FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis

The following tables summarize the valuation of the Company's assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of September 30, 2025 and December 31, 2024:

	September 30, 2025
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of September 30, 2025
Assets:
Mortgage servicing rights	$	—	$	—	$	565,613	$	565,613
Total	$	—	$	—	$	565,613	$	565,613

	December 31, 2024
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of December 31, 2024
Assets:
Mortgage servicing rights	$	—	$	—	$	649,287	$	649,287
Total	$	—	$	—	$	649,287	$	649,287

Schedule of Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3

The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's MSRs classified as Level 3 fair value assets at September 30, 2025 and December 31, 2024:

As of September 30, 2025
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	7.0 - 8.5%		7.8	%
	Discount rate	12.0	%	12.0	%

As of December 31, 2024
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	7.0 - 8.6%		7.9	%
	Discount rate	12.0	%	12.0	%

Schedule of Fair Value Schedule of Financial Instruments

The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:

	September 30, 2025
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	56,022,352	$	56,022,352	$	56,022,352
Restricted cash	1	823,644		823,644		823,644
Commercial mortgage loans held-for-investment, net	3	821,843,480		839,749,478		827,538,619
Total		$	878,689,476	$	896,595,474	$	884,384,615
Liabilities:
Collateralized loan obligations and secured financings	2	$	669,775,299	$	671,323,586	$	670,188,972
Secured Term Loan	3	47,656,470		47,750,000		47,661,606
Total		$	717,431,769	$	719,073,586	$	717,850,578

	December 31, 2024
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	69,173,444	$	69,173,444	$	69,173,444
Restricted cash	1	2,390,654		2,390,654		2,390,654
Commercial mortgage loans held-for-investment, net	3	1,048,803,078		1,065,563,644		1,061,313,204
Total		$	1,120,367,176	$	1,137,127,742	$	1,132,877,302
Liabilities:
Collateralized loan obligations and secured financings	2	$	828,390,189	$	830,698,696	$	824,857,756
Secured term loan	3	47,470,094		47,750,000		47,227,497
Total		$	875,860,283	$	878,448,696	$	872,085,253