v3.26.1
LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)
 6 Months Ended
Jun. 30, 2026
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]  
Schedule of Loans Held at Carrying Value
The following tables summarizes the Company’s loans held at carrying value as of June 30, 2026 and December 31, 2025:
As of June 30, 2026
Outstanding
Principal(1)
Original
Issue
(Discount) Premium
Carrying
Value(1)
Weighted
Average
Remaining Life
(Years)(2)
Senior mortgage loans(3)(4)
$222,838,841 $(1,474,956)$221,363,885 1.4
Subordinate debt75,825,507 (435,894)75,389,613 2.4
Total loans held at carrying value$298,664,348 $(1,910,850)$296,753,498 1.6
As of December 31, 2025
Outstanding
Principal(1)
Original
Issue
(Discount) Premium
Carrying
Value(1)
Weighted
Average
Remaining Life
(Years)(2)
Senior mortgage loans(3)(4)
$282,678,920 $(2,803,998)$279,874,922 1.9
Subordinate debt22,834,265 (34,444)22,799,821 2.4
Total loans held at carrying value$305,513,185 $(2,838,442)$302,674,743 1.9
(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and loan origination costs.
(2)Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of June 30, 2026 and December 31, 2025.
(3)Senior mortgage loans include senior loans that also have a contiguous subordinate loan because as a whole, the expected credit quality of the subordinate loan is more similar to that of a senior loan.
(4)If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.
Schedule of Changes in Loans Held at Carrying Value
The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2026:
Principal Original Issue
(Discount)
Premium		Carrying Value
Total loans held at carrying value at December 31, 2025$305,513,185 $(2,838,442)$302,674,743 
New fundings109,218,292 (903,136)108,315,156 
Interest drawn on loans6,364,993 — 6,364,993 
Accretion of original issue discount and premium, net— 1,663,895 1,663,895 
Loan repayments(96,130,931)— (96,130,931)
Foreclosure and contribution to real estate joint venture(26,379,740)166,833 (26,212,907)
PIK interest78,549 — 78,549 
Total loans held at carrying value at June 30, 2026$298,664,348 $(1,910,850)$296,753,498 
Schedule of Loans Held at Carrying Value Portfolio
A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of June 30, 2026 is as follows:
Loan TypeLocation
Outstanding
Principal(1)
Original
Issue
(Discount)
Premium
Carrying
Value(1)
Interest
Rate
Maturity
Date(2)
Payment
Terms(3)
Senior mortgage loans:
ResidentialPalm Beach Gardens, FL31,239,158 (157,511)31,081,647 12.25 %
(4)
9/1/2027I/O
ResidentialPalm Beach Gardens, FL23,609,542 (138,980)23,470,562 10.25 %
(5)
9/1/2027I/O
ResidentialFort Lauderdale, FL19,803,590 (69,231)19,734,359 11.50 %
(6)
12/30/2026I/O
HospitalityAustin, TX32,000,000 (188,889)31,811,111 9.50 %
(7)
12/11/2027I/O
ResidentialAventura, FL30,750,872 (80,220)30,670,652 9.00 %
(8)
1/27/2027I/O
Net Leased TenantNew Orleans, LA25,294,251 (232,222)25,062,029 10.10 %
(9)
1/30/2028I/O
ResidentialPark City, UT4,965,932 (115,625)4,850,307 11.25 %
(10)
8/1/2027I/O
ResidentialMiami, FL26,643,711 (131,250)26,512,461 8.40 %
(11)
9/25/2028I/O
IndustrialDoral, FL3,902,832 (19,428)3,883,404 9.95 %
(12)
10/6/2027I/O
IndustrialWest Palm Beach, FL1,893,394 (108,267)1,785,127 9.95 %
(12)
10/16/2027I/O
RetailHouston, TX22,735,559 (233,333)22,502,226 9.50 %
(13)
10/24/2028I/O
Subordinate debt:
ResidentialMiami, FL11,693,918 (57,778)11,636,140 13.25 %
(14)
11/15/2027I/O
ResidentialMiami, FL19,848,963 37,500 19,886,463 14.50 %
(15)
12/13/2028I/O
HospitalityDiversified44,282,626 (415,616)43,867,010 11.25 %
(16)
2/13/2029I/O
Total loans held at carrying value$298,664,348 $(1,910,850)$296,753,498 
(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and loan origination costs.
(2)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
(3)I/O = interest-only.
(4)Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%).
(5)Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%).
(6)Cash interest rate represents a blended rate of differing cash interest rates applicable to each of the A-Notes and B-Notes to which the Company is a lender under the credit agreements. The A-Notes bear interest at a base interest rate of 4.75% plus SOFR (SOFR floor of 4.75%) and the B-Notes bear interest at a base interest rate of 11.00% plus SOFR (SOFR floor of 4.75%).
(7)Base interest rate of 5.50% plus SOFR (SOFR floor of 4.00%).
(8)Base interest rate of 5.00% plus SOFR (SOFR floor of 4.00%).
(9)Base interest rate of 5.60% plus SOFR (SOFR floor of 4.50%).
(10)Base interest rate of 3.25% plus U.S. prime rate (U.S. prime floor of 8.00%).
(11)Base interest rate of 4.75% plus SOFR (SOFR floor of 3.50%).
(12)Base interest rate of 6.20% plus SOFR (SOFR floor of 3.75%).
(13)Base interest rate of 5.75% plus SOFR (SOFR floor of 3.75%).
(14)Base interest rate of 13.25%.
(15)Base interest rate of 9.50% plus SOFR (SOFR floor of 4.00%) and PIK interest rate of 1.00%.
(16)Base interest rate of 8.25% plus SOFR (SOFR floor of 3.00%)