Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Summary of Related Party Costs

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2023 and the nine months ended September 30, 2024, as well as any related amounts payable as of December 31, 2023 and September 30, 2024:

	Year Ended December 31, 2023						For the Nine Months Ended September 30, 2024
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses    (including organizational costs)	$	6,784,515	$	3,586,399	$	4,145,602	$	9,932,011	$	2,324,453	$	11,753,160
Asset management fees		3,420,040		2,767,112		652,928		3,208,471		1,400,858		2,460,541
Property management fees		1,243,056		982,355		260,701		1,243,786		397,911		1,106,576
Transfer Agent expenses		319,426		326,613		—		—		—		—
Acquisition expenses (1)		710,892		179,263		535,303		444,364		—		979,667
Capitalized
Acquisition related (2)		5,589,549		6,001,574		339,435		113,259		—		452,694
Additional Paid-in Capital
Offering costs		5,610		5,610		—		—		—		—
Total	$	18,073,088	$	13,848,926	$	5,933,969	$	14,941,891	$	4,123,222	$	16,752,638

(1)Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company.

(2)Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company.