v3.26.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Stock
Common Stock Class D
Common Stock
Common Stock Class I
Common Stock
Common Stock Class S
Common Stock
Common Stock Class E
Common Stock
Common Stock Class Y [Member]
Additional Paid-In Capital
Accumulated Deficit
Total Stockholder's Equity
Non-Controlling Interests
Beginning balance at Dec. 31, 2022 $ 17,946   $ 1   $ 24   $ 19,426 $ (3,813) $ 15,638 $ 2,308
Common stock issued, net of offering costs 103,218 $ 5 53 $ 1 40   103,119   103,218  
Common stock repurchased (370)           (370)   (370)  
Distributions declared on common stock (3,540)             (3,540) (3,540)  
Distribution reinvestments 646           646   646  
Net loss (8,429)             (8,326) (8,326) (103)
Contributions from non-controlling interests 32                 32
Distributions to non-controlling interests (130)                 (130)
Amortization of restricted stock grants 94           94   94  
Ending balance at Dec. 31, 2023 109,467 5 54 1 64   122,915 (15,679) 107,360 2,107
Common stock issued, net of offering costs 205,940 5 48   121 $ 21 205,745   205,940  
Common stock repurchased (1,874)   (2)       (1,872)   (1,874)  
Distributions declared on common stock (8,358)             (8,358) (8,358)  
Distribution reinvestments 2,713   1   1   2,711   2,713  
Net loss (9,795)             (9,743) (9,743) (52)
Contributions from non-controlling interests 2,446                 2,446
Distributions to non-controlling interests (71)                 (71)
Amortization of restricted stock grants 101           101   101  
Ending balance at Dec. 31, 2024 300,569 10 101 1 186 21 329,600 (33,780) 296,139 4,430
Common stock issued, net of offering costs 510,862   42   365 64 510,391   510,862  
Common stock repurchased (10,128)   (7) $ (1) (2)   (10,118)   (10,128)  
Distributions declared on common stock (30,568)             (30,568) (30,568)  
Distribution reinvestments 14,347   3   9 1 14,334   14,347  
Net loss (10,383)                  
Net loss ($11 loss allocated to redeemable non-controlling interest) (10,372)             (9,780) (9,780) (592)
Contributions from non-controlling interests 13,412                 13,412
Distributions to non-controlling interests (4,859)                 (4,859)
Amortization of restricted stock grants 97           97   97  
Allocation to redeemable non-controlling interest (68)           (68)   (68)  
Ending balance at Dec. 31, 2025 $ 783,292 $ 10 $ 139   $ 558 $ 86 $ 844,236 $ (74,128) $ 770,901 $ 12,391