Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Related Party Transactions [Abstract]

Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due

The following table summarizes the above mentioned fees and expenses incurred by the Company and amounts of investment funding due by the Company for the six months ended June 30, 2026:


				Due to related parties as of				Six months ended June 30, 2026								Due to related parties as of
Type of Fee or Reimbursement		Financial Statement Location		December 31, 2025				Incurred				Paid				June 30, 2026
Management Fees
Asset management fees		Management fees		$	5,447,345			$	1,229,903			$	6,003,064			$	674,184
Property management and oversight fees		Management fees			801,243				1,188,944				1,730,174				260,013
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)		General and administrative expenses			3,877,002				192,501				3,877,002				192,501
Expense reimbursement(2)		Property operating expenses			5,646,452				3,823,233				—				9,469,685
Offering costs(3)		Additional paid-in capital			349,087				820,886				—				1,169,973
Commissions and Fees
Selling commissions and dealer manager fees, net		Additional paid-in capital			—				418				418				—
Distribution fees(4)		Additional paid-in capital			25,326				155,460				154,123				26,663
Investment Funding
Good faith deposit reimbursement(5)		Investment in real estate, net			670,000				—				300,000				370,000
Total				$	16,816,455			$	7,411,345			$	12,064,781			$	12,163,019

(1) Effective December 31, 2025, the Advisor has advised that it will waive all Unreimbursed Operating Expenses incurred through the end of fiscal year 2025. During the six months ended June 30, 2026, the Advisor has incurred, on behalf of the Company, a total of $192,501 in Unreimbursed Operating Expenses. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) Primarily reflects amounts owed to CFI from the Company in relation to real estate tax payments for the West End Property, the Pearland Property, the Palms Property, the Longmire Property, and the Keller Property and insurance payments for the Fisher Road Property.

(3) Effective December 31, 2025, the Advisor has advised that it will waive all O&O costs incurred through the end of fiscal year 2025. As of June 30, 2026, the Company has incurred $820,886 in O&O costs related to the June UPREIT transactions.

(4) The incurred amount reflects the change in accrual.

(5) Reflects a good faith deposit owed to CFI in connection with the Keller Property loan refinance.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2025:


				Due to related parties as of				Year ended December 31, 2025								Due to related parties as of
Type of Fee or Reimbursement		Financial Statement Location		December 31, 2024				Incurred				Paid				December 31, 2025
Management Fees
Asset management fees		Management fees		$	4,291,482			$	3,596,069			$	2,440,206			$	5,447,345
Property management and oversight fees		Management fees			442,422				2,439,558				2,080,737				801,243
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)		General and administrative expenses			4,245,085				—				368,083				3,877,002
Expense reimbursement(2)		Property operating expenses			2,972,502				2,758,930				84,980				5,646,452
Offering costs(3)		Additional paid-in capital			—				349,087				—				349,087
Commissions and Fees
Selling commissions and dealer manager fees, net		Additional paid-in capital			—				—				—				—
Distribution fees(4)		Additional paid-in capital			23,586				304,087				302,347				25,326
Investment Funding
Application fee reimbursement(5)		Investment in real estate, net			100,000				—				100,000				—
Good faith deposit reimbursement(6)		Investment in real estate, net			670,000				—				—				670,000
Membership interest purchase reimbursement(7)		Additional paid-in capital			119,384				—				119,384				—
Total				$	12,864,461			$	9,447,731			$	5,495,737			$	16,816,455

(1) As of December 31, 2025, the Advisor has incurred, on behalf of the Company, a total of $21,321,804 in Unreimbursed Operating Expenses, including a total of $3,404,797 for the year ended December 31, 2025 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) Reflects amounts owed to CFI from the Company in relation to real estate tax payments for the West End Property, the Pearland Property, the Palms Property, the Longmire Property, and the Keller Property and insurance payments for the Fisher Road Property.

(3) As of December 31, 2025, the Advisor has incurred, on behalf of the Company, a total of $15,567,179 of O&O Costs, of which the Company’s obligation has been satisfied, pursuant to the 1% Cap.

(4) The incurred amount reflects the change in accrual.

(5) Reflects amount that was owed to CFI from the Company in relation to the loan application deposit for the ON3 Property.

(6) Reflects a good faith deposit owed to CFI in connection with the Keller Property loan refinance.

(7) Reflects amount that was owed to CFI in connection with the Summerfield MT JV remaining interest purchase on behalf of CFIT.