Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 3,168,205	$ 11,578,628
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of commercial mortgage loans held-for-investment discounts	(1,181,563)	(1,423,822)
Accretion of deferred loan fees	(1,192,902)	(114,645)
Amortization of deferred offering costs	0	(28,392)
Amortization of deferred financing costs	627,596	1,891,575
Provision for credit losses, net	5,842,433	3,134,168
Depreciation	138,777	0
Unrealized loss on mortgage servicing rights	58,974	5,647
Non-cash compensation expense	84,987	62,442
Net change in:
Accrued interest receivable	310,299	827,666
Other assets	(542,998)	347,074
Accrued interest payable	(515,352)	(727,824)
Fees and expenses payable to Manager	231,869	692,125
Other liabilities	675,136	(1,673,188)
Net cash provided by operating activities	7,705,461	14,571,454
Cash flows from investing activities:
Purchase and funding of commercial mortgage loans held-for-investment	(3,605,000)	0
Principal payments from commercial mortgage loans held-for-investment	118,376,467	162,272,158
Deferred loan fees	1,186,611	0
Net cash provided by investing activities	115,958,078	162,272,158
Cash flows from financing activities:
Payment of collateralized loan obligations and secured financings	(119,031,157)	(152,082,981)
Dividends paid on common stock	(13,078,523)	(7,315,416)
Dividends paid on preferred stock	(2,370,000)	(2,370,000)
Net cash (used in) financing activities	(134,479,680)	(161,768,397)
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,816,141)	15,075,215
Cash, cash equivalents and restricted cash, beginning of period	71,564,098	51,517,192
Cash, cash equivalents and restricted cash, end of period	60,747,957	66,592,407
Supplemental disclosure of cash flow information
Cash paid for interest	28,081,380	42,401,080
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	4,137,962	5,179,519
Transfer of senior loan to real estate owned	$ 23,957,120	$ 0