FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

	March 31, 2024
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of March 31, 2024
Assets:
Mortgage servicing rights	$	—	$	—	$	696,600	$	696,600
Total	$	—	$	—	$	696,600	$	696,600

	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

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 March 31, 2024 and December 31, 2023:

As of March 31, 2024
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	8.0 - 9.1%		8.1	%
	Discount rate	12.0	%	12.0	%

As of December 31, 2023
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	8.0 - 10.3%		8.2	%
	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:

	March 31, 2024
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	64,573,372	$	64,573,372	$	64,573,372
Restricted cash	1	72,182		72,182		72,182
Commercial mortgage loans held-for-investment, net	3	1,285,478,916		1,299,971,777		1,293,893,150
Total		$	1,350,124,470	$	1,364,617,331	$	1,358,538,704
Liabilities:
Collateralized loan obligations and secured financings	2	$	1,075,890,203	$	1,080,245,794	$	1,069,201,351
Secured Term Loan	3	47,282,352		47,750,000		46,368,979
Total		$	1,123,172,555	$	1,127,995,794	$	1,115,570,330

	December 31, 2023
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	51,247,063	$	51,247,063	$	51,247,063
Restricted cash	1	270,129		270,129		270,129
Commercial mortgage loans held-for-investment, net	3	1,383,881,197		1,397,385,160		1,388,355,730
Total		$	1,435,398,389	$	1,448,902,352	$	1,439,872,922
Liabilities:
Collateralized loan obligations and secured financings	2	$	1,146,210,752	$	1,151,450,000	$	1,128,250,991
Secured term loan	3	47,220,226		47,750,000		46,191,524
Total		$	1,193,430,978	$	1,199,200,000	$	1,174,442,515