v3.25.2
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following table presents a summary of fees paid and costs reimbursed to the Manager in connection with providing services to the Company that are included on the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Origination and extension fee expense (1)
$556,857 $369,392 $1,255,736 $632,164 
Asset management fee1,280,666 1,619,971 2,648,455 3,335,013 
Asset servicing fee309,565 394,995 639,165 801,520 
Operating expenses reimbursed to Manager960,846 2,332,771 2,390,799 4,510,935 
Disposition fee (2)
271,689 135,000 591,689 475,000 
Total$3,379,623 $4,852,129 $7,525,844 $9,754,632 
_______________
(1)Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan on the consolidated statements of operations.
(2)Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of
operations.
The table below lists the participation interests purchased by the Company pursuant to participation agreements as of:
June 30, 2025
Participating InterestsPrincipal BalanceCarrying Value
Loan A (1)
38.27%$23,104,416 $23,116,267 
$23,104,416 $23,116,267 
December 31, 2024
Participating InterestsPrincipal BalanceCarrying Value
Loan A (1)
38.27%$33,407,815 $33,005,953 
Loan B (1)(2)
40.80%8,044,732 8,071,776 
$41,452,547 $41,077,729 
________________
(1)The loan is held in the name of Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party REIT managed by the Manager.
(2)This loan was repaid in January 2025.
The following table summarizes the investment that was subject to a participation agreement with an investment partnership affiliated with the Manager as of:
June 30, 2025
   Transfers treated as
obligations under participation agreements
 PrincipalCarrying Value% TransferredPrincipalCarrying Value
Loan C (1)
$20,224,740 $20,423,739 96.9 %$19,606,804 $19,799,722 

December 31, 2024
   Transfers treated as
obligations under participation agreements
 PrincipalCarrying Value% TransferredPrincipalCarrying Value
Loan C (1)
$18,567,296 $18,577,448 96.9 %$18,000,000 $18,177,106 
________________
(1)Participant is a certain separately managed account, an investment partnership managed by the Manager.