| Summary of Related Party Costs |
Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2025 and the six months ended June 30, 2026, as well as any related amounts payable, which are included in due to affiliates on the accompanying consolidated balance sheets as of December 31, 2025 and June 30, 2026:
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Year Ended December 31, 2025 |
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Six Months Ended June 30, 2026 |
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Incurred |
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Paid |
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Payable |
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Incurred |
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Paid |
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Payable |
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Expensed: |
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Operating expenses (including organizational costs) |
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$ |
607,307 |
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$ |
607,307 |
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$ |
— |
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$ |
353,031 |
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$ |
353,031 |
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$ |
— |
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Former Transfer Agent expenses |
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63,454 |
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63,454 |
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— |
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— |
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— |
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— |
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Asset management fees |
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1,494,061 |
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1,929,239 |
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8,562,984 |
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747,031 |
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1,096,969 |
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8,213,046 |
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Property management oversight fees |
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566,974 |
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— |
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3,736,080 |
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308,620 |
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— |
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4,044,700 |
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Capitalized: |
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Acquisition expenses - Affiliates |
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— |
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— |
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1,980,000 |
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— |
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— |
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1,980,000 |
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Additional Paid-In Capital: |
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Offering costs |
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— |
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— |
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166,881 |
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— |
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— |
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166,881 |
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Total |
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$ |
2,731,796 |
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$ |
2,600,000 |
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$ |
14,445,945 |
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$ |
1,408,682 |
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$ |
1,450,000 |
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$ |
14,404,627 |
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