at 1/1/2026			Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares			Shares Outstanding at 6/30/2026
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting			262,887			121,053		(69,558)		—		—			314,382
Equity Classified - Three Year Vest Restricted Shares			203,252			134,642		(94,648)		—		(1,703)			241,543
Total Shares			466,139			255,695		(164,206)		—		(1,703)			555,925

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


			Three Months Ended June 30,						Six Months Ended June 30,
			2026			2025			2026			2025
Total Cost of Share-Based Plans Charged Against Income		$	1,116		$	1,003		$	2,522		$	2,286

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

Performance shares have been granted to certain employees under the Company’s 2010 Equity Incentive Plan (as amended and/or restated from time to time, the “2010 Plan”). The performance share awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to (a) in the case of performance share awards granted in 2024 and 2025, between 0% and 150% of the number of performance shares awarded, and (b) in the case of performance share awards granted in 2026, between 0% and 200% of the number of performance shares awarded. The number of shares of common stock ultimately received by the award recipient is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 121,053 performance shares during the six months ended June 30, 2026.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and stockholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

As of June 30, 2026, there was $3.4 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested performance share awards, which will be recognized over a remaining weighted average period of 2.0 years.

A summary of the activity for these awards during the six months ended June 30, 2026 is presented below:


Performance Shares With Market Conditions		Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2026			262,887	$	18.29
Granted			121,053	$	20.51
Vested			(69,558)	$	18.10
Expired			—		—
Forfeited			—		—
Non-Vested at June 30, 2026			314,382	$	19.19

Restricted Shares

Restricted shares have been granted to certain employees under the 2010 Plan. Certain of the restricted shares vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company granted a total of 134,642 shares of restricted Company common stock during the three months ended June 30, 2026.

The Company’s determination of the fair value of the restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the applicable vesting period.

As of June 30, 2026, there was $3.7 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested restricted share awards, which will be recognized over a remaining weighted average period of 2.1 years.

A summary of the activity for these awards during the six months ended June 30, 2026 is presented below:


Non-Vested Restricted Shares		Shares			Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2026			203,252		$	19.02
Granted			134,642		$	18.53
Vested			(94,648)		$	18.75
Expired			—			—
Forfeited			(1,703)		$	19.15
Non-Vested at June 30, 2026			241,543		$	18.85

NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

Each member of the Company’s Board of Directors has the option to receive his or her annual cash retainer and applicable committee retainers in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director, by (ii) the trailing 20-day average price of the Company’s common stock as of the last day of the quarter, rounded down to the nearest whole number of shares.

Each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock. The value of such award totaled $62,500 for each of the six month periods ended June 30, 2026 and 2025 (the “Annual Award”). The number of shares awarded is calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares.

During the six months ended June 30, 2026 and 2025, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.5 million, or 24,244 shares, and $0.5 million, or 25,499 shares, respectively. The expense recognized includes the Annual Award received during the first quarter of each respective year, which totaled $0.3 million during each of the six month periods ended June 30, 2026 and 2025, respectively.

OTHER ASSETS

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

NOTE 10. OTHER ASSETS

Other assets consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		As of
		June 30, 2026			December 31, 2025
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾		$	4,032		$	3,936
Income Property Straight-line Rent Adjustment			8,934			8,889
Income Property Leasing Commissions and Costs, Net			10,050			9,303
Operating Leases - Right-of-Use Asset			183			241
Cash Flow Hedge - Interest Rate Swap			6,071			2,999
Prepaid Expenses, Deposits, and Other			18,500			7,770
Due from Alpine Income Property Trust, Inc.			1,834			2,379
Financing Costs, Net of Accumulated Amortization			393			690
Total Other Assets		$	49,997		$	36,207

⁽¹⁾	Allowance for doubtful accounts was $3.3 million and $2.6 million as of June 30, 2026 and December 31, 2025, respectively.

INCOME TAXES

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 19. INCOME TAXES

The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through TRSs and subsidiaries of TRSs, which are subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the taxable years ending December 31, 2026 and 2025, the Company owns one TRS, which is subject to federal and applicable state income taxation. The TRS is required to file a separate corporate income tax return.

As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, an $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized related to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company has disposed of certain, primarily single-tenant REIT assets after the REIT conversion within the 5-year period. All such sales were completed using 1031 Exchanges or other deferred tax structures to mitigate the built-in gain tax liability of conversion.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Preferred Stock
Dividends	$ 1,878	$ 1,878	$ 3,756	$ 3,756
Dividends, declared (in dollars per share)	$ 0.4	$ 0.4	$ 0.8	$ 0.8
Dividends, paid (in dollars per share)	$ 0.4	$ 0.4	$ 0.8	$ 0.8
Common Stock
Dividends	$ 13,904	$ 12,008	$ 26,464	$ 24,430
Dividends, declared (in dollars per share)	$ 0.38	$ 0.38	$ 0.76	$ 0.76
Dividends, paid (in dollars per share)	$ 0.38	$ 0.38	$ 0.76	$ 0.76

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Attributable to the Company	$ 15,112	$ (23,418)	$ 21,317	$ (21,157)
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps	4,279	(3,925)	6,476	(11,196)
Total Other Comprehensive Income (Loss)	4,279	(3,925)	6,476	(11,196)
Total Comprehensive Income (Loss)	$ 19,391	$ (27,343)	$ 27,793	$ (32,353)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 45: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 50: http://www.xbrl.org/2003/role/disclosureRef
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Reference 51: http://www.xbrl.org/2003/role/disclosureRef
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 65
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Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Carrying Value \| Fair Value, Inputs, Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings
Cash and Cash Equivalents	$ 8,056	$ 6,467
Restricted Cash	35,447	34,652
Carrying Value \| Fair Value, Inputs, Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings
Commercial Loans and Investments	187,388	104,804
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Long-Term Debt	658,705	616,345
Estimated Fair Value \| Fair Value, Inputs, Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings
Cash and Cash Equivalents	8,056	6,467
Restricted Cash	35,447	34,652
Estimated Fair Value \| Fair Value, Inputs, Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings
Commercial Loans and Investments	194,905	109,828
Financial Instruments, Financial Liabilities, Balance Sheet Groupings
Long-Term Debt	$ 658,872	$ 608,419

INTANGIBLE ASSETS AND LIABILITIES - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 10,895
2027	17,726
2028	12,581
2029	8,425
2030	6,689
2031	5,595
2032 and Thereafter	12,853
Total	$ 74,764

INCOME PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2026

Real Estate Companies Disclosures [Abstract]

Schedule of components of leasing revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Leasing Revenue
Lease Payments	$	28,138	$	25,533	$	55,652	$	49,459
Variable Lease Payments		8,998		7,842		18,064		15,588
Total Leasing Revenue	$	37,136	$	33,375	$	73,716	$	65,047

Schedule of minimum future base rental revenue on non-cancelable leases


Year Ending December 31,		Amounts
Remainder of 2026		$	54,529
2027			101,816
2028			88,247
2029			72,674
2030			63,848
2031			50,865
2032 and Thereafter (Cumulative)			122,842
Total		$	554,821

MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - Investee - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction
Other receivables	$ 1,834	$ 2,379
Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	1,834	2,379
Alpine Income Property Trust, Inc. \| Management Services Fee
Related Party Transaction
Other receivables	1,389	1,142
Alpine Income Property Trust, Inc. \| Dividend Receivable
Related Party Transaction
Other receivables	365	349
Alpine Income Property Trust, Inc. \| Other Transaction
Related Party Transaction
Other receivables	$ 80	$ 888

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - Geographic Concentration Risk - Income Properties	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Area of Real Estate, Square Footage, Benchmark \| Georgia
Concentration Risk
Concentration risk (as a percent)	26.00%		30.00%
Area of Real Estate, Square Footage, Benchmark \| Florida
Concentration Risk
Concentration risk (as a percent)	22.00%		25.00%
Area of Real Estate, Square Footage, Benchmark \| Texas
Concentration Risk
Concentration risk (as a percent)	21.00%		12.00%
Area of Real Estate, Square Footage, Benchmark \| North Carolina
Concentration Risk
Concentration risk (as a percent)	17.00%		18.00%
Revenue Benchmark \| Georgia
Concentration Risk
Concentration risk (as a percent)	31.00%	37.00%
Revenue Benchmark \| Florida
Concentration Risk
Concentration risk (as a percent)	23.00%	18.00%
Revenue Benchmark \| Texas
Concentration Risk
Concentration risk (as a percent)	19.00%	14.00%
Revenue Benchmark \| North Carolina
Concentration Risk
Concentration risk (as a percent)	14.00%	14.00%

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Issuance Costs, Net
Deferred finance costs, net, excluding revolving line of credit	$ 2,095	$ 2,455
Deferred finance costs, net, revolving line of credit	$ 393	$ 690

MANAGEMENT SERVICES BUSINESS - Related Party Management - General Information (Details) - USD ($)			6 Months Ended	12 Months Ended
	Dec. 05, 2025	Dec. 04, 2025	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction
Related party transaction, threshold amount, for incentive fee in each measurement period			$ 0
Investee \| Alpine Income Property Trust, Inc.
Related Party Transaction
Related party, quarterly management fee, percentage (as a percent)	0.1875%	0.375%	0.375%
Property management fee, percent fee (as a percent)	0.75%	1.50%	1.50%
Related party transaction, percentage of cumulative annual hurdle rate (as a percent)			8.00%
Related party transaction, multiplying factor for calculation of incentive fee			15.00%
Incentive fee income				$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities
Accrued Property Taxes	$ 7,523	$ 1,236
Reserve for Tenant Improvements	806	1,094
Tenant Security Deposits	3,169	3,233
Accrued Construction Costs	4,758	6,926
Accrued Interest	1,282	690
Cash Flow Hedge - Interest Rate Swaps		3,404
Operating Leases - Liability	$ 172	$ 229
Operating Lease, Liability, Statement of Financial Position	Total Accrued and Other Liabilities	Total Accrued and Other Liabilities
Construction and Other Reserves from Commercial Loans and Investments	$ 2,275	$ 3,031
Other	4,337	8,342
Total Accrued and Other Liabilities	$ 24,322	$ 28,185

INTANGIBLE ASSETS AND LIABILITIES - Net Future Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 9,278
2027	15,082
2028	10,025
2029	5,935
2030	4,598
2031	3,463
2032 and Thereafter	3,838
Total Intangible Assets and Liabilities - Net	$ 52,219	$ 53,224

BUSINESS SEGMENT DATA - General Information (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of operating segments	3	3	3	3

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Mar. 03, 2022
Long-term Debt
Long-term debt, gross	$ 660,800
Debt, weighted average interest rate (as a percent)	4.60%
Bank of Montreal Credit Agreement, Revolving Credit Facility
Long-term Debt
Long-term debt, gross	$ 193,000	$ 151,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Debt, weighted average interest rate (as a percent)	5.17%
Bank of Montreal Credit Agreement, Revolving Credit Facility \| Minimum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	1.25%
Bank of Montreal Credit Agreement, Revolving Credit Facility \| Maximum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	2.20%
Bank of Montreal Credit Agreement, 2027 Unsecured Term Loan
Long-term Debt
Long-term debt, gross	$ 100,000	100,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Debt, weighted average interest rate (as a percent)	2.80%
Bank of Montreal Credit Agreement, 2027 Unsecured Term Loan \| Minimum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	1.25%
Bank of Montreal Credit Agreement, 2027 Unsecured Term Loan \| Maximum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	2.20%
Bank of Montreal Credit Agreement, 2028 Unsecured Term Loan
Long-term Debt
Long-term debt, gross	$ 100,000	100,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Debt, weighted average interest rate (as a percent)	5.18%
Bank of Montreal Credit Agreement, 2028 Unsecured Term Loan \| Minimum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	1.20%
Bank of Montreal Credit Agreement, 2028 Unsecured Term Loan \| Maximum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	2.15%
KeyBank Credit Agreement, 2029 Term Loan
Long-term Debt
Long-term debt, gross	$ 125,000	125,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt, weighted average interest rate (as a percent)	4.67%
KeyBank Credit Agreement, 2029 Term Loan \| Minimum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	1.20%
KeyBank Credit Agreement, 2029 Term Loan \| Maximum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	2.15%
KeyBank Credit Agreement, 2030 Term Loan
Long-term Debt
Long-term debt, gross	$ 125,000	125,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt, weighted average interest rate (as a percent)	4.69%
KeyBank Credit Agreement, 2030 Term Loan \| Minimum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	1.20%
KeyBank Credit Agreement, 2030 Term Loan \| Maximum
Long-term Debt
Debt instrument, basis spread on variable rate (as a percent)	2.15%
Mortgage Note Payable
Long-term Debt
Long-term debt, gross	$ 17,800	$ 17,800
Debt instrument, interest rate, stated percentage (as a percent)	4.06%		4.06%
Debt, weighted average interest rate (as a percent)	4.06%

COMMON STOCK AND EARNINGS PER SHARE - Dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Weighted Average Number of Shares Outstanding, Diluted, Adjustment
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method (in shares)	36,030	49,060	27,637	55,592
Restricted Stock
Weighted Average Number of Shares Outstanding, Diluted, Adjustment
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method (in shares)	36,030	49,060	27,637	55,592

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Expense, Debt
Interest Expense	$ 7,456	$ 6,542	$ 14,386	$ 12,311
Amortization of Deferred Financing Costs	327	311	668	639
Amortization of Discount on Convertible Notes		6		45
Total Interest Expense	$ 7,783	$ 6,859	$ 15,054	$ 12,995

SHARE REPURCHASES

6 Months Ended

Jun. 30, 2026

Class of Stock Disclosures [Abstract]

SHARE REPURCHASES

NOTE 13. SHARE REPURCHASES

COMMON STOCK REPURCHASE PROGRAM

In February 2020, the Company’s Board of Directors approved a $10.0 million common stock repurchase program (the “$10.0 Million Common Stock Repurchase Program”). During the year ended December 31, 2020, the Company repurchased 265,695 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $15.43. During the year ended December 31, 2021, the Company repurchased 121,659 shares of its common stock on the open market for a total cost of $2.2 million, or an average price per share of $18.16. During the year ended December 31, 2022, the Company repurchased 145,724 shares of its common stock on the open market for a total cost of $2.8 million, or an average price per share of $19.15. No repurchases were made pursuant to the $10.0 Million Common Stock Repurchase Program during the year ended December 31, 2023.

On February 16, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “February 2023 $5.0 Million Common Stock Repurchase Program”), which eliminated the unutilized portion of the $10.0 Million Common Stock Repurchase Program. Pursuant to the February 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the three months ended March 31, 2023, the Company repurchased 303,354 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.48, pursuant to the February 2023 $5.0 Million Common Stock Repurchase Program. Accordingly, as of March 31, 2023, no shares of the Company’s common stock remained available for repurchase under the February 2023 $5.0 Million Common Stock Repurchase Program.

On April 25, 2023, the Company’s Board of Directors approved a common stock repurchase program, (the “April 2023 $5.0 Million Common Stock Repurchase Program”). Pursuant to the April 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2023, the Company repurchased 62,015 shares of its common stock on the open market for a total cost of $1.0 million, or an average price per share of $15.72. The April 2023 $5.0 Million Common Stock Repurchase Program was terminated in connection with the establishment of the December 2023 $5.0 Million Common Stock Repurchase Program (hereinafter defined).

On December 12, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “December 2023 $5.0 Million Common Stock Repurchase Program”). Pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2024, the Company repurchased 40,726 shares of its common stock on the open market for a total cost of $0.7 million, or an average price per share of $16.28 pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program. During the year ended December 31, 2025, the Company repurchased 266,161 shares of its common stock on the open market for a total cost of $4.3 million, or an average price per share of $16.29 pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program. Accordingly, as of the date that the Company’s Board of Directors established the September 2025 $10.0 Million Common Stock Repurchase Program (hereinafter defined), no shares of the Company’s common stock remained available for repurchase under the December 2023 $5.0 Million Common Stock Repurchase Program.

On September 24, 2025, the Company’s Board of Directors approved a common stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “September 2025 $10.0 Million Common Stock Repurchase Program”). Pursuant to the September 2025 $10.0 Million Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $10.0 million. Shares may be purchased under the September 2025 $10.0 Million Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The September 2025 $10.0 Million Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended. During the year ended December 31, 2025, the Company repurchased 307,563 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.26 under the September 2025 $10.0 Million Common Stock Repurchase Program. In the aggregate, under the December 2023 $5.0 Million Common Stock Repurchase Program and September 2025 $10.0 Million Common Stock Repurchase Program, the Company repurchased 573,724 shares of its common stock on the open market for a total cost of $9.3 million, or an average price per share of $16.27 during the year ended December 31, 2025.

No shares of the Company’s common stock were purchased under the September 2025 $10.0 Million Common Stock Repurchase Program during the six months ended June 30, 2026. As of June 30, 2026, $5.0 million remained available for repurchases under the September 2025 $10.0 Million Common Stock Repurchase Program.

SERIES A PREFERRED STOCK REPURCHASE PROGRAM

On February 16, 2023, the Company’s Board of Directors approved a Series A Preferred Stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “Series A Preferred Stock Repurchase Program”). Pursuant to the Series A Preferred Stock Repurchase Program, the Company may repurchase shares of its Series A Preferred Stock for a total purchase price of up to $3.0 million. Shares may be purchased under the Series A Preferred Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. The Series A Preferred Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its Series A Preferred Stock and may be modified or suspended. During the year ended December 31, 2023, the Company repurchased 21,192 shares of Series A Preferred Stock on the open market for a total cost of $0.4 million, or an average price per share of $18.45. No shares of the Company’s Series A Preferred Stock were repurchased under the Series A Preferred Stock Repurchase Program during the six months ended June 30, 2026 or 2025.

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Total Cost of Share-Based Plans Charged Against Income	$ 1,116	$ 1,003	$ 2,522	$ 2,286