v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Property related income $ 8,539 $ 10,387 $ 17,232 $ 20,440
Interest income 20 32 64 78
Investment income on marketable securities 1 1 2 2
Total revenues 8,560 10,420 17,298 20,520
Expenses        
General and administrative expenses 540 561 1,416 1,225
Property operating expenses 2,522 3,083 4,654 6,424
Advisory fees 519 575 1,027 1,166
Depreciation 2,322 2,512 4,706 4,885
Amortization 343 459 764 919
Total operating expenses 6,246 7,190 12,567 14,619
Net realized gain (loss) upon sale of real estate 0 0 231 (91)
Net realized loss upon sale of marketable securities 0 (2) (1) (1)
Net unrealized change in fair value of investment in marketable securities 12 (1) 19 (4)
Operating income 2,326 3,227 4,980 5,805
Interest expense (2,809) (3,484) (5,888) (6,860)
Net loss (483) (257) (908) (1,055)
Class A Shares        
Expenses        
Net loss $ (92) $ (54) $ (177) $ (224)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class I Shares        
Expenses        
Net loss $ (254) $ (141) $ (487) $ (577)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class T Shares        
Expenses        
Net loss $ 0 $ (1) $ (1) $ (3)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class D Shares        
Expenses        
Net loss $ (45) $ (31) $ (86) $ (132)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.02) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.02) $ (0.06) $ (0.06)
Class N Shares        
Expenses        
Net loss $ (17) $ (9) $ (33) $ (37)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class M-I Shares        
Expenses        
Net loss $ (14) $ (8) $ (28) $ (31)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class T2 Shares        
Expenses        
Net loss $ (18) $ (11) $ (36) $ (43)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class Z Shares        
Expenses        
Net loss $ (43) $ (2) $ (60) $ (8)
Basic and diluted net loss per share:        
Basic net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Diluted net income (loss) per share (in usd per share) $ (0.03) $ (0.01) $ (0.06) $ (0.06)