v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 16 – Segment Information

The Company's operations consist of one reportable segment, property and asset management. The Company is a public non-traded real estate investment trust pooling investor capital to invest in income-producing real estate properties, such as office buildings, apartments, or other commercial real estate. The Company offers its shares to the public, but these shares are not traded on a national stock exchange. The Company has identified the Chief Executive Officer (the "CEO") as the Chief Operating Decision Maker (the "CODM"), who uses revenues and net income to evaluate the results of the business.

Refer to the Company's consolidated statements of operations for additional information. The following table shows components used by the CODM:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenue

$

24,919,629

 

 

$

24,970,064

 

 

$

51,487,715

 

 

$

48,651,427

 

Non-compensation related operating expenses(1)

$

21,129,105

 

 

$

20,600,993

 

 

$

42,887,388

 

 

$

38,223,405

 

Interest expense, net

$

(6,363,076

)

 

$

(7,265,896

)

 

$

(13,486,513

)

 

$

(14,111,627

)

Income from other sources

$

257,745

 

 

$

202,560

 

 

$

443,994

 

 

$

637,717

 

Note: (1) For the three and six months ended June 30, 2026, non-compensation related operating expenses included $8.4 and $17.2 million, respectively, of depreciation and amortization. For the three and six months ended June 30, 2025, non-compensation related operating expenses included $8.9 and $17.9 million, respectively, of depreciation and amortization.

 

As of June 30, 2026 and December 31, 2025, the Company had total assets of $1.2 and $1.1 billion, respectively. See the Company’s consolidated balance sheets for more information.

The CODM evaluates the operating results and revenue of the Company regardless of geographic location as property and asset management accordingly.