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CURRENT EXPECTED CREDIT LOSSES (Tables) | 9 Months Ended
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Sep. 30, 2024
Credit Loss [Abstract] |
Schedule of Financing Receivable, Allowance for Credit Loss | Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value as of and for the three and nine months ended September 30, 2024 was as follows:
| Outstanding(1) |  | Unfunded(2) |  | Total
Balance at June 30, 2024 | $ | 37,421 |  |  | $ | 34,433 |  |  | $ | 71,854 |
(Decrease) increase in provision for current expected credit losses | (37,421) |  |  | (10,106) |  |  | (47,527) |
Write-offs | — |  |  | — |  |  | — |
Recoveries | — |  |  | — |  |  | — |
Balance at September 30, 2024 | $ | — |  |  | $ | 24,327 |  |  | $ | 24,327 |
| Outstanding(1) |  | Unfunded(2) |  | Total
Balance at December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |
Increase (decrease) in provision for current expected credit losses | — |  |  | 24,327 |  |  | 24,327 |
Write-offs | — |  |  | — |  |  | — |
Recoveries | — |  |  | — |  |  | — |
Balance at September 30, 2024 | $ | — |  |  | $ | 24,327 |  |  | $ | 24,327 |
(1)As of September 30, 2024, the CECL Reserve related to outstanding balances on loans held at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheets. (2)As of September 30, 2024, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s balance sheets.
Schedule of Financing Receivable Credit Quality Indicators | Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:
Rating | Definition
1 | Very Low Risk — Investment exceeds performance expectations. Trends and risk factors since time of investment are favorable.
2 | Low Risk — Investment performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3 | Medium Risk — Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4 | High Risk/ Potential for Loss — Investment underperforming with the potential of some interest loss. Trends and risk factors are negative.
5 | Impaired/ Loss Likely — Investment underperforming with expected loss of interest, and full recovery of principal is unlikely.
As of September 30, 2024, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value within each risk rating by year of origination is as follows:
Risk Rating: | 2024 |  | Total
1 | $ | 10,572,368 |  |  | $ | 10,572,368 |
2 | 85,833,378 |  |  | 85,833,378 |
3 | — |  |  | — |
4 | — |  |  | — |
5 | — |  |  | — |
Total | $ | 96,405,746 |  |  | $ | 96,405,746 |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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