The following table presents the Company’s investments in rental real estate properties, net (amounts in thousands):


	As of March 31, 2026		As of December 31, 2025 (1)
Land	$	30,143	$	30,143
Building and building improvements	108,211		108,196
Site improvements	7,214		7,215
Furniture, fixtures, and equipment	3,144		3,113
Total gross investment in rental real estate properties	$	148,712	$	148,667
Less: Accumulated depreciation	(11,519)		(10,747)
Total investment in rental real estate properties, net	$	137,193	$	137,920

(1) Certain prior period amounts have been reclassified to conform to the current period presentation in order to better align the classification of land, building and building improvements, site improvements, and furniture, fixtures and equipment with the Company’s capitalization policy. These reclassifications had no impact on total investments in rental real estate properties, total assets, net income, or members’ equity for the periods presented.

As of March 31, 2026 we had invested in ten rental real estate properties, which consist of the following (dollar amounts in thousands):


Investments in Rental Real Estate Properties	Number of Properties	Carrying value as of March 31, 2026		Carrying value as of December 31, 2025
Rental real estate wholly-owned investments	10	$	137,193	$	137,920
Total	10	$	137,193	$	137,920

There were no acquisitions or dispositions of investments in rental real estate properties during the three months ended March 31, 2026 and March 31, 2025.

As of both March 31, 2026 and December 31, 2025, the carrying amount of our investment in rental real estate properties included cumulative capitalized acquisition costs of approximately $2.3 million, respectively, which included cumulative acquisition fees paid to the Sponsor of approximately $1.3 million, respectively.

For the three months ended March 31, 2026 and March 31, 2025, the Company recognized approximately $772,000 and $569,000, respectively, of depreciation expense on our investments in rental real estate properties.

The following table presents the Company’s investments in real estate held for improvement (amounts in thousands):


	As of March 31, 2026		As of December 31, 2025
Land and land improvements	$	871	$	871
Building and building improvements	204		204
Work in progress	3		-
Total investment in real estate held for improvement	$	1,078	$	1,075

As of March 31, 2026, we had invested in one real estate property held for improvement, which consists of the following:


Investments in real estate held for improvement	Number of Properties	Carrying value as of March 31, 2026		Carrying value as of December 31, 2025
Real estate held for improvement wholly-owned investments	1	$	1,078	$	1,075
Total	1	$	1,078	$	1,075

There were no acquisitions or dispositions of investments in real estate held for improvement during the three months ended March 31, 2026 and March 31, 2025.