v3.25.4
Condensed Consolidated Statement of Cash Flows
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
Cash flows from operating activities:  
Net loss $ (13,108)
Adjustments to reconcile net loss to cash provided by operating activities:  
Management fee 995
Performance participation allocation 1,319
Depreciation and amortization 18,436
Straight-line rent adjustment (1,071)
Amortization of mortgage note premium/discount 620
Amortization of above/below-market lease intangibles (1,280)
Change in assets and liabilities:  
Decrease in other assets 12,801
Increase in due to affiliates 11,751
Increase in accounts payable and accrued expenses 14,818
Decrease in other liabilities (1,142)
Net cash provided by operating activities 44,139
Cash flows from investing activities:  
Acquisitions of real estate, net (1,424,767)
Payments for real estate under development (5,190)
Purchase of investments in real estate debt (28,478)
Net cash used in investing activities (1,458,435)
Cash flows from financing activities:  
Proceeds from issuance of common shares 1,607,755
Proceeds from issuance of non-controlling interests 125
Proceeds under secured variable funding notes 2,392
Net cash provided by financing activities 1,610,272
Net change in cash and cash equivalents and restricted cash 195,976
Cash and cash equivalents and restricted cash, beginning of period 1
Cash and cash equivalents and restricted cash, end of period 195,977
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets  
Cash and cash equivalents 186,005
Restricted cash 9,972
Total cash and cash equivalents and restricted cash 195,977
Supplemental disclosures:  
Interest paid 6,181
Accrued unpaid amounts for capital improvements to real estate 3,092
Non-cash investing and financing activities:  
Assumption of mortgage notes in conjunction with acquisitions of real estate 1,775,000
Assumption of secured variable funding notes in conjunction with acquisitions of real estate 28,186
Assumption of accounts payable and other liabilities in conjunction with acquisitions of real estate 43,298
Acquisition of other assets in conjunction with acquisitions of real estate 32,536
Acquisition of cash and cash equivalents in conjunction with acquisitions of real estate 55,819
Acquisition of restricted cash in conjunction with acquisitions of real estate 9,241
Issuance of OP units as consideration for acquisitions of real estate 32,485
Issuance of common shares as consideration for acquisitions of real estate 9,224
Stockholder servicing fees and offering costs due to affiliates $ 40,794