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v3.25.1

Mortgage Loans (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Promissory Notes | The Company had the following mortgage loans outstanding as of March 31, 2025 and December 31, 2024, respectively:
Occupying Tenant | Location | Original Loan Amount |  |  | Interest Rate |  | Maturity Date | 3/31/2025 |  | 12/31/2024 |  | Debt Service Coverage Ratios ("DSCR") Required
7-Eleven Corporation, Starbucks Corporation & Auburn University | Washington, D.C., Tampa, FL, and Huntsville, AL | $ | 11,287,500 |  | (a) | 4.17% |  | 3/6/2030 | $ | 10,602,711 |  | $ | 10,602,711 |  | 1.25
General Services Administration-Navy & AYMCA | Norfolk, VA |  | 8,260,000 |  | (f) | 6.15% |  | 8/30/2029 |  | 7,070,667 |  |  | 7,119,184 |  | 1.25
PRA Holdings, Inc. | Norfolk, VA |  | 5,216,749 |  | (f) | 6.15% |  | 8/23/2029 |  | 4,380,897 |  |  | 4,410,949 |  | 1.25
Sherwin Williams Company | Tampa, FL |  | 1,286,664 |  |  | 3.72% | (b) | 8/10/2028 |  | 1,246,821 |  |  | 1,255,068 |  | 1.20
General Services Administration-FBI | Manteo, NC |  | 928,728 |  | (c) | 3.85% | (d) | 3/31/2032 |  | 885,068 |  |  | 891,071 |  | 1.50
Irby Construction | Plant City , FL |  | 928,728 |  | (c) | 3.85% | (d) | 3/31/2032 |  | 885,068 |  |  | 891,071 |  | 1.50
La-Z-Boy Inc. | Rockford, IL |  | 2,100,000 |  |  | 3.85% | (d) | 3/31/2032 |  | 2,001,273 |  |  | 2,014,851 |  | 1.50
Best Buy Co., Inc. | Grand Junction, CO |  | 2,552,644 |  | (c) | 3.85% | (d) | 3/31/2032 |  | 2,432,644 |  |  | 2,449,141 |  | 1.50
Fresenius Medical Care Holdings, Inc. | Chicago, IL |  | 1,727,108 |  | (c) | 3.85% | (d) | 3/31/2032 |  | 1,645,916 |  |  | 1,657,079 |  | 1.50
Starbucks Corporation | Tampa, FL |  | 1,298,047 |  | (c) | 3.85% | (d) | 3/31/2032 |  | 1,237,025 |  |  | 1,245,414 |  | 1.50
Kohl's Corporation | Tucson, AZ |  | 3,964,745 |  | (c) | 3.85% | (d) | 3/31/2032 |  | 3,778,361 |  |  | 3,803,985 |  | 1.50
City of San Antonio (PreK) | San Antonio, TX |  | 6,444,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 6,297,705 |  |  | 6,323,628 |  | 1.50
Dollar General Market | Bakersfield, CA |  | 2,428,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 2,372,878 |  |  | 2,382,646 |  | 1.50
Dollar General | Big Spring, TX |  | 635,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 620,584 |  |  | 623,138 |  | 1.50
Dollar General | Castalia, OH |  | 556,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 543,377 |  |  | 545,614 |  | 1.50
Dollar General | East Wilton, ME |  | 726,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 709,518 |  |  | 712,439 |  | 1.50
Dollar General | Lakeside, OH |  | 567,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 554,128 |  |  | 556,409 |  | 1.50
Dollar General | Litchfield, ME |  | 624,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 609,834 |  |  | 612,344 |  | 1.50
Dollar General | Mount Gilead, OH |  | 533,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 520,900 |  |  | 523,044 |  | 1.50
Dollar General | Thompsontown, PA |  | 556,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 543,377 |  |  | 545,614 |  | 1.50
Dollar Tree Stores, Inc. | Morrow, GA |  | 647,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 632,312 |  |  | 634,914 |  | 1.50
exp U.S. Services Inc. | Maitland, FL |  | 2,950,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 2,883,028 |  |  | 2,894,895 |  | 1.50
General Services Administration | Vacaville, CA |  | 1,293,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 1,263,646 |  |  | 1,268,847 |  | 1.50
Walgreens | Santa Maria, CA |  | 3,041,000 |  | (e) | 7.47% | (b) | 8/10/2028 |  | 2,971,962 |  |  | 2,984,195 |  | 1.50
Best Buy Co., Inc. | Ames, IA |  | 2,495,000 |  |  | 6.29% | (b) | 8/23/2029 |  | 2,495,000 |  |  | 2,495,000 |  | 1.50
Zaxby's | Sanford, FL |  | 2,947,000 |  |  | 6.29% |  | 5/14/2026 |  | 2,507,448 |  | n/a |  | 1.30
Dollar General | Cleveland, TN |  | 1,350,000 |  |  | 3.50% |  | 5/14/2026 |  | 1,246,390 |  | n/a |  | 1.25
Tractor Supply | Kernersville, NC |  | 3,507,000 |  |  | 2.90% |  | 10/22/2031 |  | 3,245,489 |  | n/a |  | 1.20
|  |  | 70,849,913 |  |  |  |  |  |  | 66,184,027 |  |  | 59,443,251 |  |
|  |  |  |  |  |  | Less Debt Discount, net |  | (826,271 | ) |  | (317,978 | ) |
|  |  |  |  |  |  | Less Debt Issuance Costs, net |  | (742,825 | ) |  | (785,358 | ) |
|  |  |  | 64,614,931 |  |  | 58,339,915 |  |
(a) Loan subject to prepayment penalty (b) Fixed via interest rate swap (c) One loan in the amount of $11.4 million secured by six properties and allocated to each property based on each property's appraised value. (d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85% (e) One loan in the amount of $21.0 million secured by 13 properties and allocated to each property based on each property's appraised value.
Schedule of Minimum Required Principal Payments | Minimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows:
| Mortgage Loans |  | Other Payable - Related Party |  | Loan Payable - Related Party |  | Total as of March 31, 2025 |
2025 | $ | 1,138,148 |  |  | - |  |  | - |  |  | 1,138,148 |
2026 |  | 5,110,416 |  |  | - |  |  | 5,500,000 |  |  | 10,610,416 |
2027 |  | 1,508,613 |  |  | - |  |  | - |  |  | 1,508,613 |
2028 |  | 21,846,023 |  |  | - |  |  | - |  |  | 21,846,023 |
2029 |  | 13,311,313 |  |  | - |  |  | - |  |  | 13,311,313 |
Thereafter |  | 23,269,514 |  |  | - |  |  | - |  |  | 23,269,514 |
| $ | 66,184,027 |  | $ | - |  | $ | 5,500,000 |  | $ | 71,684,027 |

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