v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
$ in Thousands
Total
Total Shareholders' Equity (Deficit)
Common Shares
Additional paid-in capital
Accumulated deficit and cumulative distributions
Non-controlling interests in third party ventures and attributable to preferred shareholders
Common shares, beginning balance (in shares) at Dec. 31, 2023     50      
Beginning balance at Dec. 31, 2023 $ (68)   $ 0 $ 1 $ (69)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares)     21,817,858      
Common shares issued 438,232   $ 218 438,014    
Common shares repurchased (in shares)     (50)      
Common shares repurchased (1)   $ 0 (1)    
Amortization of restricted share grants 20     20    
Offering costs (2,558)     (2,558)    
Distribution reinvestment (in shares)     55,859      
Distribution reinvestment 1,118   $ 1 1,117    
Distributions declared on common shares (4,066)       (4,066)  
Distributions declared prior to principal operations commencement ($216.89 gross per share) (11)       (11)  
Net income (loss) 609       609  
Allocation to redeemable common shares (40)     (40)    
Allocation to redeemable non-controlling interests (6)     (6)    
Common shares, ending balance (in shares) at Jun. 30, 2024     21,873,717      
Ending balance at Jun. 30, 2024 433,229   $ 219 436,547 (3,537)  
Beginning balance at Mar. 31, 2024 $ (134)       (134)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 21,817,858   21,817,858      
Common shares issued $ 438,232   $ 218 438,014    
Amortization of restricted share grants 20     20    
Offering costs $ (2,558)     (2,558)    
Distribution reinvestment (in shares) 55,859   55,859      
Distribution reinvestment $ 1,118   $ 1 1,117    
Distributions declared on common shares (4,066)       (4,066)  
Net income (loss) 663       663  
Allocation to redeemable common shares (40)     (40)    
Allocation to redeemable non-controlling interests (6)     (6)    
Common shares, ending balance (in shares) at Jun. 30, 2024     21,873,717      
Ending balance at Jun. 30, 2024 433,229   $ 219 436,547 (3,537)  
Common shares, beginning balance (in shares) at Dec. 31, 2024     34,705,985      
Beginning balance at Dec. 31, 2024 $ 653,177 $ 650,797 $ 347 659,755 (9,305) $ 2,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 7,885,619   7,885,619      
Common shares issued $ 159,830 159,830 $ 79 159,751    
Common shares repurchased (in shares) (292,879)   (292,879)      
Common shares repurchased $ (5,914) (5,914) $ (3) (5,911)    
Amortization of restricted share grants 39 39   39    
Offering costs $ (7,812) (7,812)   (7,812)    
Distribution reinvestment (in shares) 606,948   606,948      
Distribution reinvestment $ 12,299 12,299 $ 6 12,293    
Distributions declared on common shares (22,779) (22,779)     (22,779)  
Net income (loss) 10,916 10,920     10,920 (4)
Contributions to non-controlling interests 10,346         10,346
Distributions to non-controlling interests (50)         (50)
Allocation to redeemable common shares (174) (174)   (174)    
Allocation to redeemable non-controlling interests (10) (10)   (10)    
Common shares, ending balance (in shares) at Jun. 30, 2025     42,905,673      
Ending balance at Jun. 30, 2025 809,868 797,196 $ 429 817,931 (21,164) 12,672
Common shares, beginning balance (in shares) at Mar. 31, 2025     38,755,571      
Beginning balance at Mar. 31, 2025 $ 726,196 723,856 $ 388 737,914 (14,446) 2,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 4,039,943   4,039,943      
Common shares issued $ 81,961 81,961 $ 40 81,921    
Common shares repurchased (in shares) (214,994)   (214,994)      
Common shares repurchased $ (4,367) (4,367) $ (2) (4,365)    
Amortization of restricted share grants 20 20   20    
Offering costs $ (4,062) (4,062)   (4,062)    
Distribution reinvestment (in shares) 325,153   325,153      
Distribution reinvestment $ 6,599 6,599 $ 3 6,596    
Distributions declared on common shares (12,017) (12,017)     (12,017)  
Net income (loss) 5,293 5,299     5,299 (6)
Contributions to non-controlling interests 10,346         10,346
Distributions to non-controlling interests (8)         (8)
Allocation to redeemable common shares (88) (88)   (88)    
Allocation to redeemable non-controlling interests (5) (5)   (5)    
Common shares, ending balance (in shares) at Jun. 30, 2025     42,905,673      
Ending balance at Jun. 30, 2025 $ 809,868 $ 797,196 $ 429 $ 817,931 $ (21,164) $ 12,672