v3.26.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Common Stock [Member]
Class B [Member]
Common Stock [Member]
Class R [Member]
Common Stock [Member]
Class J-1 [Member]
Common Stock [Member]
Class J-2 [Member]
Common Stock [Member]
Class J-4 [Member]
Common Stock [Member]
Class S [Member]
Common Stock [Member]
Class I [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Parent [Member]
Non-controlling Interests [Member]
Beginning balance at Jun. 03, 2024 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0   $ 0 $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Common shares issued 205,917   91 10 0 0 0 0 3 $ 205,813 0 205,917 0
Offering costs (1,704)   0 0 0 0 0 0 0 (1,704) 0 (1,704) 0
Distribution reinvestment 559   0 0 0 0 0 0 0 559 0 559 0
Share class exchange 0   3 0 0 0 0 0 (3) 0 0 0 0
Net income 1,448   0 0 0 0 0 0 0 0 1,138 1,138 310
Distributions declared on common shares (5,219)   0 0 0 0 0 0 0 0 (5,219) (5,219) 0
Contributions of non-controlling interests 16,522   0 0 0 0 0 0 0 0 0 0 16,522
Distributions to non-controlling interests (8,215)   0 0 0 0 0 0 0 0 0 0 (8,215)
Allocation to redeemable common shares (35)   0 0 0 0 0 0 0 (35) 0 (35) 0
Ending balance at Dec. 31, 2024 209,273   94 10 0 0 0 0 0 204,633 (4,081) 200,656 8,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Common shares issued 935,167   154 34 154 32 50 11 53 934,679 0 935,167 0
Offering costs (829)   0 0 0 0 0 0 0 (829) 0 (829) 0
Distribution reinvestment 25,231   5 1 5 1 1 0 0 25,218 0 25,231 0
Common shares repurchased (73)   0 0 0 0 0 0 0 (73) 0 (73) 0
Net income 71,421   0 0 0 0 0 0 0 0 68,834 68,834 2,587
Distributions declared on common shares (70,869)   0 0 0 0 0 0 0 0 (70,869) (70,869) 0
Contributions of non-controlling interests 62,548   0 0 0 0 0 0 0 0 0 0 62,548
Distributions to non-controlling interests (47,661)   0 0 0 0 0 0 0 0 0 0 (47,661)
Purchase of non-controlling interests (2,200)   0 0 0 0 0 0 0 0 0 0 (2,200)
Allocation to redeemable common shares 30   0 0 0 0 0 0 0 30 0 30 0
Ending balance at Dec. 31, 2025 $ 1,182,038   $ 253 $ 45 $ 159 $ 33 $ 51 $ 11 $ 53 $ 1,163,658 $ (6,116) $ 1,158,147 $ 23,891