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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Assets    
Loans held for investment at carrying value, net $ 250,378,727 $ 130,733,630
Current expected credit loss reserve (140,523) (21,782)
Loans held for investment at carrying value, net of current expected credit loss reserve 250,238,204 130,711,848
Cash and cash equivalents 5,547,368 184,626,770
Interest receivable 1,967,177 1,138,561
Prepaid expenses and other assets 1,078,733 1,058,601
Total assets 258,831,482 317,535,780
Liabilities    
Accrued interest 504,186 131,617
Dividends payable 4,026,296 2,941,964
Current expected credit loss reserve 291,933 18,398
Accrued management and incentive fees 1,072,274 393,063
Accrued direct administrative expenses 837,515 715,574
Accounts payable and other liabilities 337,707 357,417
Total liabilities 74,219,911 203,398,033
Commitments and contingencies (Note 7)
Shareholders' equity    
Preferred stock, par value $0.01 per share, 10,000 shares authorized at September 30, 2025 and December 31, 2024 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 0 0
Common stock, par value $0.01 per share, 50,000,000 shares authorized at September 30, 2025 and December 31, 2024 and 13,420,986 and 7,004,676 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 134,210 70,047
Additional paid-in capital 186,998,082 115,022,034
Accumulated (deficit) earnings (2,520,721) (954,334)
Total shareholders' equity 184,611,571 114,137,747
Total liabilities and shareholders' equity 258,831,482 317,535,780
Nonrelated Party    
Liabilities    
Line of credit payable 67,150,000 123,840,000
Related Party    
Liabilities    
Line of credit payable $ 0 $ 75,000,000