v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Measurements  
Fair Value Measurements

9.Fair Value Measurements

The condensed consolidated balance sheets include certain financial instruments (primarily cash, cash equivalents, restricted cash, rent and other receivables and unbilled rent and accounts payable and accrued liabilities) that are carried at cost which approximates fair values due to their short term nature. The Company’s debt facilities bear interest that fluctuates with the changes in SOFR and because the variable interest rate approximates market borrowing rates available to the Company, the carrying value of debt facilities approximates fair value.

Financial Asset and Liabilities Measured at Fair Value on a Recurring Basis

Investments in marketable securities are carried at fair value using Level 1 inputs based on quoted prices on applicable markets. Unrecognized gains of $69,627 and $300,492, respectively, are included as other income in the Company’s condensed consolidated statement of operations for three and six months ended June 30, 2026. The Company did not have any marketable securities in the three and six months ended June 30, 2025.  Crypto assets are carried at fair value using Level 1 inputs based on quoted prices in active markets.  Unrecognized losses of $60,388 and $132,015, respectively are included as other expense in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2026.  The Company did not have any unrecognized gains or losses on crypto assets in the three and six months ended June 30, 2025.

The Company’s interest rate protection instruments are carried at fair value using observable inputs such as yield curves, volatilities and other current market data, all of which are considered Level 2 inputs.

The following tables summarize assets that are measured on a recurring basis:

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June 30, 2026

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​

​

(unaudited)

Description

  ​ ​ ​

Classification

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Equity securities

​

Investment in marketable securities

​

$

20,720,749

​

$

—

​

$

—

​

$

20,720,749

Crypto Assets (Bitcoin)

​

Other intangible assets

​

$

402,964

​

$

—

​

$

—

​

$

402,964

Interest Rate Swap

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Other assets

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

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December 31, 2025

Description

  ​ ​ ​

Classification

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Equity securities

​

Investment in marketable securities

​

$

—

​

$

—

​

$

—

​

$

—

Crypto Assets (Bitcoin)

​

Other intangible assets

​

$

293,902

​

$

—

​

$

—

​

$

293,902

Interest Rate Protection Transaction

​

Other assets

​

$

—

​

$

27,224

​

$

—

​

$

27,224

Interest Rate Swap

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Other assets

​

$

—

​

$

326,551

​

$

—

​

$

326,551

​

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

There are no financial assets or liabilities that are measured at fair value on a non-recurring basis.

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

There are no non-financial assets or liabilities that are measured at fair value on a recurring basis.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Long-lived assets, including investment properties, intangible lease assets and other intangible assets, are measured at fair value on a non-recurring basis. See Note 2.

Assets held for sale are measured at the lower of carrying amount or fair value less cost to sell on a non-recurring basis using sale agreements and written offers which are considered Level 2 inputs.