v3.25.4
Consolidated Statement of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Total Stockholders' Equity
Non-Controlling Interest
Non-Controlling Interest
Preferred Stock
Redeemable Non Controlling Interest
Beginning Balance at Dec. 31, 2022 $ 128,291   $ 18 $ 31,367 $ (815) $ 30,570 $ 97,721    
Beginning Balance, Shares at Dec. 31, 2022     1,824            
Common stock issued, value 407,608   $ 202 407,406   407,608      
Common stock issued, shares     20,133            
Offering costs (1,323)     (1,323)   (1,323)      
Distribution reinvestments, value 3,552     1,058   1,058 2,494    
Distribution reinvestments, shares     52            
Amortization of restricted stock grants 75     75   75      
Share class transfer, shares     (59)            
Repurchase of common stock (151)     (151)   (151)      
Repurchase of common stock, shares     7            
Net income (loss) 17,329       12,760 12,760 4,569    
Contributions from non-controlling interests 932           932    
Transfer to redeemable non-controlling interests (967)           (967)   $ 967
Distributions to non-controlling interest / Distributions to non-controlling preferred stockholders (3,206)           (3,206)    
Distributions declared on common stock (9,264)       (9,264) (9,264)      
Ending Balance at Dec. 31, 2023 542,876   $ 220 438,432 2,681 441,333 101,543   967
Ending Balance, Shares at Dec. 31, 2023     21,943            
Common stock issued, value 489,905 $ 125 $ 234 489,671   489,905   $ 125 1,669
Common stock issued, shares     23,429            
Offering costs (1,512)     (1,512)   (1,512)      
Distribution reinvestments, value 11,835   $ 3 6,284   6,287 5,548   125
Distribution reinvestments, shares     298            
Amortization of restricted stock grants 100     100   100      
Share class transfer, shares     (62)            
Repurchase of common stock (8,299)   $ (4) (8,295)   (8,299)      
Repurchase of common stock, shares     396            
Net income (loss) 50,509               157
Net income 50,352       43,567 43,567 6,785    
Distributions to non-controlling interests in the Operating Partnership (5,697)           (5,697)   (136)
Distributions to non-controlling interest / Distributions to non-controlling preferred stockholders (14)           (14)    
Distributions declared on common stock (37,293)       (37,293) (37,293)      
Allocation to redeemable non-controlling interest (35)     (35)   (35)     35
Ending Balance at Dec. 31, 2024 1,042,343   $ 453 924,645 8,955 934,053 108,290   2,817
Ending Balance, Shares at Dec. 31, 2024     45,212            
Common stock issued, value 463,226   $ 217 463,009   463,226     1,632
Common stock issued, shares     21,730            
Offering costs (2,448)     (2,448)   (2,448) 0    
Distribution reinvestments, value 18,359   $ 5 12,110   12,115 6,244   243
Distribution reinvestments, shares     567            
Amortization of restricted stock grants 100     100   100      
Repurchase of common stock (33,829)   $ (16) (33,813)   (33,829)      
Repurchase of common stock, shares     1,583            
Net income (loss) 67,450               240
Net income 67,210       61,269 61,269 5,941    
Distributions to non-controlling interests in the Operating Partnership (6,272)           (6,272)   (253)
Distributions to non-controlling interest / Distributions to non-controlling preferred stockholders (15)           (15)    
Distributions declared on common stock (65,528)       (65,528) (65,528)      
Allocation to redeemable non-controlling interest (66)     (66)   (66)     66
Ending Balance at Dec. 31, 2025 $ 1,483,080   $ 659 $ 1,363,537 $ 4,696 $ 1,368,892 $ 114,188   $ 4,745
Ending Balance, Shares at Dec. 31, 2025     65,926