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Loans at Fair Value

6 Months Ended

Jun. 30, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

4. LOANS, AT FAIR VALUE

As of June 30, 2025, the Company's portfolio included one loan held at fair value. The aggregate commitment under this loan was approximately $11.5 million and outstanding principal was $5.5 million as of both June 30, 2025 and December 31, 2024. As of June 30, 2025, there is $6.0 million of unfunded commitments related to the loan held at fair value, and the loan was current on all interest and principal payments due. This loan was repaid in full on July 8, 2025. See Note 16 for additional information.

The loan held at fair value as of June 30, 2025 was originated to a related party (Note 8), and is included within Loans, at fair value - related party on the consolidated balance sheets. See Note 13 for additional information on fair value measurement.

The following table summarizes the Company's loan held at fair value as of June 30, 2025.



Loan	Location(s)	Maturity Date	Principal Balance		Amortized Cost		Fair Value		Future Funding (1)		Interest Rate
39	Minnesota	6/26/2026	$	5,500,000	$	5,500,000	$	5,500,000	$	-	10.5% Cash

		Subtotal	$	5,500,000	$	5,500,000	$	5,500,000	$	-

(1)

This loan was repaid in full with all accrued interest and fees during the subsequent period from July 1, 2025 to August 7, 2025 (Note 16).