v3.26.1
Investments in Real Estate Properties (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Investments in Real Estate Properties The following table presents the Company’s investments in real estate properties, net (amounts in thousands):
As of
June 30, 2026
As of December 31, 2025 (1)
Land and land improvements$142,610 $30,143 
Building and building improvements289,358 108,196 
Site improvements14,799 7,215 
Furniture, fixtures, and equipment5,006 3,113 
Intangible lease assets19,476 6,948 
Work in progress (2)
12,821 1,075 
Total gross investment in real estate properties$484,070 $156,690 
Less: Accumulated depreciation and amortization(16,733)(12,474)
Total investment in real estate properties, net (3)
$467,337 $144,216 
(1) Certain prior period amounts have been reclassified to conform to the current period presentation in order to better align the classification of land, building and building improvements, site improvements, and furniture, fixtures and equipment with the Company’s capitalization policy. These reclassifications had no impact on total investments in real estate properties, total assets, net income, or members’ equity for the periods presented.
(2) Work in progress includes all capitalized costs (land, building, site improvements, and other direct costs) for three properties under development and minor improvement costs for other properties currently in service as of June 30, 2026. Two of the three properties under development were acquired in connection with the Merger; see Note 3, Merger Transaction - Asset Acquisition, for additional information. As of December 31, 2025, the Company held one property under development.
(3) Investments in real estate properties as of June 30, 2026 include equity method investments acquired in the Merger which are consolidated in the Company's condensed consolidated financial statements.
As of June 30, 2026 and December 31, 2025 we had invested in twenty-six and eleven real estate properties, respectively, which consist of the following (dollar amounts in thousands):
As of June 30, 2026As of December 31, 2025
Investments in Real Estate PropertiesNumber of PropertiesCarrying ValueNumber of PropertiesCarrying Value
Real estate properties (1)
26$467,337 11$144,216 
Total26$467,337 11$144,216 
(1) Includes approximately $113.7 million of real estate properties held through FR-ICG EVO Parent, LLC, a consolidated majority-owned subsidiary, a consolidated VIE in which the Company holds a controlling financial interest. See Note 14, Variable Interest Entities, for further information.