v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Property related income $ 8,693 $ 10,053
Interest income 44 46
Investment income on marketable securities 1 1
Total revenues 8,738 10,100
Expenses    
General and administrative expenses 876 664
Property operating expenses 2,132 3,341
Advisory fees 508 591
Depreciation 2,384 2,373
Amortization 421 460
Total operating expenses 6,321 7,429
Net realized gain (loss) upon sale of real estate 231 (91)
Net realized (loss) gain upon sale of marketable securities (1) 1
Net unrealized change in fair value of investment in marketable securities 7 (3)
Operating income 2,654 2,578
Interest expense (3,079) (3,376)
Net loss (425) (798)
Class A Shares    
Expenses    
Net loss $ (85) $ (172)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Class I Shares    
Expenses    
Net loss $ (233) $ (433)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Class T Shares    
Expenses    
Net loss $ (1) $ (2)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Class D Shares    
Expenses    
Net loss $ (41) $ (103)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.05)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.05)
Class N Shares    
Expenses    
Net loss $ (15) $ (27)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Class M-I Shares    
Expenses    
Net loss $ (14) $ (23)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Class T2 Shares    
Expenses    
Net loss $ (18) $ (32)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Class Z Shares    
Expenses    
Net loss $ (18) $ (6)
Basic and diluted net loss per share:    
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.04)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.04)