Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Estimated Useful Lives of Real Property Assets

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives as follows:


Description		Standard Depreciable Life
Land		Not Depreciated
Buildings		40 years
Site Improvements		7 to 10 years

Summary of Fixed Rate Debt Payable

The table below summarizes the carrying amounts and fair values of fixed rate debt instruments that are not carried at fair value as of March 31, 2026 and December 31, 2025. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed debt was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (categorized within Level 2 of the fair value hierarchy). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of March 31, 2026 and December 31, 2025, we did not have any variable rate debt.


	March 31, 2026				December 31, 2025
	Fair Value		Carrying Value		Fair Value		Carrying Value
Fixed Rate Secured Debt	$	100,500,000	$	102,253,115	$	101,300,000	$	102,747,250

Summary of Investment in Trading Securities

The following table summarizes our investment in trading securities, which consist of short-term U.S. Treasury Securities that have an original maturity date of one year or less. The valuation techniques used to measure the fair value of the Company's trading securities are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data (categorized within Level 2 of the fair value hierarchy).


	December 31, 2025
Assets	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Level 2:
Short-term U.S. Treasury Securities	$	5,437,505	$	20,200	$	—	$	5,457,705


	March 31, 2026
Assets	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value
Level 2:
Short-term U.S. Treasury Securities	$	4,187,114	$	23,350	$	—	$	4,210,464

Schedule of Temporary Differences to Deferred Tax Effects

The major sources of temporary differences that give rise to the deferred tax effects are shown below:


	March 31, 2026			December 31, 2025
Deferred tax assets:
Net operating loss carryovers	$	8,042,970		$	7,887,129
Other		400,038			324,385
Total deferred tax assets		8,443,008			8,211,514

Valuation allowance (1)		(8,443,008	)		(8,211,514	)

Net deferred tax assets	$	—		$	—

(1)

Full valuation allowance was applied as the recoverability of such net deferred tax assets was less than more likely than not. The valuation allowance for deferred tax assets as of March 31, 2026, and December 31, 2025,

was approximately $8.4 million and approximately $8.2 million, respectively. The net change in the total valuation allowance was an increase of approximately $0.2 million in 2026.