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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 as of December 31, 2024 and 2023:


		As of December 31, 2024
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans, at fair value - related party		$	-			$	-			$	5,335,000			$	5,335,000


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

Summary Of Changes In Loans At Fair Value

The following table presents changes in loans at fair value that use Level 3 inputs for the year ended December 31, 2024:


		Year ended December 31, 2024
Total loans using Level 3 inputs at December 31, 2023		$	-
New fundings			5,500,000
Change in unrealized losses on loans at fair value, net			(165,000	)
Total loans using Level 3 inputs at December 31, 2024		$	5,335,000

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

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


				As of December 31,								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		$	402,477,046			$	399,771,293			$	353,640,610			$	351,952,876
Cash and cash equivalents		1			26,400,448				26,400,448				7,898,040				7,898,040
Interest receivable		2			1,453,823				1,453,823				1,004,140				1,004,140
Other receivables and assets, net		2			459,187				459,187				705,960				705,960
Related party receivables		2			3,370,339				3,370,339				107,225				107,225

Financial liabilities:
Revolving loan		2		$	55,000,000			$	54,694,925			$	66,000,000			$	65,633,408
Notes payable, net		2			49,096,250				49,306,996				-				-
Accounts payable and other liabilities		2			2,285,035				2,285,035				1,135,355				1,135,355
Interest reserve		2			1,297,878				1,297,878				1,074,889				1,074,889
Management and incentive fees payable		2			2,863,158				2,863,158				3,243,775				3,243,775
Related party payables		2			2,043,403				2,043,403				2,051,531				2,051,531
Dividend payable		2			13,605,153				13,605,153				13,866,656				13,866,656

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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