v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (1,969) $ 1,599
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 28,089 11,690
Amortization of above- and below-market lease intangibles, net (1,085) (792)
Straight-line rent amortization (2,457) (651)
Amortization of deferred financing costs 1,592 358
Amortization of discount on real estate-related and other securities 0 (158)
Amortization of restricted stock grants 52 50
Realized gain on financial instruments 0 (387)
Realized loss on sale of real estate 43 0
Unrealized gain on financial instruments (805) (264)
Redemption value adjustment on mandatorily redeemable instruments 191 588
Change in assets and liabilities:    
Increase in other assets (1,690) (1,796)
Increase in due to affiliates 2,336 2,251
Increase in accounts payable, accrued expenses and other liabilities 3,372 1,908
Net cash provided by operating activities 27,669 14,396
Cash flows from investing activities:    
Acquisitions of real estate (97,833) (462,984)
Capital improvements on real estate (11,756) (900)
Proceeds from sale of real estate 1,706 0
Origination of investments in real estate debt (80,000) (55,700)
Deposits on real estate acquisitions (8,650) (4,691)
Variation margin proceeds (payments) 0 188
Proceeds from real estate-related and other securities 0 31,478
Purchases of real-estate related and other securities 0 (63,064)
Net cash used in investing activities (196,533) (555,673)
Cash flows from financing activities:    
Proceeds from issuance of common stock 212,380 405,523
Repurchase of common stock (7,747) (2,999)
Repurchase of mandatorily redeemable instruments (61,070) 0
Borrowings under unsecured revolving credit facility 148,000 0
Repayments under unsecured revolving credit facility (166,000) 0
Contributions from non-controlling interests 2,401 3,284
Distributions paid on common stock (9,305) (6,217)
Distributions to non-controlling interests (536) (198)
Repurchase of redeemable non-controlling interest (1,287) 0
Proceeds from mortgage notes and debt secured by real estate 5,373 43,663
Proceeds from repurchase facility 60,000 41,775
Principal repayments of mortgage notes and debt secured by real estate (1,623) (359)
Payment of deferred financing costs (203) (1,506)
Net cash provided by financing activities 180,383 482,966
Net change in cash, cash equivalents and restricted cash 11,519 (58,311)
Cash, cash equivalents and restricted cash, at the beginning of the period 23,105 128,392
Cash, cash equivalents and restricted cash, at the end of the period 34,624 70,081
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:    
Cash and cash equivalents 28,539 68,387
Restricted cash 6,085 1,694
Total cash, cash equivalents and restricted cash 34,624 70,081
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,310 4,899
Supplemental disclosure of non-cash investing and financing activities:    
Assumption of mortgage note, net, in conjunction with acquisition of real estate 0 35,313
Assumption Of Working Capital In Conjunction With Acquisition Of Real Estate 1,365 3,226
Accrued distributions 874 1,414
Distribution re-investments 12,146 5,353
Capital Expenditures Incurred but Not yet Paid 833 0
Reclassification of deposits to investments in real estate, net 1,000 4,038
Accrued stockholder servicing fee due to affiliate 2,159 2,471
Non-Controlling Interest Contributions To Investment In Real Estate, Net 0 3,514
Redeemable non-controlling interest issued as settlement for performance participation allocation 1,372 810
Sale of equity interest to non-controlling interest $ 0 $ 2,083