v3.26.1
Schedule of Carrying Value Net Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Real estate        
Land $ 63,116 $ 63,116    
Building and improvements 411,939 410,263    
Furniture, fixtures and equipment 7,787 7,700    
Real estate under construction 57,876 57,838   $ 191,308
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 $ 24,956  
Other assets 13,529 7,974    
Total assets 561,770 564,196    
Liabilities        
Debt, net 279,077 260,638    
Accounts payable 3,115 12,383    
Accrued expenses and other liabilities 11,156 5,467    
Total liabilities 304,366 288,981    
Variable Interest Entity, Primary Beneficiary [Member]        
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