CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Consolidated Real Estate Investments
Land	$ 62,228	$ 62,227
Buildings and improvements	313,105	312,200
Intangible lease assets	10,979	10,979
Construction in progress	24,824	24,689
Furniture, fixtures, and equipment	10,232	10,124
Right-of-use assets ($624 and $712 with related parties, respectively)	(2,088)	(2,176)
Total Gross Consolidated Real Estate Investments	423,456	422,395
Accumulated depreciation and amortization	(42,547)	(35,002)
Total Net Consolidated Real Estate Investments	380,909	387,393
Real estate held for sale	0	29,890
Total Net Real Estate Investments	380,909	417,283
Investments, at fair value ($442,281 and $493,909 with related parties, respectively)	591,045	643,432
Equity method investments ($614 and $407 with related parties, respectively)	35,205	54,429
Investments in DSTs ($33,559 and $30,559, with related parties, respectively)	33,559	30,559
Cash and cash equivalents	4,730	8,791
Restricted cash	44,141	40,110
Accounts receivable, net	5,293	4,463
Prepaid and other assets ($0 and $7,315 with related parties, respectively)	10,206	17,500
Accrued interest and dividends	2,577	5,495
Interest rate caps	479	159
Deferred tax asset, net	2,846	2,618
Total Assets	1,110,990	1,224,839
Liabilities:
Mortgages payable, net	228,170	261,945
Notes payable, net ($65,670 and $66,731 with related parties, respectively)	83,877	90,888
Prime brokerage borrowing	4,410	1,222
Accounts payable and other accrued liabilities	21,796	22,739
Income tax payable	0	255
Accrued real estate taxes payable	2,630	226
Accrued interest payable	9,716	8,724
Security deposit liability	367	389
Prepaid rents	521	1,053
Intangible lease liabilities, net	2,602	3,139
Lease liability ($686 and $721 with related parties, respectively)	686	721
Total Liabilities	354,775	391,301
Redeemable Series B Preferred shares, $0.001 par value: 16,000,000 authorized: 145,554 and 0 shares issued and outstanding, respectively	3,171	0
Redeemable noncontrolling interests in the OP	336	0
Equity:
Series A Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding	3	3
Common shares, $0.001 par value: unlimited shares authorized; 47,421,929 and 42,679,569 shares issued and outstanding, respectively	47	43
Additional paid-in capital	1,048,828	1,039,280
Accumulated earnings (loss)	(296,170)	(202,818)
Total Shareholders' Equity	752,708	836,508
Noncontrolling interests	0	(2,970)
Total Equity	752,708	833,538
TOTAL LIABILITIES AND EQUITY	$ 1,110,990	$ 1,224,839