Segment Reporting |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Segment Reporting [Abstract] | |
| Segment Reporting | Note 11. Segment Reporting The Company currently operates as one segment, which is also its sole reportable segment. The Company’s chief operating decision maker (“CODM”) is a group consisting of its Lead- and Co-Portfolio Managers. The accounting policies of the Company’s single reportable segment are consistent with those in its summary of significant accounting policies outlined in “Note 2. Significant Accounting Policies.” The Company generates its revenue primarily from acquiring and actively managing a diversified portfolio of stabilized, income-generating real estate assets located in the United States. The CODM evaluates the performance of real estate assets with the other real estate-related debt and real estate securities investments held. Additionally, the Company seeks to enhance returns on equity by utilizing leverage, and generally finance the real estate assets acquired with leverage obtained through a variety of sources, including mortgages obtained on select properties acquired and a revolving credit facility. The CODM evaluates performance and allocates resources based on net income (loss) and total assets, as reported on the Company’s Consolidated Statements of Operations and Balance Sheets. The Company’s net income (loss) is primarily derived through the difference between the revenue earned from leases and the expenses incurred to acquire and manage the real estate assets. Accordingly, depreciation and amortization and rental property operating expenses, which are already separately reported on the Company’s Consolidated Statements of Operations, are the most significant segment expenses. The CODM uses net income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating the performance of investments in real estate assets held, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing. |