v3.26.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents [1] $ 23,112,995 $ 69,173,444
Restricted cash [1] 3,505,087 2,390,654
Commercial mortgage loans held-for-investment, at amortized cost [1] 1,136,706,113 1,060,123,298
Allowance for credit losses [1] (22,658,121) (11,320,220)
Commercial mortgage loans held-for-investment, net of allowance for credit losses [1] 1,114,047,992 1,048,803,078
Real estate owned, held-for-investment, net [1] 26,839,010 0
Real estate owned, held-for-sale [1] 24,099,072 0
Mortgage servicing rights, at fair value [1] 554,246 649,287
Accrued interest receivable [1] 5,428,255 5,945,874
Investment related receivable [1] 15,449,323 0
Other assets [1] 2,944,179 1,632,041
Total assets [1] 1,215,980,159 1,128,594,378
LIABILITIES:    
Securitized debt obligations, net [1] 748,433,484 828,390,189
Secured financing agreements, net [1] 191,943,220 0
Secured term loan, net [1] 47,719,278 47,470,094
Accrued interest payable [1] 1,869,876 2,697,963
Dividends payable [1] 3,093,470 9,890,066
Fees and expenses payable to Manager [1] 1,428,500 1,574,218
Other liabilities [1] 2,405,613 672,816
Total liabilities [1] 996,893,441 890,695,346
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 December 31, 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, 52,399,265 and 52,309,209 shares issued and outstanding, at December 31, 2025 and December 31, 2024, respectively [1] 523,995 523,093
Additional paid-in capital [1] 314,889,201 314,700,120
Cumulative distributions to stockholders [1] (220,958,702) (204,701,714)
Accumulated earnings [1] 67,277,789 70,023,098
Total stockholders' equity [1] 218,987,218 237,799,532
Noncontrolling interests [1] 99,500 99,500
Total equity [1] 219,086,718 237,899,032
Total liabilities and equity [1] $ 1,215,980,159 $ 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 December 31, 2025 and December 31, 2024, assets of the consolidated VIEs totaled $889,507,091 and $1,058,138,406, respectively, and the liabilities of consolidated VIEs totaled $750,274,556 and $831,001,605, respectively. See Note 4 for further discussion.