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Loans Held For Investment, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Loans Held For Investment, Net [Abstract]  
Schedule of Loans Held for Investment by Interest Rate Type The following tables present summarized information regarding our loans held for investment by interest rate type as of June 30, 2025 and December 31, 2024:

 

 

As of June 30, 2025

 

Total Principal

 

Original Issue Discount

 

Carrying Value

 

Percentage of loans held for investment

 

Fixed-rate loans

$

166,213,408

 

$

(708,502

)

$

165,504,906

 

 

39.9

%

Floating-rate loans

 

250,204,740

 

 

(1,734,162

)

 

248,470,578

 

 

60.1

%

Total

$

416,418,148

 

$

(2,442,664

)

$

413,975,484

 

 

100.0

%

 

As of December 31, 2024

 

Total Principal

 

Original Issue Discount

 

Carrying Value

 

Percentage of loans held for investment

 

Fixed-rate loans

$

149,771,871

 

$

(545,081

)

$

149,226,790

 

 

37.1

%

Floating-rate loans

 

254,949,683

 

 

(1,699,427

)

 

253,250,256

 

 

62.9

%

Total

$

404,721,554

 

$

(2,244,508

)

$

402,477,046

 

 

100.0

%
Schedule of Loans Held for Investment June 30, 2025 and December 31, 2024:

 

 

As of June 30, 2025

 

 

Outstanding Principal

 

 

Original Issue Discount

 

 

Carrying
Value

 

 

Weighted Average Remaining Life (Years) (1)

 

Senior Term Loans

 

$

416,418,148

 

 

$

(2,442,664

)

 

$

413,975,484

 

 

 

2.0

 

Current expected credit loss reserve

 

 

-

 

 

 

-

 

 

 

(4,421,348

)

 

 

 

Total loans held at carrying value, net

 

$

416,418,148

 

 

$

(2,442,664

)

 

$

409,554,136

 

 

 

 

 

 

As of December 31, 2024

 

 

Outstanding Principal

 

 

Original Issue Discount

 

 

Carrying
Value

 

 

Weighted Average Remaining Life (Years) (1)

 

Senior Term Loans

 

$

404,721,554

 

 

$

(2,244,508

)

 

$

402,477,046

 

 

 

2.2

 

Current expected credit loss reserve

 

 

-

 

 

 

-

 

 

 

(4,346,869

)

 

 

 

Total loans held at carrying value, net

 

$

404,721,554

 

 

$

(2,244,508

)

 

$

398,130,177

 

 

 

 

 

 

(1)
Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Activity Related to the CECL Reserve for Outstanding Balances

The following tables present changes in loans held at carrying value as of and for the six months ended June 30, 2025 and 2024.

 

 

Principal

 

 

Original
Issue
Discount

 

 

Current
Expected
Credit Loss
Reserve

 

 

Carrying
Value

 

Balance at December 31, 2024

 

$

404,721,554

 

 

$

(2,244,508

)

 

$

(4,346,869

)

 

$

398,130,177

 

Purchase of investments

 

 

20,859,561

 

 

 

(1,048,270

)

 

 

-

 

 

 

19,811,291

 

Principal repayment of loans

 

 

(12,279,060

)

 

 

-

 

 

 

-

 

 

 

(12,279,060

)

Accretion of original issue discount

 

 

-

 

 

 

850,114

 

 

 

-

 

 

 

850,114

 

Transfer of loan held for investment to loan held for sale

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

PIK Interest

 

 

3,116,093

 

 

 

-

 

 

 

-

 

 

 

3,116,093

 

Increase in provision for current expected credit losses

 

 

-

 

 

 

-

 

 

 

(74,479

)

 

 

(74,479

)

Balance at June 30, 2025

 

$

416,418,148

 

 

$

(2,442,664

)

 

$

(4,421,348

)

 

$

409,554,136

 

 

 

 

Principal

 

 

Original
Issue
Discount

 

 

Current
Expected
Credit Loss
Reserve

 

 

Carrying
Value

 

Balance at December 31, 2023

 

$

355,745,305

 

 

$

(2,104,695

)

 

$

(4,972,647

)

 

$

348,667,963

 

Purchase of investments

 

 

43,372,158

 

 

 

(161,080

)

 

 

-

 

 

 

43,211,078

 

Principal repayment of loans

 

 

(21,638,340

)

 

 

-

 

 

 

-

 

 

 

(21,638,340

)

Accretion of original issue discount

 

 

-

 

 

 

847,315

 

 

 

-

 

 

 

847,315

 

Transfer of loan held for investment to loan held for sale

 

 

—

 

 

 

 

 

 

-

 

 

 

—

 

PIK Interest

 

 

5,802,004

 

 

 

-

 

 

 

-

 

 

 

5,802,004

 

Increase in provision for current expected credit losses

 

 

-

 

 

 

-

 

 

 

(107,900

)

 

 

(107,900

)

Balance at June 30, 2024

 

$

383,281,127

 

 

$

(1,418,460

)

 

$

(5,080,547

)

 

$

376,782,120

 

 
Schedule of Loans Held at Carrying Value Based on Information

A more detailed listing of the Company’s loans held at carrying value based on information available as of June 30, 2025, is as follows:

 

 

Initial Funding

Maturity

Principal

 

Original Issue

 

Carrying

 

Percent of Loans held

 

Future

 

 

Periodic

YTM

Loan

Location(s)

Date (1)

Date (2)

Balance

 

Premium/(Discount)

 

Value

 

for investment

 

Fundings

 

Interest Rate (3)

Payment (4)

IRR (5)

1

Various

10/27/2022

10/30/2026

$

19,186,876

 

$

(191,080

)

$

18,995,796

 

 

4.6

%

$

-

 

P+6.5% Cash (8)

P&I

17.1%

2

Michigan

12/31/2021

12/31/2025

 

27,110,506

 

 

(19,285

)

 

27,091,221

 

 

6.5

%

 

-

 

P+3% Cash (13)

I/O

17.3%

3

Various

11/18/2021

1/29/2027

 

21,523,183

 

 

(398,115

)

 

21,125,068

 

 

5.1

%

 

-

 

P+10.375% Cash, 2.75% PIK (11)(14)(15)(21)

I/O

23.5%

4

Arizona

6/1/2024

6/17/2026

 

6,626,809

 

 

-

 

 

6,626,809

 

 

1.6

%

 

-

 

11.91% Cash

I/O

17.0%

6

Michigan

8/20/2021

1/30/2026

 

4,958,672

 

 

(1,537

)

 

4,957,135

 

 

1.2

%

 

-

 

P+6.5% Cash (13)(20)

P&I

17.2%

7

Illinois, Arizona

6/30/2025

6/30/2028

 

33,130,667

 

 

(537,735

)

 

32,592,932

 

 

7.9

%

 

3,000,000

 

P+5.75% Cash (9)

I/O

15.6%

8

West Virginia

8/30/2024

12/31/2025

 

8,491,943

 

 

-

 

 

8,491,943

 

 

2.1

%

 

-

 

10% Cash

I/O

15.0%

9

Pennsylvania

3/31/2025

3/31/2028

 

17,926,987

 

 

(108,037

)

 

17,818,950

 

 

4.3

%

 

 

9% Cash (16)

I/O

9.7%

12

Various

11/8/2021

10/31/2027

 

14,807,687

 

 

(95,856

)

 

14,711,831

 

 

3.6

%

 

-

 

P+7% Cash, 2% PIK (10)

I/O

19.6%

16

Florida

6/1/2025

1/29/2027

 

9,557,500

 

 

(127,753

)

 

9,429,747

 

 

2.3

%

 

500,000

 

16.75% Cash

I/O

26.7%

18

Ohio

2/3/2022

12/31/2025

 

46,168,399

 

 

(227,963

)

 

45,940,436

 

 

11.1

%

 

-

 

P+1.75% Cash, 5% PIK (9)(17)

I/O

16.7%

19

Florida

3/11/2022

12/31/2025

 

18,061,526

 

 

(10,511

)

 

18,051,015

 

 

4.4

%

 

-

 

11% Cash, 5% PIK

P&I

16.5%

20

Missouri

5/9/2022

11/28/2025

 

21,104,965

 

 

(34,683

)

 

21,070,282

 

 

5.1

%

 

-

 

11% Cash, 2% PIK (21)

I/O

14.7%

21

Illinois

7/1/2022

7/29/2026

 

6,325,417

 

 

(19,981

)

 

6,305,436

 

 

1.5

%

 

-

 

P+7% Cash, 2% PIK (9)

P&I

23.3%

23

Arizona

3/27/2023

3/31/2026

 

1,500,000

 

 

(9,307

)

 

1,490,693

 

 

0.4

%

 

-

 

P+7.5% Cash (12)

P&I

18.7%

24

Oregon

9/27/2022

9/27/2026

 

460,000

 

 

-

 

 

460,000

 

 

0.1

%

 

-

 

P+10.5% Cash (7)

P&I

21.7%

25

New York

7/1/2023

6/29/2036

 

23,580,998

 

 

-

 

 

23,580,998

 

 

5.7

%

 

-

 

15% Cash

P&I

16.6%

27

Nebraska

8/15/2023

6/30/2027

 

17,400,000

 

 

-

 

 

17,400,000

 

 

4.2

%

 

-

 

P+6.5% Cash (18)

I/O

15.7%

29

Illinois

10/11/2023

10/9/2026

 

1,897,729

 

 

-

 

 

1,897,729

 

 

0.5

%

 

-

 

11.4% Cash, 1.5% PIK (21)

P&I

14.7%

30

Missouri, Arizona

12/19/2023

12/31/2026

 

18,400,000

 

 

(95,257

)

 

18,304,743

 

 

4.4

%

 

-

 

P+7.75% Cash (13)

I/O

18.7%

31

California, Illinois

5/3/2023

5/3/2026

 

6,680,000

 

 

-

 

 

6,680,000

 

 

1.6

%

 

-

 

P+8.75% Cash (10)

I/O

18.3%

32

Nevada

4/15/2024

8/15/2027

 

5,750,000

 

 

(21,717

)

 

5,728,283

 

 

1.4

%

 

-

 

P+6.5% Cash (12)(21)

I/O

16.1%

33

Minnesota

5/20/2024

5/28/2027

 

1,044,000

 

 

(3,294

)

 

1,040,706

 

 

0.3

%

 

-

 

12% Cash (14)(21)

P&I

13.3%

34

Arizona

6/17/2024

5/29/2026

 

10,000,000

 

 

-

 

 

10,000,000

 

 

2.4

%

 

-

 

11.91% Cash

I/O

12.8%

35

California

8/23/2024

8/23/2027

 

24,624,213

 

 

-

 

 

24,624,213

 

 

5.9

%

 

-

 

12% Cash, 3% PIK

I/O

16.3%

36

Illinois

10/28/2024

1/1/2027

 

26,570,000

 

 

(94,816

)

 

26,475,184

 

 

6.4

%

 

1,030,000

 

P+6.25% Cash (10)

I/O

15.4%

37

Various

11/26/2024

11/24/2028

 

20,120,309

 

 

(340,507

)

 

19,779,802

 

 

4.8

%

 

10,000,000

 

12% Cash, 1% PIK (19)

I/O

15.2%

38a

Various

12/13/2024

12/12/2025

 

2,065,000

 

 

(52,726

)

 

2,012,274

 

 

0.5

%

 

2,065,000

 

10% Cash (19)

I/O

15.6%

38b

Various

1/15/2025

12/12/2025

 

840,000

 

 

(23,994

)

 

816,006

 

 

0.2

%

 

-

 

10% Cash (19)

I/O

15.6%

40

Various

3/28/2025

7/28/2028

 

233,333

 

 

(21,513

)

 

211,820

 

 

0.1

%

 

-

 

SOFR +10.25% Cash (6)

I/O

19.4%

41

Ohio

3/1/2025

3/13/2027

 

271,429

 

 

(6,997

)

 

264,432

 

 

0.1

%

 

-

 

14.5% Cash

I/O

16.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal

$

416,418,148

 

$

(2,442,664

)

$

413,975,484

 

 

100.0

%

$

16,595,000

 

 

 

16.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.
(2)
Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
(3)
"P" = prime rate; "SOFR"= Secured Overnight Financing Rate. "P" and "SOFR" represent floating rate loans that pay interest at the designed benchmark rate plus an applicable spread; "SOFR" loans are typically indexed to 30-day, 90-day or 180-day rates (1 month, 3 month, or 6 month, respectively); "PIK" = paid-in-kind interest.
(4)
P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. The frequency of loan payments may be monthly or quarterly as required by the respective credit agreement governing such loan.
(5)
Estimated YTM, calculated on a weighted average principal basis, includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions.
(6)
This Loan is subject to a SOFR floor of 4.00%
(7)
This Loan is subject to a prime rate floor of 5.50%
(8)
This Loan is subject to a prime rate floor of 6.25%
(9)
This Loan is subject to a prime rate floor of 7.00%
(10)
This Loan is subject to a prime rate floor of 7.50%
(11)
This Loan is subject to a prime rate floor of 7.75%
(12)
This Loan is subject to a prime rate floor of 8.00%
(13)
This Loan is subject to a prime rate floor of 8.50%
(14)
The borrowers of Loan #3 and Loan #33 are affiliates of Vireo Growth, Inc., a related party. The aggregate principal balance of these loans is included on the consolidated balance sheet as loans held for investment - related party. See Note 8 for further details.
(15)
The aggregate principal balance outstanding of Loan #3 is comprised of two tranches. The first tranche has a principal balance of approximately $16.9 million, bears a floating interest rate of prime plus 10.375% cash and 2.75% PIK and has a maturity date of January 29, 2027. The second tranche has a principal balance of approximately $4.4 million, bears an interest rate of 15.00% cash and 2.00% PIK, and a maturity date of May 29, 2026. The statistics presented reflect the weighted average of the rate terms under both tranches for the total aggregate loan principal, however only the maturity date for the first tranche has been presented in the table above.
(16)
Loan #9, is comprised of two tranches, a $14.5 million first lien judgment loan (the "Judgment Loan") and a $2.0 million second lien term loan (the "Term Loan"). The Judgment Loan and the Term Loan bear interest at a rate of 9.0%. The Judgment Loan has no contractual maturity and will remain outstanding until paid by the obligor and the Term Loan has a maturity of March 31, 2028. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, and the maturity date presented represents the maturity date of the Term Loan. See Note 8 for additional information.
(17)
An affiliate under common control holds a controlling equity investment in this portfolio company (Note 8).
(18)
This loan has floating grid pricing based on the Prime Rate plus a spread of 5.00% to 8.75% based on monthly annualized EBITDA performance. As of June 30, 2025, applied interest rate is Prime Rate + 6.50%.
(19)
Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.
(20)
Loan #6 was placed on non-accrual on May 9, 2025 and all accrued interest after April 1, 2025 was reversed at that time. This loan remains on non-accrual as of June 30, 2025.
(21)
These loans were repaid in full with all accrued interest and fees during the subsequent period from July 1, 2025 to August 7, 2025 (Note 16).
Schedule of Presents Aging Analyses of Past Due Loans by Amortized Cost

The following table presents aging analyses of past due loans by amortized cost, excluding the CECL reserve, as of June 30, 2025 and December 31, 2024:

 

 

As of June 30, 2025

 

 

Current
Loans (1)

 

 

31-60
Days
Past Due

 

 

61-90
Days
Past Due

 

 

90+ Days
Past Due

 

 

Total
Past Due

 

 

Total
Loans

 

 

Non-
Accrual(2)(3)

 

Senior Term Loans

 

$

413,975,484

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

413,975,484

 

 

$

22,776,085

 

Total

 

$

413,975,484

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

413,975,484

 

 

$

22,776,085

 

 

 

 

As of December 31, 2024

 

 

Current
Loans (1)

 

 

31-60
Days
Past Due

 

 

61-90
Days
Past Due

 

 

90+ Days
Past Due (2)

 

 

Total
Past Due

 

 

Total
Loans

 

 

Non-
Accrual(2)

 

Senior Term Loans

 

$

386,074,558

 

 

$

-

 

 

$

-

 

 

$

16,402,488

 

 

$

16,402,488

 

 

$

402,477,046

 

 

$

16,402,488

 

Total

 

$

386,074,558

 

 

$

-

 

 

$

-

 

 

$

16,402,488

 

 

$

16,402,488

 

 

$

402,477,046

 

 

$

16,402,488

 

 

(1)
Loans for which principal repayment is 1-30 days past due are included in the current loans.
(2)
On May 1, 2023, Loan #9 was placed on non-accrual status. On June 20, 2023, the Administrative Agent to Loan #9 issued an acceleration notice requesting immediate payment of all amounts outstanding and therefore is 90 days past due as of December 31, 2024. See Note 8 for further details.
(3)
Loan #6 was placed on non-accrual on May 9, 2025 and remains on non-accrual as of June 30, 2025.
Schedule of Risk Rating Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

Rating

Definition

1

Very low risk

2

Low risk

3

Moderate/average risk

4

High risk/potential for loss: a loan that has a risk of realizing a principal loss

5

Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded
Schedule of Carrying Value of Loans Held for Investment

As of June 30, 2025 and December 31, 2024, the carrying value, excluding the current expected credit loss reserve (the “CECL Reserve”), of the Company’s loans within each risk rating category by year of origination is as follows:

 

 

 

 

As of June 30, 2025(1)

 

Risk Rating

 

2025

 

2024

 

2023

 

2022

 

2021

 

Total

 

1

 

$

-

 

$

6,768,989

 

$

1,897,729

 

$

21,530,282

 

$

21,125,068

 

$

51,322,068

 

2

 

 

33,620,758

 

 

53,111,671

 

 

67,456,434

 

 

43,352,247

 

 

-

 

 

197,541,110

 

3

 

 

9,694,179

 

 

28,271,745

 

 

-

 

 

45,940,436

 

 

41,803,052

 

 

125,709,412

 

4

 

 

17,818,950

 

 

16,626,809

 

 

-

 

 

-

 

 

4,957,135

 

 

39,402,894

 

5

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total

 

$

61,133,887

 

$

104,779,214

 

$

69,354,163

 

$

110,822,965

 

$

67,885,255

 

$

413,975,484

 

 

 

As of December 31, 2024(1)

 

Risk Rating

 

2024

 

2023

 

2022

 

2021

 

Total

 

1

 

 

1,111,224

 

$

580,000

 

$

41,045,793

 

$

-

 

$

42,737,017

 

2

 

 

63,823,279

 

 

64,896,824

 

 

90,874,764

 

 

24,239,380

 

 

243,834,247

 

3

 

 

34,653,247

 

 

2,466,705

 

 

27,110,506

 

 

13,687,904

 

 

77,918,362

 

4

 

 

10,000,000

 

 

-

 

 

-

 

 

27,987,420

 

 

37,987,420

 

5

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Total

 

$

109,587,750

 

$

67,943,529

 

$

159,031,063

 

$

65,914,704

 

$

402,477,046

 

 

(1)
Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.
Schedule of Real Estate Collateral Coverage

Real estate collateral coverage is also a significant credit quality indicator, and real estate collateral coverage, excluding the CECL Reserve, was as follows as of June 30, 2025 and December 31, 2024:

 

As of June 30, 2025(1)

 

 

< 1.0x

 

1.0x – 1.25x

 

1.25x – 1.5x

 

1.50x – 1.75x

 

1.75x – 2.0x

 

> 2.0x

 

Total

 

Fixed-rate

 

$

86,414,228

 

$

24,624,213

 

$

43,036,087

 

$

9,532,649

 

$

-

 

$

1,897,729

 

$

165,504,906

 

Floating-rate

 

 

132,976,850

 

 

6,305,436

 

 

211,820

 

 

32,592,932

 

 

26,475,184

 

 

49,908,356

 

 

248,470,578

 

 

$

219,391,078

 

$

30,929,649

 

$

43,247,907

 

$

42,125,581

 

$

26,475,184

 

$

51,806,085

 

$

413,975,484

 

 

As of December 31, 2024(1)

 

 

< 1.0x

 

1.0x – 1.25x

 

1.25x – 1.5x

 

1.50x – 1.75x

 

1.75x – 2.0x

 

> 2.0x

 

Total

 

Fixed-rate

 

$

45,029,665

 

$

48,900,184

 

$

43,750,558

 

$

9,603,167

 

$

-

 

$

1,943,216

 

$

149,226,790

 

Floating-rate

 

 

155,364,941

 

 

16,402,488

 

 

6,549,135

 

 

—

 

 

24,885,063

 

 

50,048,629

 

 

253,250,256

 

 

$

200,394,606

 

$

65,302,672

 

$

50,299,693

 

$

9,603,167

 

$

24,885,063

 

$

51,991,845

 

$

402,477,046

 

 

(1)
Real estate collateral coverage is calculated based upon most recent third party appraised values. The Company generally obtains a new appraisal of all material real estate collateral at least once annually.
Summary of Geography Concentration of Loans Held for Investment

Geography concentration of our loans held for investment is also a significant credit quality indicator. As of June 30, 2025 and December 31, 2024, our borrowers have operations in the jurisdictions in the table below:

 

As of June 30, 2025

 

 

As of December 31, 2024

 

Jurisdiction

 

Outstanding
Principal (1)

 

 

Percentage of Our Loan
Portfolio

 

 

Jurisdiction

 

Outstanding
Principal (1)

 

 

Percentage of Our Loan
Portfolio

 

Illinois

 

$

70,614,725

 

 

 

17

%

 

Illinois

 

$

55,958,079

 

 

 

14

%

Ohio

 

 

63,487,510

 

 

 

15

%

 

Ohio

 

 

60,065,707

 

 

 

15

%

Florida

 

 

44,968,576

 

 

 

11

%

 

Florida

 

 

42,712,285

 

 

 

11

%

Pennsylvania

 

 

37,113,862

 

 

 

9

%

 

Pennsylvania

 

 

35,727,045

 

 

 

9

%

Missouri

 

 

36,073,052

 

 

 

9

%

 

Missouri

 

 

38,208,259

 

 

 

9

%

Michigan

 

 

32,069,178

 

 

 

8

%

 

Michigan

 

 

32,068,629

 

 

 

8

%

Arizona

 

 

25,163,960

 

 

 

6

%

 

Arizona

 

 

28,023,340

 

 

 

7

%

California

 

 

25,008,065

 

 

 

6

%

 

California

 

 

26,057,479

 

 

 

6

%

New York

 

 

23,580,998

 

 

 

6

%

 

New York

 

 

25,093,595

 

 

 

6

%

Maryland

 

 

22,188,184

 

 

 

5

%

 

Maryland

 

 

21,835,901

 

 

 

5

%

Nebraska

 

 

17,400,000

 

 

 

4

%

 

Nebraska

 

 

17,400,000

 

 

 

4

%

West Virginia

 

 

8,491,943

 

 

 

2

%

 

West Virginia

 

 

8,491,943

 

 

 

2

%

Nevada

 

 

5,750,001

 

 

 

1

%

 

Nevada

 

 

6,000,000

 

 

 

1

%

Texas

 

 

2,770,760

 

 

 

1

%

 

Texas

 

 

2,756,870

 

 

 

1

%

Minnesota

 

 

1,124,460

 

 

 

0

%

 

Minnesota

 

 

1,116,000

 

 

 

0

%

Oregon

 

 

612,874

 

 

 

0

%

 

Oregon

 

 

580,000

 

 

 

0

%

Massachusetts

 

 

-

 

 

 

-

%

 

Massachusetts

 

 

2,626,423

 

 

 

1

%

Total

 

$

416,418,148

 

 

 

100

%

 

Total

 

$

404,721,554

 

 

 

100

%

 

(1)
The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the principal place of business.
Schedule of Activity Related to the CECL Reserve for Outstanding Balances

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the six months ended June 30, 2025 and 2024 is presented in the table below.

 

 

Funded

 

 

Unfunded

 

 

Total

 

Balance at December 31, 2024

 

$

4,346,869

 

 

$

45,572

 

 

$

4,392,441

 

Provision (benefit) for current expected credit losses

 

 

74,479

 

 

 

(465

)

 

 

74,014

 

Balance at June 30, 2025

 

$

4,421,348

 

 

$

45,107

 

 

$

4,466,455

 

 

 

Funded

 

 

Unfunded

 

 

Total

 

Balance at December 31, 2023

 

$

4,972,647

 

 

$

3,092

 

 

$

4,975,739

 

Provision (benefit) for current expected credit losses

 

 

107,900

 

 

 

(3,092

)

 

 

104,808

 

Balance at June 30, 2024

 

$

5,080,547

 

 

$

—

 

 

$

5,080,547