v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 43,605 $ 33,867
Restricted cash 6,512 3,923
Other assets, net 1,750 1,126
Due from related party $ 36,903 $ 16,803
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] Due from related party Due from related party
Investments in real estate debt $ 12,944 $ 12,616
Investments in equity securities 19,884 1,163
Investments in equity method investees, net 230,850 61,231
Total investment in real estate properties, net (3) 467,337 144,216
Total Assets 819,785 274,945
Liabilities:    
Accounts payable and accrued expenses 6,219 4,342
Due to related party $ 1,596 $ 1,741
Accounts Payable, Related Party [Extensible Enumeration] Due to related party Due to related party
Distributions payable $ 38,115 $ 11
Redemptions payable 23,775 31
Other liabilities 2,750 449
Mortgages payable and credit facility, net 206,897 74,651
Total Liabilities 279,352 81,225
Commitments and Contingencies (Note 13)
Members' Equity:    
Common shares, net of redemptions; unlimited shares authorized; 59,413,939 and 23,649,384 shares issued and 57,007,668 and 14,573,663 shares outstanding as of June 30, 2026 and December 31, 2025 544,643 174,831
Retained earnings (accumulated deficit) and cumulative distributions (20,123) 18,889
Total Members’ Equity 524,520 193,720
Non-controlling interests 15,913 0
Total Equity 540,433 193,720
Total Liabilities and Equity $ 819,785 $ 274,945