v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Investments in real estate, net $ 1,159,632 $ 365,070
Investments in real estate debt 224,600 79,310
Investments in real estate-related and other securities 15,323 6,417
Intangible assets, net 58,548 20,307
Cash and cash equivalents 18,416 127,692
Restricted cash 4,689 700
Deposits on real estate 0 1,000
Other assets, net 22,310 3,500
Total assets 1,503,518 603,996
LIABILITIES AND EQUITY    
Mortgage notes, net 359,445 123,091
Repurchase facility, net 167,863 46,383
Unsecured revolving credit facility 73,000 0
Intangible liabilities, net 8,435 2,797
Mandatorily redeemable instruments 54,794 105,325
Due to affiliates 28,969 20,474
Accounts payable, accrued expenses and other liabilities 26,856 5,357
Total liabilities 719,362 303,427
Commitments and contingencies (Note 17)
Redeemable non-controlling interest 864  
Equity    
Additional paid-in capital 844,236 329,600
Accumulated deficit (74,128) (33,780)
Total stockholders' equity 770,901 296,139
Non-controlling interests in consolidated joint ventures 12,391 4,430
Total equity 783,292 300,569
Total liabilities and equity 1,503,518 603,996
Class D Shares    
Equity    
Common stock 10 10
Class I Shares    
Equity    
Common stock 139 101
Class S Shares    
Equity    
Common stock 0 1
Class E Shares    
Equity    
Common stock 558 186
Class Y Shares    
Equity    
Common stock $ 86 $ 21