v3.26.1
Investments in Rental Real Estate Properties and Real Estate Held for Improvement (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Real Estate Properties
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 improvements108,211 108,196 
Site improvements7,214 7,215 
Furniture, fixtures, and equipment3,144 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 PropertiesNumber of PropertiesCarrying value as of
 March 31, 2026		Carrying value as of
 December 31, 2025
Rental real estate wholly-owned investments10$137,193 $137,920 
Total10$137,193 $137,920 
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 improvements204 204 
Work in progress3 - 
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 improvementNumber of PropertiesCarrying value as of
 March 31, 2026		Carrying value as of
 December 31, 2025
Real estate held for improvement wholly-owned investments1$1,078 $1,075 
Total1$1,078 $1,075 

Acquisitions and Dispositions
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.