v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($)
Shareholders' Equity
Common Shares
Class A Common Shares
Common Shares
Class AX Common Shares
Common Shares
Class I Common Shares
Common Shares
Class IX Common Shares
Common Shares
Class T shares
Common Shares
Additional Paid-In Capital
Accumulated Deficit and Cumulative Distributions
Non-controlling Interests
Class P OP Units
Class PX Common Units
Total
BALANCE - beginning at Dec. 31, 2023 $ 77,441,466           $ 94,134 $ 90,638,994 $ (13,291,662) $ 16,065,551     $ 93,507,017
BALANCE - beginning (in shares) at Dec. 31, 2023   4,710,257 1,316,975 1,726,264 1,659,843                
BALANCE - beginning (in shares) at Dec. 31, 2023                     1,651,698 249,337  
Common shares issued 15,674,226           15,683 15,658,543         15,674,226
Common shares issued (in shares)   702,951 156,475 437,632 271,207                
Common units issued                   1,319,856     1,319,856
Common units issued (in units)                     127,545 8,778  
Dividends and distributions declared (2,769,906)               (2,769,906) (505,343)     (3,275,249)
Dividend reinvestment 853,330           836 852,494   63,478     916,808
Dividend reinvestment (in shares)     36,885   46,684             6,226  
Redemptions of common shares and common units (6,093,670)           (5,946) (6,087,724)   (1,832,051)     (7,925,721)
Redemptions of common shares and common units (in shares)   (360,908) (147,560) (71,425) (14,753)           (142,633) (37,019)  
Net Loss (4,533,518)               (4,533,518) (761,277)     (5,294,795)
BALANCE - end at Jun. 30, 2024 80,571,928           104,707 101,062,307 (20,595,086) 14,350,214     94,922,142
BALANCE - end (in shares) at Jun. 30, 2024   5,052,300 1,362,775 2,092,471 1,962,981                
BALANCE - ending (in shares) at Jun. 30, 2024                     1,636,610 227,322  
BALANCE - beginning at Mar. 31, 2024 83,874,723           103,719 100,382,458 (16,611,454) 14,916,416     98,791,139
BALANCE - beginning (in shares) at Mar. 31, 2024   5,156,799 1,480,143 1,975,653 1,760,817                
BALANCE - beginning (in shares) at Mar. 31, 2024                     1,615,057 231,670  
Common shares issued 4,581,750           4,789 4,576,961         4,581,750
Common shares issued (in shares)   170,454 10,520 188,125 109,903                
Common units issued                   513,346     513,346
Common units issued (in units)                     46,553 8,778  
Dividends and distributions declared (1,417,115)               (1,417,115) (252,723)     (1,669,838)
Dividend reinvestment 445,529           435 445,094   31,148     476,677
Dividend reinvestment (in shares)     18,812   24,658             3,044  
Redemptions of common shares and common units (4,346,442)           (4,236) (4,342,206)   (422,422)     (4,768,864)
Redemptions of common shares and common units (in shares)   (274,953) (146,700) (71,307) 67,603           (25,000) (16,170)  
Net Loss (2,566,517)               (2,566,517) (435,551)     (3,002,068)
BALANCE - end at Jun. 30, 2024 80,571,928           104,707 101,062,307 (20,595,086) 14,350,214     94,922,142
BALANCE - end (in shares) at Jun. 30, 2024   5,052,300 1,362,775 2,092,471 1,962,981                
BALANCE - ending (in shares) at Jun. 30, 2024                     1,636,610 227,322  
BALANCE - beginning at Dec. 31, 2024 69,150,036           101,772 97,708,275 (28,660,011) 12,248,469     81,398,505
BALANCE - beginning (in shares) at Dec. 31, 2024   4,990,586 1,423,800 1,828,031 1,934,499                
BALANCE - beginning (in shares) at Dec. 31, 2024                     1,595,686 206,373  
Common shares issued 7,125,533           6,792 7,118,741         7,125,533
Common shares issued (in shares)   114,471 1,416 527,370 26,526 9,443              
Common units issued                   1,352,500     1,352,500
Common units issued (in units)                     129,854    
Offering costs (3,622,412)             (3,622,412)   (26,778)     (3,649,190)
Stock-based compensation expense 64,086             64,086         64,086
Dividends and distributions declared (2,721,374)               (2,721,374) (513,883)     (3,235,257)
Dividend reinvestment 1,050,509           1,017 1,049,492   58,761     1,109,270
Dividend reinvestment (in shares)     43,425 3,025 55,812             5,700  
Redemptions of common shares and common units (9,065,132)           (8,972) (9,056,160)   (904,276)     (9,969,408)
Redemptions of common shares and common units (in shares)   (395,063) (19,590) (189,968) (278,354)           (59,511) (28,220)  
Net Loss (5,348,420)               (5,348,420) (955,123)     (6,303,543)
BALANCE - end at Jun. 30, 2025 56,632,826           100,609 93,262,022 (36,729,805) 11,259,670     67,892,496
BALANCE - end (in shares) at Jun. 30, 2025   4,709,994 1,449,051 2,168,458 1,738,483 9,443              
BALANCE - ending (in shares) at Jun. 30, 2025                     1,666,029 183,853  
BALANCE - beginning at Mar. 31, 2025 63,336,833           99,885 95,761,929 (32,524,981) 12,846,936     76,183,769
BALANCE - beginning (in shares) at Mar. 31, 2025   4,901,480 1,440,962 1,745,553 1,900,100                
BALANCE - beginning (in shares) at Mar. 31, 2025                     1,720,540 208,806  
Common shares issued 5,569,741           5,278 5,564,463         5,569,741
Common shares issued (in shares)       518,378   9,443              
Common units issued (in units)                     0    
Offering costs (3,622,412)             (3,622,412)   (14)     (3,622,426)
Stock-based compensation expense 64,086             64,086         64,086
Dividends and distributions declared (1,368,903)               (1,368,903) (256,932)     (1,625,835)
Dividend reinvestment 608,879           585 608,294   33,673     642,552
Dividend reinvestment (in shares)     24,918 3,025 31,333             3,267  
Redemptions of common shares and common units (5,119,477)           (5,139) (5,114,338)   (852,249)     (5,971,726)
Redemptions of common shares and common units (in shares)   (191,486) (16,829) (98,498) (192,950)           (54,511) (28,220)  
Net Loss (2,835,921)               (2,835,921) (511,744)     (3,347,665)
BALANCE - end at Jun. 30, 2025 $ 56,632,826           $ 100,609 $ 93,262,022 $ (36,729,805) $ 11,259,670     $ 67,892,496
BALANCE - end (in shares) at Jun. 30, 2025   4,709,994 1,449,051 2,168,458 1,738,483 9,443              
BALANCE - ending (in shares) at Jun. 30, 2025                     1,666,029 183,853