v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($)
Stockholders' Equity
Common Shares
Class A Common Shares
Common Shares
Class AX Common Shares
Common Shares
Class I Common Shares
Common Shares
Class IX Common Shares
Common Shares
Class T Common Shares
Common Shares
Additional Paid-In Capital
Accumulated Deficit and Cumulative Distributions
Non-controlling Interests
Class P Common Units
Class PX Common Units
Total
Balance at beginning at Dec. 31, 2024 $ 69,150,036           $ 101,772 $ 97,708,275 $ (28,660,011) $ 12,248,469     $ 81,398,505
Balance at beginning (in shares) at Dec. 31, 2024   4,990,586 1,423,800 1,828,031 1,934,499                
Balance at beginning (in shares) at Dec. 31, 2024                     1,595,686 206,373  
Common shares issued 7,125,533           6,792 7,118,741         7,125,533
Common shares issued (in shares)   114,471 1,416 527,370 26,526 9,443              
Common units issued                   1,352,500     1,352,500
Common units issued (in units)                     129,854    
Offering costs (3,622,412)             (3,622,412)   (26,778)     (3,649,190)
Dividends and distributions declared (2,721,374)               (2,721,374) (513,883)     (3,235,257)
Distribution reinvestment 1,050,509           1,017 1,049,492   58,761     1,109,270
Distribution reinvestment (in shares)     43,425 3,025 55,812             5,700  
Redemptions of common shares and common units (9,065,132)           (8,972) (9,056,160)   (904,276)     (9,969,408)
Redemptions of common shares and common units (in shares)   (395,063) (19,590) (189,968) (278,354)           (59,511) (28,220)  
Stock-based compensation expense 64,086             64,086         64,086
Net loss (5,348,420)               (5,348,420) (955,123)     (6,303,543)
Balance at end at Jun. 30, 2025 56,632,826           100,609 93,262,022 (36,729,805) 11,259,670     67,892,496
Balance at end (in shares) at Jun. 30, 2025   4,709,994 1,449,051 2,168,458 1,738,483 9,443              
Balance at end (in shares) at Jun. 30, 2025                     1,666,029 183,853  
Balance at beginning at Mar. 31, 2025 63,336,833           99,885 95,761,929 (32,524,981) 12,846,936     76,183,769
Balance at beginning (in shares) at Mar. 31, 2025   4,901,480 1,440,962 1,745,553 1,900,100                
Balance at beginning (in shares) at Mar. 31, 2025                     1,720,540 208,806  
Common shares issued 5,569,741           5,278 5,564,463         5,569,741
Common shares issued (in shares)       518,378   9,443              
Offering costs (3,622,412)             (3,622,412)   (14)     (3,622,426)
Dividends and distributions declared (1,368,903)               (1,368,903) (256,932)     (1,625,835)
Distribution reinvestment 608,879           585 608,294   33,673     642,552
Distribution reinvestment (in shares)     24,918 3,025 31,333             3,267  
Redemptions of common shares and common units (5,119,477)           (5,139) (5,114,338)   (852,249)     (5,971,726)
Redemptions of common shares and common units (in shares)   (191,486) (16,829) (98,498) (192,950)           (54,511) (28,220)  
Stock-based compensation expense 64,086             64,086         64,086
Net loss (2,835,921)               (2,835,921) (511,744)     (3,347,665)
Balance at end at Jun. 30, 2025 56,632,826           100,609 93,262,022 (36,729,805) 11,259,670     67,892,496
Balance at end (in shares) at Jun. 30, 2025   4,709,994 1,449,051 2,168,458 1,738,483 9,443              
Balance at end (in shares) at Jun. 30, 2025                     1,666,029 183,853  
Balance at beginning at Dec. 31, 2025 79,265,640           108,275 113,785,361 (34,627,996) 6,373,321     85,638,961
Balance at beginning (in shares) at Dec. 31, 2025   4,446,233 1,387,403 3,428,604 1,507,140 58,102              
Balance at beginning (in shares) at Dec. 31, 2025                     1,172,064 177,652  
Common shares issued 120,000           114 119,886         120,000
Common shares issued (in shares)           11,443              
Offering costs (110,583)             (110,583)         (110,583)
Dividends and distributions declared (1,880,985)               (1,880,985) (234,631)     (2,115,616)
Distribution reinvestment 535,912           535 535,377   23,697     559,609
Distribution reinvestment (in shares)     15,301 24,652 13,285 248           2,350  
Redemptions of common shares and common units (5,395,071)           (5,384) (5,389,687)   (670,112)     (6,065,183)
Redemptions of common shares and common units (in shares)   (159,042) (57,637) (173,627) (148,203)           (66,137) (265)  
Exchange of common shares and common units             (1) 1          
Exchange of common shares and common units (in shares)       20,241 (20,307)                
Stock-based compensation expense 55,379             55,379         55,379
Stock-based compensation expense (in shares)       5,418                  
Net loss (3,920,332)               (3,920,332) (455,469)     (4,375,801)
Balance at end at Jun. 30, 2026 68,669,960           103,539 108,995,734 (40,429,313) 5,036,806     73,706,766
Balance at end (in shares) at Jun. 30, 2026   4,287,191 1,345,067 3,305,288 1,351,915 69,793              
Balance at end (in shares) at Jun. 30, 2026                     1,105,927 179,737  
Balance at beginning at Mar. 31, 2026 71,268,713           103,586 109,028,743 (37,863,616) 5,340,221     76,608,934
Balance at beginning (in shares) at Mar. 31, 2026   4,287,646 1,349,415 3,299,870 1,351,915 69,793              
Balance at beginning (in shares) at Mar. 31, 2026                     1,105,927 179,737  
Offering costs 4             4         4
Dividends and distributions declared (460,036)               (460,036) (57,761)     (517,797)
Redemptions of common shares and common units (46,810)           (47) (46,763)         (46,810)
Redemptions of common shares and common units (in shares)   (455) (4,348)                    
Stock-based compensation expense 13,750             13,750         13,750
Stock-based compensation expense (in shares)       5,418                  
Net loss (2,105,661)               (2,105,661) (245,654)     (2,351,315)
Balance at end at Jun. 30, 2026 $ 68,669,960           $ 103,539 $ 108,995,734 $ (40,429,313) $ 5,036,806     $ 73,706,766
Balance at end (in shares) at Jun. 30, 2026   4,287,191 1,345,067 3,305,288 1,351,915 69,793              
Balance at end (in shares) at Jun. 30, 2026                     1,105,927 179,737