v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investment property:    
Land and improvements $ 35,845 $ 35,845
Building and improvements 84,122 84,020
Furniture and fixtures 10,944 10,804
Construction in progress 116 188
Gross investment property 131,027 130,857
Less accumulated depreciation (12,326) (10,367)
Net investment property 118,701 120,490
Investment in unconsolidated affiliated real estate entity 2,658 5,412
Cash and cash equivalents 10,940 9,029
Restricted cash 4,505 4,918
Accounts receivable and other assets 3,000 1,710
Total Assets 139,804 141,559
Mortgages payable, net 94,077 93,523
Accounts payable, accrued expenses and other liabilities 8,631 8,058
Subordinated advances - related party 14,479 14,386
Total Liabilities 117,187 115,967
Commitments and Contingencies 0 0
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding 0 0
Common stock, $0.01 par value; 200.0 million shares authorized, 8.1 million shares issued and outstanding 81 81
Additional paid-in-capital 67,631 68,016
Accumulated deficit (52,869) (50,664)
Total Stockholders' Equity 14,843 17,433
Noncontrolling interests 7,774 8,159
Total Equity 22,617 25,592
Total Liabilities and Equity $ 139,804 $ 141,559