v3.26.1
Consolidated Statements of Changes in Equity - USD ($)
Total
Additional Paid-In Capital [Member]
Retained Earnings/Accumulated Deficit and Cumulative Distributions [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interest [Member]
Class AX [Member]
Class AX [Member]
Common Stock [Member]
Class TX [Member]
Class TX [Member]
Common Stock [Member]
Class IX [Member]
Class IX [Member]
Common Stock [Member]
Class I [Member]
Class I [Member]
Common Stock [Member]
Class T [Member]
Class T [Member]
Common Stock [Member]
Class D [Member]
Class D [Member]
Common Stock [Member]
Class S [Member]
Class S [Member]
Common Stock [Member]
Beginning balance at Dec. 31, 2023 $ 551,506,379 $ 376,712,427 $ (85,445,999) $ 755,642 $ 259,337,969   $ 38,489   $ 1,789   $ 11,785   $ 73,133   $ 14,626   $ 6,447   $ 71
Beginning balance, shares at Dec. 31, 2023             3,848,941   178,873   1,178,536   7,313,276   1,462,448   644,697   7,086
Common stock issued (transferred) 10,799,746 10,794,788         $ 1,715   $ (1,718)       $ 3,562   $ 1,352   $ 47    
Common stock issued (transferred), shares           3,525,933 171,499 6,067 (171,739) 1,129,756   5,935,802 356,174 1,437,326 135,365 562,589 4,682 7,099  
Common stock repurchased $ (59,611,544) (59,583,518)         $ (5,876)   $ (34)   $ (780)   $ (18,450)   $ (1,900)   $ (984)   $ (2)
Common stock repurchased, shares (2,802,519)           (587,604)   (3,421)   (78,008)   (1,844,983)   (189,954)   (98,383)   (166)
Distribution reinvestment $ 6,103,616 6,100,761         $ 1,013   $ 24   $ 292   $ 1,113   $ 295   $ 116   $ 2
Distribution reinvestment, shares             101,277   2,354   29,228   111,335   29,467   11,593   179
Offering costs, commissions and fees (371,458) (371,458)                                  
Net income (loss) (11,746,999)   (9,131,653)   (2,615,346)                            
Distributions declared on common stock (21,082,652)   (21,082,652)                                
Designated derivatives, fair value adjustments 916,156     (6,799) 922,955                            
Acquired or syndicated ownership interests 7,631,670 7,631,670                                  
Non-controlling interests 25,648,985       25,648,985                            
Ending balance at Dec. 31, 2024 $ 509,793,899 341,284,670 (115,660,304) 748,843 283,294,563   $ 35,341   $ 61   $ 11,297   $ 59,358   $ 14,373   $ 5,626   $ 71
Ending balance, shares at Dec. 31, 2024 12,604,572         3,534,113 3,534,113 6,067 6,067 1,129,756 1,129,756 5,935,802 5,935,802 1,437,326 1,437,326 562,589 562,589 7,009 7,099
Common stock issued (transferred) $ 5,100,187 5,097,681                     $ 2,215   $ 286   $ 5    
Common stock issued (transferred), shares           3,084,294   4,927   1,022,507   5,250,219 221,506 1,267,374 28,577 472,659 498 5,437  
Common stock repurchased $ (40,370,566) (40,350,379)         $ (5,302)   $ (14)   $ (1,359)   $ (10,227)   $ (2,261)   $ (1,006)   $ (18)
Common stock repurchased, shares (2,018,713)           (530,237)   (1,378)   (135,908)   (1,022,672)   (226,124)   (100,635)   (1,759)
Distribution reinvestment $ 5,446,428 5,443,718         $ 886   $ 2   $ 287   $ 1,156   $ 276   $ 102   $ 1
Distribution reinvestment, shares             88,598   238   28,659   115,583   27,595   10,207   97
Offering costs, commissions and fees (600,935) (600,935)                                  
Net income (loss) (13,526,759)   (8,412,310)   (5,114,449)                            
Distributions declared on common stock (17,936,451)   (17,936,451)                                
Designated derivatives, fair value adjustments (2,752,065)     (274,032) (2,478,033)                            
Acquired or syndicated ownership interests 594,817 594,817                                  
Non-controlling interests 24,587,826       24,587,826                            
Ending balance at Dec. 31, 2025 $ 470,336,381 $ 311,469,572 $ (142,009,065) $ 474,811 $ 300,289,907   $ 30,925   $ 49   $ 10,225   $ 52,502   $ 12,674   $ 4,727   $ 54
Ending balance, shares at Dec. 31, 2025 11,107,417         3,092,474 3,092,474 4,927 4,927 1,022,507 1,022,507 5,250,219 5,250,219 1,267,374 1,267,374 472,659 472,659 5,437 5,437