v3.25.2
Fair Value Measurements - Fair Value Measurements, Nonrecurring (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Loans          
Principal Amount $ 245,498,189   $ 245,498,189   $ 317,255,023
Carrying Value 198,170,077   198,170,077   274,649,145
Fair Value 198,270,289   198,270,289   276,537,218
Principal Amount 247,498,189   247,498,189   319,255,023
Carrying Value 200,174,245   200,174,245   276,651,498
Fair Value 200,270,289   200,270,289   278,537,218
Liabilities:          
Principal Amount 283,430,094   283,430,094   349,093,942
Carrying Value 279,975,706   279,975,706   344,319,988
Fair Value 257,879,557   257,879,557   313,751,139
Impairment charge on real estate assets held for sale 3,399,684 $ 0 3,399,684 $ 0  
Loans held for investment          
Loans          
Carrying Value 175,053,810   175,053,810   233,571,416
Loans held for investment acquired through participation          
Loans          
Carrying Value 23,116,267   23,116,267   41,077,729
Unsecured notes payable          
Liabilities:          
Principal Amount 52,321,390   52,321,390   44,361,111
Level 3          
Loans          
Fair Value 200,270,289   200,270,289   278,537,218
Liabilities:          
Fair Value 158,130,757   158,130,757   224,986,289
Level 3 | Total operating real estate          
Liabilities:          
Real estate and intangibles 27,037,500   27,037,500    
Level 3 | Loans held for investment          
Loans          
Principal Amount 222,393,773   222,393,773   275,802,476
Carrying Value 175,053,810   175,053,810   233,571,416
Fair Value 174,927,245   174,927,245   234,665,528
Level 3 | Loans held for investment acquired through participation          
Loans          
Principal Amount 23,104,416   23,104,416   41,452,547
Carrying Value 23,116,267   23,116,267   41,077,729
Fair Value 23,343,044   23,343,044   41,871,690
Level 3 | Equity securities without readily determinable fair value          
Loans          
Principal Amount 2,000,000   2,000,000   2,000,000
Carrying Value 2,004,168   2,004,168   2,002,353
Fair Value 2,000,000   2,000,000   2,000,000
Level 3 | Secured financing agreements          
Liabilities:          
Principal Amount 140,323,290   140,323,290   207,593,942
Carrying Value 138,649,716   138,649,716   205,718,782
Fair Value 138,331,034   138,331,034   206,731,436
Level 3 | Obligations under participation agreements          
Liabilities:          
Principal Amount 19,606,804   19,606,804   18,000,000
Carrying Value 19,799,722   19,799,722   18,177,106
Fair Value 19,799,723   19,799,723   18,254,853
Level 1 | Unsecured notes payable          
Liabilities:          
Principal Amount 123,500,000   123,500,000   123,500,000
Carrying Value 121,526,268   121,526,268   120,424,100
Fair Value $ 99,748,800   $ 99,748,800   $ 88,764,850