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FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Valuation of Assets and Liabilities at 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 
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 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 %
Schedule of Fair Value, by Balance Sheet Grouping 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