| Investment in Real Estate |
Note 3 – Investment in Real Estate Investment in real estate, net consisted of the following as of June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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December 31, 2025 |
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Building and building improvements |
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$ |
972,650,070 |
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$ |
948,471,379 |
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Land |
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143,629,966 |
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129,457,842 |
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Total |
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1,116,280,036 |
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1,077,929,221 |
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Accumulated depreciation |
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(121,088,400 |
) |
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(113,331,033 |
) |
Investment in real estate, net |
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$ |
995,191,636 |
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$ |
964,598,188 |
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As of June 30, 2026, the Company had no investments held for sale. As of December 31, 2025, the Company classified the Battery Street property (the "SF Property") as held for sale following the execution of a purchase and sale agreement. The carrying value of the SF Property was $5,609,212, which was net of impairment loss of $4,825,736. On January 23, 2026, the Company sold its investment in the SF Property which resulted in a realized loss of $23,154 and is included within Net gain on dispositions of real estate on the Company's unaudited consolidated statements of operations. On April 16, 2026, the Company sold its investment in the Fisher Road Property which resulted in a realized gain of $13,330,062 and is included within Net gain on dispositions of real estate on the Company's unaudited consolidated statements of operations. As of June 30, 2026, the Company owned interests in 42 real properties and a plot of land as described below:
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Portfolio |
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Ownership
Percentage |
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Location |
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Number of
Properties |
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Square
Feet/ Acre |
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|
Remaining
Lease
Term(1) |
|
Acquisition
Date |
Purchase
Price(2) |
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Walgreens Grand Rapids ("GR Property") |
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100.00 |
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% |
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Grand Rapids, MI |
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1 |
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14,552 |
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11.1 years |
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July 2017 |
$ |
|
7,936,508 |
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CF Net Lease Portfolio IV DST ("Net Lease DST Properties") |
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|
16.70 |
|
% |
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Various |
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7 |
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103,537 |
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10.4 years |
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September 2017 |
$ |
|
35,706,642 |
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Daimler Trucks North America Office Building ("FM Property") |
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100.00 |
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% |
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Fort Mill, SC |
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1 |
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150,164 |
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2.5 years |
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February 2018 |
$ |
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40,000,000 |
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Alliance Data Systems Office Building ("CO Property") |
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100.00 |
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% |
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Columbus, OH |
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1 |
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241,493 |
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6.2 years |
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July 2018 |
$ |
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46,950,000 |
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Hoya Optical Labs of America ("Lewisville Property") |
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100.00 |
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% |
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Lewisville, TX |
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1 |
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89,473 |
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2.0 years |
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November 2018 |
$ |
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14,120,000 |
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Martin Brower Industrial Buildings ("Buchanan Property") |
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100.00 |
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% |
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Phoenix, AZ |
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1 |
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93,302 |
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5.7 years |
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November 2019 |
$ |
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17,300,000 |
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Multifamily Residential Property ("Keller Property") |
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5.00 |
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% |
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Carrolton, TX |
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1 |
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255,627 |
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multiple(3) |
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February 2021 |
$ |
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56,500,000 |
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Multifamily Residential Property ("Summerfield Property") |
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100.00 |
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% |
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Landover, MD |
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1 |
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452,876 |
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multiple(3) |
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March 2021 |
$ |
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115,500,000 |
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Amazon Last Mile Cleveland ("Madison Ave Property") |
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100.00 |
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% |
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Cleveland, OH |
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1 |
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168,750 |
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4.8 years |
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May 2021 |
$ |
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30,800,000 |
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Valencia California ("Valencia Property") |
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27.45 |
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% |
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Santa Clarita, CA |
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1 |
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180,415 |
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9.5 years |
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July 2021 |
$ |
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92,000,000 |
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De Anza Plaza Office Buildings ("De Anza Property") |
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100.00 |
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% |
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Cupertino, CA |
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1 |
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83,959 |
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5.1 years |
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July 2021 |
$ |
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63,750,000 |
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Multifamily Residential Property ("Kacey Property") |
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14.90 |
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% |
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Kingwood, TX |
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1 |
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296,991 |
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multiple(3) |
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November 2021 |
$ |
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67,000,000 |
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Multifamily Residential Property ("Industry Property") |
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21.20 |
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% |
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Columbus, OH |
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1 |
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187,678 |
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multiple(3) |
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December 2021 |
$ |
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81,000,000 |
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Multifamily Residential Property ("Longmire Property") |
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0.00 |
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% |
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Conroe, TX |
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1 |
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231,720 |
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multiple(3) |
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April 2022 |
$ |
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43,400,000 |
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Office Tower ("ON3 Property") |
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37.17 |
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% |
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Nutley, NJ |
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1 |
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332,818 |
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12.5 years |
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April 2022 |
$ |
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131,667,000 |
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Multifamily Residential Property ("West End Property") |
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66.94 |
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% |
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Lenexa, KS |
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1 |
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299,813 |
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multiple(3) |
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August 2022 |
$ |
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69,375,000 |
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Multifamily Residential Property ("Palms Property") |
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22.58 |
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% |
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Houston, TX |
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1 |
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222,672 |
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multiple(3) |
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August 2022 |
$ |
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48,000,000 |
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Land ("Mount Comfort Land") |
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100.00 |
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% |
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Greenfield, IN |
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0 |
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1 - acre |
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9.8 years |
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October 2022 |
$ |
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445,000 |
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Multifamily Residential Property ("Pearland Property") |
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100.00 |
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% |
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Pearland, TX |
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1 |
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219,624 |
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multiple(3) |
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June 2023 |
$ |
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40,500,000 |
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CF WAG Portfolio DST ("WAG Portfolio Properties") |
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100.00 |
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% |
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Various |
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8 |
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118,339 |
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10.4 years |
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September 2024 |
$ |
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42,000,000 |
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WAG MH Property ("WAG MH Properties") |
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100.00 |
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% |
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Various |
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9 |
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139,305 |
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10.4 years |
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January 2025 |
$ |
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50,130,000 |
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Multifamily Residential Property ("Archer Property") |
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100.00 |
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% |
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Acworth, GA |
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1 |
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324,128 |
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multiple(3) |
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June 2026 |
$ |
|
92,500,000 |
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(1) Reflects number of years remaining until the tenant’s first termination option. (2) Reflects the contract purchase price at 100% ownership as opposed to adjusted for current ownership percentage as applicable. (3) Indicates individual tenant leases (with a 1-year average lease term) for the multifamily residential properties.
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