Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Other Assets and Liabilities [Abstract]

Components of Other Assets

The following table summarizes the components of other assets ($ in thousands):


		June 30, 2025				December 31, 2024
Lease inducement asset		$	11,250			$	—
Straight-line rent receivable			1,632				976
Pre-acquisition costs			1,608				5
Prepaid expenses			1,396				896
Tenant receivables			813				1,131
Interest receivable			558				467
Other			14				25
Total		$	17,271			$	3,500

Components of Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the components of accounts payable, accrued expenses and other liabilities ($ in thousands):


		June 30, 2025				December 31, 2024
Accrued expenses		$	4,573			$	2,482
Distributions payable(1)			2,913				1,537
Tenant security deposits			1,887				638
Real estate taxes payable			1,757				206
Deferred rental income			1,399				—
Other			676				203
Accounts payable			237				291
Total		$	13,442			$	5,357

(1) Included in distributions payable is $0.4 million and $0.4 million as of June 30, 2025 and December 31, 2024, respectively, relating to distributions declared on Class E units and Class E shares held by the Adviser.