Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026:


		As of June 30, 2026
		Level 1				Level 2				Level 3				Total
Financial assets:
Loans, at fair value - related party		$	-			$	-			$	40,612,435			$	40,612,435
Warrants (1)		-					-				898,000				898,000
Total		$	-			$	-			$	41,510,435			$	41,510,435

(1) Warrants are included within other receivables and assets, net on the consolidated balance sheets.

Summary of Changes in Loans Classified in Level 3 of Fair Value Hierarchy

The following table presents the changes in assets classified within Level 3 of the fair value hierarchy during the six months ended June 30, 2026:


		For the six months ended June 30, 2026
Balance at December 31, 2025		$	-
Purchase of loans held for investment			40,612,435
Purchase of warrants			1,328,000
Unrealized gain (loss)			(430,000	)
Balance at June 30, 2026		$	41,510,435

Schedule of Carrying Values and Fair Values of the Company’s Financial Assets and Liabilities

As of June 30, 2026 and December 31, 2025, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:



						As of June 30, 2026								As of December 31, 2025
		Level				Carrying Value				Fair Value				Carrying Value				Fair Value
Financial assets:
Loans held for investment			3			$	407,899,817			$	405,343,060			$	408,955,567			$	407,364,639
Cash and cash equivalents			1				13,351,699				13,351,699				14,948,884				14,948,884
Interest receivable			2				5,077,545				5,077,545				4,009,800				4,009,800
Other receivables and assets, net			2				2,048,847				2,048,847				874,245				874,245
Related party receivables			2				1,181,661				1,181,661				1,189,937				1,189,937

Financial liabilities:
Revolving loan			2				91,050,000				90,852,703				49,100,000				48,853,380
Notes payable, net			2				49,452,551				49,444,674				49,334,459				49,383,677
Dividend payable			2				10,639,254				10,639,254				11,157,220				11,157,220
Related party payables			2				2,061,428				2,061,428				2,214,920				2,214,920
Management and incentive fees payable			2				1,604,328				1,604,328				3,098,576				3,098,576
Interest payable			2				1,673,514				1,673,514				1,348,334				1,348,334
Accounts payable and other liabilities			2				1,039,790				1,039,790				834,977				834,977
Interest reserve			2				2,530,183				2,530,183				12,686				12,686

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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