v3.26.3
SEGMENT REPORTING
 12 Months Ended
Jun. 30, 2026
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING
NOTE 16 – SEGMENT REPORTING

ASC 280, Segment Reporting (“ASC 280”), establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments.

We operate as two primary operating and reportable segments: (i) commercial and (ii) residential. These segments include activities related to acquiring, owning, developing, and managing income-producing real estate properties. Although our properties are geographically diversified throughout the United States, we do not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. Our business is managed based on these two segments for internal reporting purposes. The investment committee led by the Chief Executive Officer serves as the CODM and evaluates performance and makes resource allocation decisions on this basis. The CODM evaluates operating performance primarily based on the Company’s net income (loss). Effective January 1, 2026, the CODM began separately evaluating the performance of the Company’s commercial real estate portfolio and residential real estate portfolio following the January 2026 portfolio reorganization and the formation of MAC. As a result, the Company changed its segment reporting structure and now presents two reportable segments: (i) commercial and (ii) residential. Prior period financial information has been recast to reflect this change in segment reporting. Expenses that are significant are the same as those presented in our consolidated statements of operations. Additionally, the CODM reviews the asset information and capital expenditures on a consolidated basis that are the same as shown on the accompanying consolidated balance sheets and statements of cash flows.

Our customers in the United States accounted for 100% of our revenues and we do not have any property or equipment outside of the United States.

We also have a real estate-related debt and equity securities investment portfolio; however, this portfolio does not constitute a reportable segment under ASC 280.

Segment net loss includes the direct costs of the reportable segment. Certain costs, including asset management fees to related party, administrative cost reimbursements to related party, directors’ fees, and transfer agent cost reimbursements to related party, and various other general corporate costs that are not specifically allocable to the segments, are included in the corporate/other columns below.
The Company’s segments derive revenue primarily from rental and other property income. The following financial metrics are regularly reviewed by the CODM:

 
  
Commercial
    
Residential
    
Corporate/Other*
  
 
  
Year Ended June 30,
    
Year Ended June 30,
    
Year Ended June 30,
  
 
  
2026
    
2025
    
2026
    
2025
    
2026
    
2025
  
Segment revenue
  
$
13,066,386
    
$
16,169,614
    
$
6,941,028
    
$
5,890,229
    
$
-
    
$
-
  
 
                                                
Expenses:
                                                
Interest expense
    
4,840,535
      
5,023,986
      
3,358,672
      
3,116,012
      
1,718,340
      
384,583
  
Depreciation and amortization
    
6,096,377
      
9,244,702
      
3,045,250
      
2,187,855
      
-
      
-
  
Property operating and maintenance
    
4,898,174
      
4,643,532
      
3,180,853
      
2,730,328
      
3,200
      
12,190
  
Asset management fees to related party
    
-
      
-
      
-
      
-
      
3,389,022
      
3,449,487
  
Bonus management fees to related party
    
-
      
-
      
-
      
-
      
26,876
      
-
  
General and administrative
    
597,479
      
898,373
      
607,045
      
708,135
      
238,462
      
976,539
  
Professional fees
    
-
      
-
      
-
      
-
      
893,098
      
1,820,775
  
Administrative cost reimbursements to related party
    
-
      
-
      
-
      
-
      
881,000
      
669,855
  
Directors’ fees
    
-
      
-
      
-
      
-
      
159,000
      
149,223
  
Transfer agent cost reimbursements to related party
    
-
      
-
      
-
      
-
      
-
      
6,145
  
Impairment loss on assets held for sale
    
1,687,783
      
-
      
-
      
-
      
-
      
-
  
Impairment loss
    
-
      
9,500,167
      
-
      
-
      
-
      
-
  
Segment net loss
    
(5,053,962
)
    
(13,141,146
)
    
(3,250,792
)
    
(2,852,101
)
    
(7,308,998
)
    
(7,468,797
)
 
                                                
Reconciliation of loss:
                                                
Other income (loss), net
    
(29,955
)
    
9,251
      
2,060
      
20,856
      
1,514,037
      
(538,340
)
Loss before income tax
  
$
(5,083,917
)
  
$
(13,131,895
)
  
$
(3,248,732
)
  
$
(2,831,245
)
  
$
(5,794,961
)
  
$
(8,007,137
)

*Consists of corporate overhead expenses that are not directly attributable to our commercial and residential segments.

The CODM does not review disaggregated expense information beyond the categories listed above.

Entity-wide disclosures:

Commercial:

Year ended June 30, 2026:

 •
Revenue by geographic area:

•
United States: $13,066,386

•
Major customers: There is no one customer accounted for with more than 10% of total revenue.

Year ended June 30, 2025:
 
•
Revenue by geographic area:
 
•
United States: $16,169,614
 
•
Major customers: There is no one customer accounted for with more than 10% of total revenue, aside from the early lease termination income of $3,000,000 from one of the tenants, OS National, LLC, of our Satellite Place Office Building.

Residential:

Year ended June 30, 2026:

 •
Revenue by geographic area:

•
United States: $6,941,028

•
Major customers: There is no one customer accounted for with more than 10% of total revenue.

Year ended June 30, 2025:
•
Revenue by geographic area:
•
United States: $5,890,229
•
Major customers: There is no one customer accounted for with more than 10% of total revenue.

Our segment assets primarily consist of real estate assets, cash and cash equivalents, restricted cash, investments income, rents and other receivables and prepaid expenses and other assets. The following table sets forth our segment assets as of June 30, 2026 and 2025:

 
  
Commercial
    
Residential
    
Corporate/Other
  
 
  
June 30, 2026
    
June 30, 2025
    
June 30, 2026
    
June 30, 2025
    
June 30, 2026
    
June 30, 2025
  
                                     
Total assets
  
$
124,501,873
    
$
62,362,217
    
$
107,078,634
    
$
102,212,393
    
$
3,709,293
    
$
71,417,568
  

Our segment liabilities primarily consist of mortgage notes payable, net, deferred rent and other liabilities, accounts payable and accrued liabilities and due to related entities. The following table sets forth our segment liabilities as of June 30, 2026 and 2025:

 
  
Commercial
    
Residential
    
Corporate/Other
  
 
  
June 30, 2026
    
June 30, 2025
    
June 30, 2026
    
June 30, 2025
    
June 30, 2026
    
June 30, 2025
  
                                     
Total liabilities
  
$
76,519,760
    
$
76,438,260
    
$
63,786,186
    
$
54,453,530
    
$
15,756,849
    
$
11,558,945