v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets    
Loans held for investment at carrying value, net $ 248,337,012 $ 130,733,630
Current expected credit loss reserve (383,860) (21,782)
Loans held for investment at carrying value, net of current expected credit loss reserve 247,953,152 130,711,848
Cash and cash equivalents 5,571,621 184,626,770
Interest receivable 2,109,894 1,138,561
Prepaid expenses and other assets 853,777 1,058,601
Total assets 256,488,444 317,535,780
Liabilities    
Accrued interest 373,109 131,617
Dividends payable 4,026,353 2,941,964
Current expected credit loss reserve 242,461 18,398
Accrued management and incentive fees 689,140 393,063
Accrued direct administrative expenses 675,237 715,574
Accounts payable and other liabilities 1,209,543 357,417
Total liabilities 72,165,843 203,398,033
Commitments and contingencies (Note 7)
Shareholders' equity    
Preferred stock, par value $0.01 per share, 10,000 shares authorized at June 30, 2025 and December 31, 2024 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 0 0
Common stock, par value $0.01 per share, 50,000,000 shares authorized at June 30, 2025 and December 31, 2024 and 13,421,176 and 7,004,676 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 134,212 70,047
Additional paid-in capital 186,737,773 115,022,034
Accumulated (deficit) earnings (2,549,384) (954,334)
Total shareholders' equity 184,322,601 114,137,747
Total liabilities and shareholders' equity $ 256,488,444 $ 317,535,780
Preferred stock, authorized (in shares) 10,000 10,000
Nonrelated Party    
Liabilities    
Line of credit payable $ 64,950,000 $ 123,840,000
Related Party    
Liabilities    
Line of credit payable $ 0 $ 75,000,000