Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

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, 2024 and the three months ended March 31, 2025, as well as any related amounts payable as of December 31, 2024 and March 31, 2025:

	Year Ended December 31, 2024						Three Months Ended March 31, 2025
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses    (including organizational costs)	$	12,220,370	$	7,066,191	$	9,299,781	$	2,585,735	$	671,088	$	11,214,428
Asset management fees		4,253,616		2,458,196		2,448,348		1,035,252		391,581		3,092,019
Property management fees		1,688,524		798,536		1,150,689		445,433		129,009		1,467,113
Acquisition expenses (1)		589,216		146,146		978,373		107,876		—		1,086,249
Capitalized
Acquisition related (2)		113,259		452,694		—		—		—		—
Total	$	18,864,985	$	10,921,763	$	13,877,191	$	4,174,296	$	1,191,678	$	16,859,809

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

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