v3.26.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Assets    
Investment in real estate, net of accumulated depreciation of $113,357,139 and $88,012,426, respectively $ 964,598,188 $ 955,084,021
Cash and cash equivalents 25,386,715 36,133,516
Restricted cash 6,306,855 8,531,907
Investments in real estate-related assets 5,228,709 5,614,394
Investment in real estate, held for sale 5,609,212 0
Investment in infrastructure fund, at fair value 8,651,872 0
Intangible assets, net of accumulated amortization of $53,593,211 and $44,199,666 respectively 67,960,996 71,715,051
Operating lease right-of-use asset 16,115,737 16,207,976
Derivative assets, at fair value 5,720,505 8,472,572
Prepaid expenses and other assets 13,177,180 10,895,573
Deferred rent receivable 18,084,678 13,393,162
Total assets 1,136,840,647 1,126,048,172
Liabilities    
Loans payable, net of deferred financing costs of $5,156,704 and $5,001,576, respectively 595,583,567 549,780,728
Intangible liabilities, net of accumulated amortization of $9,862,831 and $7,880,021, respectively 15,323,482 17,306,291
Operating lease liability 16,115,737 16,207,976
Distributions payable 1,154,031 1,935,518
Restricted reserves 13,231,811 11,808,310
Due to related parties $ 16,816,455 $ 12,864,461
Other Liability, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Deferred revenue $ 2,040,969 $ 2,007,940
Accrued interest payable 1,912,056 1,868,146
Accounts payable and accrued expenses 4,326,158 2,474,903
Total liabilities 666,504,266 616,254,273
Commitments and contingencies (Note 13) 0 0
Stockholders' equity    
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, and 0 issued and outstanding at each December 31, 2025 and December 31, 2024
Additional paid-in capital 311,469,572 341,284,670
Retained earnings/accumulated deficit and cumulative distributions (142,009,065) (115,660,304)
Accumulated other comprehensive income/(loss) 474,811 748,843
Total controlling interest 170,046,474 226,499,336
Non-controlling interests in subsidiaries 300,289,907 283,294,563
Total stockholders' equity 470,336,381 509,793,899
Total liabilities and stockholders' equity 1,136,840,647 1,126,048,172
Class AX [Member]    
Stockholders' equity    
Common stock 30,925 35,341
Class TX [Member]    
Stockholders' equity    
Common stock 49 61
Class IX [Member]    
Stockholders' equity    
Common stock 10,225 11,297
Class T [Member]    
Stockholders' equity    
Common stock 12,674 14,373
Class S [Member]    
Stockholders' equity    
Common stock 54 71
Class D [Member]    
Stockholders' equity    
Common stock 4,727 5,626
Class I [Member]    
Stockholders' equity    
Common stock $ 52,502 $ 59,358