Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Summary of Significant Accounting Policies |
|
| Schedule of net intangible assets and liabilities |
| | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | | (unaudited) | | | | | Intangible lease assets, net | | | | | | | | Leasing commissions | | $ | 70,729 | | $ | 501,389 | | Legal and marketing costs | | | 6,529 | | | 27,516 | | Above market leases | | | 15,340 | | | 36,370 | | Leases in place | | | 101,452 | | | 693,746 | | | | $ | 194,050 | | $ | 1,259,021 | | | | | | | | | | Intangible lease liabilities, net | | | | | | | | Below market leases | | $ | (333,785) | | $ | (784,987) | |
|
| Schedule of adjustments to rental revenue related to the above and below market leases |
| | | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | | June 30, | | June 30, | | | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | | | (unaudited) | | | (unaudited) | | | (unaudited) | | | (unaudited) | | Amortization of above market leases | | $ | (2,477) | | $ | (6,326) | | $ | (5,596) | | $ | (12,473) | | Amortization of below market leases | | | 15,975 | | | 47,482 | | | 38,808 | | | 104,414 | | | | $ | 13,498 | | $ | 41,156 | | $ | 33,212 | | $ | 91,941 | |
|
| Schedule of amortization related to intangible assets |
| | | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | | June 30, | | June 30, | | | | | (unaudited) | | | (unaudited) | | | (unaudited) | | | (unaudited) | | Leasing commissions | | $ | (14,615) | | $ | (40,716) | | $ | (40,759) | | $ | (83,228) | | Legal and marketing costs | | | (1,032) | | | (5,589) | | | (2,919) | | | (12,147) | | Leases in place | | | (22,143) | | | (79,829) | | | (65,915) | | | (167,774) | | Total | | $ | (37,790) | | $ | (126,134) | | $ | (109,593) | | $ | (263,149) | |
|
| Schedule of future amortization of above and below market leases |
| | | | | | | | | | | | | | | | | | | | | | | | | For the | | | | | | | | | | | | | | | | | | | | | | remaining six | | | | | | | | | | | | | | | | | | | | | | months ending | | | | | | | | | | | | | | | | | | | | | | December 31, | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | 2031-2041 | | Total | Intangible Lease Assets | | | | | | | | | | | | | | | | | | | | | | Leasing commissions | | $ | 5,181 | | $ | 10,361 | | $ | 9,620 | | $ | 7,471 | | $ | 3,374 | | $ | 34,722 | | $ | 70,729 | Legal and marketing costs | | | 720 | | | 1,439 | | | 998 | | | 593 | | | 247 | | | 2,532 | | | 6,529 | Above market leases | | | 2,393 | | | 4,786 | | | 4,786 | | | 3,375 | | | — | | | — | | | 15,340 | Leases in place | | | 8,044 | | | 16,088 | | | 14,748 | | | 11,185 | | | 4,552 | | | 46,835 | | | 101,452 | | | $ | 16,338 | | $ | 32,674 | | $ | 30,152 | | $ | 22,624 | | $ | 8,173 | | $ | 84,089 | | $ | 194,050 | | | | | | | | | | | | | | | | | | | | | | | Intangible Lease Liabilities | | | | | | | | | | | | | | | | | | | | | | Below market leases | | $ | (13,988) | | $ | (27,976) | | $ | (24,090) | | $ | (21,786) | | $ | (21,786) | | $ | (224,159) | | $ | (333,785) |
|
| Schedule of property and purpose of reserve |
| | | | | | | | | | June 30, 2026 | | December 31, | | Property and Purpose of Reserve | | (unaudited) | | 2025 | | Ashley Plaza Property – maintenance and leasing cost reserve | | $ | 638,077 | | $ | 519,177 | | Brookfield Center Property – maintenance and leasing cost reserve | | | 103,519 | | | 81,355 | | Franklin Square Property – leasing costs | | | — | | | 503,001 | | Total | | $ | 741,596 | | $ | 1,103,533 | |
|
| Schedule of reconciliation of digital asset activity |
| | | | | | | | | | | | | | | For the three months ended | | For the six months ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | Beginning balance | | $ | 423,352 | | $ | — | | $ | 293,902 | | $ | — | Purchases | | | 40,000 | | | 55,005 | | | 241,077 | | | 55,005 | Sales | | | — | | | — | | | — | | | — | Realized gain (loss) | | | — | | | — | | | — | | | — | Unrealized loss | | | (60,388) | | | (1) | | | (132,015) | | | (1) | Ending Balance | | $ | 402,964 | | $ | 55,004 | | $ | 402,964 | | $ | 55,004 | | | | | | | | | | | | | | Bitcoin purchases | | | 0.6771 | | | 0.5132 | | | 3.5232 | | | 0.5132 | Average price | | $ | 58,991 | | $ | 107,018 | | $ | 68,324 | | $ | 107,018 | Transaction fees | | $ | 60 | | $ | 82 | | $ | 361 | | $ | 82 |
|
| Salisbury Marketplace Property |
|
| Summary of Significant Accounting Policies |
|
| Schedule of net intangible assets and liabilities |
| | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | | (unaudited) | | | | | Intangible lease assets, net, associated with assets held for sale | | | | | | | | Leasing commissions | | $ | 340,237 | | $ | 771,750 | | Legal and marketing costs | | | 13,369 | | | 10,952 | | Above market leases | | | 395,575 | | | 3,581 | | Leases in place | | | 15,436 | | | 871,814 | | | | $ | 764,617 | | $ | 1,658,097 | | | | | | | | | | Intangible lease liabilities, net, associated with liabilities held for sale | | | | | | | | Below market leases | | $ | (333,621) | | $ | (455,813) | |
|