Belpointe PREP (OZ) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40911
Entity Registrant Name	Belpointe PREP, LLC
Entity Central Index Key	0001807046
Entity Tax Identification Number	84-4412083
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	255 Glenville Road
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06831
City Area Code	(203)
Local Phone Number	883-1944
Title of 12(b) Security	Class A units
Trading Symbol	OZ
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Common Class A [Member]
Entity Common Stock, Shares Outstanding		3,579,511
Common Class B [Member]
Entity Common Stock, Shares Outstanding		100,000
Common Class M [Member]
Entity Common Stock, Shares Outstanding		1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate
Land	$ 38,741	$ 38,741
Building and improvements	17,929	17,843
Intangible assets	9,172	9,495
Real estate under construction	250,432	133,898
Total real estate	316,274	199,977
Accumulated depreciation and amortization	(3,065)	(1,719)
Real estate, net	313,209	198,258
Cash and cash equivalents	15,743	143,467
Other assets	32,275	12,270
Total assets	361,227	353,995
Liabilities
Debt	1
Due to affiliates	$ 9,829	$ 5,803
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Lease liabilities	$ 1,413	$ 7,126
Accounts payable	8,939	1,686
Accrued expenses and other liabilities	14,791	6,728
Total liabilities	34,973	21,343
Commitments and contingencies (Note 12)
Members’ Capital
Total members’ capital excluding noncontrolling interests	323,839	329,482
Noncontrolling interests	2,415	3,170
Total members’ capital	326,254	332,652
Total liabilities and members’ capital	361,227	353,995
Class A Units [Member]
Members’ Capital
Total members’ capital excluding noncontrolling interests	323,839	329,482
Class B Units [Member]
Members’ Capital
Total members’ capital excluding noncontrolling interests
Class M Units [Member]
Members’ Capital
Total members’ capital excluding noncontrolling interests

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Common Class A [Member]
Common stock authorized unlimited	Unlimited	Unlimited
Common stock shares, issued	3,579,511	3,523,449
Common stock shares, outstanding	3,579,511	3,523,449
Common Class B [Member]
Common stock shares, issued	100,000	100,000
Common stock shares, outstanding	100,000	100,000
Common stock authorized	100,000	100,000
Class M Units [Member]
Common stock shares, issued	1	1
Common stock shares, outstanding	1	1
Common stock authorized	1	1

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Revenue
Rental revenue	$ 468	$ 338	$ 1,743		$ 979
Total revenue	468	338	1,743		979
Expenses
Property expenses	1,020	973	3,027		2,804
General and administrative	1,482	794	4,469		3,908
Depreciation and amortization	485	349	1,685		899
Impairment of real estate	795		2,961	[1]
Total expenses	3,782	2,116	12,142		7,611
Other income
Interest income	92	450	93		1,500
Other (expense) income	(80)	(1)	126		(27)
Total other income	12	449	219		1,473
Loss before income taxes	(3,302)	(1,329)	(10,180)		(5,159)
Provision for income taxes		(1)			(112)
Net loss	(3,302)	(1,330)	(10,180)		(5,271)
Net loss attributable to noncontrolling interests	18	285	6		324
Net loss attributable to Belpointe PREP, LLC	$ (3,284)	$ (1,045)	$ (10,174)		$ (4,947)
Net loss per unit basic	$ (0.92)	$ (0.30)	$ (2.87)		$ (1.45)
Net loss per unit diluted	$ (0.92)	$ (0.30)	$ (2.87)		$ (1.45)
Weighted-average units outstanding basic	3,577,857	3,430,090	3,542,765		3,400,201
Weighted-average units outstanding Diluted	3,577,857	3,430,090	3,542,765		3,400,201
[1]During the nine months ended September 30, 2023, we recorded impairment charges of $ 3.0

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital (Unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Beginning balance	$ 328,581	$ 328,763	$ 332,652	$ 325,797	$ 321,846	$ 323,875	$ 332,652	$ 323,875
Acquisition of noncontrolling interest (Note 5)			(963)		(3,100)
Offering Costs	(113)	(169)	(119)	(220)	(347)	(20)
Net loss	(3,302)	(4,071)	(2,807)	(1,330)	(1,932)	(2,009)	(10,180)	(5,271)
Issuance of units	1,088	3,844		4,100	3,130
Capital distribution		(24)					24
Contributions from noncontrolling interests		238
Ending balance	$ 326,254	328,581	328,763	$ 328,347	325,797	321,846	$ 326,254	$ 328,347
Acquisition of noncontrolling interest			963		3,100
Common Class A [Member]
Issuance of units, shares	12,659			41,000			56,062	72,300
Common Stock [Member] | Common Class A [Member]
Beginning balance	$ 326,148	$ 326,553	$ 329,482	$ 322,544	$ 321,647	$ 323,683	$ 329,482	$ 323,683
Balance, shares	3,566,852	3,523,449	3,523,449	3,413,449	3,382,149	3,382,149	3,523,449	3,382,149
Acquisition of noncontrolling interest (Note 5)
Offering Costs	$ (113)	$ (169)	(119)	$ (220)	(347)	$ (20)
Net loss	(3,284)	(4,080)	(2,810)	(1,045)	(1,886)	(2,016)
Issuance of units	$ 1,088	$ 3,844		$ 4,100	$ 3,130
Issuance of units, shares	12,659	43,403		41,000	31,300
Capital distribution
Contributions from noncontrolling interests
Ending balance	$ 323,839	$ 326,148	$ 326,553	$ 325,379	$ 322,544	$ 321,647	$ 323,839	$ 325,379
Balance, shares	3,579,511	3,566,852	3,523,449	3,454,449	3,413,449	3,382,149	3,579,511	3,454,449
Acquisition of noncontrolling interest
Common Stock [Member] | Common Class B [Member]
Beginning balance
Balance, shares	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000
Acquisition of noncontrolling interest (Note 5)
Offering Costs
Net loss
Issuance of units
Capital distribution
Contributions from noncontrolling interests
Ending balance
Balance, shares	100,000	100,000	100,000	100,000	100,000	100,000	100,000	100,000
Acquisition of noncontrolling interest
Common Stock [Member] | Common Class M [Member]
Beginning balance
Balance, shares	1	1	1	1	1	1	1	1
Acquisition of noncontrolling interest (Note 5)
Offering Costs
Net loss
Issuance of units
Capital distribution
Contributions from noncontrolling interests
Ending balance
Balance, shares	1	1	1	1	1	1	1	1
Acquisition of noncontrolling interest
Total Members’ Capital Excluding Noncontrolling Interests [Member]
Beginning balance	$ 326,148	$ 326,553	329,482	$ 322,544	321,647	$ 323,683	$ 329,482	$ 323,683
Acquisition of noncontrolling interest (Note 5)
Offering Costs	(113)	(169)	(119)	(220)	(347)	(20)
Net loss	(3,284)	(4,080)	(2,810)	(1,045)	(1,886)	(2,016)
Issuance of units	1,088	3,844		4,100	3,130
Capital distribution
Contributions from noncontrolling interests
Ending balance	323,839	326,148	326,553	325,379	322,544	321,647	323,839	325,379
Acquisition of noncontrolling interest
Noncontrolling Interest [Member]
Beginning balance	2,433	2,210	3,170	3,253	199	192	3,170	192
Acquisition of noncontrolling interest (Note 5)			(963)		(3,100)
Offering Costs
Net loss	(18)	9	3	(285)	(46)	7
Issuance of units
Capital distribution		(24)
Contributions from noncontrolling interests		238
Ending balance	$ 2,415	$ 2,433	2,210	$ 2,968	3,253	$ 199	$ 2,415	$ 2,968
Acquisition of noncontrolling interest			$ 963		$ 3,100

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended			12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023		Sep. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (3,302)	$ (2,807)	$ (1,330)	$ (2,009)	$ (10,180)		$ (5,271)
Adjustments to net loss:
Depreciation and amortization	485		349		1,685		899
Accretion of rent-related intangibles and deferred rental revenue					(723)		(144)
Impairment of real estate	795				2,961	[1]			[1]
Unrealized gain on interest rate derivative, net					(135)
Changes in operating assets and liabilities:
Increase (decrease) in due to affiliates					145		(375)
Decrease in other assets					205		183
Increase (decrease) in accounts payable					234		(58)
Increase in accrued expenses and other liabilities					565		283
Net cash used in operating activities					(5,243)		(4,483)
Cash flows from investing activities
Development of real estate					(95,825)		(26,652)
Acquisitions of real estate					(5,180)		(6,216)
Purchase of interest rate cap					(159)
Other investing activity					(75)		(88)
Proceeds from interest rate cap					8
Funding of loans receivable							(34,955)
Repayment of loan receivable							3,469
Cash acquired from CMC							1,492
Net cash used in investing activities					(101,231)		(62,950)
Cash flows from financing activities
Proceeds from units issued					4,932		7,230
Payment of deferred financing costs					(3,488)
Payment of offering costs					(319)		(549)
Contributions from noncontrolling interests					188
Other financing activities					(101)		(189)
Capital distribution to noncontrolling interests					(24)
Proceeds from issuance of debt					1
Proceeds from subscriptions receivable							20,295
Repayment of debt							(10,800)
Net cash provided by financing activities					1,189		15,987
Net decrease in cash and cash equivalents and restricted cash					(105,285)		(51,446)
Cash and cash equivalents and restricted cash, beginning of period		$ 144,967		$ 192,346	144,967		192,346	192,346
Cash and cash equivalents and restricted cash, end of period	$ 39,682		$ 140,900		$ 39,682		$ 140,900	$ 144,967
[1]During the nine months ended September 30, 2023, we recorded impairment charges of $ 3.0

Organization, Business Purpose

Organization, Business Purpose and Capitalization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business Purpose and Capitalization	Note 1 - Organization, Business Purpose and Capitalization Organization and Business Purpose Belpointe PREP, LLC (together with its subsidiaries, the “Company,” “we,” “us,” or “our”) is focused on identifying, acquiring, developing or redeveloping and managing commercial real estate located within “qualified opportunity zones.” We were formed on January 24, 2020 as a Delaware limited liability company and qualify as a partnership and qualified opportunity fund for U.S. federal income tax purposes. At least 90% of our assets consist of qualified opportunity zone property, and all of our assets are held by, and all of our operations are conducted through, one or more operating companies (each an “Operating Company” and collectively, our “Operating Companies”), either directly or indirectly through their subsidiaries. We are externally managed by Belpointe PREP Manager, LLC (our “Manager”), an affiliate of our sponsor, Belpointe, LLC (our “Sponsor”). Subject to the oversight of our board of directors (our “Board”), our Manager is responsible for managing our affairs on a day-to-day basis and for identifying and making acquisitions and investments on our behalf. Capitalization On May 9, 2023, the U.S. Securities and Exchange Commission (the “SEC”) declared effective our registration statement on Form S-11, as amended (File No. 333-271262) (the “Follow-on Registration Statement”), registering the offer and sale of up to $ 750,000,000 In connection with the Follow-on Registration Statement, we entered into a non-exclusive dealer manager agreement with Emerson Equity LLC (“Dealer Manager”), a registered broker-dealer, for the sale of our Class A units through the Dealer Manager. The Dealer Manager will enter into participating dealer agreements and wholesale agreements with other broker-dealers, referred to as “selling group members,” to authorize those broker-dealers to solicit offers to purchase our Class A units. We will pay our Dealer Manager commissions of up to 0.25% 0.25% 4.50% In addition, the Follow-on Registration Statement constitutes a post-effective amendment to the registration statement on Form S-11, as amended (File No. 333-255424), registering the offer and sale of our ongoing initial public offering of up to $ 750,000,000 517,724,350 The purchase price for Class A units in the Public Offerings will be the lesser of (i) the current net asset value (the “NAV”) of our Class A units, and (ii) the average of the high and low sale prices of our Class A units on the NYSE American (the “NYSE”) during regular trading hours on the last trading day immediately preceding the investment date on which the NYSE was open for trading and trading in our Class A units occurred. Our Manager calculates our NAV within approximately 60 days of the last day of each quarter, and any adjustments take effect as of the first business day following its public announcement. On September 1, 2023, we announced that our NAV as of June 30, 2023 was equal to $ 98.58

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting and conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and Article 8 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements as of September 30, 2023, and for the three and nine months ended September 30, 2023 and 2022, are unaudited and may not include year-end adjustments necessary to make them comparable to audited results. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022 included in our Annual Report on Form 10-K. The operating results for interim periods are not necessarily indicative of operating results for any other interim period or for the entire year. Basis of Consolidation The accompanying unaudited consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of members’ capital in controlled subsidiaries that are not attributable, directly or indirectly, to us are presented in noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. We have evaluated our economic interests in entities to determine if they are deemed to be variable interest entities (“VIEs”) and whether the entities should be consolidated. An entity is a VIE if it has any one of the following characteristics: (i) the entity does not have enough equity at risk to finance its activities without additional subordinated financial support; (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non-substantive voting rights. The distinction between a VIE and other entities is based on the nature and amount of the equity investment and the rights and obligations of the equity investors. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered VIEs unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review all agreements and contractual arrangements to determine whether (i) we or another party have any variable interests in an entity, (ii) the entity is considered a VIE, and (iii) which variable interest holder, if any, is the primary beneficiary of the VIE. Determination of the primary beneficiary is based on whether a party (a) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (b) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The following table presents the financial data of the consolidated VIEs included in the consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively (amounts in thousands): Schedule of Carrying Value Net Assets September 30, 2023 December 31, 2022 (unaudited) Assets Real estate Land $ 26,059 $ 24,967 Building and improvements 12,942 11,297 Intangible assets 6,816 6,725 Real estate under construction 250,200 133,773 Total real estate 296,017 176,762 Accumulated depreciation and amortization (1,878 ) (672 ) Real estate, net 294,139 176,090 Cash and cash equivalents 10,829 124,159 Other assets 31,862 11,773 Total assets $ 336,830 $ 312,022 Liabilities Debt $ 1 $ — Due to affiliates 8,698 4,399 Lease liabilities 87 5,350 Accounts payable 8,649 1,679 Accrued expenses and other liabilities 13,895 6,064 Total liabilities $ 31,330 $ 17,492 An interest in a VIE requires reconsideration when an event occurs that was not originally contemplated. At each reporting period we will reassess whether there are any events that require us to reconsider our determination of whether an entity is a VIE and whether it should be consolidated. Emerging Growth Company Status We are an “emerging growth company,” as defined in the Jump Start Our Business Startups Act of 2012 (“JOBS Act”). Under Section 107 of the JOBS Act, emerging growth companies are permitted to use an extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies. We have elected to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company, or (ii) affirmatively and irrevocably opt out of the extended transition period provided in Section 7(a)(2)(B). By electing to extend the transition period for complying with new or revised accounting standards, our consolidated financial statements may not be comparable to the consolidated financial statements of companies that comply with public company effective dates. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and the accompanying notes. Actual results could materially differ from those estimates. Impairment of Long-Lived Assets We evaluate our tangible and identifiable intangible real estate assets for impairment when events such as delays or changes in development, declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. When qualitative factors indicate the possibility of impairment, the total undiscounted cash flows of the property, including proceeds from disposition, are compared to the net book value of the property. If the carrying value of the asset exceeds the undiscounted cash flows of the asset, an impairment loss is recorded in earnings to reduce the carrying value of the asset to fair value, calculated as the discounted net cash flows of the property. Restricted Cash Restricted cash consists of amounts required to be reserved pursuant to contractual obligations and amounts held in escrow on behalf of the company. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the unaudited consolidated statements of cash flows (amounts in thousands): Schedule of Restricted Cash and Cash Equivalents September 30, 2023 December 31, 2022 (unaudited) Cash and cash equivalents $ 15,743 $ 143,467 Restricted cash (1) (2) 23,939 1,500 Total cash and cash equivalents and restricted cash $ 39,682 $ 144,967 (1) Restricted cash is included within Other assets on our consolidated balance sheets. (2) The balance as of September 30, 2023, includes $ 20.0 3.9 1.5 Derivative Instruments Our derivative instruments are measured at fair value and are recorded as either assets or liabilities in our unaudited consolidated balance sheets depending on the pertinent rights or obligations under the applicable derivative contract. The derivative contracts that we may enter into are generally concurrent with obtaining floating rate debt and are intended to manage the economic risk of increases in benchmark interest rates. Our derivative instruments are not designated as hedges for accounting purposes, and therefore we account for changes in the fair value of the derivative instruments as either a gain or loss in the unaudited consolidated statements of operations. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ( , Leases (Topic 842). We adopted ASU 2016-13 on January 1, 2023 using the modified retrospective method. The adoption of this standard did not have a material impact on our unaudited consolidated financial statements, and no cumulative-effect adjustment was recorded to retained earnings.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	Leases Lessor Accounting We own rental properties which are leased to tenants under operating leases with current expirations ranging from 2023 to 2040, with options to extend or terminate the leases. Revenues from such leases are reported as Rental revenue in our unaudited consolidated statements of operations and are comprised of (i) lease components, which includes fixed and variable lease payments, and (ii) non-lease components which includes reimbursements of property level operating expenses. We do not separate non-lease components from the related lease components as allowed under the Accounting Standards Codification (“ASC”) 842 practical expedient, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents, or (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The following table summarizes the components of lease revenues (amounts in thousands): Schedule of Components of Lease Revenues 2023 2022 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Fixed lease revenues $ 241 $ 217 $ 773 $ 627 Variable lease revenues (1) 99 72 247 209 Lease revenues (2) (3) $ 340 $ 289 $ 1,020 $ 836 (1) Includes reimbursements for property taxes, insurance, and common area maintenance services. (2) Excludes lease intangible amortization of $ 0.1 0.7 0.2 (3) Excludes straight-line rent of less than $ 0.1 In certain of our leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in our unaudited consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. We assess the collectability of substantially all lease payments due by reviewing a tenant’s payment history or financial condition. Changes to collectability are recognized as a current period adjustment to rental revenue. We have assessed the collectability of all recorded lease revenues as probable as of September 30, 2023. Lessee Accounting Ground Lease As further described in Note 5 – Real Estate, Net, on August 24, 2023, through an indirect majority-owned subsidiary of our Operating Company, we purchased land located in Sarasota, Florida, which we previously leased. Therefore, there is no 5.0 million is included in Lease liabilities in our consolidated balance sheet as of December 31, 2022, which represented our obligation to make payments under this ground lease, and a ROU asset 5.0 million is included in Other assets in our consolidated balance sheet as of December 31, 2022, which represented our right to use the underlying asset during the lease term. During the nine months ended months ended September 30, 2023, we capitalized $ 0.3 million of interest related to this ground lease on one of our development investments, which is included in Real estate under construction in our unaudited consolidated balance sheet. There are no operating leases for which we are the lessee; therefore, there are no related ROU assets or lease liabilities in our consolidated balance sheets as of September 30, 2023 and December 31, 2022.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Our Relationship with Our Manager and Sponsor Our Manager and its affiliates, including our Sponsor, receive fees or reimbursements in connection with our Public Offerings and the management of our investments. The following table presents a summary of fees incurred on our behalf by, and expenses reimbursable to, our Manager and its affiliates, including our Sponsor, in accordance with the terms of our relevant agreements with such parties (amounts in thousands): Schedule of Related Party 2023 2022 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Amounts included in the Consolidated Statements of Operations Management fees (1) $ 662 $ 648 $ 1,990 $ 1,922 Costs incurred by our Manager and its affiliates (2) 513 462 1,840 1,456 Insurance (3) 100 102 308 314 Director compensation 20 20 60 60 Costs incurred by the manager and its affiliates $ 1,295 $ 1,232 $ 4,198 $ 3,752 Capitalized costs included in the Consolidated Balance Sheets Development fee and reimbursements $ 1,484 $ 817 $ 5,672 $ 3,637 Insurance (3) 588 531 1,578 1,099 Other capitalized costs $ 2,072 $ 1,348 $ 7,250 $ 4,736 (1) Included in Property expenses in our unaudited consolidated statements of operations. (2) Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor, which are included in General and administrative expenses on the unaudited consolidated statements of operations. (3) Our insurance premiums are prepaid and are included in Other assets on the unaudited consolidated balance sheets and are amortized monthly to either Property expenses on the unaudited consolidated statements of operations or Real estate under construction on the unaudited consolidated balance sheets as further described below. The following table presents a summary of amounts included in Due to affiliates in the unaudited consolidated balance sheets (amounts in thousands): Schedule of Due to Related Party September 30, 2023 December 31, 2022 (unaudited) Due to affiliates Development fees $ 7,507 $ 4,256 Employee cost sharing and reimbursements (1) 1,641 866 Management fees 662 661 Director compensation 20 20 Due to affiliates $ 9,830 $ 5,803 (1) Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor. Public Offering Expenses Our Manager and its affiliates, including our Sponsor, are reimbursed, for offering expenses incurred in connection with our Public Offerings. We became liable to reimburse our Manager and its affiliates, including our Sponsor, when the first closing was held in connection with our Primary Offering in October 2021. There were no Public Offering expenses incurred by our Manager and its affiliates during the three and nine months ended September 30, 2023 and 2022. Other Operating Expenses Pursuant to the terms of the management agreement between us, our Operating Companies and our Manager (the “Management Agreement”), we reimburse our Manager, Sponsor and their respective affiliates for actual expenses incurred on our behalf in connection with the selection, acquisition or origination of investments, whether or not we ultimately acquire or originate an investment. We also reimburse our Manager, Sponsor and their respective affiliates for out-of-pocket expenses paid to third parties in connection with providing services to us. Pursuant to the terms of the employee and cost sharing agreement between us, our Operating Companies, our Manager and our Sponsor, we reimburse our Sponsor and our Manager for expenses incurred for our allocable share of the salaries, benefits and overhead of personnel providing services to us. During the three and nine months ended September 30, 2023, our Manager and its affiliates, including our Sponsor, incurred operating expenses of $ 0.4 1.7 0.4 1.3 Management Fee Subject to the limitations set forth in our Amended and Restated Limited Liability Company Operating Agreement (our “Operating Agreement”) and the oversight of our Board, our Manager is responsible for managing our affairs on a day-to-day basis and for the origination, selection, evaluation, structuring, acquisition, financing and development of our commercial real estate properties, real estate-related assets, including but not limited to commercial real estate loans, and debt and equity securities issued by other real estate-related companies, as well as private equity acquisitions and investments, and opportunistic acquisitions of other qualified opportunity funds and qualified opportunity zone businesses. Pursuant to the Management Agreement, we pay our Manager a quarterly management fee in arrears of one-fourth of 0.75% 0.7 2.0 0.6 1.9 Development Fees and Reimbursements Affiliates of our Sponsor are entitled to receive (i) development fees on each project in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project, and (ii) reimbursements for their expenses, such as employee compensation and other overhead expenses incurred in connection with the project. During the three and nine months ended September 30, 2023, we incurred development fees earned during the construction phase of $ 1.2 4.8 0.5 2.8 7.5 4.3 During the three and nine months ended September 30, 2023, we incurred employee reimbursement expenditures to our affiliates acting as development managers of $ 0.3 1.0 0.2 0.8 0.1 0.3 0.3 1.0 0.3 0.8 0.1 0.2 1.2 0.3 On April 25, 2023, each of the indirect majority-owned subsidiaries for our Nashville investments entered into development management agreements with certain development entities in which immediate family members of our Chief Executive Officer have a passive indirect minority beneficial ownership interest (collectively, the “Nashville DMAs”). The aggregate development fees payable under the Nashville DMAs are equal to 55% 4.5% 0.4 0.4 Acquisition Fees We will pay our Manager, Sponsor, or an affiliate of our Manager or Sponsor, an acquisition fee equal to 1.5% Insurance Certain immediate family members of our Chief Executive Officer have a passive indirect minority beneficial ownership interest in Belpointe Specialty Insurance, LLC (“Belpointe Specialty Insurance”). Belpointe Specialty Insurance has acted as our broker in connection with the placement of insurance coverage for certain of our properties and operations. Belpointe Specialty Insurance earns brokerage commissions related to the brokerage services that it provides to us, which commissions vary, are based on a percentage of the premiums that we pay and are set by the insurer. We have also engaged Belpointe Specialty Insurance to provide us with contract insurance consulting services related to owner-controlled insurance programs, for which we pay an administration fee. During the three and nine months ended September 30, 2023, we obtained insurance premiums in the aggregate amount of zero 2.4 zero 0.2 zero 4.6 zero 0.4 zero 0.1 0.6 0.5 1.6 1.1 0.1 0.3 Economic Dependency Under various agreements we have engaged our Manager and its affiliates, including in certain cases our Sponsor, to provide certain services that are essential to the Company, including asset management services, asset acquisition and disposition services, supervision of our Public Offerings and any other offerings we conduct, as well as other administrative responsibilities for the Company, including, without limitation, accounting services and investor relations services. As a result of these relationships, we are dependent upon our Manager and its affiliates, including our Sponsor. In the event that our Manager and its affiliates are unable to provide us with the services we have engaged them to provide, we would be required to find alternative service providers.

Real Estate, Net

Real Estate, Net	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate, Net	Real Estate, Net Acquisitions of Real Estate During 2023 On June 28, 2022, through an indirect majority-owned subsidiary of our Operating Company, we acquired a 70.2% 60 1.0 29.8% 100% On August 24, 2023, through an indirect majority-owned subsidiary of our Operating Company, we acquired land located in Sarasota, Florida, that was previously subject to a ground lease (See Note 3 – Leases for additional information) for a purchase price of $ 4.9 0.1 Depreciation expense was $ 0.2 0.6 0.5 Real Estate Under Construction The following table provides the activity of our Real estate under construction in the consolidated balance sheets (amounts in thousands): Schedule of Real Estate Under Construction September 30, 2023 December 31, 2022 (unaudited) Beginning balance $ 133,898 $ 76,882 Capitalized costs (1) (2) 114,312 45,907 Land held for development (3) 4,936 10,958 Impairment charges (4) (2,961 ) — Capitalized interest 247 151 Ending balance $ 250,432 $ 133,898 (1) Includes development fees and employee reimbursement expenditures of $ 6.2 5.6 0.4 (2) Includes direct and indirect project costs to the construction and development of real estate projects, including but not limited to loan fees, property taxes and insurance, incurred of $ 2.4 2.2 (3) Includes the acquisition of land located in Sarasota, Florida during the nine months ended September 30, 2023 as discussed above. Additionally, includes ground lease payments and straight-line rent adjustments incurred of $ 0.1 0.8 (4) During the nine months ended September 30, 2023, we recorded impairment charges of $ 3.0 Real estate under construction includes non-cash investing activity of $ 28.1 million for the nine months ended months ended September 30, 2023 (inclusive of unpaid development fees of $ 5.7 million and unpaid employee cost sharing and reimbursements of $ 0.8 13.9 million for the year ended December 31, 2022 (inclusive of unpaid development fees of $ 4.3 million and unpaid employee cost sharing and reimbursements of $ 0.3 million).

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
Intangible Assets And Liabilities
Intangible Assets and Liabilities	Note 6 – Intangible Assets and Liabilities Intangible assets and liabilities are summarized as follows (amounts in thousands): Schedule of Intangible Assets And Liabilities September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (unaudited) (unaudited) (unaudited) Finite-Lived Intangible Assets In-place leases $ 3,513 $ (1,526 ) $ 1,987 $ 3,836 $ (791 ) $ 3,045 Indefinite-Lived Intangible Assets Development rights 5,659 — 5,659 5,659 — 5,659 Total intangible assets $ 9,172 $ (1,526 ) $ 7,646 $ 9,495 $ (791 ) $ 8,704 Finite-Lived Intangible Liabilities Below-market leases $ (2,100 ) $ 687 $ (1,413 ) $ (2,517 ) $ 411 $ (2,106 ) Total intangible liabilities $ (2,100 ) $ 687 $ (1,413 ) $ (2,517 ) $ 411 $ (2,106 ) In-place leases and development rights intangible assets, noted above, are included in Intangible assets on the consolidated balance sheets. Below-market lease liabilities, noted above, are included in Lease liabilities on the consolidated balance sheets. Amortization of in-place lease intangible assets was $ 0.3 0.2 1.1 0.4 Amortization of below-market lease liabilities was $ 0.1 0.7 0.2

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Loans Receivable	Note 7 – Loans Receivable On September 30, 2021, we lent approximately $ 3.5 12.0% 0.3 On January 3, 2022, we provided a $ 30.0 5.0% December 31, 2022 5.0% June 28, 2023 0.1 On February 23, 2022, we provided an approximately $ 5.0 6.0% 0.2 Interest income from loans receivable was zero 0.5 zero 1.5

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt On May 12, 2023, our indirect majority-owned subsidiary (the “Borrower”) entered into a variable-rate construction loan agreement (the “1991 Main Loan Agreement”) for up to $ 130.0 3.45% 8.51% May 12, 2027 0.1 In connection with the 1991 Main Construction Loan, we provided a carveout guaranty to the Lender (the “Guaranty”) pursuant to which we guaranteed the Borrower’s obligations to the Lender with respect to certain non-recourse carveout events, such as “bad acts,” environmental conditions, and violations of certain provisions of the loan documents. The Guaranty contains financial covenants requiring that we maintain liquid assets of no less than $ 20.0 130.0 20.0 Together with the Borrower, we also provided a customary environmental indemnity agreement to the Lender pursuant to which we agreed to protect, defend, indemnify, release and hold harmless the Lender from and against certain environmental liabilities related to 1991 Main. The direct costs of $ 3.7 $ 1.4 0.4

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between marketplace participants at the measurement date under current market conditions ( i.e. We categorize our financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Significant other observable inputs ( e.g. Level 3 – Valuation generated from model-based techniques that use inputs that are significant and unobservable in the market. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow methodologies or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the instrument or valuations that require significant management judgment or estimation. Recurring Fair Value Measurements Assets measured at fair value on a recurring basis is comprised of our interest rate cap. The valuation of our interest rate cap is prepared by an independent third-party and is classified as Level 2 in the fair value hierarchy, as the valuation is approximated using market values of similar instruments in active markets.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 10 – Derivative Instruments The 1991 Main Loan Agreement required the Borrower to enter into an interest rate cap agreement with a one-month SOFR rate based strike price of 5.07 112.5 The following table details our derivative financial instrument as of September 30, 2023 (amounts in thousands): Schedule of Table Derivative Financial Instrument Interest Rate Derivative Notional Amount Strike Maturity Date Fair Value (1) 1991 Main Interest Rate Cap $ 42,593 5.07 % July 2024 $ 294 (1) Included in Other assets in our unaudited consolidated balance sheet. The following table details the effect of our derivative financial instrument (amounts in thousands): Schedule of Table Details Effect Derivative Financial Instrument Three Months Ended September 30, Nine Months Ended September 30, Interest Rate Derivative Location of Gain (Loss) 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) 1991 Main Interest Rate Cap Other (expense) income $ (73 ) $ — $ 135 $ —

Members_ Capital

Members’ Capital	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Members’ Capital	Note 11 – Members’ Capital Our Operating Agreement generally authorizes our Board to issue an unlimited number of units and options, rights, warrants and appreciation rights relating to such units for consideration or for no consideration and on the terms and conditions as determined by our Board, in its sole discretion, and in most cases without the approval of our members. These additional securities may be used for a variety of purposes, including in future offerings to raise additional capital and acquisitions. Our Operating Agreement currently authorizes the issuance of an unlimited 100,000 one During the three and nine months ended September 30, 2023, we issued 12,659 56,062 41,000 72,300 3,579,511 3,523,449 100,000 one Class A units Upon payment in full of any consideration payable with respect to the initial issuance of our Class A units, the holder thereof will not be liable for any additional capital contributions to the Company. Holders of Class A units are not entitled to preemptive, redemption or conversion rights. Holders of our Class A units are entitled to one vote per unit on all matters submitted to a vote of our members. Matters must generally be approved by a majority (or, in the case of the election of directors, by a plurality) of the votes entitled to be cast. Holders of our Class A units share ratably in any distributions we make, subject to any statutory or contractual restrictions on distributions and to any restrictions on distributions imposed by the terms of any preferred units we issue. Upon our dissolution, liquidation or winding up, after payment of all amounts required to be paid to creditors and holders of preferred units, if any, holders of our Class A units are entitled to receive our remaining assets available for distribution. Class B units All of our Class B units are currently held by our Manager and were issued on September 14, 2021. Holders of our Class B units are not entitled to preemptive, redemption or conversion rights. Holders of our Class B units are entitled to one vote per unit on all matters submitted to a vote of our members. Matters must generally be approved by a majority (or, in the case of the election of directors, by a plurality) of the votes entitled to be cast. Holders of our Class B units are entitled to share ratably as a class in 5% Upon our dissolution, liquidation or winding up, after payment of all amounts required to be paid to creditors and holders of preferred units, if any, holders of Class B units will be entitled to receive any accrual of gains or distributions otherwise distributable pursuant to the terms of the Class B units, regardless of whether the holders of our Class A units have received a return of their capital. Class M unit The Class M unit is currently held by our Manager and was issued on September 14, 2021. The holder of our Class M unit is not entitled to preemptive, redemption or conversion rights. The holder of our Class M unit is entitled to that number of votes equal to the product obtained by multiplying (i) the sum of the aggregate number of outstanding Class A units plus Class B units, by (ii) 10, on matters on which the Class M unit has a vote. Our Manager will continue to hold the Class M unit for so long as it remains our manager. The holder of our Class M unit does not have any right to receive ordinary, special or liquidating distributions. Preferred units Under our Operating Agreement, our Board may from time to time establish and cause us to issue one or more classes or series of preferred units and set the designations, preferences, rights, powers and duties of such classes or series. Basic and Diluted Loss Per Class A Unit For the three and nine months ended September 30, 2023, the basic and diluted weighted-average units outstanding were 3,577,857 3,542,765 3.3 10.2 0.92 2.87 For the three and nine months ended September 30, 2022, the basic and diluted weighted-average units outstanding were 3,430,090 3,400,201 1.0 4.9 0.30 1.45

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 – Commitments and Contingencies As of September 30, 2023, we were not subject to any material litigation nor were we aware of any material litigation threatened against us. In connection with the development of our commercial real estate assets, we have entered into separate construction management agreements for each asset which contain terms and conditions that are customary for the related scope of work. As of September 30, 2023, we have two development projects with an aggregate unfunded commitment of $ 116.0 20.8 9.3

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring after the balance sheet date through the date the unaudited consolidated financial statements were available for issuance require potential adjustment to or disclosure in the unaudited consolidated financial statements and has concluded that, except as set forth below, all such events or transactions that would require recognition or disclosure have been recognized or disclosed. On October 30, 2023, we borrowed $ 1.5 March 31, 2024 4.5 On November 8, 2023, we drew down $ 12.0

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting and conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and Article 8 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements as of September 30, 2023, and for the three and nine months ended September 30, 2023 and 2022, are unaudited and may not include year-end adjustments necessary to make them comparable to audited results. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022 included in our Annual Report on Form 10-K. The operating results for interim periods are not necessarily indicative of operating results for any other interim period or for the entire year.
Basis of Consolidation	Basis of Consolidation The accompanying unaudited consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of members’ capital in controlled subsidiaries that are not attributable, directly or indirectly, to us are presented in noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. We have evaluated our economic interests in entities to determine if they are deemed to be variable interest entities (“VIEs”) and whether the entities should be consolidated. An entity is a VIE if it has any one of the following characteristics: (i) the entity does not have enough equity at risk to finance its activities without additional subordinated financial support; (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non-substantive voting rights. The distinction between a VIE and other entities is based on the nature and amount of the equity investment and the rights and obligations of the equity investors. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered VIEs unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review all agreements and contractual arrangements to determine whether (i) we or another party have any variable interests in an entity, (ii) the entity is considered a VIE, and (iii) which variable interest holder, if any, is the primary beneficiary of the VIE. Determination of the primary beneficiary is based on whether a party (a) has the power to direct the activities that most significantly impact the economic performance of the VIE, and (b) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The following table presents the financial data of the consolidated VIEs included in the consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively (amounts in thousands): Schedule of Carrying Value Net Assets September 30, 2023 December 31, 2022 (unaudited) Assets Real estate Land $ 26,059 $ 24,967 Building and improvements 12,942 11,297 Intangible assets 6,816 6,725 Real estate under construction 250,200 133,773 Total real estate 296,017 176,762 Accumulated depreciation and amortization (1,878 ) (672 ) Real estate, net 294,139 176,090 Cash and cash equivalents 10,829 124,159 Other assets 31,862 11,773 Total assets $ 336,830 $ 312,022 Liabilities Debt $ 1 $ — Due to affiliates 8,698 4,399 Lease liabilities 87 5,350 Accounts payable 8,649 1,679 Accrued expenses and other liabilities 13,895 6,064 Total liabilities $ 31,330 $ 17,492 An interest in a VIE requires reconsideration when an event occurs that was not originally contemplated. At each reporting period we will reassess whether there are any events that require us to reconsider our determination of whether an entity is a VIE and whether it should be consolidated.
Emerging Growth Company Status	Emerging Growth Company Status We are an “emerging growth company,” as defined in the Jump Start Our Business Startups Act of 2012 (“JOBS Act”). Under Section 107 of the JOBS Act, emerging growth companies are permitted to use an extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies. We have elected to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company, or (ii) affirmatively and irrevocably opt out of the extended transition period provided in Section 7(a)(2)(B). By electing to extend the transition period for complying with new or revised accounting standards, our consolidated financial statements may not be comparable to the consolidated financial statements of companies that comply with public company effective dates.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate our tangible and identifiable intangible real estate assets for impairment when events such as delays or changes in development, declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. When qualitative factors indicate the possibility of impairment, the total undiscounted cash flows of the property, including proceeds from disposition, are compared to the net book value of the property. If the carrying value of the asset exceeds the undiscounted cash flows of the asset, an impairment loss is recorded in earnings to reduce the carrying value of the asset to fair value, calculated as the discounted net cash flows of the property.
Restricted Cash	Restricted Cash Restricted cash consists of amounts required to be reserved pursuant to contractual obligations and amounts held in escrow on behalf of the company. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the unaudited consolidated statements of cash flows (amounts in thousands): Schedule of Restricted Cash and Cash Equivalents September 30, 2023 December 31, 2022 (unaudited) Cash and cash equivalents $ 15,743 $ 143,467 Restricted cash (1) (2) 23,939 1,500 Total cash and cash equivalents and restricted cash $ 39,682 $ 144,967 (1) Restricted cash is included within Other assets on our consolidated balance sheets. (2) The balance as of September 30, 2023, includes $ 20.0 3.9 1.5
Derivative Instruments	Derivative Instruments Our derivative instruments are measured at fair value and are recorded as either assets or liabilities in our unaudited consolidated balance sheets depending on the pertinent rights or obligations under the applicable derivative contract. The derivative contracts that we may enter into are generally concurrent with obtaining floating rate debt and are intended to manage the economic risk of increases in benchmark interest rates. Our derivative instruments are not designated as hedges for accounting purposes, and therefore we account for changes in the fair value of the derivative instruments as either a gain or loss in the unaudited consolidated statements of operations.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ( , Leases (Topic 842). We adopted ASU 2016-13 on January 1, 2023 using the modified retrospective method. The adoption of this standard did not have a material impact on our unaudited consolidated financial statements, and no cumulative-effect adjustment was recorded to retained earnings.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Carrying Value Net Assets	The following table presents the financial data of the consolidated VIEs included in the consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively (amounts in thousands): Schedule of Carrying Value Net Assets September 30, 2023 December 31, 2022 (unaudited) Assets Real estate Land $ 26,059 $ 24,967 Building and improvements 12,942 11,297 Intangible assets 6,816 6,725 Real estate under construction 250,200 133,773 Total real estate 296,017 176,762 Accumulated depreciation and amortization (1,878 ) (672 ) Real estate, net 294,139 176,090 Cash and cash equivalents 10,829 124,159 Other assets 31,862 11,773 Total assets $ 336,830 $ 312,022 Liabilities Debt $ 1 $ — Due to affiliates 8,698 4,399 Lease liabilities 87 5,350 Accounts payable 8,649 1,679 Accrued expenses and other liabilities 13,895 6,064 Total liabilities $ 31,330 $ 17,492
Schedule of Restricted Cash and Cash Equivalents	Restricted cash consists of amounts required to be reserved pursuant to contractual obligations and amounts held in escrow on behalf of the company. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the unaudited consolidated statements of cash flows (amounts in thousands): Schedule of Restricted Cash and Cash Equivalents September 30, 2023 December 31, 2022 (unaudited) Cash and cash equivalents $ 15,743 $ 143,467 Restricted cash (1) (2) 23,939 1,500 Total cash and cash equivalents and restricted cash $ 39,682 $ 144,967 (1) Restricted cash is included within Other assets on our consolidated balance sheets. (2) The balance as of September 30, 2023, includes $ 20.0 3.9 1.5

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Schedule of Components of Lease Revenues	The following table summarizes the components of lease revenues (amounts in thousands): Schedule of Components of Lease Revenues 2023 2022 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Fixed lease revenues $ 241 $ 217 $ 773 $ 627 Variable lease revenues (1) 99 72 247 209 Lease revenues (2) (3) $ 340 $ 289 $ 1,020 $ 836 (1) Includes reimbursements for property taxes, insurance, and common area maintenance services. (2) Excludes lease intangible amortization of $ 0.1 0.7 0.2 (3) Excludes straight-line rent of less than $ 0.1

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party	The following table presents a summary of fees incurred on our behalf by, and expenses reimbursable to, our Manager and its affiliates, including our Sponsor, in accordance with the terms of our relevant agreements with such parties (amounts in thousands): Schedule of Related Party 2023 2022 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) Amounts included in the Consolidated Statements of Operations Management fees (1) $ 662 $ 648 $ 1,990 $ 1,922 Costs incurred by our Manager and its affiliates (2) 513 462 1,840 1,456 Insurance (3) 100 102 308 314 Director compensation 20 20 60 60 Costs incurred by the manager and its affiliates $ 1,295 $ 1,232 $ 4,198 $ 3,752 Capitalized costs included in the Consolidated Balance Sheets Development fee and reimbursements $ 1,484 $ 817 $ 5,672 $ 3,637 Insurance (3) 588 531 1,578 1,099 Other capitalized costs $ 2,072 $ 1,348 $ 7,250 $ 4,736 (1) Included in Property expenses in our unaudited consolidated statements of operations. (2) Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor, which are included in General and administrative expenses on the unaudited consolidated statements of operations. (3) Our insurance premiums are prepaid and are included in Other assets on the unaudited consolidated balance sheets and are amortized monthly to either Property expenses on the unaudited consolidated statements of operations or Real estate under construction on the unaudited consolidated balance sheets as further described below.
Schedule of Due to Related Party	The following table presents a summary of amounts included in Due to affiliates in the unaudited consolidated balance sheets (amounts in thousands): Schedule of Due to Related Party September 30, 2023 December 31, 2022 (unaudited) Due to affiliates Development fees $ 7,507 $ 4,256 Employee cost sharing and reimbursements (1) 1,641 866 Management fees 662 661 Director compensation 20 20 Due to affiliates $ 9,830 $ 5,803 (1) Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor.

Real Estate, Net (Tables)

Real Estate, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Real Estate Under Construction	The following table provides the activity of our Real estate under construction in the consolidated balance sheets (amounts in thousands): Schedule of Real Estate Under Construction September 30, 2023 December 31, 2022 (unaudited) Beginning balance $ 133,898 $ 76,882 Capitalized costs (1) (2) 114,312 45,907 Land held for development (3) 4,936 10,958 Impairment charges (4) (2,961 ) — Capitalized interest 247 151 Ending balance $ 250,432 $ 133,898 (1) Includes development fees and employee reimbursement expenditures of $ 6.2 5.6 0.4 (2) Includes direct and indirect project costs to the construction and development of real estate projects, including but not limited to loan fees, property taxes and insurance, incurred of $ 2.4 2.2 (3) Includes the acquisition of land located in Sarasota, Florida during the nine months ended September 30, 2023 as discussed above. Additionally, includes ground lease payments and straight-line rent adjustments incurred of $ 0.1 0.8 (4) During the nine months ended September 30, 2023, we recorded impairment charges of $ 3.0

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets And Liabilities
Schedule of Intangible Assets And Liabilities	Intangible assets and liabilities are summarized as follows (amounts in thousands): Schedule of Intangible Assets And Liabilities September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (unaudited) (unaudited) (unaudited) Finite-Lived Intangible Assets In-place leases $ 3,513 $ (1,526 ) $ 1,987 $ 3,836 $ (791 ) $ 3,045 Indefinite-Lived Intangible Assets Development rights 5,659 — 5,659 5,659 — 5,659 Total intangible assets $ 9,172 $ (1,526 ) $ 7,646 $ 9,495 $ (791 ) $ 8,704 Finite-Lived Intangible Liabilities Below-market leases $ (2,100 ) $ 687 $ (1,413 ) $ (2,517 ) $ 411 $ (2,106 ) Total intangible liabilities $ (2,100 ) $ 687 $ (1,413 ) $ (2,517 ) $ 411 $ (2,106 )

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Table Derivative Financial Instrument	The following table details our derivative financial instrument as of September 30, 2023 (amounts in thousands): Schedule of Table Derivative Financial Instrument Interest Rate Derivative Notional Amount Strike Maturity Date Fair Value (1) 1991 Main Interest Rate Cap $ 42,593 5.07 % July 2024 $ 294 (1) Included in Other assets in our unaudited consolidated balance sheet.
Schedule of Table Details Effect Derivative Financial Instrument	The following table details the effect of our derivative financial instrument (amounts in thousands): Schedule of Table Details Effect Derivative Financial Instrument Three Months Ended September 30, Nine Months Ended September 30, Interest Rate Derivative Location of Gain (Loss) 2023 2022 2023 2022 (unaudited) (unaudited) (unaudited) (unaudited) 1991 Main Interest Rate Cap Other (expense) income $ (73 ) $ — $ 135 $ —

Organization, Business Purpos_2

Organization, Business Purpose and Capitalization (Details Narrative) - USD ($)				3 Months Ended
	Sep. 30, 2023	May 09, 2023	Sep. 30, 2021	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 01, 2023
Initial public offering				$ 1,088,000	$ 3,844,000	$ 4,100,000	$ 3,130,000
Initial public offering, remained unsold	$ 517,724,350
Dealer Manager [Member] | Maximum [Member]
Payments for commissions percentage		0.25%
Selling Group Members [Member] | Maximum [Member]
Payments for commissions percentage		4.50%
Selling Group Members [Member] | Minimum [Member]
Payments for commissions percentage		0.25%
Common Class A [Member]
Offering price per share								$ 98.58
Common Class A [Member] | Follow On Offering [Member]
Initial public offering		$ 750,000,000
Common Class A [Member] | Primary Offering [Member]
Initial public offering			$ 750,000,000

Schedule of Carrying Value Net

Schedule of Carrying Value Net Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate
Land	$ 38,741	$ 38,741
Building and improvements	17,929	17,843
Intangible assets	9,172	9,495
Real estate under construction	250,432	133,898
Total real estate	316,274	199,977
Accumulated depreciation and amortization	(3,065)	(1,719)
Real estate, net	313,209	198,258
Cash and cash equivalents	15,743	143,467
Other assets	32,275	12,270
Total assets	361,227	353,995
Liabilities
Debt	1
Due to affiliates	9,829	5,803
Lease liabilities	1,413	7,126
Accounts payable	8,939	1,686
Accrued expenses and other liabilities	14,791	6,728
Total liabilities	34,973	21,343
Variable Interest Entity [Member]
Real estate
Land	26,059	24,967
Building and improvements	12,942	11,297
Intangible assets	6,816	6,725
Real estate under construction	250,200	133,773
Total real estate	296,017	176,762
Accumulated depreciation and amortization	(1,878)	(672)
Real estate, net	294,139	176,090
Cash and cash equivalents	10,829	124,159
Other assets	31,862	11,773
Total assets	336,830	312,022
Liabilities
Debt	1
Due to affiliates	8,698	4,399
Lease liabilities	87	5,350
Accounts payable	8,649	1,679
Accrued expenses and other liabilities	13,895	6,064
Total liabilities	$ 31,330	$ 17,492

Schedule of Restricted Cash and

Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents		$ 15,743	$ 143,467
Restricted cash	[1],[2]	23,939	1,500
Total cash and cash equivalents and restricted cash		$ 39,682	$ 144,967
[1]Restricted cash is included within Other assets on our consolidated balance sheets.[2]The balance as of September 30, 2023, includes $ 20.0 3.9 1.5

Schedule of Restricted Cash a_2

Schedule of Restricted Cash and Cash Equivalents (Details) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Indebtedness	$ 20
Contractual construction obligations	$ 3.9	$ 1.5

Schedule of Components of Lease

Schedule of Components of Lease Revenues (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases
Fixed lease revenues		$ 241	$ 217	$ 773	$ 627
Variable lease revenues	[1]	99	72	247	209
Lease revenues	[2],[3]	$ 340	$ 289	$ 1,020	$ 836
[1]Includes reimbursements for property taxes, insurance, and common area maintenance services.[2]Excludes lease intangible amortization of $ 0.1 0.7 0.2 0.1

Schedule of Components of Lea_2

Schedule of Components of Lease Revenues (Details) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease intangible amortization	$ 0.1	$ 0.1	$ 0.7	$ 0.2
Maximum [Member] | Straight Line Rent [Member]
Lease rent expenses	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases
Finance Lease, Liability	$ 0	$ 5,000,000
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	0	$ 5,000,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets
Ground Leases, Net	$ 300,000

Schedule of Related Party (Deta

Schedule of Related Party (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Costs incurred by the manager and its affiliates		$ 1,295	$ 1,232	$ 4,198	$ 3,752
Other capitalized costs		2,072	1,348	7,250	4,736
Management Fees [Member]
Costs incurred by the manager and its affiliates	[1]	662	648	1,990	1,922
Manager and Affliates [Member]
Costs incurred by the manager and its affiliates	[2]	513	462	1,840	1,456
Insurance [Member]
Costs incurred by the manager and its affiliates	[3]	100	102	308	314
Other capitalized costs	[3]	588	531	1,578	1,099
Director Compensation [Member]
Costs incurred by the manager and its affiliates		20	20	60	60
Developmen Fee and Reimbursements [Member]
Other capitalized costs		$ 1,484	$ 817	$ 5,672	$ 3,637
[1]Included in Property expenses in our unaudited consolidated statements of operations.[2]Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor, which are included in General and administrative expenses on the unaudited consolidated statements of operations.[3]Our insurance premiums are prepaid and are included in Other assets on the unaudited consolidated balance sheets and are amortized monthly to either Property expenses on the unaudited consolidated statements of operations or Real estate under construction on the unaudited consolidated balance sheets as further described below.

Schedule of Due to Related Part

Schedule of Due to Related Party (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates		$ 9,830	$ 5,803
Development Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates		7,500	4,300
Development Fees [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Due to affiliates		7,507	4,256
Employee Cost Sharing and Reimbursements [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Due to affiliates	[1]	1,641	866
Management Fees [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Due to affiliates		662	661
Director Compensation [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Due to affiliates		$ 20	$ 20
[1]Includes wage, overhead and other reimbursements to our Manager and its affiliates, including our Sponsor.

Related Party Arrangements (Det

Related Party Arrangements (Details Narrative) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 25, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Operating expenses		$ 3,782	$ 2,116	$ 12,142	$ 7,611
Asset management fee		700	600	2,000	1,900
Development costs		1,200	500	4,800	2,800
Due to affiliates		9,830		9,830		$ 5,803
General and administrative expense		1,482	794	4,469	3,908
Development fee percentage	55%
Development budget fee percentage	4.50%
Development fees outstanding and payable				$ 400
Acquisition fee percentage				1.50%
Real estate insurance		0	0	$ 2,400	4,600
Insurance commission		0	0	200	400
Administration fees		0	100	0	100
Amortization of insurance to real estate		600	500	1,600	1,100
Amortization of insurance to property expenses		100	100	300	300
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
General and administrative expense		100		300	200
General and Administrative Expense [Member] | Maximum [Member]
Related Party Transaction [Line Items]
General and administrative expense			100
Development Manager [Member]
Related Party Transaction [Line Items]
Development costs		200	300	800	800
Reimbursement expense		300	300	1,000	1,000
Development Fees [Member]
Related Party Transaction [Line Items]
Due to affiliates		7,500		7,500		4,300
Employee Expense [Member]
Related Party Transaction [Line Items]
Due to affiliates		1,200		$ 1,200		$ 300
Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee				0.75%
Manager and Affliates [Member]
Related Party Transaction [Line Items]
Operating expenses		$ 400	$ 400	$ 1,700	$ 1,300

Schedule of Real Estate Under C

Schedule of Real Estate Under Construction (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended			12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022	Dec. 31, 2022
Real Estate [Abstract]
Beginning balance				$ 133,898		$ 76,882	$ 76,882
Capitalized costs	[1],[2]			114,312			45,907
Land held for development	[3]			4,936			10,958
Impairment charges		$ (795)		(2,961)	[4]			[4]
Capitalized interest				247			151
Ending balance		$ 250,432		$ 250,432			$ 133,898
[1]Includes development fees and employee reimbursement expenditures of $ 6.2 5.6 0.4 2.4 2.2 0.1 0.8 3.0

Schedule of Real Estate Under_2

Schedule of Real Estate Under Construction (Details) (Parenthetical) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Development fees and employee reimbursement expenditures	$ 6.2	$ 5.6
Development fees payable	0.4
Direct and indirect project costs	2.4	2.2
Ground lease payments	0.1	$ 0.8
Impairment charges	$ 3

Real Estate, Net (Details Narra

Real Estate, Net (Details Narrative) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 24, 2023 USD ($)	Jun. 28, 2022 USD ($) a	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Variable interest entity, ownership percentage		70.20%
Area of real estate property | a		60
Forfeiture of amount		$ 1,000
Noncontrolling interest percentage		29.80%
Controlling interest		100%
Depreciation expense			$ 485	$ 349	$ 1,685	$ 899
Real Estate [Member]
Asset Acquisition [Line Items]
Depreciation expense			$ 200	$ 200	600	$ 500
Non cash investing activity					28,100		$ 13,900
Unpaid development fees					5,700		4,300
Unpaid employee cost sharing and reimbursements					$ 800		$ 300
CMC Storrs SPV LLC [Member]
Asset Acquisition [Line Items]
Purchase price	$ 4,900
Transaction cost	$ 100

Schedule of Intangible Assets A

Schedule of Intangible Assets And Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, finite lived intangible assets	$ 9,172	$ 9,495
Total intangible assets, Gross	9,172	9,495
Total intangible assets, Accumulated amortization	(1,526)	(791)
Total intangible assets, Net	7,646	8,704
Gross carrying amount, finite lived intangible liabilities	(2,100)	(2,517)
Accumulated amortization, finite lived intangible liabilities	687	411
Net carrying amount, finite lived intangible liabilities	(1,413)	(2,106)
Development Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, indefinite lived intangible assets	5,659	5,659
Accumulated amortization, indefinite lived intangible assets
Net carrying amount, indefinite lived intangible assets	5,659	5,659
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, finite lived intangible assets	3,513	3,836
Accumulated amortization, finite lived intangible assets	(1,526)	(791)
Net carrying amount, finite lived intangible assets	1,987	3,045
Below Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, finite lived intangible liabilities	(2,100)	(2,517)
Accumulated amortization, finite lived intangible liabilities	687	411
Net carrying amount, finite lived intangible liabilities	$ (1,413)	$ (2,106)

Intangible Assets and Liabili_3

Intangible Assets and Liabilities (Details Narrative) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.3	$ 0.2	$ 1.1	$ 0.4
Below Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.1	$ 0.1	$ 0.7	$ 0.2

Loans Receivable (Details Narra

Loans Receivable (Details Narrative) - USD ($)					3 Months Ended		9 Months Ended
	Dec. 13, 2022	Dec. 02, 2022	Jun. 28, 2022	Jan. 03, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Feb. 23, 2022	Sep. 30, 2021
Interest income on loans receivables					$ 0	$ 500,000	$ 0	$ 1,500,000
Visco Loan [Member]
Principal loan amount									$ 5,000,000
Interest rate									6%
Increase/decrease in accrued interest receivable, net		$ 200,000
Norpointe Loan [Member]
Interest rate				5%
Principal loan amount				$ 30,000,000
Maturity date				Dec. 31, 2022
Restructured Norpointe Loan [Member]
Interest rate				5%
Increase/decrease in accrued interest receivable, net	$ 100,000
Maturity date				Jun. 28, 2023
CMC Loan [Member]
Principal loan amount										$ 3,500,000
Interest rate										12%
Increase/decrease in accrued interest receivable, net			$ 300,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Millions		9 Months Ended
	May 12, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Debt convenant		$ 20
Deferred financing costs, gross		3.7
Debt discount		1.4
Accumulated amortization of deferred financing costs		0.4
1991 Main Loan Agreement [Member]
Debt Instrument [Line Items]
Maturity date	May 12, 2027
Long-Term Debt, Gross		$ 0.1
Debt convenant		The Guaranty contains financial covenants requiring that we maintain liquid assets of no less than $20.0 million and a net worth of no less than $130.0 million (the “liquidity covenant”). To satisfy the liquidity covenant, we have maintained a restricted cash balance of $20.0 million, which is recorded in Other assets on our unaudited consolidated balance sheet as of September 30, 2023. As of September 30, 2023, the Company was in compliance with all covenants under the Guaranty
Debt convenant		$ 20
Debt convenant networth		$ 130
1991 Main Loan Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.45%
Maximum [Member] | Ninety Ninety OneMain Loan Agreement [Member]
Debt Instrument [Line Items]
Construction loan	$ 130
Minimum [Member] | 1991 Main Loan Agreement [Member]
Debt Instrument [Line Items]
Interest rate, per annum	8.51%

Schedule of Table Derivative Fi

Schedule of Table Derivative Financial Instrument (Details) - Interest Rate Cap [Member] - 1991 Main Loan Agreement [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 42,593
Strike rate	5.07%
Maturity date	July 2024
Fair value	$ 294	[1]
[1]Included in Other assets in our unaudited consolidated balance sheet.

Schedule of Table Details Effec

Schedule of Table Details Effect Derivative Financial Instrument (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income	Other (expense) income	Other (expense) income	Other (expense) income
Derivative gain (loss)			$ 135
Interest Rate Cap [Member] | 1991 Main Loan Agreement [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	$ (73)		$ 135

Derivative Instruments (Details

Derivative Instruments (Details Narrative) - Interest Rate Cap [Member] - 1991 Main Loan Agreement [Member] $ in Thousands	Sep. 30, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
SOFR rate strike price	5.07%
Notional amount	$ 42,593
Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 112,500

Members_ Capital (Details Narra

Members’ Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Weighted average units outstanding, basic	3,577,857	3,430,090	3,542,765	3,400,201
Weighted average units outstanding, diluted	3,577,857	3,430,090	3,542,765	3,400,201
Net loss	$ 3,284	$ 1,045	$ 10,174	$ 4,947
Loss per basic	$ 0.92	$ 0.30	$ 2.87	$ 1.45
Loss per diluted	$ 0.92	$ 0.30	$ 2.87	$ 1.45
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized unlimited			Unlimited		Unlimited
Stock redeemed or called during period, shares	12,659	41,000	56,062	72,300
Common stock shares, outstanding	3,579,511		3,579,511		3,523,449
Common stock shares, issued	3,579,511		3,579,511		3,523,449
Weighted average units outstanding, basic	3,577,857	3,430,090	3,542,765	3,400,201
Weighted average units outstanding, diluted	3,577,857	3,430,090	3,542,765	3,400,201
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized	100,000		100,000		100,000
Common stock shares, outstanding	100,000		100,000		100,000
Common stock shares, issued	100,000		100,000		100,000
Dividends rate percentage			5%
Class M Units [Member]
Class of Stock [Line Items]
Common stock, shares authorized	1		1		1
Common stock shares, outstanding	1		1		1
Common stock shares, issued	1		1		1

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - Construction Management Agreement [Member] $ in Millions	Sep. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other commitment	$ 116
Accounts payable	20.8
Retainage payable	$ 9.3

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in Thousands		9 Months Ended
	Oct. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Nov. 08, 2023
Subsequent Event [Line Items]
Borrowing amount		$ 1
Subsequent Event [Member]
Subsequent Event [Line Items]
Borrowing amount	$ 1,500
Maturity date	Mar. 31, 2024
Interest rate, per annum	4.50%
Subsequent Event [Member] | 1991 Main Construction Loan [Member]
Subsequent Event [Line Items]
Construction loan				$ 12,000