v3.25.2
Real Estate Owned, Net and Real Estate Assets Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Real Estate Owned, Net The following table presents the components, net as of:
 June 30, 2025December 31, 2024
CostAccumulated Depreciation/AmortizationNetCostAccumulated Depreciation/AmortizationNet
Real estate:
Land$14,457,149 $— $14,457,149 $23,785,004 $— $23,785,004 
Building and building
   improvements		65,503,763 (4,257,645)61,246,118 104,924,745 (5,140,431)99,784,314 
Tenant improvements4,552 (1,175)3,377 29,585 (1,114)28,471 
Total real estate79,965,464 (4,258,820)75,706,644 128,739,334 (5,141,545)123,597,789 
Lease intangible assets:
In-place lease7,745,398 (3,901,313)3,844,085 12,060,731 (6,419,701)5,641,030 
Total intangible assets7,745,398 (3,901,313)3,844,085 12,060,731 (6,419,701)5,641,030 
Lease intangible liabilities:
Below-market rent(4,555,806)2,174,451 (2,381,355)(8,649,073)4,746,657 (3,902,416)
Total intangible liabilities(4,555,806)2,174,451 (2,381,355)(8,649,073)4,746,657 (3,902,416)
Total operating real estate$83,155,056 $(5,985,682)$77,169,374 $132,150,992 $(6,814,589)$125,336,403 
The following table presents the components of real estate operating revenues and expenses that are included in the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Real estate operating revenues:
Lease revenue$1,470,794 $2,063,600 $3,130,675 $4,167,822 
Other operating income497,669 655,025 1,021,983 1,270,504 
Total$1,968,463 $2,718,625 $4,152,658 $5,438,326 
Real estate operating expenses:
Utilities$24,242 $10,620 $51,686 $22,340 
Real estate taxes1,069,663 290,632 1,368,405 681,442 
Repairs and maintenances44,595 91,528 325,556 118,500 
Management fees66,069 64,147 129,942 126,401 
Other operating expenses357,230 325,344 661,438 524,594 
Total$1,561,799 $782,271 $2,537,027 $1,473,277 
Schedule of Amortization of Intangibles The following table presents the amortization of intangibles that is included in the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net amortization of above- and below-market rent
    intangibles (1)
$(354,010)$(703,872)$(758,255)$(1,528,715)
Amortization of in-place lease intangibles (2)
$479,204 $964,516 $1,040,624 $2,299,301 
_______________
(1)Net amortization of above- and below-market rent intangibles is recorded as an adjustment to real estate operating revenue on the consolidated statements of operations.
(2)Amortization of in-place lease intangibles is included in depreciation and amortization expense on the consolidated statements of operations.