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 |