v3.26.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Interest income:    
Commercial mortgage loans held-for-investment $ 76,653,371 $ 119,400,799
Cash and cash equivalents 2,349,744 2,728,098
Interest expense:    
Securitized debt obligations (47,616,516) (77,002,847)
Secured financing agreements (2,268,542) 0
Secured term loan (4,004,854) (3,769,441)
Net interest income 25,113,203 41,356,609
Expenses:    
Management and incentive fees 4,595,458 6,630,571
General and administrative expenses 3,947,859 4,398,409
Operating expenses reimbursable to Manager 1,723,142 1,799,570
Other operating expenses 1,810,372 234,483
Compensation expense 445,001 445,000
Total expenses 12,521,832 13,508,033
Other income (loss):    
Provision for credit losses (14,390,928) (5,275,122)
Net income (expense) from real estate owned operations (472,023) 0
Change in unrealized (loss) on mortgage servicing rights (95,041) (42,686)
Realized (loss) on sale of real estate owned (547,447) 0
Servicing income, net 176,952 137,230
Total other (loss) (15,328,487) (5,180,578)
Net (loss) income before provision for income taxes (2,737,116) 22,667,998
(Provision for) income taxes (8,193) (18,808)
Net (loss) income (2,745,309) 22,649,190
Dividends to preferred stockholders (4,740,000) (4,740,000)
Net (loss) income attributable to common stockholders (7,485,309) 17,909,190
Earnings per share:    
Net (loss) income attributable to common stockholders (basic) (7,485,309) 17,909,190
Net (loss) income attributable to common stockholders (diluted) $ (7,485,309) $ 17,909,190
Weighted average number of shares of common stock outstanding - basic (in shares) 52,344,316 52,274,904
Weighted average number of shares of common stock outstanding - diluted (in shares) 52,344,316 52,274,904
Basic (loss) income per share (in dollars per share) $ (0.14) $ 0.34
Diluted (loss) income per share (in dollars per share) (0.14) 0.34
Dividends declared per weighted average share of common stock (in dollars per share) $ 0.22 $ 0.40