v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
Commercial mortgage loans held-for-investment $ 18,946,403 $ 19,976,355 $ 39,847,945 $ 41,661,245
Cash and cash equivalents 102,828 602,563 268,675 1,227,530
Interest expense:        
Securitized debt obligations (8,582,040) (12,646,774) (18,957,805) (26,283,248)
Secured financing agreements (4,700,649) 0 (8,555,754) 0
Secured term loan (1,263,812) (971,365) (2,403,653) (1,910,214)
Net interest income 4,502,730 6,960,779 10,199,408 14,695,313
Expenses:        
Management and incentive fees 1,088,516 1,302,526 2,183,516 2,415,840
General and administrative expenses 1,409,608 1,006,961 2,476,345 1,931,021
Operating expenses reimbursable to Manager 623,404 494,801 1,089,835 899,421
Other operating expenses 622,726 240,527 1,539,898 280,536
Compensation expense 111,250 111,250 222,500 222,500
Total expenses 3,855,504 3,156,065 7,512,094 5,749,318
Other income and expense:        
Provision for credit losses, net (8,625,695) (94,768) (7,893,322) (5,792,429)
Net (expense) from real estate owned operations (210,847) 0 (302,253) 0
Gain on sale of real estate owned 145,435 0 145,435 0
Real estate owned impairment expense 0 0 (1,350,435) 0
Change in unrealized (loss) on mortgage servicing rights (17,268) (36,456) (47,513) (58,974)
Loss on extinguishment of debt 0 0 (1,152,861) 0
Servicing income, net 37,499 13,199 91,920 78,079
Total other income and expense (8,670,876) (118,025) (10,509,029) (5,773,324)
Net (loss) income before provision for income taxes (8,023,650) 3,686,689 (7,821,715) 3,172,671
Benefit from (provision for) income taxes 10,745 4,084 15,393 (4,466)
Net (loss) income (8,012,905) 3,690,773 (7,806,322) 3,168,205
Dividends accrued to preferred stockholders (1,185,043) (1,185,042) (2,370,001) (2,370,000)
Net (loss) income attributable to common stockholders (9,197,948) 2,505,731 (10,176,323) 798,205
Earnings per share:        
Net (loss) income attributable to common stockholders (basic) (9,197,948) 2,505,731 (10,176,323) 798,205
Net (loss) income attributable to common stockholders (diluted) $ (9,197,948) $ 2,505,731 $ (10,176,323) $ 798,205
Weighted average number of shares of common stock outstanding (in shares) 52,459,976 52,332,304 52,430,232 52,321,157
Basic income per share (in dollars per share) $ (0.18) $ 0.05 $ (0.19) $ 0.02
Diluted income per share (in dollars per share) (0.18) 0.05 (0.19) 0.02
Dividends declared per share of common stock (in dollars per share) $ 0.04 $ 0.06 $ 0.08 $ 0.14