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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 10,925 $ 610
Adjustments to reconcile net income to cash provided by operating activities:    
Straight-line rent adjustment (2,498) (164)
Amortization of above- and (below)- market lease, net (203) 33
Depreciation and amortization 16,060 927
Amortization of discount on mortgage loans 392 65
Amortization of real estate debt origination fees (124) 0
Amortization of deferred financing costs 223 0
Amortization of restricted share grants 39 20
Changes in assets and liabilities    
Other assets 103 (35)
Net cash provided by operating activities 28,241 5,746
Cash flows from investing activities:    
Acquisition of real estate (402,885) (87,858)
Fundings of real estate debt (83) 0
Investment in unconsolidated joint venture (4,619) 0
Capital improvements to real estate (1,014) (25)
Funding of deferred lease costs (6,198)  
Cash assumed on investment in consolidated joint venture 7,857  
Funding of construction related to investment in consolidated joint venture (5,127)  
Return (funding) of earnest money deposit 100 (2,000)
Net cash used in investing activities (411,969) (89,883)
Cash flows from financing activities:    
Proceeds from issuance of common shares 130,063 438,232
Subscriptions received in advance 22,193 117,090
Proceeds from issuance of redeemable common shares   24,500
Proceeds from issuance of operating partnership units   500
Repurchase of common shares (1,791) (1)
Contributions from tenants 1,129  
Payment of offering costs (2,551) (2,124)
Proceeds from mortgage loans 296,250 0
Payment of deferred financing costs (3,659) 0
Repayment of warehouse credit facility 0 (28,750)
Repayment of mortgage loans (572) 0
Payment of distributions to common shareholders (9,682) (1,119)
Payment of distributions prior to principal operations commencement   (11)
Payment of distributions to operating partnership units (15) (6)
Payment of distributions to non-controlling interests (50) 0
Net cash provided by financing activities 431,315 548,311
Net change in cash, cash equivalents, and restricted cash 47,587 464,174
Cash, cash equivalents and restricted cash at the beginning of the period 291,338 27,251
Cash, cash equivalents, and restricted cash at the end of the period 338,925 491,425
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:    
Cash and cash equivalents 316,076 374,335
Restricted cash 22,849 117,090
Total cash, cash equivalents and restricted cash 338,925 491,425
Supplemental disclosure:    
Interest paid 7,745 353
Supplemental disclosure of non-cash financing activities:    
Assumption of mortgage loans 51,000 58,667
Distribution reinvestment 12,293 1,118
Accrued distributions for common shareholders 4,125 1,827
Accrued distributions for redeemable non-controlling interests 3 2
Accrued shareholder servicing fees 5,394 196
Accrued offering costs 157 238
Accrued share repurchases 4,367 0
Assumption of net assets from consolidated joint venture 7,857  
Capital expenditures accrued, but not yet paid 6,016  
Allocation to redeemable common shares 174 40
Allocation to redeemable non-controlling interests 10 6
Nonrelated Party    
Changes in assets and liabilities    
Other liabilities 2,781 704
Related Party    
Changes in assets and liabilities    
Other liabilities $ 543 $ 3,586