v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 11 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:      
Net income (loss) $ (6,281,000) $ 26,969,000 $ 11,605,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Organizational costs 6,491,000 0 3,182,000
Depreciation and amortization 25,000 67,206,000 14,003,000
Straight-line rent adjustment (138,000) (36,456,000) (9,576,000)
Management fee 0 12,072,000 3,557,000
Performance participation allocation 0 8,431,000 1,874,000
Other items 0 5,035,000 427,000
Changes in assets and liabilities:      
Increase in other assets (11,000) (1,331,000) (596,000)
Increase in other liabilities/decrease in due to affiliates 450,000 3,118,000 9,626,000
Net cash provided by operating activities 536,000 85,044,000 34,102,000
Cash flows from investing activities:      
Acquisitions of real estate (95,648,000) (1,694,839,000) (1,120,632,000)
Capital expenditures and improvements (14,220,000) (165,349,000) (126,096,000)
Net cash used in investing activities (109,868,000) (1,860,188,000) (1,246,728,000)
Cash flows from financing activities:      
Repayment of revolving credit facility 0 (806,000,000) (179,000,000)
Proceeds from affiliate note payable 14,900,000 0 0
Repayment of affiliate note payable (14,900,000) 0 0
Payment of deferred financing costs 0 (16,886,000) (7,346,000)
Proceeds from issuance of common shares 118,775,000 539,935,000 559,029,000
Proceeds from issuance of redeemable common shares 0 23,261,000 411,000
Offering costs paid 0 (2,368,000) (172,000)
Repurchase of common shares 0 (14,119,000) (2,944,000)
Repurchase of non-controlling interests 0 (1,891,000) 0
Subscriptions received in advance 123,192,000 40,227,000 80,573,000
Payment of distributions to common shareholders (231,000) (45,907,000) (19,367,000)
Payment of distributions to non-controlling interests 0 (385,000) 0
Net cash provided by financing activities 241,736,000 1,608,067,000 1,295,184,000
Net change in cash, cash equivalents and restricted cash 132,404,000 (167,077,000) 82,558,000
Cash, cash equivalents and restricted cash, beginning of period 0 214,962,000 132,404,000
Cash, cash equivalents and restricted cash, end of period 132,404,000 47,885,000 214,962,000
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet:      
Cash and cash equivalents 4,515,000 3,968,000 127,225,000
Restricted cash 127,889,000 43,917,000 87,737,000
Total cash, cash equivalents and restricted cash 132,404,000 47,885,000 214,962,000
Supplemental disclosures:      
Interest paid 87,000 52,234,000 2,433,000
Non-cash investing and financing activities:      
Changes in accrued capital expenditures 9,887,000 (7,536,000) 4,087,000
Assumption of liabilities in conjunction with acquisitions of real estate 0 4,414,000 0
Change in fair value of interest rate swap 0 (1,748,000) 948,000
Redeemable non-controlling interests issued as settlement of the management fee and performance participation allocation 0 12,629,000 0
Share class exchange 8,000 13,000 432,000
Offering costs due to affiliate 2,704,000 452,000 2,175,000
Other offering costs payable 0 709,000 405,000
Accrued unpaid stockholders servicing fee 0 20,862,000 2,625,000
Allocation to redeemable common shares 0 788,000 134,000
Allocation to redeemable non-controlling interests 0 459,000 0
Repurchases payable 0 7,572,000 27,000
Distribution reinvestment 0 31,638,000 9,883,000
Accrued distributions 470,000 8,911,000 4,260,000
Class E      
Non-cash investing and financing activities:      
Issuance of shares as settlement of the management fee and board of trustees compensation 0 991,000 2,865,000
Revolving credit facility      
Cash flows from financing activities:      
Borrowings under revolving credit facility 0 1,253,600,000 741,500,000
Term Loan Facility      
Cash flows from financing activities:      
Borrowings under revolving credit facility $ 0 $ 638,600,000 $ 122,500,000