v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Investments in real estate, net $ 1,294,008 $ 1,204,195
Intangible assets, net 43,892 36,854
Cash and cash equivalents 629 3,335
Restricted cash 19,988 263,135
Other assets 82,463 63,908
Total assets 1,440,980 1,571,427
Liabilities    
Mortgage notes and credit facility, net 932,120 903,523
Subscriptions received in advance 19,786 262,934
Accounts payable and accrued expenses 11,242 3,352
Distribution and redemption payable 4,534  
Intangible liabilities, net 6,394 1,065
Total liabilities 984,935 1,174,140
Commitments and contingencies (see Note 16)
Redeemable non-controlling interests (Note 12) 2,390 0
Equity    
Additional paid-in capital 531,747 441,319
Earnings less than distributions (135,177) (104,860)
Total shareholders' equity 396,891 336,732
Non-controlling interests 56,764 60,555
Total equity 453,655 397,287
Total liabilities and shareholders' equity 1,440,980 1,571,427
Common shares - Class A    
Equity    
Common shares 92 8
Common shares - Class F    
Equity    
Common shares 115 63
Common shares - Class I    
Equity    
Common shares 47  
Common shares - Class E    
Equity    
Common shares 67 202
Related party    
Liabilities    
Other liabilities 6,246 294
Non related party    
Liabilities    
Other liabilities $ 4,613 $ 2,972