| Schedule of investments in unconsolidated real estate ventures |
The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Investment in Unconsolidated Affiliates at | | Total Assets in Unconsolidated Affiliates at | | Total Liabilities of Unconsolidated Affiliates at | Unconsolidated Affiliates | | | Date Acquired | | | Trust Ownership Interest | | September 30,
2026 | | December 31, 2025 | | September 30,
2026 | | | December 31, 2025 | | September 30,
2026 | | December 31, 2025 | Banner Building | | | 2007 | | | 66.67% | | $ | 1,371 | | $ | 1,347 | | $ | 8,357 | | $ | 8,470 | | $ | 6,355 | | $ | 6,505 | Grand Forks INREIT, LLC | | | 2003 | | | 50% | | | 5,229 | | | 5,417 | | | 19,124 | | | 19,848 | | | 8,667 | | | 9,015 | SE Savage, LLC | | | 2019 | | | 60% | | | (1,058) | | | (575) | | | 27,791 | | | 28,783 | | | 29,555 | | | 30,274 | SE Maple Grove, LLC | | | 2019 | | | 60% | | | (152) | | | 553 | | | 25,183 | | | 26,394 | | | 26,381 | | | 26,545 | SE Rogers, LLC | | | 2020 | | | 60% | | | (431) | | | 40 | | | 26,778 | | | 28,040 | | | 27,594 | | | 28,210 | ST Oak Cliff, LLC | | | 2021 | | | 70% | | | 6,800 | | | 5,930 | | | 44,083 | | | 45,608 | | | 34,270 | | | 37,073 | SE Brooklyn Park, LLC | | | 2021 | | | 60% | | | (345) | | | 144 | | | 25,551 | | | 26,535 | | | 26,076 | | | 26,398 | ST Fossil Creek, LLC | | | 2022 | | | 70% | | | 5,873 | | | 5,333 | | | 46,231 | | | 46,131 | | | 38,342 | | | 39,013 | SHG Emory North Liberty, LLC | | | 2024 | | | 99% | | | 10,500 | | | 11,027 | | | 11,984 | | | 12,241 | | | 833 | | | 482 | | | | | | | | | $ | 27,787 | | $ | 29,216 | | $ | 235,082 | | $ | 242,050 | | $ | 198,073 | | $ | 203,515 | | | | | | | | | | | | | | | | | | | | | | | | | | Negative investments presented in accrued expenses and other liabilities | | | | | | | | | 1,986 | | | 575 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total investment in
unconsolidated affiliates | | | | | | | | $ | 29,773 | | $ | 29,791 | | | | | | | | | | | | |
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| Summary of the financial position of the unconsolidated affiliates |
| | | | | | | | | September 30, 2026 | | December 31, 2025 | | | | (in thousands) | ASSETS | | | | | | | Real estate investments | | $ | 272,153 | | $ | 272,102 | Accumulated depreciation | | | (57,701) | | | (51,086) | Total Real Estate Investments, net | | | 214,452 | | | 221,016 | Cash and cash equivalents | | | 3,952 | | | 6,130 | Restricted deposits | | | 3,313 | | | 1,451 | Investment in unconsolidated affiliates | | | 11,506 | | | 11,758 | Financing and lease costs, net | | | 646 | | | 710 | Other assets, net | | | 1,213 | | | 985 | Total Assets | | $ | 235,082 | | $ | 242,050 | | | | | | | | LIABILITIES | | | | | | | Mortgage notes payable, net | | $ | 192,482 | | $ | 196,774 | Tenant security deposits payable | | | 419 | | | 428 | Accrued expenses and other liabilities | | | 5,172 | | | 6,313 | Total Liabilities | | | 198,073 | | | 203,515 | SHAREHOLDERS' EQUITY | | | | | | | Total Shareholders' Equity | | | 37,009 | | | 38,535 | | | | | | | | Total liabilities and shareholders' equity | | $ | 235,082 | | $ | 242,050 |
| | | | | | | | | | | | | | | Three months ended
September 30, | | Nine months ended
September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | | | (in thousands) | Income from rental operations | | $ | 7,538 | | $ | 7,393 | | $ | 22,283 | | $ | 22,072 | Expenses from rental operations | | | 3,325 | | | 3,430 | | | 9,683 | | | 9,907 | Net operating income | | | 4,213 | | | 3,963 | | | 12,600 | | | 12,165 | Depreciation and amortization | | | 2,750 | | | 3,348 | | | 6,680 | | | 10,052 | Interest | | | 1,946 | | | 1,929 | | | 5,984 | | | 5,676 | Other income (expense) | | | 124 | | | 71 | | | 169 | | | (237) | Net income (loss) | | $ | (359) | | $ | (1,243) | | $ | 105 | | $ | (3,800) |
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