CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)
$ in Thousands |
Total |
Total Shareholders' Equity (Deficit) |
Common Shares |
Additional paid-in capital |
Accumulated deficit and cumulative distributions |
Non-controlling interests in third party ventures and attributable to preferred shareholders |
| Common shares, beginning balance (in shares) at Dec. 31, 2024 |
|
|
34,705,985
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
$ 653,177
|
$ 650,797
|
$ 347
|
$ 659,755
|
$ (9,305)
|
$ 2,380
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Common shares issued (in shares) |
7,885,619
|
|
7,885,619
|
|
|
|
| Common shares issued |
$ 159,830
|
159,830
|
$ 79
|
159,751
|
|
|
| Common shares repurchased (in shares) |
(292,879)
|
|
(292,879)
|
|
|
|
| Common shares repurchased |
$ (5,914)
|
(5,914)
|
$ (3)
|
(5,911)
|
|
|
| Amortization of restricted share grants |
39
|
39
|
|
39
|
|
|
| Offering costs |
$ (7,812)
|
(7,812)
|
|
(7,812)
|
|
|
| Distribution reinvestment (in shares) |
606,948
|
|
606,948
|
|
|
|
| Distribution reinvestment |
$ 12,299
|
12,299
|
$ 6
|
12,293
|
|
|
| Distributions declared on common shares |
(22,779)
|
(22,779)
|
|
|
(22,779)
|
|
| Net income (loss) |
10,916
|
10,920
|
|
|
10,920
|
(4)
|
| Contributions to non-controlling interests |
10,346
|
|
|
|
|
10,346
|
| Distributions to non-controlling interests |
(50)
|
|
|
|
|
(50)
|
| Allocation to redeemable common shares |
(174)
|
(174)
|
|
(174)
|
|
|
| Allocation to redeemable non-controlling interests |
(10)
|
(10)
|
|
(10)
|
|
|
| Common shares, ending balance (in shares) at Jun. 30, 2025 |
|
|
42,905,673
|
|
|
|
| Ending balance at Jun. 30, 2025 |
809,868
|
797,196
|
$ 429
|
817,931
|
(21,164)
|
12,672
|
| Common shares, beginning balance (in shares) at Mar. 31, 2025 |
|
|
38,755,571
|
|
|
|
| Beginning balance at Mar. 31, 2025 |
$ 726,196
|
723,856
|
$ 388
|
737,914
|
(14,446)
|
2,340
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Common shares issued (in shares) |
4,039,943
|
|
4,039,943
|
|
|
|
| Common shares issued |
$ 81,961
|
81,961
|
$ 40
|
81,921
|
|
|
| Common shares repurchased (in shares) |
(214,994)
|
|
(214,994)
|
|
|
|
| Common shares repurchased |
$ (4,367)
|
(4,367)
|
$ (2)
|
(4,365)
|
|
|
| Amortization of restricted share grants |
20
|
20
|
|
20
|
|
|
| Offering costs |
$ (4,062)
|
(4,062)
|
|
(4,062)
|
|
|
| Distribution reinvestment (in shares) |
325,153
|
|
325,153
|
|
|
|
| Distribution reinvestment |
$ 6,599
|
6,599
|
$ 3
|
6,596
|
|
|
| Distributions declared on common shares |
(12,017)
|
(12,017)
|
|
|
(12,017)
|
|
| Net income (loss) |
5,293
|
5,299
|
|
|
5,299
|
(6)
|
| Contributions to non-controlling interests |
10,346
|
|
|
|
|
10,346
|
| Distributions to non-controlling interests |
(8)
|
|
|
|
|
(8)
|
| Allocation to redeemable common shares |
(88)
|
(88)
|
|
(88)
|
|
|
| Allocation to redeemable non-controlling interests |
(5)
|
(5)
|
|
(5)
|
|
|
| Common shares, ending balance (in shares) at Jun. 30, 2025 |
|
|
42,905,673
|
|
|
|
| Ending balance at Jun. 30, 2025 |
809,868
|
797,196
|
$ 429
|
817,931
|
(21,164)
|
12,672
|
| Common shares, beginning balance (in shares) at Dec. 31, 2025 |
|
|
52,131,183
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ 966,154
|
953,811
|
$ 521
|
997,431
|
(44,141)
|
12,343
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Common shares issued (in shares) |
17,501,952
|
|
17,501,952
|
|
|
|
| Common shares issued |
$ 366,068
|
366,068
|
$ 175
|
365,893
|
|
|
| Common shares repurchased (in shares) |
(816,308)
|
|
(816,308)
|
|
|
|
| Common shares repurchased |
$ (20,812)
|
(20,812)
|
$ (8)
|
(20,804)
|
|
|
| Share class transfer (in shares) |
|
|
(68)
|
|
|
|
| Amortization of restricted share grants |
39
|
39
|
|
39
|
|
|
| Offering costs |
$ (17,763)
|
(17,763)
|
|
(17,763)
|
|
|
| Distribution reinvestment (in shares) |
1,176,843
|
|
1,176,843
|
|
|
|
| Distribution reinvestment |
$ 24,352
|
24,352
|
$ 12
|
24,340
|
|
|
| Distributions declared on common shares |
(44,543)
|
(44,543)
|
|
|
(44,543)
|
|
| Net income (loss) |
(4,857)
|
(4,847)
|
|
|
(4,847)
|
(10)
|
| Distributions to non-controlling interests |
(415)
|
|
|
|
|
(415)
|
| Allocation to redeemable common shares |
(420)
|
(420)
|
|
(420)
|
|
|
| Allocation to redeemable non-controlling interests |
(143)
|
(143)
|
|
(143)
|
|
|
| Common shares, ending balance (in shares) at Jun. 30, 2026 |
|
|
69,993,602
|
|
|
|
| Ending balance at Jun. 30, 2026 |
1,267,660
|
1,255,742
|
$ 700
|
1,348,573
|
(93,531)
|
11,918
|
| Common shares, beginning balance (in shares) at Mar. 31, 2026 |
|
|
59,385,429
|
|
|
|
| Beginning balance at Mar. 31, 2026 |
$ 1,084,904
|
1,072,768
|
$ 594
|
1,139,688
|
(67,514)
|
12,136
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Common shares issued (in shares) |
10,365,036
|
|
10,365,036
|
|
|
|
| Common shares issued |
$ 217,642
|
217,642
|
$ 104
|
217,538
|
|
|
| Common shares repurchased (in shares) |
(388,971)
|
|
(388,971)
|
|
|
|
| Common shares repurchased |
$ (10,619)
|
(10,619)
|
$ (4)
|
(10,615)
|
|
|
| Share class transfer (in shares) |
|
|
(56)
|
|
|
|
| Amortization of restricted share grants |
19
|
19
|
|
19
|
|
|
| Offering costs |
$ (10,901)
|
(10,901)
|
|
(10,901)
|
|
|
| Distribution reinvestment (in shares) |
632,164
|
|
632,164
|
|
|
|
| Distribution reinvestment |
$ 13,143
|
13,143
|
$ 6
|
13,137
|
|
|
| Distributions declared on common shares |
(24,130)
|
(24,130)
|
|
|
(24,130)
|
|
| Net income (loss) |
(1,892)
|
(1,887)
|
|
|
(1,887)
|
(5)
|
| Distributions to non-controlling interests |
(213)
|
|
|
|
|
(213)
|
| Allocation to redeemable common shares |
(168)
|
(168)
|
|
(168)
|
|
|
| Allocation to redeemable non-controlling interests |
(125)
|
(125)
|
|
(125)
|
|
|
| Common shares, ending balance (in shares) at Jun. 30, 2026 |
|
|
69,993,602
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ 1,267,660
|
$ 1,255,742
|
$ 700
|
$ 1,348,573
|
$ (93,531)
|
$ 11,918
|