v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Total Shareholders' Equity (Deficit)
Common Shares
Additional paid-in capital
Accumulated deficit and cumulative distributions
Non-controlling interests in third party ventures and attributable to preferred shareholders
Common shares, beginning balance (in shares) at Oct. 20, 2023     50      
Beginning balance at Oct. 20, 2023 $ 1 $ 1 $ 0 $ 1 $ (0) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (69) (69)     (69)  
Common shares, ending balance (in shares) at Dec. 31, 2023     50      
Ending balance at Dec. 31, 2023 $ (68) (68) $ 0 1 (69) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 34,279,860   34,279,860      
Common shares issued $ 688,976 688,976 $ 342 688,634    
Common shares repurchased (in shares) (36,795)   (36,845)      
Common shares repurchased $ (726) (726)   (726)    
Amortization of restricted share grants 59 59   59    
Offering costs $ (37,237) (37,237)   (37,237)    
Distribution reinvestment (in shares) 462,920   462,920      
Distribution reinvestment $ 9,302 9,302 $ 5 9,297    
Distributions declared on common shares (20,769) (20,769)     (20,769)  
Distributions declared prior to principal operations commencement ($216.89 gross per share) (11) (11)     (11)  
Distributions declared to preferred shareholders (1) (1)     (1)  
Net income (loss) 11,565 11,545     11,545 20
Net contributions from non-controlling interests 2,360         2,360
Allocation to redeemable common shares (257) (257)   (257)    
Allocation to redeemable non-controlling interests (16) (16)   (16)    
Common shares, ending balance (in shares) at Dec. 31, 2024     34,705,985      
Ending balance at Dec. 31, 2024 $ 653,177 650,797 $ 347 659,755 (9,305) 2,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 16,953,472   16,953,472      
Common shares issued $ 345,017 345,017 $ 170 344,847    
Common shares repurchased (in shares) (962,373)   (962,373)      
Common shares repurchased $ (19,626) (19,626) $ (10) (19,616)    
Share class transfer (in shares) 1,817          
Amortization of restricted share grants $ 79 79   79    
Offering costs $ (16,335) (16,335)   (16,335)    
Distribution reinvestment (in shares) 1,432,282   1,432,282      
Distribution reinvestment $ 29,156 29,156 $ 14 29,142    
Distributions declared on common shares (54,542) (54,542)     (54,542)  
Net income (loss) 19,693 19,706     19,706 (13)
Contributions to non-controlling interests 10,346         10,346
Distributions to non-controlling interests (370)         (370)
Allocation to redeemable common shares (410) (410)   (410)    
Allocation to redeemable non-controlling interests (31) (31)   (31)    
Common shares, ending balance (in shares) at Dec. 31, 2025     52,131,183      
Ending balance at Dec. 31, 2025 $ 966,154 $ 953,811 $ 521 $ 997,431 $ (44,141) $ 12,343