v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net income (loss) $ (2,514,555) $ (2,169,171) $ (4,820,656) $ (4,510,423)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Issuance of redeemable common shares as consideration for management fee     1,844,541 1,147,769  
Depreciation and amortization 5,857,329 4,526,273 11,123,460 8,811,981  
Realized (gain) loss on investments in real estate securities     1,567 (12,769)  
Change in unrealized (gain) loss on real estate securities     (73,024) 14,854  
Change in unrealized (gain) loss on real estate debt     22,463 13,373  
Change in net unrealized appreciation (depreciation) on swaps 172,729 0 172,729 0  
Amortization of straight line rent     (527,605) (430,439)  
Amortization of above and below-market lease intangibles     (805,586) (765,316)  
Amortization of debt (premium)/discount     436,343 436,343  
Amortization of debt issuance and deferred financing costs     258,565 214,243  
Net accretion of discount (amortization of premium) on real estate debt     (772) 0 $ 382
Change in assets and liabilities:          
Decrease (increase) in other assets     879,256 (435,032)  
Decrease (increase) in receivables, net     433,505 0  
Increase (decrease) in performance participation allocation payable     0 (2,731,835)  
Increase (decrease) in incentive fee payable     (1,087,867) 1,395,672  
Increase (decrease) in due to affiliate     0 1,153  
Increase (decrease) in management fee payable     146,831 169,005  
Increase (decrease) in Bi-lateral OTC swaps, at fair value     1,320 0  
Increase (decrease) in deferred revenue     373,912 0  
Increase (decrease) in accounts payable, accrued expenses, and other liabilities     2,642,400 976,415  
Net cash provided by (used in) operating activities     11,021,382 4,294,994  
Cash flows from investing activities:          
Acquisitions of real estate and related intangibles     (120,937,285) (24,677,532)  
Capital improvements to real estate     (743,967) (786,848)  
Net cash used in investing activities     (151,393,859) (80,429,990)  
Cash flows from financing activities:          
Proceeds from issuance of common shares     60,609,663 63,392,602  
Payment of deferred financing costs     (1,133,913) (286,280)  
Repurchases of common shares, net of early repurchase deductions     (7,915,905) 0  
Distributions paid     (2,464,103) (1,087,934)  
Contributions from non-controlling interest in consolidated joint ventures     25,448 20,735  
Net cash provided by financing activities     144,766,690 75,348,123  
Net increase (decrease) in cash and restricted cash during the period     4,394,213 (786,873)  
Cash and restricted cash, beginning of period     5,067,534 6,309,823 6,309,823
Cash and restricted cash, end of period 9,461,747 5,522,950 9,461,747 5,522,950 5,067,534
Reconciliation of cash and restricted cash to the Consolidated Balance Sheets, end of period:          
Cash 8,515,069 5,186,678 8,515,069 5,186,678 4,582,524
Restricted cash 946,678 336,272 946,678 336,272 $ 485,010
Total cash and restricted cash 9,461,747 5,522,950 9,461,747 5,522,950  
Supplemental disclosures:          
Interest paid on mortgages payable and revolving line of credit     4,411,819 1,826,101  
Supplemental non-cash financing and investing activities          
Accrued capital improvements     14,814 196,564  
Distribution reinvestments $ 3,093,490 $ 2,125,465 6,095,617 4,363,460  
Accrued distributions     4,905,273 3,471,522  
Accrued repurchases of common shares     9,554,033 0  
Noncontrolling Interest [Member]          
Cash flows from financing activities:          
Distributions paid     (204,500) (191,000)  
Mortgages Payable [Member]          
Cash flows from financing activities:          
Proceeds from mortgages payable     95,850,000 13,500,000  
Real Estate Debt [Member]          
Cash flows from investing activities:          
Purchase of real estate debt/securities     (7,008,438) (9,887,882)  
Proceeds from repayment/sale of real estate debt/securities     272 0  
Real Estate Securities [Member]          
Cash flows from investing activities:          
Purchase of real estate debt/securities     (95,920) (94,187)  
Proceeds from repayment/sale of real estate debt/securities     84,145 88,104  
Money Market Funds [Member]          
Cash flows from investing activities:          
Net proceeds (purchases) for money market funds     $ (22,692,666) $ (45,071,645)