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OPERATING PARTNERSHIP UNITS (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Class M OP Units Conversion | In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below:
Date of Exchange |  | Early Conversion Rate
From December 31, 2020 to December 30, 2021 |  | 50% of the Class M conversion ratio
From December 31, 2021 to December 30, 2022 |  | 60% of the Class M conversion ratio
From December 31, 2022 to December 30, 2023 |  | 70% of the Class M conversion ratio
As of June 30, 2023, no Class M OP Units had been converted to Class C OP Units. The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for AUM and AFFO in a given year as set forth below:
|  | Hurdles |  |
|  | AUM |  | AFFO |  | Class M
|  | ($ in billions) |  | Per Share ($) |  | Conversion Ratio
Initial Conversion Ratio |  |  |  |  |  | 1:1.6667
Fiscal Year 2021 |  | $ | 0.860 |  |  | $ | 1.77 |  |  | 1:1.9167
Fiscal Year 2022 |  | $ | 1.175 |  |  | $ | 1.95 |  |  | 1:2.5000
Fiscal Year 2023 |  | $ | 1.551 |  |  | $ | 2.10 |  |  | 1:3.0000
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The total stock compensation expenses for the three and six months ended June 30, 2023 and 2022 were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Class P OP Units |  | $ | 88,784 |  |  | $ | 88,784 |  |  | $ | 177,567 |  |  | $ | 177,567 |
Class R OP Units |  | 488,886 |  |  | 508,463 |  |  | 977,772 |  |  | 849,045 |
Class C common stock issued to the board of directors for services (see Note 9) |  | 82,500 |  |  | 82,500 |  |  | 165,000 |  |  | 165,000 |
Total |  | $ | 660,170 |  |  | $ | 679,747 |  |  | $ | 1,320,339 |  |  | $ | 1,191,612 |
Schedule of Distributions and Allocations of Net (Loss) Gain | The above Class C OP Units received the following distributions and allocations of net income (loss) during the three and six months ended June 30, 2023 and 2022 as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Class C OP Units distributions |  | $ | 432,402 |  |  | $ | 377,301 |  |  | $ | 809,699 |  |  | $ | 628,840 |
Class C OP Units net income (loss) allocation |  | $ | 649,643 |  |  | $ | 219,214 |  |  | $ | (166,556) |  |  | $ | (1,708,815) |

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