Investments in Real Estate

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Investments in Real Estate

4. Investments in Real Estate

Investments in real estate, net consisted of the following ($ in thousands):

	March 31, 2026			December 31, 2025
Building and building improvements	$	849,647		$	844,419
Land and land improvements		345,290			345,103
Furniture, fixtures and equipment		8,380			8,355
Total		1,203,317			1,197,877
Accumulated depreciation		(47,979	)		(38,245	)
Investments in real estate, net	$	1,155,338		$	1,159,632

Acquisitions

There were no acquisitions during the three months ended March 31, 2026.