FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023:

	June 30, 2024
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of June 30, 2024
Assets:
Mortgage servicing rights	$	—	$	—	$	686,325	$	686,325
Total	$	—	$	—	$	686,325	$	686,325

	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 June 30, 2024 and December 31, 2023:

As of June 30, 2024
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	8.0 - 8.5%		8.0	%
	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:

	June 30, 2024
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	65,135,065	$	65,135,065	$	65,135,065
Restricted cash	1	1,457,342		1,457,342		1,457,342
Commercial mortgage loans held-for-investment, net	3	1,186,653,339		1,201,753,001		1,198,107,649
Total		$	1,253,245,746	$	1,268,345,408	$	1,264,700,056
Liabilities:
Collateralized loan obligations and secured financings	2	$	995,895,094	$	999,367,019	$	991,939,031
Secured Term Loan	3	47,344,478		47,750,000		46,079,098
Total		$	1,043,239,572	$	1,047,117,019	$	1,038,018,129

	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