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LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)
 9 Months Ended
Sep. 30, 2025
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 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 debt17,755,640 (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 debt23,255,736 (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.
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 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 fundings150,158,657 (1,903,577)148,255,080 
Interest drawn on loans12,944,697 — 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 interest24,018 — 24,018 
Total loans held at carrying value at September 30, 2025$252,987,103 $(2,608,376)$250,378,727 
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 September 30, 2025 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:
ResidentialAustin, TX$14,087,288 $(191,687)$13,895,601 9.00 %
(4)
7/3/2027I/O
HospitalitySan Antonio, TX26,793,821 (166,833)26,626,988 10.85 %
(5)
8/9/2027I/O
ResidentialPBG, FL30,796,027 (243,490)30,552,537 12.38 %
(6)
9/1/2027I/O
ResidentialPBG, FL26,227,753 (214,844)26,012,909 10.38 %
(7)
9/1/2027I/O
ResidentialFort Lauderdale, FL10,596,917 (173,077)10,423,840 11.46 %
(8)
12/30/2026I/O
HospitalityAustin, TX31,662,242 (288,889)31,373,353 9.63 %
(9)
12/11/2027I/O
ResidentialAventura, FL30,133,251 (200,549)29,932,702 9.13 %
(10)
1/27/2027I/O
Net Leased TenantNew Orleans, LA4,509,227 (342,222)4,167,005 10.10 %
(11)
1/30/2028I/O
ResidentialDallas, TX44,690,992 (374,583)44,316,409 7.78 %
(12)
3/14/2028I/O
ResidentialPark City, UT2,017,729 (195,674)1,822,055 11.25 %
(13)
8/1/2027I/O
ResidentialMiami, FL13,716,216 (175,000)13,541,216 8.88 %
(14)
9/25/2028I/O
Subordinate debt:
ResidentialMiami, FL10,552,110 (90,278)10,461,832 13.25 %
(15)
11/15/2027I/O
ResidentialMiami, FL7,203,530 48,750 7,252,280 14.63 %
(16)
12/13/2028I/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%.