Consolidated Balance Sheets - USD ($)		Jun. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	[1]	$ 59,403,559	$ 69,173,444
Restricted cash	[1]	1,344,398	2,390,654
Commercial mortgage loans held-for-investment, at amortized cost	[1]	919,672,180	1,060,123,298
Less: Allowance for credit losses	[1]	(14,252,268)	(11,320,220)
Commercial mortgage loans held-for-investment, net of allowance for credit losses	[1]	905,419,912	1,048,803,078
Real estate owned, held-for-investment, net	[1]	23,818,343	0
Mortgage servicing rights, at fair value	[1]	590,313	649,287
Accrued interest receivable	[1]	5,635,575	5,945,874
Other assets	[1]	2,175,040	1,632,041
Total assets	[1]	998,387,140	1,128,594,378
LIABILITIES
Collateralized loan obligations and secured financings, net	[1]	709,863,062	828,390,189
Secured term loan, net	[1]	47,593,662	47,470,094
Accrued interest payable	[1]	2,182,610	2,697,963
Dividends payable	[1]	4,137,963	9,890,066
Fees and expenses payable to Manager	[1]	1,806,087	1,574,218
Other liabilities	[1],[2]	1,347,952	672,816
Total liabilities	[1]	766,931,336	890,695,346
COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11)	[1]
EQUITY
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized; 7.875% Series A Cumulative Redeemable, $60,000,000 aggregate liquidation preference, 2,400,000 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	[1]	57,254,935	57,254,935
Common Stock: par value $0.01 per share; 450,000,000 shares authorized,52,341,046 and 52,309,209 shares issued and outstanding, at June 30, 2025 and December 31, 2024, respectively	[1]	523,412	523,093
Additional paid-in capital	[1]	314,784,789	314,700,120
Cumulative distributions to stockholders	[1]	(214,398,135)	(204,701,714)
Accumulated earnings	[1]	73,191,303	70,023,098
Total stockholders' equity	[1]	231,356,304	237,799,532
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	231,455,804	237,899,032
Total liabilities and equity	[1]	$ 998,387,140	$ 1,128,594,378

[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of June 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $934,090,475 and $1,058,138,406, respectively and the liabilities of consolidated VIEs totaled $712,768,638 and $831,001,605 respectively. See Note 4 for further discussion.

[2] Includes $7,551 and $57,554 of Current Expected Credit Loss ("CECL") allowance related to unfunded commitments on commercial mortgage loans, net as of June 30, 2025 and December 31, 2024, respectively.