v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income:    
Commercial mortgage loans held-for-investment $ 20,901,542 $ 21,684,890
Cash and cash equivalents 165,847 624,967
Interest expense:    
Securitized debt obligations (10,375,765) (13,636,474)
Secured financing agreements (3,855,105) 0
Secured term loan (1,139,841) (938,849)
Net interest income 5,696,678 7,734,534
Expenses:    
Management and incentive fees 1,095,000 1,113,314
General and administrative expenses 1,066,737 924,060
Operating expenses reimbursable to Manager 466,431 404,620
Other operating expenses 917,172 40,009
Compensation expense 111,250 111,250
Total expenses 3,656,590 2,593,253
Other income and expense:    
Release of (provision for) credit losses, net 732,373 (5,697,661)
Net (expense) from real estate owned operations (91,406) 0
Real estate owned impairment expense (1,350,435) 0
Change in unrealized (loss) on mortgage servicing rights (30,245) (22,518)
Loss on extinguishment of debt (1,152,861) 0
Servicing income, net 54,421 64,880
Total other income and expense (1,838,153) (5,655,299)
Net (loss) income before provision for income taxes 201,935 (514,018)
Benefit from (provision for) income taxes 4,648 (8,550)
Net (loss) income 206,583 (522,568)
Dividends accrued to preferred stockholders (1,184,958) (1,184,958)
Net (loss) income attributable to common stockholders (978,375) (1,707,526)
Earnings per share:    
Net (loss) income attributable to common stockholders (basic) (978,375) (1,707,526)
Net (loss) income attributable to common stockholders (diluted) $ (978,375) $ (1,707,526)
Weighted average number of shares of common stock outstanding (in shares) 52,400,158 52,309,887
Basic income per share (in dollars per share) $ (0.02) $ (0.03)
Diluted income per share (in dollars per share) (0.02) (0.03)
Dividends declared per share of common stock (in dollars per share) $ 0.040 $ 0.08