v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Total Stockholders' Equity
Common Stock
Common Shares
Common Stock
Common Shares Class G
Common Stock
Common Shares Class G-D
Common Stock
Common Shares Class G-S
Common Stock
Common Shares Class E
Common Stock
Common Shares Class I
Additional Paid-In Capital
Accumulated Deficit
Non-controlling Interests
Beginning balance at Dec. 31, 2024 $ 1 $ 1 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) (1,890)                    
Net income attributable to non-controlling interest 0                    
Ending balance at Jun. 30, 2025 74,108 74,108 0 2 1 0 0 0 76,513 (2,408) 0
Beginning balance at Mar. 31, 2025 1 1 0 0 0 0 0 0 1 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) (1,890) (1,890)               (1,890)  
Net income attributable to non-controlling interest 0                    
Proceeds from issuance of common shares 79,334 79,334   2 1       79,331    
Offering costs (2,819) (2,819)             (2,819)    
Distribution declared on common shares (See Note 9) (518) (518)               (518)  
Ending balance at Jun. 30, 2025 74,108 74,108 0 2 1 0 0 0 76,513 (2,408) 0
Beginning balance at Dec. 31, 2025 185,761 170,913 0 4 2 1 0 0 175,234 (4,328) 14,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) 2,297 2,297               2,297  
Net income attributable to non-controlling interest 236                   236
Proceeds from issuance of common shares 28,599 28,599   1   1     28,597    
Offering costs (577) (577)             (577)    
Common shares repurchased (47) (47)             (47)    
Distribution declared on common shares (See Note 9) (4,241) (4,241)               (4,241)  
Contributions from non-controlling interests 4,753                   4,753
Ending balance at Mar. 31, 2026 216,781 196,944 0 5 2 2 0 0 203,207 (6,272) 19,837
Beginning balance at Dec. 31, 2025 185,761 170,913 0 4 2 1 0 0 175,234 (4,328) 14,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) 6,096                    
Net income attributable to non-controlling interest 1,025                    
Ending balance at Jun. 30, 2026 267,758 240,214 0 6 2 2 0 0 248,086 (7,882) 27,544
Beginning balance at Mar. 31, 2026 216,781 196,944 0 5 2 2 0 0 203,207 (6,272) 19,837
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) 3,799 3,799               3,799  
Net income attributable to non-controlling interest 789                   789
Proceeds from issuance of common shares 59,264 59,264   1 $ 1       59,262    
Offering costs (1,149) (1,149)             (1,149)    
Common shares redeemed (in shares)         (1)            
Common shares repurchased (13,235) (13,235)             (13,234)    
Distribution declared on common shares (See Note 9) (5,409) (5,409)               (5,409)  
Contributions from non-controlling interests 6,918                   6,918
Ending balance at Jun. 30, 2026 $ 267,758 $ 240,214 $ 0 $ 6 $ 2 $ 2 $ 0 $ 0 $ 248,086 $ (7,882) $ 27,544