Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Pursuant to the terms of the agreements described above, the following table summarizes such related party costs incurred and paid by us for the years ended December 31, 2025 and 2024, as well as any related amounts payable for the periods presented (in thousands):


	Year Ended December 31, 2024						Year Ended December 31, 2025
	Incurred		Settled		Payable		Incurred		Settled		Payable
Expensed
Transfer Agent fees	$	661	$	715	$	21	$	—	$	21	$	—
Other
Other		—		—		341		—		341		—
Total	$	661	$	715	$	362	$	—	$	362	$	—

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the periods presented (in thousands):


	Years Ended December 31,
Managed Platform Revenues	2025			2024			2023
Asset Management Fees:
SST VI	$	4,402		$	4,254		$	3,420
SSGT III		1,945			1,406			1,017
SST X		13			—			—
Total Asset Management Fees		6,360			5,660			4,437
Property Management Fees:
SST VI		1,965			1,698			1,243
SSGT III		1,363			617			358
JV properties		1,089			959			738
SST X		10			—			—
Third Party Platform (1)		2,051			—			—
Total Property Management Fees		6,478			3,274			2,339
Tenant Protection Program Fees:
SST VI		1,401			1,205			842
SSGT III		1,113			427			186
JV properties		420			371			271
Third Party Platform (1)		864			—			—
Total Tenant Protection Program Fees		3,798			2,003			1,299
Acquisition Fees:
SST VI		—			34			2,470
SSGT III		2,646			293			837
Total Acquisition Fees		2,646			327			3,307
Other Managed REIT Fees (2)		936			963			558
Managed Platform Fees		20,218			12,227			11,940
Sponsor funding reduction (3)		(1,052	)		(844	)		(34	)
Total Managed Platform Revenues	$	19,166		$	11,383		$	11,906

(1)

Our Third Party Platform revenues are not derived from a related party; however, it is a part of our Managed Platform and we have included it above accordingly.

(2)

Such revenue primarily includes other property management related fees, construction management fees, development fees, and other miscellaneous revenues.

(3)

Pursuant to the Sponsor Funding Agreement, we funded certain costs of SST VI's share sales, and in return receives Series C Units in SST VI's OP. As of June 30, 2025, SST VI had closed its offering to new subscriptions. As such, we no longer had any funding obligation pursuant to the Sponsor Funding Agreement. The excess of the funding over the value of the Series C Units received was accounted for as a reduction of Managed Platform revenue from SST VI over the remaining estimated term of the management contracts with SST VI.

SST VI

The following table summarizes the carrying value of our investments in and advances to SST VI for the periods presented (dollars in thousands):


					Contractual	Effective
	As of December 31,				Interest/Preferred	Interest/Preferred	Maturity
	2025		2024		Rate (1)	Rate (1)	Date (1)
Receivables:
Receivables and advances due	$	5,319	$	13,929
Debt:
SST VI Note		25,000		23,000	SOFR + 4.0%	7.87%	06/30/2027
Equity:
Series D Preferred Units		34,650		—	(2)	6.00%
SST VI OP Units, SLP and Series C Units		4,959		5,282
Total investments in and advances to	$	69,928	$	42,211

(1)

Reflects the current interest/preferred rate or maturity date information in effect as of December 31, 2025, as applicable.

(2)

Distributions are payable at a rate of: (a) 6% per annum from the date of issuance until the second anniversary after the date of issuance; (b) 7% per annum commencing the day following the second anniversary after the date of issuance until the third anniversary after the date of issuance; (c) 8% per annum commencing the day following the third anniversary after the date of issuance until the fourth anniversary after the date of issuance; and (d) 9% per annum thereafter.

SSGT III OP

The following table summarizes the carrying value of our investments in and advances to SSGT III for the periods presented (dollars in thousands):


					Contractual	Effective
	As of December 31,				Interest	Interest	Maturity
	2025		2024		Rate (1)	Rate (1)	Date (1)
Receivables:
Receivables and advances due	$	15,878	$	2,769
Debt:
SSGT III-Blue Door III Bridge Loan		15,000		—	SOFR + 3.0%	6.87%	11/13/2026
SSGT III Bridge Loan (2)		—		2,919
SSGT III Promissory Note (2)		—		7,000
Equity:
SSGT III OP Units and SSGT III SLP		1,971		2,823
Total investments in and advances to	$	32,849	$	15,511

(1)

Reflects the current interest rate or maturity date information in effect as of December 31, 2025, as applicable.

(2)

During the three months ended March 31, 2025, SSGT III repaid all amounts outstanding on the SSGT III Bridge Loan and the SSGT III Promissory Note.

SSGT III

The following table summarizes the carrying value of our investments in and advances to DSTs Sponsored by SSGT III for the periods presented (dollars in thousands):


					Contractual	Effective
	As of December 31,				Interest	Interest/Preferred	Maturity
	2025		2024		Rate (1)	Rate (1)	Date (1)
Debt:
BD III DST Mortgage Loans	$	24,191	$	—	Fixed	5.00%	11/13/2032
Total investments in and advances to	$	24,191	$	—

Reflects the current interest rate or maturity date information in effect as of December 31, 2025, as applicable.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details