Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Property, Plant and Equipment Estimated Useful Lives

The Company’s investments in real estate and intangible assets and liabilities are stated at cost and are generally depreciated or amortized on a straight-line basis over the estimated useful lives of the assets and liabilities as follows:


Description		Depreciable Life
Building		30-40 years
Building and site improvements		10 years
Leasehold improvements		Earlier of lease term or 10 years
Furniture, fixtures, and equipment		7 years
Lease intangibles		Remaining lease term
Debt premium/discount		Remaining loan term

Summary of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following is a summary of the Company’s information about assets and liabilities measured at fair value on a recurring basis. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Investments:
Money market funds	$	54,001,302	$	—	$	—	$	54,001,302
Real estate securities		601,862		—		—		601,862
Real estate debt		—		26,259,726		—		26,259,726
Total Investments	$	54,603,164	$	26,259,726	$	—	$	80,862,890
Derivative Instruments:
Liabilities
Swaps		—		174,049		—		174,049
Total Derivative Instruments	$	—	$	174,049	$	—	$	174,049


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Investments:
Money market funds	$	31,308,636	$	—	$	—	$	31,308,636
Real estate securities		518,631		—		—		518,631
Real estate debt		—		19,273,251		—		19,273,251
Total Investments	$	31,827,267	$	19,273,251	$	—	$	51,100,518

Summary of Estimated Fair Value of the Company's Financial Instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments that are not carried at fair value on the Consolidated Balance Sheets:


	June 30, 2026				December 31, 2025
	Par Value		Estimated Fair Value		Par Value		Estimated Fair Value
Mortgages payable⁽¹⁾	$	248,956,100	$	242,981,552	$	153,106,100	$	150,686,770
Total	$	248,956,100	$	242,981,552	$	153,106,100	$	150,686,770

(1)

As of June 30, 2026, mortgages payable does not include unamortized debt issuance costs of approximately $3.1 million or unamortized debt discount of approximately $3.9 million. As of December 31, 2025, mortgages payable does not include unamortized debt issuance costs of approximately $2.2 million or unamortized debt discount of approximately $4.4 million.