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Stockholders’ Equity and Distributions | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Stockholders’ Equity and Distributions | NOTE 10. Stockholders’ Equity and Distributions The Company elected and qualified to be treated as a REIT commencing with the taxable year ended December 31, 2022. U.S. federal income tax law requires that a REIT distribute annually at least 90% of its net taxable income, excluding net capital gains, and that it pays tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income, including net capital gains. In addition, a REIT is required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions that it makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed income from prior years. On November 9, 2023, the Board of Directors authorized the repurchase of up to $5 million of the Company’s common stock. As of June 30, 2025 the Company had purchased 319,584 shares in aggregate of common stock at an average price per share of $9.96 and an aggregate repurchase price of $3.2 million. As of June 30, 2025, there were a total of 12,992,595 shares of common stock issued and outstanding. The outstanding shares were held by a total of approximately 4,500 stockholders of record, including certain affiliates of the Company who held 1,258,130 of these shares. As of June 30, 2025, there were 42,452,408 OP units outstanding. Under the terms of the partnership agreement for the Operating Partnership, such holders have the right to request the cash redemption of their OP units. If a holder requests redemption, the Company has the option of issuing shares of common stock to the requesting holder instead of cash. The OP unit holders are required to obtain Company approval prior to the sale or transfer of any or all of such holder’s OP units. The Company has reserved a total of 42,452,408 shares of common stock that may be issued, at the Company’s option, upon redemption of the OP units outstanding as of June 30, 2025.

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