v3.26.1
Schedule of Carrying Value Net Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Real estate        
Land $ 63,116 $ 63,116    
Building and improvements 411,234 410,263    
Furniture, fixtures and equipment 7,773 7,700    
Real estate under construction 57,915 57,838   $ 191,308
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 $ 22,953  
Other assets 11,222 7,974    
Total assets 565,742 564,196    
Liabilities        
Debt, net 275,516 260,638    
Accounts payable 3,513 12,383    
Accrued expenses and other liabilities 9,576 5,467    
Total liabilities 299,648 288,981    
Variable Interest Entity, Primary Beneficiary [Member]        
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