v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Real estate    
Land $ 63,116 $ 63,116
Building and improvements 412,189 410,263
Furniture, fixtures and equipment 7,827 7,700
Intangible assets 8,197 8,197
Real estate under construction 57,961 57,838
Total real estate 549,290 547,114
Accumulated depreciation and amortization (24,448) (15,234)
Real estate, net 524,842 531,880
Cash and cash equivalents 16,838 24,342
Due from affiliates 104
Convertible loan receivable from affiliate 5,000
Other assets 15,069 7,974
Total assets 561,853 564,196
Liabilities    
Debt, net 282,750 260,638
Due to affiliates 10,862 9,366
Intangible liabilities, net 1,069 1,127
Accounts payable 3,411 12,383
Accrued expenses and other liabilities 12,720 5,467
Total liabilities 310,812 288,981
Commitments and contingencies
Members’ Capital    
Total members’ capital excluding noncontrolling interests 250,458 272,958
Noncontrolling interests 583 2,257
Total members’ capital 251,041 275,215
Total liabilities and members’ capital 561,853 564,196
Common Class A [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests 250,458 272,958
Common Class B [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Common Class M [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests