v3.26.1
FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 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 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 
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 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 %
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:
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