LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)

3 Months Ended

Mar. 31, 2025

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Schedule of Loans Held at Carrying Value

The following tables summarizes the Company’s loans held at carrying value as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)(4)	$	202,709,486	$	(2,647,593)	$	200,061,893	2.5
Subordinate debt	30,671,220		(238,922)		30,432,298		2.4
Total loans held at carrying value	$	233,380,706	$	(2,886,515)	$	230,494,191	2.5


	As of December 31, 2024
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)	$	109,300,553	$	(1,495,512)	$	107,805,041	2.6
Subordinate debt	23,255,736		(327,147)		22,928,589		2.4
Total loans held at carrying value	$	132,556,289	$	(1,822,659)	$	130,733,630	2.6

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of March 31, 2025 and December 31, 2024.

(3)Senior mortgage loans include senior loans that also have a contiguous subordinate loan because as a whole, the expected credit quality of the subordinate loan is more similar to that of a senior loan.

(4)If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.

Schedule of Changes in Loans Held at Carrying Value

The following table presents changes in loans held at carrying value as of and for the three months ended March 31, 2025:


	Principal		Original Issue Discount		Carrying Value

Total loans held at carrying value at December 31, 2024	$	132,556,289	$	(1,822,659)	$	130,733,630
New fundings	106,100,104		(1,356,528)		104,743,576
Interest drawn on loans	3,740,082		—		3,740,082
Accretion of original issue discount	—		292,672		292,672
Loan repayments	(9,015,769)		—		(9,015,769)


Total loans held at carrying value at March 31, 2025	$	233,380,706	$	(2,886,515)	$	230,494,191

Schedule of Loans Held at Carrying Value Portfolio

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of March 31, 2025 is as follows:


Loan Type	Location	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Interest Rate			Maturity Date(2)	Payment Terms(3)

Senior mortgage loans:
Residential	Austin, TX	$	13,818,709	$	(105,655)	$	13,713,054	9.0	%	(4)	7/3/2027	I/O
Hospitality	San Antonio, TX	26,793,821		(212,333)		26,581,488		10.9	%	(5)	8/9/2027	I/O
Residential	PBG, FL	28,614,957		(309,896)		28,305,061		12.6	%	(6)	9/1/2027	I/O
Residential	PBG, FL	24,321,302		(273,438)		24,047,864		10.6	%	(7)	9/1/2027	I/O
Residential	Fort Lauderdale, FL	4,964,427		(242,308)		4,722,119		11.4	%	(8)	12/30/2026	I/O
Hospitality	Austin, TX	30,635,540		(355,556)		30,279,984		9.8	%	(9)	12/11/2027	I/O
Residential	Aventura, FL	28,711,352		(280,769)		28,430,583		9.3	%	(10)	1/27/2027	I/O
Net Leased Tenant	New Orleans, LA	599,378		(415,556)		183,822		10.1	%	(11)	1/30/2028	I/O
Residential	Dallas, TX	44,250,000		(452,083)		43,797,917		8.0	%	(12)	3/14/2028	I/O
Subordinate debt:
Residential	Sarasota, FL	23,891,764		(183,227)		23,708,537		13.0	%	(13)	5/12/2027	I/O
Residential	Miami, FL	2,246,271		(111,944)		2,134,327		13.3	%	(14)	11/15/2027	I/O
Residential	Miami, FL	4,533,185		56,250		4,589,435		14.8	%	(15)	12/13/2028	I/O
Total loans held at carrying value		$	233,380,706	$	(2,886,515)	$	230,494,191

(1)The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

(3)I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)Base interest rate of 4.25% plus SOFR (SOFR floor of 4.75%).

(5)Base interest rate of 6.35% plus SOFR (SOFR floor of 4.50%).

(6)Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%).

(7)Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%).

(8)Cash interest rate represents a blended rate of differing cash interest rates applicable to each of the A-Notes and B-Notes to which the Company is a lender under the credit agreements. The A-Notes bear interest at a base interest rate of 4.75% plus SOFR (SOFR floor of 4.75%) and the B-Notes bear interest at a base interest rate of 11.00% plus SOFR (SOFR floor of 4.75%).

(9)Base interest rate of 5.50% plus SOFR (SOFR floor of 4.00%).

(10)Base interest rate of 5.00% plus SOFR (SOFR floor of 4.00%).

(11)Base interest rate of 5.60% plus SOFR (SOFR floor of 4.50%).

(12)Base interest rate of 3.65% plus SOFR (SOFR floor of 3.90%).

(13)Base interest rate of 13.00%.

(14)Base interest rate of 13.25%.

(15)Base interest rate of 9.50% plus SOFR (SOFR floor of 4.00%) and PIK interest rate of 1.00%.