SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statement of cash flows:


	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	51,247,063	$	43,858,515
Restricted cash 2021-FL1 CLO	71,826		3,507,850
Restricted cash LMF 2023-1 Financing	198,303		—
Total cash, cash equivalents and restricted cash	$	51,517,192	$	47,366,365

Schedule of Financial Impact of the Adoption of Accounting Standard Update

The following table illustrates the day-one financial statement impact of the adoption of ASU 2016-13 on January 1, 2023:


	Pre-adoption		Transition adjustment		Post-adoption
Assets
Commercial mortgage loans, held-for-investment	$	1,076,148,186	$	—	$	1,076,148,186
Less: Allowance for credit losses	(4,258,668)		(3,549,501)		(7,808,169)
Commercial mortgage loans, held-for-investment, net of allowance for credit losses	$	1,071,889,518	$	(3,549,501)	$	1,068,340,017

Liabilities
Other liabilities(1)	$	583,989	$	41,939	$	625,928

Equity
Accumulated earnings	$	31,250,852	$	(3,591,440)	$	27,659,412

(1) Includes reserve for unfunded loan commitments