v3.26.1
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Common Stock Class D
Common Stock
Common Stock Class I
Common Stock
Common Stock Class T
Common Stock
Common Stock Class S
Common Stock
Common Stock Class E
Common Stock
Common Stock Class Y
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Equity
Non-Controlling Interests
Beginning balance at Dec. 31, 2024 $ 300,569 $ 10 $ 101   $ 1 $ 186 $ 21 $ 329,600 $ (33,780) $ 296,139 $ 4,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common stock issued, net of offering costs 403,802 1 27     309 34 403,431   403,802  
Common stock repurchased (2,999)   (2)   (1)     (2,996)   (2,999)  
Distributions declared on common stock (12,983)               (12,983) (12,983)  
Distribution reinvestments 5,353   2     3   5,348   5,353  
Net loss (including portion attributable to nonredeemable noncontrolling interest) 1,597               1,712 1,712 (115)
Contributions from non-controlling interests 8,882                   8,882
Distributions to non-controlling interests (2,281)                   (2,281)
Amortization of restricted stock grants 50             50   50  
Allocation to redeemable non-controlling interest (12)             (12)   (12)  
Ending balance at Jun. 30, 2025 701,978 11 128   0 498 55 735,421 (45,051) 691,062 10,916
Beginning balance at Mar. 31, 2025 596,946 10 117   0 427 36 626,545 (37,826) 589,309 7,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common stock issued, net of offering costs 106,867 1 11     69 19 106,767   106,867  
Common stock repurchased (1,136)   (1)   0     (1,135)   (1,136)  
Distributions declared on common stock (7,257)               (7,257) (7,257)  
Distribution reinvestments 3,234   1     2   3,231   3,234  
Net loss (including portion attributable to nonredeemable noncontrolling interest) (62)               32 32 (94)
Contributions from non-controlling interests 5,613                   5,613
Distributions to non-controlling interests (2,240)                   (2,240)
Amortization of restricted stock grants 25             25   25  
Allocation to redeemable non-controlling interest (12)             (12)   (12)  
Ending balance at Jun. 30, 2025 701,978 11 128   $ 0 498 55 735,421 (45,051) 691,062 10,916
Beginning balance at Dec. 31, 2025 783,292 10 139 $ 0   558 86 844,236 (74,128) 770,901 12,391
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common stock issued, net of offering costs 211,014   93     72 31 210,818   211,014  
Common stock repurchased (7,956)   (5)     (2) (1) (7,948)   (7,956)  
Distributions declared on common stock (22,322)               (22,322) (22,322)  
Distribution reinvestments 12,145   2     7 1 12,135   12,145  
Net loss (including portion attributable to nonredeemable noncontrolling interest) (1,967)               (1,694) (1,694) (273)
Contributions from non-controlling interests 2,422                   2,422
Distributions to non-controlling interests (539)                   (539)
Amortization of restricted stock grants 53             53   53  
Allocation to redeemable non-controlling interest (28)             (28)   (28)  
Ending balance at Jun. 30, 2026 976,114 10 229 0   635 117 1,059,266 (98,144) 962,113 14,001
Beginning balance at Mar. 31, 2026 815,609 10 145 0   581 99 889,548 (87,071) 803,312 12,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Common stock issued, net of offering costs 165,245   84     50 17 165,094   165,245  
Common stock repurchased (2,078)   (1)         (2,077)   (2,078)  
Distributions declared on common stock (12,157)               (12,157) (12,157)  
Distribution reinvestments 6,702   1     4 1 6,696   6,702  
Net loss (including portion attributable to nonredeemable noncontrolling interest) 1,009               1,084 1,084 (75)
Contributions from non-controlling interests 2,039                   2,039
Distributions to non-controlling interests (260)                   (260)
Amortization of restricted stock grants 27             27   27  
Allocation to redeemable non-controlling interest (22)             (22)   (22)  
Ending balance at Jun. 30, 2026 $ 976,114 $ 10 $ 229 $ 0   $ 635 $ 117 $ 1,059,266 $ (98,144) $ 962,113 $ 14,001