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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Management agreement

Related Party Transactions

Schedule of related party amounts payable

The table below presents the related party amounts payable to the Manager at December 31, 2025 and 2024 pursuant to the terms of the Management Agreement (amounts in thousands). The Company records these payables in due to affiliates on its consolidated balance sheets.

​	​	​	​	​	​	​
Amounts payable to the Manager under the Management Agreement	​ ​ ​	2025		​ ​ ​	2024
Base management fee	​	$	2,682	​	$	2,490
Operating and direct expense reimbursements	​		1,206	​		1,224
Offering expense reimbursements	​	​	97	​	​	148
Total amounts payable to the Manager	​	$	3,985	​	$	3,862

DST Program

Related Party Transactions

Schedule of related party amounts payable

The table below presents amounts payable to related parties at December 31, 2025 and 2024 (amounts in thousands) related to the Company’s DST Program. The Company records these payables in due to affiliates on its consolidated balance sheets.

​	​	​	​	​	​	​
Amounts payable to related parties – DST Program	​ ​ ​	2025		​ ​ ​	2024
One-time acquisition fees	​	$	5,293	​	$	2,060
Asset management fees	​		317	​		35
Other	​		—	​		23
Total amounts payable to related parties – DST Program	​	$	5,610	​	$	2,118

Leasehold Cost Sharing Agreement

Related Party Transactions

Schedule of related party amounts payable

The table below presents the related party amounts receivable from BREH at December 31, 2025 and 2024 pursuant to the terms of the Leasehold Cost-Sharing Agreement (amounts in thousands). The Company records these receivables in due from affiliates on its consolidated balance sheets.

​

​	​	​	​	​	​	​
Amounts receivable from BREH under the Leasehold Cost-Sharing Agreement	​ ​ ​	2025		​	2024
Capital improvement cost reimbursements	​	$	621	​	$	925
Operating and direct expense reimbursements	​	​	32	​		124
Total amounts receivable from BREH	​	$	653	​	$	1,049

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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