Quarterly report pursuant to Section 13 or 15(d)

Lines of Credit, Mortgage Payable, and Churchill Facility (Details)

v3.23.3
Lines of Credit, Mortgage Payable, and Churchill Facility (Details)
1 Months Ended 9 Months Ended 12 Months Ended
Nov. 10, 2023
Mar. 02, 2023
USD ($)
Feb. 28, 2023
USD ($)
Jul. 21, 2021
USD ($)
Mar. 31, 2023
Feb. 28, 2023
USD ($)
Sep. 30, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 08, 2023
USD ($)
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Spread on variable rate 6.75%           6.75%      
Outstanding balance             $ 51,339,905 $ 3,587,894    
Amount outstanding             288,401,750      
Amortization schedule     20 years              
Term of Federal Home Loan Bank of Boston Classic Advance Rate           5 years        
Unpaid principal balance             $ 79,900,000      
Threshold asset coverage ratio             150.00%      
Number of first line mortgage loans | loan             22      
Maximum borrowing capacity             $ 10,000,000      
Percentage of asset coverage ratio             150.00%      
Revolving Credit Facility                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Outstanding balance             $ 25,000,000.0      
Wells Fargo Credit line                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Spread on variable rate         1.75%          
Outstanding balance             26,300,000      
New Haven Bank Mortgage                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Principal Amount     $ 1,660,000     $ 1,660,000     $ 1,400,000  
Amount outstanding               $ 750,000    
Fixed annual rate     5.75%     5.75%   3.75%    
Interest accrued period           60 months   72 months    
Period for which only interest is payable                 12 months  
Amortization schedule               20 years    
Term of Federal Home Loan Bank of Boston Classic Advance Rate               5 years    
Unpaid principal balance               $ 750,000    
New Haven Bank Mortgage | Federal Home Loan Bank of Boston Classic Advance Rate                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Spread on variable rate           1.75%   2.60%    
Master Repurchase Agreement                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Outstanding balance             $ 47,900,000      
Fixed annual rate       0.25%            
Repurchase face amount       $ 200,000,000            
Notes callable period       90 days            
Threshold asset coverage ratio             150.00%      
Percentage amount of repurchase obligation of unencumbered cash and cash equivalents             2.50%      
Term of debt             180 days      
Credit and Security Agreement with Needham Bank                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Fixed annual rate             8.25%      
Credit and Security Agreement with Needham Bank | Revolving Credit Facility                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Right to extend the term (in years)   1 year                
Interest rate   4.50%                
Maximum borrowing capacity   $ 75,000,000                
Amount of credit facility   $ 45,000,000               $ 65,000,000
Credit and Security Agreement with Needham Bank | Prime Rate | Revolving Credit Facility                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Percentage reduced from prime rate for calculating annual interest rate   0.25%                
Minimum                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Term of debt             1 year      
Adjusted EBITDA coverage ratio             1.0      
Minimum | Master Repurchase Agreement                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Fixed annual rate       3.00%            
Minimum | Credit and Security Agreement with Needham Bank | Revolving Credit Facility                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Notice period for terminating the Credit Facility, prior to the proposed date of termination   10 days                
Maximum                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Fixed annual rate             9.47%      
Term of debt             3 years      
Adjusted EBITDA coverage ratio             1.40      
Maximum | Master Repurchase Agreement                    
Lines of Credit, Mortgage Payable, and Churchill Facility                    
Fixed annual rate       4.00%