v3.26.1
BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Investment properties held and used:    
Land $ 69,660,000 $ 0
Building and other improvements 317,583,000 0
Total 387,243,000 0
Less: accumulated depreciation (2,281,000) 0
Net investment properties held and used 384,962,000 0
Cash and cash equivalents 6,065,000 0
Restricted cash 1,957,000 0
Investment in Operating Partnership 0 11,021,000
Distributions receivable from Operating Partnership 0 55,000
Receivable from Operating Partnership 0 250,000
Accounts and rent receivable 527,000 0
Acquired lease intangible assets, net 38,399,000 0
Finance lease right-of-use asset, net 1,602,000 0
Operating lease right-of-use assets, net 4,981,000 0
Other assets 5,464,000 0
Total assets 443,957,000 11,326,000
Liabilities:    
Mortgage loans payable, net 269,972,000 0
Credit facility payable (Note 11) 14,000,000 0
Accounts payable and accrued expenses 3,385,000 0
Finance lease liability 1,685,000 0
Operating lease liability 1,059,000 0
Distributions payable 620,000 55,000
Redemptions payable 517,000 0
Acquired lease intangible liabilities, net 13,126,000 0
Due to related parties (Note 11) 1,475,000 250,000
Other liabilities 1,752,000 0
Total liabilities 307,591,000 305,000
Commitments and contingencies (Note 13)
Equity:    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.01 par value per share (Note 7) 6,000 5,000
Additional paid-in capital 15,311,000 13,032,000
Accumulated deficit (725,000) (1,685,000)
Accumulated other comprehensive income (loss) 139,000 (331,000)
Total stockholders' equity 14,731,000 11,021,000
Noncontrolling interests 121,635,000 0
Total equity 136,366,000 11,021,000
Total liabilities and equity $ 443,957,000 $ 11,326,000