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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity

Schedule of length of time use to calculate repurchase price


Share Purchase Anniversary		Repurchase Price on Repurchase Date
Less than 1 year		No Repurchase Allowed
1 year		92.5% of most recent estimated per share NAV
2 years		95.0% of most recent estimated per share NAV
3 years		97.5% of most recent estimated per share NAV
4 years		100.0% of most recent estimated per share NAV
In the event of a stockholder’s death or disability		100.0% of most recent estimated per share NAV

Schedule of share repurchase program


		Total Number of
		Shares Requested to		Total Number of		Average Price Paid
For the Quarter Ended		be Repurchased		Shares Repurchased		per Share
March 31, 2025		25,042		20,144		$	10.17
June 30, 2025		32,542		20,149		$	10.17
September 30, 2025		49,097		19,895		$	10.17
December 31, 2025		78,596		20,499		$	10.17
		185,277		80,687


		Requests
		Received		Number																Repurchase
		During		of Share								$ Amount			Average					Requests
Share		3 Months		Repurchases			Date		Shares			of Shares			$ Amount			Requests		Outstanding at
Class		Ended		Requested			Repurchased		Repurchased			Repurchased			per share			Withdrawn		December 31, 2025
K		6/30/2023		59,587	⁽¹⁾		8/23/2023		16,090			$	184,422		$	11.46		-		-
							12/7/2023		13,110			$	149,824		$	11.43		-		-
							3/7/2024		4,654			$	53,189		$	11.43		-		-
							5/8/2024		2,531			$	29,078		$	11.49		-		-
							5/21/2025		559			$	5,678		$	10.17		-		-
							9/2/2025		535			$	5,438		$	10.17		671		-
							12/8/2025		989			$	10,062		$	10.17		-		20,448
K		9/30/2023		10,274	⁽¹⁾		12/7/2023		3,097			$	35,704		$	11.53		-		-
							3/7/2024		1,099			$	12,675		$	11.53		-		-
							5/8/2024		596			$	6,868		$	11.53		-		-
							5/21/2025		132			$	1,341		$	10.17		-		-
							9/2/2025		130			$	1,324		$	10.17		-		-
							12/8/2025		241			$	2,451		$	10.17		-		4,979
K		12/31/2023		52,823	⁽¹⁾		3/7/2024		10,801			$	124,535		$	11.53		-		-
							5/8/2024		4,118			$	47,486		$	11.53		-		-
							5/21/2025		912			$	9,276		$	10.17		-		-
							9/2/2025		900			$	9,155		$	10.17		-		-
							12/8/2025		1,665			$	16,942		$	10.17		-		34,427
K		3/31/2024		56,794	⁽¹⁾		5/8/2024		9,864			$	113,731		$	11.53		-		-
							5/21/2025		1,129			$	11,485		$	10.17		-		-
							9/2/2025		891			$	9,062		$	10.17		9,183
							12/8/2025		1,649			$	16,770		$	10.17		1,366		32,712
K		6/30/2024		142,529	⁽¹⁾		8/22/2024		19,615			$	199,490		$	10.17		-		-
							11/5/2024		19,258			$	195,853		$	10.17		-		-
							2/13/2025		19,879			$	202,170		$	10.17		2,457		-
							5/21/2025		8,921			$	90,730		$	10.17		-		-
							9/2/2025		1,762			$	17,919		$	10.17		-		-
							12/8/2025		3,260			$	33,157		$	10.17		-		67,377
K		9/30/2024		40,088	⁽¹⁾		11/5/2024		230			$	2,338		$	10.17		-		-
							2/13/2025		265			$	2,694		$	10.17		-		-
							5/21/2025		1,946			$	19,786		$	10.17		-		-
							9/2/2025		916			$	9,318		$	10.17		-
							12/8/2025		1,695			$	17,241		$	10.17		-		35,036
K		12/31/2024		42,948	⁽¹⁾		5/21/2025		1,037			$	10,511		$	10.17		-		-
							9/2/2025		1,020			$	10,373		$	10.17		4,896		-
							12/8/2025		1,662			$	16,896		$	10.17		-		34,333
K		3/31/2025		20,042	⁽¹⁾		5/21/2025		4,842			$	49,241		$	10.17		-		-
							9/2/2025		370			$	3,762		$	10.17		-		-
							12/8/2025		685			$	6,961		$	10.17		-		14,145
K		6/30/2025		32,542	⁽¹⁾		9/2/2025		12,746			$	129,628		$	10.17		9,757		-
							12/8/2025		463			$	4,712		$	10.17		-		9,576
K		9/30/2025		40,889	⁽¹⁾		12/8/2025		6,656			$	67,696		$	10.17		-		34,233
K		12/31/2025		78,008	⁽¹⁾		TBD		-			$	-		$	-		-		78,008
Total K Share repurchase requests outstanding																				365,274


		Received		Number																Repurchase
		During		of Share								$ Amount			Average					Requests
Share		3 Months		Repurchases			Date		Shares			of Shares			$ Amount			Requests		Outstanding at
Class		Ended		Requested			Repurchased		Repurchased			Repurchased			per share			Withdrawn		December 31, 2025
K-I		6/30/2023		5,591	⁽¹⁾		8/23/2023		1,101			$	12,625		$	11.47		1,036		-
							12/7/2023		1,041			$	12,003		$	11.53		-		-
							3/7/2024		370			$	4,261		$	11.52		-		-
							5/8/2024		200			$	2,309		$	11.55		-		-
							5/21/2025		44			$	451		$	10.17		-		-
							9/2/2025		44			$	445		$	10.17		-		-
							12/8/2025		81			$	824		$	10.17		-		1,674
K-I		12/31/2023		1,595	⁽¹⁾		3/7/2024		244			$	2,675		$	10.96		-		-
							5/8/2024		140			$	1,526		$	10.90		-		-
							5/21/2025		30			$	296		$	9.92		-		-
							9/2/2025		29			$	292		$	10.17		-		-
							12/8/2025		53			$	541		$	10.17		-		1,099
K-I		3/31/2024		1,613	⁽¹⁾		5/8/2024		158			$	1,823		$	11.53		-		-
							5/21/2025		35			$	356		$	10.17		-		-
							9/2/2025		-			$	-		$	-		1,420		-
K-I		12/31/2024		18,240	⁽¹⁾		5/21/2025		439			$	4,464		$	10.17		-		-
							9/2/2025		433			$	4,406		$	10.17		-
							12/8/2025		801			$	8,152		$	10.17		-		16,567
K-I		3/31/2025		5,000	⁽¹⁾		5/21/2025		123			$	1,224		$	9.92		-		-
							9/2/2025		119			$	1,207		$	10.17		-		-
							12/8/2025		220			$	2,234		$	10.17		-		4,538
K-I		9/30/2025		8,208	⁽¹⁾		12/8/2025		379			$	3,853		$	10.17		-		7,829
K-I		12/8/2025		588	⁽¹⁾		TBD		-			$	-		$	-		-		588
Total K-I Share repurchase requests outstanding																				32,295

⁽¹⁾Our board of directors determined that the funding limitation under the A&R SRP was reached during the referenced quarter with respect to share repurchase requests as there were insufficient net proceeds from the DRIP to fund all share repurchase requests.

Schedule of share distributions

During the year ended December 31, 2025, the Company’s board of directors authorized the payment of K Share, K-I Share and OP Unit distributions as follows:


	Shares			Amount
Date	Outstanding	Date	Record	Per Share	Distributions
Paid	Date	Authorized	Date	Per Day	K Share		K-I Share		K-T Share		OP Unit		Total
1/17/2025	12/31/2024	1/14/2025	1/16/2025	$0.001912568	$	684,394	$	245,671	$	—	$	22,544	$	952,609
5/1/2025	3/31/2025	4/25/2025	4/30/2025	$0.001917808		670,151		242,972		—		22,115		935,238
8/5/2025	06/30/2025	7/31/2025	8/4/2025	$0.001917808		676,112		247,029		—		22,360		945,501
11/6/2025	9/30/2025	10/29/2025	11/5/2025	$0.001917808		682,533		251,272		—		22,606		956,411
					$	2,713,190	$	986,944	$	—	$	89,625	$	3,789,759

During the year ended December 31, 2024, the Company’s board of directors authorized the payment of K Share, K-I Share, K-T Share and OP Unit distributions as follows:


	Shares			Amount
Date	Outstanding	Date	Record	Per Share	Distributions
Paid	Date	Authorized	Date	Per Day	K Share		K-I Share		K-T Share		OP Unit		Total
2/8/2024	12/31/2023	2/5/2024	2/7/2024	$0.001917808	$	690,557	$	240,782	$	862	$	22,606	$	954,807
5/3/2024	3/31/2024	4/30/2024	5/1/2024	$0.001912568		680,560		238,600		521		22,299		941,980
8/7/2024	06/30/2024	8/2/2024	8/6/2024	$0.001912568		678,795		239,941		366		22,299		941,401
11/5/2024	09/30/2024	10/30/2024	11/4/2024	$0.001912568		685,746		243,995		1		22,544		952,286
					$	2,735,658	$	963,318	$	1,750	$	89,748	$	3,790,474