v3.26.1
FAIR VALUE - Fair Value Information on Financial Instruments (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 23,112,995 $ 69,173,444
Restricted cash [1] 3,505,087 2,390,654
Total assets [1] 1,215,980,159 1,128,594,378
Securitized debt obligations, net [1] 748,433,484 828,390,189
Master repurchase agreement 191,943,220  
Secured term loan, net [1] 47,719,278 47,470,094
Total liabilities [1] 996,893,441 890,695,346
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 23,112,995 69,173,444
Restricted cash 3,505,087 2,390,654
Commercial mortgage loans held-for-investment 1,114,047,992 1,048,803,078
Total assets 1,140,666,074 1,120,367,176
Securitized debt obligations, net 748,433,484 828,390,189
Master repurchase agreement 175,204,869  
Term lending agreement 16,738,351  
Secured term loan, net 47,719,278 47,470,094
Total liabilities 988,095,982 875,860,283
Face Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 23,112,995 69,173,444
Restricted cash 3,505,087 2,390,654
Commercial mortgage loans held-for-investment 1,140,268,217 1,065,563,644
Total assets 1,166,886,299 1,137,127,742
Securitized debt obligations, net 754,638,462 830,698,696
Master repurchase agreement 177,193,781  
Term lending agreement 17,000,000  
Secured term loan, net 47,750,000 47,750,000
Total liabilities 996,582,243 878,448,696
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 23,112,995 69,173,444
Restricted cash 3,505,087 2,390,654
Commercial mortgage loans held-for-investment 1,119,645,026 1,061,313,204
Total assets 1,146,263,108 1,132,877,302
Securitized debt obligations, net 756,051,842 824,857,756
Master repurchase agreement 175,204,869  
Term lending agreement 16,738,351  
Secured term loan, net 47,746,394 47,227,497
Total liabilities $ 995,741,456 $ 872,085,253
[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.