XML 47 R34.htm IDEA: XBRL DOCUMENT v3.25.1
Schedule of Carrying Value Net Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real estate      
Land $ 51,038 $ 38,741  
Building and improvements 238,684 17,939  
Furniture, fixtures and equipment 2,633  
Real estate under construction 191,308 291,130 $ 133,898
Total real estate 492,193 356,982  
Accumulated depreciation and amortization (6,917) (3,441)  
Real estate, net 485,276 353,541  
Cash and cash equivalents 24,737 20,125  
Other assets 7,578 8,451  
Total assets 517,591 382,117  
Liabilities      
Debt, net 177,017 19,678  
Due to affiliates 9,103 10,370  
Lease liabilities 1,225 1,324  
Accounts payable 13,322 12,584  
Accrued expenses and other liabilities 10,267 9,097  
Total liabilities 213,534 57,053  
Variable Interest Entity, Primary Beneficiary [Member]      
Real estate      
Land 41,223 26,059  
Building and improvements 236,165 12,953  
Furniture, fixtures and equipment 2,633  
Intangible assets 6,174 6,816  
Real estate under construction 190,750 290,627  
Total real estate 476,945 336,455  
Accumulated depreciation and amortization (5,578) (2,161)  
Real estate, net 471,367 334,294  
Cash and cash equivalents 2,566 8,204  
Other assets 7,096 7,841  
Total assets 481,029 350,339  
Liabilities      
Debt, net 177,017 19,678  
Due to affiliates 3,413 7,292  
Lease liabilities 21 25  
Accounts payable 13,137 12,374  
Accrued expenses and other liabilities 9,690 8,595  
Total liabilities $ 203,278 $ 47,964