v3.26.1
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 at beginning at Dec. 31, 2023 $ 77,441,466           $ 94,134 $ 90,638,994 $ (13,291,662) $ 16,065,551     $ 93,507,017
Balance at beginning (in shares) at Dec. 31, 2023   4,710,257 1,316,975 1,726,264 1,659,843                
Balance at beginning (in shares) at Dec. 31, 2023                     1,651,698 249,337  
Common shares issued 19,632,452           19,840 19,612,612         19,632,452
Common shares issued (in shares)   813,859 194,213 507,317 468,581                
Common units issued                   1,999,095     1,999,095
Common units issued (in units)                     202,519 5,800  
Dividends and distributions declared (5,596,467)               (5,596,467) (1,005,819)     (6,602,286)
Distribution reinvestment 1,741,118           1,702 1,739,416   117,935     1,859,053
Distribution reinvestment (in shares)     73,446   96,758             11,523  
Redemptions of common shares and common units (14,296,651)           (13,904) (14,282,747)   (3,267,437)     (17,564,088)
Redemptions of common shares and common units (in shares)   (533,530) (160,834) (405,550) (290,683)           (258,531) (60,287)  
Net loss (9,771,882)               (9,771,882) (1,660,856)     (11,432,738)
Balance at end at Dec. 31, 2024 69,150,036           101,772 97,708,275 (28,660,011) 12,248,469     81,398,505
Balance at end (in shares) at Dec. 31, 2024   4,990,586 1,423,800 1,828,031 1,934,499                
Balance at end (in shares) at Dec. 31, 2024                     1,595,686 206,373  
Common shares issued 32,571,524           31,885 32,539,639         32,571,524
Common shares issued (in shares)   114,472 1,418 2,988,252 26,525 57,990              
Common units issued                   1,352,500     1,352,500
Common units issued (in units)                     129,854    
Offering costs (3,977,233)             (3,977,233)   (26,778)     (4,004,011)
Dividends and distributions declared (5,749,904)               (5,749,904) (927,923)     (6,677,827)
Distribution reinvestment 2,251,127           2,212 2,248,915   106,569     2,357,696
Distribution reinvestment (in shares)     79,989 48,376 92,763 112           10,419  
Redemptions of common shares and common units (19,956,493)           (19,620) (19,936,873)   (2,477,026)     (22,433,519)
Redemptions of common shares and common units (in shares)   (665,018) (111,528) (633,877) (551,518)           (203,476) (39,140)  
Net loss (218,081)               (218,081) (309,425)     (527,506)
Stock-based compensation expense 162,599             162,599         162,599
Exchange of common units for common shares 3,593,065           3,526 3,589,539   (3,593,065)      
Exchange of common units for common shares (in shares)   6,193 (6,276) 347,822 4,871           (350,000)    
Contributions attributable to waived management fee 1,439,000             1,439,000         1,439,000
Common shares canceled             (11,500) 11,500          
Common shares canceled (in shares)       (1,150,000)                  
Balance at end at Dec. 31, 2025 $ 79,265,640           $ 108,275 $ 113,785,361 $ (34,627,996) $ 6,373,321     $ 85,638,961
Balance at end (in shares) at Dec. 31, 2025   4,446,233 1,387,403 3,428,604 1,507,140 58,102              
Balance at end (in shares) at Dec. 31, 2025                     1,172,064 177,652