Consolidated Balance Sheets - USD ($)		Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	[1]	$ 63,520,405	$ 69,173,444
Restricted cash	[1]	1,001,654	2,390,654
Commercial mortgage loans held-for-investment, at amortized cost	[1]	1,005,841,618	1,060,123,298
Less: Allowance for credit losses	[1]	(17,060,194)	(11,320,220)
Commercial mortgage loans held-for-investment, net of allowance for credit losses	[1]	988,781,424	1,048,803,078
Mortgage servicing rights, at fair value	[1]	626,769	649,287
Accrued interest receivable	[1]	5,562,308	5,945,874
Other assets	[1]	2,024,731	1,632,041
Total assets	[1]	1,061,517,291	1,128,594,378
LIABILITIES
Collateralized loan obligations and secured financings, net	[1]	772,285,071	828,390,189
Secured term loan, net	[1]	47,531,537	47,470,094
Accrued interest payable	[1]	2,486,970	2,697,963
Dividends payable	[1]	5,187,166	9,890,066
Fees and expenses payable to Manager	[1]	1,569,151	1,574,218
Other liabilities	[1],[2]	409,356	672,816
Total liabilities	[1]	829,469,251	890,695,346
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 March 31, 2025 and December 31, 2024, respectively	[1]	57,254,935	57,254,935
Common Stock: par value $0.01 per share; 450,000,000 shares authorized,52,324,472 and 52,309,209 shares issued and outstanding, at March 31, 2025 and December 31, 2024, respectively	[1]	523,246	523,093
Additional paid-in capital	[1]	314,742,459	314,700,120
Cumulative distributions to stockholders	[1]	(210,072,630)	(204,701,714)
Accumulated earnings	[1]	69,500,530	70,023,098
Total stockholders' equity	[1]	231,948,540	237,799,532
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	232,048,040	237,899,032
Total liabilities and equity	[1]	$ 1,061,517,291	$ 1,128,594,378

[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 March 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $996,233,424 and $1,058,138,406, respectively and the liabilities of consolidated VIEs totaled $774,692,458 and $831,001,605 respectively. See Note 4 for further discussion.

[2] Includes $15,241 and $57,554 of Current Expected Credit Loss ("CECL") allowance related to unfunded commitments on commercial mortgage loans, net as of March 31, 2025 and December 31, 2024, respectively.