v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Revenue from leases $ 11,188,010 $ 7,892,582 $ 21,021,905 $ 15,005,733
Total revenues 11,188,010 7,892,582 21,021,905 15,005,733
Expenses        
Rental property operating 2,712,957 2,060,564 5,447,880 3,935,209
General and administrative 786,477 585,162 1,571,630 1,154,713
Management fee 1,032,476 706,694 1,991,371 1,316,774
Incentive fee 985,168 857,998 1,785,991 1,395,672
Depreciation and amortization 5,857,329 4,526,273 11,123,460 8,811,981
Total expenses 11,374,407 8,736,691 21,920,332 16,614,349
Other income (expense)        
Realized (gain) loss on investments in real estate securities 699 7,780 (1,567) 12,769
Net realized gain (loss) on swaps (1,320) 0 (1,320) 0
Change in net unrealized appreciation (depreciation) on swaps (172,729) 0 (172,729) 0
Dividend and interest income 846,183 925,058 1,656,414 1,449,575
Interest expense (3,129,595) (2,221,204) (5,453,588) (4,335,924)
Total other income (expense) (2,328,158) (1,325,062) (3,922,229) (2,901,807)
Net income (loss) (2,514,555) (2,169,171) (4,820,656) (4,510,423)
Net income (loss) attributable to redeemable non-controlling interest in consolidated joint ventures (41,738) (100,317) (93,526) (208,183)
Net Income (Loss) Available to Common Stockholders, Basic, Total $ (2,472,817) $ (2,068,854) $ (4,727,130) $ (4,302,240)
Net income (loss) per share of common shares - basic $ (0.07) $ (0.08) $ (0.14) $ (0.19)
Net income (loss) per share of common shares - diluted $ (0.07) $ (0.08) $ (0.14) $ (0.19)
Weighted-average shares of common shares outstanding, basic 35,494,542 24,674,138 34,300,983 23,085,262
Weighted-average shares of common shares outstanding, diluted 35,494,542 24,674,138 34,300,983 23,085,262
Debt Securities [Member]        
Other income (expense)        
Change in unrealized gain (loss) on real estate securities $ 79,832 $ (13,373) $ (22,463) $ (13,373)
Equity Securities [Member]        
Other income (expense)        
Change in unrealized gain (loss) on real estate securities $ 48,772 $ (23,323) $ 73,024 $ (14,854)