v3.26.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Investments in real estate, net $ 1,694,122 $ 1,294,008
Intangible assets, net 74,716 43,892
Cash and cash equivalents 10,190 629
Restricted cash 29,815 19,988
Other assets 103,144 82,463
Total assets [1] 1,911,987 1,440,980
Liabilities    
Mortgage notes and credit facility, net 1,067,610 932,120
Aggregation facility 142,777 0
Subscriptions received in advance 29,325 19,786
Accounts payable and accrued expenses 4,176 11,242
Distribution and redemption payable 6,080 4,534
Intangible liabilities, net 23,654 6,394
Total liabilities [1] 1,292,418 984,935
Commitments and contingencies (see Note 16)
Redeemable non-controlling interests (Note 12) 9,087 2,390
Equity    
Additional paid-in capital 721,518 531,747
Earnings less than distributions (171,614) (135,177)
Total shareholders' equity 550,321 396,891
Non-controlling interests 60,161 56,764
Total equity 610,482 453,655
Total liabilities and shareholders' equity 1,911,987 1,440,980
Common shares - Class A    
Equity    
Common shares 92 92
Common shares - Class F    
Equity    
Common shares 118 115
Common shares - Class I    
Equity    
Common shares 140 47
Common shares - Class E    
Equity    
Common shares 67 67
Related party    
Liabilities    
Other liabilities 12,694 6,246
Non related party    
Liabilities    
Other liabilities $ 6,102 $ 4,613
[1] Total assets includes assets of consolidated variable interest entities (“VIEs”) of $672,735 and $733,729 as of September 30, 2026 and December 31, 2025, respectively, that can only be used to settle the obligations of the VIEs; Total liabilities includes liabilities of consolidated VIEs of $469,813 and $512,993 as of September 30, 2026 and December 31, 2025, respectively, including third-party liabilities for which the creditors or beneficial interest holders do not have recourse to the general credit of the Company.