Equity |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity [Abstract] | |
| Equity | NOTE 3 – EQUITY The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $834,399 from the Offering. The Company also issues shares through the DRP and has generated $148,145 in proceeds from this issuance since inception through March 31, 2026. As of March 31, 2026, there were 36,110,108 shares of common stock outstanding including 6,760,659 shares issued through the DRP and 29,097 vested restricted shares, net of 4,213,670 shares repurchased through the SRP. See Note 11 – “Equity-Based Compensation” for further information on restricted shares. The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan The Company, through the DRP, provides stockholders with the option to purchase additional shares from the Company by reinvesting cash distributions, subject to certain share ownership restrictions. The shares are purchased at a price equal to the Estimated Per Share NAV at the time the distributions are reinvested. There are no selling commissions or other fees such as marketing contribution or due diligence expense reimbursements paid in connection with any purchases under the DRP. The DRP was suspended effective October 1, 2024 and was reinstated effective February 1, 2026. While the DRP was suspended, stockholders that previously participated in the DRP were not permitted to reinvest distributions paid by the Company in additional shares. Any prior reinvested distributions were not impacted. Although the Company continued paying distributions during the suspension of the DRP, the DRP was not a source of capital while it remained suspended. There were no distributions reinvested through the DRP during the three months ended March 31, 2026. In light of the suspension noted above, there were no distributions reinvested through the DRP during the three months ended March 31, 2025. Share Repurchase Program The Company is authorized through the SRP to repurchase shares from stockholders who purchased their shares directly from the Company as opposed to another stockholder or received their shares through a non-cash transfer and have held their shares for at least one year. In the case of repurchases made upon the death of a stockholder or qualifying disability (“Exceptional Repurchases”), as defined in the SRP, the one year holding period does not apply. Repurchases are made in the Company’s sole discretion. The SRP was suspended effective October 1, 2024 and reinstated effective February 1, 2026. During the suspension, the Company did not repurchase shares under the SRP. The SRP is governed by the terms of the Sixth Amended and Restated Share Repurchase Program (the “Sixth SRP”) adopted by the board on December 17, 2025, effective on February 1, 2026. Under the Sixth SRP, the repurchase price will be equal to the then-current Estimated Per Share NAV for the Exceptional Repurchases and equal to 80% of the then-current Estimated Per Share NAV for “ordinary repurchases.” Under the Sixth SRP, the board has the discretion to establish the proceeds available to fund repurchases each quarter and can use proceeds from all sources available to the Company, in the board’s sole discretion. The board also has the discretion to determine the amount of repurchases, if any, to be made each quarter based on its evaluation of the Company’s business, cash needs and any other requirements of applicable law. A copy of the Sixth SRP is available on the Company’s website. The SRP contains numerous restrictions that limit the stockholders’ ability to sell their shares. The board, in its sole discretion, may amend or terminate the SRP. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. There were no repurchases through the SRP for the three months ended March 31, 2026. In light of the suspension noted above, the Company did not repurchase any shares through the SRP during the three months ended March 31, 2025. There was no liability related to the SRP as of March 31, 2026 and December 31, 2025. |