| Schedule of property operating revenues, operating expenses and interest expenses by Operating segment |
| | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, (unaudited) | | | Investment Properties | | DST Program | | Total | | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | Revenues | | $ | 1,342,630 | | $ | 2,465,173 | | $ | 465,792 | | $ | — | | $ | 1,808,422 | | $ | 2,465,173 | Operating expenses | | | 401,806 | | | 584,447 | | | 241,534 | | | — | | | 643,340 | | | 584,447 | Property related interest expense (1) | | 290,776 | | | 527,795 | | | — | | | — | | | 290,776 | | | 527,795 | Adjusted net operating income | | $ | 650,048 | | $ | 1,352,931 | | $ | 224,258 | | $ | — | | $ | 874,306 | | $ | 1,352,931 | | | | | | | | | | | | | | | | | | | | Reconciliation to net loss from operations (2) | | | | | | | | | | | | Less: Bad debt expense | | | 12,991 | | | — | | | — | | | — | | | 12,991 | | | — | Less: Share-based compensation expenses | | | — | | | — | Less: Legal, accounting and other professional fees | | | 453,236 | | | 315,785 | Less: Corporate general and administrative expenses | | | 231,661 | | | 357,377 | Less: Loss on impairment | | | — | | | 5,700 | Less: Depreciation and amortization | | | 330,677 | | | 933,292 | Less: Impairment of assets held for sale | | | | | | | | | | | | | | | 465,327 | | | — | Less: Non-mortgage interest expense (3) | | | — | | | 1,866 | Less: Amortization of loan issuance costs (3) | | | 6,956 | | | 29,179 | Less: Loss on disposal of investment properties | | | 65,207 | | | — | Less: Loss on redemption of mandatorily redeemable preferred stock | | | — | | | — | Less: Loss on extinguishment of debt | | | — | | | 27,066 | Net loss from operations | | $ | (691,749) | | $ | (317,334) |
| (1) | Includes mortgage interest expense and amortization of issuance costs related to mortgages payable. For a reconciliation to interest expense as reported on the Company’s condensed consolidated statement of operations, see Note 6, above. |
| (2) | Certain expenses that are not allocated to individual segments which are either reviewed at the corporate level or which are not included in segment-level profitability measures used by the CODM are added to or subtracted from net operating income measure used by the CODM to reconcile this measure to net loss from operations on the Company’s condensed consolidated statement of operations for the three months ended June 30, 2026 and 2025. |
| (3) | Non-mortgage interest expense includes dividends paid and amortization of issuance costs and discounts on the Company’s Mandatorily Redeemable Preferred Stock which are recorded as interest expense (see Note 5, above), and other interest expense, all of which are not allocated to individual segments. For a reconciliation to interest expense as reported on the Company’s condensed consolidated statement of operations, see Note 6, above. |
| | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, (unaudited) | | | Investment Properties | | DST Program | | Total | | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | Revenues | | $ | 3,501,895 | | $ | 4,786,813 | | $ | 465,792 | | $ | — | | $ | 3,967,687 | | $ | 4,786,813 | Operating expenses | | | 1,043,070 | | | 1,243,801 | | | 464,430 | | | — | | | 1,507,500 | | | 1,243,801 | Property related interest expense (1) | | 735,590 | | | 1,059,395 | | | — | | | — | | | 735,590 | | | 1,059,395 | Adjusted net operating income | | $ | 1,723,235 | | $ | 2,483,617 | | $ | 1,362 | | $ | — | | $ | 1,724,597 | | $ | 2,483,617 | | | | | | | | | | | | | | | | | | | | Reconciliation to net loss from operations (2) | | | | | | | | | | | | Less: Bad debt expense (recoveries) | | $ | 12,991 | | $ | 1,321 | | $ | — | | $ | — | | $ | 12,991 | | $ | 1,321 | Less: Share-based compensation expenses | | | 224,220 | | | 397,182 | Less: Legal, accounting and other professional fees | | | 869,015 | | | 742,354 | Less: Corporate general and administrative expenses | | | 579,850 | | | 772,933 | Less: Loss on impairment | | | — | | | 67,503 | Less: Depreciation and amortization | | | 819,447 | | | 1,898,503 | Less: Impairment of assets held for sale | | | 465,327 | | | — | Less: Non-mortgage interest expense (3) | | | 102 | | | 14,102 | Less: Amortization of loan issuance costs (3) | | | 18,135 | | | 58,359 | Plus: Gain on disposal of investment properties | | | (12,785,020) | | | — | Less: Loss on redemption of mandatorily redeemable preferred stock | | | — | | | 9,375 | Less: Loss on extinguishment of debt | | | 372,340 | | | 27,066 | Net income (loss) from operations | | $ | 11,148,190 | | $ | (1,505,081) |
| (1) | Includes mortgage interest expense and amortization of issuance costs related to mortgages payable. For a reconciliation to interest expense as reported on the Company’s condensed consolidated statement of operations, see Note 6, above. |
| (2) | Certain expenses that are not allocated to individual segments which are either reviewed at the corporate level or which are not included in segment-level profitability measures used by the CODM are added to or subtracted from net operating income measure used by the CODM to reconcile this measure to net income (loss) from operations on the Company’s condensed consolidated statement of operations for the six months ended June 30, 2026 and 2025. |
| (3) | Non-mortgage interest expense includes dividends paid and amortization of issuance costs and discounts on the Company’s Mandatorily Redeemable Preferred Stock which are recorded as interest expense (see Note 5, above), and other interest expense, all of which are not allocated to individual segments. For a reconciliation to interest expense as reported on the Company’s condensed consolidated statement of operations, see Note 6, above. |
|
| Schedule of assets by operating segment |
| | | | | | | | | | | | | | | | | | | | | Investment Properties | | DST Program | | Total | | | June 30, | | | | June 30, | | | | June 30, | | | | | 2026 | | December 31, | | 2026 | | December 31, | | 2026 | | December 31, | | | (unaudited) | | 2025 | | (unaudited) | | 2025 | | (unaudited) | | 2025 | Segment assets | | $ | 26,574,032 | | $ | 75,389,464 | | $ | — | | $ | — | | $ | 26,574,032 | | $ | 75,389,464 | | | | | | | | | | | | | | | | | | | | Reconciliation to total assets on condensed consolidated balance sheet | | | | | | Plus: Other assets | $ | 27,234,247 | | $ | 351,664 | Plus: Assets held by operating partnership | | 1,527,401 | | | 1,916,185 | Plus: Assets held by parent company | | 2,481,176 | | | 82,298 | Total assets recorded | $ | 57,816,856 | | $ | 77,739,611 |
|