XML 50 R38.htm IDEA: XBRL DOCUMENT v3.25.1
COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Additional Information (Details)
3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
loan
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
contract
Financing Receivable, Credit Quality Indicator [Line Items]      
Average risk rating, moderate 3.5   3.5
Financing receivable, allowance for credit loss, period increase (decrease) $ 5,700,000    
Loans held for investment [1] 17,060,194   $ 11,320,220
Principal repayments $ 54,977,677 $ 80,093,383  
Maximum      
Financing Receivable, Credit Quality Indicator [Line Items]      
Capitalization rate assumption percentage 6.50%    
Minimum      
Financing Receivable, Credit Quality Indicator [Line Items]      
Capitalization rate assumption percentage 5.30%    
Risk rating, 5      
Financing Receivable, Credit Quality Indicator [Line Items]      
Unpaid principal balance of default risk loans $ 108,400,000    
Amortized cost of default risk loans 95,900,000    
Fair value of default risk loans 97,600,000    
Risk rating, 5 | Dallas, TX      
Financing Receivable, Credit Quality Indicator [Line Items]      
Outstanding principal balance 31,900,000    
Principal payment amount $ 2,000,000.0    
Term extention period 2 years    
Risk rating, 5 | Dallas, TX | Maximum      
Financing Receivable, Credit Quality Indicator [Line Items]      
Credit spread percentage 3.90%    
Risk rating, 5 | Dallas, TX | Minimum      
Financing Receivable, Credit Quality Indicator [Line Items]      
Credit spread percentage 3.40%    
Commercial Real Estate Portfolio Segment      
Financing Receivable, Credit Quality Indicator [Line Items]      
Principal repayments $ 54,977,677    
Commercial Real Estate Portfolio Segment | Risk rating, 3      
Financing Receivable, Credit Quality Indicator [Line Items]      
Average risk rating, percentage 59.90%   63.70%
Commercial loans that paid off $ 51,700,000    
Transition of commercial loans held for sale to a lower risk rating 100,300,000    
Transition of commercial loans held for sale to a risk rating two steps lower 29,600,000    
Commercial Real Estate Portfolio Segment | Risk rating, 4      
Financing Receivable, Credit Quality Indicator [Line Items]      
Commercial loans that paid off 1,000,000.0    
Transition of commercial loans held for sale to a lower risk rating 6,100,000    
Transition of commercial loans held for sale to a higher risk rating 155,200,000    
Commercial Real Estate Portfolio Segment | Risk rating, 5      
Financing Receivable, Credit Quality Indicator [Line Items]      
Commercial loans that paid off 2,000,000    
Transition of commercial loans held for sale to a higher risk rating 47,900,000    
Commercial Real Estate Portfolio Segment | Risk rating, 2      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a lower risk rating 18,900,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Philadelphia, PA      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 15,000,000    
Principal repayments 300,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Orlando, FL      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 19,600,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | San Antonio, TX      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 15,400,000    
Transition of commercial loans held for sale to a risk rating allowance after analysis two steps higher 2,400,000    
Recognized interest on loan 100,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Colorado Springs, CO      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 10,500,000    
Transition of commercial loans held for sale to a risk rating allowance after analysis two steps higher 1,500,000    
Recognized interest on loan 100,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Houston, TX      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 11,500,000    
Transition of commercial loans held for sale to a risk rating allowance after analysis two steps higher 500,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Clarkston, GA      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 24,500,000    
Transition of commercial loans held for sale to a risk rating allowance after analysis two steps higher 3,800,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Ypsilanti, MI      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher 11,900,000    
Transition of commercial loans held for sale to a risk rating allowance after analysis two steps higher $ 2,900,000    
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Dallas, TX      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher     $ 31,600,000
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multifamily | Polk Country, FL      
Financing Receivable, Credit Quality Indicator [Line Items]      
Transition of commercial loans held for sale to a risk rating two steps higher     6,100,000
Transition of commercial loans held for sale to a risk rating allowance after analysis two steps higher     $ 600,000
Number of health properties | contract     2
Commercial Real Estate Portfolio Segment | Risk Level, Monetary Default Default Risk | Multi-Family Property Two | Philadelphia, PA      
Financing Receivable, Credit Quality Indicator [Line Items]      
Number of impaired office loans | loan 2    
Commercial Real Estate Portfolio Segment | Risk Level, Imminent Maturity Default Risk | Multifamily | Orlando, FL      
Financing Receivable, Credit Quality Indicator [Line Items]      
Recognized interest on loan $ 400,000    
[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.