Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments

The following table summarizes the terms of our derivative financial instruments during the nine months ended September 30, 2024:

Interest Rate Derivative:	Notional Amount		Strike	Effective Date	Maturity Date
SOFR Cap - Fayetteville Mortgage Loan	$	34,500,000	4.25%	4/10/2024	4/10/2025	(1)

(1)The interest rate cap was terminated on July 31, 2024, in conjunction with the sale of the Fayetteville property.

Schedule of Derivative Financial Instruments Consolidated Statements of Operations - Discontinued Operations

The following table presents the effects of our derivative financial instruments on our consolidated statements of operations - discontinued operations for the periods presented:

	Gain (loss) recognized in consolidated statements of operations for the three months ended September 30,					Location of amounts in the statements of operations	Gain (loss) recognized in consolidated statements of operations for the nine months ended September 30,
Type	2024			2023			2024			2023
Interest Rate Cap	$	—		$	—	Interest Expense	$	84,063		$	—
Loss on extinguishment of debt (1)		(37,216	)		—	Loss on extinguishment of debt		(37,216	)		—

(1)The interest rate cap was terminated on July 31, 2024, in conjunction with the sale of the Fayetteville property. The loss incurred on the sale of the interest rate cap was recorded in the statement of discontinued operations as part of “loss on extinguishment of debt”.