Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investment property:
Land and improvements	$ 88,255	$ 95,445
Building and improvements	361,122	399,472
Furniture, fixtures and equipment	13,085	13,127
Gross investment property	462,462	508,044
Less accumulated depreciation	(82,200)	(77,709)
Net investment property	380,262	430,335
Cash and cash equivalents	49,938	21,406
Marketable securities, available for sale	3,907	3,827
Restricted cash	6,995	6,391
Prepaid expenses and other assets	2,717	4,063
Total Assets	443,819	466,022
Liabilities and Stockholders’ Equity
Notes payable, net	299,185	323,168
Accounts payable and accrued and other liabilities	8,451	9,200
Distribution payable	1,480	0
Total liabilities	309,116	332,368
Commitments and Contingencies	0	0
Company’s stockholders’ equity:
Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding	0	0
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding	0	0
Common stock, $.0001 par value per share; 350.0 million shares authorized, 18.5 million and 18.9 million shares issued and outstanding, respectively	2	2
Additional paid-in-capital	149,846	155,846
Accumulated other comprehensive income/(loss)	83	(31)
Accumulated deficit	(15,228)	(22,163)
Total Stockholders’ Equity	134,703	133,654
Total Liabilities and Stockholders’ Equity	$ 443,819	$ 466,022