v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (10,383) $ (9,795) $ (8,429)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 43,385 10,057 7,860
Amortization of above- and below-market lease intangibles, net (1,967) 113 14
Straight-line rent amortization (2,449) (634) (310)
Amortization of deferred financing costs 1,644 440 662
Amortization of discount on real estate-related and other securities (191) (25) (7)
Amortization of restricted stock grants 97 101 94
Realized (gain) loss on financial instruments (559) 196 649
Unrealized (gain) loss on financial instruments (18) 738 (584)
Redemption value adjustment on mandatorily redeemable instruments 2,790 3,572 1,529
Change in assets and liabilities:      
Increase in other assets (2,050) (1,965) (45)
Increase in due to affiliates 5,960 3,324 3,405
Increase (decrease) in accounts payable, accrued expenses and other liabilities 2,774 (148) (2,436)
Net cash provided by operating activities 39,033 5,974 2,402
Cash flows from investing activities:      
Acquisitions of real estate (777,878) (95,602) (80,303)
Capital Improvements on real estate (17,440) (1,618) (1,248)
Origination of investments in real estate debt (162,200) (62,400)  
Proceeds from repayment of investments in real estate debt 16,825    
Deposits on real estate acquisitions (4,691) (1,000) (12,126)
Return of deposits on real estate acquisitions     1,800
Variation margin proceeds (payments) 188 (895) 506
Proceeds from real estate-related and other securities 55,041 1,320 6,171
Purchases of real estate-related and other securities (63,064) (7,264) (5,332)
Net cash used in investing activities (953,219) (167,459) (90,532)
Cash flows from financing activities:      
Proceeds from issuance of common stock 514,092 207,946 104,287
Repurchase of common stock (9,259) (1,874) (370)
Repurchase of mandatorily redeemable instruments (47,236)    
Proceeds from issuance of mandatorily redeemable instruments     54,440
Borrowings under unsecured revolving credit facility 236,175    
Repayments under unsecured revolving credit facility (163,175)   (40,200)
Contributions from non-controlling interests 6,869 24  
Distributions paid on common stock (14,128) (4,936) (2,506)
Distributions to non-controlling interests (2,776) (71) (98)
Proceeds from mortgage notes 175,058 10,000  
Proceeds from repurchase facility 121,650 46,800  
Principal repayments of mortgage notes (816) (510) (492)
Payment of deferred financing costs (7,555) (185) (36)
Net cash provided by financing activities 808,899 257,194 115,025
Net change in cash, cash equivalents and restricted cash (105,287) 95,709 26,895
Cash, cash equivalents and restricted cash, at the beginning of the period 128,392 32,683 5,788
Cash, cash equivalents and restricted cash, at the end of the period 23,105 128,392 32,683
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:      
Cash and cash equivalents 18,416 127,692 32,452
Restricted cash 4,689 700 231
Total cash, cash equivalents and restricted cash 23,105 128,392 32,683
Supplemental disclosure of cash flow information:      
Cash paid for interest 16,416 7,502 6,797
Supplemental disclosure of non-cash investing and financing activities:      
Assumption of mortgage note, net, in conjunction with acquisition of real estate 64,888    
Assumption of working capital in conjunction with acquisition of real estate 5,970 371 1,568
Accrued loan and offering costs due to affiliate   1,060 1,090
Accrued distributions 2,093 710 388
Distribution re-investments 14,347 2,713 646
Reclassification of deposits to investments in real estate, net 5,729 9,072 6,748
Accrued stockholder servicing fee due to affiliate 4,694 1,571 $ 36
Non-controlling interest contributions to investment in real estate, net 4,459 $ 2,422  
Accrued redemptions 6,955    
Redeemable non-controlling interest issued as settlement for performance participation allocation 810    
Sale of equity interest to non-controlling interest 2,083    
Accrued capital expenditures $ 1,029