Consolidated Balance Sheets - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Assets
Loans held for investment		$ 338,270,022	$ 337,238,122
Loan held for investment - related party (Note 8)		16,402,488	16,402,488
Loans held for investment, at carrying value	[1],[2]	354,672,510	353,640,610
Current expected credit loss reserve		(4,090,950)	(4,972,647)
Loans held for investment at carrying value, net		350,581,560	348,667,963
Loans held for sale - related party, at fair value (Note 8)	[3]	6,000,000	0
Cash and cash equivalents		6,760,433	7,898,040
Other receivables and assets, net		614,762	705,960
Interest receivable		484,361	1,004,140
Related party receivables		1,471,621	107,225
Debt securities, at fair value			842,269
Total Assets		365,912,737	359,225,597
Liabilities
Revolving loan		54,000,000	66,000,000
Dividend payable		9,267,714	13,866,656
Related party payables		1,570,544	2,051,531
Management and incentive fees payable		1,669,116	3,243,775
Accounts payable and other liabilities		1,357,718	1,135,355
Interest reserve		2,580,887	1,074,889
Total Liabilities		70,445,979	87,372,206
Commitments and contingencies (Note 9)
Stockholders’ equity
Common stock, par value $0.01 per share, 100,000,000 shares authorized and 19,634,482 and 18,197,192 shares issued and outstanding, respectively		196,345	181,972
Additional paid-in-capital		299,721,916	277,483,092
Accumulated deficit		(4,451,503)	(5,811,673)
Total stockholders’ equity		295,466,758	271,853,391
Total liabilities and stockholders’ equity		$ 365,912,737	$ 359,225,597

[1] Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

[2] Loan #9 placed on non-accrual status is included in risk rating category “4” and has a reserve for current expected credit losses of approximately $1.4 million as of September 30, 2024 and $1.5 million as of December 31, 2023.

[3] Refer to Note 13.