v3.26.1
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental revenue $ 31,836 $ 27,061 $ 61,848 $ 54,112
Total revenues 31,836 27,061 61,848 54,112
Expenses        
Property operating expense 164 165 261 295
Depreciation and amortization 9,949 8,715 19,470 17,429
Management fee 1,763 1,087 3,270 2,114
Performance participation allocation 3,145 704 5,232 1,435
General and administrative 1,532 835 2,832 1,529
Organizational costs       151
Total expenses 16,553 11,506 31,065 22,953
Other (expense)/income        
Interest expense (11,165) (10,142) (21,573) (20,419)
Other income 0   706 2
Net change in unrealized appreciation/(depreciation) on investments related to foreign exchange fluctuations 164 (434) 318 (497)
Net change in unrealized appreciation on derivative swaps     51  
Net realized loss on financial instruments     (48)  
Total other (expense)/income (11,001) (10,576) (20,546) (20,914)
Net income before income tax expense 4,282 4,979 10,237 10,245
Income tax benefit/(expense) 33 (29) 77 (17)
Net income 4,315 4,950 10,314 10,228
Net income attributable to non-controlling interests in Class E OP Units (68)   (46)  
Net income attributable to non-controlling interests (1,328) (1,243) (2,707) (2,548)
Net income attributable to the Company's shareholders $ 2,919 $ 3,707 $ 7,561 $ 7,680
Weighted average shares outstanding - basic (in dollars per share) 37,725,413 28,035,135 36,111,695 27,545,029
Weighted average shares outstanding - diluted (in dollars per share) 38,002,633 28,071,460 36,338,985 27,563,191
Class A        
Other (expense)/income        
Weighted average shares outstanding - basic (in dollars per share) 9,159,016 9,131,158 9,159,016 9,094,544
Weighted average shares outstanding - diluted (in dollars per share) 9,159,016 9,131,158 9,159,016 9,094,544
Earnings per share - basic (in shares) $ 0.1 $ 0.12 $ 0.24 $ 0.26
Earnings per share - diluted (in shares) $ 0.1 $ 0.12 $ 0.24 $ 0.26
Class F        
Other (expense)/income        
Weighted average shares outstanding - basic (in dollars per share) 11,727,091 11,271,070 11,680,810 11,249,697
Weighted average shares outstanding - diluted (in dollars per share) 11,727,091 11,271,070 11,680,810 11,249,697
Earnings per share - basic (in shares) $ 0.05 $ 0.1 $ 0.15 $ 0.22
Earnings per share - diluted (in shares) $ 0.05 $ 0.1 $ 0.15 $ 0.22
Class I        
Other (expense)/income        
Weighted average shares outstanding - basic (in dollars per share) 10,123,091 920,775 8,556,664 488,656
Weighted average shares outstanding - diluted (in dollars per share) 10,123,091 920,775 8,556,664 488,656
Earnings per share - basic (in shares) $ 0.01 $ 0.09 $ 0.07 $ 0.18
Earnings per share - diluted (in shares) $ 0.01 $ 0.09 $ 0.07 $ 0.18
Class E        
Other (expense)/income        
Weighted average shares outstanding - basic (in dollars per share) 6,716,215 6,712,132 6,715,205 6,712,132
Weighted average shares outstanding - diluted (in dollars per share) 6,993,435 6,748,457 6,942,495 6,730,294
Earnings per share - basic (in shares) $ 0.21 $ 0.2 $ 0.44 $ 0.41
Earnings per share - diluted (in shares) $ 0.2 $ 0.2 $ 0.43 $ 0.41