v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Assets    
Loans held for investment at carrying value, net $ 230,494,191 $ 130,733,630
Current expected credit loss reserve (13,713) (21,782)
Loans held for investment at carrying value, net of current expected credit loss reserve 230,480,478 130,711,848
Cash and cash equivalents 1,642,780 184,626,770
Interest receivable 1,672,886 1,138,561
Prepaid expenses and other assets 646,421 1,058,601
Total assets 234,442,565 317,535,780
Liabilities    
Accrued interest 132,297 131,617
Dividends payable 4,026,448 2,941,964
Current expected credit loss reserve 144,115 18,398
Accrued management and incentive fees 0 393,063
Accrued direct administrative expenses 640,437 715,574
Accounts payable and other liabilities 1,491,170 357,417
Total liabilities 49,634,467 203,398,033
Commitments and contingencies (Note 7)
Shareholders' equity    
Preferred stock, par value $0.01 per share, 10,000 and 0 shares authorized at March 31, 2025 and December 31, 2024 and 0 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 0 0
Common stock, par value $0.01 per share, 50,000,000 shares authorized at March 31, 2025 and December 31, 2024 and 13,421,494 and 7,004,676 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 134,215 70,047
Additional paid-in capital 186,555,228 115,022,034
Accumulated (deficit) earnings (1,881,345) (954,334)
Total shareholders' equity 184,808,098 114,137,747
Total liabilities and shareholders' equity 234,442,565 317,535,780
Nonrelated Party    
Liabilities    
Line of credit payable 43,200,000 123,840,000
Related Party    
Liabilities    
Line of credit payable $ 0 $ 75,000,000