v3.26.1
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (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 $ 5,551 $ 0 $ 5,551 $ 0
Other property revenue 72 0 72 0
Total revenues 5,623 0 5,623 0
Expenses:        
Property operating expenses 1,031 0 1,031 0
Real estate tax expense 314 0 314 0
General and administrative expenses 628 0 628 0
Advisor management fee (Note 11) 140 0 140 0
Performance participation allocation (Note 11) 82 0 82 0
Depreciation and amortization 4,092 0 4,092 0
Total expenses 6,287 0 6,287 0
Other Income (Expenses):        
Loss from equity method investment in Operating Partnership (100) (173) (463) (311)
Gain on consolidation of equity method investment 2,140 0 2,140 0
Interest expense (2,702) 0 (2,702) 0
Interest and other income 8 0 8 0
Net loss (1,318) (173) (1,681) (311)
Net loss attributable to noncontrolling interests (3,001) 0 (3,001) 0
Net income (loss) attributable to common stockholders $ 1,683 $ (173) $ 1,320 $ (311)
Net income (loss) per common share, basic $ 2.67 $ (0.55) $ 2.18 $ (1.14)
Net income (loss) per common share, diluted $ 2.66 $ (0.55) $ 2.17 $ (1.14)
Weighted average number of common shares outstanding, basic 630,170 316,688 603,535 273,069
Weighted average number of common shares outstanding, diluted 633,432 316,688 606,782 273,069
Comprehensive income (loss):        
Net loss $ (1,318) $ (173) $ (1,681) $ (311)
Unrealized gain on derivatives 1,313 0 1,313 0
Reclassification adjustment for amounts included in net loss 320 0 320 0
Comprehensive loss from Operating Partnership (29) (45) (0) (99)
Comprehensive income (loss) 286 (218) (48) (410)
Comprehensive loss attributable to noncontrolling interests (1,837) 0 (1,837) 0
Comprehensive income (loss) attributable to common stockholders $ 2,123 $ (218) $ 1,789 $ (410)