v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Property related income $ 40,106 $ 38,771 $ 41,904
Interest income 125 153 0
Investment income on marketable securities 5 4 46
Total revenues 40,236 38,928 41,950
Expenses      
General and administrative expenses 2,299 2,465 2,400
Property operating expenses 12,272 12,146 12,728
Advisory fees 2,257 2,565 3,099
Provision for impairment of real estate 0 2,201 0
Depreciation 9,913 9,627 10,844
Amortization 1,887 2,239 4,200
Total operating expenses 28,628 31,243 33,271
Net realized gain upon sale of real estate 22,424 4,256 17,980
Net realized gain upon sale of marketable securities 2 9 3,476
Loss on extinguishment of debt 0 0 (131)
Net realized gain upon sale of investment in CMBS Trust 0 2,321 0
Net unrealized change in fair value of investment in marketable securities (5) 0 (1,279)
Change in net assets of consolidated CMBS Trust 0 (1,474) 2,598
Operating income 34,029 12,797 31,323
Interest expense (13,484) (12,868) (12,177)
Net income (loss) 20,545 (71) 19,146
Common Class A      
Expenses      
Net income (loss) $ 4,272 $ (16) $ 3,898
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Common Class I      
Expenses      
Net income (loss) $ 11,402 $ (40) $ 10,935
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Common Class T      
Expenses      
Net income (loss) $ 48 $ 0 $ 133
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Common Class D      
Expenses      
Net income (loss) $ 2,402 $ (9) $ 2,571
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.21 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.21 $ 0 $ 0.92
Common Class N      
Expenses      
Net income (loss) $ 731 $ (2) $ 592
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Class M-I      
Expenses      
Net income (loss) $ 625 $ (2) $ 396
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Class T2      
Expenses      
Net income (loss) $ 868 $ (2) $ 552
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Class Z      
Expenses      
Net income (loss) $ 197 $ 0 $ 69
Net loss per common share:      
Basic net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92
Diluted net income (loss) per share (in usd per share) $ 1.22 $ 0 $ 0.92