v3.25.2
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 (loss) $ 1,599 $ (5,222)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 11,690 4,298
Amortization of above- and below-market lease intangibles, net (792) 80
Amortization of deferred financing costs 358 183
Amortization of discount on real estate-related and other securities (158) 0
Amortization of restricted stock grants 50 50
Realized (gain) loss on sale of real estate related and other securities and derivative instruments (387) 388
Unrealized (gain) loss on real estate-related and other securities and derivative instruments (309) 490
Unrealized loss on investments in real estate debt 45 0
Redemption value adjustment on mandatorily redeemable instruments 588 1,419
Change in assets and liabilities:    
Increase in other assets (2,447) (1,160)
Increase in due to affiliates 2,251 1,576
Increase (decrease) in accounts payable, accrued expenses and other liabilities 1,908 (802)
Net cash provided by operating activities 14,396 1,300
Cash flows from investing activities:    
Acquisitions of real estate (462,984) (64,939)
Capital Improvements on real estate (900) (580)
Origination of investments in real estate debt (55,700) 0
Deposits on real estate acquisitions (4,691) 0
Variation margin proceeds (payments) 188 (730)
Proceeds from real estate-related and other securities 31,478 420
Purchases of real estate-related and other securities (63,064) (413)
Net cash used in investing activities (555,673) (66,242)
Cash flows from financing activities:    
Proceeds from issuance of common stock 405,523 51,780
Repurchase of common stock (2,999) (229)
Contributions from non-controlling interests 3,284 10
Distributions to non-controlling interests (198) (9)
Distributions paid on common stock (6,217) (2,259)
Proceeds from mortgage notes 43,663 10,000
Proceeds from repurchase facility 41,775 0
Principal repayments of mortgage notes (359) (252)
Payment of deferred financing costs on mortgage notes and repurchase facility (1,506) (140)
Net cash provided by financing activities 482,966 58,901
Net change in cash, cash equivalents and restricted cash: (58,311) (6,041)
Cash, cash equivalents and restricted cash, at the beginning of the period 128,392 32,683
Cash, cash equivalents and restricted cash, at the end of the period 70,081 26,642
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:    
Cash and cash equivalents 68,387 26,381
Restricted cash 1,694 261
Total cash, cash equivalents and restricted cash 70,081 26,642
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,899 3,151
Supplemental disclosure of non-cash investing and financing activities:    
Assumption of mortgage note, net in conjunction with acquisition of real estate 35,313 0
Assumption of working capital in conjunction with acquisition of real estate 3,226 105
Accrued loan and offering costs due to affiliates 0 973
Accrued distributions 1,414 176
Distribution re-investments 5,353 996
Reclassification of deposits to investments in real estate, net 4,038 7,258
Accrued stockholder servicing fee due to affiliates 2,471 688
Non-controlling interest contributions to investment in real estate, net 3,514 2,422
Redeemable non-controlling interest issued as settlement for performance participation allocation 810 0
Sale of equity interest to non-controlling interest $ 2,083 $ 0