v3.26.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis
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 March 31, 2026 and December 31, 2025:
 March 31, 2026
Quoted prices in
active markets
for identical assets
Level 1		Significant
other observable
inputs
Level 2		Unobservable
inputs
Level 3
Balance as of March 31, 2026
Assets:    
Mortgage servicing rights$— $— $524,001 $524,001 
Total$— $— $524,001 $524,001 

 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 
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 March 31, 2026 and December 31, 2025:

As of March 31, 2026
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.0 - 8.7%
7.9 %
 Discount rate12.0 %12.0 %
As of December 31, 2025
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.0 - 8.6%
7.9 %
 Discount rate12.0 %12.0 %
Schedule of Fair Value Schedule of Financial Instruments The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:
March 31, 2026
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$21,249,107 $21,249,107 $21,249,107 
Restricted cash19,372,908 9,372,908 9,372,908 
Commercial mortgage loans held-for-investment, net31,108,061,062 1,130,899,066 1,112,987,038 
Total$1,138,683,077 $1,161,521,081 $1,143,609,053 
Liabilities:
Collateralized loan obligations and secured financings2$580,302,828 $584,983,000 $588,122,325 
Master repurchase agreements3313,515,142 315,342,045 313,515,142 
Term lending agreement335,208,815 35,450,000 35,208,815 
Secured Term Loan349,635,956 50,000,000 48,913,772 
Total$978,662,741 $985,775,045 $985,760,054 
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-investment, net31,114,047,992 1,140,268,217 1,119,645,026 
Total$1,140,666,074 $1,166,886,299 $1,146,263,108 
Liabilities:
Collateralized loan obligations and secured financings2$748,433,484 $754,638,462 $756,051,842 
Master repurchase agreements3175,204,869 177,193,781 175,204,869 
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