v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate    
Land $ 63,116 $ 63,116
Building and improvements 411,234 410,263
Furniture, fixtures and equipment 7,773 7,700
Intangible assets 8,197 8,197
Real estate under construction 57,915 57,838
Total real estate 548,235 547,114
Accumulated depreciation and amortization (18,297) (15,234)
Real estate, net 529,938 531,880
Cash and cash equivalents 19,568 24,342
Due from affiliates 14
Convertible loan receivable from affiliate 5,000
Other assets 11,222 7,974
Total assets 565,742 564,196
Liabilities    
Debt, net 275,516 260,638
Intangible liabilities, net 1,107 1,127
Accounts payable 3,513 12,383
Accrued expenses and other liabilities 9,576 5,467
Total liabilities 299,648 288,981
Commitments and contingencies
Members’ Capital    
Total members’ capital excluding noncontrolling interests 265,486 272,958
Noncontrolling interests 608 2,257
Total members’ capital 266,094 275,215
Total liabilities and members’ capital 565,742 564,196
Common Class A [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests 265,486 272,958
Common Class B [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Common Class M [Member]    
Members’ Capital    
Total members’ capital excluding noncontrolling interests
Related Party [Member]    
Liabilities    
Due to affiliates $ 9,936 $ 9,366