Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

NOTE 3 – EQUITY

The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $834,399 from the Offering. The Company also issues shares through the DRP and has generated $148,145 in proceeds from this issuance since inception through December 31, 2025. On December 8, 2025, the board determined an Estimated Per Share NAV of the Company’s common stock as of September 30, 2025. The previously Estimated Per Share NAV of the Company’s common stock as of December 31, 2023 was established on March 4, 2024.

As of December 31, 2025, there were 36,110,108 shares of common stock outstanding including 6,760,659 shares issued through the DRP and 29,097 vested restricted shares, net of 4,213,670 shares repurchased through the SRP. See Note 6 – “Equity-Based Compensation” for further information on restricted shares.

The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders.

Distribution Reinvestment Plan

On October 19, 2015, the Company registered 25,000,000 shares of common stock to be issued under the DRP pursuant to a registration statement on Form S-3D. The Company, through the DRP, provides stockholders with the option to purchase additional shares from the Company by reinvesting cash distributions, subject to certain share ownership restrictions. The shares are purchased at a price equal to the Estimated Per Share NAV at the time the distributions are reinvested. There are no selling commissions or other fees such as marketing contribution or due diligence expense reimbursements paid in connection with any purchases under the DRP. Pursuant to the DRP, the price per share for shares of common stock purchased under the DRP is equal to the estimated value of one share, as determined by the board and reported by the Company from time to time.

While the DRP was suspended, stockholders that previously participated in the DRP were not permitted to reinvest distributions paid by the Company in additional shares. Any prior reinvested distributions were not impacted. Although the Company continued paying distributions during the suspension of the DRP, the DRP was not a source of capital while it remained suspended.

In light of the suspension noted above, there were no distributions reinvested through the DRP during the year ended December 31, 2025. There were $5,001 and $6,976 distributions reinvested through the DRP during the years ended December 31, 2024 and 2023, respectively.

Share Repurchase Program

The Company is authorized through the SRP to repurchase shares from stockholders who purchased their shares directly from the Company as opposed to another stockholder or received their shares through a non-cash transfer and have held their shares for at least one year. The SRP is governed by the terms of the Sixth Amended and Restated Share Repurchase Program (the “Sixth SRP”) adopted by the board on December 17, 2025, effective on February 1, 2026. Repurchases are made in the Company’s sole discretion. In the case of repurchases made upon the death of a stockholder or qualifying disability (“Exceptional Repurchases”), as defined in the SRP, the one year holding period does not apply. Under the Sixth SRP, the board has the discretion to establish the proceeds available to fund repurchases each quarter and can use proceeds from all sources available to the Company, in the board’s sole discretion. The board also has the discretion to determine the amount of repurchases, if any, to be made each quarter based on its evaluation of the Company’s business, cash needs and any other requirements of applicable law. A copy of the Sixth SRP is available on the Company’s website. During the suspension, the Company did not repurchase shares under the SRP.

The SRP contains numerous restrictions that limit the stockholders’ ability to sell their shares. The board, in its sole discretion, may amend or terminate the SRP. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange.

In light of the suspension noted above, there were no shares repurchased through the SRP during the year ended December 31, 2025. Repurchases through the SRP were $5,001 and $5,966 during the years ended December 31, 2024 and 2023, respectively, funded primarily with the proceeds from the DRP. Shares were repurchased at a discount to the Estimated Per Share NAV at the time of repurchase. Under the Sixth SRP, the repurchase price will be equal to the then-current Estimated Per Share NAV for the Exceptional Repurchases and equal to 80 percent of the then-current Estimated Per Share NAV for “ordinary repurchases.” As of December 31, 2025 and 2024, there was no liability related to the SRP.