0001193125-26-103027 | 10-K | XBRL Viewer | Chicago Atlantic Real Estate Finance INC

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Earnings Per Share (Additional Information) (Details)	12 Months Ended
Earnings Per Share (Additional Information) (Details)	Dec. 31, 2025 shares
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from the computations of earnings per common share	0

Loans Held For Investment, Net - Schedule of Changes in Loans Held at Carrying Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	$ 398,130,177	$ 348,667,963
Purchase of investments	77,349,538	159,452,571
Principal repayment of loans	(79,221,108)	(102,461,111)
Accretion of original issue discount	2,187,528	1,697,139
Transfer of loan held for investment to loan held for sale		(18,786,087)
Capitalized PIK Interest	6,162,563	9,147,837
Increase in provision for current expected credit losses	(715,916)	411,865
Principal, Ending	403,892,782	398,130,177
Principal [Member]
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	404,721,554	355,745,305
Purchase of investments	79,412,079	161,289,523
Principal repayment of loans	(79,221,108)	(102,461,111)
Accretion of original issue discount	0	0
Transfer of loan held for investment to loan held for sale		(19,000,000)
Capitalized PIK Interest	6,162,563	9,147,837
Increase in provision for current expected credit losses	0	0
Principal, Ending	411,075,088	404,721,554
Original Issue Discount [Member]
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	(2,244,508)	(2,104,695)
Purchase of investments	(2,062,541)	(1,836,952)
Principal repayment of loans	0	0
Accretion of original issue discount	2,187,528	1,697,139
Capitalized PIK Interest	0	0
Increase in provision for current expected credit losses	0	0
Principal, Ending	(2,119,521)	(2,244,508)
Current expected credit loss reserve [Member]
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	(4,346,869)	(4,972,647)
Purchase of investments	0	0
Principal repayment of loans	0	0
Accretion of original issue discount	0	0
Transfer of loan held for investment to loan held for sale		213,913
Capitalized PIK Interest	0	0
Increase in provision for current expected credit losses	(715,916)	411,865
Principal, Ending	$ (5,062,785)	$ (4,346,869)

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 36,010,478	$ 37,045,403

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Assessment, Identification and Management of Material Risks from Cybersecurity Threats As an externally managed company, our business is highly dependent on the communications and information systems of our Manager, its affiliates and third-party service providers. We, in conjunction with our Manager, have adopted processes designed to identify, assess and manage material risks from cybersecurity threats which prioritizes detection and analysis of and response to known, anticipated, or unexpected threats, effective management of security risks and resilience against cyber incidents. Our Manager's cybersecurity program is aligned to the National Institute of Standards of Technology (NIST) Cybersecurity Framework. Our Manager's cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risk from cybersecurity. Our Manager has implemented and continues to implement procedures to address internal and external threats to the security, confidentiality, integrity and availability of our and our Manager’s data and systems along with other material risks to operations and information of our shareholders and other third parties who entrust us with their sensitive information. As part of its collective risk management process, our Manager has engaged a third party information technology consultant (“IT Consultant”) to evaluate risks associated with our Manager’s information and technology system(s), network and physical devices. Our Manager's cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training including for employees of our Manager. Our Manager also has annual certification requirements for employees, including employees who provide services to us pursuant to our Management Agreement with respect to certain policies supporting the cybersecurity program including Chicago Atlantic's Information Security and Electronic Communications policy, Data Protection Policy and Privacy Policy. Our Manager undertakes periodic internal security reviews of our information systems and related controls, including systems affecting personal data and the cybersecurity risks of our Manager and our critical third-party vendors and other partners. Our Manager also completes periodic external reviews of its cybersecurity program and practices, which include assessments of relevant data protection practices and targeted attack simulations. Material Impact of Risks from Cybersecurity Threats As of the date of this report, we have not experienced a material information security breach incident and the expenses we have incurred from information security breach incidents have been immaterial, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion of the risks posed by cybersecurity threats, see “Item 1A. Risk Factors— General Risk Factors—We rely on information technology in our operations, and security breaches and other disruptions in our systems could compromise our information and expose us to liability, which would cause our business and reputation to suffer.” Governance and Oversight of Cybersecurity Risks Our cybersecurity program is managed by our Manager's IT Manager and our IT consultant, which together, are responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by our Manager's IT Manager who has a bachelor's degree in Information Systems from Xavier University and over 15 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures for financial services companies. Our Board has responsibility for the direction and oversight of our risk management. Our Board administers this oversight function directly, with support from its committees. In particular, the Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our Manager takes, or is required to take, to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The Audit Committee also monitors compliance with legal and regulatory requirements. With respect to cybersecurity, the Audit Committee engages in discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. In addition, employees of our Manager and/or the IT Consultant will brief the Audit Committee on the Manager’s information security program and cybersecurity risks at least annually, and will brief the Audit Committee as needed in connection with any potentially material cybersecurity incidents affecting the Company. Annual briefings of the Audit Committee by employees of the Manager and/or the IT Consultant may include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board has responsibility for the direction and oversight of our risk management. Our Board administers this oversight function directly, with support from its committees. In particular, the Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our Manager takes, or is required to take, to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The Audit Committee also monitors compliance with legal and regulatory requirements.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	In particular, the Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our Manager takes, or is required to take, to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity program is managed by our Manager's IT Manager and our IT consultant, which together, are responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by our Manager's IT Manager who has a bachelor's degree in Information Systems from Xavier University and over 15 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures for financial services companies. With respect to cybersecurity, the Audit Committee engages in discussions with management regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. In addition, employees of our Manager and/or the IT Consultant will brief the Audit Committee on the Manager’s information security program and cybersecurity risks at least annually, and will brief the Audit Committee as needed in connection with any potentially material cybersecurity incidents affecting the Company. Annual briefings of the Audit Committee by employees of the Manager and/or the IT Consultant may include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity program is managed by our Manager's IT Manager and our IT consultant, which together, are responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The team is led by our Manager's IT Manager who has a bachelor's degree in Information Systems from Xavier University and over 15 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures for financial services companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Annual briefings of the Audit Committee by employees of the Manager and/or the IT Consultant may include topics such as risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses, and recommendations for changes and updates to policies and procedures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Debt - Schedule of Interest Expense Incurred During Period (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Interest expense	$ 6,943,305	$ 6,802,744
Unused fee expense	195,673	93,465
Amortization of debt issuance costs	406,663	256,998
Total interest expense	7,545,641	7,153,207
Notes Payable [Member]
Debt Instrument [Line Items]
Interest expense	4,512,329	909,836
Amortization of debt issuance costs	238,209	48,165
Total interest expense	4,750,538	958,001
Revolving Loan [Member]
Debt Instrument [Line Items]
Interest expense	2,430,976	5,892,908
Unused fee expense	195,673	93,465
Amortization of debt issuance costs	168,454	208,833
Total interest expense	$ 2,795,103	$ 6,195,206

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity - Schedule of Restricted Stock Awards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Restricted Stock Awards [Abstract]
Aggregate intrinsic value ,Outstanding	$ 4,951,152	$ 6,342,292
Aggregate intrinsic value ,Vested	$ 4,916,235	$ 3,182,441

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Oct. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Loans held for sale, at fair value	$ 0	$ 0	$ 6,000,000	$ 6,000,000	$ 0
Level 3 [Member]
Financial assets:
Loans held for sale, at fair value	$ 407,364,639	399,771,293
Fair Value, Recurring [Member] \| Related Party [Member]
Financial assets:
Loans held for sale, at fair value		5,335,000
Fair Value, Recurring [Member] \| Level 1 [Member] \| Related Party [Member]
Financial assets:
Loans held for sale, at fair value		0
Fair Value, Recurring [Member] \| Level 2 [Member] \| Related Party [Member]
Financial assets:
Loans held for sale, at fair value		0
Fair Value, Recurring [Member] \| Level 3 [Member] \| Related Party [Member]
Financial assets:
Loans held for sale, at fair value		$ 5,335,000

- Definition

Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-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 (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-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 9: http://www.xbrl.org/2003/role/disclosureRef
-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

+ Details

Loans Held For Investment, Net - Schedule of Loans Held at Carrying Value Based on Information (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Principal Balance

$ 411,075,088

Original Issue Premium/(Discount)

(2,119,521)

Carrying Value

$ 408,955,567

Percent of Loans held for investment

100.00%

Future Fundings

$ 31,116,960

YTM IRR

^[1]

16.30%

Various [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

10/27/2022

Maturity Date

^[3]

Oct. 30, 2026

Principal Balance

$ 15,771,067

Original Issue Premium/(Discount)

(97,600)

Carrying Value

$ 15,673,467

Percent of Loans held for investment

3.80%

Interest Rate

^[4],[5]

P+6.5% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

17.00%

Michigan [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

12/31/2021

Maturity Date

^[3]

Dec. 31, 2026

Principal Balance

$ 27,110,506

Original Issue Premium/(Discount)

(1,513)

Carrying Value

$ 27,108,993

Percent of Loans held for investment

6.60%

Interest Rate

^[4],[7]

P+3% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

16.80%

Michigan One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

12/16/2025

Maturity Date

^[3]

Dec. 31, 2026

Principal Balance

$ 969,406

Original Issue Premium/(Discount)

(9,286)

Carrying Value

$ 960,120

Percent of Loans held for investment

0.20%

Interest Rate

^[4]

0% Cash, 10% PIK

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

9.70%

Arizona [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

6/1/2024

Maturity Date

^[3]

Jun. 17, 2026

Principal Balance

$ 6,626,809

Carrying Value

$ 6,626,809

Percent of Loans held for investment

1.60%

Interest Rate

^[4],[8]

11.91% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

17.00%

Michigan Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

8/20/2021

Maturity Date

^[3]

Jan. 30, 2026

Principal Balance

$ 3,157,129

Original Issue Premium/(Discount)

(1,537)

Carrying Value

$ 3,155,592

Percent of Loans held for investment

0.80%

Interest Rate

^[4],[7],[9]

P+6.5% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

17.20%

Illinois, Arizona [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

6/30/2025

Maturity Date

^[3]

Jun. 30, 2028

Principal Balance

$ 36,130,667

Original Issue Premium/(Discount)

(447,376)

Carrying Value

$ 35,683,291

Percent of Loans held for investment

8.80%

Interest Rate

^[4],[10]

P+5.75% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

15.00%

West Virginia [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

8/30/2024

Maturity Date

^[3]

Jun. 30, 2026

Principal Balance

$ 8,491,943

Carrying Value

$ 8,491,943

Percent of Loans held for investment

2.10%

Interest Rate

^[4]

12% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

15.00%

Pennsylvania [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

3/31/2025

Maturity Date

^[3]

Mar. 31, 2028

Principal Balance

$ 14,576,987

Original Issue Premium/(Discount)

(55,030)

Carrying Value

$ 14,521,957

Percent of Loans held for investment

3.50%

Interest Rate

^[4],[11]

9% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

9.70%

Pennsylvania One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

3/31/2025

Maturity Date

^[3]

Mar. 31, 2028

Principal Balance

$ 14,550,000

Original Issue Premium/(Discount)

(53,007)

Carrying Value

$ 14,496,993

Percent of Loans held for investment

3.50%

Interest Rate

^[4],[11]

9% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

9.70%

Various One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

11/8/2021

Maturity Date

^[3]

Oct. 31, 2027

Principal Balance

$ 15,681,730

Original Issue Premium/(Discount)

(81,354)

Carrying Value

$ 15,600,376

Percent of Loans held for investment

3.80%

Interest Rate

^[4],[12]

P+7% Cash, 2% PIK

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

19.80%

Florida [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

6/1/2025

Maturity Date

^[3]

Jan. 29, 2027

Principal Balance

$ 10,957,500

Original Issue Premium/(Discount)

(98,309)

Carrying Value

$ 10,859,191

Percent of Loans held for investment

2.70%

Interest Rate

^[4]

16.75% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

26.90%

Ohio [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

12/31/2025

Maturity Date

^[3]

Dec. 31, 2026

Principal Balance

$ 47,164,373

Carrying Value

$ 47,164,373

Percent of Loans held for investment

11.50%

Interest Rate

^{[4],[10],[13]}

P+1.75% Cash, 5% PIK

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

17.90%

Florida One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

3/11/2022

Maturity Date

^[3]

Dec. 31, 2027

Principal Balance

$ 21,359,272

Original Issue Premium/(Discount)

(37,269)

Carrying Value

$ 21,322,003

Percent of Loans held for investment

5.20%

Interest Rate

^[4]

11% Cash, 5% PIK

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

17.50%

Illinois [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

7/1/2022

Maturity Date

^[3]

Jul. 29, 2026

Principal Balance

$ 6,557,301

Original Issue Premium/(Discount)

(10,107)

Carrying Value

$ 6,547,194

Percent of Loans held for investment

1.60%

Interest Rate

^[4],[10]

P+7% Cash, 2% PIK

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

23.30%

Arizona One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

3/27/2023

Maturity Date

^[3]

Mar. 31, 2027

Principal Balance

$ 1,380,000

Original Issue Premium/(Discount)

(16,516)

Carrying Value

$ 1,363,484

Percent of Loans held for investment

0.30%

Interest Rate

^[4],[14]

P+7.5% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

18.70%

New york [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

7/1/2023

Maturity Date

^[3]

Jun. 29, 2036

Principal Balance

$ 22,068,401

Carrying Value

$ 22,068,401

Percent of Loans held for investment

5.40%

Interest Rate

^[4]

15% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

16.60%

Nebraska [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

8/15/2023

Maturity Date

^[3]

Jun. 30, 2027

Principal Balance

$ 17,200,000

Carrying Value

$ 17,200,000

Percent of Loans held for investment

4.20%

Interest Rate

^[4],[15]

P+6.5% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

15.50%

Missouri, Arizona [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

12/19/2023

Maturity Date

^[3]

Dec. 31, 2026

Principal Balance

$ 14,374,936

Original Issue Premium/(Discount)

(49,431)

Carrying Value

$ 14,325,505

Percent of Loans held for investment

3.50%

Interest Rate

^[4],[7]

P+7.75% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

18.60%

California, Illinois [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

5/3/2023

Maturity Date

^[3]

Sep. 30, 2028

Principal Balance

$ 7,439,091

Original Issue Premium/(Discount)

(156,626)

Carrying Value

$ 7,282,465

Percent of Loans held for investment

1.80%

Interest Rate

^[4],[12]

P+8.75% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

18.70%

Arizona Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

6/17/2024

Maturity Date

^[3]

May 29, 2026

Principal Balance

$ 10,000,000

Carrying Value

$ 10,000,000

Percent of Loans held for investment

2.40%

Interest Rate

^[4],[8]

11.91% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

12.80%

California [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

8/23/2024

Maturity Date

^[3]

Sep. 30, 2028

Principal Balance

$ 24,941,850

Original Issue Premium/(Discount)

(227,306)

Carrying Value

$ 24,714,544

Percent of Loans held for investment

6.10%

Interest Rate

^[4]

12% Cash, 3% PIK

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

16.60%

Illinois One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

10/28/2024

Maturity Date

^[3]

Jan. 01, 2027

Principal Balance

$ 27,150,398

Original Issue Premium/(Discount)

(63,038)

Carrying Value

$ 27,087,360

Percent of Loans held for investment

6.60%

Future Fundings

$ 2,355,293

Interest Rate

^[4],[12]

P+6.25% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

15.00%

Various Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

11/26/2024

Maturity Date

^[3]

Nov. 24, 2028

Principal Balance

$ 16,961,689

Original Issue Premium/(Discount)

(243,483)

Carrying Value

$ 16,718,206

Percent of Loans held for investment

4.10%

Future Fundings

$ 10,000,000

Interest Rate

^[4],[16]

12% Cash, 1% PIK

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

15.20%

Various Three [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

12/13/2024

Maturity Date

^[3]

Jun. 12, 2026

Principal Balance

$ 2,065,000

Original Issue Premium/(Discount)

(52,809)

Carrying Value

$ 2,012,191

Percent of Loans held for investment

0.50%

Future Fundings

$ 2,095,000

Interest Rate

^[4],[16]

10% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

15.30%

Various Four [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

1/15/2025

Maturity Date

^[3]

Jun. 12, 2026

Principal Balance

$ 840,000

Original Issue Premium/(Discount)

(21,600)

Carrying Value

$ 818,400

Percent of Loans held for investment

0.20%

Interest Rate

^[4],[16]

10% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

15.30%

Various Five [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

3/28/2025

Maturity Date

^[3]

Jul. 28, 2028

Principal Balance

$ 427,778

Original Issue Premium/(Discount)

(19,837)

Carrying Value

$ 407,941

Percent of Loans held for investment

0.10%

Interest Rate

^[4],[17]

SOFR +10.25% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

20.40%

Ohio One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

3/1/2025

Maturity Date

^[3]

Mar. 13, 2027

Principal Balance

$ 271,429

Original Issue Premium/(Discount)

(4,920)

Carrying Value

$ 266,509

Percent of Loans held for investment

0.10%

Interest Rate

^[4]

14.5% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

16.10%

Various Six [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

9/30/2025

Maturity Date

^[3]

Feb. 28, 2029

Principal Balance

$ 20,000,000

Original Issue Premium/(Discount)

(83,881)

Carrying Value

$ 19,916,119

Percent of Loans held for investment

4.90%

Future Fundings

$ 16,666,667

Interest Rate

^[4],[17]

SOFR +8.33% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

15.30%

Missouri [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

8/20/2025

Maturity Date

^[3]

Aug. 20, 2028

Principal Balance

$ 11,849,826

Original Issue Premium/(Discount)

(157,805)

Carrying Value

$ 11,692,021

Percent of Loans held for investment

2.90%

Interest Rate

^[4],[12]

P+5.75% Cash

Periodic Payment

^[6]

P&I

YTM IRR

^[1]

15.40%

Various Seven [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

^[2]

12/31/2025

Maturity Date

^[3]

Dec. 31, 2028

Principal Balance

$ 5,000,000

Original Issue Premium/(Discount)

(129,881)

Carrying Value

$ 4,870,119

Percent of Loans held for investment

1.20%

Interest Rate

^[4],[18]

SOFR+10.24% Cash

Periodic Payment

^[6]

I/O

YTM IRR

^[1]

16.00%

[1]	Estimated YTM, calculated on a weighted average principal basis, includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions.
[2]	Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.
[3]	Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[4]	"P" = prime rate; "SOFR"= Secured Overnight Financing Rate. "P" and "SOFR" represent floating rate loans that pay interest at the designed benchmark rate plus an applicable spread; "SOFR" loans are typically indexed to 30-day, 90-day or 180-day rates (1 month, 3 month, or 6 month, respectively); "PIK" = paid-in-kind interest.
[5]	This Loan is subject to a prime rate floor of 6.25%
[6]	P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. The frequency of loan payments may be monthly or quarterly as required by the respective credit agreement governing such loan.
[7]	This Loan is subject to a prime rate floor of 8.50%
[8]	Loan #4 and Loan #34 were placed on non-accrual on December 1, 2025 and all accrued interest through such date was reversed. These loans remain on non-accrual as of December 31, 2025 and the interest receivable balance relating to these loans was $0.
[9]	Loan #6 was placed on non-accrual on May 9, 2025 and all accrued interest after April 1, 2025 was reversed at that time. This loan remains on non-accrual as of December 31, 2025.
[10]	This Loan is subject to a prime rate floor of 7.00%
[11]	Loan #9, is comprised of two tranches, a $14.5 million first lien judgment loan (the "Judgment Loan") and a $14.6 million second lien term loan (the "Term Loan"). The Judgment Loan and the Term Loan bear interest at a rate of 9.0%. The Judgment Loan has no contractual maturity and will remain outstanding until paid by the obligor and the Term Loan has a maturity of March 31, 2028. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, and the maturity date presented represents the maturity date of the Term Loan. See Note 8 for additional information. On May 1, 2023, Loan #9 was placed on non-accrual status and remains on non-accrual as of December 31, 2025.
[12]	This Loan is subject to a prime rate floor of 7.50%
[13]	The borrower of Loan #18, FarmaceuticalRX, LLC and its subsidiaries and affiliates (“FRX”), is a related party. Certain common control affiliates of the Company can exercise significant influence over certain credit parties to the Loan Agreement with FRX by virtue of voting representation on its board of managers. During the years ended December 31, 2025 and 2024, the Company made principal advances $0 and $26.8 million, respectively, and has a carrying value of $47.1 million and $44.6 million as of the periods then ended. As of December 31, 2025, the carrying value of $47.1 million is included in the line item, “Loans held for investment – related party”. (Note 9)
[14]	This Loan is subject to a prime rate floor of 8.00%
[15]	This loan has floating grid pricing based on the Prime Rate plus a spread of 5.00% to 8.75% based on monthly annualized EBITDA performance. As of December 31, 2025, the applied interest rate is Prime Rate + 6.50%. On January 22, 2026 the outstanding principal balance of this loan was prepaid with all accrued unpaid interest due thereunder. The Company was notified of the expected prepayment as of December 31, 2025 and therefore no CECL reserve was estimated for this loan as of such date.
[16]	Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.
[17]	This Loan is subject to a SOFR floor of 4.00%
[18]	This Loan is subject to a SOFR floor of 3.72%

Loans Held For Investment, Net

12 Months Ended

Dec. 31, 2025

Loans Held For Investment, Net [Abstract]

LOANS HELD FOR INVESTMENT, NET

3. LOANS HELD FOR INVESTMENT, NET

The Company primarily originates senior secured loans that it has the intent and ability to hold until maturity or payoff. Such loans are classified as held for investment and are reported on the consolidated balance sheets at amortized cost. Our loans bear interest rates that are either fixed or determined periodically on the basis of U.S. Prime Rate (“Prime”) or Secured Overnight Financing Rate (“SOFR”) plus a premium. Loans which bear interest on either Prime or SOFR are collectively referred to as "Floating-rate loans". The following tables present summarized information regarding our loans held for investment by interest rate type as of December 31, 2025 and 2024:


	As of December 31, 2025
	Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans	$	154,680,286	$	(803,019	)	$	153,877,267		37.6	%
Floating-rate loans		256,394,802		(1,316,502	)		255,078,300		62.4	%
Total	$	411,075,088	$	(2,119,521	)	$	408,955,567		100.0	%


	As of December 31, 2024
	Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans	$	149,771,871	$	(545,081	)	$	149,226,790		37.1	%
Floating-rate loans		254,949,683		(1,699,427	)		253,250,256		62.9	%
Total	$	404,721,554	$	(2,244,508	)	$	402,477,046		100.0	%

The following tables summarize the Company’s aggregate portfolio of loans held for investment, net of current expected credit loss reserve as of December 31, 2025 and 2024:


	As of December 31, 2025
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Loans held for investment	$	411,075,088	$	(2,119,521	)	$	408,955,567			2.2
Current expected credit loss reserve		-		-			(5,062,785	)
Total loans held at carrying value, net	$	411,075,088	$	(2,119,521	)	$	403,892,782


	As of December 31, 2024
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Loans held for investment	$	404,721,554	$	(2,244,508	)	$	402,477,046			2.2
Current expected credit loss reserve		-		-			(4,346,869	)
Total loans held at carrying value, net	$	404,721,554	$	(2,244,508	)	$	398,130,177

(1)

Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2025 and 2024, respectively.

The following tables present changes in loans held at carrying value as of and for the years ended December 31, 2025 and 2024:


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2024	$	404,721,554		$	(2,244,508	)	$	(4,346,869	)	$	398,130,177
Purchase of investments		79,412,079			(2,062,541	)		-			77,349,538
Principal repayment of loans		(79,221,108	)		-			-			(79,221,108	)
Accretion of original issue discount		-			2,187,528			-			2,187,528
Capitalized PIK Interest		6,162,563			-			-			6,162,563
Increase in provision for current expected credit losses		-			-			(715,916	)		(715,916	)
Balance at December 31, 2025	$	411,075,088		$	(2,119,521	)	$	(5,062,785	)	$	403,892,782


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2023	$	355,745,305		$	(2,104,695	)	$	(4,972,647	)	$	348,667,963
Purchase of investments		161,289,523			(1,836,952	)		-			159,452,571
Principal repayment of loans		(102,461,111	)		-			-			(102,461,111	)
Accretion of original issue discount		-			1,697,139			-			1,697,139
Transfer of loan held for investment to loan held for sale		(19,000,000	)					213,913			(18,786,087	)
Capitalized PIK Interest		9,147,837			-			-			9,147,837
Increase in provision for current expected credit losses		-			-			411,865			411,865
Balance at December 31, 2024	$	404,721,554		$	(2,244,508	)	$	(4,346,869	)	$	398,130,177

A more detailed listing of the Company’s loans held at carrying value based on information available as of December 31, 2025, is as follows:


		Initial Funding	Maturity	Principal		Original Issue			Carrying		Percent of Loans held			Future			Periodic	YTM
Loan	Location(s)	Date (1)	Date (2)	Balance		Premium/(Discount)			Value		for investment			Fundings		Interest Rate (3)	Payment (4)	IRR (5)
1	Various	10/27/2022	10/30/2026	$	15,771,067	$	(97,600	)	$	15,673,467		3.8	%	$	-	P+6.5% Cash (8)	P&I	17.0%
2a	Michigan	12/31/2021	12/31/2026		27,110,506		(1,513	)		27,108,993		6.6	%		-	P+3% Cash (12)	P&I	16.8%
2b	Michigan	12/16/2025	12/31/2026		969,406		(9,286	)		960,120		0.2	%		-	0% Cash, 10% PIK	I/O	9.7%
4	Arizona	6/1/2024	6/17/2026		6,626,809		-			6,626,809		1.6	%		-	11.91% Cash (18)	I/O	17.0%
6	Michigan	8/20/2021	1/30/2026		3,157,129		(1,537	)		3,155,592		0.8	%		-	P+6.5% Cash (12)(17)	P&I	17.2%
7	Illinois, Arizona	6/30/2025	6/30/2028		36,130,667		(447,376	)		35,683,291		8.8	%		-	P+5.75% Cash (9)	P&I	15.0%
8	West Virginia	8/30/2024	6/30/2026		8,491,943		-			8,491,943		2.1	%		-	12% Cash	I/O	15.0%
9a	Pennsylvania	3/31/2025	3/31/2028		14,576,987		(55,030	)		14,521,957		3.5	%		-	9% Cash (13)	I/O	9.7%
9b	Pennsylvania	3/31/2025	3/31/2028		14,550,000		(53,007	)		14,496,993		3.5	%		-	9% Cash (13)	I/O	9.7%
12	Various	11/8/2021	10/31/2027		15,681,730		(81,354	)		15,600,376		3.8	%		-	P+7% Cash, 2% PIK (10)	P&I	19.8%
16	Florida	6/1/2025	1/29/2027		10,957,500		(98,309	)		10,859,191		2.7	%		-	16.75% Cash	P&I	26.9%
18	Ohio	12/31/2025	12/31/2026		47,164,373		-			47,164,373		11.5	%		-	P+1.75% Cash, 5% PIK (9)(14)	I/O	17.9%
19	Florida	3/11/2022	12/31/2027		21,359,272		(37,269	)		21,322,003		5.2	%		-	11% Cash, 5% PIK	P&I	17.5%
21	Illinois	7/1/2022	7/29/2026		6,557,301		(10,107	)		6,547,194		1.6	%		-	P+7% Cash, 2% PIK (9)	P&I	23.3%
23	Arizona	3/27/2023	3/31/2027		1,380,000		(16,516	)		1,363,484		0.3	%		-	P+7.5% Cash (11)	P&I	18.7%
25	New York	7/1/2023	6/29/2036		22,068,401		-			22,068,401		5.4	%		-	15% Cash	P&I	16.6%
27	Nebraska	8/15/2023	6/30/2027		17,200,000		-			17,200,000		4.2	%		-	P+6.5% Cash (15)	I/O	15.5%
30	Missouri, Arizona	12/19/2023	12/31/2026		14,374,936		(49,431	)		14,325,505		3.5	%		-	P+7.75% Cash (12)	P&I	18.6%
31	California, Illinois	5/3/2023	9/30/2028		7,439,091		(156,626	)		7,282,465		1.8	%		-	P+8.75% Cash (10)	I/O	18.7%
34	Arizona	6/17/2024	5/29/2026		10,000,000		-			10,000,000		2.4	%		-	11.91% Cash (18)	I/O	12.8%
35	California	8/23/2024	9/30/2028		24,941,850		(227,306	)		24,714,544		6.1	%		-	12% Cash, 3% PIK	P&I	16.6%
36	Illinois	10/28/2024	1/1/2027		27,150,398		(63,038	)		27,087,360		6.6	%		2,355,293	P+6.25% Cash (10)	P&I	15.0%
37	Various	11/26/2024	11/24/2028		16,961,689		(243,483	)		16,718,206		4.1	%		10,000,000	12% Cash, 1% PIK (16)	P&I	15.2%
38a	Various	12/13/2024	6/12/2026		2,065,000		(52,809	)		2,012,191		0.5	%		2,095,000	10% Cash (16)	I/O	15.3%
38b	Various	1/15/2025	6/12/2026		840,000		(21,600	)		818,400		0.2	%		-	10% Cash (16)	I/O	15.3%
40	Various	3/28/2025	7/28/2028		427,778		(19,837	)		407,941		0.1	%		-	SOFR +10.25% Cash (6)	P&I	20.4%
41	Ohio	3/1/2025	3/13/2027		271,429		(4,920	)		266,509		0.1	%		-	14.5% Cash	P&I	16.1%
42	Various	9/30/2025	2/28/2029		20,000,000		(83,881	)		19,916,119		4.9	%		16,666,667	SOFR +8.33% Cash (6)	P&I	15.3%
43	Missouri	8/20/2025	8/20/2028		11,849,826		(157,805	)		11,692,021		2.9	%		-	P+5.75% Cash (10)	P&I	15.4%
44	Various	12/31/2025	12/31/2028		5,000,000		(129,881	)		4,870,119		1.2	%		-	SOFR+10.24% Cash (7)	I/O	16.0%
			Subtotal	$	411,075,088	$	(2,119,521	)	$	408,955,567		100	%	$	31,116,960			16.3%

(1)

Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.

(2)

Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

(3)

"P" = prime rate; "SOFR"= Secured Overnight Financing Rate. "P" and "SOFR" represent floating rate loans that pay interest at the designed benchmark rate plus an applicable spread; "SOFR" loans are typically indexed to 30-day, 90-day or 180-day rates (1 month, 3 month, or 6 month, respectively); "PIK" = paid-in-kind interest.

(4)

P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. The frequency of loan payments may be monthly or quarterly as required by the respective credit agreement governing such loan.

(5)

Estimated YTM, calculated on a weighted average principal basis, includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions.

(6)

This Loan is subject to a SOFR floor of 4.00%

(7)

This Loan is subject to a SOFR floor of 3.72%

(8)

This Loan is subject to a prime rate floor of 6.25%

(9)

This Loan is subject to a prime rate floor of 7.00%

(10)

This Loan is subject to a prime rate floor of 7.50%

(11)

This Loan is subject to a prime rate floor of 8.00%

(12)

This Loan is subject to a prime rate floor of 8.50%

(13)

Loan #9, is comprised of two tranches, a $14.5 million first lien judgment loan (the "Judgment Loan") and a $14.6 million second lien term loan (the "Term Loan"). The Judgment Loan and the Term Loan bear interest at a rate of 9.0%. The Judgment Loan has no contractual maturity and will remain outstanding until paid by the obligor and the Term Loan has a maturity of March 31, 2028. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, and the maturity date presented represents the maturity date of the Term Loan. See Note 8 for additional information. On May 1, 2023, Loan #9 was placed on non-accrual status and remains on non-accrual as of December 31, 2025.

(14)

The borrower of Loan #18, FarmaceuticalRX, LLC and its subsidiaries and affiliates (“FRX”), is a related party. Certain common control affiliates of the Company can exercise significant influence over certain credit parties to the Loan Agreement with FRX by virtue of voting representation on its board of managers. During the years ended December 31, 2025 and 2024, the Company made principal advances $0 and $26.8 million, respectively, and has a carrying value of $47.1 million and $44.6 million as of the periods then ended. As of December 31, 2025, the carrying value of $47.1 million is included in the line item, “Loans held for investment – related party”. (Note 9)

(15)

This loan has floating grid pricing based on the Prime Rate plus a spread of 5.00% to 8.75% based on monthly annualized EBITDA performance. As of December 31, 2025, the applied interest rate is Prime Rate + 6.50%. On January 22, 2026 the outstanding principal balance of this loan was prepaid with all accrued unpaid interest due thereunder. The Company was notified of the expected prepayment as of December 31, 2025 and therefore no CECL reserve was estimated for this loan as of such date.

(16)

Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.

(17)

Loan #6 was placed on non-accrual on May 9, 2025 and all accrued interest after April 1, 2025 was reversed at that time. This loan remains on non-accrual as of December 31, 2025.

(18)

Loan #4 and Loan #34 were placed on non-accrual on December 1, 2025 and all accrued interest through such date was reversed. These loans remain on non-accrual as of December 31, 2025 and the interest receivable balance relating to these loans was $0.

The following tables present aging analyses of past due loans by amortized cost, excluding the CECL reserve, as of December 31, 2025 and 2024. As of both December 31, 2025 and 2024, there was one loan with principal greater than 90 days past due.


	As of December 31, 2025
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due		Total Past Due		Total Loans		Non- Accrual (2)
Loans held for investment	$	408,955,567	$	-	$	-	$	-	$	-	$	408,955,567	$	48,801,351
Total	$	408,955,567	$	-	$	-	$	-	$	-	$	408,955,567	$	48,801,351


	As of December 31, 2024
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (2)		Total Past Due		Total Loans		Non- Accrual (2)
Loans held for investment	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488
Total	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488

(1)

Loans 1-30 days past due are included in the current loans.

(2)

On May 1, 2023, Loan #9 was placed on non-accrual status. The Company was brought current on all interest and payments due on Loan #9 through December 31, 2025. Management elected to maintain the loan on non-accrual status until such time that the borrower demonstrates sustained ability to meet debt service obligations under both the Judgment Loan and the Term Loan. (Note 9). On May 9, 2025, Loan #6 was placed on non-accrual and remains on non-accrual as of December 31, 2025. On December 1, 2025, Loan #4 and Loan #34 were placed on non-accrual and remain on non-accrual as of December 31, 2025.

Non-Accrual Loans

As of December 31, 2025 and 2024, there were four and one loans placed on non-accrual status, respectively. As of December 31, 2025, the total aggregate principal balance and carrying value of loans placed on non-accrual was $48.9 million and $48.8 million, respectively. There is $0 interest receivable as of December 31, 2025 relating to loans placed on non-accrual status. As of December 31, 2024, the total aggregate principal balance and carrying value of loans placed on non-accrual was $16.4 million.

As more fully described in Note 8, Loan #9 was placed on non-accrual status as of May 1, 2023 and has a carrying value of approximately $29.0 million and $16.4 million as of December 31, 2025 and December 31, 2024. Loan #9 carried a reserve for current expected credit losses of approximately $0.5 million and $1.2 million as of December 31, 2025 and December 31, 2024, respectively. The Company ceased accruing interest on the first date of delinquency, based on expectation of its ability to collect all amounts then due from the borrower. As a result, there was no accrued interest to write-off when the loan was placed on non-accrual.

Loan #6 was placed on non-accrual status as of May 9, 2025 and had an outstanding principal balance and carrying value of approximately $3.2 million as of December 31, 2025. A Default Notice was sent to the borrower on May 9, 2025 specifying certain events of default such as outstanding tax liens and recent non-payment of interest and principal. Management has begun the process to exercise its rights and remedies under the loan documents.

Loan #4 and Loan #34 were placed on non-accrual status as of December 1, 2025 following periods of non-collection of interest since August 1, 2025. The loan and security agreements governing these loans include cross-default and cross-collateral provisions. Loan #4 and Loan #34 had an aggregate outstanding principal balance and carrying value of approximately $16.6 million as of December 31, 2025. At the time these loans were placed on non-accrual status $0.9 million of interest receivable was reversed, and interest receivable as of December 31, 2025 is $0.

Credit Quality Indicators

The Company assesses the risk factors of each loan, and assigns a risk rating based on a variety of factors, including, without limitation, payment history, real estate collateral coverage, property type, geographic and local market dynamics, financial performance, loan to enterprise value and fixed charge coverage ratios, loan structure and exit strategy, and project sponsorship. This review is performed quarterly. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating		Definition
1		Very low risk
2		Low risk
3		Moderate/average risk
4		High risk/potential for loss: a loan that has a risk of realizing a principal loss
5		Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

The risk ratings are primarily determined based on current and historical performance metrics specific to each portfolio company, as well as consideration of future economic conditions and each borrower’s estimated ability to meet debt service requirements. The risk ratings shown in the following table as of December 31, 2025 and 2024 consider borrower specific credit history and performance and reflect a quarterly re-evaluation of overall current macroeconomic conditions affecting the Company’s borrowers, specifically those designated as held for investment.

As of December 31, 2025 and 2024, the carrying value, excluding the current expected credit loss reserve (the “CECL Reserve”), of the Company’s loans within each risk rating category by year of origination is as follows:


	As of December 31, 2025 (1)
Risk Rating	2025		2024		2023		2022		2021		Total
1	$	-	$	-	$	17,200,000	$	-	$	-	$	17,200,000
2		56,825,751		26,726,735		43,676,371		43,542,664		-		170,771,521
3		104,831,283		52,297,509		1,363,484		-		42,709,369		201,201,645
4		-		16,626,809		-		-		3,155,592		19,782,401
5		-		-		-		-		-		-
Total	$	161,657,034	$	95,651,053	$	62,239,855	$	43,542,664	$	45,864,961	$	408,955,567


	As of December 31, 2024 (1)
Risk Rating	2024		2023		2022		2021		Total
1	$	1,111,224	$	580,000	$	41,045,793	$	-	$	42,737,017
2		63,823,279		64,896,824		90,874,764		24,239,380		243,834,247
3		34,653,247		2,466,705		27,110,506		13,687,904		77,918,362
4		10,000,000		-		-		27,987,420		37,987,420
5		-		-		-		-		-
Total	$	109,587,750	$	67,943,529	$	159,031,063	$	65,914,704	$	402,477,046

(1)

Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

Our loans are generally secured in whole or in part by real estate collateral which includes, but is not limited to; mortgages on industrial and retail real estate properties, leasehold mortgages, and other interests in real property. These forms of real estate collateral enable us to maintain our qualification as a REIT. Our loans are also generally secured by a combination of other forms of collateral, including licenses, accounts receivable, equipment, intellectual property, equity pledges of our borrowers, and personal or corporate guarantees which provide value incremental to our real estate collateral. While real estate collateral coverage is a significant indicator of the credit quality of our portfolio, the value of these other forms of collateral also contribute to the determination of the CECL reserve. Accordingly, changes in real estate collateral coverage alone may not present a direct correlation to the change in our CECL reserve.

Our portfolio weighted average real estate collateral coverage for loans held for investment was 1.2x as of December 31, 2025 compared to 1.1x as of December 31, 2024. New loan originations during the year ended December 31, 2025 had weighted average real estate coverage of approximately 1.8x, which increased the total real estate collateral coverage of the portfolio. The below tables presents our real estate collateral coverage ratio, for loans held for investment, net as of December 31, 2025 and 2024:


As of December 31, 2025 (1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	79,144,978	$	24,714,544	$	41,525,802	$	8,491,943	$	-	$	-	$	153,877,267
Floating-rate		118,379,752		6,547,194		35,683,291		27,087,360		-		67,380,703		255,078,300
	$	197,524,730	$	31,261,738	$	77,209,093	$	35,579,303	$	-	$	67,380,703	$	408,955,567


As of December 31, 2024 (1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	45,029,665	$	48,900,184	$	43,750,558	$	9,603,167	$	-	$	1,943,216	$	149,226,790
Floating-rate		155,364,941		16,402,488		6,549,135		-		24,885,063		50,048,629		253,250,256
	$	200,394,606	$	65,302,672	$	50,299,693	$	9,603,167	$	24,885,063	$	51,991,845	$	402,477,046

(1)

Real estate collateral coverage is calculated based upon the most recent third-party appraised values. The Company generally obtains new appraisals of all material real estate collateral at least once annually.

Geographic concentration of our loans held for investment is also a significant credit quality indicator. As of December 31, 2025 and 2024, our borrowers have operations in the jurisdictions in the table below:


As of December 31, 2025						As of December 31, 2024
Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio			Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio
Illinois	$	76,736,737		19	%	Ohio	$	60,065,707		15	%
Ohio		65,865,842		16	%	Illinois		55,958,079		14	%
Florida		56,317,033		14	%	Florida		42,712,285		11	%
Pennsylvania		46,114,129		11	%	Missouri		38,208,259		9	%
Michigan		31,237,041		8	%	Pennsylvania		35,727,045		9	%
California		27,316,846		7	%	Michigan		32,068,629		8	%
Arizona		26,326,748		6	%	Arizona		28,023,340		7	%
Missouri		26,139,970		6	%	California		26,057,479		6	%
New York		22,068,401		5	%	New York		25,093,595		6	%
Nebraska		17,200,000		4	%	Maryland		21,835,901		5	%
West Virginia		8,491,943		2	%	Nebraska		17,400,000		4	%
Other (2)		2,360,539		1	%	West Virginia		8,491,943		2	%
Texas		2,335,787		1	%	Nevada		6,000,000		1	%
Maryland		1,312,711	*%			Texas		2,756,870		1	%
Massachusetts		731,146	*%			Massachusetts		2,626,423		1	%
Nevada		225,199	*%			Minnesota		1,116,000	*%
Oregon		193,286	*%			Oregon		580,000	*%
Minnesota		101,730	*%			Other (2)		-	*%
Total	$	411,075,088		100	%	Total	$	404,721,554		100	%

* Less than 1%

(1) The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the principal place of business.

(2) Represents Connecticut, Washington, and New Jersey

CECL Reserve

The Company records an allowance for current expected credit losses for its loans held for investment. The allowances are deducted from the gross carrying amount of the assets to present the net carrying value of the amounts expected to be collected on such assets. The Company estimates its CECL Reserve using, among other inputs, third-party valuations and a third-party probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan based on the risk profile for approximately three years after which we immediately revert to use of historical loss data.

ASC 326 requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The Company considers multiple datapoints and methodologies that may include likelihood of default and expected loss given default for each individual loan, valuations derived from discount cash flows (“DCF”), and other inputs including the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment, if applicable. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments.

The Company evaluates its loans on a collective (pool) basis by aggregating on the basis of similar risk characteristics as explained above. We make the judgment that loans to cannabis-related borrowers that are collateralized by real estate exhibit similar risk characteristics and are evaluated as a pool. Further, loans that have no real estate collateral, but are secured by other forms of collateral, including equity pledges of the borrower, and otherwise have similar characteristics as those collateralized by real estate may be evaluated as a separate pool. All other loans are analyzed individually, either because they operate in a different industry, may have a different risk profile, or maturities that extend beyond the forecast horizon for which we are able to derive reasonable and supportable forecasts.

Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio, and (iv) the Company’s current and future view of the macroeconomic environment including benchmark interest rate fluctuations. The Company also considers loan-specific qualitative factors which may include; among other factors; (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient, in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a CECL Reserve.

To estimate the historic loan losses relevant to the Company’s portfolio, the Company evaluates its historical loan performance, which includes zero realized loan losses since the inception of its operations. Additionally, the Company analyzed its repayment history, noting it has limited operating history, since its incorporation on March 30, 2021. However, the Company’s Sponsor and its affiliates have had operations for the past six fiscal years and have made investments in similar loans that have similar characteristics including interest rate, collateral coverage, guarantees, and prepayment/make whole provisions, which fall into the pools identified above, and may be considered by management in determining the extent to which a CECL Reserve shall be recorded.

In addition, the Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest and principal, if required, as well as the loan-to-value (LTV) ratio. When evaluating qualitative factors that may indicate the need for a CECL Reserve, the Company forecasts losses considering a variety of factors. In considering the potential current expected credit loss, the Manager primarily considers significant inputs to the Company’s forecasting methods, which include (i) key loan-specific inputs such as the value of the real estate collateral, liens on equity (including the equity in the entity that holds the state-issued license to cultivate, process, distribute, or retail cannabis), presence of personal or corporate guarantees, among other credit enhancements, LTV ratio, rate type (fixed or floating) and IRR, loan-term, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and the Company’s internal loan risk rating, and (iii) a macro-economic forecast. Estimating the enterprise value of our borrowers in order to calculate LTV ratios is often a significant estimate. The Manager utilizes a third-party valuation appraiser to assist with the Company’s valuation process primarily using comparable transactions to estimate enterprise value of its portfolio companies and supplement such analysis with a multiple-based approach to enterprise value to revenue multiples of publicly-traded comparable companies obtained from S&P Capital IQ as of September 30, 2025, to which the Manager may apply a private company discount based on the Company’s current borrower profile.

Regarding the determination of value of real estate collateral, the Company generally cannot take the position of mortgagee-in-possession as long as the property is used by a cannabis operator, but it can request that the court appoint a receiver to manage and operate the subject real property until the foreclosure proceedings are completed. Additionally, while the Company cannot foreclose under state Uniform Commercial Code (“UCC”) and take title or sell equity in a licensed cannabis business, a potential purchaser of a delinquent or defaulted loan could. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company utilizes historical market loan loss data obtained from a third-party database for commercial real estate loans, which the Company believes is a reasonably comparable and available data set to use as an input for its type of loans. The Company believes this dataset to be representative for future credit losses without historical loss data.

All of the above assumptions, although made with the most available information at the time of the estimate, are subjective and actual activity may not follow the estimated schedule. These assumptions impact the future balances that the loss rate will be applied to and as such impact the Company’s CECL Reserve. As the Company acquires new loans and the Manager monitors loan and borrower performance, these estimates will be revised each period.

During the period ended December 31, 2025, the Company's CECL Reserve increased by approximately $0.7 million compared to December 31, 2024. On a relative size basis, the CECL reserve represented 1.23% and 1.06% of principal on our loans held for investment as of December 31, 2025 and December 31, 2024, respectively. The year over year increase in the CECL reserve results from a combination of changes in portfolio composition driven by new originations and repayments, as well as portfolio company specific events and credit quality changes that impacted expected loss estimates. The key drivers of the change in the CECL reserve during the comparative period are outlined below:

•

During the year ended December 31, 2025, the Company recorded reserves on new originations of approximately $28 thousand, which were offset by $42 thousand of reserves which existed at December 31, 2024 and were reversed as a result of full loan repayments. The net effect of the new originations and full repayments on the CECL reserve was approximately a $14 thousand decrease.

•

The CECL reserve relating to loans with a risk rating of "2" and "3" was $2.9 million or 0.8% of outstanding principal as of December 31, 2025 and $2.1 million or 0.6% of outstanding principal as of December 31, 2024. Management notes that loans risk rated "2" and "3" are generally deemed to be performing loans and generally carry similar CECL reserves,

•

The CECL reserve for loans included in risk rating "4" was $2.2 million or 11.3% of outstanding principal as of December 31, 2025 and $2.3 million or 6.0% of outstanding principal as of December 31, 2024. Loans that are risk rated "4"are high risk for potential loss and require regular monitoring.

•

Loans placed on non-accrual during the year, specifically Loan #4 and Loan #34, resulted in a $1.3 million increase to the CECL reserve. When the loans were placed on non-accrual status in December 2025, an aggregate of $0.9 million of accrued interest receivable was reversed. The non-performing nature of these loans as of December 31, 2025 is a key input to the Company's CECL analysis.

•

Loan #9(a)(b), which have been on non-accrual since May 2023, were restructured during 2025. The Company made incremental advances to fund accretive acquisitions which management expects to result in improved operating performance. As a result of the borrowers acquisitions, the estimated LTV ratio decreased by approximately 15% year over year. Additionally, in connection with the December 2025 advance, the Company collected all past due unpaid interest and the borrower was brought to current. Management elected to maintain Loan #9 on non-accrual status as of December 31, 2025 until such time that the borrower demonstrates sustained ability to meet debt service obligations for a minimum of 60 days. However; despite maintaining the loan on non-accrual, the decrease in LTV ratio and collection of past due interest were the primary drivers of a $0.7 million decrease in CECL reserve as of December 31, 2025, and offset the increase attributable to Loan #4 and #34.

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the years ended December 31, 2025 and 2024 is presented in the table below.


	Funded		Unfunded		Total
Balance at December 31, 2024	$	4,346,869	$	45,572	$	4,392,441
Provision (benefit) for current expected credit losses		715,916		15,135		731,051
Balance at December 31, 2025	$	5,062,785	$	60,707	$	5,123,492


	Funded			Unfunded		Total
Balance at December 31, 2023	$	4,972,647		$	3,092	$	4,975,739
Provision (benefit) for current expected credit losses		(625,778	)		42,480		(583,298	)
Balance at December 31, 2024	$	4,346,869		$	45,572	$	4,392,441

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

14. FAIR VALUE MEASUREMENTS

GAAP requires disclosure of fair value information about financial and non-financial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and non-financial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced.

Recurring Fair Value Measurements

The table presented below summarizes the Company’s financial assets and liabilities measured at fair value as of December 31, 2025 and 2024. There were no financial assets and liabilities measured at fair value as of December 31, 2025.


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

The following table presents changes in loans at fair value that use Level 3 inputs for the year ended December 31, 2025:


	For the year ended December 31, 2025
	Loans, at fair value - related party
Balance at December 31, 2024	$	5,500,000
Transfers out of Level 3		(5,500,000	)
Balance at December 31, 2025	$	-

The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2024. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.


	As of December 31, 2024
				Unobservable Input
	Fair Value		Primary Valuation Technique	Input	Value
Loans, at fair value - related party	$	5,335,000	Yield Analysis	Discount rate		13.65	%
Total loans, at fair value	$	5,335,000

For the year ended December 31, 2024, our loan held at fair value using the fair value option included an insignificant amount of unrealized losses in net income before income taxes, that are attributable to changes in instrument-specific credit risk. The portion of the fair value adjustments related to credit risk was determined based on a discounted cash flow analysis and discount rate applied to the subject loan. Interest income on the loan measured at fair value is calculated based on the interest rate of the loan and is recorded in the interest income on the consolidated statement of operations.

Financial Assets and Liabilities Not Measured at Fair Value

As of December 31, 2025 and 2024, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:


			As of December 31,				As of December 31,
			2025				2024
	Level		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment		3	$	408,955,567	$	407,364,639	$	402,477,046	$	399,771,293
Cash and cash equivalents		1		14,948,884		14,948,884		26,400,448		26,400,448
Interest receivable		2		4,009,800		4,009,800		1,453,823		1,453,823
Other receivables and assets, net		2		874,245		874,245		459,187		459,187
Related party receivables		2		1,189,937		1,189,937		3,370,339		3,370,339

Financial liabilities:
Revolving loan		2		49,100,000		48,853,380		55,000,000		54,694,925
Notes payable, net		2		49,334,459		49,383,677		49,096,250		49,306,996
Dividend payable		2		11,157,220		11,157,220		13,605,153		13,605,153
Related party payables		2		2,214,920		2,214,920		2,043,403		2,043,403
Management and incentive fees payable		2		3,098,576		3,098,576		2,863,158		2,863,158
Interest payable		2		1,348,334		1,348,334		1,149,021		1,149,021
Accounts payable and other liabilities		2		834,977		834,977		1,136,014		1,136,014
Interest reserve		2		12,686		12,686		1,297,878		1,297,878

Our loans are generally held for investment and are substantially secured by real estate, equipment, licenses and other assets of the borrowers to the extent permitted by the applicable laws and the regulations governing such borrowers. The aggregate fair value of the Company’s loans held for investment was $407,364,639 and $399,771,293, with gross unrecognized holding losses of $1.6 million and $2.7 million as of December 31, 2025 and 2024, respectively. The fair values, which are classified as Level 3 in the fair value hierarchy, are estimated using discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ 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 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Loans Held For Investment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Loans Held For Investment, Net [Abstract]

Schedule of Loans Held for Investment by Interest Rate Type

The following tables present summarized information regarding our loans held for investment by interest rate type as of December 31, 2025 and 2024:


	As of December 31, 2025
	Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans	$	154,680,286	$	(803,019	)	$	153,877,267		37.6	%
Floating-rate loans		256,394,802		(1,316,502	)		255,078,300		62.4	%
Total	$	411,075,088	$	(2,119,521	)	$	408,955,567		100.0	%


	As of December 31, 2024
	Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans	$	149,771,871	$	(545,081	)	$	149,226,790		37.1	%
Floating-rate loans		254,949,683		(1,699,427	)		253,250,256		62.9	%
Total	$	404,721,554	$	(2,244,508	)	$	402,477,046		100.0	%

Schedule of Loans Held for Investment

The following tables summarize the Company’s aggregate portfolio of loans held for investment, net of current expected credit loss reserve as of December 31, 2025 and 2024:


	As of December 31, 2025
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Loans held for investment	$	411,075,088	$	(2,119,521	)	$	408,955,567			2.2
Current expected credit loss reserve		-		-			(5,062,785	)
Total loans held at carrying value, net	$	411,075,088	$	(2,119,521	)	$	403,892,782


	As of December 31, 2024
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Loans held for investment	$	404,721,554	$	(2,244,508	)	$	402,477,046			2.2
Current expected credit loss reserve		-		-			(4,346,869	)
Total loans held at carrying value, net	$	404,721,554	$	(2,244,508	)	$	398,130,177

(1)

Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2025 and 2024, respectively.

Schedule of Activity Related to the CECL Reserve for Outstanding Balances

The following tables present changes in loans held at carrying value as of and for the years ended December 31, 2025 and 2024:


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2024	$	404,721,554		$	(2,244,508	)	$	(4,346,869	)	$	398,130,177
Purchase of investments		79,412,079			(2,062,541	)		-			77,349,538
Principal repayment of loans		(79,221,108	)		-			-			(79,221,108	)
Accretion of original issue discount		-			2,187,528			-			2,187,528
Capitalized PIK Interest		6,162,563			-			-			6,162,563
Increase in provision for current expected credit losses		-			-			(715,916	)		(715,916	)
Balance at December 31, 2025	$	411,075,088		$	(2,119,521	)	$	(5,062,785	)	$	403,892,782


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2023	$	355,745,305		$	(2,104,695	)	$	(4,972,647	)	$	348,667,963
Purchase of investments		161,289,523			(1,836,952	)		-			159,452,571
Principal repayment of loans		(102,461,111	)		-			-			(102,461,111	)
Accretion of original issue discount		-			1,697,139			-			1,697,139
Transfer of loan held for investment to loan held for sale		(19,000,000	)					213,913			(18,786,087	)
Capitalized PIK Interest		9,147,837			-			-			9,147,837
Increase in provision for current expected credit losses		-			-			411,865			411,865
Balance at December 31, 2024	$	404,721,554		$	(2,244,508	)	$	(4,346,869	)	$	398,130,177

Schedule of Loans Held at Carrying Value Based on Information

A more detailed listing of the Company’s loans held at carrying value based on information available as of December 31, 2025, is as follows:


		Initial Funding	Maturity	Principal		Original Issue			Carrying		Percent of Loans held			Future			Periodic	YTM
Loan	Location(s)	Date (1)	Date (2)	Balance		Premium/(Discount)			Value		for investment			Fundings		Interest Rate (3)	Payment (4)	IRR (5)
1	Various	10/27/2022	10/30/2026	$	15,771,067	$	(97,600	)	$	15,673,467		3.8	%	$	-	P+6.5% Cash (8)	P&I	17.0%
2a	Michigan	12/31/2021	12/31/2026		27,110,506		(1,513	)		27,108,993		6.6	%		-	P+3% Cash (12)	P&I	16.8%
2b	Michigan	12/16/2025	12/31/2026		969,406		(9,286	)		960,120		0.2	%		-	0% Cash, 10% PIK	I/O	9.7%
4	Arizona	6/1/2024	6/17/2026		6,626,809		-			6,626,809		1.6	%		-	11.91% Cash (18)	I/O	17.0%
6	Michigan	8/20/2021	1/30/2026		3,157,129		(1,537	)		3,155,592		0.8	%		-	P+6.5% Cash (12)(17)	P&I	17.2%
7	Illinois, Arizona	6/30/2025	6/30/2028		36,130,667		(447,376	)		35,683,291		8.8	%		-	P+5.75% Cash (9)	P&I	15.0%
8	West Virginia	8/30/2024	6/30/2026		8,491,943		-			8,491,943		2.1	%		-	12% Cash	I/O	15.0%
9a	Pennsylvania	3/31/2025	3/31/2028		14,576,987		(55,030	)		14,521,957		3.5	%		-	9% Cash (13)	I/O	9.7%
9b	Pennsylvania	3/31/2025	3/31/2028		14,550,000		(53,007	)		14,496,993		3.5	%		-	9% Cash (13)	I/O	9.7%
12	Various	11/8/2021	10/31/2027		15,681,730		(81,354	)		15,600,376		3.8	%		-	P+7% Cash, 2% PIK (10)	P&I	19.8%
16	Florida	6/1/2025	1/29/2027		10,957,500		(98,309	)		10,859,191		2.7	%		-	16.75% Cash	P&I	26.9%
18	Ohio	12/31/2025	12/31/2026		47,164,373		-			47,164,373		11.5	%		-	P+1.75% Cash, 5% PIK (9)(14)	I/O	17.9%
19	Florida	3/11/2022	12/31/2027		21,359,272		(37,269	)		21,322,003		5.2	%		-	11% Cash, 5% PIK	P&I	17.5%
21	Illinois	7/1/2022	7/29/2026		6,557,301		(10,107	)		6,547,194		1.6	%		-	P+7% Cash, 2% PIK (9)	P&I	23.3%
23	Arizona	3/27/2023	3/31/2027		1,380,000		(16,516	)		1,363,484		0.3	%		-	P+7.5% Cash (11)	P&I	18.7%
25	New York	7/1/2023	6/29/2036		22,068,401		-			22,068,401		5.4	%		-	15% Cash	P&I	16.6%
27	Nebraska	8/15/2023	6/30/2027		17,200,000		-			17,200,000		4.2	%		-	P+6.5% Cash (15)	I/O	15.5%
30	Missouri, Arizona	12/19/2023	12/31/2026		14,374,936		(49,431	)		14,325,505		3.5	%		-	P+7.75% Cash (12)	P&I	18.6%
31	California, Illinois	5/3/2023	9/30/2028		7,439,091		(156,626	)		7,282,465		1.8	%		-	P+8.75% Cash (10)	I/O	18.7%
34	Arizona	6/17/2024	5/29/2026		10,000,000		-			10,000,000		2.4	%		-	11.91% Cash (18)	I/O	12.8%
35	California	8/23/2024	9/30/2028		24,941,850		(227,306	)		24,714,544		6.1	%		-	12% Cash, 3% PIK	P&I	16.6%
36	Illinois	10/28/2024	1/1/2027		27,150,398		(63,038	)		27,087,360		6.6	%		2,355,293	P+6.25% Cash (10)	P&I	15.0%
37	Various	11/26/2024	11/24/2028		16,961,689		(243,483	)		16,718,206		4.1	%		10,000,000	12% Cash, 1% PIK (16)	P&I	15.2%
38a	Various	12/13/2024	6/12/2026		2,065,000		(52,809	)		2,012,191		0.5	%		2,095,000	10% Cash (16)	I/O	15.3%
38b	Various	1/15/2025	6/12/2026		840,000		(21,600	)		818,400		0.2	%		-	10% Cash (16)	I/O	15.3%
40	Various	3/28/2025	7/28/2028		427,778		(19,837	)		407,941		0.1	%		-	SOFR +10.25% Cash (6)	P&I	20.4%
41	Ohio	3/1/2025	3/13/2027		271,429		(4,920	)		266,509		0.1	%		-	14.5% Cash	P&I	16.1%
42	Various	9/30/2025	2/28/2029		20,000,000		(83,881	)		19,916,119		4.9	%		16,666,667	SOFR +8.33% Cash (6)	P&I	15.3%
43	Missouri	8/20/2025	8/20/2028		11,849,826		(157,805	)		11,692,021		2.9	%		-	P+5.75% Cash (10)	P&I	15.4%
44	Various	12/31/2025	12/31/2028		5,000,000		(129,881	)		4,870,119		1.2	%		-	SOFR+10.24% Cash (7)	I/O	16.0%
			Subtotal	$	411,075,088	$	(2,119,521	)	$	408,955,567		100	%	$	31,116,960			16.3%

(1)

Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.

(2)

(3)

(4)

(5)

(6)

This Loan is subject to a SOFR floor of 4.00%

(7)

This Loan is subject to a SOFR floor of 3.72%

(8)

This Loan is subject to a prime rate floor of 6.25%

(9)

This Loan is subject to a prime rate floor of 7.00%

(10)

This Loan is subject to a prime rate floor of 7.50%

(11)

This Loan is subject to a prime rate floor of 8.00%

(12)

This Loan is subject to a prime rate floor of 8.50%

(13)

(14)

(15)

(16)

Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.

(17)

Loan #6 was placed on non-accrual on May 9, 2025 and all accrued interest after April 1, 2025 was reversed at that time. This loan remains on non-accrual as of December 31, 2025.

(18)

Schedule of Presents Aging Analyses of Past Due Loans by Amortized Cost


	As of December 31, 2025
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due		Total Past Due		Total Loans		Non- Accrual (2)
Loans held for investment	$	408,955,567	$	-	$	-	$	-	$	-	$	408,955,567	$	48,801,351
Total	$	408,955,567	$	-	$	-	$	-	$	-	$	408,955,567	$	48,801,351


	As of December 31, 2024
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (2)		Total Past Due		Total Loans		Non- Accrual (2)
Loans held for investment	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488
Total	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488

(1)

Loans 1-30 days past due are included in the current loans.

(2)

Schedule of Risk Rating

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


Rating		Definition
1		Very low risk
2		Low risk
3		Moderate/average risk
4		High risk/potential for loss: a loan that has a risk of realizing a principal loss
5		Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

Schedule of Carrying Value of Loans Held for Investment


	As of December 31, 2025 (1)
Risk Rating	2025		2024		2023		2022		2021		Total
1	$	-	$	-	$	17,200,000	$	-	$	-	$	17,200,000
2		56,825,751		26,726,735		43,676,371		43,542,664		-		170,771,521
3		104,831,283		52,297,509		1,363,484		-		42,709,369		201,201,645
4		-		16,626,809		-		-		3,155,592		19,782,401
5		-		-		-		-		-		-
Total	$	161,657,034	$	95,651,053	$	62,239,855	$	43,542,664	$	45,864,961	$	408,955,567


	As of December 31, 2024 (1)
Risk Rating	2024		2023		2022		2021		Total
1	$	1,111,224	$	580,000	$	41,045,793	$	-	$	42,737,017
2		63,823,279		64,896,824		90,874,764		24,239,380		243,834,247
3		34,653,247		2,466,705		27,110,506		13,687,904		77,918,362
4		10,000,000		-		-		27,987,420		37,987,420
5		-		-		-		-		-
Total	$	109,587,750	$	67,943,529	$	159,031,063	$	65,914,704	$	402,477,046

(1)

Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

Schedule of Real Estate Collateral Coverage

The below tables presents our real estate collateral coverage ratio, for loans held for investment, net as of December 31, 2025 and 2024:


As of December 31, 2025 (1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	79,144,978	$	24,714,544	$	41,525,802	$	8,491,943	$	-	$	-	$	153,877,267
Floating-rate		118,379,752		6,547,194		35,683,291		27,087,360		-		67,380,703		255,078,300
	$	197,524,730	$	31,261,738	$	77,209,093	$	35,579,303	$	-	$	67,380,703	$	408,955,567


As of December 31, 2024 (1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	45,029,665	$	48,900,184	$	43,750,558	$	9,603,167	$	-	$	1,943,216	$	149,226,790
Floating-rate		155,364,941		16,402,488		6,549,135		-		24,885,063		50,048,629		253,250,256
	$	200,394,606	$	65,302,672	$	50,299,693	$	9,603,167	$	24,885,063	$	51,991,845	$	402,477,046

(1)

Summary of Geography Concentration of Loans Held for Investment


As of December 31, 2025						As of December 31, 2024
Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio			Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio
Illinois	$	76,736,737		19	%	Ohio	$	60,065,707		15	%
Ohio		65,865,842		16	%	Illinois		55,958,079		14	%
Florida		56,317,033		14	%	Florida		42,712,285		11	%
Pennsylvania		46,114,129		11	%	Missouri		38,208,259		9	%
Michigan		31,237,041		8	%	Pennsylvania		35,727,045		9	%
California		27,316,846		7	%	Michigan		32,068,629		8	%
Arizona		26,326,748		6	%	Arizona		28,023,340		7	%
Missouri		26,139,970		6	%	California		26,057,479		6	%
New York		22,068,401		5	%	New York		25,093,595		6	%
Nebraska		17,200,000		4	%	Maryland		21,835,901		5	%
West Virginia		8,491,943		2	%	Nebraska		17,400,000		4	%
Other (2)		2,360,539		1	%	West Virginia		8,491,943		2	%
Texas		2,335,787		1	%	Nevada		6,000,000		1	%
Maryland		1,312,711	*%			Texas		2,756,870		1	%
Massachusetts		731,146	*%			Massachusetts		2,626,423		1	%
Nevada		225,199	*%			Minnesota		1,116,000	*%
Oregon		193,286	*%			Oregon		580,000	*%
Minnesota		101,730	*%			Other (2)		-	*%
Total	$	411,075,088		100	%	Total	$	404,721,554		100	%

* Less than 1%

(1) The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the principal place of business.

(2) Represents Connecticut, Washington, and New Jersey

Schedule of Activity Related to the CECL Reserve for Outstanding Balances


	Funded		Unfunded		Total
Balance at December 31, 2024	$	4,346,869	$	45,572	$	4,392,441
Provision (benefit) for current expected credit losses		715,916		15,135		731,051
Balance at December 31, 2025	$	5,062,785	$	60,707	$	5,123,492


	Funded			Unfunded		Total
Balance at December 31, 2023	$	4,972,647		$	3,092	$	4,975,739
Provision (benefit) for current expected credit losses		(625,778	)		42,480		(583,298	)
Balance at December 31, 2024	$	4,346,869		$	45,572	$	4,392,441

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies [Line Items]
Related party receivables	$ 132,044	$ 136,143
Required percentage of distribution to stockholders form REIT taxable income	90.00%
Maximum percentage of distribution to stockholders form REIT taxable income	100.00%
Ordinary income percentage	85.00%
Capital gain net income, Percentage	95.00%
Excise tax percentage	4.00%
Distribution of net capital gains percentage	90.00%
Percentage of assets on issuer outstanding securities	10.00%
Percentage of assets test	$ 75
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of gross income from sales of inventory or dealer property	75.00%
Percentage of gross income from indebtedness and certain hedging transactions	95.00%
Percentage of assets of designated real estate assets	75.00%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of assets on isssuer securities owned	5.00%
Percentage of assets on issuer outstanding securities	10.00%
Percentage of assets on securities holding	20.00%
Percentage of assets on debt instruments of publicly offered	25.00%

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt [Abstract]

Schedule of Mandatory Scheduled Principal Payments on Unsecured Notes

The following table presents the mandatory scheduled principal payments on the Unsecured Notes:


Year	Notes Payable
2025	$	-
2026		-
2027		-
2028		50,000,000
Total principal	$	50,000,000
Deferred debt issuance costs included in notes payable		(665,541	)
Total notes payable, net	$	49,334,459

Schedule of Interest Expense Incurred During Period

The following table reflects a summary of interest expense incurred during the years ended December 31, 2025 and 2024.


	For the year ended December 31, 2025
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	4,512,329	$	2,430,976	$	6,943,305
Unused fee expense		-		195,673		195,673
Amortization of debt issuance costs		238,209		168,454		406,663
Total interest expense	$	4,750,538	$	2,795,103	$	7,545,641

	For the year ended December 31, 2024
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	909,836	$	5,892,908	$	6,802,744
Unused fee expense		-		93,465		93,465
Amortization of debt issuance costs		48,165		208,833		256,998
Total interest expense	$	958,001	$	6,195,206	$	7,153,207

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table presented below summarizes the Company’s financial assets and liabilities measured at fair value as of December 31, 2025 and 2024.


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

Summary Of Changes In Loans At Fair Value

The following table presents changes in loans at fair value that use Level 3 inputs for the year ended December 31, 2025:


	For the year ended December 31, 2025
	Loans, at fair value - related party
Balance at December 31, 2024	$	5,500,000
Transfers out of Level 3		(5,500,000	)
Balance at December 31, 2025	$	-

Summary of Significant Unobservable Inputs Used to Value Loans Categorized within Level 3


	As of December 31, 2024
				Unobservable Input
	Fair Value		Primary Valuation Technique	Input	Value
Loans, at fair value - related party	$	5,335,000	Yield Analysis	Discount rate		13.65	%
Total loans, at fair value	$	5,335,000

Schedule of Carrying Values and Fair Values of the Company’s Financial Assets and Liabilities

As of December 31, 2025 and 2024, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:


			As of December 31,				As of December 31,
			2025				2024
	Level		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment		3	$	408,955,567	$	407,364,639	$	402,477,046	$	399,771,293
Cash and cash equivalents		1		14,948,884		14,948,884		26,400,448		26,400,448
Interest receivable		2		4,009,800		4,009,800		1,453,823		1,453,823
Other receivables and assets, net		2		874,245		874,245		459,187		459,187
Related party receivables		2		1,189,937		1,189,937		3,370,339		3,370,339

Financial liabilities:
Revolving loan		2		49,100,000		48,853,380		55,000,000		54,694,925
Notes payable, net		2		49,334,459		49,383,677		49,096,250		49,306,996
Dividend payable		2		11,157,220		11,157,220		13,605,153		13,605,153
Related party payables		2		2,214,920		2,214,920		2,043,403		2,043,403
Management and incentive fees payable		2		3,098,576		3,098,576		2,863,158		2,863,158
Interest payable		2		1,348,334		1,348,334		1,149,021		1,149,021
Accounts payable and other liabilities		2		834,977		834,977		1,136,014		1,136,014
Interest reserve		2		12,686		12,686		1,297,878		1,297,878

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Material Commitments

The following table summarizes our material commitments by year as of December 31, 2025:


	Total		2026		2027		2028		2029		2030		Thereafter
Undrawn commitments	$	31,116,960	$	18,761,667	$	2,355,293	$	10,000,000	$	-	$	-	$	-
Total	$	31,116,960	$	18,761,667	$	2,355,293	$	10,000,000	$	-	$	-	$	-

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Summarizes The Related Party Fees and Expenses

The following table summarizes the related party fees and expenses incurred by the Company to the Manager, which are included in general administrative expense on the consolidated statements of operations for the years ended December 31, 2025 and 2024


	For the year ended December 31,
	2025			2024
Affiliate Payments
Management fees earned	$	4,770,200		$	4,437,447
Less: Outside Fees earned		(284,887	)		(299,046	)
Base management fees, net		4,485,313			4,138,401
Incentive fees		3,716,823			3,923,495
Total management and incentive fees earned		8,202,136			8,061,896
General and administrative expenses reimbursable to Manager		4,930,489			4,821,373
Total	$	13,132,625		$	12,883,269

Schedule of Summarizes The Related Party Transactions Payable

The following table presents amounts payable to the Manager as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Management fees payable	$	1,034,149	$	925,671
Incentive fees payable		2,064,427		1,937,487
Management and incentive fees payable		3,098,576		2,863,158
General and administrative expenses reimbursable to Manager		2,214,920		2,043,403
Total	$	5,313,496	$	4,906,561

Fair Value Measurements - Summary of Significant Unobservable Inputs Used to Value Loans Categorized within Level 3 (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value - related party	$ 0	$ 5,335,000
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value - related party		5,335,000
Level 3 [Member] \| Discount Rate [Member] \| Yield Analysis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans, at fair value - related party		$ 5,335,000
Measurement input (as a percent)		13.65%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Loans at Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Summary of Loans Held at Fair Value

The following table summarizes the Company's loan held at fair value as of December 31, 2024. There were no loans held at fair value as of December 31, 2025.



Loan	Location(s)	Maturity Date	Principal Balance		Amortized Cost		Fair Value		Interest Rate	Periodic Payment
39	Minnesota	6/26/2026	$	5,500,000	$	5,500,000	$	5,335,000	10.5% Cash	I/O

		Subtotal	$	5,500,000	$	5,500,000	$	5,335,000

Dividends and Distributions (Tables)

12 Months Ended

Dec. 31, 2025

Dividends and Distributions [Abstract]

Schedule of Dividends Declared

The following table summarizes the Company’s dividends declared during the years ended December 31, 2025 and 2024:


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/31/2025	4/15/2025	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	6/30/2025	7/15/2025	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	9/30/2025	10/15/2025	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	12/31/2025	1/15/2026	$	0.47	$	0.47	$	-	$	0.47
Total cash dividend			$	1.88	$	1.88		-	$	1.88


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/28/2024	4/15/2024	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	6/28/2024	7/15/2024	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	9/30/2024	10/15/2024	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	12/31/2024	1/13/2025	$	0.47	$	0.47	$	-	$	0.47
Special cash dividend	12/31/2024	1/13/2025	$	0.18	$	0.18	$	-	$	0.18
Total cash dividend			$	2.06	$	2.06	$	-	$	2.06

Loans Held For Investment, Net - Schedule of Loans Held for Investment (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Schedule of Loans Held For Investment [Abstract]

Loans held for investment, Outstanding Principal

$ 411,075,088

$ 404,721,554

Loans held for investment, Original Issue Discount

(2,119,521)

(2,244,508)

Loans held for investment, Carrying Value

$ 408,955,567

$ 402,477,046

Loans held for investment, Weighted Average Remaining Life (Years)

^[1]

2 years 2 months 12 days

Current expected credit loss reserve, Outstanding Principal

$ 0

Current expected credit loss reserve, Original Issue Discount

Current expected credit loss reserve, Carrying Value

(5,062,785)

(4,346,869)

Total loans held at carrying value, net, Outstanding Principal

411,075,088

404,721,554

Total loans held at carrying value, net, Original Issue Discount

(2,119,521)

(2,244,508)

Total loans held at carrying value, net, Carrying Value

$ 403,892,782

$ 398,130,177

[1]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2025 and 2024, respectively.

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 2025
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our consolidated financial statements present the financial position, results of operations, and cash flows for the Company, including the accounts of its wholly owned consolidated financing subsidiary, CAL. The consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company's results of operations and financial condition as of and for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Consolidated Financial Statements	Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held at fair value and the provision for current expected credit losses.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, interest payable, which was previously included within accounts payable and other liabilities, is presented as a separate line item on the Consolidated Balance Sheets. Additionally, dividends declared on restricted stock awards which were previously included in dividends declared on common shares, were reclassified and presented as an individual line item on the Consolidated Statements of Equity. The reclassifications were made to improve transparency regarding the Company’s accrued interest obligations and dividends paid on vested restricted stock awards. The reclassifications had no impact on total assets, total liabilities, stockholders’ equity, net income, or cash flows for the periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash and cash equivalents are held with financial institutions, and, at times, may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the financial institutions and their ability to continue in business for the foreseeable future. Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments that may subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans, and interest receivable. Concentration of credit risk relating to loans and interest receivable are managed by the Company and the Manager through robust portfolio monitoring and performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.
Investments in Loans	Investments in Loans The Company originates commercial real estate (“CRE”) loans and related debt instruments that it has both the intent and ability to hold for the foreseeable future, and are therefore classified as held for investment. Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for credit losses and (iv) write-downs of uncollectible loans. The Company uses a method which approximates the effective interest method to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs. The Company’s loans are primarily collateralized by real estate, equipment, licenses and/or other collateral assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which evaluates each borrower’s financial condition including consideration of interest and principal payment history, ability to execute its business plan, and assessment of any alleged actual, threatened, or pending litigation; (2) economic review, which contemplates the value of underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Changes in other observable market data may be utilized in determining the immediate recognition of expected credit losses over the life of financial instruments. Loans held for sale Once the Company decides to sell a loan, it is transferred from held for investment to held-for-sale and carried at the lower of cost or fair value. On the date a loan is transferred into the held-for-sale category, any previously recorded allowance for credit losses is reversed in earnings and the loan is recorded at its amortized cost. If the amortized cost exceeds the loan’s fair value at the date of transfer, a valuation allowance is recorded equal to the difference between amortized cost basis and fair value. There were no loans classified as held-for-sale as of December 31, 2025 and 2024. Refer to Note 4 for additional information. Loans held at fair value The Company generally holds its loans at amortized cost as long-term investments, but may occasionally carry certain of its loans at fair value as elected on an instrument by instrument basis. Investments in loans at fair value are carried at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded in change in unrealized (loss) gain on investments in the consolidated statement of operations. Refer to Notes 5 and 14 for more information on the valuations of such investments. Upfront costs and fees, such as origination, commitment, underwriting and structuring fees related to items for which the fair value option is elected, are recognized in earnings as incurred and not deferred.
Current Expected Credit Losses	Current Expected Credit Losses The Company measures current expected credit losses (“CECL”) for loans held for investment at the end of each reporting period based on Accounting Standards Codification ("ASC") Topic 326, Financial Instruments – Credit Losses (“ASC 326”). The Company estimates its current expected credit loss reserve (“CECL Reserve”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform the CECL Reserve using a model that considers multiple datapoints and methodologies that may include the probability of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which may include base information about the loan terms and other information about the borrower including but not limited to; fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including but not limited to (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where the Company has deemed the borrower/sponsor to be experiencing financial difficulty, the Company may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities (“CMBS”), which the Company believes is a reasonably comparable and available data set to its type of loans. See Note 3 of these consolidated financial statements for CECL related disclosures. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within the (benefit) provision for current expected credit losses in the Company’s consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment is a valuation account that is deducted from the amortized cost basis of the Company’s loans held for investment in the Company’s consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within accounts payable and other liabilities on the Company’s consolidated balance sheets. The Company has made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of the related loans held for investment in determining the CECL Reserve, as any uncollectible accrued interest receivable, if deemed to be uncollectible, will be written off timely with any previously accrued uncollected interest on the loan charged to interest income in the same period.
Fair Value Measurements	Fair Value Measurements The Company may occasionally report selected financial assets and liabilities at fair value. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. The Company discloses the fair value of its financial assets and liabilities based on observable market information where available or on market participant assumptions. These assumptions are subjective in nature and involve matters of judgment and, therefore, fair values cannot always be determined with precision. When determining fair value, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of the fair value hierarchy are as follows: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument being measured. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation issued to employees of the Manager and its affiliates and the members of the Board pursuant to an equity incentive compensation plan, titled the 2021 Omnibus Incentive Plan (the “2021 Plan”) at the date of grant based on the fair value of the award and recognizes the cost over the service period, which is usually the vesting period. Forfeitures are recognized as they occur. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, based on the Company’s stock price on grant date, and approved by the Board. Fair values of award grants also recognize any ongoing restrictions on the sale of securities.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs on the Revolving Loan are capitalized and amortized over the term on a straight-line basis. Unamortized debt issuance costs on the Company's Revolving Loan are included in other receivables and assets, net, on the consolidated balance sheets. Debt issuance costs relating to the Notes Payable are recorded as a direct reduction to the face value of the Notes Payable on the consolidated balance sheets and are amortized over the term using the effective interest method. Unamortized debt issuance costs are subsequently expensed if the associated debt instrument is repaid prior to maturity. Amortization of debt issuance costs is reported as interest expense in the consolidated statements of operations. See Note 8 of these consolidated financial statements for further consideration.
Offering Costs	Offering Costs Costs associated with the offering of common shares of the Company including, but not limited to legal, accounting, printing, filing fees, and other fees incurred directly related to the offering, are capitalized as incurred. Deferred offering costs are charged to additional paid-in-capital upon the completion of an offering or ratably as securities relating to a shelf offering are sold. Should an offering of the authorized common stock of the Company prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Deferred offering costs are included in the line item, Other receivables and assets, net within the consolidated balance sheets in the amount of $132,044 and $136,143 as of December 31, 2025 and 2024, respectively.
Revenue Recognition	Revenue Recognition Interest Income Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. Loan origination fees and costs, and other discounts or premiums (collectively, “OID”) are recorded as an adjustment to the amortized cost basis of the loan and are accreted or amortized to interest income over the initial loan term as a yield adjustment using a method which approximates the effective interest method. Delayed draw loans may earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Certain of the Company’s loans contain a paid-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable loan agreement, is added to the principal balance of the loan, rather than being paid in cash, and is generally collected upon repayment of the outstanding principal. Recognition of PIK interest includes assessments of collectability and may discontinue accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. To the extent required to maintain the Company’s status as a REIT, and/or to avoid incurring an excise tax, accrued income such as this may need to be distributed to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash. Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Realized gains or losses on debt securities are measured by the difference between the net proceeds from the disposition and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries. Non-Accrual Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt about the full recovery of principal and interest. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when principal and interest payments are brought current, the borrower demonstrates sustained repayment performance, and/or the loan becomes well secured and is in the process of collection. Fee Income Other fees, including prepayment fees and exit or success fees, are recognized as interest income when received. From time to time, the Company may also receive fees for underwriting, syndication, arranging, or other types of fees (collectively "Structuring Fees") in the course of origination of its investments. To the extent such fees are not deemed to be yield enhancements and are not paid to all lenders in the syndication, such Structuring Fees are recognized in interest income when received. Realized and Unrealized Gains and Losses Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries. An unrealized gain arises when the value of the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.
Related party receivables	Related party receivables Related party receivables represent interest and principal payments received from borrowers by the Company’s affiliated loan administrative agent prior to the balance sheet date that were not remitted to the Company until subsequent to the balance sheet date. The related party receivables as of December 31, 2025 were collected in January 2026.
Interest Reserves	Interest Reserves The Company utilizes interest reserves on certain loans which are applied to future interest payments. Such reserves are established at the time of loan origination. The interest reserve is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned, and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance on the date when the interest payment is due. The decision to establish an interest reserve is made during the underwriting process and considers the creditworthiness and expertise of the borrower, the feasibility of the project, and the debt coverage provided by the real estate and other pledged collateral. It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial condition of the borrower or the underlying project. The Company’s standard accounting policies for interest income recognition are applied to all loans, including those with interest reserves.
Expenses	Expenses Interest expense, in accordance with the Company’s financing agreements, is recorded on an accrual basis. General and administrative expenses, including professional fees, are expensed as incurred.
Income Taxes	Income Taxes The Company is a Maryland corporation and has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 2021. The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including various income, asset, and distribution tests. Income Tests In order to maintain our REIT qualification, we must satisfy two gross income requirements on an annual basis. First, at least 75% of our gross income for each taxable year, excluding gross income from sales of inventory or dealer property in prohibited transactions, discharge of indebtedness and certain hedging transactions, generally must be derived from investments relating to real property or mortgages on real property, including interest income derived from mortgage loans secured by real property (including certain types of mortgage-backed securities), rents from real property, dividends received from other REITs, and gains from the sale of designated real estate assets, as well as, specified income from temporary investments. Second, at least 95% of our gross income in each taxable year, excluding gross income from "prohibited transactions", discharge of indebtedness and certain hedging transactions, must be derived from some combination of income that qualifies under the 75% gross income test described above, as well as, other dividends, interest, and gain from the sale or disposition of stock or securities, which need not have any relation to real property. Income and gain from certain hedging transactions will be excluded from both the numerator and the denominator for purposes of both the 75% and 95% gross income tests. Asset Tests At the close of each calendar quarter, we must also satisfy five tests relating to the nature of our assets. First, at least 75% of the value of our total assets must be represented by some combination of designated real estate assets, cash, cash items, U.S. Government securities and, under some circumstances, stock or debt instruments purchased with new capital. Second, the value of any one issuer’s securities that we own may not exceed 5% of the value of our total assets. Third, we may not own more than 10% of any one issuer’s outstanding securities, as measured by either value (the "10% of value asset test") or voting power. The 5% and 10% asset tests do not apply to securities that qualify under the 75% asset test or to securities of a TRS and qualified REIT subsidiaries, and the 10% of value asset test does not apply to "straight debt" having specified characteristics and to certain other securities. Fourth, the aggregate value of all securities of TRSs that we hold may not exceed 20% of the value of our total assets. Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets. Distribution Tests The Company is required to distribute annually to its stockholders, at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of its capital gain net income for the calendar year, and 3) any undistributed shortfall from its prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain and receive an income tax credit for such amount. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. The Financial Accounting Standards Board (“FASB”) ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are documented and supported as of December 31, 2025 and 2024. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets and within income tax expense on the consolidated statements of operations.
Earnings Per Share	Earnings per Share The Company calculates basic earnings / (loss) per share by dividing net income / (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period. Diluted earnings / (loss) per share takes into effect any dilutive instruments using the treasury stock method, except when doing so would be anti-dilutive. As of December 31, 2025 and 2024, there were dilutive instruments relating to restricted stock awards granted in connection with the 2021 Plan. See Note 12 included in these consolidated financial statements for the earnings per share calculations.
Segment Reporting	Segment Reporting In accordance with ASC Topic 280: Segment Reporting ("ASC 280"), the Company has determined that it has a single operating segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales nor transfer of assets. Refer to Note 15 for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASC 2024-03"), which requires disaggregated disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2025, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on the Company's future consolidated financial statements. In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Accounting for Purchased Loans. This ASU clarifies the accounting for certain purchased loans by requiring entities to recognize an allowance for expected credit losses at the time of purchase for loans that do not qualify as purchased credit-deteriorated assets. The guidance also clarifies the measurement and presentation of the allowance for credit losses and related interest income recognition for such purchased loans. ASU 2025-08 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The ASU is required to be applied prospectively. The Company is currently evaluating the impact of the adoption of ASU 2025-08 on its consolidated financial statements and related disclosures.

Debt - Additional Information (Details) - USD ($)						12 Months Ended
Debt - Additional Information (Details) - USD ($)	Oct. 18, 2024	Sep. 30, 2024	Jun. 26, 2024	Feb. 28, 2024	May 21, 2021	Dec. 31, 2025	Aug. 05, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt (Details) [Line Items]
Line of credit interest rate						6.75%
Line of credit, description						As of December 31, 2023, the Revolving Loan had an interest rate equal to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The Revolving Loan had an aggregate commitment of $100.0 million, and a maturity date of the earlier of (i) December 16, 2024 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms of the Revolving Loan agreement.
Revolving loan						$ 60,900,000
financing costs incurred						665,541	$ 100,000
Maximum capital expenditures						150,000
Stockholders' equity						307,814,476		$ 308,958,097	$ 271,853,391
Unsecured Notes due 2028 [Member]
Debt (Details) [Line Items]
Debt issuance cost under of credit facility arrangement	$ 900,000
Loan commitment	$ 50,000,000
Commitment interest rate	9.00%
Contractual term	4 years
Contractual maturity date	Oct. 18, 2028
Unamortized debt issuance costs						$ 665,541		903,750
Unsecured Notes due 2028 [Member] \| Event Of Prepayment Prior To First Anniversary Of Closing Date [Member]
Debt (Details) [Line Items]
Percentage of prepayment penalty	3.00%
Unsecured Notes due 2028 [Member] \| Event of Prepayment Prior to Second Anniversary of Closing Date [Member]
Debt (Details) [Line Items]
Percentage of prepayment penalty	2.00%
Debt to Equity Ratio of 0.25 to 1 [Member]
Debt (Details) [Line Items]
Line of credit interest rate						0.00%
Ratio of debt to equity						0.25
Amortized Cost [Member]
Debt (Details) [Line Items]
Amortized cost						$ 122,600,000
Minimum [Member]
Debt (Details) [Line Items]
Revolving loan commitment amount		$ 105,000,000	$ 100,000,000
Debt service coverage ratio						1.35
Minimum [Member] \| Unsecured Notes due 2028 [Member]
Debt (Details) [Line Items]
Stockholders' equity	$ 200,000,000
Minimum [Member] \| Debt to Equity Ratio of 0.25 to 1 [Member]
Debt (Details) [Line Items]
Line of credit interest rate					0.00%
Ratio of debt to equity					0.25
Maximum [Member]
Debt (Details) [Line Items]
Line of credit interest rate					3.25%	3.25%
Revolving loan commitment amount		$ 110,000,000	$ 105,000,000
Leverage ratio						1.5
Maximum [Member] \| Unsecured Notes due 2028 [Member]
Debt (Details) [Line Items]
Aggregate indebtedness	$ 225,000,000
Maximum [Member] \| Debt to Equity Ratio of 1.5 to 1 [Member]
Debt (Details) [Line Items]
Line of credit interest rate					1.25%	1.25%
Ratio of debt to equity					1.5
Leverage ratio						1.5
Revolving Credit Facility [Member]
Debt (Details) [Line Items]
Debt issuance cost under of credit facility arrangement				$ 100,000
Contractual maturity date						Jun. 30, 2028
Debt, description						Additionally, the Company must comply with certain financial covenants including: (1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of December 31, 2025, the Company is in compliance with all financial covenants with respect to the Revolving Loan.
Unamortized debt issuance costs						$ 246,620		$ 305,075
Revolving Credit Facility [Member] \| Extended Maturity [Member]
Debt (Details) [Line Items]
Contractual maturity date				Jun. 30, 2026
Revolving Credit Facility [Member] \| Minimum [Member]
Debt (Details) [Line Items]
Revolving loan commitment amount						110,000,000
Revolving Credit Facility [Member] \| Maximum [Member]
Debt (Details) [Line Items]
Revolving loan commitment amount				$ 150,000,000		$ 150,000,000

Related Party Transactions - Schedule of Summarizes The Related Party Fees and Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Summarizes the Related Party Fees and Expenses [Abstract]
Management fees earned	$ 4,770,200	$ 4,437,447
Less: Outside Fees earned	(284,887)	(299,046)
Base management fees, net	4,485,313	4,138,401
Incentive fees	3,716,823	3,923,495
Total management and incentive fees earned	8,202,136	8,061,896
General and administrative expenses reimbursable to Manager	4,930,489	4,821,373
Total	$ 13,132,625	$ 12,883,269

Income Tax

12 Months Ended

Dec. 31, 2025

Income Tax [Abstract]

INCOME TAX

13. INCOME TAX

To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that our estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, we will accrue excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense, if any, is included in the line item, income tax expense. For the years ended December 31, 2025 and 2024, we did not incur excise tax expense. The income tax provision for the Company was $0 for the years ended December 31, 2025 and 2024.

As of December 31, 2025 and 2024, the Company does not have any unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

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+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic Earnings Per Common Share

The following information sets forth the computations of basic earnings per common share for the years ended December 31, 2025 and 2024:


	For the twelve months ended December 31,
	2025		2024
Net income attributable to common stockholders	$	36,010,478	$	37,045,403
Divided by:
Basic weighted average shares of common stock outstanding		21,003,635		19,279,501
Diluted weighted average shares of common stock outstanding		21,431,650		19,713,916
Weighted average earnings per common share	$	1.71	$	1.92
Weighted average earnings per common share - diluted	$	1.68	$	1.88

Debt - Schedule of Mandatory Scheduled Principal Payments on Unsecured Notes (Details) - USD ($)	Dec. 31, 2025	Aug. 05, 2025
Line of Credit Facility [Line Items]
2028	$ 50,000,000
Total principal	50,000,000
Deferred debt issuance costs included in notes payable	(665,541)	$ (100,000)
Total notes payable, net	$ 49,334,459

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Loans Held For Investment, Net - Schedule of Presents Aging Analyses of Past Due Loans by Amortized Cost (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Financing Receivable, Past Due [Line Items]

Loans held for investment

^[1]

$ 408,955,567

$ 402,477,046

Current Loans [Member]

Financing Receivable, Past Due [Line Items]

Loans held for investment

^[2]

408,955,567

386,074,558

31-60 Days Past Due [Member]

Financing Receivable, Past Due [Line Items]

Loans held for investment

61-90 Days Past Due [Member]

Financing Receivable, Past Due [Line Items]

Loans held for investment

90+ Days Past Due [Member]

Financing Receivable, Past Due [Line Items]

Loans held for investment

16,402,488

Total Past Due [Member]

Financing Receivable, Past Due [Line Items]

Loans held for investment

16,402,488

Non- Accrual [Member]

Financing Receivable, Past Due [Line Items]

Loans held for investment

^[3]

$ 48,801,351

$ 16,402,488

[1]	Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.
[2]	Loans 1-30 days past due are included in the current loans.
[3]	On May 1, 2023, Loan #9 was placed on non-accrual status. The Company was brought current on all interest and payments due on Loan #9 through December 31, 2025. Management elected to maintain the loan on non-accrual status until such time that the borrower demonstrates sustained ability to meet debt service obligations under both the Judgment Loan and the Term Loan. (Note 9). On May 9, 2025, Loan #6 was placed on non-accrual and remains on non-accrual as of December 31, 2025. On December 1, 2025, Loan #4 and Loan #34 were placed on non-accrual and remain on non-accrual as of December 31, 2025.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Interest Receivable

12 Months Ended

Dec. 31, 2025

Interest Receivable [Abstract]

INTEREST RECEIVABLE

6. INTEREST RECEIVABLE

As of December 31, 2025 and 2024, the Company had interest receivable of approximately $4.0 and $1.5 million.

The following tables categorize the aging of interest receivable on past due loans (including non-accrual loans) by class as of December 31, 2025 and 2024, respectively:


	As of December 31, 2025
	Current Loans		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual
Interest receivable	$	4,009,800	$	-	$	-	$	-	$	-	$	4,009,800	$	-
Total	$	4,009,800	$	-	$	-	$	-	$	-	$	4,009,800	$	-


	As of December 31, 2024
	Current Loans		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual
Interest receivable	$	1,388,058	$	65,765	$	-	$	-	$	65,765	$	1,453,823	$	-
Total	$	1,388,058	$	65,765	$	-	$	-	$	65,765	$	1,453,823	$	-

Loans Held For Investment, Net - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Loans	Dec. 31, 2024 USD ($) Loans
Loans Held For Investment, Net (Details) [Line Items]
Number of loans \| Loans		1
Debt instrument, carrying amount	$ 50,000,000
Interest receivable	4,009,800	$ 1,453,823
Credit losses	$ 715,916	$ (411,865)
Percentage of loan risk portfolio	1.23%	1.06%
Decrease in estimated LTV ratio year over year, percentage	15.00%
Decrease in CECL reserves due to LTV ratio and past due interest	$ 700,000
Risk Rating of Two and Three [Member]
Loans Held For Investment, Net (Details) [Line Items]
CECL reserves, outstanding principal	$ 2,900,000	$ 2,100,000
CECL reserves, percentage of outstanding principal	0.80%	0.60%
Risk Rating Four [Member]
Loans Held For Investment, Net (Details) [Line Items]
CECL reserves, outstanding principal	$ 2,200,000	$ 2,300,000
CECL reserves, percentage of outstanding principal	11.30%	6.00%
Current expected credit loss reserve [Member]
Loans Held For Investment, Net (Details) [Line Items]
Credit losses	$ 715,916	$ (411,865)
Transfer of loan held for investment to loan held for sale, increase	700,000
New Origination [Member]
Loans Held For Investment, Net (Details) [Line Items]
Reserve for current expected credit losses	28,000
Current expected credit loss reserves, offsetting amount	42,000
Net effect of new originations and full repayments on CECL reserve	$ 14,000
Non-Accrual Loans [Member]
Loans Held For Investment, Net (Details) [Line Items]
Number of loans \| Loans	4	1
Debt instrument, carrying amount	$ 48,800,000	$ 16,400,000
Interest receivable	0
Reversal of aggregate accrued interest receivable	900,000
Non-Accrual Loans [Member] \| Outstanding Principal [Member]
Loans Held For Investment, Net (Details) [Line Items]
Outstanding principal	48,900,000	16,400,000
Loans Six [Member] \| Non-Accrual Loans [Member] \| Outstanding Principal [Member]
Loans Held For Investment, Net (Details) [Line Items]
Outstanding principal	3,200,000
Loan Four and Thirty Four [Member] \| Non-Accrual Loans [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest receivable	0
Reversal of interest receivable	900,000
Reserve for current expected credit losses	1,300,000
Loan Four and Thirty Four [Member] \| Non-Accrual Loans [Member] \| Outstanding Principal [Member]
Loans Held For Investment, Net (Details) [Line Items]
Outstanding principal	16,600,000
Loan Nine [Member] \| Non-Accrual Loans [Member]
Loans Held For Investment, Net (Details) [Line Items]
Credit losses	500,000	1,200,000
Loan Nine [Member] \| Non-Accrual Loans [Member] \| Outstanding Principal [Member]
Loans Held For Investment, Net (Details) [Line Items]
Outstanding principal	$ 29,000,000	$ 16,400,000

Interest Receivable - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Interest Receivable [Abstract]
Interest receivable	$ 4,009,800	$ 1,453,823

Loans Held for Investment, Net - Summary of Geography Concentration of Loans Held for Investment (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

$ 411,075,088

Illinois [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

6,557,301

Ohio [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

47,164,373

Florida [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

10,957,500

Pennsylvania [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

14,576,987

Michigan [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

27,110,506

California [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

24,941,850

Arizona [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

6,626,809

Missouri [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

11,849,826

New york [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

22,068,401

Nebraska [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

17,200,000

West Virginia [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

8,491,943

Credit Quality Indicators [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 411,075,088

$ 404,721,554

Percent of Our Loan Portfolio

100.00%

Credit Quality Indicators [Member] | Illinois [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 76,736,737

$ 55,958,079

Percent of Our Loan Portfolio

19.00%

14.00%

Credit Quality Indicators [Member] | Ohio [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 65,865,842

$ 60,065,707

Percent of Our Loan Portfolio

16.00%

15.00%

Credit Quality Indicators [Member] | Florida [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 56,317,033

$ 42,712,285

Percent of Our Loan Portfolio

14.00%

11.00%

Credit Quality Indicators [Member] | Pennsylvania [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 46,114,129

$ 35,727,045

Percent of Our Loan Portfolio

11.00%

9.00%

Credit Quality Indicators [Member] | Michigan [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 31,237,041

$ 32,068,629

Percent of Our Loan Portfolio

8.00%

Credit Quality Indicators [Member] | California [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 27,316,846

$ 26,057,479

Percent of Our Loan Portfolio

7.00%

6.00%

Credit Quality Indicators [Member] | Arizona [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 26,326,748

$ 28,023,340

Percent of Our Loan Portfolio

6.00%

7.00%

Credit Quality Indicators [Member] | Missouri [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 26,139,970

$ 38,208,259

Percent of Our Loan Portfolio

6.00%

9.00%

Credit Quality Indicators [Member] | New york [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 22,068,401

$ 25,093,595

Percent of Our Loan Portfolio

5.00%

6.00%

Credit Quality Indicators [Member] | Nebraska [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 17,200,000

$ 17,400,000

Percent of Our Loan Portfolio

4.00%

Credit Quality Indicators [Member] | West Virginia [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 8,491,943

Percent of Our Loan Portfolio

2.00%

Credit Quality Indicators [Member] | Other [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1],[2]

$ 2,360,539

Percent of Our Loan Portfolio

^[2]

1.00%

Credit Quality Indicators [Member] | Texas [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 2,335,787

$ 2,756,870

Percent of Our Loan Portfolio

1.00%

Credit Quality Indicators [Member] | Maryland [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 1,312,711

$ 21,835,901

Percent of Our Loan Portfolio

5.00%

Credit Quality Indicators [Member] | Massachusetts [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

731,146

$ 2,626,423

Percent of Our Loan Portfolio

1.00%

Credit Quality Indicators [Member] | Nevada [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

225,199

$ 6,000,000

Percent of Our Loan Portfolio

1.00%

Credit Quality Indicators [Member] | Oregon [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

193,286

$ 580,000

Credit Quality Indicators [Member] | Minnesota [Member]

Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items]

Outstanding Principal

^[1]

$ 101,730

$ 1,116,000

[1]	The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the principal place of business.
[2]	Represents Connecticut, Washington, and New Jersey

Loans at Fair Value - Additional Information (Details)	12 Months Ended
Loans at Fair Value - Additional Information (Details)	Dec. 31, 2024 USD ($) Loans	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Number of Loans \| Loans	1
Loan commitment	$ 11,500,000
Outstanding Principal	5,500,000
Unfunded commitments	6,000,000
Loans held at fair value	$ 5,335,000	$ 0

Loans Held For Investment, Net - Schedule of Carrying Value of Loans Held for Investment (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

$ 161,657,034

$ 109,587,750

Financing receivable loan originated - 2024

^[1]

95,651,053

67,943,529

Financing receivable loan originated - 2023

^[1]

62,239,855

159,031,063

Financing receivable loan originated - 2022

^[1]

43,542,664

65,914,704

Financing receivable loan originated - 2021

^[1]

45,864,961

Loans held for investment, at carrying value

^[1]

408,955,567

402,477,046

Risk Ratin 1 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

1,111,224

Financing receivable loan originated - 2024

^[1]

580,000

Financing receivable loan originated - 2023

^[1]

17,200,000

41,045,793

Financing receivable loan originated - 2022

^[1]

Financing receivable loan originated - 2021

^[1]

Loans held for investment, at carrying value

^[1]

17,200,000

42,737,017

Risk Ratin 2 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

56,825,751

63,823,279

Financing receivable loan originated - 2024

^[1]

26,726,735

64,896,824

Financing receivable loan originated - 2023

^[1]

43,676,371

90,874,764

Financing receivable loan originated - 2022

^[1]

43,542,664

24,239,380

Financing receivable loan originated - 2021

^[1]

Loans held for investment, at carrying value

^[1]

170,771,521

243,834,247

Risk Ratin 3 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

104,831,283

34,653,247

Financing receivable loan originated - 2024

^[1]

52,297,509

2,466,705

Financing receivable loan originated - 2023

^[1]

1,363,484

27,110,506

Financing receivable loan originated - 2022

^[1]

13,687,904

Financing receivable loan originated - 2021

^[1]

42,709,369

Loans held for investment, at carrying value

^[1]

201,201,645

77,918,362

Risk Ratin 4 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

10,000,000

Financing receivable loan originated - 2024

^[1]

16,626,809

Financing receivable loan originated - 2023

^[1]

Financing receivable loan originated - 2022

^[1]

27,987,420

Financing receivable loan originated - 2021

^[1]

3,155,592

Loans held for investment, at carrying value

^[1]

19,782,401

37,987,420

Risk Ratin 5 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

Financing receivable loan originated - 2024

^[1]

Financing receivable loan originated - 2023

^[1]

Financing receivable loan originated - 2022

^[1]

Financing receivable loan originated - 2021

^[1]

Loans held for investment, at carrying value

^[1]

$ 0

[1]	Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

Loans at Fair Value

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

LOANS, AT FAIR VALUE

5. LOANS, AT FAIR VALUE

As of December 31, 2024, the Company's portfolio included one loan held at fair value. The aggregate commitment under this loan was approximately $11.5 million and outstanding principal was $5.5 million as of December 31, 2024. As of December 31, 2024, there is $6.0 million of unfunded commitments related to the loan held at fair value. There were no loans held at fair value as of December 31, 2025.

The loan held at fair value as of December 31, 2024 was originated to a related party (Note 9), and is included within Loans, at fair value - related party on the consolidated balance sheets. The Company elected the fair value option for this asset due to other indebtedness of the borrower that is senior to our loan, uncertainty with respect to management's intent to hold to maturity or payoff given the related party nature of the investment.

The following table summarizes the Company's loan held at fair value as of December 31, 2024. There were no loans held at fair value as of December 31, 2025.



Loan	Location(s)	Maturity Date	Principal Balance		Amortized Cost		Fair Value		Interest Rate	Periodic Payment
39	Minnesota	6/26/2026	$	5,500,000	$	5,500,000	$	5,335,000	10.5% Cash	I/O

		Subtotal	$	5,500,000	$	5,500,000	$	5,335,000

As of December 31, 2024, the loan held at fair value was current on all interest and principal payments due.

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 06, 2026
Document Information [Line Items]
Entity Registrant Name	CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.
Trading Symbol	REFI
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		21,080,272
Entity Public Float	$ 236.8
Amendment Flag	false
Entity Central Index Key	0001867949
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-41123
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3125132
Entity Address, Address Line One	1680 Michigan Avenue
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	(312)
Local Phone Number	625-9295
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction	false
Auditor Firm ID	243
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.
Auditor Name	BDO USA, P.C.
Auditor Location	Chicago, Illinois
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Chicago Atlantic Real Estate Finance, Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Loans Held For Investment, Net - Schedule of Loans Held at Carrying Value Based on Information (Parenthetical) (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2025

Dec. 31, 2024

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans held for investment - related party

$ 76,183,323

$ 38,238,199

Interest receivable

$ 4,009,800

1,453,823

SOFR [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

4.00%

SOFR One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

3.72%

Prime Rate [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

6.25%

Prime Rate One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

7.00%

Prime Rate Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

7.50%

Prime Rate Three [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

8.00%

Prime Rate Four [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

8.50%

Nebraska [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Maturity Date

^[1]

Jun. 30, 2027

Nebraska [Member] | Prime Rate [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

6.50%

Nebraska [Member] | Prime Rate [Member] | Minimum [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

5.00%

Nebraska [Member] | Prime Rate [Member] | Maximum [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Loans receivable, variable rate

8.75%

Loan Nine [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

First lien judgment loan

$ 14,500,000

Second lien term loan

$ 2,000,000

$ 14,600,000

Judgment and term loan interest percentage

9.00%

Maturity Date

Mar. 31, 2028

Loan Eighteen [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Principal advances on loans held for investment related party

$ 0

26,800,000

Loans held for investment - related party

47,100,000

44,600,000

Interest receivable

$ 700,000

$ 0

Loan Thirty Seven [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Unfunded commitment annual rate

0.75%

Loan Thirty Eight [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Unfunded commitment annual rate

1.50%

Loan Four [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Interest receivable

$ 0

Loan Thirty Four [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Interest receivable

$ 0

[1]

Debt

12 Months Ended

Dec. 31, 2025

Debt [Abstract]

DEBT

8. DEBT

Revolving Loan

In May 2021, in connection with the Company’s acquisition of its wholly-owned financing subsidiary, CAL, the Company was assigned a secured revolving credit facility (the “Revolving Loan”). As of December 31, 2023, the Revolving Loan had an interest rate equal to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The Revolving Loan had an aggregate commitment of $100.0 million, and a maturity date of the earlier of (i) December 16, 2024 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms of the Revolving Loan agreement.

On February 28, 2024, CAL entered into a Fifth Amended and Restated Loan and Security Agreement (the “Fifth Amendment and Restatement”). The Fifth Amendment and Restatement extended the contractual maturity date of the Revolving Loan until June 30, 2026, and expanded the existing accordion feature to permit aggregate loan commitments of up to $150.0 million. No other material terms of the Revolving Loan were modified as a result of the execution of the Fifth Amendment and Restatement. The Company incurred debt issuance costs of approximately $0.1 million related to the Fifth Amendment and Restatement, which were capitalized and will subsequently be amortized through maturity.

On June 26, 2024, CAL entered into the First Amendment to the Fifth Amendment and Restatement. The amendment increased the current loan commitment from $100.0 million to $105.0 million. No other material terms were modified as a result of the execution of this amendment.

On September 30, 2024, CAL entered into the Sixth Amended and Restated Loan and Security Agreement (the "Sixth Amendment"). The Sixth Amendment increased the current loan commitment from $105.0 million to $110.0 million. No other material terms were modified as a result of the execution of this amendment.

On August 5, 2025, CAL entered into the First Amendment to the Sixth Amended and Restated Loan and Security Agreement (the "August 2025 Amendment"). The August 2025 Amendment extended the contractual maturity date from June 30, 2026 to June 30, 2028. No other material terms were modified as a result of the execution of this amendment, and the Company incurred approximately $0.1 million in financing costs relating thereto.

As of December 31, 2025, the Revolving Loan has aggregate commitments of $110.0 million, which may be increased to $150.0 million pursuant to its accordion feature, and has a maturity date of June 30, 2028. The Revolving Loan bears interest, payable in cash in arrears, at a per annum rate equal to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The base interest rate in effect as of December 31, 2025 is 6.75%.

The Revolving Loan provides for certain affirmative covenants, including requiring us to deliver financial information and any notices of default, and conducting business in the normal course. Additionally, the Company must comply with certain financial covenants including: (1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of December 31, 2025, the Company is in compliance with all financial covenants with respect to the Revolving Loan.

As of December 31, 2025 and 2024, unamortized debt issuance costs related to the Revolving Loan, including all amendments and amendments and restatements thereto, as applicable, of $246,620 and $305,075 respectively, are recorded in other receivables and assets, net on the consolidated balance sheets.

As of December 31, 2025, the Company had $60.9 million available under the Revolving Loan. Additionally, as of December 31, 2025, $122.6 million of loan principal is pledged as collateral in the borrowing base of the Revolving Loan.

Notes Payable

On October 18, 2024 (the "Closing Date"), the Company entered into a Loan Agreement by and among the Company and the various financial institutions party thereto, for an aggregate commitment of $50.0 million in senior unsecured notes (the "Unsecured Notes"). The Unsecured Notes have a contractual four year term maturing on October 18, 2028 and bear a fixed interest rate of 9.00% per annum. The Company may prepay the Unsecured Notes at any time without penalty following the second anniversary of the Closing Date. A prepayment penalty of 3.00% and 2.00% would be due and payable in the event of prepayment prior to the first and second anniversary of the Closing Date, respectively.

The $50.0 million aggregate commitment was advanced on the closing date and proceeds were used to temporarily repay outstanding obligations on the Revolving Loan and for other working capital purposes. The Company incurred debt issuance costs of approximately $0.9 million related to the Unsecured Notes, which were capitalized and offset against the outstanding face value of the Unsecured Notes within the line item Notes Payable, net on the consolidated balance sheets. As of December 31, 2025 and 2024, the unamortized debt issuance costs associated with the Notes Payable were $665,541 and $903,750, respectively.

The Unsecured Notes provide for certain affirmative covenants, including requiring us to deliver certain financial information and any notices of default, and conducting business in the normal course. Additionally, the Company must comply with certain financial and non-financial covenants including but not limited to: (1) minimum stockholders' equity of $200.0 million, (2) maximum aggregate indebtedness of $225.0 million, subject to increase from time to time based upon ratable increases in stockholders' equity, and (3) maintenance of an investment-grade credit rating. As of December 31, 2025, the Company is in compliance with all financial covenants with respect to the Unsecured Notes.

The following table presents the mandatory scheduled principal payments on the Unsecured Notes:


Year	Notes Payable
2025	$	-
2026		-
2027		-
2028		50,000,000
Total principal	$	50,000,000
Deferred debt issuance costs included in notes payable		(665,541	)
Total notes payable, net	$	49,334,459

Interest Expense

The following table reflects a summary of interest expense incurred during the years ended December 31, 2025 and 2024.


	For the year ended December 31, 2025
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	4,512,329	$	2,430,976	$	6,943,305
Unused fee expense		-		195,673		195,673
Amortization of debt issuance costs		238,209		168,454		406,663
Total interest expense	$	4,750,538	$	2,795,103	$	7,545,641

	For the year ended December 31, 2024
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	909,836	$	5,892,908	$	6,802,744
Unused fee expense		-		93,465		93,465
Amortization of debt issuance costs		48,165		208,833		256,998
Total interest expense	$	958,001	$	6,195,206	$	7,153,207

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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-Paragraph 1
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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+ Details

Dividends and Distributions - Schedule of Dividends Declared (Details) - USD ($)									12 Months Ended
	Jan. 15, 2026	Oct. 15, 2025	Jul. 15, 2025	Apr. 15, 2025	Jan. 13, 2025	Oct. 15, 2024	Jul. 15, 2024	Apr. 15, 2024	Dec. 31, 2025	Dec. 31, 2024
Regular cash dividend Q1 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date				Mar. 31, 2025
Payment Date				Apr. 15, 2025
Common Share Distribution Amount				$ 0.47
Taxable Ordinary Income				$ 0.47
Return of Capital (in Dollars)				$ 0
Section 199A Dividends				$ 0.47
Regular cash dividend Q2 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date			Jun. 30, 2025
Payment Date			Jul. 15, 2025
Common Share Distribution Amount			$ 0.47
Taxable Ordinary Income			$ 0.47
Return of Capital (in Dollars)			$ 0
Section 199A Dividends			$ 0.47
Regular cash dividend Q3 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date		Sep. 30, 2025
Payment Date		Oct. 15, 2025
Common Share Distribution Amount		$ 0.47
Taxable Ordinary Income		$ 0.47
Return of Capital (in Dollars)		$ 0
Section 199A Dividends		$ 0.47
Regular cash dividend Q4 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date	Dec. 31, 2025
Payment Date	Jan. 15, 2026
Common Share Distribution Amount	$ 0.47
Taxable Ordinary Income	$ 0.47
Return of Capital (in Dollars)	$ 0
Section 199A Dividends	$ 0.47
Total cash dividend 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Common Share Distribution Amount									$ 1.88
Taxable Ordinary Income									$ 1.88
Return of Capital (in Dollars)									$ 0
Section 199A Dividends									$ 1.88
Regular cash dividend Q1 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date								Mar. 28, 2024
Payment Date								Apr. 15, 2024
Common Share Distribution Amount								$ 0.47
Taxable Ordinary Income								$ 0.47
Return of Capital (in Dollars)								$ 0
Section 199A Dividends								$ 0.47
Regular cash dividend Q2 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date							Jun. 28, 2024
Payment Date							Jul. 15, 2024
Common Share Distribution Amount							$ 0.47
Taxable Ordinary Income							$ 0.47
Return of Capital (in Dollars)							$ 0
Section 199A Dividends							$ 0.47
Regular cash dividend Q3 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date						Sep. 30, 2024
Payment Date						Oct. 15, 2024
Common Share Distribution Amount						$ 0.47
Taxable Ordinary Income						$ 0.47
Return of Capital (in Dollars)						$ 0
Section 199A Dividends						$ 0.47
Regular cash dividend Q4 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date					Dec. 31, 2024
Payment Date					Jan. 13, 2025
Common Share Distribution Amount					$ 0.47
Taxable Ordinary Income					$ 0.47
Return of Capital (in Dollars)					$ 0
Section 199A Dividends					$ 0.47
Special cash dividend Q4 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date					Dec. 31, 2024
Payment Date					Jan. 13, 2025
Common Share Distribution Amount					$ 0.18
Taxable Ordinary Income					$ 0.18
Return of Capital (in Dollars)					$ 0
Section 199A Dividends					$ 0.18
Total cash dividend 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Common Share Distribution Amount										$ 2.06
Taxable Ordinary Income										$ 2.06
Return of Capital (in Dollars)										$ 0
Section 199A Dividends										$ 2.06

Loans Held For Investment, Net - Schedule of Risk Rating (Details)	12 Months Ended
	Dec. 31, 2025
Risk Rating One [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Very low risk
Risk Rating Two [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Low risk
Risk Rating Three [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Moderate/average risk
Risk Rating Four [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	High risk/potential for loss: a loan that has a risk of realizing a principal loss
Risk Rating Five [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

The following information sets forth the computations of basic earnings per common share for the years ended December 31, 2025 and 2024:


	For the twelve months ended December 31,
	2025		2024
Net income attributable to common stockholders	$	36,010,478	$	37,045,403
Divided by:
Basic weighted average shares of common stock outstanding		21,003,635		19,279,501
Diluted weighted average shares of common stock outstanding		21,431,650		19,713,916
Weighted average earnings per common share	$	1.71	$	1.92
Weighted average earnings per common share - diluted	$	1.68	$	1.88

There were no anti-dilutive shares excluded from the computations of earnings per common share.

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Organization and Description of Business [Line Items]
Required percentage of distribution to stockholders form REIT taxable income	90.00%

Loans Held For Investment, Net - Schedule of Loans Held for Investment by Interest Rate Type (Details) - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total Principal

$ 411,075,088

$ 404,721,554

Original Issue Discount

(2,119,521)

(2,244,508)

Loans held for investment, at carrying value

^[1]

$ 408,955,567

$ 402,477,046

Percentage of loans held for investment

100.00%

Fixed-rate [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total Principal

$ 154,680,286

$ 149,771,871

Original Issue Discount

(803,019)

(545,081)

Loans held for investment, at carrying value

$ 153,877,267

$ 149,226,790

Percentage of loans held for investment

37.60%

37.10%

Floating-rate [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total Principal

$ 256,394,802

$ 254,949,683

Original Issue Discount

(1,316,502)

(1,699,427)

Loans held for investment, at carrying value

$ 255,078,300

$ 253,250,256

Percentage of loans held for investment

62.40%

62.90%

[1]	Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS

Management Agreement

Pursuant to the Management Agreement, the Manager manages the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board.

The initial term of our Management Agreement was three years. After the initial term, our Management Agreement shall automatically renew every year for an additional one-year period, unless we or our Manager elect not to renew. Our Management Agreement may be terminated by us or our Manager under certain specified circumstances. Most recently on April 30, 2025, the Management Agreement was automatically renewed.

The Manager is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”). For the years ended December 31, 2025 and 2024, the Base Management Fee payable was reduced by Outside Fees in the amount of $284,887 and $299,046, respectively.

In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. The Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings, as defined in the Management Agreement. Incentive compensation for the years ended December 31, 2025 and 2024 was $3.7 million and $3.9 million, respectively.

The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement. We reimburse our Manager or its affiliates, as applicable, for the Company’s fair and equitable allocable share of the compensation, including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) subject to review by the Compensation Committee of the Board, the Manager’s personnel serving as an officer of the Company, based on the percentage of his or her time spent devoted to the Company’s affairs and (ii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance, and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs, with the allocable share of the compensation of such personnel described in this clause (ii) being as reasonably determined by the Manager to appropriately reflect the amount of time spent devoted by such personnel to our affairs.


	For the year ended December 31,
	2025			2024
Affiliate Payments
Management fees earned	$	4,770,200		$	4,437,447
Less: Outside Fees earned		(284,887	)		(299,046	)
Base management fees, net		4,485,313			4,138,401
Incentive fees		3,716,823			3,923,495
Total management and incentive fees earned		8,202,136			8,061,896
General and administrative expenses reimbursable to Manager		4,930,489			4,821,373
Total	$	13,132,625		$	12,883,269

General administrative expenses reimbursable to the Manager are included in the related party payable line item of the consolidated balance sheets as of December 31, 2025 and 2024. The following table presents amounts payable to the Manager as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Management fees payable	$	1,034,149	$	925,671
Incentive fees payable		2,064,427		1,937,487
Management and incentive fees payable		3,098,576		2,863,158
General and administrative expenses reimbursable to Manager		2,214,920		2,043,403
Total	$	5,313,496	$	4,906,561

Co-Investment in Loans

From time to time, the Company may co-invest with other investment vehicles managed by its affiliates, in accordance with the Manager’s co-investment allocation policies. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of and for the years ended December 31, 2025 and 2024, 17 and 19 of the Company’s loans were co-invested by affiliates of the Company, respectively.

Certain syndicated co-investments originated by affiliates of the Manager may include other consideration, generally in the form of warrants or other equity interests. Prior to, or concurrent with, the origination of the investment, the Company may elect to assign the right (the “Assigned Right”) to the equity consideration to an affiliate, in exchange for an additional upfront fee in an amount equal to the fair value of the equity consideration on a pro-rata basis. During the years ended December 31, 2025 and 2024, the Company sold Assigned Rights amounting to $0 and $0.6 million, respectively.

Loan transactions with related parties

In September 2024, the Company entered into a conditional assignment agreement with an affiliate under common control to sell $6.0 million of principal of Loan #11. Upon the change in management's intent to hold this portion of Loan #11 to maturity or payoff, the loan was transferred from loans held for investment to loans held for sale on the consolidated balance sheets, and was recorded at fair value of $6.0 million (Note 4). Because the amortized cost of the loan equaled the fair value as of September 30, 2024, no valuation allowance has been recorded against the loan held for sale. On October 1, 2024, upon satisfaction of the conditions precedent to the assignment, the Company completed the sale at a price of approximately $6.0 million or 100% of par. The selling price was approved by the audit committee of the Board, and equaled the carrying value as of the sale date. The remaining balance of Loan #11 was repaid in full on the contractual maturity date on October 4, 2024.

On October 30, 2024, the Company entered into an Omnibus Assignment and Assumption Agreement with an affiliate under common control whereby the Company sold $6.0 million of the principal balance of Loan #1, in exchange for aggregate consideration of $6.0 million comprised of approximately $4.5 million and $1.5 million of principal of existing Loans #7 and #20, respectively. The fair value approximated the carrying value of the loan plus accrued unpaid interest through the sale date, and was approved by the audit committee of the Board.

On December 31, 2024, the Company's approximately $6.5 million of outstanding principal in Loan #26 was refinanced by an affiliate under common control. The Company received net proceeds of approximately $6.5 million, which included the full repayment of principal, accrued unpaid interest and prepayment fees net of interest reserves transferred on the sale date. The Company recognized approximately $0.1 million of prepayment fee income in connection with this transaction. The fair value price amounting to the proceeds received was approved by the audit committee of the Board.

Loans held for investment - related party

Loan #9

As of May 1, 2023, Loan #9 was placed on non-accrual status for borrower's breach of certain non-financial covenants and obligations under the loan agreement. The borrower subsequently failed to make contractual principal and interest payments due for the months of May and June 2023. On June 20, 2023, the Administrative Agent to Loan #9 (the “Agent”, a related party) issued an acceleration notice notifying the borrower of the Agent’s intention to exercise all rights and remedies under the credit documents and requested immediate payment of all amounts outstanding thereunder on behalf of the lenders. The Agent subsequently pursued a UCC Article 9 sale of the membership interests of the borrower’s subsidiaries which were pledged as collateral. On August 10, 2023, the Agent was the highest bidder in a public auction of the membership interests and took ownership of the membership interests. The Agent intends to sell the assets in satisfaction of the loan for the benefit of the lenders.

In December 2024, the Agent was granted a summary judgment against the borrower credit parties and related individuals. The judgment received in favor of the Agent was incremental to the equity acquired in the UCC Article 9 sale. The enforcement of such judgment and UCC sale was conditional upon the recognition and affiliation of members of the Agent by the Pennsylvania Department of Health (“PA DOH”).

In January 2025, the Court of Common Pleas in Snyder County, Pennsylvania granted an order in favor of the Agent, whereby members of the Agent would be duly recognized as owner-operators of the subject assets. The order was conditional upon the satisfactory completion of change of ownership and other cannabis owner-operator affiliation forms, as required by the PA DOH. In February 2025, upon approval by the PA DOH, members of the Agent were affiliated and assumed full control of the facilities and operations of the business.

On March 31, 2025, following completion of the foreclosure proceedings, the Company extinguished the original term loan, and the Agent distributed the assets acquired from the foreclosure to the Lenders pursuant to an Agreement Among Lenders by and between the Agent and Lenders (the "AAL"). Pursuant to the AAL, the affiliated co-lender received rights to the membership interests acquired in the UCC sale and intends to engage third-parties, as necessary, and is currently in the process of restoring the business to a fully operational status. Further pursuant to the AAL, in satisfaction of the original loan, the Company now holds two loans with an aggregate principal balance of approximately $16.5 million, comprised of a $14.5 million first lien judgment loan (the "Judgment Loan") and a $2.0 million second lien term loan (the "Term Loan"), which had an aggregate fair value of approximately $16.5 million, resulting in a gain on extinguishment of approximately $0.1 million. The fair value of each of the Judgment Loan and Term Loan was determined by the Manager's investment committee using Level 3 inputs under the discounted cash flow method.

The Judgment Loan bears interest at a statutory rate of 9.0% pursuant to Illinois law, and will remain outstanding until paid by the borrower. The Term Loan bears interest at a contractual rate of 9.0% and has a maturity of March 31, 2028. The assets securing the original loan, which included mortgaged cultivation real estate in Pennsylvania and operations related thereto, continue to secure the Judgment Loan and the Term Loan. Accordingly, by virtue of the relationship between the Company, as holder of the Judgment Loan and the Term Loan, and the affiliated co-lender, as new owner of the membership interests of the original borrower credit parties, Loan #9 remains a related party loan. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, as shown in Note 3.

During the year ended December 31, 2025, the Company advanced approximately $12.6 million of gross principal to the borrower of Loan #9. The use of proceeds of the advance included: (a) the acquisition of three operational dispensaries and (b) the payment of all past due accrued and unpaid interest and fees totaling approximately $1.7 million owed on existing senior indebtedness through December 31, 2025. In connection therewith, the borrower was brought to current on all interest and payments through December 31, 2025. Management elected to maintain Loan #9 on non-accrual status as of December 31, 2025 until such time that the borrower demonstrates sustained ability to meet debt service obligations under both the Judgment Loan and the Term Loan. (Note 3). As of December 31, 2025, Loan #9 is held on the consolidated balance sheets as a loan held for investment - related party with a carrying value of approximately $29.0 million.

Loan #18

The borrower of Loan #18, FarmaceuticalRX, LLC and its subsidiaries and affiliates (“FRX”), is a related party. Certain common control affiliates of the Company can exercise significant influence over certain credit parties to the Loan Agreement with FRX by virtue of voting representation on its board of managers. During the years ended December 31, 2025 and 2024, the Company made principal advances $0 and $26.8 million, respectively, and the loan has a carrying value of $47.1 million and $44.6 million as of the years then ended. As of December 31, 2025, the carrying value of $47.1 million is included in the line item, “Loans held for investment – related party”. As of December 31, 2025 and 2024, the Company had $0.7 million and $0 of accrued interest on its loan to FRX. All accrued interest as of December 31, 2025 is current (Note 6).

Loan #3 and Loan #33

The borrowers of Loan #3 and Loan #33, which were held as of December 31, 2024, are affiliates of Vireo Growth, Inc. ("Vireo"). In December 2024, John Mazarakis, who serves as our Executive Chairman of the Board, was appointed to serve as Chief Executive Officer and Co-Executive Chairman of the Board of Vireo. Certain affiliated investment funds that are managed by entities under common control with our Manager, and for which Mr. Mazarakis can exercise significant influence, also hold material equity interests in Vireo, causing the Company to classify transactions with Vireo to be related party transactions. The aggregate principal balance of these loans is included on the consolidated balance sheets as loans held for investment - related party (Note 3).

Loans, at fair value - related party

During the year ended December 31, 2024, the Company originated a loan to a subsidiary of Vireo, collateralized by real estate assets in Minnesota. The loan had a principal balance of $5.5 million and a carrying value of approximately $5.3 million as of December 31, 2024. The Company elected to record the investment at fair value under the fair value option. The Company recognized $1.5 million in underwriting and structuring fees from Vireo upon the origination of this loan, which was recognized on the Statement of Operations for the year ended December 31, 2024. This loan held under the fair value option was repaid during the year ended December 31, 2025 (Note 5).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Loans Held for Sale (Tables)

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Summary of Loans Held for Sale

The table below presents activity of loans held for sale during the year ended December 31, 2024.


	Principal			Original Issue Discount		Unrealized Gains (Losses)		Fair Value
Balance at January 1, 2024	$	-			-	$	-	$	-
Transfer of loans held for investment to loans held for sale		19,000,000			-		-		19,000,000
Sale of loan		(19,000,000	)		-		-		(19,000,000	)
Balance at December 31, 2024	$	-		$	-	$	-	$	-

Organization and Description of Business

12 Months Ended

Dec. 31, 2025

Organization and Description of Business [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln, LLC (“CAL”) (collectively the “Company”, “we”, or “our”), is a commercial real estate finance company that incorporated in the state of Maryland on March 30, 2021 and completed its initial public offering (the "IPO") in December 2021.

The Company operates as one operating segment and its primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time, primarily through consistent current income (dividends and distributions) and secondarily, through capital appreciation. The Company intends to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The Company’s loan portfolio is primarily comprised of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses and/or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. The Company may also lend to and invest in companies or properties that are not related to the cannabis industry if they provide return characteristics consistent with its investment objective.

The Company is externally managed by Chicago Atlantic REIT Manager, LLC (the “Manager”), a Delaware limited liability company, pursuant to the terms of the Management Agreement dated May 1, 2021, and amended in October 2021, by and among the Company and the Manager. After the initial three-year term, the management agreement is automatically renewed for one-year periods unless the Company or the Manager elects not to renew in accordance with the terms of the Management Agreement. Following the initial term, the Management Agreement was most recently automatically renewed on April 30, 2025. The Manager conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. For its services, the Manager is entitled to management fees and incentive compensation, both defined in, and in accordance with, the terms of the Management Agreement (Note 9). All of the Company’s investment decisions are made by the investment committee of the Manager, subject to oversight by the Company’s board of directors (the “Board”). The Manager is wholly-owned by Chicago Atlantic Group, LP. (the “Sponsor”).

The Company has elected to be taxed as a real estate investment trust (“REIT”) for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021. The Company generally will not be subject to United States federal income taxes on its REIT taxable income if it annually distributes to stockholders at least 90% of its REIT taxable income prior to the deduction for dividends paid and complies with various other requirements as a REIT.

Related Party Transactions - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) Loans	Dec. 31, 2025 USD ($) Loans	Dec. 31, 2024 USD ($) Loans	Oct. 30, 2024 USD ($)	Oct. 01, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Management Fee, Description			The Manager is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”).
Outside fees amount			$ 284,887	$ 299,046
Incentive compensation			$ 3,716,823	$ 3,923,495
Quarterly base management fee percentage			0.375%
Pro rata percentage reduction on base management fee			50.00%
Number of loans, co-invested by affiliates \| Loans		19	17	19
Assigned right amount			$ 0	$ 600,000
Loans held for sale, at fair value		$ 0	0	0		$ 6,000,000	$ 6,000,000	$ 0
Percentage of fair value of loan, held-for-sale						100.00%
Financing receivable, held-for-sale							0
Proceeds Of Unpaid Interest And Fees Totaling Approximately			142,100,000	159,000,000
Net proceeds which included repayment of principal, accrued unpaid interest and prepayment fees net of interest reserves.				6,500,000
Prepayment of fee income				100,000
Gain on extinguishment of debt	$ 100,000
Loans held for investment - related party		38,238,199	76,183,323	38,238,199
Accrued interest		1,453,823	4,009,800	1,453,823
Loan Nine [Member]
Related Party Transaction [Line Items]
Carrying value	16,500,000
Unpaid interest			$ 1,700,000
Maturity Date			Mar. 31, 2028
Outstanding balance			$ 12,600,000
Term Loan bears interest rate			9.00%
Judgment Loan bears interest rate			9.00%
First lien judgment loan	14,500,000		$ 14,500,000
Second lien term loan	2,000,000		14,600,000
Loan held investment	$ 16,500,000		$ 29,000,000
Loan Eleven [Member]
Related Party Transaction [Line Items]
Loans held for sale, at fair value							$ 6,000,000
Maturity Date			Oct. 04, 2024
Loan One [Member]
Related Party Transaction [Line Items]
Outstanding balance					$ 6,000,000
Loan Seven [Member]
Related Party Transaction [Line Items]
Outstanding balance					4,500,000
Loan Twenty [Member]
Related Party Transaction [Line Items]
Outstanding balance					$ 1,500,000
Loan Eighteen [Member]
Related Party Transaction [Line Items]
Outstanding balance		26,800,000	$ 0	26,800,000
Loans held for investment - related party		44,600,000	47,100,000	44,600,000
Loan held investment		44,600,000	47,100,000	44,600,000
Accrued interest		0	$ 700,000	0
Loan Twenty Six [Member]
Related Party Transaction [Line Items]
Outstanding balance		6,500,000		6,500,000
Vireo [Member]
Related Party Transaction [Line Items]
Carrying value		5,300,000		5,300,000
Outstanding balance		5,500,000		$ 5,500,000
Underwriting and structuring fees		$ 1,500,000

Subsequent Events - Additional Information (Details) - USD ($)	2 Months Ended	12 Months Ended
	Mar. 12, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Events (Details) [Line Items]
Repayments on revolving loan		$ 148,000,000	$ 170,000,000
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Loans repayments	$ 40,400,000
Delayed Draw Term Loan [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Loan principal amount	51,100,000
Delayed Draw Term Loan Issued on New Borrower [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Loan principal amount	16,200,000
Delayed Draw Term Loan Issued on Existing Borrower [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Loan principal amount	34,900,000
Scheduled Amortization Payments [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Loans repayments	3,100,000
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Repayments on revolving loan	8,000,000
Outstanding balance	57,100,000
Remaining availability amount	$ 52,900,000

Related Party Transactions - Schedule of Summarizes The Related Party Transactions Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Management fees payable	$ 1,034,149	$ 925,671
Incentive fees payable	2,064,427	1,937,487
Management and incentive fees payable	3,098,576	2,863,158
General and administrative expenses reimbursable to Manager	2,214,920	2,043,403
Total	$ 5,313,496	$ 4,906,561

Loans Held For Investment, Net - Schedule of Activity Related to the CECL Reserve for Outstanding Balances (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Provision (benefit) for current expected credit losses	$ 731,051	$ (583,298)
Funded [Member]
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Balance	4,346,869	4,972,647
Provision (benefit) for current expected credit losses	715,916	(625,778)
Balance	5,062,785	4,346,869
Unfunded [Member]
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Balance	45,572	3,092
Provision (benefit) for current expected credit losses	15,135	42,480
Balance	60,707	45,572
CECL Reserve [Member]
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Balance	4,392,441	4,975,739
Provision (benefit) for current expected credit losses	731,051	(583,298)
Balance	$ 5,123,492	$ 4,392,441

Loans Held for Sale - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Oct. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans held for sale, at fair value	$ 0	$ 0	$ 6,000,000	$ 6,000,000	$ 0

- Definition

Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

+ References

+ Details

Consolidated Balance Sheets - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Assets

Loans held for investment

$ 332,772,244

$ 364,238,847

Loans held for investment - related party (Note 9)

76,183,323

38,238,199

Loans held for investment, at carrying value

^[1]

408,955,567

402,477,046

Current expected credit loss reserve

(5,062,785)

(4,346,869)

Loans held for investment at carrying value, net

403,892,782

398,130,177

Loans, at fair value - related party

5,335,000

Cash and cash equivalents

14,948,884

26,400,448

Interest receivable

4,009,800

1,453,823

Other receivables and assets, net

874,245

459,187

Related party receivables

1,189,937

3,370,339

Total Assets

424,915,648

435,148,974

Liabilities

Revolving loan

49,100,000

55,000,000

Notes payable, net

49,334,459

49,096,250

Dividend payable

11,157,220

13,605,153

Related party payables

2,214,920

2,043,403

Management and incentive fees payable

3,098,576

2,863,158

Interest payable

1,348,334

1,149,021

Accounts payable and other liabilities

834,977

1,136,014

Interest reserve

12,686

1,297,878

Total Liabilities

117,101,172

126,190,877

Commitments and contingencies (Note 10)

Stockholders’ equity

Common stock, par value $0.01 per share, 100,000,000 shares authorized and 21,080,272 and 20,829,228 shares issued and outstanding, respectively

210,803

208,292

Additional paid-in-capital

323,125,854

318,886,768

Accumulated deficit

(15,522,181)

(10,136,963)

Total stockholders’ equity

307,814,476

308,958,097

Total liabilities and stockholders’ equity

$ 424,915,648

$ 435,148,974

[1]	Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

Loans at Fair Value - Summary of Loans Held at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]
Principal Balance	$ 5,500,000
Amortized Cost	5,500,000	$ 0
Fair Value	5,335,000	$ 0
Level 3 [Member]
Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]
Principal Balance	5,500,000
Amortized Cost	5,500,000
Fair Value	$ 5,335,000
MINNESOTA \| Level 3 [Member]
Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]
Maturity Date	Jun. 26, 2026
Principal Balance	$ 5,500,000
Amortized Cost	5,500,000
Fair Value	$ 5,335,000
Interest Rate	10.5% Cash
Periodic Payment	I/O

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Mar. 17, 2025	Jun. 20, 2023	Dec. 31, 2025	Dec. 31, 2024
Stockholders’ Equity (Details) [Line Items]
Shares forfeited (in Shares)			8,127	0
Share-based compensation expense			$ 3.4	$ 3.1
Unamortized share-based compensation expense			$ 3.7
Weighted average term			1 year 4 months 24 days
Weighted average sales price per share			$ 16.01	$ 15.9
Maximum Gross Proceeds Percentage	2.00%	3.00%
Offering cost	$ 100.0	$ 75.0
At-the-Market Offering Program [Member]
Stockholders’ Equity (Details) [Line Items]
Net proceeds from direct offering			$ 0.9	$ 38.4
Sold an aggregate shares (in Shares)			64,557	2,489,290
2021 Equity Incentive Plan [Member]
Stockholders’ Equity (Details) [Line Items]
Stock issued during period, restricted stock award grants (in Shares)			187,157	187,335
Issued and outstanding shares percentage			8.50%	8.50%
2021 Equity Incentive Plan [Member] \| Employees of Manager [Member]
Stockholders’ Equity (Details) [Line Items]
Stock issued during period, restricted stock award grants (in Shares)			171,944	163,280
2021 Equity Incentive Plan [Member] \| Employees of Manager [Member] \| Resticted Stock Award [Member]
Stockholders’ Equity (Details) [Line Items]
Vesting period			3 years	3 years
2021 Equity Incentive Plan [Member] \| Independent Member of Board [Member]
Stockholders’ Equity (Details) [Line Items]
Stock issued during period, restricted stock award grants (in Shares)			15,213	24,055
2021 Equity Incentive Plan [Member] \| Independent Member of Board [Member] \| Resticted Stock Award [Member]
Stockholders’ Equity (Details) [Line Items]
Vesting period			1 year	1 year
Common Stock [Member]
Stockholders’ Equity (Details) [Line Items]
Closing market price			$ 12.26	$ 15.42

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Revenues
Interest income	$ 62,936,040	$ 62,104,092
Interest expense	(7,545,641)	(7,153,207)
Net interest income	55,390,399	54,950,885
Expenses
Management and incentive fees, net	8,202,136	8,061,896
General and administrative expense	5,304,451	5,388,967
Professional fees	1,938,422	1,811,067
Stock based compensation	3,368,861	3,058,674
Provision (benefit) for current expected credit losses	731,051	(583,298)
Total expenses	19,544,921	17,737,306
Change in unrealized gain (loss) on investments	165,000	(240,604)
Realized gain on debt securities, at fair value	0	72,428
Net income before income taxes	36,010,478	37,045,403
Income tax expense	0	0
Net income	$ 36,010,478	$ 37,045,403
Earnings per common share:
Basic earnings per common share (in Dollars per share)	$ 1.71	$ 1.92
Diluted earnings per common share (in Dollars per share)	$ 1.68	$ 1.88
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in Shares)	21,003,635	19,279,501
Diluted weighted average shares of common stock outstanding (in Shares)	21,431,650	19,713,916

Loans Held for Sale

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

LOANS HELD FOR SALE

4. LOANS HELD FOR SALE

The Company's loans are generally classified as held for investment; however, once the Company decides to sell all or a portion of a loan, it is transferred from held for investment to held for sale and carried at the lower of amortized cost or fair value. There were no loans classified as held for sale as of December 31, 2025 and 2024. The table below presents activity of loans held for sale during the year ended December 31, 2024.


	Principal			Original Issue Discount		Unrealized Gains (Losses)		Fair Value
Balance at January 1, 2024	$	-			-	$	-	$	-
Transfer of loans held for investment to loans held for sale		19,000,000			-		-		19,000,000
Sale of loan		(19,000,000	)		-		-		(19,000,000	)
Balance at December 31, 2024	$	-		$	-	$	-	$	-

Income Tax - Additional Information (Details) - USD ($)	12 Months Ended
Income Tax - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income Tax [Abstract]
Income tax, description	To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax.
Income tax provision	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Carrying Values and Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans held for investment, Carrying Value	$ 408,955,567	$ 402,477,046
Loans held for sale, at fair value	407,364,639	399,771,293
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Carrying Value	14,948,884	26,400,448
Cash and cash equivalents, Fair Value	14,948,884	26,400,448
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest receivable, Carrying Value	4,009,800	1,453,823
Interest receivable, Fair Value	4,009,800	1,453,823
Other receivables and assets, net, Carrying Value	874,245	459,187
Other receivables and assets, net, Fair Value	874,245	459,187
Related party receivables, Carrying Value	1,189,937	3,370,339
Related party receivables, Fair Value	1,189,937	3,370,339
Revolving loan, Carrying Value	49,100,000	55,000,000
Revolving loan, Fair Value	48,853,380	54,694,925
Notes payable, net Carrying Value	49,334,459	49,096,250
Notes payable, Fair value	49,383,677	49,306,996
Dividend payable, Carrying Value	11,157,220	13,605,153
Dividend payable, Fair Value	11,157,220	13,605,153
Related party payables, Carrying Value	2,214,920	2,043,403
Related party payables, Fair Value	2,214,920	2,043,403
Management and incentive fees payable, Carrying Value	3,098,576	2,863,158
Management and incentive fees payable, Fair Value	3,098,576	2,863,158
Interest payable, Carrying Value	1,348,334	1,149,021
Interest payable, Fair Value	1,348,334	1,149,021
Accounts payable and other liabilities, Carrying Value	834,977	1,136,014
Accounts payable and other liabilities, Fair Value	834,977	1,136,014
Interest reserve, Carrying Value	12,686	1,297,878
Interest reserve, Fair Value	$ 12,686	$ 1,297,878

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Our consolidated financial statements present the financial position, results of operations, and cash flows for the Company, including the accounts of its wholly owned consolidated financing subsidiary, CAL. The consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company's results of operations and financial condition as of and for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held at fair value and the provision for current expected credit losses.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, interest payable, which was previously included within accounts payable and other liabilities, is presented as a separate line item on the Consolidated Balance Sheets. Additionally, dividends declared on restricted stock awards which were previously included in dividends declared on common shares, were reclassified and presented as an individual line item on the Consolidated Statements of Equity.

The reclassifications were made to improve transparency regarding the Company’s accrued interest obligations and dividends paid on vested restricted stock awards. The reclassifications had no impact on total assets, total liabilities, stockholders’ equity, net income, or cash flows for the periods presented.

Cash and Cash Equivalents

The Company’s cash and cash equivalents are held with financial institutions, and, at times, may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the financial institutions and their ability to continue in business for the foreseeable future.

Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows.

Concentration of Credit Risks

Financial instruments that may subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans, and interest receivable. Concentration of credit risk relating to loans and interest receivable are managed by the Company and the Manager through robust portfolio monitoring and performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.

Investments in Loans

The Company originates commercial real estate (“CRE”) loans and related debt instruments that it has both the intent and ability to hold for the foreseeable future, and are therefore classified as held for investment.

Loans that are held-for-investment are carried at their aggregate outstanding face amount, net of applicable (i) unamortized origination or acquisition premium and discounts, (ii) unamortized deferred fees and other direct loan origination costs, (iii) valuation allowance for credit losses and (iv) write-downs of uncollectible loans. The Company uses a method which approximates the effective interest method to amortize origination or acquisition premiums and discounts and deferred fees or other direct loan origination costs.

The Company’s loans are primarily collateralized by real estate, equipment, licenses and/or other collateral assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which evaluates each borrower’s financial condition including consideration of interest and principal payment history, ability to execute its business plan, and assessment of any alleged actual, threatened, or pending litigation; (2) economic review, which contemplates the value of underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Changes in other observable market data may be utilized in determining the immediate recognition of expected credit losses over the life of financial instruments.

Loans held for sale

Once the Company decides to sell a loan, it is transferred from held for investment to held-for-sale and carried at the lower of cost or fair value. On the date a loan is transferred into the held-for-sale category, any previously recorded allowance for credit losses is reversed in earnings and the loan is recorded at its amortized cost. If the amortized cost exceeds the loan’s fair value at the date of transfer, a valuation allowance is recorded equal to the difference between amortized cost basis and fair value. There were no loans classified as held-for-sale as of December 31, 2025 and 2024. Refer to Note 4 for additional information.

Loans held at fair value

The Company generally holds its loans at amortized cost as long-term investments, but may occasionally carry certain of its loans at fair value as elected on an instrument by instrument basis. Investments in loans at fair value are carried at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded in change in unrealized (loss) gain on investments in the consolidated statement of operations. Refer to Notes 5 and 14 for more information on the valuations of such investments.

Upfront costs and fees, such as origination, commitment, underwriting and structuring fees related to items for which the fair value option is elected, are recognized in earnings as incurred and not deferred.

Current Expected Credit Losses

The Company measures current expected credit losses (“CECL”) for loans held for investment at the end of each reporting period based on Accounting Standards Codification ("ASC") Topic 326, Financial Instruments – Credit Losses (“ASC 326”). The Company estimates its current expected credit loss reserve (“CECL Reserve”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform the CECL Reserve using a model that considers multiple datapoints and methodologies that may include the probability of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which may include base information about the loan terms and other information about the borrower including but not limited to; fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including but not limited to (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where the Company has deemed the borrower/sponsor to be experiencing financial difficulty, the Company may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities (“CMBS”), which the Company believes is a reasonably comparable and available data set to its type of loans. See Note 3 of these consolidated financial statements for CECL related disclosures.

Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within the (benefit) provision for current expected credit losses in the Company’s consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment is a valuation account that is deducted from the amortized cost basis of the Company’s loans held for investment in the Company’s consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within accounts payable and other liabilities on the Company’s consolidated balance sheets. The Company has made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of the related loans held for investment in determining the CECL Reserve, as any uncollectible accrued interest receivable, if deemed to be uncollectible, will be written off timely with any previously accrued uncollected interest on the loan charged to interest income in the same period.

Fair Value Measurements

The Company may occasionally report selected financial assets and liabilities at fair value. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. The Company discloses the fair value of its financial assets and liabilities based on observable market information where available or on market participant assumptions. These assumptions are subjective in nature and involve matters of judgment and, therefore, fair values cannot always be determined with precision. When determining fair value, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of the fair value hierarchy are as follows:

•

Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument being measured.

In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not

indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced.

Stock-Based Compensation

The Company accounts for stock-based compensation issued to employees of the Manager and its affiliates and the members of the Board pursuant to an equity incentive compensation plan, titled the 2021 Omnibus Incentive Plan (the “2021 Plan”) at the date of grant based on the fair value of the award and recognizes the cost over the service period, which is usually the vesting period. Forfeitures are recognized as they occur. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, based on the Company’s stock price on grant date, and approved by the Board. Fair values of award grants also recognize any ongoing restrictions on the sale of securities.

Debt Issuance Costs

Debt issuance costs on the Revolving Loan are capitalized and amortized over the term on a straight-line basis. Unamortized debt issuance costs on the Company's Revolving Loan are included in other receivables and assets, net, on the consolidated balance sheets.

Debt issuance costs relating to the Notes Payable are recorded as a direct reduction to the face value of the Notes Payable on the consolidated balance sheets and are amortized over the term using the effective interest method.

Unamortized debt issuance costs are subsequently expensed if the associated debt instrument is repaid prior to maturity. Amortization of debt issuance costs is reported as interest expense in the consolidated statements of operations. See Note 8 of these consolidated financial statements for further consideration.

Offering Costs

Costs associated with the offering of common shares of the Company including, but not limited to legal, accounting, printing, filing fees, and other fees incurred directly related to the offering, are capitalized as incurred. Deferred offering costs are charged to additional paid-in-capital upon the completion of an offering or ratably as securities relating to a shelf offering are sold. Should an offering of the authorized common stock of the Company prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Deferred offering costs are included in the line item, Other receivables and assets, net within the consolidated balance sheets in the amount of $132,044 and $136,143 as of December 31, 2025 and 2024, respectively.

Revenue Recognition

Interest Income

Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. Loan origination fees and costs, and other discounts or premiums (collectively, “OID”) are recorded as an adjustment to the amortized cost basis of the loan and are accreted or amortized to interest income over the initial loan term as a yield adjustment using a method which approximates the effective interest method. Delayed draw loans may earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned.

Certain of the Company’s loans contain a paid-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable loan agreement, is added to the principal balance of the loan, rather than being paid in cash, and is generally collected upon repayment of the outstanding principal. Recognition of PIK interest includes assessments of collectability and may discontinue accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. To the extent required to maintain the Company’s status as a REIT, and/or to avoid incurring an excise tax, accrued income such as this may need to be distributed to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash.

Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Realized gains or losses on debt securities are measured by the difference between the net proceeds from the disposition and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries.

Non-Accrual

Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt about the full recovery of principal and interest. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when principal and interest payments are brought current, the borrower demonstrates sustained repayment performance, and/or the loan becomes well secured and is in the process of collection.

Fee Income

Other fees, including prepayment fees and exit or success fees, are recognized as interest income when received. From time to time, the Company may also receive fees for underwriting, syndication, arranging, or other types of fees (collectively "Structuring Fees") in the course of origination of its investments. To the extent such fees are not deemed to be yield enhancements and are not paid to all lenders in the syndication, such Structuring Fees are recognized in interest income when received.

Realized and Unrealized Gains and Losses

Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries. An unrealized gain arises when the value of the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Related party receivables

Related party receivables represent interest and principal payments received from borrowers by the Company’s affiliated loan administrative agent prior to the balance sheet date that were not remitted to the Company until subsequent to the balance sheet date. The related party receivables as of December 31, 2025 were collected in January 2026.

Interest Reserves

The Company utilizes interest reserves on certain loans which are applied to future interest payments. Such reserves are established at the time of loan origination. The interest reserve is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned, and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance on the date when the interest payment is due. The decision to establish an interest reserve is made during the underwriting process and considers the creditworthiness and expertise of the borrower, the feasibility of the project, and the debt coverage provided by the real estate and other pledged collateral. It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial condition of the borrower or the underlying project. The Company’s standard accounting policies for interest income recognition are applied to all loans, including those with interest reserves.

Expenses

Interest expense, in accordance with the Company’s financing agreements, is recorded on an accrual basis. General and administrative expenses, including professional fees, are expensed as incurred.

Income Taxes

The Company is a Maryland corporation and has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 2021. The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including various income, asset, and distribution tests.

Income Tests

In order to maintain our REIT qualification, we must satisfy two gross income requirements on an annual basis. First, at least 75% of our gross income for each taxable year, excluding gross income from sales of inventory or dealer property in prohibited transactions, discharge of indebtedness and certain hedging transactions, generally must be derived from investments relating to real property or mortgages on real property, including interest income derived from mortgage loans secured by real property (including certain types of

mortgage-backed securities), rents from real property, dividends received from other REITs, and gains from the sale of designated real estate assets, as well as, specified income from temporary investments. Second, at least 95% of our gross income in each taxable year, excluding gross income from "prohibited transactions", discharge of indebtedness and certain hedging transactions, must be derived from some combination of income that qualifies under the 75% gross income test described above, as well as, other dividends, interest, and gain from the sale or disposition of stock or securities, which need not have any relation to real property. Income and gain from certain hedging transactions will be excluded from both the numerator and the denominator for purposes of both the 75% and 95% gross income tests.

Asset Tests

At the close of each calendar quarter, we must also satisfy five tests relating to the nature of our assets. First, at least 75% of the value of our total assets must be represented by some combination of designated real estate assets, cash, cash items, U.S. Government securities and, under some circumstances, stock or debt instruments purchased with new capital. Second, the value of any one issuer’s securities that we own may not exceed 5% of the value of our total assets. Third, we may not own more than 10% of any one issuer’s outstanding securities, as measured by either value (the "10% of value asset test") or voting power. The 5% and 10% asset tests do not apply to securities that qualify under the 75% asset test or to securities of a TRS and qualified REIT subsidiaries, and the 10% of value asset test does not apply to "straight debt" having specified characteristics and to certain other securities. Fourth, the aggregate value of all securities of TRSs that we hold may not exceed 20% of the value of our total assets. Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets.

Distribution Tests

The Company is required to distribute annually to its stockholders, at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of its capital gain net income for the calendar year, and 3) any undistributed shortfall from its prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain and receive an income tax credit for such amount. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations.

The Financial Accounting Standards Board (“FASB”) ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are documented and supported as of December 31, 2025 and 2024. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets and within income tax expense on the consolidated statements of operations.

Earnings per Share

The Company calculates basic earnings / (loss) per share by dividing net income / (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period. Diluted earnings / (loss) per share takes into effect any dilutive instruments using the treasury stock method, except when doing so would be anti-dilutive. As of December 31, 2025 and 2024, there were dilutive instruments relating to restricted stock awards granted in connection with the 2021 Plan. See Note 12 included in these consolidated financial statements for the earnings per share calculations.

Segment Reporting

In accordance with ASC Topic 280: Segment Reporting ("ASC 280"), the Company has determined that it has a single operating segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales nor transfer of assets. Refer to Note 15 for additional information.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASC 2024-03"), which requires disaggregated disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2025, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on the Company's future consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Accounting for Purchased Loans. This ASU clarifies the accounting for certain purchased loans by requiring entities to recognize an allowance for expected credit losses at the time of purchase for loans that do not qualify as purchased credit-deteriorated assets. The guidance also clarifies the measurement and presentation of the allowance for credit losses and related interest income recognition for such purchased loans. ASU 2025-08 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The ASU is required to be applied prospectively. The Company is currently evaluating the impact of the adoption of ASU 2025-08 on its consolidated financial statements and related disclosures.

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY

11. STOCKHOLDERS’ EQUITY

At-the-Market Offering Program (“ATM” Program”)

On June 20, 2023, the Company entered into separate At-the-Market Sales Agreement (each, a "Sales Agreement" and together, the “Previous Sales Agreements”) with BTIG, LLC, Compass Point Research & Trading, LLC and Oppenheimer & Co. Inc. (each a “Sales Agent” and together the “ Previous Sales Agents”) under which the Company may, from time to time, offer and sell shares of common stock, having an aggregate offering price of up to $75.0 million. Under the terms of the Previous Sales Agreement, the Company has agreed to pay the Previous Sales Agents a commission of up to 3.0% of the gross proceeds from each sale of common stock sold through the Sales Agents. On March 17, 2025, the Company entered into new separate at-the-market sales agreements (each a “New Sales Agreement” and together with the Previous Sales Agreements, the “Sales Agreements”) with BTIG, LLC, A.G.P./Alliance Global Partners LLC, ATB Capital Markets USA Inc. and Oppenheimer & Co. Inc., (each a “New Sales Agent” and together with the Previous Sales Agents, the “Sales Agents”), which increased the aggregate offering size of the at-the-market offering from $75 million to $100 million and reduced the maximum commission paid to the Sales Agents from 3.0% to 2.0% of the gross proceeds from each sale of common stock sold through the Sales Agents. Sales of common stock, if any, may be made in transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

During the years ended December 31, 2025 and 2024, the Company sold an aggregate of 64,557 and 2,489,290 shares of the Company’s common stock under the Sales Agreement, respectively, which generated proceeds, net of commissions and offering expenses, of approximately $0.9 million and $38.4 million, during the comparable periods. The weighted average price for sales of our common stock in connection with the ATM program was $16.01 and $15.90 for the year ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the shares of common stock sold pursuant to the registered direct offering in February 2023 and under the ATM Program are the only offerings that have been initiated under the Shelf Registration Statement.

Equity Incentive Plan

Concurrent with our IPO, the Company established the 2021 Plan, which is administered by the Compensation Committee of the Board. The 2021 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units, and other forms of awards granted or denominated in the Company’s common stock. The 2021 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has, and currently intends to continue to grant restricted stock awards ("RSA's") to participants in the 2021 Plan, but it may also grant any

other type of award available under the 2021 Plan in the future. Persons eligible to receive awards under the 2021 Plan include the Company’s officers and employees of the Manager and its affiliates or officers and employees of the Company’s subsidiaries, if any, the members of the Board, and certain consultants and other service providers.

As of December 31, 2025 and 2024, the maximum number of shares of the Company’s common stock that may be delivered pursuant to awards under the 2021 Plan (the “Share Limit”) equals 8.50% of the issued and outstanding shares of the Company’s common stock on a fully-diluted basis following the completion of the IPO. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2021 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan.

During the year ended December 31, 2024, RSA grants of 187,335 shares of common stock were granted to employees of our Manager and independent members of the Board. Pursuant to the respective award agreements, 163,280 RSA's granted to employees of the Manager vest annually in equal installments over a three-year period beginning on the first anniversary of the date of the grant. The remaining 24,055 RSA's granted to independent members of the Board vest annually over a one year period. Upon vesting, the vested restricted stock awards are exchanged for an equal number of shares of the Company’s common stock.

During the year ended December 31, 2025, RSA grants of 187,157 shares of common stock were granted to employees of our Manager and independent members of the Board. Pursuant to the respective award agreements, 171,944 RSA's granted to employees of the Manager vest annually in equal installments over a three-year period beginning on the first anniversary of the date of the grant. The remaining 15,213 RSA's granted to independent members of the Board vest annually over a one year period. Upon vesting, the vested restricted stock awards are exchanged for an equal number of shares of the Company’s common stock.

Forfeitures are recognized as they occur. There were 8,127 and 0 shares forfeited during the years ended December 31, 2025 and 2024, respectively. As individual awards and options become fully vested, stock-based compensation expense is adjusted to recognize actual forfeitures.

Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 2021 Plan, as well as any shares exchanged by a participant or withheld by the Company to satisfy tax withholding obligations related to any award granted under the 2021 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan.

Based on the closing market price of our common stock on December 31, 2025 and 2024 of $12.26 and $15.42, respectively, the aggregate intrinsic value of our restricted stock awards was as follows:


	As of December 31, 2025				As of December 31, 2024
	Outstanding		Vested		Outstanding		Vested
Aggregate intrinsic value	$	4,951,152	$	4,916,235	$	6,342,292	$	3,182,441

The following table summarizes the restricted stock activity for the Company’s directors and officers and employees of the Manager during the years ended December 31, 2025 and 2024, and the balance of unvested restricted stock as of such dates.


	Unvested Restricted Stock			Weighted Average Grant Date Fair Value per Share
Balance at January 1, 2024		366,647		$	14.86
Granted		187,335			15.59
Vested		(142,679	)		15.00
Forfeited		-			-
Balance at December 31, 2024		411,303		$	15.14
Granted		187,157			14.79
Vested		(186,487	)		15.09
Forfeited		(8,127	)		15.38
Balance at December 31, 2025		403,846		$	15.00

Restricted stock compensation expense is based on the Company’s stock price at the date of the grant and is amortized over the vesting period. The share-based compensation expense for the Company was $3.4 million and $3.1 million for the years ended December 31, 2025 and 2024, respectively. The unamortized share-based compensation expense for the Company was approximately $3.7 million as of December 31, 2025, which the Company expects to recognize over the remaining weighted-average term of 1.4 years.

- Definition

The entire disclosure for equity.

+ References

+ Details

Interest Reserve (Details) - Schedule of Changes in Interest Reserves - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Changes in Interest Reserves [Abstract]
Beginning reserves	$ 1,297,878	$ 1,074,889
New reserves	176,760	4,194,597
Reserves disbursed	(1,461,952)	(3,971,608)
Ending reserve	$ 12,686	$ 1,297,878

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders’ Equity [Abstract]

Schedule of Restricted Stock Awards

Based on the closing market price of our common stock on December 31, 2025 and 2024 of $12.26 and $15.42, respectively, the aggregate intrinsic value of our restricted stock awards was as follows:


	As of December 31, 2025				As of December 31, 2024
	Outstanding		Vested		Outstanding		Vested
Aggregate intrinsic value	$	4,951,152	$	4,916,235	$	6,342,292	$	3,182,441

Schedule of Restricted Stock Activity


	Unvested Restricted Stock			Weighted Average Grant Date Fair Value per Share
Balance at January 1, 2024		366,647		$	14.86
Granted		187,335			15.59
Vested		(142,679	)		15.00
Forfeited		-			-
Balance at December 31, 2024		411,303		$	15.14
Granted		187,157			14.79
Vested		(186,487	)		15.09
Forfeited		(8,127	)		15.38
Balance at December 31, 2025		403,846		$	15.00

Interest Reserve (Tables)

12 Months Ended

Dec. 31, 2025

Interest Reserve [Abstract]

Schedule of Changes in Interest Reserves

The following table presents changes in interest reserves for the years ended December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
Beginning reserves	$	1,297,878		$	1,074,889
New reserves		176,760			4,194,597
Reserves disbursed		(1,461,952	)		(3,971,608	)
Ending reserve	$	12,686		$	1,297,878

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	$ 407,364,639	$ 399,771,293
Unrecognized holding losses	(1,600,000)	$ (2,700,000)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets measured at fair value	0
Financial liabilities measured at fair value	$ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

- Definition

Fair value of investment in security owned.

+ References

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+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Interest Receivable - Schedule of Aging Analyses of Past Due Loans (Including Non-Accrual Loans) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	$ 4,009,800	$ 1,453,823
Total	4,009,800	1,453,823
Current Loans [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	4,009,800	1,388,058
Total	4,009,800	1,388,058
31-60 Days Past Due [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	65,765
Total	0	65,765
61 - 90 Days Past Due [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	0
Total	0	0
90+ Days Past Due (and accruing) [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	0
Total	0	0
Non-Accrual [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	0
Total	0	0
Total Past Due [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	65,765
Total	$ 0	$ 65,765

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Description	The management approach considers the internal organization and reporting used by the Company’s Co-Chief Executive Officers, the Chief Financial Officer, and the President which comprise the chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net income, as presented on the consolidated statement of operations. In addition to other factors and metrics, the CODM utilizes net income as a key determinant of the amount of dividends to be distributed to the Company's stockholders.
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration]	Net Income (Loss)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income	$ 36,010,478	$ 37,045,403
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred loan origination fees and other discounts	(2,187,528)	(1,697,139)
Paid-in-kind interest	(6,162,563)	(9,147,837)
Interest received through net settlement transactions	(1,365,150)
Provision (benefit) for current expected credit losses	731,051	(583,298)
Change in unrealized (gain) loss on investments	(165,000)	240,604
Realized gain on debt securities, at fair value	0	(72,428)
Amortization of debt issuance costs	406,663	256,998
Stock based compensation	3,368,861	3,058,674
Changes in operating assets and liabilities:
Interest receivable	(2,555,977)	(449,683)
Other receivables and assets, net	(473,513)	185,256
Interest reserve	(1,285,192)	(3,971,608)
Related party payables	171,517	(8,128)
Related party receivables	2,180,402	(3,263,114)
Proceeds from the redemption of debt securities, at fair value	0	839,093
Management and incentive fees payable	235,418	(380,617)
Interest payable	199,313	597,435
Accounts payable and accrued expenses	(316,172)	509,765
Net cash provided by operating activities	28,792,608	23,159,376
Cash flows from investing activities
Issuance of and fundings of loans held for investment	(75,984,388)	(155,257,974)
Principal repayment of loans held for investment	79,221,108	102,461,111
Principal repayment of loans held at fair value	5,500,000	(5,500,000)
Proceeds from sale of loans	0	19,000,000
Net cash provided by/(used in) investing activities	8,736,720	(39,296,863)
Cash flows from financing activities
Proceeds from sale of common stock	1,033,474	39,591,879
Proceeds from notes payable	0	50,000,000
Proceeds from borrowings on revolving loan	142,100,000	159,000,000
Repayment of borrowings on revolving loan	(148,000,000)	(170,000,000)
Dividends paid to common shareholders	(43,843,629)	(41,632,363)
Payment of debt issuance costs	(109,999)	(1,099,231)
Payment of offering costs	(160,738)	(1,220,390)
Net cash (used in)/provided by financing activities	(48,980,892)	34,639,895
Net (decrease) increase in cash and cash equivalents	(11,451,564)	18,502,408
Cash and cash equivalents, beginning of period	26,400,448	7,898,040
Cash and cash equivalents, end of period	14,948,884	26,400,448
Supplemental disclosure of non-cash financing and investing activities
Interest reserve withheld from funding of loans	176,760	4,194,597
OID withheld from funding of loans held for investment	2,062,541	1,836,952
Dividends declared and not yet paid	11,157,220	13,605,153
Transfer of loans held for investment to loans held for sale	0	19,000,000
Non-cash exchange of loans with related party (Note 9)	0	5,960,888
Supplemental information:
Interest paid during the period	$ 6,939,666	$ 6,205,623

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock price per share	$ 1.88	$ 2.06

Earnings Per Share - Schedule of Basic Earnings Per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Basic Earnings Per Common Share [Abstract]
Net income attributable to common stockholders	$ 36,010,478	$ 37,045,403
Divided by:
Basic weighted average shares of common stock outstanding	21,003,635	19,279,501
Diluted weighted average shares of common stock outstanding	21,431,650	19,713,916
Basic earnings per common share	$ 1.71	$ 1.92
Diluted earnings per common share	$ 1.68	$ 1.88

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Loans, at fair value amortized cost	$ 0	$ 5,500,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	21,080,272	20,829,228
Common stock, shares outstanding	21,080,272	20,829,228

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date on which these financial statements were issued. Other than the items listed below, there have been no subsequent events that occurred during such period that required adjustment or disclosure in the consolidated financial statements.

Payment of Dividend

On January 15, 2026, the Company paid its regular quarterly dividend of $0.47 per common share relating to the fourth quarter of 2025 to stockholders of record as of the close of business on December 31, 2025. The total amount of the cash dividend payment was approximately $9.8 million.

Investment Activity

During the period from January 1, 2026 to March 12, 2026, the Company advanced new gross loan principal of approximately $51.1 million, comprised of $16.2 million to new borrowers and $34.9 million to existing borrowers on delayed draw and revolving loan facilities.

Additionally, the Company received a total of approximately $40.4 million in loan repayments, comprised of $3.1 million in scheduled amortization payments, $4.4 million in partial prepayments, and $32.9 million from the full prepayments of Loan #1 and Loan #27, which included all accrued interest and fees due thereunder.

Revolving Loan

During the period from January 1, 2026 through March 12, 2026, the Company had net borrowings/(repayments) on the Revolving Loan of $8.0 million. As of March 12, 2026, the Company's Revolving Loan has an outstanding balance of $57.1 million and remaining borrowing availability of $52.9 million.

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

15. SEGMENT REPORTING

The Company uses the management approach to determine reportable operating segments. The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through its investments in loans. The management approach considers the internal organization and reporting used by the Company’s Co-Chief Executive Officers, the Chief Financial Officer, and the President which comprise the chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net income, as presented on the consolidated statement of operations. In addition to other factors and metrics, the CODM utilizes net income as a key determinant of the amount of dividends to be distributed to the Company's stockholders.

As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Interest Reserve

12 Months Ended

Dec. 31, 2025

Interest Reserve [Abstract]

INTEREST RESERVE

7. INTEREST RESERVE

As of December 31, 2025 and 2024, the Company had two loans and four loans that included a prepaid interest reserve, respectively.

The following table presents changes in interest reserves for the years ended December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
Beginning reserves	$	1,297,878		$	1,074,889
New reserves		176,760			4,194,597
Reserves disbursed		(1,461,952	)		(3,971,608	)
Ending reserve	$	12,686		$	1,297,878

Dividends and Distributions

12 Months Ended

Dec. 31, 2025

Dividends and Distributions [Abstract]

DIVIDENDS AND DISTRIBUTIONS

16. DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the years ended December 31, 2025 and 2024:


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/31/2025	4/15/2025	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	6/30/2025	7/15/2025	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	9/30/2025	10/15/2025	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	12/31/2025	1/15/2026	$	0.47	$	0.47	$	-	$	0.47
Total cash dividend			$	1.88	$	1.88		-	$	1.88


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/28/2024	4/15/2024	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	6/28/2024	7/15/2024	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	9/30/2024	10/15/2024	$	0.47	$	0.47	$	-	$	0.47
Regular cash dividend	12/31/2024	1/13/2025	$	0.47	$	0.47	$	-	$	0.47
Special cash dividend	12/31/2024	1/13/2025	$	0.18	$	0.18	$	-	$	0.18
Total cash dividend			$	2.06	$	2.06	$	-	$	2.06

Consolidated Statements of Equity - USD ($)	Total	Common Stock	Additional Paid-In-Capital	Accumulated Earnings
Balance at Dec. 31, 2023	$ 271,853,391	$ 181,972	$ 277,483,092	$ (5,811,673)
Balance (in Shares) at Dec. 31, 2023		18,197,192
Issuance of common stock, net of offering costs	38,371,489	$ 24,893	38,346,429	167
Issuance of common stock, net of offering costs (in Shares)		2,489,290
Issuance of common stock from employee incentive plan (Note 10)		$ 1,427	(1,427)
Issuance of common stock from employee incentive plan (Note 10) (in Shares)		142,746
Stock-based compensation	3,058,674		3,058,674
Dividends declared on restricted stock awards	(409,276)			(409,276)
Dividends declared on common shares	(40,961,584)			(40,961,584)
Net Income (Loss)	37,045,403			37,045,403
Balance at Dec. 31, 2024	$ 308,958,097	$ 208,292	318,886,768	(10,136,963)
Balance (in Shares) at Dec. 31, 2024	20,829,228	20,829,228
Issuance of common stock, net of offering costs	$ 872,736	$ 646	872,090
Issuance of common stock, net of offering costs (in Shares)		64,557
Issuance of common stock from employee incentive plan (Note 10)		$ 1,865	(1,865)
Issuance of common stock from employee incentive plan (Note 10) (in Shares)		186,487
Stock-based compensation	3,368,861		3,368,861
Dividends declared on restricted stock awards	(1,857,425)			(1,857,425)
Dividends declared on common shares	(39,538,271)			(39,538,271)
Net Income (Loss)	36,010,478			36,010,478
Balance at Dec. 31, 2025	$ 307,814,476	$ 210,803	$ 323,125,854	$ (15,522,181)
Balance (in Shares) at Dec. 31, 2025	21,080,272	21,080,272

Fair Value Measurements - Summary Of Changes In Loans At Fair Value (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2024	$ 5,500,000
Transfers out of Level 3	(5,500,000)
Balance at December 31, 2025	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Interest Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Interest Receivable [Abstract]

Schedule of Summarizes the Interest Receivable

s of December 31, 2025 and 2024, the Company had interest receivable of approximately $4.0 and $1.5 million.

Schedule of Aging Analyses of Past Due Loans (Including Non-Accrual Loans)

The following tables categorize the aging of interest receivable on past due loans (including non-accrual loans) by class as of December 31, 2025 and 2024, respectively:


	As of December 31, 2025
	Current Loans		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual
Interest receivable	$	4,009,800	$	-	$	-	$	-	$	-	$	4,009,800	$	-
Total	$	4,009,800	$	-	$	-	$	-	$	-	$	4,009,800	$	-


	As of December 31, 2024
	Current Loans		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual
Interest receivable	$	1,388,058	$	65,765	$	-	$	-	$	65,765	$	1,453,823	$	-
Total	$	1,388,058	$	65,765	$	-	$	-	$	65,765	$	1,453,823	$	-

Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Restricted Stock Activity [Abstract]
Unvested Restricted Stock, beginning	411,303	366,647
Weighted Average Grant Date Fair Value per Share, beginning	$ 15.14	$ 14.86
Unvested Restricted Stock, Granted	187,157	187,335
Weighted Average Grant Date Fair Value per Share, Granted	$ 14.79	$ 15.59
Unvested Restricted Stock, Vested	(186,487)	(142,679)
Weighted Average Grant Date Fair Value per Share, Vested	$ 15.09	$ 15
Unvested Restricted Stock, Forfeited	(8,127)	0
Weighted Average Grant Date Fair Value per Share, Forfeited	$ 15.38	$ 0
Unvested Restricted Stock, ending	403,846	411,303
Weighted Average Grant Date Fair Value per Share, ending	$ 15	$ 15.14

Loans Held for Sale - Summary of Loans Held for Sale (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	$ 0
Transfer of loans held for investment to loans held for sale	19,000,000
Sale of loan	(19,000,000)
Ending balance	0
Principal [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	0
Transfer of loans held for investment to loans held for sale	19,000,000
Sale of loan	(19,000,000)
Ending balance	0
Original Issue Discount [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	0
Transfer of loans held for investment to loans held for sale	0
Sale of loan	0
Ending balance	0
Unrealized Gains (Losses) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	0
Transfer of loans held for investment to loans held for sale	0
Sale of loan	0
Ending balance	$ 0

- Definition

Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

+ References

+ Details

Commitments and Contingencies - Schedule of Material Commitments (Details)	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
2026	$ 18,761,667
2027	2,355,293
2028	10,000,000
2029	0
2030	0
Thereafter	0
Total	31,116,960
Undrawn commitment [Member]
Other Commitments [Line Items]
2026	18,761,667
2027	2,355,293
2028	10,000,000
2029	0
2030	0
Thereafter	0
Total	$ 31,116,960

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

10. COMMITMENTS AND CONTINGENCIES

Off-Balance Sheet Arrangements

Off-balance sheet commitments consist of unfunded commitments on delayed draw term loans. The Company does not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured investment vehicles, special purpose entities or variable interest entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Further, the Company has not guaranteed any obligations of unconsolidated entities or entered into any commitment to provide additional funding to any such entities. As of December 31, 2025 and 2024, the Company had the following unfunded commitments on existing loans.

Refer to “Note 3 – Loans Held for Investment, Net” for further information regarding the CECL Reserve attributed to unfunded commitments. Total original loan commitments include the impact of principal payments received since origination of the loan and future amounts to be advanced at sole discretion of the lender. Loan commitments include loans held for investment and loans held at fair value as of December 31, 2024.

The following table summarizes our material commitments by year as of December 31, 2025:


	Total		2026		2027		2028		2029		2030		Thereafter
Undrawn commitments	$	31,116,960	$	18,761,667	$	2,355,293	$	10,000,000	$	-	$	-	$	-
Total	$	31,116,960	$	18,761,667	$	2,355,293	$	10,000,000	$	-	$	-	$	-

Other Contingencies

The Company from time to time may be a party to litigation in the normal course of business. As of December 31, 2025, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations.