v3.25.2
Equity Interest in Unconsolidated Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The following tables present a summary of information regarding the Company’s equity interest in RESOF:

June 30, 2025December 31, 2024
Ownership Interest Carrying ValueUnfunded CommitmentOwnership Interest Carrying ValueUnfunded Commitment
Equity interest in RESOF14.9%$48,455,336 $11,333,135 14.9%$48,171,168 $10,065,613 

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
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, 2025December 31, 2024
Investments at fair value (cost of $458,313,456 and $465,401,329, respectively)
$464,790,748 $468,862,953 
Other assets38,282,808 34,769,227 
Total assets503,073,556 503,632,180 
Secured financing agreements, net of financing costs136,728,906 100,033,166 
Obligations under participation agreement (proceeds of $33,682,373 and
    $51,754,396, respectively)
34,024,416 73,672,431 
Other liabilities14,220,973 14,114,335 
Total liabilities184,974,295 187,819,932 
Partners’ capital$318,099,261 $315,812,248 

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total investment income$21,764,963 $14,200,717 $40,915,743 $25,033,864 
Total expenses6,393,562 5,559,608 13,213,956 9,741,937 
Net investment income15,371,401 8,641,109 27,701,787 15,291,927 
Net change in unrealized appreciation (depreciation) on investments2,054,615 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 $17,340,319 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Loss from equity interest in the joint ventures$(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, 2025December 31, 2024
Net investments in real estate$193,302,687 $196,206,089 
Other assets128,490,769 100,379,328 
Total assets321,793,456 296,585,417 
Secured financing agreements215,284,166 210,398,952 
Other liabilities8,638,140 8,948,512 
Total liabilities223,922,306 219,347,464 
Members’ capital$97,871,150 $77,237,953 

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
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)
The following table presents a summary of the Company’s equity interest in TCC Boundary Partners LLC. The Company did not receive any distributions for both the three and six months ended June 30, 2025 and 2024.

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Income from other equity investment$630,056 $75,978 $1,233,625 $75,978 
Schedule of Joint Venture Ownership Interests
The following tables present a summary of the Company’s equity interest in the joint ventures:

June 30, 2025December 31, 2024
EntityCo-ownerBeneficial Ownership Interest Carrying ValueBeneficial Ownership Interest Carrying Value
LEL Arlington JV LLC Third party/Affiliate27.2%$5,114,026 27.2%$5,761,522 
TCG Corinthian FL Portfolio
    JV LLC		Third party/Affiliate30.6%5,010,162 30.6%5,694,696 
610 Walnut Investors LLCThird party30.9%1,889,665 33.6%2,672,379 
MASPEN MS I LLC (1)
Affiliates2.4%481,288 2.4%62,878 
Axar Special Opportunity Fund
   VI-B LLC (2)
N/A99.0%21,796,431 100.0%20,957,270 
XS Acquisition Holdco LLC (3)
Third parties46.0%7,285,776 46.0%7,599,187 
VASPEN MS LLC (4)
Affiliates1.2%108,486 —%— 
$41,685,834 $42,747,932 
_______________
(1)This entity invests in opportunistic equity and debt securities. This entity is jointly owned with two related parties managed by the Manager.
(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.
(4)This entity invests in opportunistic equity and debt securities. This entity is jointly owned with a related party managed by the Manager.