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Internalization	9 Months Ended
Sep. 30, 2025
Internalization [Abstract]
Internalization	10. INTERNALIZATION On October 2, 2024, the Company completed the Internalization and the Company's management team and corporate staff, who were previously employed by NARS, became employees of a subsidiary of the OP. The management and other fees in the Predecessor's Sub OP agreement were terminated, and the Company acquired the assets necessary to operate and manage the portfolio of properties. The purchase price of the Internalization was 931,490 OP Units with a fair value of $17.7 million. This was allocated to: (a) Termination of the management arrangement of $16.5 million, which is included in internalization expense on the year ended December 31, 2024 consolidated statements of operations and comprehensive loss; (b) Assembled work force of $1.2 million, which is included in other assets in the accompanying condensed consolidated balance sheets; (c) Right-of-use lease asset and liability of an operating lease of office space of $0.6 million, which are included in other assets and accounts payable and accrued liabilities, respectively, in the accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2025, the Company recorded amortization of the assembled work force of $0.1 million and $0.3 million, respectively. This is included in depreciation and amortization in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Internalization

9 Months Ended

Sep. 30, 2025

10. INTERNALIZATION

On October 2, 2024, the Company completed the Internalization and the Company's management team and corporate staff, who were previously employed by NARS, became employees of a subsidiary of the OP. The management and other fees in the Predecessor's Sub OP agreement were terminated, and the Company acquired the assets necessary to operate and manage the portfolio of properties. The purchase price of the Internalization was 931,490 OP Units with a fair value of $17.7 million. This was allocated to:

(a) Termination of the management arrangement of $16.5 million, which is included in internalization expense on the year ended December 31, 2024 consolidated statements of operations and comprehensive loss;

(b) Assembled work force of $1.2 million, which is included in other assets in the accompanying condensed consolidated balance sheets;

(c) Right-of-use lease asset and liability of an operating lease of office space of $0.6 million, which are included in other assets and accounts payable and accrued liabilities, respectively, in the accompanying condensed consolidated balance sheets.

During the three and nine months ended September 30, 2025, the Company recorded amortization of the assembled work force of $0.1 million and $0.3 million, respectively. This is included in depreciation and amortization in the accompanying condensed consolidated statements of operations and comprehensive income (loss).