v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Total Shareholders' Equity (Deficit)
Common Shares
Additional paid-in capital
Accumulated deficit and cumulative distributions
Non-controlling interests in third party ventures and attributable to preferred shareholders
Common shares, beginning balance (in shares) at Dec. 31, 2024     34,705,985      
Beginning balance at Dec. 31, 2024 $ 653,177 $ 650,797 $ 347 $ 659,755 $ (9,305) $ 2,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 3,845,676   3,845,676      
Common shares issued $ 77,858 77,858 $ 39 77,819    
Common shares repurchased (in shares) (77,885)   (77,885)      
Common shares repurchased $ (1,547) (1,547) $ (1) (1,546)    
Amortization of restricted share grants 20 20   20    
Offering costs $ (3,738) (3,738)   (3,738)    
Distribution reinvestment (in shares) 281,795   281,795      
Distribution reinvestment $ 5,699 5,699 $ 3 5,696    
Distributions declared on common shares (10,763) (10,763)     (10,763)  
Net income (loss) 5,623 5,622     5,622 1
Distributions to non-controlling interests (41)         (41)
Allocation to redeemable common shares (86) (86)   (86)    
Allocation to redeemable non-controlling interests (6) (6)   (6)    
Common shares, ending balance (in shares) at Mar. 31, 2025     38,755,571      
Ending balance at Mar. 31, 2025 726,196 723,856 $ 388 737,914 (14,446) 2,340
Common shares, beginning balance (in shares) at Dec. 31, 2025     52,131,183      
Beginning balance at Dec. 31, 2025 $ 966,154 953,811 $ 521 997,431 (44,141) 12,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common shares issued (in shares) 7,204,774   7,204,774      
Common shares issued $ 148,427 148,427 $ 73 148,354    
Common shares repurchased (in shares) (495,195)   (495,195)      
Common shares repurchased $ (10,194) (10,194) $ (5) (10,189)    
Share class transfer (in shares)     (11)      
Amortization of restricted share grants 20 20   20    
Offering costs $ (6,863) (6,863)   (6,863)    
Distribution reinvestment (in shares) 544,678   544,678      
Distribution reinvestment $ 11,210 11,210 $ 5 11,205    
Distributions declared on common shares (20,414) (20,414)     (20,414)  
Net income (loss) (2,964) (2,959)     (2,959) (5)
Distributions to non-controlling interests (202)         (202)
Allocation to redeemable common shares (252) (252)   (252)    
Allocation to redeemable non-controlling interests (18) (18)   (18)    
Common shares, ending balance (in shares) at Mar. 31, 2026     59,385,429      
Ending balance at Mar. 31, 2026 $ 1,084,904 $ 1,072,768 $ 594 $ 1,139,688 $ (67,514) $ 12,136