v3.25.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Paid Distributions and Declared Distributions
The following characterizes distributions paid per common share for the year ended September 30, 2025 and December 31, 2024:
 Year Ended September 30,Year Ended December 31,
 20252024
Ordinary income— %— %
Return of capital— %— %
Capital gain— %— %
Cash liquidation distribution(1)
100.00 %100.00 %
Unrecaptured Section 1250 gain— %— %
100.00 %100.00 %
(1)Liquidation distributions are first applied against shareholder tax basis, but not below zero. To the extent liquidation distributions exceed shareholder tax basis, such excess is taxable gain in the year of receipt. To the extent liquidation distributions are less than shareholder tax basis, any loss will be recognized in the year the final liquidation distribution is received.
The following characterizes distributions paid per preferred share for the year ended December 31, 2024:
Year Ended December 31,
2024
Ordinary income6.08 %
Return of capital— %
Capital gain— %
Cash liquidation distribution(1)
93.92 %
Unrecaptured Section 1250 gain— %
100.0 %
(1)Preferred shareholders will recognize taxable gain to the extent the liquidation distribution exceeds their tax basis. To the extent the liquidation distribution is less than the preferred shareholder’s tax basis, loss will be recognized.