v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Investments in real estate, net $ 1,219,081 $ 1,159,632
Investments in real estate debt 304,589 224,600
Investments in real estate-related and other securities 14,999 15,323
Intangible assets, net 73,445 58,548
Cash and cash equivalents 28,539 18,416
Restricted cash 6,085 4,689
Deposits on real estate 7,650 0
Other assets, net 35,372 22,310
Total assets 1,689,760 1,503,518
LIABILITIES AND EQUITY    
Mortgage notes, net 364,066 359,445
Repurchase facility, net 227,883 167,863
Unsecured revolving credit facility 55,000 73,000
Intangible liabilities, net 7,135 8,435
Mandatorily redeemable instruments 0 54,794
Due to affiliates 31,418 28,969
Accounts payable, accrued expenses and other liabilities 27,192 26,856
Total liabilities 712,694 719,362
Commitments and contingencies (Note 17) 0 0
Redeemable non-controlling interest 952 864
Equity    
Additional paid-in capital 1,059,266 844,236
Accumulated deficit (98,144) (74,128)
Total stockholders’ equity 962,113 770,901
Non-controlling interests in consolidated joint ventures 14,001 12,391
Total equity 976,114 783,292
Total liabilities and equity 1,689,760 1,503,518
Common Stock Class D    
Equity    
Common stock 10 10
Common Stock Class I    
Equity    
Common stock 229 139
Common Stock Class T    
Equity    
Common stock 0 0
Common Stock Class E    
Equity    
Common stock 635 558
Common Stock Class Y    
Equity    
Common stock $ 117 $ 86