v3.26.1
FAIR VALUE
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
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 June 30, 2026 and December 31, 2025:


June 30, 2026
Quoted prices in
active markets
for identical assets
Level 1		Significant
other observable
inputs
Level 2		Unobservable
inputs
Level 3
Balance as of June 30, 2026
Assets:
Mortgage servicing rights$— $— $506,733 $506,733 
Total$— $— $506,733 $506,733 

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 

As of June 30, 2026 and December 31, 2025, the Company had $506,733 and $554,246, respectively, in Level 3 assets. The Company's Level 3 assets are comprised of MSRs. For more detail about Level 3 assets, also see Notes 2 and 7.

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 June 30, 2026 and December 31, 2025:

As of June 30, 2026
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.1 - 9.4%
8.4 %
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 %
As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:
June 30, 2026
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents1$28,979,474 $28,979,474 $28,979,474 
Restricted cash125,698,479 25,698,479 25,698,479 
Commercial mortgage loans held-for-investment, net3991,664,826 1,014,665,959 995,066,985 
Total$1,046,342,779 $1,069,343,912 $1,049,744,938 
Liabilities:
Collateralized loan obligations and secured financings2$580,686,518 $584,983,000 $587,815,230 
Master repurchase agreements3246,645,997 248,297,347 246,645,997 
Term lending agreement324,494,329 24,700,000 24,494,329 
Secured Term Loan349,667,476 50,000,000 49,454,797 
Total$901,494,320 $907,980,347 $908,410,353 

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 

Estimates of cash and cash equivalents and restricted cash are measured using quoted prices, or Level 1 inputs. Estimates of the fair value of collateralized loan obligations and secured financings are measured using observable, quoted market prices in active markets, or Level 2 inputs. All other significant fair value estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.