v3.26.1
Consolidated Statements of Changes in Equity/ Deficit and Redeemable Non-Controlling Interest - USD ($)
$ in Thousands
Total
Preferred Stock Class A
Common stock
Additional Paid-In Capital
Accumulated Deficit
Beginning balance at Dec. 31, 2024 $ (14,024) $ 220 $ 17   $ (14,261)
Beginning balance (in shares) at Dec. 31, 2024     1,697,489    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (117)       (117)
Offering costs (177)     $ (177)  
Distribution reinvestments 230   $ 0 230  
Distribution reinvestments (in shares)     22,060    
Issuance of common stock 15,495   $ 15 15,480  
Issuance of common stock (in shares)     1,500,120    
Adjust redeemable non-controlling interest to redemption value (1,711)     (1,711)  
Distributions declared on common stock (350)       (350)
Stock based compensation 96     96  
Ending balance at Mar. 31, 2025 (558) 220 $ 32 13,918 (14,728)
Ending balance (in shares) at Mar. 31, 2025     3,219,669    
Beginning balance at Dec. 31, 2024 214,744        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss (519)        
Adjust redeemable non-controlling interest to redemption value 1,711        
Distributions to non-controlling interest (2,219)        
Ending balance at Mar. 31, 2025 213,717        
Beginning balance at Dec. 31, 2024 (14,024) 220 $ 17   (14,261)
Beginning balance (in shares) at Dec. 31, 2024     1,697,489    
Ending balance at Jun. 30, 2025 (1,029) 220 $ 41 14,237 (15,527)
Ending balance (in shares) at Jun. 30, 2025     4,211,060    
Beginning balance at Dec. 31, 2024 214,744        
Ending balance at Jun. 30, 2025 220,466        
Beginning balance at Mar. 31, 2025 (558) 220 $ 32 13,918 (14,728)
Beginning balance (in shares) at Mar. 31, 2025     3,219,669    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (302)       (302)
Offering costs (398)     (398)  
Distribution reinvestments 359   $ 0 359  
Distribution reinvestments (in shares)     34,544    
Issuance of common stock 9,614   $ 9 9,605  
Issuance of common stock (in shares)     922,287    
Adjust redeemable non-controlling interest to redemption value (9,343)     (9,343)  
Preferred stock dividend (11)       (11)
Distributions declared on common stock (486)       (486)
Stock based compensation 96     96  
Issuance of restricted stock awards (in shares)     34,560    
Ending balance at Jun. 30, 2025 (1,029) 220 $ 41 14,237 (15,527)
Ending balance (in shares) at Jun. 30, 2025     4,211,060    
Beginning balance at Mar. 31, 2025 213,717        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss (156)        
Adjust redeemable non-controlling interest to redemption value 9,343        
Distributions to non-controlling interest (2,438)        
Ending balance at Jun. 30, 2025 220,466        
Beginning balance at Dec. 31, 2025 $ 5,252 220 $ 60 22,481 (17,509)
Beginning balance (in shares) at Dec. 31, 2025 6,038,374   6,038,374    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) $ (528)       (528)
Offering costs (289)     (289)  
Distribution reinvestments 678   $ 0 678  
Distribution reinvestments (in shares)     63,222    
Issuance of common stock 4,817   $ 5 4,812  
Issuance of common stock (in shares)     449,248    
Repurchase of common stock (292)   $ 0 (292)  
Repurchase of common stock (in shares)     (26,999)    
Adjust redeemable non-controlling interest to redemption value (9,831)     (9,831)  
Distributions declared on common stock (828)       (828)
Stock based compensation 96     96  
Ending balance at Mar. 31, 2026 (925) 220 $ 65 17,655 (18,865)
Ending balance (in shares) at Mar. 31, 2026     6,523,845    
Beginning balance at Dec. 31, 2025 226,295        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss (199)        
Adjust redeemable non-controlling interest to redemption value 9,831        
Distributions to non-controlling interest (2,547)        
Ending balance at Mar. 31, 2026 233,380        
Beginning balance at Dec. 31, 2025 $ 5,252 220 $ 60 22,481 (17,509)
Beginning balance (in shares) at Dec. 31, 2025 6,038,374   6,038,374    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Distribution reinvestments (in shares) 131,347        
Issuance of common stock (in shares) 1,149,510        
Repurchase of common stock (in shares) (86,241)        
Ending balance at Jun. 30, 2026 $ (1,328) 220 $ 72 18,546 (20,166)
Ending balance (in shares) at Jun. 30, 2026 7,264,938   7,264,938    
Beginning balance at Dec. 31, 2025 $ 226,295        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss (174)        
Adjust redeemable non-controlling interest to redemption value 16,211        
Distributions to non-controlling interest (5,094)        
Ending balance at Jun. 30, 2026 237,238        
Beginning balance at Mar. 31, 2026 (925) 220 $ 65 17,655 (18,865)
Beginning balance (in shares) at Mar. 31, 2026     6,523,845    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (375)       (375)
Offering costs (539)     (539)  
Distribution reinvestments 744   $ 0 744  
Distribution reinvestments (in shares)     68,125    
Issuance of common stock 7,630   $ 7 7,623  
Issuance of common stock (in shares)     700,262    
Repurchase of common stock (653)     (653)  
Repurchase of common stock (in shares)     (59,242)    
Adjust redeemable non-controlling interest to redemption value (6,380)     (6,380)  
Preferred stock dividend (11)       (11)
Distributions declared on common stock (915)       (915)
Stock based compensation 96     96  
Issuance of restricted stock awards (in shares)     31,948    
Ending balance at Jun. 30, 2026 $ (1,328) $ 220 $ 72 $ 18,546 $ (20,166)
Ending balance (in shares) at Jun. 30, 2026 7,264,938   7,264,938    
Beginning balance at Mar. 31, 2026 $ 233,380        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Net loss 25        
Adjust redeemable non-controlling interest to redemption value 6,380        
Distributions to non-controlling interest (2,547)        
Ending balance at Jun. 30, 2026 $ 237,238