Consolidated Balance Sheets - USD ($)		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	[1]	$ 64,573,372	$ 51,247,063
Restricted cash	[1]		270,129
Commercial mortgage loans held-for-investment, at amortized cost	[1]	1,293,295,378	1,389,940,203
Less: Allowance for credit losses	[1]	(7,816,462)	(6,059,006)
Commercial mortgage loans held-for-investment, net of allowance for credit losses	[1]	1,285,478,916	1,383,881,197
Mortgage servicing rights, at fair value	[1]	696,600	691,973
Accrued interest receivable	[1]	8,463,278	8,588,805
Investment related receivable	[1]	17,320,000	0
Other assets	[1]	1,587,577	2,253,280
Total assets	[1]	1,378,191,925	1,446,932,447
LIABILITIES
Collateralized loan obligations and secured financings, net	[1]	1,075,890,203	1,146,210,752
Secured term loan, net	[1]	47,282,352	47,220,226
Accrued interest payable	[1]	3,850,616	4,092,701
Dividends payable	[1]	4,659,261	4,654,904
Fees and expenses payable to Manager	[1]	3,072,500	1,587,875
Other liabilities	[1],[2]	501,691	2,373,609
Total liabilities	[1]	1,135,256,623	1,206,140,067
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 March 31, 2024 and December 31, 2023, respectively	[1]	57,254,935	57,254,935
Common Stock: par value $0.01 per share; 450,000,000 shares authorized,52,257,315 and 52,248,631 shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively	[1]	522,574	522,487
Additional paid-in capital	[1]	314,592,963	314,587,299
Cumulative distributions to stockholders	[1]	(183,888,760)	(179,045,749)
Accumulated earnings	[1]	54,354,090	47,373,908
Total stockholders' equity	[1]	242,835,802	240,692,880
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	242,935,302	240,792,380
Total liabilities and equity	[1]	$ 1,378,191,925	$ 1,446,932,447

[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $1,311,421,901 and $1,384,136,334, respectively and the liabilities of consolidated VIEs totaled $1,079,644,656 and $1,150,207,290 respectively. See Note 4 for further discussion.

[2] Includes $63,064 and $43,647 of Current Expected Credit Loss ("CECL") allowance related to unfunded commitments on commercial mortgage loans, net as of March 31, 2024 and December 31, 2023, respectively.