Related and Affiliated Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Asset Management and Property Management Fees

Asset management and property management fees for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Asset management fees (a)	$	551,000	$	56,000	$	869,000	$	281,000
Property management fees (b)	$	236,000	$	35,000	$	446,000	$	239,000

(a)

Asset management fees are net of $0.1 million and $0.4 million for the three and six months ended June 30, 2026 , respectively and $0.5 million and $0.8 million for the three and six months ended June 30, 2025, respectively in fees which were irrevocably waived by the asset manager.

(b)

Property management fees are net of $0.2 million and $0.2 million for the three and six months ended June 30, 2025, respectively, in fees which were irrevocably waived by the property manager. No property management fees were waived for the three and six months ended June 30, 2026.