v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 9,644,519 $ (3,432,925)
Adjustments to reconcile net income (loss) to net cash (used in)/provided by operating activities:    
Depreciation and amortization 17,718,280 18,637,329
(Gain) from investments in real estate-related assets (97,910) (9,239)
Amortization of above-market lease intangibles 109,794 109,744
Amortization of below-market lease intangibles (835,239) (978,005)
Loss on extinguishment of debt   333,574
Net (gain) on dispositions of real estate (13,306,908)  
Unrealized (gain)/loss from investment in infrastructure fund (779,803) 53,463
Changes in assets and liabilities:    
Proceeds from investments in real estate-related assets 129,045 205,398
Decrease/(increase) in deferred rent receivable 2,736,630 (816,804)
(Increase) in prepaid expenses and other assets (110,784) (1,583,717)
(Decrease)/increase in due to related parties (4,653,436) 5,494,172
(Decrease)/increase in deferred revenue (40,868) 5,734
(Decrease) in restricted reserves (2,287,946) (2,217,944)
(Decrease)/increase in accounts payable and accrued expenses (1,275,206) 165,053
Increase/(decrease) in accrued interest payable 166,189 (4,256)
Net cash provided by operating activities 7,116,357 15,961,577
Cash flows from investing activities:    
Acquisition of real estate (3,211,391) (260,000)
Capital improvements to real estate (1,085,132) (913,111)
Purchase of interest in infrastructure fund (520,322) (7,615,023)
Proceeds from dispositions of real estate 68,212,933  
Net cash provided by/(used in ) by investing activities 63,396,088 (8,788,134)
Cash flows from financing activities:    
Borrowings under credit facility 17,500,000 41,000,000
Paydowns under credit facility (89,745,069)  
Repayment of mortgage loan   (26,969,268)
Proceeds from issuance of common stock, net 13,054,150 3,914,173
Proceeds from issuance of preferred stock, net 17,898,750  
Distributions (3,795,710) (6,735,503)
Payments for redemptions of common stock (22,566,034) (16,769,154)
Distributions to and redemptions of non-controlling interests (12,411,676) (8,454,502)
Non-controlling interest contribution   75,000
Syndicated ownership interest 8,732,410 291,505
Payment of deferred financing costs   (336,916)
Net cash (used in) financing activities (71,333,179) (13,984,665)
Net (decrease) in cash and restricted cash (820,734) (6,811,222)
Cash and restricted cash, at beginning of period 31,693,570 44,665,423
Cash and restricted cash, at end of period 30,872,836 37,854,201
Reconciliation of cash and restricted cash    
Cash 24,644,867 28,479,755
Restricted cash 6,227,969 9,374,446
Total cash and restricted cash 30,872,836 37,854,201
Supplemental disclosure of cash flow information:    
Cash paid for interest 12,785,601 13,389,671
Non-cash investing and financing activities:    
Distribution reinvestment 1,776,133 2,819,676
Distributions payable 1,935,899 1,556,432
Acquisition of real estate (126,937,912) (50,000,000)
Assumption of loans payable in conjunction with acquisition of real estate 44,600,000 32,581,902
Acquired non-controlling interests in consolidated subsidiaries (74,906,034) (203,760)
Issuance of OP units for acquired real estate interests $ 157,243,946 $ 17,621,858