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Equity Interest in Unconsolidated Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Joint Venture Ownership Interests | The following table presents a summary of the Company’s equity interest in unconsolidated investments as of:
|  |  |  | December 31, 2024 |  | December 31, 2023
Entity |  | Co-owner |  | Beneficial Ownership Interest |  | Carrying Value |  | Beneficial Ownership Interest |  | Carrying Value
SF - Dallas Industrial, LLC (1) |  | Affiliate |  | 80.0% |  | $ | 33,618,816 |  |  | 80.0% |  | $ | 35,690,795 |
610 Walnut Investors LLC (2) |  | Third party |  | 33.6% |  | 2,672,380 |  |  | 42.4% |  | 4,740,915 |
|  |  |  |  |  | $ | 36,291,196 |  |  |  |  | $ | 40,431,710 |
_______________ (1)On December 28, 2022, the Company originated a $10.0 million mezzanine loan to a borrower to finance the acquisition of a real estate portfolio. Additionally, the Company entered into a residual profit-sharing agreement with the borrower in which the borrower would pay the Company an additional amount of 35.0% of remaining net cash flow from the sale of the real estate portfolio. The Company accounted for the entire arrangement as equity interest in unconsolidated investment. In May 2023, the Company made a cash payment of $27.4 million and settled the $10.0 million mezzanine loan in exchange for an 80.0% equity interest in a joint venture that owns the real estate portfolio. Terra REIT owns the other 20.0% of the joint venture. (2)In November 2023, the Company contributed $5.1 million to a joint venture that owns a real estate property. The following table presents a summary of equity income of and distributions received from the Company’s equity interest in unconsolidated investments:
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2024 |  | 2023
Loss from equity interest in unconsolidated investments |  |  |  |  |  | $ | (3,874,927) |  |  | $ | (1,004,325) |
Distributions received from unconsolidated investments |  |  |  |  |  | $ | 266,115 |  |  | $ | 998,998 |
Schedule of Equity Method Investments | The following tables present estimated combined summarized financial information of the Company’s equity interest in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share:
|  | December 31, 2024 |  | December 31, 2023
Net investments in real estate |  | $ | 111,358,643 |  |  | $ | 118,332,211 |
Other assets |  | 9,938,437 |  |  | 8,658,923 |
Total assets |  | 121,297,080 |  |  | 126,991,134 |
Mortgage loan payable |  | 77,405,608 |  |  | 77,223,082 |
Other liabilities |  | 4,246,486 |  |  | 5,501,677 |
Total liabilities |  | 81,652,094 |  |  | 82,724,759 |
Members’ capital |  | $ | 39,644,986 |  |  | $ | 44,266,375 |
|  |  | Years Ended December 31,
|  |  |  |  | 2024 |  | 2023
Revenues |  |  |  |  | $ | 6,661,797 |  |  | $ | 3,691,288 |
Operating expenses |  |  |  |  | (2,805,537) |  |  | (1,095,303) |
Depreciation and amortization expense |  |  |  |  | (5,391,063) |  |  | (2,638,988) |
Interest expense |  |  |  |  | (6,137,513) |  |  | (2,216,318) |
Net loss |  |  |  |  | $ | (7,672,316) |  |  | $ | (2,259,321) |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of other units or shares or classes of ownership in a partnership. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-5 + Details
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