v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate    
Land $ 63,116 $ 63,116
Building and improvements 411,939 410,263
Furniture, fixtures and equipment 7,787 7,700
Intangible assets 8,197 8,197
Real estate under construction 57,876 57,838
Total real estate 548,915 547,114
Accumulated depreciation and amortization (21,370) (15,234)
Real estate, net 527,545 531,880
Cash and cash equivalents 15,637 24,342
Due from affiliates 59
Convertible loan receivable from affiliate 5,000
Other assets 13,529 7,974
Total assets 561,770 564,196
Liabilities    
Debt, net 279,077 260,638
Intangible liabilities, net 1,088 1,127
Accounts payable 3,115 12,383
Accrued expenses and other liabilities 11,156 5,467
Total liabilities 304,366 288,981
Commitments and contingencies
Members’ Capital    
Total members’ capital excluding noncontrolling interests 256,809 272,958
Noncontrolling interests 595 2,257
Total members’ capital 257,404 275,215
Total liabilities and members’ capital 561,770 564,196
Common Class A [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests 256,809 272,958
Common Class B [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Common Class M [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Related Party [Member]    
Liabilities    
Due to affiliates $ 9,930 $ 9,366