Related Party Transactions (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 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, 2025 and the six months ended June 30, 2026, as well as any related amounts payable as of December 31, 2025 and June 30, 2026:

	Year Ended December 31, 2025						Six Months Ended June 30, 2026
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses	$	9,059,444	$	15,589,065	$	2,770,160	$	7,779,781	$	1,778,504	$	8,771,437
Asset management fees		4,402,526		5,714,373		1,136,501		2,293,764		504,562		2,925,703
Property management fees		1,871,969		2,404,038		618,620		971,682		172,507		1,417,795
Acquisition expenses(1)		388,834		1,217,631		149,576		731,034		—		880,610
Preferred Equity
Offering Costs		350,000		350,000		—		—		—		—
Total	$	16,072,773	$	25,275,107	$	4,674,857	$	11,776,261	$	2,455,573	$	13,995,545

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

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2024 and 2025, as well as any related amounts payable, which are included in due to affiliates in the accompanying consolidated balance sheets as of December 31, 2024 and 2025:

	Year Ended December 31, 2024						Year Ended December 31, 2025
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses (including organizational costs)	$	12,220,370	$	7,066,191	$	9,299,781	$	9,059,444	$	15,589,065	$	2,770,160
Asset management fees		4,253,616		2,458,196		2,448,348		4,402,526		5,714,373		1,136,501
Property management fees		1,688,524		798,536		1,150,689		1,871,969		2,404,038		618,620
Acquisition expenses(1)		589,216		146,146		978,373		388,834		1,217,631		149,576
Capitalized
Acquisition related(2)		113,259		452,694		—		—		—		—
Preferred Equity
Offering Costs		—		—		—		350,000		350,000		—
Total	$	18,864,985	$	10,921,763	$	13,877,191	$	16,072,773	$	25,275,107	$	4,674,857

(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.