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Fair Value Measurements (Tables)

12 Months Ended

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.

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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