Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 5,011,844	$ 17,859,353
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of commercial mortgage loans held-for-investment discounts	(1,537,970)	(2,656,178)
Accretion of deferred loan fees	(2,120,794)	(172,598)
Amortization of deferred offering costs	0	(34,008)
Amortization of deferred financing costs	946,596	2,847,760
Provision for credit losses, net	5,810,769	3,456,487
Depreciation and amortization	483,562	0
Unrealized loss on mortgage servicing rights	83,674	51,664
Non-cash compensation expense	137,484	104,938
Net change in:
Accrued interest receivable	1,532,284	1,765,615
Other assets	(1,673,400)	463,947
Accrued interest payable	(680,020)	(939,642)
Fees and expenses payable to Manager	(122,893)	(100,929)
Other liabilities	977,314	(1,845,591)
Net cash provided by operating activities	8,848,450	20,800,818
Cash flows from investing activities:
Purchase and funding of commercial mortgage loans held-for-investment	(3,605,000)	(45,423,744)
Principal payments from commercial mortgage loans held-for-investment	156,526,714	247,009,674
Restricted cash assumed from acquisition of real estate owned	1,717,750	0
Capital expenditures on real estate owned, held-for-investment	(861,706)	0
Deferred loan fees	1,801,036	0
Net cash provided by investing activities	155,578,794	201,585,930
Cash flows from financing activities:
Payment of collateralized loan obligations and secured financings	(159,375,110)	(193,776,773)
Dividends paid on common stock	(16,218,986)	(11,497,434)
Dividends paid on preferred stock	(3,551,250)	(3,551,250)
Net cash (used in) financing activities	(179,145,346)	(208,825,457)
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,718,102)	13,561,291
Cash, cash equivalents and restricted cash, beginning of period	71,564,098	51,517,192
Cash, cash equivalents and restricted cash, end of period	56,845,996	65,078,483
Supplemental disclosure of cash flow information
Cash paid for interest	41,164,453	61,843,086
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	3,095,889	5,184,660
Transfer of senior loan to real estate owned, held-for-investment	48,880,159	0
Transfer of senior loan to real estate owned, held-for-sale	8,871,841	0
Loan principal payments held by a servicer	10,615,094	18,822,381
Accrued capital expenditures on real estate owned	$ 15,256	$ 0