Loans Held For Investment, Net (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025:

	As of March 31, 2026
	Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans	$	145,693,375	$	(621,849	)	$	145,071,526		35.2	%
Floating-rate loans		267,896,458		(3,730,498	)		264,165,960		64.8	%
Total	$	413,589,833	$	(4,352,347	)	$	409,237,486		100.0	%

	As of December 31, 2025
	Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans	$	154,680,286	$	(803,019	)	$	153,877,267		37.6	%
Floating-rate loans		256,394,802		(1,316,502	)		255,078,300		62.4	%
Total	$	411,075,088	$	(2,119,521	)	$	408,955,567		100.0	%

Schedule of Loans Held for Investment

The following tables summarize the Company’s aggregate portfolio of loans held for investment, net of current expected credit loss reserve as of March 31, 2026 and December 31, 2025:

	As of March 31, 2026
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Loans held for investment	$	413,589,833	$	(4,352,347	)	$	409,237,486			2.2
Current expected credit loss reserve		-		-			(8,680,583	)
Total loans held at carrying value, net	$	413,589,833	$	(4,352,347	)	$	400,556,903

	As of December 31, 2025
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Loans held for investment	$	411,075,088	$	(2,119,521	)	$	408,955,567			2.2
Current expected credit loss reserve		-		-			(5,062,785	)
Total loans held at carrying value, net	$	411,075,088	$	(2,119,521	)	$	403,892,782

(1)Weighted average remaining life is calculated based on the carrying value of the loans as of March 31, 2026 and December 31, 2025, 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 three months ended March 31, 2026 and 2025.

	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2025	$	411,075,088		$	(2,119,521	)	$	(5,062,785	)	$	403,892,782
Purchase of investments		52,805,107			(2,970,366	)		-			49,834,741
Principal repayment of loans		(51,565,404	)		-			-			(51,565,404	)
Accretion of original issue discount		-			737,540			-			737,540
Capitalized PIK Interest		1,275,042			-			-			1,275,042
Increase in provision for current expected credit losses		-			-			(3,617,798	)		(3,617,798	)
Balance at March 31, 2026	$	413,589,833		$	(4,352,347	)	$	(8,680,583	)	$	400,556,903

	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		4,365,832			(181,800	)		-			4,184,032
Principal repayment of loans		(9,170,628	)		-			-			(9,170,628	)
Accretion of original issue discount		-			369,971			-			369,971
Capitalized PIK Interest		1,595,058			-			-			1,595,058
Increase in provision for current expected credit losses		-			-			1,072,811			1,072,811
Balance at March 31, 2025	$	401,511,816		$	(2,056,337	)	$	(3,274,058	)	$	396,181,421

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 March 31, 2026, 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)
2a	Michigan	12/31/2021	12/31/2026	$	27,110,506	$	(1,140	)	$	27,109,366		6.6	%	$	-	P+3% Cash  (11)	P&I	16.8%
2b	Michigan	12/16/2025	12/31/2026		2,306,200		(18,103	)		2,288,097		0.6	%		-	0% Cash, 10% PIK	I/O	9.7%
4	Arizona	6/1/2024	6/17/2026		6,626,809		-			6,626,809		1.6	%		-	11.91% Cash  (16)	I/O	17.0%
6	Michigan	8/20/2021	1/30/2026		3,157,129		(1,537	)		3,155,592		0.8	%		-	P+6.5% Cash  (11)(15)	I/O	17.2%
7	Illinois, Arizona	6/30/2025	6/30/2028		36,130,667		(403,179	)		35,727,488		8.7	%		-	P+5.75% Cash  (8)	P&I	15.0%
8	West Virginia	8/30/2024	6/30/2026		8,491,943		-			8,491,943		2.1	%		-	12% Cash	I/O	15.0%
9a	Pennsylvania	3/31/2025	3/31/2028		14,576,987		(55,030	)		14,521,957		3.5	%		-	9% Cash  (12)	P&I	9.7%
9b	Pennsylvania	3/31/2025	3/31/2028		14,550,000		(53,007	)		14,496,993		3.5	%		-	9% Cash  (12)	P&I	9.7%
12	Various	11/8/2021	10/31/2027		15,327,206		(108,894	)		15,218,312		3.7	%		-	P+7% Cash, 2% PIK (9)	P&I	19.8%
18	Ohio	2/3/2022	12/31/2026		47,756,385		-			47,756,385		11.5	%		-	P+1.75% Cash, 5% PIK (8)(13)	P&I	17.9%
19	Florida	3/11/2022	12/31/2027		21,198,768		(32,021	)		21,166,747		5.1	%		-	11% Cash, 5% PIK	P&I	17.5%
21	Illinois	7/1/2022	7/29/2026		6,427,098		(5,612	)		6,421,486		1.6	%		-	P+7% Cash, 2% PIK (8)	P&I	23.3%
23	Arizona	3/27/2023	3/31/2027		1,320,000		(12,666	)		1,307,334		0.3	%		-	P+7.5% Cash  (10)	P&I	18.7%
25	New York	7/1/2023	6/29/2036		21,312,103		-			21,312,103		5.2	%		-	15% Cash	P&I	16.6%
30	Missouri, Arizona	12/19/2023	12/31/2026		9,494,831		(24,577	)		9,470,254		2.3	%		-	P+7.75% Cash  (11)(17)	I/O	18.6%
31	California, Illinois	5/3/2023	9/30/2028		7,439,091		(142,572	)		7,296,519		1.8	%		-	P+8.75% Cash  (9)	I/O	18.7%
34	Arizona	6/17/2024	5/29/2026		10,000,000		-			10,000,000		2.4	%		-	11.91% Cash  (16)	I/O	12.8%
35	California	8/23/2024	9/30/2028		24,768,977		(203,942	)		24,565,035		6.0	%		-	12% Cash, 3% PIK	P&I	16.6%
36	Illinois	10/28/2024	1/1/2027		27,150,398		(47,494	)		27,102,904		6.6	%		2,355,293	P+6.25% Cash  (9)(18)	P&I	15.0%
37	Various	11/26/2024	11/24/2028		17,006,837		(222,770	)		16,784,067		4.1	%			12% Cash, 1% PIK (14)	P&I	15.2%
38a	Various	12/13/2024	6/12/2026		2,065,000		(23,471	)		2,041,529		0.5	%		2,095,000	10% Cash  (14)	I/O	15.3%
38b	Various	1/15/2025	6/12/2026		840,000		(9,600	)		830,400		0.2	%		-	10% Cash  (14)	I/O	15.3%
40	Various	3/28/2025	7/28/2028		700,000		(20,428	)		679,572		0.2	%		-	SOFR +10.25% Cash (6)	I/O	20.4%
41	Ohio	3/1/2025	3/13/2027		271,429		(3,905	)		267,524		0.1	%		-	14.5% Cash	P&I	16.1%
42	Various	9/30/2025	2/28/2029		53,333,333		(281,528	)		53,051,805		12.9	%			SOFR +6.88% Cash (6)	P&I	13.2%
43	Missouri	8/20/2025	8/20/2028		11,398,314		(137,591	)		11,260,723		2.8	%		-	P+5.75% Cash  (10)	P&I	15.4%
44	Various	12/31/2025	12/31/2028		4,940,000		(117,776	)		4,822,224		1.2	%		-	SOFR+10.19% Cash (7)	I/O	16.0%
45	Canada	1/8/2026	1/31/2031		16,211,500		(2,425,504	)		13,785,996		3.9	%		-	SOFR+6.25% Cash	P&I	18.7%
46	Various	3/17/2026	12/31/2026		1,678,322		-			1,678,322		0.4	%		-	0% Cash, 13% PIK	I/O	12.7%
			Subtotal	$	413,589,833	$	(4,352,347	)	$	409,237,486		100	%	$	4,450,293			15.8%

(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 SOFR floor of 3.72%

(8)This Loan is subject to a prime rate floor of 7.00%

(9)This Loan is subject to a prime rate floor of 7.50%

(10)This Loan is subject to a prime rate floor of 8.00%

(11)This Loan is subject to a prime rate floor of 8.50%

(12)Loan #9, is comprised of two tranches, a $14.5 million first lien judgment loan (the "Judgment Loan") and a $14.6 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 7 for additional information. On May 1, 2023, Loan #9 was placed on non-accrual status but was restored to accrual status as of March 31, 2026.

(13)The borrower of Loan #18, FarmaceuticalRX, LLC and its subsidiaries and affiliates (“FRX”), is a related party. Certain common control affiliates of the Company can exercise significant influence over certain credit parties to the Loan Agreement with FRX by virtue of voting representation on its board of managers. During the period ended March 31, 2026 and December 31, 2025, the Company made principal advances $0 and has a carrying value of $47.8 million and $47.1 million as of the periods then ended. As of March 31, 2026, the carrying value of $47.8 million is included in the line item, “Loans held for investment – related party”. (Note 7)

(14)Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.

(15)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 March 31, 2026. On April 6th, 2026, Loan #6 was repaid in full.

(16)Loan #4 and Loan #34 were placed on non-accrual on December 1, 2025 and all accrued interest through such date was reversed. These loans remain on non-accrual as of March 31, 2026 and the interest receivable balance relating to these loans was $0.

(17)Loan #30 was repaid in full on April 24, 2026.

(18)In April 2026, Loan #36 was amended, which decreased the cash interest rate from 13.75% to 0% and increased the PIK rate from 0% to 21.25%.

Schedule of Presents Aging Analyses of Past Due Loans by Amortized Cost

The following tables present aging analyses of past due loans by amortized cost, excluding the CECL reserve, as of March 31, 2026 and December 31, 2025.

	As of March 31, 2026
	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)
Loans held for investment	$	406,081,894	$	3,155,592	$	-	$	-	$	3,155,592	$	409,237,486	$	19,782,401
Total	$	406,081,894	$	3,155,592	$	-	$	-	$	3,155,592	$	409,237,486	$	19,782,401

	As of December 31, 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)
Loans held for investment	$	408,955,567	$	-	$	-	$	-	$	-	$	408,955,567	$	48,801,351
Total	$	408,955,567	$	-	$	-	$	-	$	-	$	408,955,567	$	48,801,351

(1)Loans 1-30 days past due are included in the current loans.

(2)On December 1, 2025, Loan #4 and Loan #34 were placed on non-accrual and remain on non-accrual as of March 31, 2026.On May 9, 2025, Loan #6 was placed on non-accrual and remains on non-accrual as of March 31, 2026. Loan #6 was repaid in full on April 6, 2026.

(3)On May 1, 2023, Loan #9 was placed on non-accrual status. The Company was brought current on all interest and payments due on Loan #9 through December 31, 2025. Management elected to maintain the loan on non-accrual status until such time that the borrower demonstrates sustained ability to meet debt service obligations under both the Judgment Loan and the Term Loan. Loan #9 was restored to accrual status as of March 31, 2026. (Note 7).

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 (1)(2)
Risk Rating	2026		2025		2024		2023		2022		Total
1	$	-	$	-	$	-	$	9,470,254	$	3,155,592	$	12,625,846
2		-		54,561,777		26,606,564		7,296,519		75,344,618		163,809,478
3		15,464,318		83,117,482		25,276,010		22,619,437		42,327,678		188,804,925
4		-		267,524		37,102,904		-		-		37,370,428
5		-		-		6,626,809		-		-		6,626,809
Total	$	15,464,318	$	137,946,783	$	95,612,287	$	39,386,210	$	120,827,888	$	409,237,486

	As of December 31, 2025 (1)
Risk Rating	2025		2024		2023		2022		2021		Total
1	$	-	$	-	$	17,200,000	$	-	$	-	$	17,200,000
2		56,825,751		26,726,735		43,676,371		43,542,664		-		170,771,521
3		104,831,283		52,297,509		1,363,484		-		42,709,369		201,201,645
4		-		16,626,809		-		-		3,155,592		19,782,401
5		-		-		-		-		-		-
Total	$	161,657,034	$	95,651,053	$	62,239,855	$	43,542,664	$	45,864,961	$	408,955,567

(1)Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

(2)Loan #2(a), Loan #6 and Loan #12 were originated in 2021, but were classified as 2022 as of March 31,2026

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 March 31, 2026 and December 31, 2025:

As of March 31, 2026 (1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	71,203,706	$	41,191,844	$	24,184,032	$	8,491,943	$	-	$	-	$	145,071,525
Floating-rate		88,341,068		9,470,254		122,303,684		-		-		44,050,955		264,165,961
	$	159,544,774	$	50,662,098	$	146,487,716	$	8,491,943	$	-	$	44,050,955	$	409,237,486

As of December 31, 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	$	79,144,978	$	24,714,544	$	41,525,802	$	8,491,943	$	-	$	-	$	153,877,267
Floating-rate		118,379,752		6,547,194		35,683,291		27,087,360		-		67,380,703		255,078,300
	$	197,524,730	$	31,261,738	$	77,209,093	$	35,579,303	$	-	$	67,380,703	$	408,955,567

(1)Real estate collateral coverage is calculated based upon most recent third-party appraised values. The Company generally obtains new appraisals of all material real estate collateral at least once annually.

Summary of Geographic Concentration of Loans Held for Investment

Geographic concentration of our loans held for investment is also a significant credit quality indicator. As of March 31, 2026 and December 31, 2025, our borrowers have operations in the jurisdictions in the table below:

As of March 31, 2026				As of December 31, 2025
Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio	Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio
Illinois	$	85,259,003	21%	Illinois	$	76,736,737	19%
Ohio		67,903,446	16%	Ohio		65,865,842	16%
Florida		64,542,243	16%	Florida		56,317,033	14%
Michigan		32,573,835	8%	Pennsylvania		46,114,129	11%
Pennsylvania		32,236,690	8%	Michigan		31,237,041	8%
Arizona		27,771,453	7%	California		27,316,846	7%
California		27,179,072	7%	Arizona		26,326,748	6%
Missouri		21,779,670	5%	Missouri		26,139,970	6%
New York		21,312,103	5%	New York		22,068,401	5%
Canada		16,211,500	4%	Nebraska		17,200,000	4%
West Virginia		8,491,943	2%	West Virginia		8,491,943	2%
Other (2)		2,584,377	1%	Other (2)		2,360,539	1%
Massachusetts		1,869,661	*%	Texas		2,335,787	1%
Texas		1,503,503	*%	Maryland		1,312,711	*%
Maryland		1,312,711	*%	Massachusetts		731,146	*%
Nevada		575,871	*%	Nevada		225,199	*%
Oregon		316,286	*%	Oregon		193,286	*%
Minnesota		166,467	*%	Minnesota		101,730	*%
Nebraska		-	*%	Canada		-	*%
Total	$	413,589,833	100%	Total	$	411,075,088	100%

(1)The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the borrower's principal place of business.

(2)Represents Connecticut, Washington, and New Jersey

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 three months ended March 31, 2026 and 2025 is presented in the table below.

	Funded		Unfunded		Total
Balance at December 31, 2025	$	5,062,785	$	60,707	$	5,123,492
Provision (benefit) for current expected credit losses		3,617,798		220,053		3,837,851
Balance at March 31, 2026	$	8,680,583	$	280,760	$	8,961,343

	Funded			Unfunded			Total
Balance at December 31, 2024	$	4,346,869		$	45,572		$	4,392,441
Provision (benefit) for current expected credit losses		(1,072,811	)		(465	)		(1,073,276	)
Balance at March 31, 2025	$	3,274,058		$	45,107		$	3,319,165