CONSOLIDATED BALANCE SHEET - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Loans held for investment at fair value (cost of $53,744,253)		$ 26,080,763
Loans held for investment at carrying value, net		253,625,119
Current expected credit loss reserve		(46,059,838)
Loans held for investment at carrying value, net of current expected credit loss reserve		207,565,281
Cash and cash equivalents	$ 106,508,623	38,605,507
Interest receivable	1,717,513	899,382
Prepaid expenses and other assets	1,728,446	2,443,814
Total assets	399,718,181	275,594,747
Liabilities
Accrued interest	975,398	763,180
Current expected credit loss reserve		76,469
Accrued management and incentive fees	902,372	716,181
Accrued direct administrative expenses	995,450	374,852
Accounts payable and other liabilities	1,036,803	773,585
Senior notes payable, net	76,575,336	76,322,493
Line of credit payable		21,000,000
Total liabilities	212,448,681	100,026,760
Commitments and contingencies (Note 8)
Shareholders’ equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized; 0 shares issued and outstanding at December 31, 2025		0
Common stock, par value $0.01 per share, 50,000,000 shares authorized; 23,528,844 shares issued and outstanding at December 31, 2025	226,894	235,288
Additional paid-in capital	255,928,446	258,694,609
Accumulated (deficit) earnings	(68,885,840)	(83,361,910)
Total net assets	187,269,500	175,567,987
Total liabilities and net assets	399,718,181	$ 275,594,747
Related Party
Liabilities
Line of credit payable	20,000,000
Nonrelated Party
Liabilities
Line of credit payable	$ 110,000,000