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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024:


		As of June 30, 2025
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans, at fair value - related party		$	-			$	5,500,000			$	-			$	5,500,000

		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 June 30, 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 June 30,								As of December 31,
						2025								2024
		Level				Carrying Value				Fair Value				Carrying Value				Fair Value
Financial assets:
Loans held for investment			3			$	413,975,484			$	413,473,042			$	402,477,046			$	399,771,293
Cash and cash equivalents			1				35,562,084				35,562,084				26,400,448				26,400,448
Interest receivable			2				3,295,906				3,295,906				1,453,823				1,453,823
Other receivables and assets, net			2				422,999				422,999				459,187				459,187
Related party receivables			2				879,200				879,200				3,370,339				3,370,339

Financial liabilities:
Revolving loan			2				71,200,000				70,996,618				55,000,000				54,694,925
Notes payable, net			2				49,215,015				49,383,526				49,096,250				49,306,996
Accounts payable and other liabilities			2				1,355,598				1,355,598				2,285,035				2,285,035
Interest reserve			2				243,435				243,435				1,297,878				1,297,878
Management and incentive fees payable			2				1,932,957				1,932,957				2,863,158				2,863,158
Related party payables			2				1,872,082				1,872,082				2,043,403				2,043,403
Investments payable			2				9,461,774				9,461,774				-				-
Dividend payable			2				9,905,074				9,905,074				13,605,153				13,605,153

Summary Of Changes In Loans At Fair Value

The following table presents the changes in loans classified in Level 3 of the fair value hierarchy during the six months ended June 30, 2025 :


		For the six months ended June 30, 2025
		Loans, at fair value - related party
Balance at December 31, 2024		$	5,500,000
Purchases			—
Transfers out of Level 3			(5,500,000	)
Transfers into Level 3			-
Balance at June 30, 2025		$	-

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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