v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Class T Common Stock
Class I Common Stock
Common Stock [Member]
Common Class A
Common Stock [Member]
Common Class B
Common Stock [Member]
Class T Common Stock
Common Stock [Member]
Class I Common Stock
Preferred Stock [Member]
Series A Preferred Stock
Preferred Stock [Member]
Series B Preferred Stock
Preferred Stock [Member]
Series C Preferred Stock
Preferred Stock [Member]
Series D Preferred Stock
Additional Paid In Capital
Noncontrolling Interest [Member]
Retained Earnings (Accumulated Deficit)
Beginning Balance, Shares at Dec. 31, 2024           2,635,000   38,000 1,918,000 19,000 10,000 0        
Beginning Balance at Dec. 31, 2024 $ 70,567         $ 0   $ 0 $ 0 $ 13,308 $ 7,917 $ 0   $ 82,128   $ (11,561)
Issuance of common stock, Shares           113,000   6,000 89,000              
Issuance of common stock, Value 4,979                         4,979    
Issuance of Preferred Stock, Shares                     4,000 56,000        
Issuance of Preferred Stock, Value                     $ 4,287 $ 56,000        
Redemption of Preferred Stock, Share                   (19,000)            
Redemption of Preferred Stock, Value (6,486)                 $ (12,514)       (6,486)    
Equity issuance costs (270)                   (460)     (270)    
Common stock dividends 2,247                         (2,247)    
Preferred stock dividends                   $ (794) $ (370)          
Net Income (Loss) (8,093)                             (8,093)
Ending Balance, Shares at Mar. 31, 2025           2,748,000   44,000 2,007,000 0 14,000 56,000        
Ending Balance at Mar. 31, 2025 58,450         $ 0   $ 0 $ 0 $ 0 $ 11,374 $ 56,000   78,104   (19,654)
Beginning Balance, Shares at Dec. 31, 2024           2,635,000   38,000 1,918,000 19,000 10,000 0        
Beginning Balance at Dec. 31, 2024 70,567         $ 0   $ 0 $ 0 $ 13,308 $ 7,917 $ 0   82,128   (11,561)
Net loss (8,312)                              
Net Income (Loss) (8,312)                              
Ending Balance, Shares at Jun. 30, 2025           3,590,000   50,000 5,622,000 0 19,000 56,000        
Ending Balance at Jun. 30, 2025 155,378         $ 0   $ 0 $ 0 $ 0 $ 14,760 $ 53,959   175,251   (19,873)
Beginning Balance, Shares at Mar. 31, 2025           2,748,000   44,000 2,007,000 0 14,000 56,000        
Beginning Balance at Mar. 31, 2025 58,450         $ 0   $ 0 $ 0 $ 0 $ 11,374 $ 56,000   78,104   (19,654)
Issuance of common stock, Shares           848,000   6,000 3,615,000              
Issuance of common stock, Value 103,830                         103,830    
Common stock redemption, Shares           (6,000)                    
Common stock redemption, Value (140)                         (140)    
Issuance of Preferred Stock, Shares                     5,000          
Issuance of Preferred Stock, Value                     $ 4,088          
Equity issuance costs (2,734)                   392     (2,734)    
Common stock dividends 3,809                         (3,809)    
Preferred stock dividends                     $ (310) $ (2,041)        
Net loss (219)                              
Net Income (Loss) (219)                             (219)
Ending Balance, Shares at Jun. 30, 2025           3,590,000   50,000 5,622,000 0 19,000 56,000        
Ending Balance at Jun. 30, 2025 155,378         $ 0   $ 0 $ 0 $ 0 $ 14,760 $ 53,959   175,251   (19,873)
Beginning Balance, Shares at Dec. 31, 2025   6,518,383 0 66,830 8,050,883 6,518,000   67,000 8,051,000   35,000          
Beginning Balance at Dec. 31, 2025 208,754         $ 0 $ 0 $ 0 $ 0   $ 27,662   $ 0 223,900   (15,146)
Issuance of common stock, Shares           147,000     110,000              
Issuance of common stock, Value 6,133                         6,133    
Common stock redemption, Shares           (5,000)                    
Common stock redemption, Value (109)                         (109)    
Issuance of Preferred Stock, Shares                     14,000   37,000      
Issuance of Preferred Stock, Value                     $ 13,105   $ 37,780      
Stock receivable                     (1,106)   $ (750)      
Equity issuance costs (534)                   (1,223)     (534)    
Common stock dividends 4,661                         (4,661)    
Preferred stock dividends                     $ (795)          
Stock based compensation 483                         483    
Dividend equivalent rights paid (26)                         (26)    
Net Income (Loss) (1,063)                             (1,063)
Ending Balance, Shares at Mar. 31, 2026           6,660,000   67,000 8,161,000   49,000   37,000      
Ending Balance at Mar. 31, 2026 208,977         $ 0 0 $ 0 $ 0   $ 37,643   $ 37,030 225,186   (16,209)
Beginning Balance, Shares at Dec. 31, 2025   6,518,383 0 66,830 8,050,883 6,518,000   67,000 8,051,000   35,000          
Beginning Balance at Dec. 31, 2025 208,754         $ 0 $ 0 $ 0 $ 0   $ 27,662   0 223,900   (15,146)
Net loss (40,268)                              
Net Income (Loss) (40,268)                              
Ending Balance, Shares at Jun. 30, 2026   23,795,450 3,750,000 0 0 23,795,000 3,750,000       47,000          
Ending Balance at Jun. 30, 2026 375,878         $ 0 $ 0 $ 0 $ 0   $ 34,763   $ 0 333,792 $ 97,385 (55,299)
Beginning Balance, Shares at Mar. 31, 2026           6,660,000   67,000 8,161,000   49,000   37,000      
Beginning Balance at Mar. 31, 2026 208,977         $ 0 $ 0 $ 0 $ 0   $ 37,643   $ 37,030 225,186   (16,209)
Issuance of common stock, Shares           249,000     194,000              
Issuance of common stock, Value 10,594                         10,594    
Common stock redemption, Shares           (9,000)     (26,000)              
Vested restricted stock grants           19,000                    
Common stock redemption, Value (745)                         (745)    
Issuance of Preferred Stock, Shares                     8,000          
Issuance of Preferred Stock, Value                     $ 8,619   $ 750      
Issuance Of public offering value 220,468                         220,468    
Issuance Of public offering Shares           8,480,000                    
Reclassification Shares           8,396,000   (67,000) (8,329,000)              
Internalization Shares             3,750,000                  
Internalization Value 197                         (97,303) 97,500  
Redemption of Preferred Stock, Share                     (10,000)   (37,000)      
Redemption of Preferred Stock, Value (3,034)                   $ (10,182)   $ (37,768) (3,034)    
Equity issuance costs (22,272)                   (853)   (12) (22,272)    
Common stock dividends 1                         (1)    
Preferred stock dividends                     $ (464)          
Stock based compensation 925                         925    
Dividend equivalent rights paid (26)                         (26)    
Net loss (39,205)                              
Net Income (Loss) (39,205)                           (115) (39,090)
Ending Balance, Shares at Jun. 30, 2026   23,795,450 3,750,000 0 0 23,795,000 3,750,000       47,000          
Ending Balance at Jun. 30, 2026 $ 375,878         $ 0 $ 0 $ 0 $ 0   $ 34,763   $ 0 $ 333,792 $ 97,385 $ (55,299)