v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (13,526,759) $ (11,746,999)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 37,210,604 35,550,925
(Gain)/loss from investments in real estate-related assets 26,149 (136,667)
(Realized gain) from sale of investment in debt securities   (1,634,920)
Loss from sale of investments in real estate-related assets   3,385,131
Amortization of above-market lease intangibles 219,564 202,130
Amortization of below-market lease intangibles (1,956,010) (1,956,010)
Loss on extinguishment of debt 333,574 619,284
Unrealized (gain) from investment in infrastructure fund (472,565)  
Impairment of investment in real estate 4,825,736  
Unrealized loss from investment in debt securities   454,123
Changes in assets and liabilities:    
Proceeds from investments in real estate-related assets 359,536 412,947
(Decrease) in deferred rent receivable (4,691,516) (1,817,667)
(Increase)/decrease in prepaid expenses and other assets (2,281,607) 1,230,064
Increase in due to related parties 3,951,994 7,088,238
Increase in deferred revenue 33,029 69,975
Increase in restricted reserves 1,423,501 1,091,778
Increase/(decrease) in accounts payable and accrued expenses 1,851,255 (2,470,332)
Increase/(decrease) in accrued interest payable 43,910 (64,085)
Net cash provided by operating activities 27,350,395 30,277,915
Cash flows from investing activities:    
Acquisition of real estate (713,664) (3,989,960)
Capital improvements to real estate (2,026,100) (2,759,584)
Purchase of interest in infrastructure fund (8,179,307)  
Proceeds from sale/repayment of investment in debt securities   10,399,997
Proceeds from sale of investments in real estate-related assets   21,014,869
Net cash (used in )/provided by investing activities (10,919,071) 24,665,322
Cash flows from financing activities:    
Borrowings and paydowns under credit facility 40,011,759 (3,344,824)
Proceeds from refinancing of mortgage loan   33,500,000
Repayment of mortgage loan (26,969,268) (36,153,907)
Proceeds from issuance of common stock, net 4,499,252 10,428,288
Distributions (13,225,830) (15,255,754)
Payments for redemptions of common stock (40,370,566) (59,611,544)
Distributions to and redemption of non-controlling interests (17,339,255) (13,494,248)
Non-controlling interest contribution 75,000 100,000
Syndicated ownership interest 25,436,786 35,400,911
Payment of deferred financing costs (1,521,055) (1,739,456)
Net cash (used in) financing activities (29,403,177) (50,170,534)
Net (decrease)/increase in cash and cash equivalents and restricted cash (12,971,853) 4,772,703
Cash and cash equivalents, at beginning of year 44,665,423 39,892,720
Cash and cash equivalents, at end of year 31,693,570 44,665,423
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 25,386,715 36,133,516
Restricted cash 6,306,855 8,531,907
Total cash and cash equivalents and restricted cash 31,693,570 44,665,423
Supplemental disclosure of cash flow information:    
Cash paid for interest 27,349,360 26,576,194
Non-cash investing and financing activities:    
Distribution reinvestment 5,446,428 6,103,616
Distributions payable 1,163,560 1,645,729
Acquisition of real estate (50,000,000) (42,179,905)
Assumption of loans payable in conjunction with acquisition of real estate 32,581,902 26,635,694
Acquired non-controlling interests (814,702) (24,292,760)
Issuance of OP Units for acquired real estate interests $ 18,232,800 $ 43,323,803