v3.25.2
Consolidated Statement of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (4,505,007) $ (5,037,495)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Provision for credit losses 1,613,684 1,050,627
Amortization of premiums and discounts on investments 8,605 129,883
Amortization and accretion of investment-related fees, net (697) 99,365
Amortization of discount on debt 710,608 635,915
Amortization of deferred financing costs 0 51,396
Loss from equity interest in unconsolidated investments 1,568,448 2,150,550
Changes in operating assets and liabilities:    
(Increase) decrease in interest receivable (8,006) 950,439
Decrease (increase) in prepaid expenses and other assets (75,237) (21,807)
Increase (decrease) in accrued expenses 195,595 (134,043)
Increase in interest payable from obligation under participation agreement 14,322 220,174
Decrease in other liabilities (1,500) (401,274)
Net cash used in operating activities (479,185) (306,270)
Cash flows from investing activities:    
Repayment of loans 0 39,941,496
Origination, funding and purchase of loans (1,772,548) (889,847)
Capital contributions to equity interest in unconsolidated investments 0 (527)
Funding of promissory note receivable (9,893,094) (34,335,983)
Repayment of promissory note receivable 7,825,000 0
Distributions from equity interest in unconsolidated investments 0 106,115
Net cash (used in) provided by investing activities (3,840,642) 4,821,254
Cash flows from financing activities:    
Proceeds from obligation under participation agreement 1,606,804 15,000,000
Repayment of term loan 0 (15,000,000)
Change in interest reserve and other deposits held on investments 0 (106,918)
Net cash provided by (used in) financing activities 1,606,804 (106,918)
Net (decrease) increase in cash and cash equivalents (2,713,023) 4,408,066
Cash and cash equivalents, at beginning of period 3,008,449 3,299,996
Cash and cash equivalents, at end of period 295,426 7,708,062
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 3,158,446 $ 2,978,225