Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Assets and Liabilities [Abstract]

Components of Other Assets

The following table summarizes the components of other assets ($ in thousands):


		December 31, 2025				December 31, 2024
Lease inducement asset		$	10,874			$	—
Straight-line rent receivable			3,275				976
Deferred financing costs, net			2,565				—
Tenant receivables			2,400				1,131
Prepaid expenses			1,244				896
Interest receivable			1,226				467
Pre-acquisition costs			352				5
Other			374				25
Total		$	22,310			$	3,500

Components of Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the components of accounts payable, accrued expenses and other liabilities ($ in thousands):


		December 31, 2025				December 31, 2024
Redemptions payable(1)		$	6,955			$	—
Accrued expenses			5,947				2,482
Distributions payable(2)			3,433				1,537
Deferred rental income			3,180				—
Tenant security deposits			2,786				638
Accounts payable			2,194				291
Real estate taxes payable			1,582				206
Other			779				203
Total		$	26,856			$	5,357

(1) Includes $6.1 million relating to Mandatorily Redeemable Instruments held by the Adviser as of December 31, 2025.

(2) Included in distributions payable is $0.2 million and $0.4 million as of December 31, 2025 and 2024, respectively, relating to distributions declared on Class E units and Class E shares held by the Adviser.