v3.26.1
FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Valuation of Assets and Liabilities at Fair Value
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 December 31, 2025 and December 31, 2024:
 December 31, 2025
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,
2025
Assets:    
Mortgage servicing rights$— $— $554,246 $554,246 
Total$— $— $554,246 $554,246 
 December 31, 2024
Quoted prices in
active markets
for identical assets
Level 1
Significant
other observable
inputs
Level 2
Unobservable
inputs
Level 3
Balance as of December 31,
2024
Assets:    
Mortgage servicing rights$— $— $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 December 31, 2025 and December 31, 2024:
 
As of December 31, 2025
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.0 - 8.6%
7.8 %
 Discount rate12.0 %12.0 %
 
As of December 31, 2024
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.0 - 8.6%
7.9 %
 Discount rate12.0 %12.0 %
Schedule of Fair Value, by Balance Sheet Grouping The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:
December 31, 2025
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$23,112,995 $23,112,995 $23,112,995 
Restricted cash13,505,087 3,505,087 3,505,087 
Commercial mortgage loans held-for-investment31,114,047,992 1,140,268,217 1,119,645,026 
Total$1,140,666,074 $1,166,886,299 $1,146,263,108 
Liabilities:
Collateralized loan obligations2748,433,484 $754,638,462 $756,051,842 
Master repurchase agreement3175,204,869 177,193,781 175,204,869 
Term lending agreement316,738,351 17,000,000 16,738,351 
Secured term loan347,719,278 47,750,000 47,746,394 
Total$988,095,982 $996,582,243 $995,741,456 
December 31, 2024
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$69,173,444 $69,173,444 $69,173,444 
Restricted cash12,390,654 2,390,654 2,390,654 
Commercial mortgage loans held-for-investment31,048,803,078 1,065,563,644 1,061,313,204 
Total$1,120,367,176 $1,137,127,742 $1,132,877,302 
Liabilities:
Collateralized loan obligations2$828,390,189 $830,698,696 $824,857,756 
Secured term loan3$47,470,094 $47,750,000 $47,227,497 
Total$875,860,283 $878,448,696 $872,085,253