11.      Related Party Transactions

Sale of Beneficial Interests in XXV DST 1

On June 22, 2026, CWS BET Seattle, L.P. (“CWS BET”), a Delaware limited partnership controlled and owned by Francis P. Kavanaugh, the company’s President and Chief Executive Officer and Chairman of the Board, acquired 49% of the beneficial interests in XXV DST 1 for $4,207,258.  The purchase price was determined based on the terms of the private placement memorandum used for the sale of beneficial interests in the XXV DST 1.  Under the Private Placement Memorandum for the offering of the beneficial interests, the Company is permitted to accept purchases of beneficial interests net of sales commissions under certain circumstances.  Because the CWS BET transaction was sourced directly by the Company, CWS BET did not pay a sales commission on its purchase of beneficial interests.  The net proceeds to the Company were the same as the Compnay would have received from a non-affiliated purchaser of beneficial interests, net of sales commissions.  CWS BET participates in the economics of XXV DST 1 on the same terms and conditions as non-affiliated investors. Pursuant to the Company’s Code of Business Conduct and Ethics, Audit Committee Charter and Related Person Transaction Policy, the purchase of the beneficial interests was reviewed and approved by a majority of the Audit Committee of the Company’s Board in addition to the approval by a majority of the Board. 

​

Redemption of OP Units

On February 12, 2026 and April 16, 2026, Francis P. Kavanaugh, the Company’s President and Chief Executive Officer and the Chairman of the Board, submitted a Notice of Exercise of Common Unit Redemption Right (the “Notice”) for 300,000 OP Units and 200,000 OP Units, respectively.  Upon receipt of the Notice and pursuant to the Operating Partnership’s Agreement of Limited Partnership, the Company exercised its option to issue 300,000 Common Shares and 200,000 Common Shares, respectively, in exchange for the OP Units.  

​

Exchange of Common Shares for OP Units

On August 8, 2025 and November 14, 2025, the Company and the Operating Partnership entered into the Exchange Agreement with Francis P. Kavanaugh, the Company’s President and Chief Executive Officer and the Chairman of the Board, pursuant to which Mr. Kavanaugh exchanged an aggregate of 240,004 shares of the Company’s Common Shares and 2,405 shares of the Company’s Common Shares on a one-for-one basis for an aggregate of 240,004 OP Units and 2,405 OP Units, respectively. Pursuant to the Company’s Code of Business Conduct and Ethics, Audit Committee Charter and Related Person Transaction Policy, the Exchange was reviewed and approved by a majority of the Audit Committee of the Company’s Board in addition to the approval by a majority of the Board. 

Buffalo Wild Wings Property Acquisition

On January 24, 2025, the Company acquired the Buffalo Wild Wings Property (see Note 3, above) from Fort Ashford Funds, LLC. The sole manager and member of Fort Ashford Funds, LLC is CWS BET Seattle, LP, a Delaware limited partnership, a company controlled and owned by Frank Kavanaugh, the Company’s President and Chief Executive Officer and Chairman of the Board. Pursuant to the Company’s Related Person Transaction Policy, the Company’s Audit Committee determined that the terms of the acquisition were those that would normally be agreed upon in an arms-length transaction.

United Rentals Property Acquisition

On February 21, 2025, the Company acquired the United Rentals Property (see Note 3, above) from Dionysus Investments, LLC, a California limited liability company. Dionysus Investments, LLC is controlled and owned by Frank Kavanaugh, the Company’s President and Chief Executive Officer and Chairman of the Board. Pursuant to the Company’s Related Person Transaction Policy, the Company’s Audit Committee determined that the terms of the acquisition were those that would normally be agreed upon in an arms-length transaction.

Staffing Agreement

The Company has entered into a staffing agreement dated November 13, 2023 (the “Staffing Agreement”) with Gunston Consulting, LLC (the “Consultant”) to employ staff on behalf of the Company.  The Consultant’s sole member is C. Brent Winn, Jr., the Company’s Chief Financial Officer.  Under the Staffing Agreement, the Company reimburses the Consultant for any approved employee’s salary, payroll taxes and benefits, including health insurance and retirement benefits, and related expenses. All expenses are reimbursed at cost and without a markup.