Investments in Hotels (Tables)

12 Months Ended

Dec. 31, 2025

Investments in Hotels

Schedule of investments in hotel properties

The following table sets forth summary information regarding the Company’s investments in hotel properties as of December 31, 2025:

					Contract			Mortgage
	Date			Ownership	Purchase			Debt
Property Name *	Acquired		Location	Interest	Price(1) (2)		Rooms	Outstanding
Springhill Suites Wilmington	05/24/2017	(1)	Wilmington, NC	51%	$	18,000,000	120	$	10,850,000
Staybridge Suites St. Petersburg	06/29/2017	(1)	St. Petersburg, FL	51%	$	20,500,000	119	$	12,820,000
Hotel Indigo Traverse City	08/15/2018		Traverse City, MI	100%	$	26,050,000	107	$	15,600,000
Hilton Garden Inn Providence	02/27/2020		Providence, RI	100%	$	28,500,000	137	$	19,200,000
Cherry Tree Inn & Suites	07/30/2021		Traverse City, MI	100%	$	15,000,000	76	$	8,844,649

1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington property (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg property (the “Staybridge Suites St. Petersburg”). The Company exercised its option under an option agreement to purchase a 51% membership interest in PCF on March 29, 2018.

2) Contract purchase price excludes acquisition fees and costs.

Schedule of investments in hotel properties, fixed assets

	December 31,		December 31,
	2025		2024
Land	$	14,450,538	$	14,450,538
Building and improvements		89,727,618		89,435,135
Furniture, fixtures, and equipment		14,283,230		13,214,390
Total cost		118,461,386		117,100,063
Accumulated depreciation		(26,000,577)		(22,006,066)
Property and equipment, net	$	92,460,809	$	95,093,997