v3.26.1
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (1,681) $ (311)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 4,092 0
Amortization of debt discount 5 0
Amortization of acquired above- and below-market leases, net 79 0
Amortization of equity-based compensation 18 0
Amortization of finance lease right-of-use asset 12 0
Amortization of operating lease right-of-use assets 14 0
Straight-line income (307) 0
Loss from equity method investment in Operating Partnership 463 311
Gain on consolidation of equity method investment (2,140) 0
Changes in assets and liabilities:    
Accounts and rent receivable 13 0
Other assets (407) 0
Accounts payable and accrued expenses 328 0
Due to related parties (55) 0
Operating lease liability 2 0
Other liabilities 268 0
Net cash flows provided by operating activities 704 0
Cash flows from investing activities:    
Capital expenditures and tenant improvements (77) 0
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment 8,019 0
Investment in Operating Partnership (1,488) (3,305)
Proceeds from redemptions from Operating Partnership 73 0
Distributions from investment in Operating Partnership 135 119
Distributions from Operating Partnership for offering costs 12 4
Net cash flows provided by (used in) investing activities 6,674 (3,182)
Cash flows from financing activities:    
Proceeds from issuance of common stock 2,412 3,305
Proceeds from credit facility 1,000 0
Shares repurchased (174) 0
Redemptions of noncontrolling interests (1,145) 0
Payment of offering costs (128) (4)
Distributions paid to common stockholders (208) (119)
Distributions paid to noncontrolling interests (1,113) 0
Net cash flows provided by financing activities 644 3,182
Net increase in cash, cash equivalents and restricted cash 8,022 0
Cash, cash equivalents and restricted cash, at beginning of the period 0 0
Cash, cash equivalents and restricted cash, at end of the period 8,022 0
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,435 0
Supplemental schedule of non-cash investing and financing activities:    
Distributions payable 620 35
Distribution reinvestment and investment in Operating Partnership 142 33
Redemptions payable 517 0
Equity-based compensation - Restricted stock issued and investment in Operating Partnership 27 0
Accrued distribution fee due to related party 283 154
Accrued capital expenditures $ 23 $ 0