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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis The following tables summarize the valuation of the Company's assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of March 31, 2023 and December 31, 2022:
 March 31, 2023
Quoted prices in
active markets
for identical assets
Level 1
Significant
other observable
inputs
Level 2
Unobservable
inputs
Level 3
Balance as of March 31, 2023
Assets:    
Mortgage servicing rights— — 746,528 746,528 
Total$ $ $746,528 $746,528 

 December 31, 2022
Quoted prices in
active markets
for identical assets
Level 1
Significant
other observable
inputs
Level 2
Unobservable
inputs
Level 3
Balance as of
December 31, 2022
Assets:    
Mortgage servicing rights— — 795,656 795,656 
Total$ $ $795,656 $795,656 
Schedule of Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3
The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's MSRs classified as Level 3 fair value assets at March 31, 2023 and December 31, 2022:

As of March 31, 2023
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
8.0 - 10.7%
8.3 %
 Discount rate12.0 %12.0 %
As of December 31, 2022
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
8.0 - 9.4%
8.1 %
 Discount rate12.0 %12.0 %
Schedule of Fair Value Schedule of Financial Instruments The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:
March 31, 2023
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents198,572,560 98,572,560 98,572,560 
Restricted cash11,946,370 1,946,370 1,946,370 
Commercial mortgage loans held-for-investment, net31,016,463,672 1,020,479,107 1,012,714,068 
Total$1,116,982,602 $1,120,998,037 $1,113,232,998 
Liabilities:
Collateralized loan obligations2829,933,826 833,750,000 806,594,000 
Secured Term Loan347,032,485 47,750,000 45,033,525 
Total$876,966,311 $881,500,000 $851,627,525 
December 31, 2022
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents143,858,515 43,858,515 43,858,515 
Restricted cash13,507,850 3,507,850 3,507,850 
Commercial mortgage loans held-for-investment, net31,071,889,518 1,076,865,099 1,064,407,588 
Total$1,119,255,883 $1,124,231,464 $1,111,773,953 
Liabilities:
Collateralized loan obligations2829,310,498 833,750,000 803,308,375 
Secured term loan346,971,042 47,750,000 44,563,236 
Total$876,281,540 $881,500,000 $847,871,611