INVESTMENT IN DATACOM JV (Tables)

6 Months Ended

Jun. 30, 2026

INVESTMENT IN DATACOM JV

Schedule of allocation of management fees paid to the advisor and its affiliates by the Datacom JV


Type of Fees:		Basis		Allocation Percentage
Management fee		49% of 1.5% of gross revenues of Datacom JV		100% owed by and allocated to DataCom Limited Partner
Leasing commissions		Market rate based on new leases and modified leases		100% owed by and allocated to DataCom Limited Partner
Construction management fee		49% of the 5% of the project's costs		100% owed and allocated to DataCom Limited Partner
Acquisition fee		49% of 1.5% of the agreed purchase price		Pro rata based on ownership interests.
Asset management fee		49% of 1/12 of 1.0% of Datacom JV's aggregate asset value		65% payable and allocated to Managing Member and 35% payable and allocated to DataCom Limited Partner
Loan coordination fee		49% of 0.5% of the amount of any new financing, assumed loan in connection with the acquisition and refinancing		50% each payable to both members if the financing is outsourced by the DataCom Limited Partner. 100% payable to SWIF Managing Member if sourced by SWIF Managing Member

Schedule of cell tower assets owned by Datacom JV


Name of property		Location		Year Acquired		% of Ownership		Units		Acquisition Cost
Comm Facilities		Maine		2023		100%		2		$	2,642,160
Wireless Asset Group		Missouri		2023		100%		3			3,904,017
Prairie Mountain		Oregon		2023		100%		1			3,083,583
Telesite		Massachusetts		2023		100%		2			2,243,754
Coral Springs		Florida		2023		100%		1			1,331,568
Badger		Wisconsin		2023		100%		1			1,575,355
Gator		Florida		2023/2026		100%		3			6,428,954
Rockville		New York		2023		100%		3			13,862,506
MW Towers		Missouri		2023		100%		2			1,829,159
Hemphill		Various		2023/2024		100%		71			52,390,735
TowerCom		Various		2024/2025/2026		100%		43			31,991,545
Bug Tussel		Various		2024		100%		18			7,450,449
Honey Bear		Various		2025		100%		1			490,943
Parker Road		Various		2025		100%		1			1,194,387
Total								152		$	130,419,115

Schedule of properties acquired portfolios of cell tower assets


Property		Acquisition Date		Number of Towers		Property Type		Acquisition Cost
Honey Bear		June 2025		1		Cell Towers		$	490,943
TowerCom		July 2025		9		Cell Towers			10,555,609
Parker Road		August 2025		1		Cell Towers			1,194,387
Total 2025 asset acquisitions				11				$	12,240,939

Schedule of future minimum rent to be received over the next five years and thereafter for noncancellable operating leases


Year ending December 31:
Remainder of 2026		$	2,943,019
2027			5,446,350
2028			4,778,275
2029			4,097,080
2030			2,790,680
Thereafter			6,141,264
Total		$	26,196,668

Schedule of company's maturities of operating lease liabilities


Year ending December 31:
Remainder of 2026		$	603,916
2027			1,205,370
2028			1,201,404
2029			1,200,423
2030			1,202,391
Thereafter			5,913,515
Total undiscounted lease payments			11,327,019
Less imputed interest			(3,497,305)
Total lease liabilities - net		$	7,829,714

Schedule of summarized financial information of JV


		June 30, 2026			December 31, 2025
Assets
Investments in properties, net		$	52,364,602		$	53,561,971
Cash and cash equivalents			1,264,228			235,090
Restricted cash			1,382,406			2,576,463
Intangible assets, net			59,109,480			62,440,888
Ground lease ROU assets, net			7,632,830			7,792,632
Other assets, net			1,905,734			2,112,005
Total assets		$	123,659,280		$	128,719,049
Liabilities and members’ equity
Loan payable, net		$	44,386,937		$	44,317,320
Accounts payable and accrued liabilities			874,822			948,144
Due to affiliates			106,201			132,059
Acquisition, asset and property management fees payable			204,396			1,559,853
Lease liabilities, net			7,829,714			7,959,436
Other liabilities, net			7,498,949			7,103,895
Total liabilities			60,901,019			62,020,707
Members’ equity			62,758,261			66,698,342
Total liabilities and members’ equity		$	123,659,280		$	128,719,049
The Company’s share of equity in Datacom JV		$	32,070,353		$	34,861,734


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Rental revenues		$	1,499,545		$	1,396,519		$	3,022,714		$	2,732,369
Operating expenses			770,463			299,744			1,535,151			1,279,220
Asset and property management fees			185,751			174,706			369,831			349,034
Depreciation and amortization			2,808,694			2,505,441			5,661,439			4,985,244
Interest expense, net of interest income			722,853			576,758			1,438,315			1,159,208
Total expenses			4,487,761			3,556,649			9,004,736			7,772,706
Net loss of Datacom JV		$	(2,988,216)		$	(2,160,130)		$	(5,982,022)		$	(5,040,337)
The Company’s allocated loss from Datacom JV		$	(1,404,492)		$	(933,030)		$	(2,791,381)		$	(2,372,646)