v3.26.1
CONSOLIDATED BALANCE SHEET - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets    
Loans held for investment at fair value (cost of $53,744,253)   $ 26,080,763
Loans held for investment at carrying value, net   253,625,119
Current expected credit loss reserve   (46,059,838)
Loans held for investment at carrying value, net of current expected credit loss reserve   207,565,281
Cash and cash equivalents $ 112,730,935 38,605,507
Interest receivable 1,290,660 899,382
Prepaid expenses and other assets 1,617,704 2,443,814
Total assets 394,876,923 275,594,747
Liabilities    
Accrued interest 2,065,620 763,180
Current expected credit loss reserve   76,469
Accrued management and incentive fees 739,247 716,181
Accrued direct administrative expenses 717,039 374,852
Accounts payable and other liabilities 823,992 773,585
Senior notes payable, net 76,448,216 76,322,493
Line of credit payable   21,000,000
Total liabilities 209,058,031 100,026,760
Commitments and contingencies (Note 8)
Shareholders’ equity    
Preferred stock, par value $0.01 per share, 10,000 shares authorized at March 31, 2026 and December 31, 2025 and 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively   0
Common stock, par value $0.01 per share, 50,000,000 shares authorized; 23,528,844 shares issued and outstanding at December 31, 2025 235,288 235,288
Additional paid-in capital 258,694,609 258,694,609
Accumulated (deficit) earnings (73,111,005) (83,361,910)
Total net assets 185,818,892 175,567,987
Total liabilities and net assets 394,876,923 $ 275,594,747
Related Party    
Liabilities    
Line of credit payable 20,000,000  
Nonrelated Party    
Liabilities    
Line of credit payable $ 106,000,000