The Company owns interests in a limited partnership, joint ventures and a preferred equity investment with profit-sharing feature. The Company accounts for its interests in these investments under the equity method of accounting (Note 2).

On August 3, 2020, the Company entered into a subscription agreement with Mavik Real Estate Special Opportunities Fund, LP (“RESOF”) whereby the Company committed to fund up to $50.0 million to purchase a limited partnership interest in RESOF. RESOF’s primary investment objective is to generate attractive risk-adjusted returns by purchasing performing and non-performing mortgages, loans, mezzanines and other credit instruments supported by underlying commercial real estate assets. RESOF may also opportunistically originate high-yield mortgages or loans in real estate special situations including rescue financings, bridge loans, restructurings and bankruptcies (including debtor-in-possession loans). The general partner of RESOF is Mavik Real Estate Special Opportunities Fund GP, LLC, which is a subsidiary of the Company’s sponsor, Terra Capital Partners. The Company evaluated its equity interest in RESOF and determined it does not have a controlling financial interest and is not the primary beneficiary. Accordingly, the equity interest in RESOF is accounted for as an equity method investment.


	June 30, 2025					December 31, 2024
	Ownership Interest	Carrying Value		Unfunded Commitment		Ownership Interest	Carrying Value		Unfunded Commitment
Equity interest in RESOF	14.9%	$	48,455,336	$	11,333,135	14.9%	$	48,171,168	$	10,065,613


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Income from equity interest in RESOF	$	2,812,605	$	1,775,929	$	5,019,539	$	2,774,268
Distributions received from RESOF	$	3,467,848	$	1,035,966	$	4,735,370	$	1,684,877

The following tables present summarized financial information of the Company’s equity interest in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share:


	June 30, 2025		December 31, 2024
Investments at fair value (cost of $458,313,456 and $465,401,329, respectively)	$	464,790,748	$	468,862,953
Other assets	38,282,808		34,769,227
Total assets	503,073,556		503,632,180
Secured financing agreements, net of financing costs	136,728,906		100,033,166
Obligations under participation agreement (proceeds of $33,682,373 and $51,754,396, respectively)	34,024,416		73,672,431
Other liabilities	14,220,973		14,114,335
Total liabilities	184,974,295		187,819,932
Partners’ capital	$	318,099,261	$	315,812,248


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Total investment income	$	21,764,963	$	14,200,717	$	40,915,743	$	25,033,864
Total expenses	6,393,562		5,559,608		13,213,956		9,741,937
Net investment income	15,371,401		8,641,109		27,701,787		15,291,927
Net change in unrealized appreciation (depreciation) on investments	2,054,615		2,576,304		3,092,726		2,048,392
Net increase in partners’ capital resulting from operations	$	17,426,016	$	11,217,413	$	30,794,513	$	17,340,319

The Company beneficially owns equity interests in joint ventures that invest in real estate properties, opportunistic debt and equity securities, and indirectly, together with other non-affiliated entities, non-real estate operating companies. Non-real estate-related investments may take various forms, including preferred and common equity interests in private companies and other financial assets. The Company evaluated its equity interests in these entities and determined it does not have a controlling financial interest and is not the primary beneficiary. Accordingly, the equity interests in the joint ventures are accounted for as equity method investments.


		June 30, 2025			December 31, 2024
Entity	Co-owner	Beneficial Ownership Interest	Carrying Value		Beneficial Ownership Interest	Carrying Value
LEL Arlington JV LLC	Third party/Affiliate	27.2%	$	5,114,026	27.2%	$	5,761,522
TCG Corinthian FL Portfolio JV LLC	Third party/Affiliate	30.6%	5,010,162		30.6%	5,694,696
610 Walnut Investors LLC	Third party	30.9%	1,889,665		33.6%	2,672,379
MASPEN MS I LLC (1)	Affiliates	2.4%	481,288		2.4%	62,878
Axar Special Opportunity Fund VI-B LLC (2)	N/A	99.0%	21,796,431		100.0%	20,957,270
XS Acquisition Holdco LLC (3)	Third parties	46.0%	7,285,776		46.0%	7,599,187
VASPEN MS LLC (4)	Affiliates	1.2%	108,486		—%	—
			$	41,685,834		$	42,747,932

(2)In June 2024, the Company made a $20.0 million capital commitment to an entity that has indirectly invested, together with other non-affiliated entities, in a non-real estate operating company. Through November 2024, $10.0 million of the commitment was funded. In December 2024, through a series of transactions, a wholly owned subsidiary of the Company issued a $10.0 million term loan payable to the entity in exchange for the satisfaction of the remaining funding commitment to this entity (Note 8). The Company determined it is not a primary beneficiary of the entity and therefore accounts for the investment using the equity method of accounting.

(3)In September 2024, the Company purchased preferred and common units in an entity that invests in a non-real estate operating company. The preferred units carry interest at an annual rate of 15%, of which 10% is paid in cash and 5% is accrued. The Company determined it is not a primary beneficiary of the entity and therefore accounts for the investment using the equity method of accounting.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Loss from equity interest in the joint ventures	$	(1,177,064)	$	(179,937)	$	(1,427,457)	$	(1,651,663)
Distributions received from the joint ventures	$	242,143	$	2,627,499	$	481,297	$	2,627,499

The following tables present estimated combined summarized financial information of the Company’s equity interest in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share.


	June 30, 2025		December 31, 2024
Net investments in real estate	$	193,302,687	$	196,206,089
Other assets	128,490,769		100,379,328
Total assets	321,793,456		296,585,417
Secured financing agreements	215,284,166		210,398,952
Other liabilities	8,638,140		8,948,512
Total liabilities	223,922,306		219,347,464
Members’ capital	$	97,871,150	$	77,237,953


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues	$	4,476,099	$	4,462,447	$	10,663,250	$	8,925,318
Operating expenses	(2,518,732)		(2,753,672)		(5,690,738)		(5,226,641)
Depreciation and amortization expense	(1,872,368)		(2,005,343)		(3,833,897)		(3,960,419)
Interest expense	(3,446,954)		(3,534,694)		(7,718,643)		(6,897,252)
Gain on sale of real estate	—		4,816,477		—		4,816,477
Unrealized gain (loss)	1,538,427		(731,824)		2,318,518		(1,584,077)
Net loss (income)	$	(1,823,528)	$	253,391	$	(4,261,510)	$	(3,926,594)

In June 2024, the Company entered into a preferred equity agreement with TCC Boundary Partners LLC. The investment carries interest at an annual rate of 15.0% and matures on June 30, 2029. Additionally, the Company will receive distributions in the event that net proceeds from the sale of underlying property exceed certain internal rate of return thresholds. Because the Company shares residual profit from the sale of underlying property with the borrower, the Company accounts for the investment using the equity method of accounting. As of June 30, 2025 and December 31, 2024, the Company's investment had a carrying value of $17.0 million and $15.9 million, respectively.