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FAIR VALUE
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE 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, 2024 and December 31, 2023:

 December 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 December 31,
2024
Assets:    
Mortgage servicing rights$— $— $649,287 $649,287 
Total$— $— $649,287 $649,287 
 December 31, 2023
Quoted prices in
active markets
for identical assets
Level 1
Significant
other observable
inputs
Level 2
Unobservable
inputs
Level 3
Balance as of December 31,
2023
Assets:    
Mortgage servicing rights$— $— $691,973 $691,973 
Total$— $— $691,973 $691,973 
 
As of December 31, 2024 and December 31, 2023, the Company had $649,287 and $691,973, respectively, in Level 3 assets. The Company’s Level 3 assets are comprised of MSRs. For more detail about Level 3 assets, also see Notes 2 and 7.
 
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, 2024 and December 31, 2023:
 
As of December 31, 2024
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.0 - 8.6%
7.9 %
 Discount rate12.0 %12.0 %
 
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 discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:

December 31, 2024
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$69,173,444 $69,173,444 $69,173,444 
Restricted cash12,390,654 2,390,654 2,390,654 
Commercial mortgage loans held-for-investment31,048,803,078 1,065,563,644 1,061,313,204 
Total$1,120,367,176 $1,137,127,742 $1,132,877,302 
Liabilities:
Collateralized loan obligations2828,390,189 $830,698,696 $824,857,756 
Secured term loan347,470,094 47,750,000 47,227,497 
Total$875,860,283 $878,448,696 $872,085,253 
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 loan3$47,220,226 $47,750,000 $46,191,524 
Total$1,193,430,978 $1,199,200,000 $1,174,442,515 

Estimates of cash and cash equivalents and restricted cash are measured using quoted prices, or Level 1 inputs. Estimates of the fair value of collateralized loan obligations and secured financings are measured using observable, quoted market prices, in active markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.