Schedule III Real Estate and Accumulated Depreciation


			Initial Cost (A)								Gross amount at which carried at end of period
	Encumbrance		Land		Buildings and Improvements		Adjustments to Land Basis (B)		Adjustments to Building Basis (B)		Land		Buildings and Improvements		Total (C)		Accumulated Depreciation (D, E)		Date of Completion of Construction or Acquisition
Multi-family
1620 Central Street Evanston, IL	$	—	$	3,075	$	17,140	$	—	$	197	$	3,075	$	17,337	$	20,412	$	4,641	2018
Buerger Brothers Lofts Denver, CO	—		3,117		7,114		—		931		3,117		8,045		11,162		2,396		2017
Chamber Lofts Denver, CO	—		2,797		6,388		—		747		2,797		7,135		9,932		2,125		2017
Kenilworth Court Denver, CO	3,784		2,496		3,203		—		69		2,496		3,272		5,768		849		2018
Tennyson Denver, CO	10,250		1,533		17,410		—		113		1,533		17,523		19,056		4,116		2019
The Detroit and Detroit Terraces Denver, CO	10,784		3,370		15,006		—		184		3,370		15,190		18,560		3,792		2019
The Lafayette Denver, CO	5,481		2,457		7,067		—		256		2,457		7,323		9,780		1,998		2018
The Locale Allendale, MI	17,700		4,294		22,461		—		1,052		4,294		23,513		27,807		6,422		2019
The Muse Denver, CO	19,496		5,303		42,809		—		265		5,303		43,074		48,377		9,285		2019
The Q Lofts San Diego, CA	12,762		8,856		22,877		—		43		8,856		22,920		31,776		1,820		2023
The Sterling San Diego, CA	—		1,849		5,407		—		54		1,849		5,461		7,310		1,084		2020
The View San Diego, CA	—		7,272		8,862		—		697		7,272		9,559		16,831		2,463		2019
Other
Buckhorn Plaza Bloomsburg, PA	8,910		1,651		11,770		(35)		2,812		1,616		14,582		16,198		9,928		2006
Hudson Correctional Facility Hudson, CO	—		1,382		—		(1,382)		—		—		—		—		—		2009
Palazzo Del Lago Orlando, FL	—		8,938		—		—		19		8,938		19		8,957		13		2010
Sherman Plaza Evanston, IL	—		9,655		30,982		—		21,156		9,655		52,138		61,793		27,489		2006
The Market at Hilliard Hilliard, OH	13,737		4,432		13,308		—		4,878		4,432		18,186		22,618		11,577		2005


			Initial Cost (A)								Gross amount at which carried at end of period
	Encumbrance		Land		Buildings and Improvements		Adjustments to Land Basis (B)		Adjustments to Building Basis (B)		Land		Buildings and Improvements		Total (C)		Accumulated Depreciation (D, E)		Date of Completion of Construction or Acquisition
Trimble San Jose, CA	20,000		12,732		10,045		—		23,482		12,732		33,527		46,259		8,332		2013
Corporate assets	—		—		—		—		41		—		41		41		31		N/A
Totals	$	122,904	$	85,209	$	241,849	$	(1,417)	$	56,996	$	83,792	$	298,845	$	382,637	$	98,361

Notes to Schedule III:

The aggregate cost of real estate owned at December 31, 2025 for U.S. federal income tax purposes was approximately $474,934 (unaudited).

A.The initial cost to the Company represents the original purchase price of the investment property, including amounts incurred subsequent to acquisition which were contemplated at the time the investment property was acquired.

B.Adjustments to basis include provisions for asset impairments, partial dispositions and costs capitalized subsequent to acquisitions.

C.Reconciliation of real estate owned:


	2025		2024
Balance at January 1	$	372,918	$	385,368
Acquisitions and capital improvements	9,867		11,842
Dispositions and write-offs	(148)		(24,292)

Balance at December 31,	$	382,637	$	372,918

D.Reconciliation of accumulated depreciation:


	2025		2024
Balance at January 1	$	87,211	$	87,216
Depreciation expense	11,150		11,036
Dispositions and write-offs	—		(11,041)

Balance at December 31,	$	98,361	$	87,211

E.Depreciation is computed based upon the following estimated lives:


Buildings and improvements						30 years
Tenant improvements						Life of the lease
Furniture, fixtures, & equipment and site improvements						5-15 years