Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Interest income:
Commercial mortgage loans held-for-investment	$ 21,684,890	$ 34,790,118
Cash and cash equivalents	624,967	651,403
Interest expense:
Collateralized loan obligations and secured financings	(13,636,474)	(21,511,754)
Secured term loan	(938,849)	(937,210)
Net interest income	7,734,534	12,992,557
Expenses:
Management and incentive fees	1,113,314	2,568,207
General and administrative expenses	924,060	1,134,136
Operating expenses reimbursable to Manager	404,620	470,167
Other operating expenses	40,009	36,480
Compensation expense	111,250	58,750
Total expenses	2,593,253	4,267,740
Other income and expense:
Provision for credit losses, net	(5,697,661)	(1,776,873)
Change in unrealized (loss) gain on mortgage servicing rights	(22,518)	4,627
Servicing income, net	64,880	38,503
Total other income and expense	(5,655,299)	(1,733,743)
Net (loss) income before provision for income taxes	(514,018)	6,991,074
Provision for income taxes	(8,550)	(10,892)
Net (loss) income	(522,568)	6,980,182
Dividends accrued to preferred stockholders	(1,184,958)	(1,184,999)
Net (loss) income attributable to common stockholders	(1,707,526)	5,795,183
Earnings per share:
Net income attributable to common stockholders (basic)	(1,707,526)	5,795,183
Net income attributable to common stockholders (diluted)	$ (1,707,526)	$ 5,795,183
Weighted average number of shares of common stock outstanding (in shares)	52,309,887	52,249,299
Basic income per share (in dollars per share)	$ (0.03)	$ 0.11
Diluted income per share (in dollars per share)	(0.03)	0.11
Dividends declared per share of common stock (in dollars per share)	$ 0.080	$ 0.07