Other Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Other Assets and Liabilities [Abstract]

Components of Other Assets

The following table summarizes the components of other assets ($ in thousands):

	March 31, 2026		December 31, 2025
Lease inducement asset	$	10,686	$	10,874
Straight-line rent receivable		4,457		3,275
Deferred financing costs, net		2,316		2,565
Tenant receivables		1,779		2,400
Prepaid expenses		2,440		1,244
Interest receivable		1,578		1,226
Pre-acquisition costs		320		352
Other		853		374
Total	$	24,429	$	22,310

Components of Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the components of accounts payable, accrued expenses and other liabilities ($ in thousands):

	March 31, 2026		December 31, 2025
Redemptions payable(1)	$	11,351	$	6,955
Accrued expenses		5,925		5,947
Distributions payable(2)		2,672		3,433
Deferred rental income		3,527		3,180
Tenant security deposits		2,851		2,786
Accounts payable		2,908		2,194
Real estate taxes payable		2,240		1,582
Other		431		779
Total	$	31,905	$	26,856

(1) Includes $10.3 million and $6.1 million relating to Mandatorily Redeemable Instruments held by the Adviser as of March 31, 2026 and December 31, 2025, respectively.

(2) Includes $0.1 million and $0.2 million as of March 31, 2026 and December 31, 2025, respectively, relating to distributions declared on Class E units held by the Adviser.