v3.26.3
Schedule of Carrying Value Net Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Real estate        
Land $ 63,116 $ 63,116    
Building and improvements 412,189 410,263    
Furniture, fixtures and equipment 7,827 7,700    
Real estate under construction 57,961 57,838   $ 191,308
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 $ 29,643  
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    
Accounts payable 3,411 12,383    
Accrued expenses and other liabilities 12,720 5,467    
Total liabilities 310,812 288,981    
Variable Interest Entity, Primary Beneficiary [Member]        
Real estate        
Land 53,301 53,301    
Building and improvements 409,606 407,736    
Furniture, fixtures and equipment 7,827 7,700    
Intangible assets 6,083 6,083    
Real estate under construction 57,703 57,580    
Total real estate 534,520 532,400    
Accumulated depreciation and amortization (22,906) (13,886)    
Real estate, net 511,614 518,514    
Cash and cash equivalents 1,753 2,943    
Other assets 11,275 7,288    
Total assets 524,642 528,745    
Liabilities        
Debt, net 282,750 260,638    
Due to affiliates 2,975 3,280    
Accounts payable 3,409 12,294    
Accrued expenses and other liabilities 8,463 4,685    
Total liabilities $ 297,597 $ 280,897