v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Oct. 20, 2023
Cash flows from operating activities:        
Net income $ (69) $ 19,704 $ 11,575  
Adjustments to reconcile net income to cash provided by operating activities:        
Straight-line rent adjustment 0 (7,326) (940)  
Amortization of above- and (below)- market lease, net (0) (717) (388)  
Depreciation and amortization 0 41,536 7,657  
Amortization of discount on mortgage loans 0 644 457  
Amortization of real estate debt origination fees 0 (249) (14)  
Amortization of deferred financing costs 0 937 7  
Amortization of restricted share grants 0 79 59  
Change in current expected credit loss allowance 0 (146) 695  
Changes in assets and liabilities        
Other assets 0 (5,418) (1,936)  
Net cash provided by operating activities 0 59,200 28,934  
Cash flows from investing activities:        
Acquisition of real estate 0 (1,431,331) (437,307)  
Fundings of real estate debt 0 (309) (75,660)  
Origination fees from real estate debt 0 0 762  
Investment in unconsolidated joint venture 0 0 (1,202)  
Capital improvements to real estate 0 (5,121) (25)  
Funding of deferred lease costs 0 (6,199) 0  
Cash assumed on investment in consolidated joint venture 0 7,857 0  
Funding of construction related to investment in consolidated joint venture 0 (49,092) 0  
Change in earnest money and other deposits (1,500) 250 (250)  
Net cash used in investing activities (1,500) (1,483,945) (513,682)  
Cash flows from financing activities:        
Proceeds from issuance of common shares 0 315,249 688,976  
Proceeds from issuance of preferred shares 0 0 125  
Subscriptions received in advance 0 30,871 29,767  
Proceeds from issuance of redeemable common shares 0 0 24,500  
Proceeds from issuance of operating partnership units 0 0 500  
Repurchase of common shares 0 (13,787) (482)  
Contributions from tenants 0 35,703 0  
Proceeds from secured notes 0 0 50,300  
Payment of offering costs 0 (5,562) (4,500)  
Proceeds from mortgage loans 0 940,405 0  
Payment of mortgage loan proceeds to non-controlling interest 0 (1,459) 0  
Payment of deferred financing costs 0 (8,928) (518)  
Earnest money deposit attributable to secured debt 0 0 (2,355)  
Repayment of warehouse funding facility 0 0 (28,750)  
Repayment of mortgage loans 0 (1,426) (553)  
Payment of distributions to common shareholders 0 (22,412) (8,146)  
Payment of distributions prior to principal operations commencement 0 0 (11)  
Payment of distributions to operating partnership units 0 (32) (18)  
Payment of distributions to non-controlling interests 0 (370) 0  
Net cash provided by financing activities 28,750 1,268,252 748,835  
Net change in cash, cash equivalents, and restricted cash 27,251 (156,493) 264,087  
Cash, cash equivalents and restricted cash at the beginning of the period   291,338 27,251  
Cash, cash equivalents, and restricted cash at the end of the period 27,251 134,845 291,338  
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:        
Cash and cash equivalents 27,251 102,616 261,571  
Restricted cash 0 32,229 29,767  
Total cash, cash equivalents and restricted cash 27,251 134,845 291,338 $ 0
Supplemental disclosure:        
Interest paid 0 24,543 1,608  
Supplemental disclosure of non-cash financing activities:        
Assumption of net assets from consolidated joint venture 0 7,857 0  
Capital expenditures accrued, but not yet paid 0 8,091 0  
Accrued deferred lease costs 0 5,918 0  
Assumption of mortgage loans 0 65,009 58,667  
Distribution reinvestment 0 29,156 9,302  
Accrued distributions for common shareholders 0 6,288 3,321  
Accrued distributions for redeemable non-controlling interests 0 4 3  
Accrued shareholder servicing fees 0 10,917 32,500  
Accrued offering costs 0 157 238  
Accrued share repurchases 0 6,083 244  
Allocation to redeemable common shares 0 410 257  
Net contributions from non-controlling interests 0 0 2,235  
Allocation to non-controlling interests in third party ventures 0 0 20  
Allocation to redeemable non-controlling interests 0 31 16  
Warehouse funding facility        
Cash flows from financing activities:        
Borrowing under the warehouse funding facility 28,750 0 0  
Nonrelated Party        
Changes in assets and liabilities        
Other liabilities 69 10,389 5,585  
Related Party        
Changes in assets and liabilities        
Other liabilities $ 0 $ (233) $ 6,177