Related Party Transactions and Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fees, Expenses and Related Payables

The following table details the previous amounts incurred and payable to the former Advisor and its other affiliates in connection with the Company’s operations-related services described above as of and for the periods presented (dollars in thousands):


	Year ended December 31,				Payable as of
	2024		2023			December 31,
	Incurred		Incurred				2024
Non-recurring fees and reimbursements:
Acquisition cost reimbursements	$	20	$	32			$	—


Ongoing fees and reimbursements:
Asset management fees	16,374		21,831				—
Professional fees and other reimbursements (1)	10,589		10,595				—
Property management fees	3,584		4,135				—
Termination fees (including the Promissory Note) (2)	106,650		—				30,267

Total related party operation fees and reimbursements	$	137,217	$	36,593			$	30,267

__________

(1)Included in general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. For the year ended December 31, 2024, includes amount related to the purchase of tail directors and officers liability insurance policy covering the former Advisor and the Company in connection with the Internalization.

(2)For the year ended December 31, 2024, includes the Closing Payments payable to the former Advisor pursuant to the terms of the Internalization and the Promissory Note issued in connection with the Internalization, which was paid in full in January 2025.