Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024:

	As of March 31, 2025
	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, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

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

As of March 31, 2025 and December 31, 2024, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:

		As of March 31,				As of December 31,
		2025				2024
	Level in Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment	3	$	399,455,479	$	397,090,069	$	402,477,046	$	399,771,293
Cash and cash equivalents	1		9,879,177		9,879,177		26,400,448		26,400,448
Interest receivable	2		1,515,898		1,515,898		1,453,823		1,453,823
Other receivables and assets, net	2		525,277		525,277		459,187		459,187
Related party receivables	2		1,228,559		1,228,559		3,370,339		3,370,339
Financial liabilities:
Revolving loan	2	$	38,000,000	$	37,745,771	$	55,000,000	$	54,694,925
Notes payable, net	2		49,155,713		49,383,204		49,096,250		49,306,996
Accounts payable and other liabilities	2		2,539,925		2,539,925		2,285,035		2,285,035
Interest reserve	2		547,526		547,526		1,297,878		1,297,878
Management and incentive fees payable	2		1,735,533		1,735,533		2,863,158		2,863,158
Related party payables	2		1,586,509		1,586,509		2,043,403		2,043,403
Investments payable	2		500,000		495,000		—		—
Dividend payable	2		9,820,079		9,820,079		13,605,153		13,605,153