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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Net real estate investments    
Land $ 123,260 $ 103,713
Buildings and improvements 755,813 580,110
Furniture, fixtures and equipment 28,934 19,414
Construction in process 10,050 986
Total gross operating real estate investments 918,057 704,223
Accumulated depreciation (65,318) (42,410)
Total net operating real estate investments 852,739 661,813
Operating real estate held for sale, net 15,647 21,815
Total Net Real Estate Investments 868,386 683,628
Cash and cash equivalents 169,561 115,209
Restricted cash 24,901 16,032
Notes and accrued interest receivable, net 32,067
Investment in unconsolidated real estate funds 25,692
Accounts receivable, prepaids and other assets, net 21,966 34,575
Preferred equity investments, net 35,738 81,668
Other intangible assets, net 7,494 2,749
Due from affiliates $ 653 $ 1,049
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] Related Party [Member] Related Party [Member]
Non-real estate assets associated with operating real estate held for sale $ 14 $ 16
TOTAL ASSETS 1,154,405 966,993
LIABILITIES AND EQUITY    
Mortgages payable 428,392 252,782
Revolving credit facilities 121,000
Accounts payable 1,130 803
Other accrued liabilities 20,643 16,914
Due to affiliates $ 9,782 $ 5,980
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Distributions payable $ 2,504 $ 617
Liabilities associated with operating real estate held for sale 114 6
Total Liabilities 462,565 398,102
Commitments and contingencies (Note 16)
Stockholders' Equity    
Preferred stock, $0.01 par value, 206,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024
Additional paid-in-capital 121,489 118,495
Cumulative earnings in excess of distributions 7,200 20,709
Accumulated other comprehensive income (loss) 11 (164)
Total Stockholders' Equity 128,740 139,080
Noncontrolling Interests    
Operating partnership units 292,817 310,275
Partially owned properties 128,166 17,382
Total Noncontrolling Interests 420,983 327,657
Total Equity 549,723 466,737
TOTAL LIABILITIES AND EQUITY 1,154,405 966,993
Series A Redeemable Preferred Stock    
LIABILITIES AND EQUITY    
Redeemable Preferred Stock 142,117 102,154
Series B Redeemable Preferred Stock    
LIABILITIES AND EQUITY    
Redeemable Preferred Stock
Class A common stock    
Stockholders' Equity    
Common stock 40 40
Class C common stock    
Stockholders' Equity    
Common stock