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Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2025 and the three months ended March 31, 2026, as well as any related amounts payable as of December 31, 2025 and March 31, 2026:

 

 

Year Ended December 31, 2025

 

 

Three Months Ended March 31, 2026

 

 

 

Incurred

 

 

Paid

 

 

Payable

 

 

Incurred

 

 

Paid

 

 

Payable

 

Expensed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

9,059,444

 

 

$

15,589,065

 

 

$

2,770,160

 

 

$

4,535,118

 

 

$

869,003

 

 

$

6,436,275

 

Asset management fees

 

 

4,402,526

 

 

 

5,714,373

 

 

 

1,136,501

 

 

 

1,146,710

 

 

 

474,980

 

 

 

1,808,231

 

Property management fees

 

 

1,871,969

 

 

 

2,404,038

 

 

 

618,620

 

 

 

477,483

 

 

 

184,309

 

 

 

911,794

 

Acquisition expenses (1)

 

 

388,834

 

 

 

1,217,631

 

 

 

149,576

 

 

 

128,280

 

 

 

—

 

 

 

277,856

 

Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offering Costs

 

 

350,000

 

 

 

350,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

16,072,773

 

 

$

25,275,107

 

 

$

4,674,857

 

 

$

6,287,591

 

 

$

1,528,292

 

 

$

9,434,156

 

 

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