Consolidated Balance Sheets - USD ($)		Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	[1]	$ 69,173,444	$ 51,247,063
Restricted cash	[1]	2,390,654	270,129
Commercial mortgage loans held-for-investment, at amortized cost	[1]	1,060,123,298	1,389,940,203
Allowance for credit losses	[1]	(11,320,220)	(6,059,006)
Commercial mortgage loans held-for-investment, net of allowance for credit losses	[1]	1,048,803,078	1,383,881,197
Mortgage servicing rights, at fair value	[1]	649,287	691,973
Accrued interest receivable	[1]	5,945,874	8,588,805
Other assets	[1]	1,632,041	2,253,280
Total assets	[1]	1,128,594,378	1,446,932,447
LIABILITIES:
Collateralized loan obligations, net	[1]	828,390,189	1,146,210,752
Secured term loan	[1]	47,470,094	47,220,226
Accrued interest payable	[1]	2,697,963	4,092,701
Dividends payable	[1]	9,890,066	4,654,904
Fees and expenses payable to Manager	[1]	1,574,218	1,587,875
Other liabilities	[1]	672,816	2,373,609
Total liabilities	[1]	890,695,346	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 December 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, 52,309,209 and 52,248,631 shares issued and outstanding, at December 31, 2024 and December 31, 2023, respectively	[1]	523,093	522,487
Additional paid-in capital	[1]	314,700,120	314,587,299
Cumulative distributions to stockholders	[1]	(204,701,714)	(179,045,749)
Accumulated earnings	[1]	70,023,098	47,373,908
Total stockholders' equity	[1]	237,799,532	240,692,880
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	237,899,032	240,792,380
Total liabilities and equity	[1]	$ 1,128,594,378	$ 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 December 31, 2024 and December 31, 2023, assets of the consolidated VIEs totaled $1,058,138,406 and $1,384,136,334, respectively and the liabilities of consolidated VIEs totaled $831,001,605 and $1,150,207,290, respectively. See Note 4 for further discussion.