v3.26.1
Consolidated Statements of Changes in Equity (Deficit) and Redeemable Non-Controlling Interest - USD ($)
$ in Thousands
Total
Preferred Stock Class A
Common stock
Additional Paid-In Capital
Accumulated Deficit
Beginning balance at Dec. 31, 2024 $ (14,024) $ 220 $ 17   $ (14,261)
Beginning balance (in shares) at Dec. 31, 2024     1,697,489    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (117)       (117)
Offering costs (177)     $ (177)  
Distribution reinvestments 230   $ 0 230  
Distribution reinvestments (in shares)     22,060    
Issuance of common stock 15,495   $ 15 15,480  
Issuance of common stock (in shares)     1,500,120    
Adjust redeemable non-controlling interest to redemption value (1,711)     (1,711)  
Distributions declared on common stock (350)       (350)
Stock based compensation 96     96  
Ending balance at Mar. 31, 2025 (558) 220 $ 32 13,918 (14,728)
Ending balance (in shares) at Mar. 31, 2025     3,219,669    
Beginning balance at Dec. 31, 2024 214,744        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss (519)        
Adjust redeemable non-controlling interest to redemption value 1,711        
Distributions to non-controlling interest (2,219)        
Ending balance at Mar. 31, 2025 213,717        
Beginning balance at Dec. 31, 2025 $ 5,252 220 $ 60 22,481 (17,509)
Beginning balance (in shares) at Dec. 31, 2025 6,038,374   6,038,374    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss $ (528)       (528)
Offering costs (289)     (289)  
Distribution reinvestments $ 678   $ 0 678  
Distribution reinvestments (in shares) 63,222   63,222    
Issuance of common stock $ 4,817   $ 5 4,812  
Issuance of common stock (in shares) 449,248   449,248    
Repurchase of common stock $ (292)   $ 0 (292)  
Repurchase of common stock (in shares) (26,999)   (26,999)    
Adjust redeemable non-controlling interest to redemption value $ (9,831)     (9,831)  
Distributions declared on common stock (828)       (828)
Stock based compensation 96     96  
Ending balance at Mar. 31, 2026 $ (925) $ 220 $ 65 $ 17,655 $ (18,865)
Ending balance (in shares) at Mar. 31, 2026 6,523,845   6,523,845    
Beginning balance at Dec. 31, 2025 $ 226,295        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss (199)        
Adjust redeemable non-controlling interest to redemption value 9,831        
Distributions to non-controlling interest (2,547)        
Ending balance at Mar. 31, 2026 $ 233,380