v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net (loss) income $ (2,745,309) $ 22,649,190
Adjustments to reconcile net loss to net cash provided by operating activities:    
Accretion of commercial mortgage loans held-for-investment discounts (1,919,809) (3,534,649)
Accretion of deferred loan fees (2,791,339) (737,793)
Amortization of deferred offering costs 0 (34,008)
Amortization of deferred financing costs 1,476,954 3,180,609
Provision for credit losses 14,390,927 5,261,214
Depreciation and amortization 779,260 0
Loss on sale of real estate owned 547,447 0
Unrealized loss on mortgage servicing rights 95,041 42,686
Non-cash compensation expense 189,985 147,436
Net change in:    
Accrued interest receivable 517,619 2,642,931
Other assets (1,201,235) 621,239
Accrued interest payable (828,087) (1,394,739)
Fees and expenses payable to Manager (145,718) (13,657)
Other liabilities 1,732,797 (1,700,793)
Net cash provided by operating activities 10,098,533 27,129,666
Cash flows from investing activities:    
Purchase and funding of commercial mortgage loans held-for-investment (403,777,460) (58,423,744)
Purchase of real estate owned (748,101) 0
Principal payments from commercial mortgage loans held-for-investment 251,457,389 391,025,468
Proceeds from sale of real estate owned 8,156,893 0
Restricted cash assumed from acquisition of real estate owned (1,522,391) 0
Capital expenditures on real estate owned, held-for-investment 1,095,445 0
Deferred loan fees 2,418,752 1,487,623
Net cash provided by (used in) investing activities (142,919,473) 334,089,347
Cash flows from financing activities:    
Dividends paid on common stock (18,313,583) (15,680,803)
Dividends paid on preferred stock (4,740,000) (4,740,000)
Proceeds from secured financing agreements 450,960,414 0
Proceeds from securitized debt obligations 584,983,000 0
Payment of secured financing agreements (256,766,633) 0
Payment of securitized debt obligations (661,043,234) (320,751,304)
Payment of deferred financing costs (7,205,040) 0
Net cash (used in) provided by financing activities 87,874,924 (341,172,107)
Net increase in cash, cash equivalents and restricted cash (44,946,016) 20,046,906
Cash, cash equivalents and restricted cash, beginning of period 71,564,098 51,517,192
Cash, cash equivalents and restricted cash, end of period 26,618,082 71,564,098
Supplemental disclosure of cash flow information    
Cash paid for interest 53,202,082 78,986,487
Non-cash investing and financing activities information    
Dividends declared but not paid at end of period 3,093,470 9,890,065
Transfer of senior loans to real estate owned, held-for-investment 25,942,445 0
Transfer of senior loans to real estate owned, held-for-sale 32,431,860 0
Accrued capital expenditures on real estate owned 38,476 0
Debt issuance costs incurred but not paid at end of period $ 169,762 $ 0