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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table is a summary of the Company’s unsecured notes payable outstanding as of:
|  | Coupon Rate |  | Effective Rate (1) |  | Maturity Date |  | June 30, 2025 |  | December 31, 2024
7.00% Senior Notes Due 2026 (2) |  | 7.00 | % |  | 11.16 | % |  | 3/31/2026 |  | 38,375,000 |  |  | 38,375,000 |
Unamortized purchase discount (2) |  |  |  |  |  |  |  | (1,142,708) |  |  | (1,853,316) |
Unsecured notes payable, net |  |  |  |  |  |  |  | $ | 37,232,292 |  |  | $ | 36,521,684 |
_______________ (1)Includes purchase discount that is amortized to interest expense over the remaining life of the notes. (2)In connection with the Merger, Terra LLC assumed all the obligations under the 7.00% Senior Notes Due 2026 and recorded a purchase discount of $4.6 million, representing the difference between the carrying value and the fair value of the notes on the date of the merger.
Schedule of Debt Maturity | Scheduled debt principal payments for each of the five calendar years following June 30, 2025 are as follows:
Years Ending December 31, |  | Total
2025 (July 1, 2025- December 31, 2025) |  | $ | — |
2026 |  | 38,375,000 |
2027 |  | — |
2028 |  | — |
2029 |  | — |
Thereafter |  | — |
|  | 38,375,000 |
Unamortized purchase discount |  | (1,142,708) |
Total |  | $ | 37,232,292 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
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