Intangibles (Tables)

3 Months Ended

Mar. 31, 2026

Intangibles

Schedule of finite-lived intangible assets

The gross carrying amount and accumulated amortization of the Company’s real estate related intangible assets consisted of the following as of March 31, 2026 and December 31, 2025 ($ in thousands):


	March 31, 2026					December 31, 2025
Intangible assets:
In-place lease intangibles	$		18,502			$		18,502
Tenant origination costs			23,414					23,414
Total			41,916					41,916
Accumulated amortization:
In-place lease intangibles			(2,477	)				(2,043	)
Tenant origination costs			(3,460	)				(2,904	)
Real estate intangible assets, net	$		35,979			$		36,969

Schedule of future amortization expense

The estimated future amortization of the Company’s real estate related intangibles for each of the next five years and thereafter as of March 31, 2026, is as follows ($ in thousands):


			In-Place Lease Intangibles					Tenant Origination Costs						Total
2026 (remaining)			$		1,300			$		1,670			$		2,970
2027					1,733					2,226					3,959
2028					1,733					2,226					3,959
2029					1,733					2,226					3,959
2030					1,733					2,226					3,959
2031					1,733					2,226					3,959
Thereafter					6,060					7,154					13,214
Total			$		16,025			$		19,954			$		35,979