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Equity Interest in Unconsolidated Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
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:
|  |  |  | June 30, 2025 |  | December 31, 2024
Entity |  | Co-owner |  | Beneficial Ownership Interest |  | Carrying Value |  | Beneficial Ownership Interest |  | Carrying Value
SF - Dallas Industrial, LLC |  | Affiliate |  | 80.0% |  | $ | 32,833,082 |  |  | 80.0% |  | $ | 33,618,816 |
610 Walnut Investors LLC |  | Third party |  | 30.9% |  | 1,889,666 |  |  | 33.6% |  | 2,672,380 |
|  |  |  |  |  | $ | 34,722,748 |  |  |  |  | $ | 36,291,196 |
The following table presents a summary of equity income of and distributions received from the Company’s equity interest in unconsolidated investments:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Loss from equity interest in unconsolidated investments |  | $ | (760,495) |  |  | $ | (963,371) |  |  | $ | (1,568,448) |  |  | $ | (2,150,550) |
Distributions received from unconsolidated investments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 106,115 |
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:
|  | June 30, 2025 |  | December 31, 2024
Net investments in real estate |  | $ | 109,268,226 |  |  | $ | 111,358,643 |
Other assets |  | 9,426,845 |  |  | 9,938,437 |
Total assets |  | 118,695,071 |  |  | 121,297,080 |
Mortgage loan payable |  | 77,500,668 |  |  | 77,405,608 |
Other liabilities |  | 3,610,175 |  |  | 4,246,486 |
Total liabilities |  | 81,110,843 |  |  | 81,652,094 |
Members’ capital |  | $ | 37,584,228 |  |  | $ | 39,644,986 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 1,503,441 |  |  | $ | 1,673,189 |  |  | $ | 3,135,668 |  |  | $ | 3,388,934 |
Operating expenses | (542,945) |  |  | (827,465) |  |  | (1,308,474) |  |  | (1,458,609) |
Depreciation and amortization expense | (1,089,180) |  |  | (1,242,984) |  |  | (2,216,165) |  |  | (2,806,897) |
Interest expense | (1,452,040) |  |  | (1,568,548) |  |  | (2,883,547) |  |  | (3,105,604) |
Net loss | $ | (1,580,724) |  |  | $ | (1,965,808) |  |  | $ | (3,272,518) |  |  | $ | (3,982,176) |

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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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