v3.26.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents [1] $ 28,979,474 $ 23,112,995
Restricted cash [1] 25,698,479 3,505,087
Commercial mortgage loans held-for-investment, at amortized cost [1] 1,012,913,408 1,136,706,113
Less: Allowance for credit losses [1] (21,248,582) (22,658,121)
Commercial mortgage loans held-for-investment, net of allowance for credit losses [1] 991,664,826 1,114,047,992
Real estate owned, held-for-investment, net [1] 50,724,969 26,839,010
Real estate owned, held-for-sale [1] 10,877,081 24,099,072
Mortgage servicing rights, at fair value [1] 506,733 554,246
Accrued interest receivable [1] 4,509,561 5,428,255
Investment related receivable [1] 0 15,449,323
Other assets [1] 2,498,076 2,944,179
Total assets [1] 1,115,459,199 1,215,980,159
LIABILITIES    
Securitized debt obligations, net [1] 580,686,518 748,433,484
Secured financing agreements, net [1] 271,140,326 191,943,220
Secured term loan, net [1] 49,667,476 47,719,278
Accrued interest payable [1] 1,424,740 1,869,876
Dividends payable [1] 3,096,945 3,093,470
Fees and expenses payable to Manager [1] 3,065,049 1,428,500
Other liabilities [1] 1,559,776 2,405,613
Total Liabilities [1] 910,640,830 996,893,441
COMMITMENTS AND CONTINGENCIES (NOTE 12) [1]
EQUITY    
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized; 7.875% Series A Cumulative Redeemable, $60,000,000 aggregate liquidation preference, 2,400,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively [1] 57,254,935 57,254,935
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 52,486,129 and 52,399,265 shares issued and outstanding, at June 30, 2026 and December 31, 2025, respectively [1] 524,864 523,995
Additional paid-in capital [1] 314,993,330 314,889,201
Cumulative distributions to stockholders [1] (227,525,727) (220,958,702)
Accumulated earnings [1] 59,471,467 67,277,789
Total stockholders' equity [1] 204,718,869 218,987,218
Noncontrolling interests [1] 99,500 99,500
Total equity [1] 204,818,369 219,086,718
Total liabilities and equity [1] $ 1,115,459,199 $ 1,215,980,159
[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 June 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $662,520,376 and $889,507,091, respectively, and the liabilities of consolidated VIEs totaled $581,587,437 and $750,274,556, respectively. See Note 4 for further discussion.