v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Assets    
Investments in real estate, net of accumulated depreciation $ 493,532,517 $ 387,846,750
Investments in money market funds/real estate debt/real estate securities, at fair value 242,981,552 150,686,770
Intangible assets, net 38,319,193 28,603,318
Cash 8,515,069 4,582,524
Restricted cash 946,678 485,010
Receivables, net 4,478,653 4,384,553
Other assets 199,411 1,080,149
Total assets 626,854,411 478,082,822
Liabilities    
Mortgages payable, net 241,944,593 146,535,081
Intangible liabilities, net 23,462,874 19,285,352
Repurchases of common shares payable 9,554,033 0
Distributions payable 4,905,273 4,173,578
Incentive fee payable 1,785,991 2,873,858
Management fee payable 1,032,477 885,646
Bi-lateral OTC swaps, at fair value 174,049 0
Deferred revenue 1,285,598 911,686
Accounts payable, accrued expenses, and other liabilities 5,236,622 2,733,480
Total Liabilities 289,381,510 177,398,681
Commitments and Contingencies (Note 13)
Redeemable common shares, no par value (unlimited shares authorized), 607,463 and 447,513 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 7,072,616 6,660,132
Common shares, no par value (unlimited shares authorized), 35,434,222 and 31,146,566 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 386,223,722 336,988,380
Accumulated deficit and cumulative distributions (62,839,211) (48,091,476)
Total equity 323,384,511 288,896,904
Total liabilities, redeemable equity and equity 626,854,411 478,082,822
Related Party [Member]    
Liabilities    
Redeemable common shares, no par value (unlimited shares authorized), 607,463 and 447,513 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 7,015,774 5,127,105
Money Market Funds [Member]    
Assets    
Investments in money market funds/real estate debt/real estate securities, at fair value 54,001,302 31,308,636
Debt Securities [Member]    
Assets    
Investments in money market funds/real estate debt/real estate securities, at fair value 26,259,726 19,273,251
Equity Securities [Member]    
Assets    
Investments in money market funds/real estate debt/real estate securities, at fair value 601,862 518,631
Redeemable Common Stock [Member] | Related Party [Member]    
Liabilities    
Redeemable common shares, no par value (unlimited shares authorized), 607,463 and 447,513 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively $ 7,015,774 $ 5,127,105