Loans Held for Investment - Loan Structure (Details) - USD ($) |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Loans and Financing Receivable | ||
| Principal Balance | $ 245,498,189 | $ 317,255,023 |
| Carrying value | $ 198,170,077 | $ 274,649,145 |
| % of Total | 100.00% | 100.00% |
| Preferred equity investments | ||
| Loans and Financing Receivable | ||
| Principal Balance | $ 96,112,203 | $ 94,224,551 |
| Carrying value | $ 47,104,376 | $ 50,114,256 |
| % of Total | 23.80% | 18.20% |
| Mezzanine loans | ||
| Loans and Financing Receivable | ||
| Principal Balance | $ 30,104,416 | $ 15,044,732 |
| Carrying value | $ 30,097,465 | $ 15,038,010 |
| % of Total | 15.20% | 5.50% |
| First mortgages | ||
| Loans and Financing Receivable | ||
| Principal Balance | $ 119,281,570 | $ 207,985,740 |
| Carrying value | $ 120,968,236 | $ 209,496,879 |
| % of Total | 61.00% | 76.30% |