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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Line Items] |
Schedule of estimated useful life of assets | ​
​ | ​ | ​
Buildings | ​ ​ ​ | 30 – 40 years
Building improvements | ​ | 5 – 15 years
Land improvements | ​ | 5 – 15 years
Furniture, fixtures and equipment | ​ | 3 – 8 years
In-place leases | ​ | 6 months
Schedule of income tax expense |
​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025
Current Income Tax Expense | ​ | ​ | ​
U.S. federal | ​ | $ | 1,299
State and local | ​ |  | 333
Total current income tax expense | ​ |  | 1,632
Deferred Income Tax Expense (Benefit) | ​ |  | —
Total income tax expense | ​ | $ | 1,632
Schedule of income tax expense and effective tax rate | The income tax expense is computed by applying the U.S. federal statutory rate of 21% to pretax loss for the years ended December 31, 2025 and 2024 as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ | ​ ​ ​ | 2024 |
​ | ​ ​ ​ | Amount | ​ ​ ​ | Percentage | ​ ​ ​ | Amount | ​ ​ ​ | Percentage |
U.S. federal statutory tax rate | ​ | $ | (6,503) | ​ | 21.00 | % | $ | (2,539) | ​ | 21.00 | %
State and local income taxes, net of federal tax effect |  | ​ | 264 |  | (0.85) | % | ​ | — |  | — | ​
Benefit of non-taxable entities |  | ​ | 7,714 |  | (24.91) | % | ​ | 2,539 |  | (21.00) | %
Changes in valuation allowance |  | ​ | 55 |  | (0.18) | % | ​ | — |  | — | ​
Other non-taxable or non-deductible items |  | ​ | 102 |  | (0.33) | % | ​ | — |  | — | ​
Total income tax expense and effective tax rate | ​ | $ | 1,632 |  | (5.27) | % | $ | — |  | — | ​
Schedule of Income tax paid | During the year ended December 31, 2025, the Company paid the following amounts related to income taxes (amounts in thousands). The Company paid no amounts related to income taxes in the year ended December 31, 2024.
​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025
U.S. federal income taxes | ​ | $ | 1,052
State and local income taxes |  | ​ | 84
Total income taxes paid | ​ | $ | 1,136
In-place lease intangible assets |
Accounting Policies [Line Items] |
Schedule of intangible assets | The following table summarizes the Company’s in-place lease intangible assets at December 31, 2025 and 2024 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Gross carrying value | ​ | $ | 13,359 | ​ | $ | 9,757
Accumulated amortization |  | ​ | (11,295) |  | ​ | (7,008)
Net carrying value | ​ | $ | 2,064 | ​ | $ | 2,749
Schedule of in-place lease activity | The following table summarizes the Company’s in-place lease activity for the years ended December 31, 2025 and 2024 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 |  | 2024
Beginning balances as of January 1, 2025 and 2024, respectively | ​ | $ | 2,749 |  | $ | —
Acquisitions |  | ​ | 3,905 | ​ | ​ | 5,309
Amortization |  | ​ | (4,590) | ​ | ​ | (2,560)
In-place lease intangible assets, net, end of period | ​ | $ | 2,064 | ​ | $ | 2,749
Real estate tax abatement |
Accounting Policies [Line Items] |
Schedule of intangible assets | The following table summarizes the real estate tax abatement at December 31, 2025 (amounts in thousands):
​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025
Gross carrying value | ​ | $ | 5,534
Accumulated amortization |  | ​ | (104)
Net carrying value | ​ | $ | 5,430
Schedule of estimated future amortization expense | The following table presents the estimated future amortization expense of the real estate tax abatement as of December 31, 2025 (amounts in thousands):
​ | ​ | ​ | ​
Year | ​ ​ ​ | Total
2026 | ​ | $ | 418
2027 |  | ​ | 418
2028 |  | ​ | 418
2029 |  | ​ | 418
2030 |  | ​ | 418
Thereafter |  | ​ | 3,340
​ | ​ | $ | 5,430

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