v3.25.2
Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Common Stock Class D
Common Stock
Common Stock Class I
Common Stock
Common Stock Class S
Common Stock
Common Stock Class E
Common Stock
Common Stock Class Y
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Equity
Non-Controlling Interests
Beginning balance at Dec. 31, 2023 $ 109,467 $ 5 $ 54 $ 1 $ 64   $ 122,915 $ (15,679) $ 107,360 $ 2,107
Common stock issued, net of offering costs 50,345 3 22   15 $ 9 50,296   50,345  
Common stock repurchased (229)           (229)   (229)  
Distributions declared on common stock (3,430)             (3,430) (3,430)  
Distribution reinvestments 996   1       995   996  
Net loss (5,222)             (5,205) (5,205) (17)
Contributions from non-controlling interests 2,432                 2,432
Distributions to non-controlling interests (9)                 (9)
Amortization of restricted stock grants 50           50   50  
Ending balance at Jun. 30, 2024 154,400 8 77 1 79 9 174,027 (24,314) 149,887 4,513
Beginning balance at Mar. 31, 2024 129,647 6 66 1 69 5 146,211 (18,802) 127,556 2,091
Common stock issued, net of offering costs 27,451 2 11   10 4 27,424   27,451  
Common stock repurchased (229)           (229)   (229)  
Distributions declared on common stock (1,879)             (1,879) (1,879)  
Distribution reinvestments 596           596   596  
Net loss (3,634)             (3,633) (3,633) (1)
Contributions from non-controlling interests 2,432                 2,432
Distributions to non-controlling interests (9)                 (9)
Amortization of restricted stock grants 25           25   25  
Ending balance at Jun. 30, 2024 154,400 8 77 1 79 9 174,027 (24,314) 149,887 4,513
Beginning balance at Dec. 31, 2024 300,569 10 101 1 186 21 329,600 (33,780) 296,139 4,430
Common stock issued, net of offering costs 403,802 1 27   309 34 403,431   403,802  
Common stock repurchased (2,999)   (2) $ (1)     (2,996)   (2,999)  
Distributions declared on common stock (12,983)             (12,983) (12,983)  
Distribution reinvestments 5,353   2   3   5,348   5,353  
Net loss 1,599                  
Net income (loss) ($2 income allocated to redeemable non-controlling interest) 1,599             1,712 1,712 (113)
Contributions from non-controlling interests 8,882                 8,882
Distributions to non-controlling interests (2,281)                 (2,281)
Amortization of restricted stock grants 50           50   50  
Allocation to redeemable non-controlling interest (12)           (12)   (12) (0)
Ending balance at Jun. 30, 2025 701,978 11 128   498 55 735,421 (45,051) 691,062 10,916
Beginning balance at Mar. 31, 2025 596,946 10 117   427 36 626,545 (37,826) 589,309 7,637
Common stock issued, net of offering costs 106,867 1 11   69 19 106,767   106,867  
Common stock repurchased (1,136)   (1)       (1,135)   (1,136)  
Distributions declared on common stock (7,257)             (7,257) (7,257)  
Distribution reinvestments 3,234   1   2   3,231   3,234  
Net loss (60)                  
Net income (loss) ($2 income allocated to redeemable non-controlling interest) (62)             32 32 (94)
Contributions from non-controlling interests 5,613                 5,613
Distributions to non-controlling interests (2,240)                 (2,240)
Amortization of restricted stock grants 25           25   25  
Allocation to redeemable non-controlling interest (12)           (12)   (12) (0)
Ending balance at Jun. 30, 2025 $ 701,978 $ 11 $ 128   $ 498 $ 55 $ 735,421 $ (45,051) $ 691,062 $ 10,916