Consolidated Balance Sheets - USD ($)		Sep. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	[1]	$ 56,022,352	$ 69,173,444
Restricted cash	[1]	823,644	2,390,654
Commercial mortgage loans held-for-investment, at amortized cost	[1]	835,863,888	1,060,123,298
Less: Allowance for credit losses	[1]	(14,020,408)	(11,320,220)
Commercial mortgage loans held-for-investment, net of allowance for credit losses	[1]	821,843,480	1,048,803,078
Real estate owned, held-for-investment, net	[1]	49,258,301	0
Real estate owned, held-for-sale	[1]	8,871,841	0
Mortgage servicing rights, at fair value	[1]	565,613	649,287
Accrued interest receivable	[1]	4,413,591	5,945,874
Investment related receivable	[1]	10,615,094	0
Other assets	[1]	3,305,441	1,632,041
Total assets	[1]	955,719,357	1,128,594,378
LIABILITIES
Collateralized loan obligations and secured financings, net	[1]	669,775,299	828,390,189
Secured term loan, net	[1]	47,656,470	47,470,094
Accrued interest payable	[1]	2,017,943	2,697,963
Dividends payable	[1]	3,095,889	9,890,066
Fees and expenses payable to Manager	[1]	1,451,325	1,574,218
Other liabilities	[1],[2]	1,650,130	672,816
Total liabilities	[1]	725,647,056	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 September 30, 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,52,364,930 and 52,309,209 shares issued and outstanding, at September 30, 2025 and December 31, 2024, respectively	[1]	523,651	523,093
Additional paid-in capital	[1]	314,837,047	314,700,120
Cumulative distributions to stockholders	[1]	(217,677,774)	(204,701,714)
Accumulated earnings	[1]	75,034,942	70,023,098
Total stockholders' equity	[1]	229,972,801	237,799,532
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	230,072,301	237,899,032
Total liabilities and equity	[1]	$ 955,719,357	$ 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 September 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $894,395,215 and $1,058,138,406, respectively and the liabilities of consolidated VIEs totaled $672,585,820 and $831,001,605 respectively. See Note 4 for further discussion.

[2] Includes $9,554 and $57,554 of Current Expected Credit Loss ("CECL") allowance related to unfunded commitments on commercial mortgage loans, net as of September 30, 2025 and December 31, 2024, respectively.