NOTE 5 - INVESTMENT IN REAL ESTATE, NET

At June 30, 2026, the Company’s investment in real estate consisted of twenty real estate holdings, consisting of nineteen operating properties located throughout the United States and approximately two acres of unimproved land in Maui, Hawaii. The operating properties include fifteen apartment complexes, three single-family houses and one commercial real estate property. The operating properties are held for use. See Note 10 for mortgage information and Note 1 for depreciation policies and impairment considerations.

Investment in real estate included the following:

 SCHEDULE OF INVESTMENT IN REAL ESTATE

Additions reflect capital improvements to the Company’s multifamily and commercial properties during the year. Depreciation expense reflects the change in accumulated depreciation for the period (from $55,146,000 to $58,198,000).

On February 24, 2025, the Company entered into a listing agreement to sell a 12-unit multifamily property located in Los Angeles County, California, and active marketing commenced in April 2025. The property met the criteria for classification as held for sale as of June 30, 2025 and was therefore excluded from Investment in real estate, net and presented separately as Assets held for sale in the June 30, 2025 consolidated balance sheet. The property was sold in December 2025 for $4.85 million, and the Company recognized a gain on sale of $3.508 million during the year ended June 30, 2026. See Note 18 – Disposition of Real Estate.