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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Assets    
Investment in real estate, net of accumulated depreciation of $62,780,887 and $38,540,964, respectively $ 941,343,574 $ 922,493,164
Cash and cash equivalents 30,386,460 27,642,348
Restricted cash 9,506,260 10,891,073
Investments in real estate-related assets 30,290,674 30,622,470
Investment in debt securities, at fair value 9,219,200 0
Intangible assets, net of accumulated amortization of $34,745,510 and $23,812,044, respectively 75,201,703 85,131,169
Operating lease right-of-use asset 16,297,074 16,383,138
Derivative assets, at fair value 7,556,416 9,020,255
Prepaid expenses and other assets 12,125,637 9,925,732
Deferred rent receivable $ 11,575,495 9,251,165
Due from related party   $ 576,257
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Total assets $ 1,143,502,493 $ 1,121,936,771
Liabilities    
Loans payable, net of deferred financing costs of $4,598,656 and $4,927,048, respectively 529,169,778 461,841,386
Intangible liabilities, net of accumulated amortization of $5,897,213 and $3,914,404, respectively 19,289,099 21,271,908
Operating lease liability 16,297,074 16,383,138
Distributions payable 1,931,977 6,849,076
Restricted reserves 10,716,532 7,850,305
Due to related parties $ 5,776,223 $ 6,496,398
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Deferred revenue $ 1,937,965 $ 1,233,788
Accrued interest payable 1,932,231 1,649,465
Accounts payable and accrued expenses 4,945,235 3,031,670
Total liabilities 591,996,114 526,607,134
Commitments and contingencies (Note 13) 0 0
Stockholders' equity    
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, and 0 issued and outstanding at each December 31, 2023 and December 31, 2022
Additional paid-in capital 376,712,427 389,390,600
Retained earnings/accumulated deficit and cumulative distributions (85,445,999) (55,143,655)
Accumulated other comprehensive income/(loss) 755,642 902,026
Total controlling interest 292,168,410 335,301,055
Non-controlling interests in subsidiaries 259,337,969 260,028,582
Total stockholders' equity 551,506,379 595,329,637
Total liabilities and stockholders' equity 1,143,502,493 1,121,936,771
Class AX [Member]    
Stockholders' equity    
Common stock 38,489 38,643
Class TX [Member]    
Stockholders' equity    
Common stock 1,789 7,198
Class IX [Member]    
Stockholders' equity    
Common stock 11,785 12,222
Class T [Member]    
Stockholders' equity    
Common stock 14,626 12,809
Class S [Member]    
Stockholders' equity    
Common stock 71 69
Class D [Member]    
Stockholders' equity    
Common stock 6,447 5,318
Class I [Member]    
Stockholders' equity    
Common stock $ 73,133 $ 75,825