| Schedule of Carrying Value Net Assets |
The
following table presents the financial data of the consolidated VIEs, which are considered VIEs as they do not have sufficient equity
at risk to finance their activities without additional subordinated financial support, included in the consolidated balance sheets as
of June 30, 2026 and December 31, 2025, respectively (amounts in thousands):
Schedule of Carrying Value Net Assets
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
(unaudited) | | |
| |
| Assets | |
| | | |
| | |
| Real estate | |
| | | |
| | |
| Land | |
$ | 53,301 | | |
$ | 53,301 | |
| Building and improvements | |
| 409,376 | | |
| 407,736 | |
| Furniture, fixtures and equipment | |
| 7,787 | | |
| 7,700 | |
| Intangible assets | |
| 6,083 | | |
| 6,083 | |
| Real estate under construction | |
| 57,618 | | |
| 57,580 | |
| Total real estate | |
| 534,165 | | |
| 532,400 | |
| Accumulated depreciation and amortization | |
| (19,893 | ) | |
| (13,886 | ) |
| Real estate, net | |
| 514,272 | | |
| 518,514 | |
| Cash and cash equivalents | |
| 1,801 | | |
| 2,943 | |
| Other assets | |
| 9,626 | | |
| 7,288 | |
| Total assets | |
$ | 525,699 | | |
$ | 528,745 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Debt, net | |
$ | 279,077 | | |
$ | 260,638 | |
| Due to affiliates | |
| 2,849 | | |
| 3,280 | |
| Accounts payable | |
| 3,113 | | |
| 12,294 | |
| Accrued expenses and other liabilities | |
| 6,947 | | |
| 4,685 | |
| Total liabilities | |
$ | 291,986 | | |
$ | 280,897 | |
|
| Schedule of Restricted Cash and Cash Equivalents |
Restricted
cash consists of amounts required to be reserved pursuant to contractual obligations and lender agreements for debt service. The following
table provides a reconciliation of cash and cash equivalents and restricted cash reported within our consolidated balance sheets to our
consolidated statements of cash flows (amounts in thousands):
Schedule
of Restricted Cash and Cash Equivalents
| | |
June 30, 2026 | | |
December 31, 2025 | | |
June 30, 2025 | |
| | |
(unaudited) | | |
| | |
(unaudited) | |
| Cash and cash equivalents | |
$ | 15,637 | | |
$ | 24,342 | | |
$ | 24,956 | |
| Restricted cash (1) | |
| 6,384 | | |
| 4,330 | | |
| 4,771 | |
| Total cash and cash equivalents and restricted cash | |
$ | 22,021 | | |
$ | 28,672 | | |
$ | 29,727 | |
| (1) | Restricted
cash is included within Other assets on our consolidated balance sheets. |
|