v3.25.3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($)
$ in Thousands
Total
Preferred Stock
Series A Preferred Stock
Common Stock
Class P Common Stock
Common Stock
Class A Common Stock
Common Stock
Class T Common Stock
Common Stock
Class S Common Stock
Common Stock
Class D Common Stock
Common Stock
Class I Common Stock
Additional Paid in Capital
Accumulated Deficit
Balance at Dec. 31, 2023 $ 250,551 $ 4 $ 9 $ 1 $ 0 $ 0 $ 0 $ 0 $ 339,581 $ (89,044)
Offering costs (86)               (86)  
Net Income (Loss) 9,004                 9,004
Common stock distributions declared (9,452)                 (9,452)
Preferred stock distributions declared (4,486)                 (4,486)
Equity-based compensation 23               23  
Balance at Sep. 30, 2024 245,554 4 9 1 0 0 0 0 339,518 (93,978)
Balance at Jun. 30, 2024 249,592 4 9 1 0 0 0 0 339,525 (89,947)
Offering costs (15)               (15)  
Net Income (Loss) 615                 615
Common stock distributions declared (3,151)                 (3,151)
Preferred stock distributions declared (1,495)                 (1,495)
Equity-based compensation 8               8  
Balance at Sep. 30, 2024 245,554 4 9 1 0 0 0 0 339,518 (93,978)
Balance at Dec. 31, 2024 244,579 4 9 1 0 0 0 0 339,524 (94,959)
Reimbursement of offering costs (Note 10) 1,023               1,023  
Net Income (Loss) (620)                 (620)
Common stock distributions declared (9,455)                 (9,455)
Preferred stock distributions declared (4,486)                 (4,486)
Equity-based compensation 23               23  
Balance at Sep. 30, 2025 231,064 4 9 1 0 0 0 0 340,570 (109,520)
Balance at Jun. 30, 2025 243,344 4 9 1 0 0 0 0 340,562 (97,232)
Net Income (Loss) (7,641)                 (7,641)
Common stock distributions declared (3,152)                 (3,152)
Preferred stock distributions declared (1,495)                 (1,495)
Equity-based compensation 8               8  
Balance at Sep. 30, 2025 $ 231,064 $ 4 $ 9 $ 1 $ 0 $ 0 $ 0 $ 0 $ 340,570 $ (109,520)