Consolidated Balance Sheets - USD ($)		Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	[1]	$ 43,408,581	$ 43,858,515
Restricted cash	[1]	6,225,360	3,507,850
Commercial mortgage loans held-for-investment, at amortized cost	[1]	1,355,547,986	1,076,148,186
Less: Allowance for credit losses	[1]	(4,716,230)	(4,258,668)
Commercial mortgage loans held-for-investment, net of allowance for credit losses	[1]	1,350,831,756	1,071,889,518
Mortgage servicing rights, at fair value	[1]	748,307	795,656
Accrued interest receivable	[1]	8,607,899	5,797,991
Investment related receivable	[1]	31,121,852	0
Other assets	[1]	2,388,093	2,116,007
Total assets	[1]	1,443,331,848	1,127,965,537
LIABILITIES
Collateralized loan obligations and secured financings, net	[1]	1,145,317,374	829,310,498
Secured term loan, net	[1]	47,157,418	46,971,042
Accrued interest payable	[1]	3,832,841	2,360,809
Dividends payable	[1]	4,657,473	4,131,369
Fees and expenses payable to Manager	[1]	1,364,097	1,606,333
Other liabilities	[1],[2]	407,298	583,989
Total liabilities	[1]	1,202,736,501	884,964,040
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 September 30, 2023 and December 31, 2022, respectively	[1]	57,254,935	57,254,935
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 52,231,152 shares issued and outstanding, at September 30, 2023 and December 31, 2022, respectively	[1]	522,312	522,252
Additional paid-in capital	[1]	314,561,930	314,598,384
Cumulative distributions to stockholders	[1]	(174,203,387)	(160,724,426)
Accumulated earnings	[1]	42,360,057	31,250,852
Total stockholders' equity	[1]	240,495,847	242,901,997
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	240,595,347	243,001,497
Total liabilities and equity	[1]	$ 1,443,331,848	$ 1,127,965,537

[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 September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $1,384,961,307 and $1,005,507,371, respectively and the liabilities of consolidated VIEs totaled $1,149,063,668 and $831,575,144 respectively. See Note 4 for further discussion.

[2] Includes $35,480 and $0 of Current Expected Credit Loss ("CECL") allowance related to unfunded commitments on commercial mortgage loans, net as of September 30, 2023 and December 31, 2022, respectively.