FAIR VALUE (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Measurements of Loans Held at Fair Value |
The following tables present fair value measurements of loans held at fair value as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement as of June 30, 2025 | | Total | | Level 1 | | Level 2 | | Level 3 | | Loans held at fair value | $ | 26,847,222 | | | $ | — | | | $ | — | | | $ | 26,847,222 | | | Total | $ | 26,847,222 | | | $ | — | | | $ | — | | | $ | 26,847,222 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement as of December 31, 2024 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Loans held at fair value | $ | 30,510,804 | | | $ | — | | | $ | — | | | $ | 30,510,804 | | | Total | $ | 30,510,804 | | | $ | — | | | $ | — | | | $ | 30,510,804 | |
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| Schedule of Fair Value Measurements of Changes in Loans using Level 3 inputs |
The following table presents changes in loans that use Level 3 inputs as of and for the six months ended June 30, 2025: | | | | | | | | Six months ended
June 30, 2025 | | Total loans using Level 3 inputs at December 31, 2024 | $ | 30,510,804 | | | | | Change in unrealized (losses) gains on loans at fair value, net | (1,741,448) | | | | | | | Loan repayments | (1,922,134) | | | | | | | | | Total loans using Level 3 inputs at June 30, 2025 | $ | 26,847,222 | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of June 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | | | | | Unobservable Input | | Fair Value | | Primary Valuation Techniques | | Input | | Estimated Range | | Weighted Average | | Senior term loan | $ | 26,847,222 | | | Recovery analysis | | Recovery rate | | 49.80% - 55.10% | | 52.45% | | Total investment | $ | 26,847,222 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | | | | | Unobservable Input | | Fair Value | | Primary Valuation Techniques | | Input | | Estimated Range | | Weighted Average | | Senior term loan | $ | 30,510,804 | | | Recovery analysis | | Recovery rate | | 54.90% - 60.00% | | 57.45% | | Total investment | $ | 30,510,804 | | | | | | | | | |
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| Schedule of Book Value and Fair Value of the Financial Instruments |
The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the unaudited interim consolidated balance sheets as of June 30, 2025: | | | | | | | | | | | | | | As of June 30, 2025 | | | Carrying Value | | Fair Value | | Financial assets: | | | | | Cash and cash equivalents | $ | 3,410,065 | | | $ | 3,410,065 | | | Loans held for investment at carrying value | $ | 300,946,208 | | | $ | 256,542,083 | | | | | | | Financial liabilities: | | | | | Senior notes payable, net | $ | 88,907,680 | | | $ | 86,040,000 | |
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