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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
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:
|  | June 30, 2025
|  | Fair Value Measurements
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale debt securities |  | $ | 526,099 |  |  | $ | — |  |  | $ | — |  |  | $ | 526,099 |
Total |  | $ | 526,099 |  |  | $ | — |  |  | $ | — |  |  | $ | 526,099 |
|  | December 31, 2024
|  | Fair Value Measurements
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale debt securities |  | $ | 425,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 425,357 |
Total |  | $ | 425,357 |  |  | $ | — |  |  | $ | — |  |  | $ | 425,357 |
Schedule of Activities of the Marketable Securities | The following table presents the activities of the marketable securities:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
Beginning balance |  | $ | 425,357 |  |  | $ | 507,266 |
Unrealized gain (loss) on available-for-sale debt securities |  | 100,742 |  |  | (8,563) |
Ending balance |  | $ | 526,099 |  |  | $ | 498,703 |
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:
|  |  |  | June 30, 2025 |  | December 31, 2024
|  | Level |  | Principal Balance |  | Carrying Value |  | Fair Value |  | Principal Balance |  | Carrying Value |  | Fair Value
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment |  | 3 |  | $ | 20,224,740 |  |  | $ | 20,426,987 |  |  | $ | 20,423,739 |  |  | $ | 18,567,296 |  |  | $ | 18,575,895 |  |  | $ | 18,830,181 |
Loans held for investment acquired through participation |  | 3 |  | 27,450,261 |  |  | 10,127,372 |  |  | 10,127,372 |  |  | 27,335,157 |  |  | 11,812,001 |  |  | 11,812,001 |
Total loans |  |  |  | $ | 47,675,001 |  |  | $ | 30,554,359 |  |  | $ | 30,551,111 |  |  | $ | 45,902,453 |  |  | $ | 30,387,896 |  |  | $ | 30,642,182 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured notes payable (1)(2) |  | 1 |  | $ | 38,375,000 |  |  | $ | 37,232,292 |  |  | $ | 35,734,800 |  |  | $ | 38,375,000 |  |  | $ | 36,521,684 |  |  | $ | 37,008,850 |
Obligation under participation agreement |  | 3 |  | 19,606,804 |  |  | 19,802,872 |  |  | 19,799,722 |  |  | 18,000,000 |  |  | 18,173,962 |  |  | 18,254,853 |
Total liabilities |  |  |  | $ | 57,981,804 |  |  | $ | 57,035,164 |  |  | $ | 55,534,522 |  |  | $ | 56,375,000 |  |  | $ | 54,695,646 |  |  | $ | 55,263,703 |
_______________ (1)Carrying value is net of unamortized purchase discount of $1.1 million and $1.9 million as of June 30, 2025 and December 31, 2024, respectively. (2)Valuation falls under Level 1 of the fair value hierarchy, which is based on the trading price of $23.28 and $24.11 as of the close of the business day on June 30, 2025 and December 31, 2024, respectively.
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 June 30, 2025 and December 31, 2024. The following tables are not intended to be all-inclusive, but instead identify the significant unobservable inputs relevant to the determination of fair values.
June 30, 2025
|  |  |  | Primary Valuation Technique |  | Unobservable Input |  | Range |  | Weighted
Asset Category |  | Fair Value |  |  |  | Minimum |  | Maximum |  | Average
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 20,423,739 |  |  | Discounted cash flow |  | Discount rate |  | 19.32 | % |  | 19.32 | % |  | 19.32 | %
Loans through participation interest |  | 10,127,372 |  |  | Discounted cash flow |  | Discount rate |  | 6.75 | % |  | 6.75 | % |  | 6.75 | %
|  |  |  | Discounted cash flow |  | Terminal capitalization rate |  | 5.75 | % |  | 5.75 | % |  | 5.75 | %
Total Level 3 Assets |  | $ | 30,551,111 |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Obligation under participation agreement |  | $ | 19,799,722 |  |  | Discounted cash flow |  | Discount rate |  | 19.32 | % |  | 19.32 | % |  | 19.32 | %
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 |  | 11,812,001 |  |  | Discounted cash flow |  | Discount rate |  | 6.75 | % |  | 6.75 | % |  | 6.75 | %
|  |  |  | Discounted cash flow |  | Terminal capitalization rate |  | 5.75 | % |  | 5.75 | % |  | 5.75 | %
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 | %

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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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/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 Reference 2: 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 3: 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 + Details
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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + 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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