Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Summary of Significant Accounting Policies |
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| Schedule of net intangible assets and liabilities |
| | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | | (unaudited) | | | | | Intangible lease assets, net | | | | | | | | Leasing commissions | | $ | 473,101 | | $ | 501,389 | | Legal and marketing costs | | | 24,454 | | | 27,516 | | Above market leases | | | 33,254 | | | 36,370 | | Leases in place | | | 643,320 | | | 693,746 | | | | $ | 1,174,129 | | $ | 1,259,021 | | | | | | | | | | Intangible lease liabilities, net | | | | | | | | Below market leases | | $ | (754,472) | | $ | (784,987) | |
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| Schedule of adjustments to rental revenue related to the above and below market leases |
| | | | | | | | | | For the three months ended | | | | March 31, | | | | | 2026 | | | 2025 | | | | | (unaudited) | | | (unaudited) | | Amortization of above market leases | | $ | (3,119) | | $ | (6,147) | | Amortization of below market leases | | | 22,833 | | | 56,932 | | | | $ | 19,714 | | $ | 50,785 | |
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| Schedule of amortization related to intangible assets |
| | | | | | | | | | For the three months ended | | | | March 31, | | | | | (unaudited) | | | (unaudited) | | Leasing commissions | | $ | (26,144) | | $ | (42,512) | | Legal and marketing costs | | | (1,887) | | | (6,558) | | Leases in place | | | (43,772) | | | (87,945) | | Total | | $ | (71,803) | | $ | (137,015) | |
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| Schedule of future amortization of above and below market leases |
| | | | | | | | | | | | | | | | | | | | | | | | | For the | | | | | | | | | | | | | | | | | | | | | | remaining nine | | | | | | | | | | | | | | | | | | | | | | months ending | | | | | | | | | | | | | | | | | | | | | | December 31, | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | 2031-2041 | | Total | Intangible Lease Assets | | | | | | | | | | | | | | | | | | | | | | Leasing commissions | | $ | 59,664 | | $ | 73,328 | | $ | 58,506 | | $ | 46,058 | | $ | 41,960 | | $ | 193,585 | | $ | 473,101 | Legal and marketing costs | | | 3,799 | | | 4,557 | | | 3,193 | | | 2,289 | | | 1,943 | | | 8,673 | | | 24,454 | Above market leases | | | 9,354 | | | 12,476 | | | 8,047 | | | 3,377 | | | — | | | — | | | 33,254 | Leases in place | | | 93,550 | | | 115,341 | | | 88,487 | | | 68,101 | | | 61,468 | | | 216,373 | | | 643,320 | | | $ | 166,367 | | $ | 205,702 | | $ | 158,233 | | $ | 119,825 | | $ | 105,371 | | $ | 418,631 | | $ | 1,174,129 | | | | | | | | | | | | | | | | | | | | | | | Intangible Lease Liabilities | | | | | | | | | | | | | | | | | | | | | | Below market leases | | $ | (66,518) | | $ | (79,847) | | $ | (69,642) | | $ | (67,338) | | $ | (67,338) | | $ | (403,789) | | $ | (754,472) |
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| Schedule of property and purpose of reserve |
| | | | | | | | | | March 31, 2026 | | December 31, | | Property and Purpose of Reserve | | (unaudited) | | 2025 | | Ashley Plaza Property – maintenance and leasing cost reserve | | | 562,143 | | | 519,177 | | Brookfield Center Property – maintenance and leasing cost reserve | | | 92,437 | | | 81,355 | | Franklin Square Property – leasing costs | | | — | | | 503,001 | | Total | | $ | 654,580 | | $ | 1,103,533 | |
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| Schedule of reconciliation of digital asset activity |
A reconciliation of the Company’s crypto asset activity for the three months ended March 31, 2026 is as follows: | | | | | | | | | | For the three months ended | | | | March 31, | | | | 2026 | | 2025 | | | | (unaudited) | | (unaudited) | | Beginning balance | | $ | 293,902 | | $ | — | | Purchases (1) | | | 201,077 | | | — | | Sales | | | — | | | — | | Realized gain (loss) | | | — | | | — | | Unrealized loss | | | (71,627) | | | — | | Ending Balance | | $ | 423,352 | | $ | — | |
| (1) | For the three months ended March 31, 2026, purchases of 2.85 bitcoin at an average price of $70,544, plus transaction fees of $301. |
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| Salisbury Marketplace Property |
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| Summary of Significant Accounting Policies |
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| Schedule of net intangible assets and liabilities |
| | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | | (unaudited) | | | | | Intangible lease assets, net, associated with assets held for sale | | | | | | | | Leasing commissions | | $ | 857,381 | | $ | 871,814 | | Legal and marketing costs | | | 769,190 | | | 771,750 | | Above market leases | | | 9,419 | | | 10,952 | | Leases in place | | | — | | | 3,581 | | | | $ | 1,635,990 | | $ | 1,658,097 | | | | | | | | | | Intangible lease liabilities, net, associated with liabilities held for sale | | | | | | | | Below market leases | | $ | (455,813) | | $ | (455,813) | |
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