Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023:

	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Debt securities, at fair value	$	-	$	3,469,340	$	-	$	3,469,340

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

As of September 30, 2023 and December 31, 2022, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:

	As of September 30, 2023					As of December 31, 2022
	Level in Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment	3	$	338,792,489	$	334,835,555	$	339,273,538	$	329,237,824
Cash and cash equivalents	1		8,702,157		8,702,157		5,715,827		5,715,827
Interest receivable	2		2,226,902		2,226,902		1,204,412		1,204,412
Other receivables and assets, net	2		946,077		946,077		1,018,212		1,018,212
Related party receivables	2		3,284,900		3,284,900		-		-
Financial liabilities:
Revolving loan	2	$	63,000,000	$	62,483,739	$	58,000,000	$	57,194,404
Accounts payable and other liabilities	2		1,187,591		1,187,591		1,058,128		1,058,128
Interest reserve	2		498,264		498,264		1,868,193		1,868,193
Management and incentive fees payable	2		1,601,387		1,601,387		3,295,600		3,295,600
Related party payables	2		1,668,783		1,668,783		1,397,515		1,397,515
Dividend payable	2		8,568,252		8,568,252		13,618,591		13,618,591