v3.25.4
Schedule III - Real Estate and Accumulated Depreciation (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 14    
Encumbrances $ 156,300    
Initial Cost      
Land and Land Improvements 98,080    
Building and Building Improvements 596,739    
Costs Capitalized Subsequent to Acquisition      
Land and Land Improvements 385    
Building and Building Improvements 625    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 98,465    
Building and Building Improvements [1] 597,364    
Total 695,829 $ 251,442 $ 156,120
Accumulated Depreciation $ (16,264) [2] $ (6,801) $ (1,607)
Industrial Properties      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 10    
Encumbrances $ 36,000    
Initial Cost      
Land and Land Improvements 58,369    
Building and Building Improvements 350,030    
Costs Capitalized Subsequent to Acquisition      
Building and Building Improvements 621    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 58,369    
Building and Building Improvements [1] 350,651    
Total 409,020    
Accumulated Depreciation [2] $ (10,885)    
Industrial Properties | 6900 Shook Road | Columbus, Ohio      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 1,491    
Building and Building Improvements 40,496    
Costs Capitalized Subsequent to Acquisition      
Building and Building Improvements 621    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 1,491    
Building and Building Improvements [1] 41,117    
Total 42,608    
Accumulated Depreciation [2] $ (2,772)    
Year Acquired Dec. 31, 2023    
Industrial Properties | 1551 Shepherd Road | Liberty, Missouri      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Encumbrances $ 36,000    
Initial Cost      
Land and Land Improvements 5,515    
Building and Building Improvements 54,114    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 5,515    
Building and Building Improvements [1] 54,114    
Total 59,629    
Accumulated Depreciation [2] $ (3,612)    
Year Acquired Dec. 31, 2023    
Industrial Properties | 4553 Cayce Road | Byhalia, Mississippi      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 2,635    
Building and Building Improvements 44,937    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 2,635    
Building and Building Improvements [1] 44,937    
Total 47,572    
Accumulated Depreciation [2] $ (2,507)    
Year Acquired Dec. 31, 2024    
Industrial Properties | 2865 Charter Street | Columbus, Ohio      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 3,659    
Building and Building Improvements 58,588    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 3,659    
Building and Building Improvements [1] 58,588    
Total 62,247    
Accumulated Depreciation [2] $ (1,040)    
Year Acquired Dec. 31, 2025    
Industrial Properties | 3707 W NC 10 Hwy | Newton, North Carolina      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 3,123    
Building and Building Improvements 56,885    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 3,123    
Building and Building Improvements [1] 56,885    
Total 60,008    
Accumulated Depreciation [2] $ (627)    
Year Acquired Dec. 31, 2025    
Industrial Properties | 8681 W Jefferson Street | Tolleson, Arizona      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 5,561    
Building and Building Improvements 26,037    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 5,561    
Building and Building Improvements [1] 26,037    
Total 31,598    
Accumulated Depreciation [2] $ (206)    
Year Acquired Dec. 31, 2025    
Industrial Properties | 2400 S Council Road | Oklahoma City, Oklahoma      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 5,274    
Building and Building Improvements 50,161    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 5,274    
Building and Building Improvements [1] 50,161    
Total 55,435    
Accumulated Depreciation [2] $ (80)    
Year Acquired Dec. 31, 2025    
Industrial Properties | 111 Eames Street | Wilmington, Massachusetts      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 7,887    
Building and Building Improvements 7,814    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 7,887    
Building and Building Improvements [1] 7,814    
Total 15,701    
Accumulated Depreciation [2] $ (15)    
Year Acquired Dec. 31, 2025    
Industrial Properties | 100 John Road | Canton, Massachusetts      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 6,445    
Building and Building Improvements 7,827    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 6,445    
Building and Building Improvements [1] 7,827    
Total 14,272    
Accumulated Depreciation [2] $ (16)    
Year Acquired Dec. 31, 2025    
Industrial Properties | 1450 S Loop Road | Alameda, California      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 16,779    
Building and Building Improvements 3,171    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 16,779    
Building and Building Improvements [1] 3,171    
Total 19,950    
Accumulated Depreciation [2] $ (10)    
Year Acquired Dec. 31, 2025    
Residential Properties      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 3    
Encumbrances $ 120,300    
Initial Cost      
Land and Land Improvements 24,010    
Building and Building Improvements 208,527    
Costs Capitalized Subsequent to Acquisition      
Land and Land Improvements 385    
Building and Building Improvements 4    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 24,395    
Building and Building Improvements [1] 208,531    
Total 232,926    
Accumulated Depreciation [2] $ (2,931)    
Residential Properties | The Beckett | Charleston, South Carolina      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 3,769    
Building and Building Improvements 43,844    
Costs Capitalized Subsequent to Acquisition      
Land and Land Improvements 219    
Building and Building Improvements 4    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 3,988    
Building and Building Improvements [1] 43,848    
Total 47,836    
Accumulated Depreciation [2] $ (1,669)    
Year Acquired Dec. 31, 2024    
Residential Properties | Parc Westborough | Westborough, Massachusetts      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Encumbrances $ 58,300    
Initial Cost      
Land and Land Improvements 10,670    
Building and Building Improvements 81,674    
Costs Capitalized Subsequent to Acquisition      
Land and Land Improvements 166    
Building and Building Improvements (0)    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 10,836    
Building and Building Improvements [1] 81,674    
Total 92,510    
Accumulated Depreciation [2] $ (1,173)    
Year Acquired Dec. 31, 2025    
Residential Properties | The Brooke at Rocky Point | Tampa, Florida      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Encumbrances $ 62,000    
Initial Cost      
Land and Land Improvements 9,571    
Building and Building Improvements 83,009    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 9,571    
Building and Building Improvements [1] 83,009    
Total 92,580    
Accumulated Depreciation [2] $ (89)    
Year Acquired Dec. 31, 2025    
Retail Properties      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 15,701    
Building and Building Improvements 38,182    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 15,701    
Building and Building Improvements [1] 38,182    
Total 53,883    
Accumulated Depreciation [2] $ (2,448)    
Retail Properties | 16000 Pines | Pembroke Pines, Florida      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of Properties | Property 1    
Initial Cost      
Land and Land Improvements $ 15,701    
Building and Building Improvements 38,182    
Gross Amounts at which Carried at the Close of Period      
Land and Land Improvements [1] 15,701    
Building and Building Improvements [1] 38,182    
Total 53,883    
Accumulated Depreciation [2] $ (2,448)    
Year Acquired Dec. 31, 2023    
[1] As of December 31, 2025, the aggregate cost basis for tax purposes was $692.8 million.
[2] Refer to Note 2 of the Company's consolidated financial statements for details on depreciable lives.