Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due

The following table summarizes the above mentioned fees and expenses incurred by the Company and amounts of investment funding due by the Company for the year ended December 31, 2025:


				Due to related parties as of				Year ended December 31, 2025								Due to related parties as of
Type of Fee or Reimbursement		Financial Statement Location		December 31, 2024				Incurred				Paid				December 31, 2025
Management Fees
Asset management fees		Management fees		$	4,291,482			$	3,596,069			$	2,440,206			$	5,447,345
Property management and oversight fees		Management fees			442,422				2,439,558				2,080,737				801,243
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)		General and administrative expenses			4,245,085				—				368,083				3,877,002
Expense reimbursement(2)		Property operating expenses			2,972,502				2,758,930				84,980				5,646,452
Offering costs(3)		Additional paid-in capital			—				349,087				—				349,087
Commissions and Fees
Selling commissions and dealer manager fees, net		Additional paid-in capital			—				19,565				19,565				—
Distribution fees(4)		Additional paid-in capital			23,586				304,087				302,347				25,326
Investment Funding
Application fee reimbursement(5)		Investment in real estate, net			100,000				—				100,000				—
Good faith deposit reimbursement(6)		Investment in real estate, net			670,000				—				—				670,000
Membership interest purchase reimbursement(7)		Additional paid-in capital			119,384				—				119,384				—
Total				$	12,864,461			$	9,467,296			$	5,515,302			$	16,816,455

Note: (1) As of December 31, 2025, the Advisor has incurred, on behalf of the Company, a total of $21,321,804 in Unreimbursed Operating Expenses, including a total of $3,404,797 for the year ended December 31, 2025 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) Reflects amounts owed to CFI from the Company in relation to real estate tax payments for the West End Property, the Pearland Property, the Palms Property, the Longmire Property, and the Keller Property and insurance payments for the Fisher Road Property.

(3) As of December 31, 2025, the Advisor has incurred, on behalf of the Company, a total of $15,567,179 of O&O Costs, of which the Company’s obligation has been satisfied, pursuant to the 1% Cap.

(4) The incurred amount reflects the change in accrual.

(5) Reflects amount that was owed to CFI from the Company in relation to the loan application deposit for the ON3 Property.

(6) Reflects a good faith deposit owed to CFI in connection with the Keller Property loan refinance.

(7) Reflects amount that was owed to CFI in connection with the Summerfield MT JV remaining interest purchase on behalf of CFIT.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2024:


				Due to related parties as of				Year ended December 31, 2024								Due to related parties as of
Type of Fee or Reimbursement		Financial Statement Location		December 31, 2023				Incurred				Paid				December 31, 2024
Management Fees
Asset management fees		Management fees		$	719,851			$	3,571,631			$	—			$	4,291,482
Property management and oversight fees		Management fees			80,762				2,511,875				2,150,215				442,422
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)		General and administrative expenses			4,245,085				—				—				4,245,085
Expense reimbursement(2)		Property operating expenses			393,887				2,578,615				—				2,972,502
Offering costs(3)		Additional paid-in capital			—				—				—				—
Commissions and Fees																	—
Selling commissions and dealer manager fees, net		Additional paid-in capital			—				84,138				84,138				—
Distribution fees(4)		Additional paid-in capital			34,208				287,317				297,939				23,586
Investment Funding																	—
Distribution due		Additional paid-in capital			202,430				—				202,430				—
Application fee reimbursement(5)		Investment in real estate, net			100,000				—				—				100,000
Good faith deposit reimbursement(6)		Investment in real estate, net			—				670,000				—				670,000
Membership interest purchase reimbursement(7)		Additional paid-in capital			—				119,384				—				119,384
Total				$	5,776,223			$	9,822,960			$	2,734,722			$	12,864,461

Note: (1) As of December 31, 2024, the Advisor has incurred, on behalf of the Company, a total of $18,253,132 in Unreimbursed Operating Expenses, including a total of $3,593,924 for the year ended December 31, 2024 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) Reflects amounts owed to CFI from the Company in relation to real estate tax payments for the West End Property, the Pearland Property, and the Palms Property and insurance payments for the Fisher Road Property.

(3) As of December 31, 2024, the Advisor has incurred, on behalf of the Company, a total of $14,747,673 of O&O Costs, of which the Company’s obligation is limited to $0, pursuant to the 1% Cap.

(4) The incurred amount reflects the change in accrual.

(5) Reflects amount owed to CFI from the Company in relation to the loan application deposit for the ON3 Property.

(6) Reflects a good faith deposit owed to CFI in connection with the Keller Property loan refinance.

(7) Reflects amount owed to CFI in connection with the Summerfield MT JV remaining interest purchase on behalf of CFIT.