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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Cash, Cash Equivalents and Restricted Cash


	As of		As of
	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	18,904,793	$	24,226,602
Restricted cash		18,411,015		7,962,807
Cash, cash equivalents and restricted cash at the end of the period	$	37,315,808	$	32,189,409

Schedule of Recurring Assets and Liabilities Measured at Fair Value

The following table represents our assets and liabilities measured at fair value and the basis for that measurement (our interest rate swaps are the only assets or liabilities measured at fair value on a recurring basis, there were no non-recurring assets or liabilities for fair value measurements as of June 30, 2024 and December 31, 2023, respectively):


	June 30, 2024						December 31, 2023
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Financial Assets
Interest-rate swap(1)	$	—		$	—		$	627,676		$	627,676

Interest-rate cap(2)	$	754,794		$	754,794		$	—		$	—

Financial Liabilities
Mortgage loans	$	(320,244,252	)	$	(313,064,575	)	$	(315,989,194	)	$	(303,949,790	)

(1)

The interest-rate swap agreement allowed the Company to receive a variable rate of interest based upon 1-month SOFR in exchange for a fixed rate of 2.826% on a notional amount which approximated the declining balance of the mortgage loan on the Hotel Alba. The interest-rate swap was terminated on February 14, 2024.

(2)

The interest-rate cap agreement allows the Company to receive a variable rate of interest based upon 1-month SOFR in exchange for a fixed rate of 3.0% on a notional amount of $26.0 million on the DoubleTree by Hilton Philadelphia Airport. The interest-rate cap is set to terminate on May 1, 2026.

Schedule of Minimum Future Lease Payments Receivable

A schedule of minimum future lease payments receivable for the remaining six and twelve-month periods is as follows:


For the six months ending December 31, 2024	$	499,151
December 31, 2025		997,194
December 31, 2026		936,515
December 31, 2027		931,178
December 31, 2028		947,413
December 31, 2029		996,352
December 31, 2030 and thereafter		9,424,176
Total	$	14,731,979