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LOANS HELD FOR INVESTMENT AT CARRYING VALUE | 9 Months Ended
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Sep. 30, 2025
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract] |
LOANS HELD FOR INVESTMENT AT CARRYING VALUE | LOANS HELD FOR INVESTMENT AT CARRYING VALUE As of September 30, 2025 and December 31, 2024, the Company’s portfolio included thirteen and nine loans held at carrying value, respectively. The aggregate originated commitment under these loans was approximately $367.0 million and $190.9 million, respectively, and outstanding principal was approximately $253.0 million and $132.6 million, respectively, as of September 30, 2025 and December 31, 2024. During the nine months ended September 30, 2025, the Company funded approximately $163.1 million of new loans and additional principal on existing loans and had approximately $42.7 million of principal repayments of loans held at carrying value. As of September 30, 2025 and December 31, 2024, approximately 96% and 79%, respectively, of the Company’s loans held at carrying value had floating interest rates. As of September 30, 2025, these floating benchmark rates included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 4.1% and subject to a weighted average floor of 4.1% and U.S. prime rate subject to a weighted average floor of 8.0% and quoted at 7.25% based on outstanding principal. The following tables summarizes the Company’s loans held at carrying value as of September 30, 2025 and December 31, 2024:
| As of September 30, 2025
| Outstanding Principal(1) |  | Original Issue (Discount) Premium |  | Carrying Value(1) |  | Weighted Average Remaining Life (Years)(2)
Senior mortgage loans(3)(4) | $ | 235,231,463 |  |  | $ | (2,566,848) |  |  | $ | 232,664,615 |  |  | 2.0
Subordinate debt | 17,755,640 |  |  | (41,528) |  |  | 17,714,112 |  |  | 2.6
Total loans held at carrying value | $ | 252,987,103 |  |  | $ | (2,608,376) |  |  | $ | 250,378,727 |  |  | 2.0
| As of December 31, 2024
| Outstanding Principal(1) |  | Original Issue (Discount) Premium |  | Carrying Value(1) |  | Weighted Average Remaining Life (Years)(2)
Senior mortgage loans(3)(4) | $ | 109,300,553 |  |  | $ | (1,495,512) |  |  | $ | 107,805,041 |  |  | 2.6
Subordinate debt | 23,255,736 |  |  | (327,147) |  |  | 22,928,589 |  |  | 2.4
Total loans held at carrying value | $ | 132,556,289 |  |  | $ | (1,822,659) |  |  | $ | 130,733,630 |  |  | 2.6
(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 September 30, 2025 and December 31, 2024. (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. The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2025:
| Principal |  | Original Issue (Discount) Premium |  | Carrying Value
Total loans held at carrying value at December 31, 2024 | $ | 132,556,289 |  |  | $ | (1,822,659) |  |  | $ | 130,733,630 |
New fundings | 150,158,657 |  |  | (1,903,577) |  |  | 148,255,080 |
Interest drawn on loans | 12,944,697 |  |  | — |  |  | 12,944,697 |
Accretion of original issue discount and premium, net | — |  |  | 1,117,860 |  |  | 1,117,860 |
Loan repayments | (42,696,558) |  |  | — |  |  | (42,696,558) |
PIK interest | 24,018 |  |  | — |  |  | 24,018 |
Total loans held at carrying value at September 30, 2025 | $ | 252,987,103 |  |  | $ | (2,608,376) |  |  | $ | 250,378,727 |
A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2025 is as follows:
| Loan Type |  | Location |  | Outstanding Principal(1) |  | Original Issue (Discount) Premium |  | Carrying Value(1) |  | Interest Rate |  | Maturity Date(2) |  | Payment Terms(3)
| Senior mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  | Austin, TX |  | $ | 14,087,288 |  |  | $ | (191,687) |  |  | $ | 13,895,601 |  |  | 9.00 | % | (4) | 7/3/2027 |  | I/O
| Hospitality |  | San Antonio, TX |  | 26,793,821 |  |  | (166,833) |  |  | 26,626,988 |  |  | 10.85 | % | (5) | 8/9/2027 |  | I/O
| Residential |  | PBG, FL |  | 30,796,027 |  |  | (243,490) |  |  | 30,552,537 |  |  | 12.38 | % | (6) | 9/1/2027 |  | I/O
| Residential |  | PBG, FL |  | 26,227,753 |  |  | (214,844) |  |  | 26,012,909 |  |  | 10.38 | % | (7) | 9/1/2027 |  | I/O
| Residential |  | Fort Lauderdale, FL |  | 10,596,917 |  |  | (173,077) |  |  | 10,423,840 |  |  | 11.46 | % | (8) | 12/30/2026 |  | I/O
| Hospitality |  | Austin, TX |  | 31,662,242 |  |  | (288,889) |  |  | 31,373,353 |  |  | 9.63 | % | (9) | 12/11/2027 |  | I/O
| Residential |  | Aventura, FL |  | 30,133,251 |  |  | (200,549) |  |  | 29,932,702 |  |  | 9.13 | % | (10) | 1/27/2027 |  | I/O
| Net Leased Tenant |  | New Orleans, LA |  | 4,509,227 |  |  | (342,222) |  |  | 4,167,005 |  |  | 10.10 | % | (11) | 1/30/2028 |  | I/O
| Residential |  | Dallas, TX |  | 44,690,992 |  |  | (374,583) |  |  | 44,316,409 |  |  | 7.78 | % | (12) | 3/14/2028 |  | I/O
| Residential |  | Park City, UT |  | 2,017,729 |  |  | (195,674) |  |  | 1,822,055 |  |  | 11.25 | % | (13) | 8/1/2027 |  | I/O
| Residential |  | Miami, FL |  | 13,716,216 |  |  | (175,000) |  |  | 13,541,216 |  |  | 8.88 | % | (14) | 9/25/2028 |  | I/O
| Subordinate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential |  | Miami, FL |  | 10,552,110 |  |  | (90,278) |  |  | 10,461,832 |  |  | 13.25 | % | (15) | 11/15/2027 |  | I/O
| Residential |  | Miami, FL |  | 7,203,530 |  |  | 48,750 |  |  | 7,252,280 |  |  | 14.63 | % | (16) | 12/13/2028 |  | I/O
| Total loans held at carrying value |  |  |  | $ | 252,987,103 |  |  | $ | (2,608,376) |  |  | $ | 250,378,727 |  |  |  |  |  |  |
(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, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term. (4)Base interest rate of 4.25% plus SOFR (SOFR floor of 4.75%). (5)Base interest rate of 6.35% plus SOFR (SOFR floor of 4.50%). (6)Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%). (7)Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%). (8)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%). (9)Base interest rate of 5.50% plus SOFR (SOFR floor of 4.00%). (10)Base interest rate of 5.00% plus SOFR (SOFR floor of 4.00%). (11)Base interest rate of 5.60% plus SOFR (SOFR floor of 4.50%). (12)Base interest rate of 3.65% plus SOFR (SOFR floor of 3.90%). (13)Base interest rate of 3.25% plus U.S. prime rate (U.S. prime floor of 8.00%). (14)Base interest rate of 4.75% plus SOFR (SOFR floor of 3.50%). (15)Base interest rate of 13.25%. (16)Base interest rate of 9.50% plus SOFR (SOFR floor of 4.00%) and PIK interest rate of 1.00%.

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- Definition LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract] + References No definition available. + Details
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- Definition Loans held for investment at carrying value to finance the purchase of real estate, including but not limited to, land or building. + References No definition available. + Details
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