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Equity Interest in Unconsolidated Investments | 6 Months Ended
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Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Equity Interest in Unconsolidated Investments | Equity Interest in Unconsolidated Investments As of June 30, 2025 and December 31, 2024, the Company owned equity interests in two joint ventures that own real estate properties. The Company accounts for its interest in these investments using the equity method of accounting because the Company does not have a controlling financial interest in these entities. 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 |
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 The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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