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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

10. SEGMENT REPORTING

 

The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker, which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The Company operates as a single reportable segment, originating, servicing, and managing short-term secured commercial loans to real estate investors. Management evaluates performance on a consolidated basis, as all loans share similar risk profiles, underwriting standards, and operational processes. Key performance metrics include interest income, origination fees, loan performance, and operating expenses. Significant expenses reviewed by management include interest and amortization of deferred financing costs and general and administrative expenses, which remain consistent across loan types. There are no material differences between segment-level information and consolidated financial reporting. The Company will continue to evaluate its segment reporting disclosures and make adjustments if there are material changes in business operations or financial reporting requirements.

 

Net income from the Company’s reportable segment is as follows:

 

             
   (Unaudited) 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2025   2024   2025   2024 
Total revenue:  $2,035,753   $2,313,333   $6,664,702   $7,329,625 
Less:                    
Interest expense   399,744    514,982    1,312,885    1,764,610 
Amortization of deferred financing costs   22,236    22,236    66,710    66,427 
Referral fees   2,575    847    4,242    1,847 
General and administrative expenses   413,518    380,482    1,304,873    1,225,041 
Income tax expense   —    —    1,210    650 
Other income   (4,500)   (4,500)   (13,500)   (13,500)
Net income  $1,202,180   $1,399,286   $3,988,282   $4,284,550