Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Debt securities, at fair value	$	-	$	842,269	$	-	$	842,269

Schedule of Carrying Values and Fair Values of the Company’s Financial Assets and Liabilities

As of June 30, 2024 and December 31, 2023, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:

		As of June 30,				As of December 31,
		2024				2023
	Level in Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment	3	$	381,862,667	$	379,968,452	$	353,640,610	$	351,952,876
Cash and cash equivalents	1		7,070,883		7,070,883		7,898,040		7,898,040
Interest receivable	2		1,169,611		1,169,611		1,004,140		1,004,140
Other receivables and assets, net	2		628,814		628,814		705,960		705,960
Related party receivables	2		838,876		838,876		107,225		107,225
Financial liabilities:
Revolving loan	2	$	76,750,000	$	76,448,963	$	66,000,000	$	65,633,408
Accounts payable and other liabilities	2		1,541,560		1,541,560		1,135,355		1,135,355
Interest reserve	2		2,491,807		2,491,807		1,074,889		1,074,889
Management and incentive fees payable	2		1,774,880		1,774,880		3,243,775		3,243,775
Related party payables	2		1,950,416		1,950,416		2,051,531		2,051,531
Dividend payable	2		9,256,736		9,256,736		13,866,656		13,866,656