Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net (loss) income	$ (522,568)	$ 6,980,182
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of commercial mortgage loans held-for-investment discounts	(487,996)	(711,236)
Accretion of deferred loan fees	(523,944)	(57,323)
Amortization of deferred offering costs	0	(14,196)
Amortization of deferred financing costs	312,065	945,782
Provision for credit losses, net	5,739,974	1,757,456
Unrealized loss on mortgage servicing rights	22,518	(4,627)
Non-cash compensation expense	42,492	19,947
Net change in:
Accrued interest receivable	383,566	125,527
Other assets	(392,690)	665,703
Accrued interest payable	(210,993)	(242,085)
Fees and expenses payable to Manager	(5,067)	1,484,625
Other liabilities	(263,460)	(1,871,916)
Net cash provided by operating activities	4,093,897	9,077,839
Cash flows from investing activities:
Principal payments from commercial mortgage loans held-for-investment	54,977,677	80,093,383
Deferred loan fees	315,943	0
Net cash provided by investing activities	55,293,620	80,093,383
Cash flows from financing activities:
Payment of collateralized loan obligations and secured financings	(56,355,740)	(71,204,206)
Dividends paid on common stock	(8,892,566)	(3,657,404)
Dividends paid on preferred stock	(1,181,250)	(1,181,250)
Net cash (used in) financing activities	(66,429,556)	(76,042,860)
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,042,039)	13,128,362
Cash, cash equivalents and restricted cash, beginning of period	71,564,098	51,517,192
Cash, cash equivalents and restricted cash, end of period	64,522,059	64,645,554
Supplemental disclosure of cash flow information
Cash paid for interest	14,474,314	21,745,268
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 5,187,166	$ 4,659,261