| Segment Reporting Information |
The Company’s segments derive revenue primarily from rental and other property income. The following financial metrics are regularly reviewed by the CODM:
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Commercial
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Residential
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Corporate/Other*
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Year Ended June 30,
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Year Ended June 30,
|
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Year Ended June 30,
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2026
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2025
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2026
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2025
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2026
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2025
|
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Segment revenue
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$
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13,066,386 |
|
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$
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16,169,614 |
|
|
$
|
6,941,028 |
|
|
$
|
5,890,229 |
|
|
$
|
- |
|
|
$
|
- |
|
|
|
|
|
|
|
|
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Expenses:
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|
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Interest expense
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4,840,535 |
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5,023,986 |
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3,358,672 |
|
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3,116,012 |
|
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1,718,340 |
|
|
|
384,583 |
|
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Depreciation and amortization
|
|
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6,096,377 |
|
|
|
9,244,702 |
|
|
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3,045,250 |
|
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2,187,855 |
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- |
|
|
|
- |
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Property operating and maintenance
|
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4,898,174 |
|
|
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4,643,532 |
|
|
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3,180,853 |
|
|
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2,730,328 |
|
|
|
3,200 |
|
|
|
12,190 |
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Asset management fees to related party
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|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
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3,389,022 |
|
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3,449,487 |
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Bonus management fees to related party
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- |
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|
- |
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|
|
- |
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|
- |
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26,876 |
|
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|
- |
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General and administrative
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597,479 |
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|
898,373 |
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607,045 |
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708,135 |
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238,462 |
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|
976,539 |
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Professional fees
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|
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- |
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- |
|
|
|
- |
|
|
|
- |
|
|
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893,098 |
|
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1,820,775 |
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Administrative cost reimbursements to related party
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|
|
- |
|
|
|
- |
|
|
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- |
|
|
|
- |
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|
881,000 |
|
|
|
669,855 |
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Directors’ fees
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|
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- |
|
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- |
|
|
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- |
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|
- |
|
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|
159,000 |
|
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|
149,223 |
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Transfer agent cost reimbursements to related party
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|
- |
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- |
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- |
|
|
|
- |
|
|
|
- |
|
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6,145 |
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Impairment loss on assets held for sale
|
|
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1,687,783 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
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|
|
- |
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|
- |
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Impairment loss
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|
- |
|
|
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9,500,167 |
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|
|
- |
|
|
|
- |
|
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- |
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|
|
- |
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Segment net loss
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|
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(5,053,962 |
)
|
|
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(13,141,146 |
)
|
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(3,250,792 |
)
|
|
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(2,852,101 |
)
|
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(7,308,998 |
)
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(7,468,797 |
)
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Reconciliation of loss:
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Other income (loss), net
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(29,955 |
)
|
|
|
9,251 |
|
|
|
2,060 |
|
|
|
20,856 |
|
|
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1,514,037 |
|
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(538,340 |
)
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Loss before income tax
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$
|
(5,083,917 |
)
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|
$
|
(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.
|
| Segment Assets |
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:
|
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Commercial
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Residential
|
|
|
Corporate/Other
|
|
|
|
|
June 30, 2026
|
|
|
June 30, 2025
|
|
|
June 30, 2026
|
|
|
June 30, 2025
|
|
|
June 30, 2026
|
|
|
June 30, 2025
|
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| |
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Total assets
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$
|
124,501,873 |
|
|
$
|
62,362,217 |
|
|
$
|
107,078,634 |
|
|
$
|
102,212,393 |
|
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$
|
3,709,293 |
|
|
$
|
71,417,568 |
|
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| Segment Liabilities |
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
|
|
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June 30, 2025
|
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| |
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Total liabilities
|
|
$
|
76,519,760 |
|
|
$
|
76,438,260 |
|
|
$
|
63,786,186 |
|
|
$
|
54,453,530 |
|
|
$
|
15,756,849 |
|
|
$
|
11,558,945 |
|
|