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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements | The following tables present fair value measurements of financial instruments that were carried at fair value, by major class, according to the fair value hierarchy:
|  | December 31, 2024
|  | Fair Value Measurements
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Marketable securities - debt securities |  | $ | 425,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 425,357 |
Total |  | $ | 425,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 425,357 |
|  | December 31, 2023
|  | Fair Value Measurements
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Marketable securities - debt securities |  | $ | 507,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 507,266 |
Total |  | $ | 507,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 507,266 |
Schedule of Activities of the Marketable Securities | The following table presents the activities of the marketable securities:
|  | Years Ended December 31,
|  | 2024 |  | 2023
Beginning balance |  | $ | 507,266 |  |  | $ | — |
Purchases |  | — |  |  | 525,867 |
Unrealized loss on available-for-sale debt securities |  | (81,909) |  |  | (18,601) |
Ending balance |  | $ | 425,357 |  |  | $ | 507,266 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table presents the carrying value, which represents the amortized cost of loans, net of applicable allowance for credit losses, and estimated fair value of the Company’s financial instruments that are not carried at fair value on the consolidated balance sheets as of:
|  |  |  | December 31, 2024 |  | December 31, 2023
|  | Level |  | Principal Balance |  | Carrying Value |  | Fair Value |  | Principal Balance |  | Carrying Value |  | Fair Value
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment |  | 3 |  | $ | 18,567,296 |  |  | $ | 18,575,895 |  |  | $ | 18,830,181 |  |  | $ | 60,317,296 |  |  | $ | 60,458,534 |  |  | $ | 60,642,806 |
Loans held for investment acquired through participation |  | 3 |  | 27,335,157 |  |  | 11,812,001 |  |  | 11,812,001 |  |  | 27,119,250 |  |  | 17,884,930 |  |  | 17,884,929 |
Total loans |  |  |  | $ | 45,902,453 |  |  | $ | 30,387,896 |  |  | $ | 30,642,182 |  |  | $ | 87,436,546 |  |  | $ | 78,343,464 |  |  | $ | 78,527,735 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured notes payable (1))(2) |  | 1 |  | $ | 38,375,000 |  |  | $ | 36,521,684 |  |  | $ | 37,008,850 |  |  | $ | 38,375,000 |  |  | $ | 35,213,543 |  |  | $ | 36,287,400 |
Obligation under participation agreement |  | 3 |  | 18,000,000 |  |  | 18,173,962 |  |  | 18,254,853 |  |  | — |  |  | — |  |  | — |
Term loan payable (3)(4) |  | 3 |  | — |  |  | — |  |  | — |  |  | 15,000,000 |  |  | 14,948,604 |  |  | 15,000,000 |
Total liabilities |  |  |  | $ | 56,375,000 |  |  | $ | 54,695,646 |  |  | $ | 55,263,703 |  |  | $ | 53,375,000 |  |  | $ | 50,162,147 |  |  | $ | 51,287,400 |
_______________ (1)Carrying value is net of unamortized purchase discount of $1.9 million and $3.2 million as of December 31, 2024 and 2023, respectively. (2)Valuation falls under Level 1 of the fair value hierarchy, which is based on the trading price of $24.11 and $23.64 as of the close of the business day on December 31, 2024 and December 29, 2023, respectively. (3)Carrying value is net of unamortized discount of $0.1 million as of December 31, 2023. (4)Valuation falls under Level 3 of the fair value hierarchy, which is based on a discounted cash flow model with a discount rate of 12.48%, as of December 31, 2023.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following tables summarize the significant unobservable inputs used by the Company to value the Level 3 financial instruments as of December 31, 2024 and 2023. The following tables are not intended to be all-inclusive, but instead identify the significant unobservable inputs relevant to the determination of fair values.
December 31, 2024
|  |  |  | Primary Valuation Technique |  | Unobservable Input |  | Range |  | Weighted
Asset Category |  | Fair Value |  |  |  | Minimum |  | Maximum |  | Average
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 18,830,181 |  |  | Discounted cash flow |  | Discount rate |  | 14.78 | % |  | 14.78 | % |  | 14.78 | %
Loans through participation interest (1) |  | 11,812,001 |  |  | Discounted cash flow |  | Discount rate |  | N/A |  | N/A |  | N/A
Total Level 3 Assets |  | $ | 30,642,182 |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Obligation under participation agreement |  | $ | 18,254,853 |  |  | Discounted cash flow |  | Discount rate |  | 14.78 | % |  | 14.78 | % |  | 14.78 | %
December 31, 2023
|  |  |  | Primary Valuation Technique |  | Unobservable Input |  | Range |  | Weighted
Asset Category |  | Fair Value |  |  |  | Minimum |  | Maximum |  | Average
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 60,642,806 |  |  | Discounted cash flow |  | Discount rate |  | 13.02 | % |  | 16.95 | % |  | 15.88 | %
Loans through participation interest (1) |  | 17,884,929 |  |  | Discounted cash flow |  | Discount rate |  | N/A |  | N/A |  | N/A
Total Level 3 Assets |  | $ | 78,527,735 |  |  |  |  |  |  |  |  |  |  |
_______________ (1)These were non-performing loans, as described in Note 3. The fair market value estimates were determined primarily using discounted cash flow models and Level 3 inputs, which include estimates of property-specific cash flows over a specific holding period, a discount rate of 6.75% and a terminal capitalization rate of 5.75%. These inputs are based on the location, type and nature of the property, current sales and lease comparables, anticipated real estate and capital market conditions, and management’s knowledge, experience and judgment. Additionally, the Company may use sales comparables to corroborate the estimated value of a loan’s collateral or may use sponsor’s guarantee to estimate the value of a non-performing loan.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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