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FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Valuation of Assets and Liabilities at Fair Value
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 December 31, 2023 and December 31, 2022:
 December 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 December 31,
2023
Assets:    
Mortgage servicing rights$— $— $691,973 $691,973 
Total$— $— $691,973 $691,973 
 December 31, 2022
Quoted prices in
active markets
for identical assets
Level 1
Significant
other observable
inputs
Level 2
Unobservable
inputs
Level 3
Balance as of December 31,
2022
Assets:    
Mortgage servicing rights$— $— $795,656 $795,656 
Total$— $— $795,656 $795,656 
Summary 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 December 31, 2023 and December 31, 2022:
 
As of December 31, 2023
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
8.0 - 10.3%
8.2 %
 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 %
Summary of Fair Value, by Balance Sheet Grouping The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:
December 31, 2023
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$51,247,063 $51,247,063 $51,247,063 
Restricted cash1270,129 270,129 270,129 
Commercial mortgage loans held-for-investment31,383,881,197 1,397,385,160 1,388,355,730 
Total$1,435,398,389 $1,448,902,352 $1,439,872,922 
Liabilities:
Collateralized loan obligations2$1,146,210,752 $1,151,450,000 $1,128,250,991 
Secured term loan347,220,226 47,750,000 46,191,524 
Total$1,193,430,978 $1,199,200,000 $1,174,442,515 
December 31, 2022
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$43,858,515 $43,858,515 $43,858,515 
Restricted cash13,507,850 3,507,850 3,507,850 
Commercial mortgage loans held-for-investment31,071,889,518 1,076,865,099 1,064,407,588 
Total$1,119,255,883 $1,124,231,464 $1,111,773,953 
Liabilities:
Collateralized loan obligations2$829,310,498 $833,750,000 $803,308,375 
Secured term loan3$46,971,042 $47,750,000 $44,563,236 
Total$876,281,540 $881,500,000 $847,871,611