v3.26.1
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Total Members' Equity
Common Shares
Retained Earnings (Accumulated Deficit)
Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2024     11,900,001    
Beginning balance at Dec. 31, 2024 $ 133,340 $ 133,340 $ 131,003 $ 2,337 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Offering costs (37) (37) $ (37)    
Distributions declared on common shares (144) (144)   (144)  
Redemptions of common shares (in shares)     (1,049,785)    
Redemptions of common shares (16,976) (16,976) $ (16,976)    
Net income (loss) 13,605 13,605   13,605  
Ending balance (in shares) at Jun. 30, 2025     10,850,216    
Ending balance at Jun. 30, 2025 $ 129,788 129,788 $ 113,990 15,798 0
Beginning balance (in shares) at Dec. 31, 2025 14,573,663   14,573,663    
Beginning balance at Dec. 31, 2025 $ 193,720 193,720 $ 174,831 18,889 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares in connection with the Merger (in shares)     44,840,276    
Issuance of common shares in connection with the Merger 394,552 394,552 $ 394,552    
Offering costs (706) (706) $ (706)    
Distributions declared on common shares (32,140) (32,140)   (32,140)  
Redemptions of common shares (in shares)     (2,406,271)    
Redemptions of common shares (24,034) (24,034) $ (24,034)    
Non-controlling interests 15,894       15,894
Net income (loss) $ (6,853) (6,872)   (6,872) 19
Ending balance (in shares) at Jun. 30, 2026 57,007,668   57,007,668    
Ending balance at Jun. 30, 2026 $ 540,433 $ 524,520 $ 544,643 $ (20,123) $ 15,913