v3.26.3
CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Series A Preferred Stock
Series B Preferred Stock
Common Class A
Common Class B
Class T Common Stock
Class I Common Stock
Common Stock
Common Class A
Common Stock
Common Class B
Common Stock
Class T Common Stock
Common Stock
Class I Common Stock
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Preferred Stock
Series D Preferred Stock
Additional Paid In Capital
Noncontrolling Interest
Retained Earnings Accumulated Deficit
Beginning Balance, Shares at Dec. 31, 2023               2,279,000   38,000 1,836,000 44,000            
Beginning Balance at Dec. 31, 2023 $ 81,193             $ 0   $ 0 $ 0 $ 43,217 $ 0 $ 0   $ 81,193    
Issuance of common stock, Shares               375,000     82,000              
Issuance of common stock, Value 11,041                             11,041    
Common stock redemption, Shares               (19,000)                    
Common stock redemption, Value (436)                             (436)    
Issuance of Preferred Stock, Shares                         10,000          
Issuance of Preferred Stock, Value                         $ 9,654          
Redemption of Preferred Stock, Share                       (25,000)            
Redemption of Preferred Stock, Value                       $ (25,100)            
Equity issuance costs (1,428)                       (1,182)     (1,428)    
Common stock dividends (8,242)                             (8,242)    
Preferred stock dividends   $ 5,638 $ 555                 $ (4,809) $ (555)          
Net Income (Loss) (11,561)                                 $ (11,561)
Ending Balance, Shares at Dec. 31, 2024       2,635,050   38,094 1,917,690 2,635,000   38,000 1,918,000 19,000 10,000 0        
Ending Balance at Dec. 31, 2024 70,567             $ 0   $ 0 $ 0 $ 13,308 $ 7,917 $ 0   82,128   (11,561)
Equity issuance costs 1,428                       1,182     1,428    
Dividends   $ 5,638 555                 $ (4,809) $ (555)          
Net loss (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)
Equity issuance costs (270)                       (460)     (270)    
Dividends                       $ (794) $ (370)          
Beginning Balance, Shares at Dec. 31, 2024       2,635,050   38,094 1,917,690 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 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)
Net loss (8,312)                                  
Beginning Balance, Shares at Dec. 31, 2024       2,635,050   38,094 1,917,690 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               3,894,000   29,000 6,133,000              
Issuance of common stock, Value 178,162                             178,162    
Common stock redemption, Shares               (11,000)                    
Common stock redemption, Value (267)                             (267)    
Issuance of Preferred Stock, Shares                         25,000 56,000        
Issuance of Preferred Stock, Value                         $ 24,920 $ 56,000        
Redemption of Preferred Stock, Share                       (19,000)   (56,000)        
Redemption of Preferred Stock, Value (10,966)                     $ (12,514) (138) $ (51,520)   (10,966)    
Equity issuance costs (6,968)                       (2,566)     (6,968)    
Common stock dividends (18,368)                             (18,368)    
Preferred stock dividends     3,026                 (794) $ (2,471) (4,480)        
Stock based compensation 179                             179    
Net Income (Loss) (3,585)                                 (3,585)
Ending 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          
Ending Balance at Dec. 31, 2025 208,754             $ 0 $ 0 $ 0 $ 0 0 $ 27,662 0 $ 0 223,900   (15,146)
Equity issuance costs 6,968                       2,566     6,968    
Dividends     $ 3,026                 $ (794) $ (2,471) $ (4,480)        
Net loss (3,585)                                  
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 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)
Equity issuance costs (2,734)                       392     (2,734)    
Dividends                         $ (310) (2,041)        
Net loss (219)                                  
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 0 $ 27,662 0 $ 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)
Equity issuance costs (534)                       (1,223)     (534)    
Dividends                         $ (795)          
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 $ 0 $ 27,662 $ 0 0 223,900   (15,146)
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)
Net loss (40,268)                                  
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 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)
Issuance Of public offering Shares               8,480,000                    
Reclassification Shares               8,396,000   (67,000) (8,329,000)              
Equity issuance costs (22,272)                       (853)   $ (12) $ (22,272)    
Dividends                         $ (464)          
Net loss $ (39,205)