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Loans Held for Investment (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Company's Portfolio

The table below provides a summary of the Company’s loan portfolio. Carrying value represents the amortized cost of loan, net of applicable allowance for credit losses.

			December 31, 2024																		December 31, 2023
			Fixed Rate						Floating Rate (1)(2)						Total						Fixed Rate						Floating Rate (1)(2)						Total
Number of loans			1						2						3						4						2						6
Principal balance			$	2,843,280					$	43,059,173					$	45,902,453					$	44,377,373					$	43,059,173					$	87,436,546
Carrying value			$	2,573,280					$	27,814,616					$	30,387,896					$	44,528,468					$	33,814,996					$	78,343,464
Fair value			$	2,573,280					$	28,068,902					$	30,642,182					$	44,313,689					$	34,214,046					$	78,527,735
Weighted-average coupon rate(3)			—%						19.5%						19.5%						13.8%						20.3%						15.8%
Weighted-average remaining    term (years) (3) (4)			0.00						0.10						0.10						0.76						1.10						0.87

_______________

(1)As of December 31, 2024 and 2023, these loans pay a coupon rate of Secured Overnight Financing Rate (“SOFR”) or forward-looking term rate based on SOFR (“Term SOFR”), as applicable, plus a fixed spread. Coupon rates shown were determined using average SOFR and Term SOFR of 4.5% and 4.3%, respectively, as of December 31, 2024, and 5.3% and 5.4%, respectively, as of December 31, 2023.

(2)As of both December 31, 2024 and 2023, two loans were subject to a SOFR or Term SOFR floor, as applicable.

(3)Excludes non-performing loans as of December 31, 2024 and 2023.

(4)Represents current effective maturity as of December 31, 2024 and 2023, exclusive of any extension options available.

Schedule of Accounts, Notes, Loans and Financing Receivable

The following tables present the activities of the Company’s loan portfolio:

			Loans Held for Investment, Net						Loans Held for Investment through Participation Interests, Net						Total
Balance, January 1, 2024			$	60,458,534					$	17,884,930					$	78,343,464
Origination, funding and purchase of loans			843,996						215,907						1,059,903
Principal repayments received			(42,941,496)						—						(42,941,496)
Net amortization of premiums on loans			(126,278)						—						(126,278)
Accrual, payment and accretion of investment-related fees and other,    net			51,579						—						51,579
Reversal of (provision for) credit losses			289,560						(6,288,836)						(5,999,276)
Balance, December 31, 2024			$	18,575,895					$	11,812,001					$	30,387,896

			Loans Held for Investment, Net						Loans Held for Investment through Participation Interests, Net						Total
Balance, January 1, 2023			$	79,082,650					$	42,330,376					$	121,413,026
Cumulative effect of adoption of credit loss accounting standard    effective January 1, 2023 (Note 2)			(593,040)						—						(593,040)
Origination and purchase of loans			4,183,830						1,194,248						5,378,078
Principal repayments received			(21,655,810)						(20,346,058)						(42,001,868)
Net amortization of premiums on loans			(915,998)						(81,411)						(997,409)
Accrual, payment and accretion of investment-related fees and other,    net			232,871						85,047						317,918
Reversal of (provision for) credit losses			124,031						(5,297,272)						(5,173,241)
Balance, December 31, 2023			$	60,458,534					$	17,884,930					$	78,343,464

The tables below detail the types of loans in the Company’s loan portfolio, as well as the property type and geographic location of the properties securing these loans. Carrying value represents the amortized cost of loan, net of applicable allowance for credit losses.

						December 31, 2024																		December 31, 2023
Loan Structure						Principal Balance						Carrying Value						% of Total						Principal Balance						Carrying Value						% of Total
Preferred equity investments						$	45,902,453					$	30,387,896					100.0		%				$	63,186,546					$	53,973,564					68.9		%
First mortgages						—						—						—		%				21,250,000						21,462,168						27.4		%
Mezzanine loans						—						—						—		%				3,000,000						2,907,732						3.7		%
Total						$	45,902,453					$	30,387,896					100.0		%				$	87,436,546					$	78,343,464					100.0		%

						December 31, 2024																		December 31, 2023
Property Type						Principal Balance						Carrying Value						% of Total						Principal Balance						Carrying Value						% of Total
Mixed use						$	18,567,296					$	18,575,895					61.1		%				$	18,567,296					$	18,557,439					23.7		%
Office						24,491,877						9,238,721						30.4		%				24,491,877						15,257,557						19.5		%
Multifamily						2,843,280						2,573,280						8.5		%				20,127,373						20,158,568						25.7		%
Infrastructure						—						—						—		%				21,250,000						21,462,168						27.4		%
Student housing						—						—						—		%				3,000,000						2,907,732						3.7		%
Total						$	45,902,453					$	30,387,896					100.0		%				$	87,436,546					$	78,343,464					100.0		%

						December 31, 2024																		December 31, 2023
Geographic Location						Principal Balance						Carrying Value						% of Total						Principal Balance						Carrying Value						% of Total
United States
California						$	18,567,296					$	18,575,895					61.1		%				$	21,567,296					$	21,465,171					27.4		%
New York						27,335,157						11,812,001						38.9		%				27,119,250						17,884,930						22.8		%
Utah						—						—						—		%				21,250,000						21,462,168						27.4		%
Georgia						—						—						—		%				17,500,000						17,531,195						22.4		%
Total						$	45,902,453					$	30,387,896					100.0		%				$	87,436,546					$	78,343,464					100.0		%

Schedule of Allowances of Loan Losses

The following table presents the activity in allowance for credit losses:

						Year Ended December 31, 2024
						Allowance on Non-Performing Loans						Allowance on Performing Loans												Total
												Funded						Unfunded
Allowance for credit losses, beginning of period						$	9,234,321					$	469,010					$	8,801					$	9,712,132
Provision for (reversal of provision for) credit losses						6,288,835						(289,559)						(2,202)						5,997,074
Charge-offs						—						—						—						—
Recoveries						—						—						—						—
Allowance for credit losses, end of period						$	15,523,156					$	179,451					$	6,599					$	15,709,206

						Year Ended December 31, 2023
						Allowance on Non-Performing Loans						Allowance on Performing Loans												Total
												Funded						Unfunded
Allowance for credit losses, beginning of period						$	3,937,050					$	—					$	—					$	3,937,050
Cumulative effect of adoption of ASU 2016-13 effective    January 1, 2023 (Note 2)						—						593,040						68,382						661,422
Provision for (reversal of provision for) credit losses						5,297,271						(124,030)						(59,581)						5,113,660
Charge-offs						—						—						—						—
Recoveries						—						—						—						—
Allowance for credit losses, end of period						$	9,234,321					$	469,010					$	8,801					$	9,712,132

Schedule of Financing Receivable Credit Quality Indicators

Based on a 5-point scale, the Company’s performing loans are rated “1” through “5”, from less risk to greater risk as follows:

Risk Rating						Description
1						Very low risk
2						Low risk
3						Moderate/average risk
4						Higher risk
5						Highest risk

The following tables present the amortized cost of the Company's loan portfolio by year of origination and loan risk rating:

						December 31, 2024
Loan Risk Rating						Number of Loans						Amortized Cost						% of Total						Amortized Cost by Year Originated
																								2024						2023						2022						2021						2020						Prior
1						—						$	—					—		%				$	—					$	—					$	—					$	—					$	—					$	—
2						—						—						—		%				—						—						—						—						—
3						—						—						—		%				—												—						—						—						—
4						1						18,755,345						40.7		%				—						—						18,755,345						—						—						—
5						—						—						—		%				—						—						—						—						—						—
Non-performing						2						27,335,157						59.3		%				—						—						—						—						—						27,335,157
						3						46,090,502						100.0		%				$	—					$	—					$	18,755,345					$	—					$	—					$	27,335,157
Allowance for credit losses												(15,702,606)
Total, net of allowance for     credit losses												$	30,387,896

						December 31, 2023
Loan Risk Rating						Number of Loans						Amortized Cost						% of Total						Amortized Cost by Year Originated
																								2023						2022						2021						2020						2019						Prior
1						—						$	—					—		%				$	—					$	—					$	—					$	—					$	—					$	—
2						—						—						—		%				—						—						—						—						—
3						3						42,130,731						47.9		%				—												39,195,427						—						—						2,935,304
4						1						18,796,818						21.3		%				—						18,796,818						—						—						—						—
5						—						—						—		%				—						—						—						—						—						—
Non-performing						2						27,119,246						30.8		%				—						—						—						—												27,119,246
						6						88,046,795						100.0		%				$	—					$	18,796,818					$	39,195,427					$	—					$	—					$	30,054,550
Allowance for credit losses												(9,703,331)
Total, net of allowance for     credit losses												$	78,343,464

X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

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