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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues    
Rental and other property revenues $ 68,136 $ 48,584
Interest income from loan investments 598 1,630
Total revenues 68,734 50,214
Expenses    
Property operating 33,185 24,144
Property management and asset management fees 5,372 4,715
General and administrative 11,249 10,592
Management fees to related party 10,471 9,111
Acquisition and other transaction costs 418 255
Weather-related losses, net 59 170
Depreciation and amortization 29,418 19,940
Total expenses 90,172 68,927
Other (expense) income    
Other (expense) income, net (139) 330
Income from preferred equity investments 8,759 11,937
Share of net earnings of equity method investment 1,058  
Recovery of credit losses, net 103 93
(Impairment) and gain on sale of real estate investments, net (4,216) 7,081
Gain on sale of available-for-sale investments, net 3,664  
Loss on extinguishment of debt costs (27) (151)
Interest expense, net (23,988) (18,092)
Interest income 5,258 5,424
Total other (expense) income (9,528) 6,622
Loss before income taxes (30,966) (12,091)
Income tax expense (1,632) 0
Net loss (32,598) (12,091)
Preferred stock dividends (9,203) (4,022)
Preferred stock accretion (4,538) (244)
Net loss attributable to noncontrolling interests    
Operating partnership units 25,797 9,232
Partially-owned properties 9,051 2,891
Net loss attributable to noncontrolling interests 34,848 12,123
Net loss attributable to common stockholders $ (11,491) $ (4,234)
Net loss per common share - Basic $ (3.02) $ (1.1)
Net loss per common share - Diluted $ (3.02) $ (1.1)
Weighted average basic common shares outstanding 3,889,301 3,856,162
Weighted average diluted common shares outstanding 3,889,301 3,856,162
Other comprehensive income (loss)    
Unrealized gain (loss) on available for sale investments $ 568 $ (527)
Less unrealized (gain) loss attributable to Operating partnership units (393) 363
Other comprehensive income (loss) attributable to common stockholders 175 (164)
Comprehensive loss attributable to noncontrolling interests 34,455 12,486
Comprehensive loss attributable to common stockholders $ (11,316) $ (4,398)