| Schedule of Carrying Value Net Assets |
The
following table presents the financial data of the consolidated VIEs, which are considered VIEs as they do not have sufficient
equity at risk to finance their activities without additional subordinated financial support, included in the consolidated balance sheets
as of March 31, 2026 and December 31, 2025, respectively (amounts in thousands):
Schedule of Carrying Value Net Assets
| | |
March
31, 2026 | | |
December
31, 2025 | |
| | |
(unaudited) | | |
| |
| Assets | |
| | | |
| | |
| Real estate | |
| | | |
| | |
| Land | |
$ | 53,301 | | |
$ | 53,301 | |
| Building and improvements | |
| 408,698 | | |
| 407,736 | |
| Furniture, fixtures and equipment | |
| 7,773 | | |
| 7,700 | |
| Intangible assets | |
| 6,083 | | |
| 6,083 | |
| Real estate under construction | |
| 57,657 | | |
| 57,580 | |
| Total real estate | |
| 533,512 | | |
| 532,400 | |
| Accumulated depreciation and
amortization | |
| (16,885 | ) | |
| (13,886 | ) |
| Real estate, net | |
| 516,627 | | |
| 518,514 | |
| Cash and cash equivalents | |
| 2,431 | | |
| 2,943 | |
| Other assets | |
| 7,259 | | |
| 7,288 | |
| Total assets | |
$ | 526,317 | | |
$ | 528,745 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Debt, net | |
$ | 275,516 | | |
$ | 260,638 | |
| Due to affiliates | |
| 3,352 | | |
| 3,280 | |
| Accounts payable | |
| 3,464 | | |
| 12,294 | |
| Accrued expenses and other liabilities | |
| 5,070 | | |
| 4,685 | |
| Total liabilities | |
$ | 287,402 | | |
$ | 280,897 | |
|
| Schedule of Restricted Cash and Cash Equivalents |
Restricted
cash consists of amounts required to be reserved pursuant to contractual obligations and lender agreements for debt service. The following
table provides a reconciliation of cash and cash equivalents and restricted cash reported within our consolidated balance sheets to our
consolidated statements of cash flows (amounts in thousands):
Schedule
of Restricted Cash and Cash Equivalents
| | |
March
31, 2026 | | |
December
31, 2025 | | |
March
31, 2025 | |
| | |
(unaudited) | | |
| | |
(unaudited) | |
| Cash and cash equivalents | |
$ | 19,568 | | |
$ | 24,342 | | |
$ | 22,953 | |
| Restricted
cash (1) | |
| 3,698 | | |
| 4,330 | | |
| 4,553 | |
| Total cash and cash equivalents and restricted
cash | |
$ | 23,266 | | |
$ | 28,672 | | |
$ | 27,506 | |
| (1) | Restricted
cash is included within Other assets on our consolidated balance sheets. |
|