FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022:

	September 30, 2023
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of September 30, 2023
Assets:
Mortgage servicing rights	—		—		$	748,307	$	748,307
Total	$	—	$	—	$	748,307	$	748,307

	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 September 30, 2023 and December 31, 2022:

As of September 30, 2023
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	8.0 - 8.4%		8.0	%
	Discount rate	12.0	%	12.0	%

As of December 31, 2022
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	8.0 - 9.4%		8.1	%
	Discount rate	12.0	%	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:

	September 30, 2023
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	43,408,581	$	43,408,581	$	43,408,581
Restricted cash	1	6,225,360		6,225,360		6,225,360
Commercial mortgage loans held-for-investment, net	3	1,350,831,756		1,363,586,916		1,350,607,602
Total		$	1,400,465,697	$	1,413,220,857	$	1,400,241,543
Liabilities:
Collateralized loan obligations	2	$	1,145,317,374	$	1,151,450,000	$	1,132,023,500
Secured Term Loan	3	47,157,418		47,750,000		44,901,940
Total		$	1,192,474,792	$	1,199,200,000	$	1,176,925,440

	December 31, 2022
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	43,858,515	$	43,858,515	$	43,858,515
Restricted cash	1	3,507,850		3,507,850		3,507,850
Commercial mortgage loans held-for-investment, net	3	1,071,889,518		1,076,865,099		1,064,407,588
Total		$	1,119,255,883	$	1,124,231,464	$	1,111,773,953
Liabilities:
Collateralized loan obligations	2	$	829,310,498	$	833,750,000	$	803,308,375
Secured term loan	3	46,971,042		47,750,000		44,563,236
Total		$	876,281,540	$	881,500,000	$	847,871,611