v3.26.1
Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
Total
Common Shares [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit and Cumulative Distributions [Member]
Beginning Balance (in shares) at Dec. 31, 2024   19,270,139    
Beginning Balance at Dec. 31, 2024 $ 179,240,014 $ 0 $ 201,829,983 $ (22,589,969)
Issuance of common shares, Value 63,392,602   63,392,602  
Issuance of common shares   5,607,927    
Net income (loss) (4,302,240)     (4,302,240)
Interest in redeemable non-controlling interest in joint ventures (637,078)     (637,078)
Interest in redeemable common shares, Value (41,411)     (41,411)
Distributions declared on common shares, Value (6,169,735)     (6,169,735)
Distribution reinvestment, Share   388,232    
Distribution reinvestment, Value 4,363,460   4,363,460  
Ending Balance at Jun. 30, 2025 235,845,612 $ 0 269,586,045 (33,740,433)
Ending Balance (in shares) at Jun. 30, 2025   25,266,298    
Beginning Balance (in shares) at Mar. 31, 2025   21,890,607    
Beginning Balance at Mar. 31, 2025 203,525,114 $ 0 231,338,272 (27,813,158)
Issuance of common shares, Value 36,122,308   36,122,308  
Issuance of common shares   3,187,041    
Net income (loss) (2,068,854)     (2,068,854)
Interest in redeemable non-controlling interest in joint ventures (356,924)     (356,924)
Interest in redeemable common shares, Value (29,975)     (29,975)
Distributions declared on common shares, Value (3,471,522)     (3,471,522)
Distribution reinvestment, Share   188,650    
Distribution reinvestment, Value 2,125,465   2,125,465  
Ending Balance at Jun. 30, 2025 235,845,612 $ 0 269,586,045 (33,740,433)
Ending Balance (in shares) at Jun. 30, 2025   25,266,298    
Beginning Balance (in shares) at Dec. 31, 2025   31,146,566    
Beginning Balance at Dec. 31, 2025 $ 288,896,904 $ 0 336,988,380 (48,091,476)
Repurchases of common shares, net of early repurchase deductions, Share [1] (687,973)      
Repurchases of common shares, net of early repurchase deductions [2],[3] $ (7,915,905)      
Ending Balance at Mar. 31, 2026 301,384,292 $ 0 356,586,929 (55,202,637)
Ending Balance (in shares) at Mar. 31, 2026   32,855,602    
Beginning Balance (in shares) at Dec. 31, 2025   31,146,566    
Beginning Balance at Dec. 31, 2025 288,896,904 $ 0 336,988,380 (48,091,476)
Issuance of common shares, Value 60,609,663   60,609,663  
Issuance of common shares   5,267,624    
Net income (loss) (4,727,130)     (4,727,130)
Interest in redeemable non-controlling interest in joint ventures $ (685,062)     (685,062)
Repurchases of common shares, net of early repurchase deductions, Share (1,511,143) [1] (1,511,143)    
Repurchases of common shares, net of early repurchase deductions $ (17,469,938) [2],[3]   (17,469,938)  
Interest in redeemable common shares, Value (44,128)     (44,128)
Distributions declared on common shares, Value (9,291,415)     (9,291,415)
Distribution reinvestment, Share   531,175    
Distribution reinvestment, Value 6,095,617   6,095,617  
Ending Balance at Jun. 30, 2026 323,384,511 $ 0 386,223,722 (62,839,211)
Ending Balance (in shares) at Jun. 30, 2026   35,434,222    
Beginning Balance (in shares) at Mar. 31, 2026   32,855,602    
Beginning Balance at Mar. 31, 2026 301,384,292 $ 0 356,586,929 (55,202,637)
Issuance of common shares, Value 36,097,336   36,097,336  
Issuance of common shares   3,132,652    
Net income (loss) (2,472,817)     (2,472,817)
Interest in redeemable non-controlling interest in joint ventures $ (229,957)     (229,957)
Repurchases of common shares, net of early repurchase deductions, Share (823,170) [1] (823,170)    
Repurchases of common shares, net of early repurchase deductions $ (9,554,033) [2],[3]   (9,554,033)  
Interest in redeemable common shares, Value (28,527)     (28,527)
Distributions declared on common shares, Value (4,905,273)     (4,905,273)
Distribution reinvestment, Share   269,138    
Distribution reinvestment, Value 3,093,490   3,093,490  
Ending Balance at Jun. 30, 2026 $ 323,384,511 $ 0 $ 386,223,722 $ (62,839,211)
Ending Balance (in shares) at Jun. 30, 2026   35,434,222    
[1] Repurchases are limited under the share repurchase plan as described above.
[2] Amount shown net of Early Repurchase Deduction.
[3] Share repurchases were funded from sources permitted under the Company’s share repurchase plan.