Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest income:
Commercial mortgage loans held-for-investment	$ 17,696,281	$ 28,926,111	$ 59,357,526	$ 93,553,383
Cash and cash equivalents	592,519	744,724	1,820,049	2,197,768
Interest expense:
Collateralized loan obligations and secured financings	(12,213,561)	(19,238,862)	(38,496,809)	(60,929,273)
Secured term loan	(1,023,777)	(947,510)	(2,933,991)	(2,821,931)
Net interest income	5,051,462	9,484,463	19,746,775	31,999,947
Expenses:
Management and incentive fees	1,099,959	1,126,820	3,515,799	5,507,768
General and administrative expenses	1,144,444	1,160,346	3,075,465	3,425,430
Operating expenses reimbursable to Manager	451,778	418,553	1,351,199	1,293,627
Other operating expenses	269,732	80,098	411,491	138,036
Compensation expense	111,250	111,250	333,750	333,750
Total expenses	3,077,163	2,897,067	8,687,704	10,698,611
Other income and expense:
Release of (provision for) credit losses, net	29,660	(317,448)	(5,762,769)	(3,494,024)
Net income (expense) from real estate owned operations	(188,945)	0	(327,722)	0
Change in unrealized loss on mortgage servicing rights	(24,700)	(46,017)	(83,674)	(51,664)
Servicing income, net	50,423	60,283	128,502	117,056
Total other income and expense	(133,562)	(303,182)	(6,045,663)	(3,428,632)
Net income before provision for income taxes	1,840,737	6,284,214	5,013,408	17,872,704
Benefit from (provision for) income taxes	2,902	(3,489)	(1,564)	(13,351)
Net income	1,843,639	6,280,725	5,011,844	17,859,353
Dividends accrued to preferred stockholders	(1,185,042)	(1,185,041)	(3,555,042)	(3,555,041)
Net income attributable to common stockholders	658,597	5,095,684	1,456,802	14,304,312
Earnings per share:
Net income attributable to common stockholders (basic)	658,597	5,095,684	1,456,802	14,304,312
Net income attributable to common stockholders (diluted)	$ 658,597	$ 5,095,684	$ 1,456,802	$ 14,304,312
Weighted average number of shares of common stock outstanding (in shares)	52,352,469	52,283,669	52,331,709	52,266,444
Basic income per share (in dollars per share)	$ 0.01	$ 0.10	$ 0.03	$ 0.27
Diluted income per share (in dollars per share)	0.01	0.10	0.03	0.27
Dividends declared per share of common stock (in dollars per share)	$ 0.040	$ 0.08	$ 0.18	$ 0.23