v3.26.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Investments in real estate, net $ 1,453,064 $ 1,294,008
Intangible assets, net 49,029 43,892
Cash and cash equivalents 1,227 629
Restricted cash 26,617 19,988
Other assets 89,886 82,463
Total assets [1] 1,619,823 1,440,980
Liabilities    
Mortgage notes and credit facility, net 888,610 932,120
Aggregation facility 95,089 0
Subscriptions received in advance 26,416 19,786
Accounts payable and accrued expenses 12,139 11,242
Distribution and redemption payable 8,480 4,534
Intangible liabilities, net 7,577 6,394
Total liabilities [1] 1,054,466 984,935
Commitments and contingencies (see Note 16)
Redeemable non-controlling interests (Note 12) 5,804 2,390
Equity    
Additional paid-in capital 656,020 531,747
Earnings less than distributions (157,984) (135,177)
Total shareholders' equity 498,420 396,891
Non-controlling interests 61,133 56,764
Total equity 559,553 453,655
Total liabilities and shareholders' equity 1,619,823 1,440,980
Common shares - Class A    
Equity    
Common shares 92 92
Common shares - Class F    
Equity    
Common shares 117 115
Common shares - Class I    
Equity    
Common shares 108 47
Common shares - Class E    
Equity    
Common shares 67 67
Related party    
Liabilities    
Other liabilities 9,896 6,246
Non related party    
Liabilities    
Other liabilities $ 6,259 $ 4,613
[1] Total Assets includes assets of consolidated variable interest entities (“VIEs”) of $691,349 and $733,729 as of June 30, 2026 and December 31, 2025, respectively, that can only be used to settle the obligations of the VIEs; Total Liabilities includes liabilities of consolidated VIEs of $484,551 and $512,993 as of June 30, 2026 and December 31, 2025, respectively, including third-party liabilities for which the creditors or beneficial interest holders do not have recourse to the general credit of the Company.