Business Change (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Predecessor Basis and Successor Basis

	June 30, 2022		Difference			July 1, 2022
	(Predecessor Basis)					(Successor Basis)
ASSETS:
Consolidated Real Estate Investments
Land	$	—	$	21,208	(1)	$	21,208
Buildings and improvements	—		158,304		(1)	158,304
Intangible lease assets	—		10,979		(1)	10,979
Construction in progress	—		46,052		(1)	46,052
Furniture, fixtures, and equipment	—		349		(1)	349
Total Consolidated Real Estate Investments	—		236,892			236,892
Investments, at fair value	1,129,544		(324,927)		(2)	804,617
Equity method investments	—		143,264		(3)	143,264
Life insurance policies, at fair value	—		56,440		(2)	56,440
Cash and cash equivalents	4,044		12,092		(1)	16,136
Restricted cash	—		34,640		(1)	34,640
Accounts receivable, net	—		4,849		(1)	4,849
Accrued interest and dividends	172		2,644		(1)	2,816
Prepaid and other assets	3,896		2,479		(1)	6,375
TOTAL ASSETS	$	1,137,656	$	168,373		$	1,306,029
Liabilities:
Mortgages payable, net	$	—	$	145,908	(1)	$	145,908
Notes payable, net	16,000		7,500		(1)	23,500
Prime brokerage borrowing	7,492		—			7,492
Accounts payable and other accrued liabilities	1,296		2,026		(1)	3,322
Accrued real estate taxes payable	—		2,323		(1)	2,323
Accrued interest payable	—		639		(1)	639
Security deposit liability	—		434		(1)	434
Prepaid rents	—		1,845		(1)	1,845
Intangible lease liabilities	—		6,770		(1)	6,770
Due to affiliates	—		928		(1)	928
Total Liabilities	24,788		168,373			193,161
Series A cumulative preferred shares, net of deferred financing costs	83,252		(83,252)		(4)	—
Stockholders' Equity:
Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding	—		3			3
Common shares, $0.001 par value: unlimited shares authorized; 37,171,807 shares issued and outstanding	37		—			37
Additional paid-in capital	916,596		83,249		(4)	999,845
Accumulated earnings less dividends	112,983		—			112,983
Total Stockholders' Equity	1,029,616		83,252			1,112,868
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,137,656	$	168,373		$	1,306,029

(1)Change due to consolidation of subsidiaries that were previously accounted for at fair value.

(2)Change due to investments that were previously accounted for at fair value being consolidated or accounted for using the equity method.

(3)Change due to applying the equity method to investments that were previously carried at fair value. See Note 8 for more information on the Company's equity method investments.

(4)The mandatory redemption feature of the Series A Preferred Shares (defined below) expired on the Deregistration Date. As such, the Series A Preferred Shares are now accounted for as a component permanent equity.