v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
2 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Revenues      
Rental revenue: $ 0 $ 85,213 $ 14,666
Total revenues   85,213 14,666
Expenses      
Rental property operating 0 7,307 1,195
Depreciation and amortization 0 41,536 7,657
General and administrative 0 4,668 4,316
Organization costs 0 0 1,920
Total expenses 0 53,511 15,088
Other income (expenses)      
Income from investment in real estate debt 0 6,730 0
Decrease (Increase) in current expected credit loss allowance 0 146 (695)
Other income 0 10,960 15,008
Interest expense (69) (29,834) (2,316)
Total other income (expenses) (69) (11,998) 11,997
Net income (loss) (69) 19,704 11,575
Net income attributable to non-controlling interests in Operating Partnership unit holders 0 11 10
Net income (loss) attributable to non-controlling interests in third-party ventures 0 (13) 20
Net income (loss) attributable to common shareholders $ (69) $ 19,706 $ 11,545
Net income (loss) per share of common share, basic (USD per share) $ (1,390) $ 0.44 $ 0.55
Net income (loss) per share of common share, diluted (USD per share) $ (1,390) $ 0.44 $ 0.55
Weighted-average shares of common shares outstanding, basic (in shares) 50 45,262,384 20,834,342
Weighted-average shares of common shares outstanding, diluted (in shares) 50 45,262,384 20,834,342