Investments in Hotels (Tables)

6 Months Ended

Jun. 30, 2026

Investments in Hotels

Schedule of investments in hotel properties

					Contract			Mortgage
				Ownership	Purchase			Debt
Property Name	Date Acquired		Location	Interest	Price(1)(2)		Rooms	Outstanding
Springhill Suites Wilmington	05/24/2017	(1)	Wilmington, NC	51%	$	18,000,000	120	$	10,813,833
Staybridge Suites St. Petersburg	06/29/2017	(1)	St. Petersburg, FL	51%	$	20,500,000	119	$	12,777,267
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	07/30/2021		Traverse City, MI	100%	$	15,000,000	76	$	8,702,722

1) Represents the date and contract purchase price of PCF’s acquisition of the Springhill Suites Wilmington (the “Springhill Suites Wilmington”) and the Staybridge Suites St. Petersburg (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

	June 30,		December 31,
	2026		2025
Land	$	14,450,538	$	14,450,538
Building and improvements		89,866,077		89,727,618
Furniture, fixtures, and equipment		14,681,786		14,283,230
Total cost		118,998,401		118,461,386
Accumulated depreciation		(27,901,741)		(26,000,577)
Property and equipment, net	$	91,096,660	$	92,460,809