Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024:

		Due to related parties as of		Six months ended June 30, 2024				Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2023		Incurred		Paid		June 30, 2024
Management Fees
Asset management fees	Management fees	$	719,851	$	1,893,498	$	—	$	2,613,349
Property management and oversight fees	Management fees		80,762		1,336,701		1,165,333		252,130
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)	General and administrative expenses		4,245,085		—		—		4,245,085
Expense reimbursement(2)	Cash and Cash Equivalents		393,887		2,577,115		—		2,971,002
Offering costs(3)	Additional paid-in capital		—		—		—		—
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		45,802		45,802		—
Distribution fees(4)	Additional paid-in capital		34,208		152,855		161,679		25,384
Investment Funding
Distribution due(5)	Additional paid-in capital		202,430		—		—		202,430
Application fee reimbursement(6)	Investment in real estate, net		100,000		—		—		100,000
Total		$	5,776,223	$	6,005,971	$	1,372,814	$	10,409,380

Note: (1) As of June 30, 2024, the Advisor has incurred, on behalf of the Company, a total of $16,383,808 in Unreimbursed Operating Expenses, including a total of $1,724,600 for the six months ended June 30, 2024 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, and the Palms Property and insurance payments for the Fisher Road Property.

(3) As of June 30, 2024, the Advisor has incurred, on behalf of the Company, a total of $14,294,557 of O&O Costs, of which the Company’s obligation is limited to $0, pursuant to the 1% Cap.

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

(5) Reflects distribution amount owed by the Company to the CF Keller Holdings LLC.

(6) Reflects amounts owed to CFI from the Company in relation to the loan application deposit for the ON3 Property.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2023:

		Due to related parties as of		Year ended December 31, 2023				Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2022		Incurred		Paid		December 31, 2023
Management Fees
Asset management fees	Management fees	$	399,962	$	4,686,066	$	4,366,177	$	719,851
Property management and oversight fees	Management fees		78,981		2,414,830		2,413,049		80,762
Organization, Offering and Operating Expense Reimbursements
Operating expenses(1)	General and administrative expenses		5,504,855		4,040,832		5,300,602		4,245,085
Expense reimbursement(2)	Cash and Cash Equivalents		33,000		360,887		—		393,887
Offering costs(3)	Additional paid-in capital		61,210		166,453		227,663		—
Commissions and Fees									—
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		275,504		275,504		—
Distribution fees(4)	Additional paid-in capital		115,960		350,356		432,108		34,208
Investment Funding									—
Distribution due(5)	Additional paid-in capital		202,430		—		—		202,430
Application fee reimbursement(6)	Investment in real estate, net		100,000		—		—		100,000
Total		$	6,496,398	$	12,294,928	$	13,015,103	$	5,776,223

Note: (1) As of December 31, 2023, the Advisor has incurred, on behalf of the Company, a total of $14,659,207 in Unreimbursed Operating Expenses, including a total of $4,020,751 for the year ended December 31, 2023 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 funding from CFI and affiliates of CFI to cover overdraft fees in connection with the Summerfield Property, the Keller Springs Property, the Fisher Road Property, the ON3 Property, the Valencia Property, and the Operating Partnership.

(3) As of December 31, 2023, the Advisor has incurred, on behalf of the Company, a total of $13,747,936 of O&O Costs, of which the Company’s obligation is limited to $0, pursuant to the 1% Cap.

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

(5) Reflects distribution amount owed by the Company to the CF Keller Holdings, LLC.

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