v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Consolidated Real Estate Investments    
Land $ 61,997 $ 62,227
Buildings and improvements 317,395 312,200
Intangible lease assets 10,979 10,979
Construction in progress 21,237 24,689
Furniture, fixtures, and equipment 10,356 10,124
Right-of-use assets ($534 and $712 with related parties, respectively) 1,998 2,176
Total Gross Consolidated Real Estate Investments 423,962 422,395
Accumulated depreciation and amortization (50,028) (35,002)
Total Net Consolidated Real Estate Investments 373,934 387,393
Real estate assets held for sale 0 29,890
Total Net Real Estate Investments 373,934 417,283
Investments, at fair value ($421,746 and $493,909 with related parties, respectively) 568,610 643,432
Equity method investments ($700 and $407 with related parties, respectively) 33,788 54,429
Investments in DSTs ($33,559 and $30,559, with related parties, respectively) 33,559 30,559
Cash and cash equivalents 8,166 8,791
Restricted cash 43,241 40,110
Accounts receivable, net 2,868 4,463
Prepaid and other assets ($0 and $7,315 with related parties, respectively) 8,557 17,500
Accrued interest and dividends 1,366 5,495
Interest rate caps 65 159
Deferred tax asset, net 498 2,618
Total Assets 1,074,652 1,224,839
Liabilities:    
Mortgages payable, net ($10,000 and $10,000 with related parties, respectively) 224,995 261,945
Notes payable, ($63,700 and $66,731 with related parties, respectively) 76,892 90,888
Prime brokerage borrowing 5,136 1,222
Accounts payable and other accrued liabilities 28,810 22,739
Income tax payable 273 255
Accrued real estate taxes payable 3,689 226
Accrued interest payable 10,627 8,724
Security deposit liability 403 389
Prepaid rents 437 1,053
Intangible lease liabilities, net 2,065 3,139
Lease liability ($546 and $721 with related parties, respectively) 546 721
Total Liabilities 353,873 391,301
Redeemable Series B Preferred Shares, $0.001 par value: 16,000,000 authorized; 911,003 and 0 shares issued and outstanding, respectively 20,379 0
Redeemable noncontrolling interests in the OP 309 0
Equity:    
Series A Preferred Shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 and 3,359,593 shares issued and outstanding, respectively 3 3
Common shares, $0.001 par value: unlimited shares authorized; 50,132,605 and 42,679,569 shares issued and outstanding, respectively 50 43
Additional paid-in capital 1,062,114 1,039,280
Accumulated earnings (loss) (362,076) (202,818)
Total Shareholders' Equity 700,091 836,508
Noncontrolling interests 0 (2,970)
Total Equity 700,091 833,538
TOTAL LIABILITIES AND EQUITY $ 1,074,652 $ 1,224,839