v3.26.1
Note 7 - Related Party Arrangements (Tables)
6 Months Ended
Jun. 30, 2026
Notes Tables  
Schedule of Related Party Transactions [Table Text Block]

 

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

June 30,

 

Related Party

 

Source Agreement & Description

 

2026

 

 

2026

 

Advisory Agreement and Sub-Advisory Agreement:

 

 

 

 

 

 

Advisor and Sub-Advisor

 

Organization reimbursement(1)

 

$

5,298

 

 

$

7,134

 

 

 

Offering reimbursement

 

 

27,905

 

 

 

32,669

 

 

 

Base management fees(1)

 

 

5,518

 

 

 

6,966

 

 

 

Total return incentive fees(1)

 

 

8,216

 

 

 

9,008

 

Amended and Restated Expense Support and Conditional Reimbursement Agreement:

 

 

 

 

 

 

Advisor and Sub-Advisor

 

Expense support

 

 

163,079

 

 

 

1,055,318

 

Administrative Services Agreement:

 

 

 

 

 

 

 

 

Advisor

 

Administrative services fees(1)

 

 

16,668

 

 

 

32,415

 

Advisory Agreement:

 

 

 

 

 

 

 

 

Advisor

 

Operating, administrative and compliance services(1)

 

 

17,690

 

 

 

220,087

 

Master Servicing Agreement:

 

 

 

 

 

 

 

 

Sub-Advisor

 

Master servicing fees(1)

 

 

22,690

 

 

 

28,982

 

Sub-Advisory Agreement:

 

 

 

 

 

 

 

 

Sub-Advisor

 

Operating services(1)

 

 

134,487

 

 

 

157,727

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2026

 

Due from related parties:

 

 

 

 

Expense support

 

$

1,055,318

 

Due from affiliate

 

 

134,086

 

Due from advisor

 

 

93,937

 

Total due from related parties

 

 

1,283,341

 

Due to related parties:

 

 

 

 

Total return incentive fees

 

$

(9,008

)

Base management fees

 

 

(4,896

)

Organization and offering expenses

 

 

(15,315

)

Accrued administrative services fee

 

 

(5,616

)

Accrued master servicing fee

 

 

(28,982

)

Due to sub-advisor

 

 

(110,361

)

Total due to related parties

 

 

(174,178

)

Due from related parties, net

 

$

1,109,163