Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2025, as well as any related amounts payable as of December 31, 2024 and June 30, 2025:

	Year Ended December 31, 2024						Six Months Ended June 30, 2025
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses    (including organizational costs)	$	12,220,370	$	7,066,191	$	9,299,781	$	4,882,179	$	1,605,927	$	12,576,033
Asset management fees		4,253,616		2,458,196		2,448,348		2,152,682		1,130,623		3,470,407
Property management fees		1,688,524		798,536		1,150,689		916,278		404,797		1,662,170
Acquisition expenses (1)		589,216		146,146		978,373		212,532		—		1,190,905
Capitalized
Acquisition related (2)		113,259		452,694		—		—		—		—
Total	$	18,864,985	$	10,921,763	$	13,877,191	$	8,163,671	$	3,141,347	$	18,899,515

(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.